0000899689 2015-01-01 2015-03-31 0000899689 2015-03-31 0000899689 2014-12-31 0000899689 us-gaap:CapitalUnitClassAMember 2014-12-31 0000899689 vno:CumulativeRedeemablePreferredUnitMember 2014-12-31 0000899689 vno:CumulativeRedeemablePreferredUnitMember 2015-03-31 0000899689 us-gaap:CapitalUnitClassAMember 2015-03-31 0000899689 2014-01-01 2014-03-31 0000899689 us-gaap:CommonStockMember 2015-01-01 2015-03-31 0000899689 us-gaap:RetainedEarningsMember 2015-01-01 2015-03-31 0000899689 us-gaap:AdditionalPaidInCapitalMember 2015-01-01 2015-03-31 0000899689 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-01-01 2015-03-31 0000899689 us-gaap:NoncontrollingInterestMember 2015-01-01 2015-03-31 0000899689 us-gaap:AdditionalPaidInCapitalMember 2015-03-31 0000899689 us-gaap:RetainedEarningsMember 2015-03-31 0000899689 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-03-31 0000899689 us-gaap:NoncontrollingInterestMember 2015-03-31 0000899689 us-gaap:PreferredStockMember 2015-03-31 0000899689 us-gaap:CommonStockMember 2015-03-31 0000899689 us-gaap:PreferredStockMember 2014-12-31 0000899689 us-gaap:CommonStockMember 2014-12-31 0000899689 us-gaap:AdditionalPaidInCapitalMember 2014-12-31 0000899689 us-gaap:RetainedEarningsMember 2014-12-31 0000899689 us-gaap:NoncontrollingInterestMember 2014-12-31 0000899689 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-12-31 0000899689 us-gaap:PreferredStockMember 2015-01-01 2015-03-31 0000899689 us-gaap:RealEstateFundsMember us-gaap:NoncontrollingInterestMember 2015-01-01 2015-03-31 0000899689 us-gaap:RealEstateFundsMember 2015-01-01 2015-03-31 0000899689 vno:AllOtherExceptRealEstateFundMember us-gaap:NoncontrollingInterestMember 2015-01-01 2015-03-31 0000899689 vno:AllOtherExceptRealEstateFundMember 2015-01-01 2015-03-31 0000899689 us-gaap:PreferredStockMember 2013-12-31 0000899689 us-gaap:CommonStockMember 2013-12-31 0000899689 us-gaap:AdditionalPaidInCapitalMember 2013-12-31 0000899689 us-gaap:RetainedEarningsMember 2013-12-31 0000899689 us-gaap:NoncontrollingInterestMember 2013-12-31 0000899689 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2013-12-31 0000899689 2013-12-31 0000899689 us-gaap:RetainedEarningsMember 2014-01-01 2014-03-31 0000899689 us-gaap:CommonStockMember 2014-01-01 2014-03-31 0000899689 us-gaap:AdditionalPaidInCapitalMember 2014-01-01 2014-03-31 0000899689 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-01-01 2014-03-31 0000899689 us-gaap:NoncontrollingInterestMember 2014-01-01 2014-03-31 0000899689 us-gaap:PreferredStockMember 2014-03-31 0000899689 us-gaap:CommonStockMember 2014-03-31 0000899689 us-gaap:AdditionalPaidInCapitalMember 2014-03-31 0000899689 us-gaap:RetainedEarningsMember 2014-03-31 0000899689 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-03-31 0000899689 us-gaap:NoncontrollingInterestMember 2014-03-31 0000899689 2014-03-31 0000899689 vno:AllOtherExceptRealEstateFundMember 2014-01-01 2014-03-31 0000899689 us-gaap:RealEstateFundsMember 2014-01-01 2014-03-31 0000899689 us-gaap:RealEstateFundsMember us-gaap:NoncontrollingInterestMember 2014-01-01 2014-03-31 0000899689 vno:AllOtherExceptRealEstateFundMember us-gaap:NoncontrollingInterestMember 2014-01-01 2014-03-31 0000899689 vno:LikeKindPropertiesSoldMember 2015-01-01 2015-03-31 0000899689 vno:LikeKindPropertiesAcquiredMember 2015-01-01 2015-03-31 0000899689 vno:LikeKindPropertiesAcquiredMember 2014-01-01 2014-03-31 0000899689 vno:LikeKindPropertiesSoldMember 2014-01-01 2014-03-31 0000899689 vno:UrbanEdgePropertiesMember vno:RetailSegmentStripShoppingCentersMember 2015-01-15 0000899689 vno:UrbanEdgePropertiesMember vno:RetailSegmentRegionalMallsMember 2015-01-15 0000899689 vno:UrbanEdgePropertiesMember us-gaap:WarehouseMember 2015-01-15 0000899689 vno:UrbanEdgePropertiesMember 2015-01-14 2015-01-15 0000899689 vno:UrbanEdgePropertiesMember 2015-01-15 0000899689 us-gaap:MaximumMember 2015-01-14 2015-01-15 0000899689 vno:VornadoRealtyTrustMember 2015-01-14 2015-01-15 0000899689 us-gaap:RealEstateFundsMember 2015-01-20 0000899689 vno:RealEstateFundJointVentureMember vno:CrownePlazaTimeSquareHotelMember 2015-01-20 0000899689 vno:CenterBuildingMember us-gaap:OfficeBuildingMember vno:NewYorkSegmentMember 2015-03-18 0000899689 vno:CenterBuildingMember us-gaap:OfficeBuildingMember vno:NewYorkSegmentMember 2015-03-17 2015-03-18 0000899689 vno:RetailPropertiesMember vno:PennPlazaSubmaketMember vno:NewYorkSegmentMember 2015-03-01 2015-03-02 0000899689 us-gaap:CorporateJointVentureMember us-gaap:OfficeBuildingMember vno:FiveTenWest22ndStreetMember us-gaap:SubsequentEventMember 2015-04-08 0000899689 vno:RetailPropertiesMember vno:PennPlazaSubmaketMember vno:NewYorkSegmentMember 2015-03-02 0000899689 us-gaap:RealEstateFundsMember 2015-03-31 0000899689 vno:VornadoRealtyTrustMember 2015-03-31 0000899689 vno:RealEstateFundJointVentureMember vno:CrownePlazaTimeSquareHotelMember 2015-01-20 0000899689 vno:RealEstateFundJointVentureMember vno:CrownePlazaTimeSquareHotelMember 2015-01-19 2015-01-20 0000899689 vno:VornadoRealtyTrustMember vno:CrownePlazaTimeSquareHotelMember 2015-01-19 2015-01-20 0000899689 vno:CrownePlazaTimeSquareHotelMember 2015-01-20 0000899689 vno:CrownePlazaTimeSquareHotelMember 2014-12-31 0000899689 us-gaap:RealEstateFundsMember vno:SantaMonicaOffice520BroadwayMember 2012-04-26 2015-03-25 0000899689 vno:LexingtonRealtyTrustMember 2014-12-31 0000899689 vno:LexingtonRealtyTrustMember 2015-03-31 0000899689 vno:OtherEquitySecuritiesMember 2014-12-31 0000899689 vno:OtherEquitySecuritiesMember 2015-03-31 0000899689 vno:ToysRUsMember 2014-01-01 2014-03-31 0000899689 vno:ToysRUsMember 2015-01-31 0000899689 vno:ToysRUsMember 2014-11-01 0000899689 vno:ToysRUsMember 2014-11-02 2015-01-31 0000899689 vno:ToysRUsMember 2013-11-01 2014-02-01 0000899689 vno:ToysRUsMember 2015-01-01 2015-03-31 0000899689 vno:ToysRUsMember 2015-03-31 0000899689 vno:ToysRUsMember 2014-09-30 0000899689 vno:AlexandersIncMember 2015-03-31 0000899689 vno:AlexandersIncMember 2015-01-01 2015-03-31 0000899689 vno:AlexandersIncMember 2014-12-31 0000899689 vno:AlexandersIncMember 2014-01-01 2014-03-31 0000899689 vno:PennsylaveniaRealEstateInvestmentTrustMember 2015-03-30 2015-03-31 0000899689 vno:IndiaRealEstateVenturesMember 2015-03-31 0000899689 vno:IndiaRealEstateVenturesMember 2014-12-31 0000899689 vno:ToysRUsMember 2014-12-31 0000899689 us-gaap:MaximumMember vno:IndiaRealEstateVenturesMember 2015-03-31 0000899689 us-gaap:MinimumMember vno:IndiaRealEstateVenturesMember 2015-03-31 0000899689 vno:PartiallyOwnedOfficeBuildingsMember 2015-03-31 0000899689 vno:OtherEquityMethodInvestmentsMember 2015-03-31 0000899689 vno:PartiallyOwnedOfficeBuildingsMember 2014-12-31 0000899689 vno:OtherEquityMethodInvestmentsMember 2014-12-31 0000899689 vno:PennsylaveniaRealEstateInvestmentTrustMember 2015-03-31 0000899689 vno:UrbanEdgePropertiesMember 2015-03-31 0000899689 vno:PennsylaveniaRealEstateInvestmentTrustMember 2014-12-31 0000899689 vno:UrbanEdgePropertiesMember 2014-12-31 0000899689 vno:ToysRUsMember vno:EquityInNetIncomeAfterIncomeTaxesMember 2015-01-01 2015-03-31 0000899689 vno:ToysRUsMember vno:ImpairmentLossMember 2015-01-01 2015-03-31 0000899689 vno:ToysRUsMember vno:ManagementFeesMember 2015-01-01 2015-03-31 0000899689 vno:AlexandersIncMember vno:EquityInNetIncomeAfterIncomeTaxesMember 2015-01-01 2015-03-31 0000899689 vno:AlexandersIncMember vno:ManagementLeasingAndDevelopmentFeesMember 2015-01-01 2015-03-31 0000899689 vno:IndiaRealEstateVenturesMember 2015-01-01 2015-03-31 0000899689 vno:PartiallyOwnedOfficeBuildingsMember 2015-01-01 2015-03-31 0000899689 vno:OtherEquityMethodInvestmentsMember 2015-01-01 2015-03-31 0000899689 vno:OtherEquityMethodInvestmentsMember 2014-01-01 2014-03-31 0000899689 vno:PartiallyOwnedOfficeBuildingsMember 2014-01-01 2014-03-31 0000899689 vno:ToysRUsMember vno:ImpairmentLossMember 2014-01-01 2014-03-31 0000899689 vno:AlexandersIncMember vno:EquityInNetIncomeAfterIncomeTaxesMember 2014-01-01 2014-03-31 0000899689 vno:ToysRUsMember vno:ManagementFeesMember 2014-01-01 2014-03-31 0000899689 vno:IndiaRealEstateVenturesMember 2014-01-01 2014-03-31 0000899689 vno:AlexandersIncMember vno:ManagementLeasingAndDevelopmentFeesMember 2014-01-01 2014-03-31 0000899689 vno:ToysRUsMember vno:EquityInNetIncomeAfterIncomeTaxesMember 2014-01-01 2014-03-31 0000899689 vno:UrbanEdgePropertiesMember 2014-01-01 2014-03-31 0000899689 vno:UrbanEdgePropertiesMember 2015-01-01 2015-03-31 0000899689 vno:PennsylaveniaRealEstateInvestmentTrustMember vno:RetailSpringfieldMallMember vno:RetailSegmentRegionalMallsMember 2015-03-31 0000899689 vno:PennsylaveniaRealEstateInvestmentTrustMember vno:RetailSpringfieldMallMember vno:RetailSegmentRegionalMallsMember 2015-03-30 2015-03-31 0000899689 vno:PennsylaveniaRealEstateInvestmentTrustMember 2015-03-31 0000899689 vno:RetailSpringfieldMallMember vno:RetailSegmentRegionalMallsMember 2015-01-01 2015-03-31 0000899689 vno:RetailSpringfieldMallMember vno:RetailSegmentRegionalMallsMember 2015-03-30 2015-03-31 0000899689 vno:RetailSpringfieldMallMember us-gaap:ScenarioForecastMember vno:RetailSegmentRegionalMallsMember 2018-03-30 2018-03-31 0000899689 vno:RetailSpringfieldMallMember vno:RetailSegmentRegionalMallsMember 2014-01-01 2014-03-31 0000899689 vno:UrbanEdgePropertiesMember us-gaap:WarehouseMember 2015-01-15 0000899689 vno:RetailCaSanFrancisco3700GearyBlvdMember 2015-03-12 2015-03-13 0000899689 vno:RetailPropertiesSegmentMember 2015-01-01 2015-03-31 0000899689 vno:RetailPropertiesSegmentMember 2015-03-30 2015-03-31 0000899689 vno:BelowMarketLeasesNetOfAboveMarketLeasesMember 2015-01-01 2015-03-31 0000899689 vno:BelowMarketLeasesNetOfAboveMarketLeasesMember 2014-01-01 2014-03-31 0000899689 vno:BelowMarketLeasesNetOfAboveMarketLeasesMember 2015-03-31 0000899689 vno:OtherIdentifiedIntangibleAssetsMember 2015-01-01 2015-03-31 0000899689 vno:OtherIdentifiedIntangibleAssetsMember 2014-01-01 2014-03-31 0000899689 vno:OtherIdentifiedIntangibleAssetsMember 2015-03-31 0000899689 vno:TenantUnderGroundLeasesMember 2015-01-01 2015-03-31 0000899689 vno:TenantUnderGroundLeasesMember 2014-01-01 2014-03-31 0000899689 vno:TenantUnderGroundLeasesMember 2015-03-31 0000899689 vno:NotesAndMortgagesPayableFixedRateMember 2014-12-31 0000899689 vno:NotesAndMortgagesPayableFixedRateMember 2015-03-31 0000899689 vno:NotesAndMortgagesPayableVariableRateMember 2015-03-31 0000899689 vno:NotesAndMortgagesPayableVariableRateMember 2014-12-31 0000899689 vno:TotalNotesAndMortgagesPayableMember 2014-12-31 0000899689 vno:TotalNotesAndMortgagesPayableMember 2015-03-31 0000899689 vno:SeniorUnsecuredNotesMember 2014-12-31 0000899689 vno:SeniorUnsecuredNotesMember 2015-03-31 0000899689 vno:UnsecuredRevolvingCreditFacilitiesMember 2015-03-31 0000899689 vno:UnsecuredRevolvingCreditFacilitiesMember 2014-12-31 0000899689 us-gaap:UnsecuredDebtMember 2014-12-31 0000899689 us-gaap:UnsecuredDebtMember 2015-03-31 0000899689 vno:SeniorUnsecuredNotesFourPointsTwoFivePercentMember 2015-01-01 2015-01-31 0000899689 vno:SeniorUnsecuredNotesFourPointsTwoFivePercentMember 2015-01-31 0000899689 vno:WashingtonDcOfficeRiverHouseApartmentsMember us-gaap:SubsequentEventMember 2015-04-30 0000899689 vno:WashingtonDcOfficeRiverHouseApartmentsMember us-gaap:SubsequentEventMember 2015-04-01 2015-04-30 0000899689 us-gaap:FirstMortgageMember vno:WashingtonDcOfficeRiverHouseApartmentsMember 2015-03-31 0000899689 us-gaap:SecondMortgageMember vno:WashingtonDcOfficeRiverHouseApartmentsMember 2015-03-31 0000899689 us-gaap:FirstMortgageMember vno:WashingtonDcOfficeRiverHouseApartmentsMember 2015-01-01 2015-03-31 0000899689 us-gaap:SecondMortgageMember vno:WashingtonDcOfficeRiverHouseApartmentsMember 2015-01-01 2015-03-31 0000899689 us-gaap:CapitalUnitClassAMember 2014-01-01 2014-03-31 0000899689 us-gaap:CapitalUnitClassAMember 2015-01-01 2015-03-31 0000899689 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2013-12-31 0000899689 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2014-12-31 0000899689 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2014-01-01 2014-03-31 0000899689 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2015-01-01 2015-03-31 0000899689 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2014-03-31 0000899689 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2015-03-31 0000899689 vno:ProRataShareOfNonConsolidatedSubsidiariesOciMember 2014-12-31 0000899689 vno:ProRataShareOfNonConsolidatedSubsidiariesOciMember 2013-12-31 0000899689 vno:ProRataShareOfNonConsolidatedSubsidiariesOciMember 2014-01-01 2014-03-31 0000899689 vno:ProRataShareOfNonConsolidatedSubsidiariesOciMember 2015-01-01 2015-03-31 0000899689 vno:ProRataShareOfNonConsolidatedSubsidiariesOciMember 2015-03-31 0000899689 vno:ProRataShareOfNonConsolidatedSubsidiariesOciMember 2014-03-31 0000899689 us-gaap:InterestRateSwapMember 2013-12-31 0000899689 us-gaap:InterestRateSwapMember 2014-12-31 0000899689 us-gaap:InterestRateSwapMember 2015-01-01 2015-03-31 0000899689 us-gaap:InterestRateSwapMember 2014-01-01 2014-03-31 0000899689 us-gaap:InterestRateSwapMember 2014-03-31 0000899689 us-gaap:InterestRateSwapMember 2015-03-31 0000899689 vno:OtherChangesInAccumulatedComprehensiveIncomeLossMember 2013-12-31 0000899689 vno:OtherChangesInAccumulatedComprehensiveIncomeLossMember 2014-12-31 0000899689 vno:OtherChangesInAccumulatedComprehensiveIncomeLossMember 2014-01-01 2014-03-31 0000899689 vno:OtherChangesInAccumulatedComprehensiveIncomeLossMember 2015-01-01 2015-03-31 0000899689 vno:OtherChangesInAccumulatedComprehensiveIncomeLossMember 2014-03-31 0000899689 vno:OtherChangesInAccumulatedComprehensiveIncomeLossMember 2015-03-31 0000899689 vno:IndependencePlazaAndWarnerBuildingMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2014-12-31 0000899689 vno:OneParkAvenueIndependencePlazaAndWarnerBuildingMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2015-03-31 0000899689 vno:IndependencePlazaAndWarnerBuildingMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2014-12-31 0000899689 vno:OneParkAvenueIndependencePlazaAndWarnerBuildingMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2015-03-31 0000899689 us-gaap:FairValueMeasurementsRecurringMember 2014-12-31 0000899689 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2014-12-31 0000899689 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2014-12-31 0000899689 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2014-12-31 0000899689 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2015-03-31 0000899689 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2015-03-31 0000899689 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2015-03-31 0000899689 us-gaap:FairValueMeasurementsRecurringMember 2015-03-31 0000899689 us-gaap:FairValueMeasurementsRecurringMember 2015-01-01 2015-03-31 0000899689 us-gaap:FairValueMeasurementsRecurringMember 2014-01-01 2014-12-31 0000899689 us-gaap:RealEstateFundsMember us-gaap:MinimumMember 2015-01-01 2015-03-31 0000899689 us-gaap:RealEstateFundsMember us-gaap:MaximumMember 2015-01-01 2015-03-31 0000899689 us-gaap:RealEstateFundsMember us-gaap:WeightedAverageMember 2015-01-01 2015-03-31 0000899689 us-gaap:RealEstateFundsMember us-gaap:MinimumMember 2014-01-01 2014-12-31 0000899689 us-gaap:RealEstateFundsMember us-gaap:MaximumMember 2014-01-01 2014-12-31 0000899689 us-gaap:RealEstateFundsMember us-gaap:WeightedAverageMember 2014-01-01 2014-12-31 0000899689 us-gaap:RealEstateFundsMember 2014-12-31 0000899689 us-gaap:RealEstateFundsMember 2014-03-31 0000899689 us-gaap:RealEstateFundsMember 2013-12-31 0000899689 vno:DeferredCompensationPlanAssetsMember 2015-01-01 2015-03-31 0000899689 vno:DeferredCompensationPlanAssetsMember 2014-12-31 0000899689 vno:DeferredCompensationPlanAssetsMember 2015-03-31 0000899689 vno:DeferredCompensationPlanAssetsMember 2014-01-01 2014-03-31 0000899689 vno:DeferredCompensationPlanAssetsMember 2014-03-31 0000899689 vno:DeferredCompensationPlanAssetsMember 2013-12-31 0000899689 us-gaap:FairValueMeasurementsNonrecurringMember 2014-12-31 0000899689 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember 2014-12-31 0000899689 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2014-12-31 0000899689 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2014-12-31 0000899689 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2015-03-31 0000899689 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2015-03-31 0000899689 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2014-12-31 0000899689 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2014-12-31 0000899689 vno:InterstatePropertiesMember 2015-01-01 2015-03-31 0000899689 vno:InterstatePropertiesMember 2014-01-01 2014-03-31 0000899689 us-gaap:GeneralLiabilityMember 2015-03-31 0000899689 vno:AllRiskAndRentalValueMember 2015-03-31 0000899689 vno:EarthquakeCaliforniaPropertiesMember 2015-03-31 0000899689 vno:TerrorismActsMember 2015-03-31 0000899689 vno:NbcrLossesMember 2015-03-31 0000899689 vno:PpicMember vno:NbcrLossesMember 2015-01-01 2015-03-31 0000899689 vno:PpicMember vno:NbcrLossesMember 2015-03-31 0000899689 vno:PpicMember us-gaap:SubsequentEventMember vno:NbcrLossesMember 2016-01-01 0000899689 us-gaap:SubsequentEventMember vno:NbcrLossesMember 2016-01-01 0000899689 vno:TerrorismActsMember 2015-01-01 2015-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:NewYorkSegmentMember 2015-01-01 2015-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:WashingtonDcSegmentMember 2015-01-01 2015-03-31 0000899689 vno:OtherSegmentMember 2015-01-01 2015-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:NewYorkSegmentMember 2014-01-01 2014-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:WashingtonDcSegmentMember 2014-01-01 2014-03-31 0000899689 vno:OtherSegmentMember 2014-01-01 2014-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:NewYorkSegmentMember us-gaap:OfficeBuildingMember 2015-01-01 2015-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:NewYorkSegmentMember vno:RetailPropertiesMember 2015-01-01 2015-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:NewYorkSegmentMember vno:AlexandersIncMember 2015-01-01 2015-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:NewYorkSegmentMember vno:HotelPennsylvaniaMember 2015-01-01 2015-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:NewYorkSegmentMember us-gaap:OfficeBuildingMember 2014-01-01 2014-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:NewYorkSegmentMember vno:RetailPropertiesMember 2014-01-01 2014-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:NewYorkSegmentMember vno:AlexandersIncMember 2014-01-01 2014-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:NewYorkSegmentMember vno:HotelPennsylvaniaMember 2014-01-01 2014-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:WashingtonDcSegmentMember vno:WashingtonDcOfficeExcludingSkylinePropertiesMember 2015-01-01 2015-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:WashingtonDcSegmentMember vno:WashingtonDcOfficeExcludingSkylinePropertiesMember 2014-01-01 2014-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:WashingtonDcSegmentMember vno:WashingtonDcSkylinePropertiesMember 2015-01-01 2015-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:WashingtonDcSegmentMember vno:WashingtonDcSkylinePropertiesMember 2014-01-01 2014-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:WashingtonDcSegmentMember us-gaap:OfficeBuildingMember 2015-01-01 2015-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:WashingtonDcSegmentMember us-gaap:OfficeBuildingMember 2014-01-01 2014-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:WashingtonDcSegmentMember vno:WashingtonDcResidentialPropertyMember 2015-01-01 2015-03-31 0000899689 us-gaap:OperatingSegmentsMember vno:WashingtonDcSegmentMember vno:WashingtonDcResidentialPropertyMember 2014-01-01 2014-03-31 0000899689 vno:RetailSegmentStripShoppingCentersMember 2014-01-01 2014-03-31 0000899689 vno:RetailSegmentStripShoppingCentersMember 2015-01-01 2015-03-31 0000899689 vno:CorporateGeneralAndAdministrativeExpensesExcludingMarkToMarketOfDeferredCompensationPlanAssetsAndOffsettingLiabilityMember 2014-01-01 2014-03-31 0000899689 vno:CorporateGeneralAndAdministrativeExpensesExcludingMarkToMarketOfDeferredCompensationPlanAssetsAndOffsettingLiabilityMember 2015-01-01 2015-03-31 0000899689 vno:OtherSegmentMember vno:VornadoShareOfToysRUsMember 2014-01-01 2014-03-31 0000899689 vno:OtherSegmentMember vno:UrbanEdgePropertiesAndResidualRetailPropertiesDiscontinuedOperationsMember 2014-01-01 2014-03-31 0000899689 vno:OtherSegmentMember vno:UrbanEdgePropertiesAndResidualRetailPropertiesDiscontinuedOperationsMember 2015-01-01 2015-03-31 0000899689 vno:OtherSegmentMember vno:VornadoShareOfToysRUsMember 2015-01-01 2015-03-31 0000899689 us-gaap:RealEstateFundsMember vno:OtherSegmentMember 2015-01-01 2015-03-31 0000899689 us-gaap:RealEstateFundsMember vno:OtherSegmentMember 2014-01-01 2014-03-31 0000899689 us-gaap:RealEstateFundsMember vno:OtherSegmentMember us-gaap:SegmentContinuingOperationsMember 2015-01-01 2015-03-31 0000899689 us-gaap:RealEstateFundsMember vno:OtherSegmentMember us-gaap:SegmentContinuingOperationsMember 2014-01-01 2014-03-31 0000899689 us-gaap:RealEstateFundsMember vno:OtherSegmentMember vno:UnrealizedGainFromMarkToMarketMember 2014-01-01 2014-03-31 0000899689 us-gaap:RealEstateFundsMember vno:OtherSegmentMember vno:UnrealizedGainFromMarkToMarketMember 2015-01-01 2015-03-31 0000899689 us-gaap:RealEstateFundsMember vno:OtherSegmentMember vno:CarriedInterestMember 2014-01-01 2014-03-31 0000899689 us-gaap:RealEstateFundsMember vno:OtherSegmentMember vno:CarriedInterestMember 2015-01-01 2015-03-31 0000899689 vno:OtherSegmentMember vno:MerchandiseMartOtherMember 2014-01-01 2014-03-31 0000899689 vno:OtherSegmentMember vno:MerchandiseMartOtherMember 2015-01-01 2015-03-31 0000899689 vno:OtherSegmentMember vno:OtherProperties555CaliforniaStreetMember 2014-01-01 2014-03-31 0000899689 vno:OtherSegmentMember vno:OtherProperties555CaliforniaStreetMember 2015-01-01 2015-03-31 0000899689 vno:OtherSegmentMember vno:IndiaRealEstateVenturesMember 2014-01-01 2014-03-31 0000899689 vno:OtherSegmentMember vno:IndiaRealEstateVenturesMember 2015-01-01 2015-03-31 0000899689 vno:OtherSegmentMember us-gaap:OtherInvestmentsMember 2015-01-01 2015-03-31 0000899689 vno:OtherSegmentMember us-gaap:OtherInvestmentsMember 2014-01-01 2014-03-31 0000899689 vno:OtherSegmentMember vno:OtherEbitdaAttributableToIdentifiableInvestmentsMember 2014-01-01 2014-03-31 0000899689 vno:OtherSegmentMember vno:OtherEbitdaAttributableToIdentifiableInvestmentsMember 2015-01-01 2015-03-31 0000899689 vno:OtherSegmentMember vno:CorporateGeneralAndAdministrativeExpensesExcludingMarkToMarketOfDeferredCompensationPlanAssetsAndOffsettingLiabilityMember 2015-01-01 2015-03-31 0000899689 vno:OtherSegmentMember vno:CorporateGeneralAndAdministrativeExpensesExcludingMarkToMarketOfDeferredCompensationPlanAssetsAndOffsettingLiabilityMember 2014-01-01 2014-03-31 0000899689 vno:OtherSegmentMember vno:InvestmentIncomeAndOtherExcludingMarkToMarketOfDeferredCompensationPlanAssetsAndOffsettingLiabilityMember 2014-01-01 2014-03-31 0000899689 vno:OtherSegmentMember vno:InvestmentIncomeAndOtherExcludingMarkToMarketOfDeferredCompensationPlanAssetsAndOffsettingLiabilityMember 2015-01-01 2015-03-31 0000899689 vno:OtherSegmentMember us-gaap:AcquisitionRelatedCostsMember 2015-01-01 2015-03-31 0000899689 vno:OtherSegmentMember us-gaap:AcquisitionRelatedCostsMember 2014-01-01 2014-03-31 0000899689 vno:OtherSegmentMember vno:NetGainOnSaleOfMarketableSecuritiesLandParcelsAndResidentialCondominimumsMember 2014-01-01 2014-03-31 0000899689 vno:OtherSegmentMember vno:NetGainOnSaleOfMarketableSecuritiesLandParcelsAndResidentialCondominimumsMember 2015-01-01 2015-03-31 0000899689 vno:OtherSegmentMember vno:NetIncomeAttributableToOperatingPartnershipMember 2015-01-01 2015-03-31 0000899689 vno:OtherSegmentMember vno:NetIncomeAttributableToOperatingPartnershipMember 2014-01-01 2014-03-31 0000899689 vno:OutPerformancePlanMember 2015-01-01 2015-03-31 0000899689 vno:VornadoShareOfToysRUsMember 2014-09-30 0000899689 vno:VornadoShareOfToysRUsMember 2014-01-01 2014-03-31 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure vno:Properties vno:LimitedPartners utr:sqft vno:Investments vno:ResidentialUnits VORNADO REALTY TRUST 0000899689 10-Q 2015-03-31 2015 --12-31 188272702 No Yes Large Accelerated Filer false Yes Q1 vno 1157180000 127534000 17080343000 3248078000 13832265000 1067568000 198672000 110477000 1408214000 816661000 478507000 229579000 35342000 344349000 19261051000 8316793000 847332000 400000000 432970000 121530000 436608000 10912613000 1277014000 7509000 7493000 6935205000 6873025000 -2006439000 -1505385000 72609000 93267000 6285898000 6745426000 757750000 743956000 7043648000 19261051000 21248320000 1277026000 8263165000 0 447745000 117284000 375830000 12421158000 12456000 3083000 289589000 200330000 12210000 3188000 281109000 199821000 0.04 0.04 110000000 110000000 52678939 52678939 52678939 52678939 250000000 250000000 188272702 187887498 188272702 187887498 3861913000 1128037000 16822358000 3161633000 13660725000 1198477000 176204000 109998000 1246496000 787271000 475158000 225155000 2238474000 410066000 21248320000 3914401000 11881228000 11705749000 126659000 1347159000 7489382000 1303790000 1000000 1304790000 1337780000 1000000 1336780000 184991000 554426000 206323000 513973000 346026000 358613000 11356550 1 1 11640982 0 0 1511362000 11354000 66921000 59301000 124122000 131792000 58492000 47502000 1981000 1285000 439088000 417140000 167714000 145241000 -2405000 1979000 24089000 18148000 91674000 96312000 1860000 9635000 110376000 90541000 971000 851000 109405000 89690000 15841000 8466000 125246000 98156000 104077000 82717000 19484000 20368000 84593000 62349000 0.37 0.29 0.08 0.04 0.45 0.33 187999000 187307000 0.37 0.29 0.08 0.04 189336000 188240000 0.45 0.33 0.63 0.73 254493000 236561000 39607000 35940000 467140000 500274000 606802000 562381000 10792000 11850000 15882000 5287000 11579000 3860000 19881000 -21332000 83419000 103300000 88806000 13125000 15800000 104606000 157000 -8286000 -771000 1611000 210000 165000 3000 7000 118447000 19484000 19484000 23485000 23493000 11672000 9100000 338000 338000 1324000 966000 -21332000 157000 90000 85000 6935205000 -2006439000 72609000 757750000 52679000 188273000 1277014000 7509000 7000 8000 52679000 1277026000 187887000 7493000 6873025000 -1505385000 743956000 93267000 -1288000 1000 -359000 118447000 -776000 -12000 1000 12000 52882000 52882000 125000 125000 25349000 25349000 104077000 15882000 51350000 51350000 -2579000 -776000 -1288000 -464262000 -464603000 -341000 -5000 52683000 1277225000 187285000 7469000 7143840000 -1734839000 829512000 71537000 7594744000 136761000 136761000 20368000 20368000 55000 2000 5154000 5156000 60000 2000 3228000 0 3230000 5000 446000 446000 7000 1000 2118000 1779000 13125000 -1000 -1000 254000 52683000 1277225000 187412000 7474000 7017611000 -1809609000 77626000 839000000 7409327000 -8286000 361000 361000 -340000 1610000 0 18000 142000 1950000 1950000 142000 -136937000 82717000 11579000 238000 1610000 -136937000 131112000 153869000 95022000 123000 -975000 7624000 -62658000 -53841000 13093000 18297000 -17307000 3225000 194516000 309131000 32243000 0 15874000 12966000 23912000 88052000 90653000 54466000 53103000 16633000 -1282000 -52256000 334725000 120270000 16763000 69347000 13409000 1277000 -12691000 31554000 49878000 0 149871000 82761000 12754000 12144000 17639000 14169000 72208000 0 20842000 256000 29474000 13236000 -11885000 -15865000 800000000 907431000 118447000 -475296000 -130909000 573437000 600000000 233198000 136761000 181545000 2175000 1214000 13622000 51350000 0 19484000 20368000 60287000 10474000 2939000 578000 5076000 20752000 8479000 12018000 3676000 583290000 1156727000 0 59375000 -38822000 -67204000 -18790000 57722000 225000000 0 0 0 0 0 145313000 -1482660000 -239603000 1722263000 91702000 100209000 74424000 87232000 42346000 0 0 0 0 62000000 <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">1</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Organization</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;"> Realty Trust (&#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;) is a fully</font><font style="font-family:Times New Roman;font-size:10pt;">-integrated real estate investment trust (&#8220;REIT&#8221;) and conducts its business through</font><font style="font-family:Times New Roman;font-size:10pt;">, and substantially all of its interests in properties are held by,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;"> Realty L.P., a Delaware limited partnership (the &#8220;Operating Partnership&#8221;).</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;"> is the sole general partner of, and owned </font><font style="font-family:Times New Roman;font-size:10pt;">approximately </font><font style="font-family:Times New Roman;font-size:10pt;">93.9</font><font style="font-family:Times New Roman;font-size:10pt;">% of the common limited </font><font style="font-family:Times New Roman;font-size:10pt;">partnership interest in</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">the Operating Partnership at March 31, 2015</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">All references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; the &#8220;Company&#8221; and &#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221; refer to </font><font style="font-family:Times New Roman;font-size:10pt;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;"> Realty Trust and its consolidated subsidiaries, including the Operating Partnership.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">On January 15, 2015, we completed the spin-off of substantially all of our retail segment comprised of 79 strip shopping centers, three malls, a warehouse park and $225</font><font style="font-family:Times New Roman;font-size:10pt;">,000,000 </font><font style="font-family:Times New Roman;font-size:10pt;">of cash to Urban Edge Properties (&#8220;UE&#8221;) (NYSE: UE). As part of this transaction, we </font><font style="font-family:Times New Roman;font-size:10pt;">retained</font><font style="font-family:Times New Roman;font-size:10pt;"> 5,71</font><font style="font-family:Times New Roman;font-size:10pt;">7</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">184</font><font style="font-family:Times New Roman;font-size:10pt;"> UE operating partnership units (5.4% ownership interest). We are providing transition services to UE for an initial period of up to two years, including information technology, human resources, tax and </font><font style="font-family:Times New Roman;font-size:10pt;">financial</font><font style="font-family:Times New Roman;font-size:10pt;"> reporting. UE is providing us with leasing and property management services for (</font><font style="font-family:Times New Roman;font-size:10pt;">i</font><font style="font-family:Times New Roman;font-size:10pt;">) the Monmouth Mall, (ii) certain small retail properties that we plan to sell, and (iii) our affiliate, Alexander's, Inc. (NYSE: ALX), </font><font style="font-family:Times New Roman;font-size:10pt;">Rego</font><font style="font-family:Times New Roman;font-size:10pt;"> Park retail assets. Steven Roth, our Chairman and Chief Executive Officer </font><font style="font-family:Times New Roman;font-size:10pt;">is</font><font style="font-family:Times New Roman;font-size:10pt;"> a member of the Board of Trustees of UE. The spin-off distribution was effected by </font><font style="font-family:Times New Roman;font-size:10pt;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;"> distributing one UE common share for every two </font><font style="font-family:Times New Roman;font-size:10pt;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;"> common shares. Beginning in the first quarter of 2015, the historical financial results of UE </font><font style="font-family:Times New Roman;font-size:10pt;">are</font><font style="font-family:Times New Roman;font-size:10pt;"> reflected in our consolidated financial statements as discontinued operations for all periods presented</font><font style="font-family:Times New Roman;font-size:10pt;">. </font></p> 0.939 79 3 1 225000000 5717184 0.054 P2Y 1 2 <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">2</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Basis of Presentation</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:15px;">The accompanying consolidated financial statements are unaudited and </font><font style="font-family:Times New Roman;font-size:10pt;">include the accounts of </font><font style="font-family:Times New Roman;font-size:10pt;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;"> and</font><font style="font-family:Times New Roman;font-size:10pt;"> its consolidated subsidiaries, including</font><font style="font-family:Times New Roman;font-size:10pt;"> the Operating Partnership</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United&#160;States of America (&#8220;GAAP&#8221;) have been condensed or omitted.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the SEC and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form&#160;10-K,</font><font style="font-family:Times New Roman;font-size:10pt;"> as amended, </font><font style="font-family:Times New Roman;font-size:10pt;">for the year ended December 31, 201</font><font style="font-family:Times New Roman;font-size:10pt;">4</font><font style="font-family:Times New Roman;font-size:10pt;">, as filed with the SEC.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:15px;">We have made estimates and assumptions that affect the reported amounts of assets and liabilities</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">The results of operations for the </font><font style="font-family:Times New Roman;font-size:10pt;">three months ended</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">March 31, 2015</font><font style="font-family:Times New Roman;font-size:10pt;"> are</font><font style="font-family:Times New Roman;font-size:10pt;"> not necessarily indicative of the operating results for the</font><font style="font-family:Times New Roman;font-size:10pt;"> full year</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:15px;">Certain prior year balances have been reclassified in order to conform to </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">current </font><font style="font-family:Times New Roman;font-size:10pt;">period</font><font style="font-family:Times New Roman;font-size:10pt;"> presentation</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Beginning in the </font><font style="font-family:Times New Roman;font-size:10pt;">three months</font><font style="font-family:Times New Roman;font-size:10pt;"> ended March 31, 2015, the Company classified signage revenue within </font><font style="font-family:Times New Roman;font-size:10pt;">&#8220;p</font><font style="font-family:Times New Roman;font-size:10pt;">roperty rentals</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;">.&#160; For the </font><font style="font-family:Times New Roman;font-size:10pt;">three months</font><font style="font-family:Times New Roman;font-size:10pt;"> ended March 31, 2014, $</font><font style="font-family:Times New Roman;font-size:10pt;">9</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">3</font><font style="font-family:Times New Roman;font-size:10pt;">00,000</font><font style="font-family:Times New Roman;font-size:10pt;"> related to signage revenue has been reclassified from </font><font style="font-family:Times New Roman;font-size:10pt;">&#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">f</font><font style="font-family:Times New Roman;font-size:10pt;">ee and other income</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;"> to </font><font style="font-family:Times New Roman;font-size:10pt;">&#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">p</font><font style="font-family:Times New Roman;font-size:10pt;">roperty rentals</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;"> to conform to the current </font><font style="font-family:Times New Roman;font-size:10pt;">period</font><font style="font-family:Times New Roman;font-size:10pt;"> presentation. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p> 9300000 <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">3</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Recently Issued Accounting </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Literature</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">In April 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued an update (&#8220;ASU 2014-08&#8221;) </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity </font><font style="font-family:Times New Roman;font-size:10pt;">to ASC Topic 205, </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Presentation of Financial Statements </font><font style="font-family:Times New Roman;font-size:10pt;">and ASC Topic 360, </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Property Plant and Equipment. </font><font style="font-family:Times New Roman;font-size:10pt;">Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity's results and operations would qualify as discontinued operations. In addition, ASU 2014-08 expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. ASU 2014-08 is effective for interim and annual reporting periods in fiscal years that beg</font><font style="font-family:Times New Roman;font-size:10pt;">a</font><font style="font-family:Times New Roman;font-size:10pt;">n after December 15, 2014. Upon adoption of this standard</font><font style="font-family:Times New Roman;font-size:10pt;"> on January 1, 2015</font><font style="font-family:Times New Roman;font-size:10pt;">, individual properties sold in the ordinary course of business are not expected to qualify as discontinued operations. The financial results of UE</font><font style="font-family:Times New Roman;font-size:10pt;"> and certain other retail assets</font><font style="font-family:Times New Roman;font-size:10pt;"> are reflected in our consolidated financial statements as discontinued operations for all periods presented</font><font style="font-family:Times New Roman;font-size:10pt;"> (see Note 8 &#8211; </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Dispositions</font><font style="font-family:Times New Roman;font-size:10pt;">)</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;"> </font><font style="font-family:Times New Roman;font-size:10pt;">In May 2014, the FASB issued an update ("ASU 2014-09") establishing ASC Topic 606, </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:Times New Roman;font-size:10pt;">. ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. ASU 2014-09 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 201</font><font style="font-family:Times New Roman;font-size:10pt;">6</font><font style="font-family:Times New Roman;font-size:10pt;">. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">In June 2014, the FASB issued an update (&#8220;ASU 2014-12&#8221;) to ASC Topic 718, </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Compensation &#8211; Stock Compensation</font><font style="font-family:Times New Roman;font-size:10pt;">. ASU 2014-12 requires an entity to treat performance targets that can be met after </font><font style="font-family:Times New Roman;font-size:10pt;">the requisite service period of a share based award has ended, as a performance condition that affects vesting. ASU 2014-12 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. We are currently evaluating the impact of the adoption of ASU 2014-12 on our consolidated financial statements.</font></p><p style='margin-top:0pt; margin-bottom:4pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:4pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">In February 2015, the FASB issued</font><font style="font-family:Times New Roman;font-size:10pt;"> an update</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">(&#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">ASU 2015-02</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Amendments to the Consolidation Analysis</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> </font><font style="font-family:Times New Roman;font-size:10pt;">to ASC Topic 810</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Consolidation</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Specifically, the amendments: (</font><font style="font-family:Times New Roman;font-size:10pt;">i</font><font style="font-family:Times New Roman;font-size:10pt;">) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidated analysis of reporting entities that are involved with VIEs</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> and (iv) provide a scope exception for certain entities. </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">ASU 2015-02 is effective for </font><font style="font-family:Times New Roman;font-size:10pt;">interim and </font><font style="font-family:Times New Roman;font-size:10pt;">annual reporting periods beginning after December 15, 2015</font><font style="font-family:Times New Roman;font-size:10pt;">. We are</font><font style="font-family:Times New Roman;font-size:10pt;"> currently evaluating </font><font style="font-family:Times New Roman;font-size:10pt;">the impact of the adoption of ASU 2015-02 on our consolidated financial statements. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">In April 2015, the FASB issued an update (&#8220;ASU 2015-03&#8221;) </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Simplifying the Presentation of Debt Issuance Costs</font><font style="font-family:Times New Roman;font-size:10pt;"> to ASC Topic 835, </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Interest</font><font style="font-family:Times New Roman;font-size:10pt;">. ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability to which they relate, consistent with debt discounts, as opposed to being presented as assets. ASU 2015-03 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. The adoption of this update on January 1, 2016 </font><font style="font-family:Times New Roman;font-size:10pt;">will not</font><font style="font-family:Times New Roman;font-size:10pt;"> have a material impact on our consolidated financial statements.</font></p><p style='margin-top:0pt; margin-bottom:4pt'>&#160;</p> <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">4</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> Acquisitions</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">On January 20, 2015, we and one of the Fund's limited partners </font><font style="font-family:Times New Roman;font-size:10pt;">co-invested with the Fund </font><font style="font-family:Times New Roman;font-size:10pt;">to </font><font style="font-family:Times New Roman;font-size:10pt;">buy out</font><font style="font-family:Times New Roman;font-size:10pt;"> the Fund's joint venture partner's 57% interest in the </font><font style="font-family:Times New Roman;font-size:10pt;">Crowne</font><font style="font-family:Times New Roman;font-size:10pt;"> Plaza Times Square Hotel (see Note </font><font style="font-family:Times New Roman;font-size:10pt;">5</font><font style="font-family:Times New Roman;font-size:10pt;"> &#8211; </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> Capital Partners Real Estate Fund</font><font style="font-family:Times New Roman;font-size:10pt;">).</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">On </font><font style="font-family:Times New Roman;font-size:10pt;">March</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">18</font><font style="font-family:Times New Roman;font-size:10pt;">, 201</font><font style="font-family:Times New Roman;font-size:10pt;">5</font><font style="font-family:Times New Roman;font-size:10pt;">, we </font><font style="font-family:Times New Roman;font-size:10pt;">acqui</font><font style="font-family:Times New Roman;font-size:10pt;">red</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">the Center Building, a 437,000 square foot office building, located at 33-00 Northern Boulevard in Long Island City, New York</font><font style="font-family:Times New Roman;font-size:10pt;">, for</font><font style="font-family:Times New Roman;font-size:10pt;"> $142,000,000, including the assumption of an existing $62,000,000</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> 4.43% mortgage maturing in October 2018. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">As of March 31, 2015, we have made a $25,000,000 non-refundable deposit related to </font><font style="font-family:Times New Roman;font-size:10pt;">an</font><font style="font-family:Times New Roman;font-size:10pt;"> agreement to acquire a property in the Penn Plaza submarket in Manhattan for $355,000,000</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">On April 8, 2015, we made an $11,000,000 refundable contribution to a joint venture, in which we will have a 55% interest. The joint venture plans to develop a 173,000 square foot Class-</font><font style="font-family:Times New Roman;font-size:10pt;">A</font><font style="font-family:Times New Roman;font-size:10pt;"> office building, located on the western side of the High Line at 510 West 22</font><font style="font-family:Times New Roman;font-size:10pt;">nd</font><font style="font-family:Times New Roman;font-size:10pt;"> Street.</font></p> 1 0.57 437000 142000000 62000000 0.0443 October 2018 355000000 0.55 173000 11000000 25000000 <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">5</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> Capital Partners</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> Real Estate Fund </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">(the &#8220;Fund&#8221;)</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">We are the general partner and investment manager of </font><font style="font-family:Times New Roman;font-size:10pt;">the</font><font style="font-family:Times New Roman;font-size:10pt;"> Fund</font><font style="font-family:Times New Roman;font-size:10pt;">, which has an eight-year term and a three-year investment period that ended in July 2013. During the </font><font style="font-family:Times New Roman;font-size:10pt;">investment period, the Fund was our exclusive investment vehicle for all investments that fit within its investment parameters, as defined</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">The Fund is accounted for under </font><font style="font-family:Times New Roman;font-size:10pt;">ASC 946, </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Financial Services &#8211; Investment Companies</font><font style="font-family:Times New Roman;font-size:10pt;"> and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">On January 20, 2015, </font><font style="font-family:Times New Roman;font-size:10pt;">we </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">one of the Fund's limited partners </font><font style="font-family:Times New Roman;font-size:10pt;">co-invested with the Fund </font><font style="font-family:Times New Roman;font-size:10pt;">to buy out the Fund's </font><font style="font-family:Times New Roman;font-size:10pt;">joint venture</font><font style="font-family:Times New Roman;font-size:10pt;"> partner's 57% interest in the </font><font style="font-family:Times New Roman;font-size:10pt;">Crowne</font><font style="font-family:Times New Roman;font-size:10pt;"> Plaza Times Square Hotel</font><font style="font-family:Times New Roman;font-size:10pt;"> (the &#8220;Co-Investment&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">The purchase price for the </font><font style="font-family:Times New Roman;font-size:10pt;">57% interest was approximately </font><font style="font-family:Times New Roman;font-size:10pt;">$95,000,000 (</font><font style="font-family:Times New Roman;font-size:10pt;">our</font><font style="font-family:Times New Roman;font-size:10pt;"> share $</font><font style="font-family:Times New Roman;font-size:10pt;">39</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">0</font><font style="font-family:Times New Roman;font-size:10pt;">00,000) which valued the property at approximately $480,000,000. </font><font style="font-family:Times New Roman;font-size:10pt;"> The property is encumbered by a newly placed $310,000,000 mortgage loan bearing interest at LIBOR plus 2.80% </font><font style="font-family:Times New Roman;font-size:10pt;">which</font><font style="font-family:Times New Roman;font-size:10pt;"> matur</font><font style="font-family:Times New Roman;font-size:10pt;">es</font><font style="font-family:Times New Roman;font-size:10pt;"> in December 2018 with a one-year extension option. Our aggregate ownership interest in the property increased to 33% from 11%.</font><font style="font-family:Times New Roman;font-size:10pt;"> The Co-Investment is </font><font style="font-family:Times New Roman;font-size:10pt;">included as a component of &#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">real estate fund investments</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221; on our consolidated balance sheets.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:6pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">On </font><font style="font-family:Times New Roman;font-size:10pt;">March</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">25</font><font style="font-family:Times New Roman;font-size:10pt;">, 2015, the Fund </font><font style="font-family:Times New Roman;font-size:10pt;">completed the sale of</font><font style="font-family:Times New Roman;font-size:10pt;"> 520 Broadway</font><font style="font-family:Times New Roman;font-size:10pt;"> in Santa Monica, C</font><font style="font-family:Times New Roman;font-size:10pt;">A</font><font style="font-family:Times New Roman;font-size:10pt;"> for $91,650,000.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">T</font><font style="font-family:Times New Roman;font-size:10pt;">he Fund </font><font style="font-family:Times New Roman;font-size:10pt;">realized a </font><font style="font-family:Times New Roman;font-size:10pt;">$24</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">7</font><font style="font-family:Times New Roman;font-size:10pt;">05</font><font style="font-family:Times New Roman;font-size:10pt;">,000 net gain</font><font style="font-family:Times New Roman;font-size:10pt;"> over the holding period</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">A</font><font style="font-family:Times New Roman;font-size:10pt;">t</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">March 31, 2015</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">we </font><font style="font-family:Times New Roman;font-size:10pt;">ha</font><font style="font-family:Times New Roman;font-size:10pt;">d</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">six</font><font style="font-family:Times New Roman;font-size:10pt;"> investments</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">with an aggregate fair </font><font style="font-family:Times New Roman;font-size:10pt;">value of </font><font style="font-family:Times New Roman;font-size:10pt;">$5</font><font style="font-family:Times New Roman;font-size:10pt;">54</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">4</font><font style="font-family:Times New Roman;font-size:10pt;">26</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;">, or $</font><font style="font-family:Times New Roman;font-size:10pt;">1</font><font style="font-family:Times New Roman;font-size:10pt;">69</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">8</font><font style="font-family:Times New Roman;font-size:10pt;">32</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;"> in excess of cost, and ha</font><font style="font-family:Times New Roman;font-size:10pt;">d</font><font style="font-family:Times New Roman;font-size:10pt;"> remaining unfunded commitments of $</font><font style="font-family:Times New Roman;font-size:10pt;">1</font><font style="font-family:Times New Roman;font-size:10pt;">02</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">324</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;">, of which our share </font><font style="font-family:Times New Roman;font-size:10pt;">was</font><font style="font-family:Times New Roman;font-size:10pt;"> $</font><font style="font-family:Times New Roman;font-size:10pt;">25</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">581</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">000</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">Below is a summary </font><font style="font-family:Times New Roman;font-size:10pt;">of </font><font style="font-family:Times New Roman;font-size:10pt;">in</font><font style="font-family:Times New Roman;font-size:10pt;">come from </font><font style="font-family:Times New Roman;font-size:10pt;">the Fund for </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">three months ended</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">March 31, 2015</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">2014</font><font style="font-family:Times New Roman;font-size:10pt;">. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 13px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="5" style="width: 245px; text-align:center;border-color:#000000;min-width:245px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months</font></td></tr><tr style="height: 13px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> (Amounts in thousands)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="5" style="width: 245px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:245px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td></tr><tr style="height: 13px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 115px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:115px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 115px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:115px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td></tr><tr style="height: 15px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net investment income</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 6,450</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 3,979</font></td></tr><tr style="height: 13px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net realized gains on exited investments</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 24,705</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 13px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Previously recorded unrealized gains on exited investments</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (23,279)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 16px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net unrealized gains on held investments</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 16,213</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 14,169</font></td></tr><tr style="height: 15px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income from real estate fund investments</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 24,089</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 18,148</font></td></tr><tr style="height: 15px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Less income attributable to noncontrolling interests</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (13,539)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (10,849)</font></td></tr><tr style="height: 15px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income from real estate fund investments attributable to Vornado </font>⁽¹⁾</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 10,550</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 7,299</font></td></tr><tr style="height: 3px"><td colspan="14" rowspan="2" style="width: 720px; text-align:left;border-color:#000000;min-width:720px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">___________________________________</font></td></tr><tr style="height: 3px"><td style="width: 435px; text-align:left;border-color:#000000;min-width:435px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td></tr><tr style="height: 50px"><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> (1)</font></td><td colspan="13" style="width: 695px; text-align:left;border-color:#000000;min-width:695px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Excludes property management, leasing and development fees of $704 and $618 for the three months ended March 31, 2015 and 2014, respectively, which are included as a component of "fee and other income" on our consolidated statements of income.</font></td></tr></table></div> <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">The Fund is accounted for under </font><font style="font-family:Times New Roman;font-size:10pt;">ASC 946, </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Financial Services &#8211; Investment Companies</font><font style="font-family:Times New Roman;font-size:10pt;"> and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p> <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 13px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="5" style="width: 245px; text-align:center;border-color:#000000;min-width:245px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months</font></td></tr><tr style="height: 13px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> (Amounts in thousands)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="5" style="width: 245px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:245px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td></tr><tr style="height: 13px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 115px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:115px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 115px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:115px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td></tr><tr style="height: 15px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net investment income</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 6,450</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 3,979</font></td></tr><tr style="height: 13px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net realized gains on exited investments</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 24,705</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 13px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Previously recorded unrealized gains on exited investments</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (23,279)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 16px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net unrealized gains on held investments</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 16,213</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 14,169</font></td></tr><tr style="height: 15px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income from real estate fund investments</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 24,089</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 18,148</font></td></tr><tr style="height: 15px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Less income attributable to noncontrolling interests</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (13,539)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (10,849)</font></td></tr><tr style="height: 15px"><td colspan="2" style="width: 460px; text-align:left;border-color:#000000;min-width:460px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income from real estate fund investments attributable to Vornado </font>⁽¹⁾</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 10,550</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 7,299</font></td></tr><tr style="height: 3px"><td colspan="14" rowspan="2" style="width: 720px; text-align:left;border-color:#000000;min-width:720px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">___________________________________</font></td></tr><tr style="height: 3px"><td style="width: 435px; text-align:left;border-color:#000000;min-width:435px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td></tr><tr style="height: 50px"><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> (1)</font></td><td colspan="13" style="width: 695px; text-align:left;border-color:#000000;min-width:695px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Excludes property management, leasing and development fees of $704 and $618 for the three months ended March 31, 2015 and 2014, respectively, which are included as a component of "fee and other income" on our consolidated statements of income.</font></td></tr></table></div> 618000 704000 13539000 10550000 7299000 10849000 3979000 6450000 24705000 0 23279000 0 14169000 16213000 18148000 24089000 554426000 102324000 25581000 169832000 P8Y P3Y 0.57 95000000 39000000 480000000 310000000 LIBOR 0.028 December 2018 P1Y 0.33 0.11 24705000 91650000 6 <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">6. Marketable Securities </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">Below is a summary of our marketable securities portfolio as of March 31, 2015 and December 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> 2014</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 13px"><td colspan="2" style="width: 186px; text-align:left;border-color:#000000;min-width:186px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;">(Amounts in thousands)</font></td><td colspan="8" style="width: 255px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:255px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">As of March 31, 2015</font></td><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;">&#160;</td><td colspan="8" style="width: 255px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:255px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">As of December 31, 2014</font></td></tr><tr style="height: 13px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 171px; text-align:left;border-color:#000000;min-width:171px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">GAAP</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Unrealized</font></td><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">GAAP</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Unrealized</font></td></tr><tr style="height: 13px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 171px; text-align:left;border-color:#000000;min-width:171px;">&#160;</td><td colspan="2" style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Fair Value</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Cost</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Gain</font></td><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;">&#160;</td><td colspan="2" style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Fair Value</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Cost</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Gain</font></td></tr><tr style="height: 13px"><td colspan="2" style="width: 186px; text-align:left;border-color:#000000;min-width:186px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;">Equity securities:</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;">&#160;</td><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 171px; text-align:left;border-color:#000000;min-width:171px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;">Lexington Realty Trust</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 181,550</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 72,549</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 109,001</font></td><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 202,789</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 72,549</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 130,240</font></td></tr><tr style="height: 13px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 171px; text-align:left;border-color:#000000;min-width:171px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;">Other</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 3,441</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> -</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 3,441</font></td><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 3,534</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> -</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 3,534</font></td></tr><tr style="height: 13px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 171px; text-align:left;border-color:#000000;min-width:171px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 184,991</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 72,549</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 112,442</font></td><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 206,323</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 72,549</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 133,774</font></td></tr></table></div> <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 13px"><td colspan="2" style="width: 186px; text-align:left;border-color:#000000;min-width:186px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;">(Amounts in thousands)</font></td><td colspan="8" style="width: 255px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:255px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">As of March 31, 2015</font></td><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;">&#160;</td><td colspan="8" style="width: 255px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:255px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">As of December 31, 2014</font></td></tr><tr style="height: 13px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 171px; text-align:left;border-color:#000000;min-width:171px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">GAAP</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Unrealized</font></td><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">GAAP</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Unrealized</font></td></tr><tr style="height: 13px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 171px; text-align:left;border-color:#000000;min-width:171px;">&#160;</td><td colspan="2" style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Fair Value</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Cost</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Gain</font></td><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;">&#160;</td><td colspan="2" style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Fair Value</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Cost</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Gain</font></td></tr><tr style="height: 13px"><td colspan="2" style="width: 186px; text-align:left;border-color:#000000;min-width:186px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;">Equity securities:</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;">&#160;</td><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 171px; text-align:left;border-color:#000000;min-width:171px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;">Lexington Realty Trust</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 181,550</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 72,549</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 109,001</font></td><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 202,789</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 72,549</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 130,240</font></td></tr><tr style="height: 13px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 171px; text-align:left;border-color:#000000;min-width:171px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;">Other</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 3,441</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> -</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 3,441</font></td><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 3,534</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> -</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 60px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 3,534</font></td></tr><tr style="height: 13px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 171px; text-align:left;border-color:#000000;min-width:171px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 184,991</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 72,549</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 112,442</font></td><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 206,323</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 72,549</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 133,774</font></td></tr></table></div> 72549000 112442000 133774000 72549000 202789000 181550000 72549000 72549000 130240000 109001000 3534000 3441000 0 0 3441000 3534000 75196000 <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">7</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. Investments in Partially Owned Entities</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">Toys &#8220;R&#8221; Us (&#8220;Toys&#8221;)</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20px;">As of March 31, 2015, we </font><font style="font-family:Times New Roman;font-size:10pt;">own 32.6</font><font style="font-family:Times New Roman;font-size:10pt;">% of Toys. We have not guaranteed any of Toys' obligations and are not committed to provide any support to Toys.&#160; Pursuant to ASC 323-10-35-20, we discontinued applying the equity method for our Toys' investment when the carrying amount was reduced to zero in the third quarter of 2014. We will resume application of the equity method if</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> during the period the equity me</font><font style="font-family:Times New Roman;font-size:10pt;">thod has been</font><font style="font-family:Times New Roman;font-size:10pt;"> suspended</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">our share of unrecognized net income exceeds our share of unrecognized net losses.</font></p><p style='margin-top:6pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20px;">In the first quarter of 2014, we recognized our share of Toys' fourth quarter net income of $</font><font style="font-family:Times New Roman;font-size:10pt;">75</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">196</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;"> and a corresponding non-cash impairment loss of th</font><font style="font-family:Times New Roman;font-size:10pt;">e same amount</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20px;">Below is a summary of Toys' latest available financial information on a purchase accounting basis:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 13px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td colspan="3" style="width: 266px; text-align:left;border-color:#000000;min-width:266px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td colspan="5" style="width: 214px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:214px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Balance as of</font></td><td style="width: 5px; text-align:center;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:center;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td colspan="3" style="width: 266px; text-align:left;border-color:#000000;min-width:266px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Balance Sheet:</font></td><td style="width: 202px; text-align:center;border-color:#000000;min-width:202px;">&#160;</td><td colspan="2" style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">January 31, 2015</font></td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:14px;">&#160;</td><td colspan="2" style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">November 1, 2014</font></td><td style="width: 5px; text-align:center;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:center;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td colspan="2" style="width: 243px; text-align:left;border-color:#000000;min-width:243px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Assets</font></td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 9,958,000</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 11,267,000</font></td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td colspan="2" style="width: 243px; text-align:left;border-color:#000000;min-width:243px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Liabilities</font></td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 9,014,000</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 10,377,000</font></td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td colspan="2" style="width: 243px; text-align:left;border-color:#000000;min-width:243px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Noncontrolling interests</font></td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 85,000</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 82,000</font></td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td colspan="2" style="width: 243px; text-align:left;border-color:#000000;min-width:243px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Toys &#8220;R&#8221; Us, Inc. equity</font>⁽¹⁾</td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 859,000</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 808,000</font></td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 11px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 223px; text-align:left;border-color:#000000;min-width:223px;">&#160;</td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 12px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 223px; text-align:left;border-color:#000000;min-width:223px;">&#160;</td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td colspan="5" style="width: 214px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:214px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months Ended</font></td><td style="width: 5px; text-align:center;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 12px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td colspan="3" style="width: 266px; text-align:left;border-color:#000000;min-width:266px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income Statement:</font></td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td colspan="2" style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">January 31, 2015</font></td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:14px;">&#160;</td><td colspan="2" style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">February 1, 2014</font></td><td style="width: 5px; text-align:center;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 12px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td colspan="2" style="width: 243px; text-align:left;border-color:#000000;min-width:243px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Total revenues </font></td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 4,983,000</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 5,267,000</font></td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 12px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td colspan="2" style="width: 243px; text-align:left;border-color:#000000;min-width:243px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net income attributable to Toys </font></td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 193,700</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 82,500</font></td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 5px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td style="width: 20px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 223px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:223px;">&#160;</td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 5px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td style="width: 20px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 223px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:223px;">&#160;</td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 26px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; text-align:right;border-color:#000000;min-width:23px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (1)</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="14" style="width: 639px; text-align:left;border-color:#000000;min-width:639px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">At March 31, 2015, the carrying amount of our investment in Toys is less than our share of Toys' equity by approximately $279,936. This basis difference results primarily from non-cash impairment losses aggregating $355,953 that we have recognized through March 31, 2015. We have allocated the basis difference primarily to Toys' real estate, which is being amortized over its remaining estimated useful life. </font></td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">Alexander's, Inc. (&#8220;Alexander's&#8221;) (NYSE: ALX)</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:6pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">As of</font><font style="font-family:Times New Roman;font-size:10pt;"> March 31, </font><font style="font-family:Times New Roman;font-size:10pt;">2015, we </font><font style="font-family:Times New Roman;font-size:10pt;">own </font><font style="font-family:Times New Roman;font-size:10pt;">1,654,068</font><font style="font-family:Times New Roman;font-size:10pt;"> Alexander's common shares</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> or approximately </font><font style="font-family:Times New Roman;font-size:10pt;">32.4</font><font style="font-family:Times New Roman;font-size:10pt;">%</font><font style="font-family:Times New Roman;font-size:10pt;"> of Alexander's</font><font style="font-family:Times New Roman;font-size:10pt;"> common equity</font><font style="font-family:Times New Roman;font-size:10pt;">. We manage, lease an</font><font style="font-family:Times New Roman;font-size:10pt;">d develop Alexander's properties pursuant t</font><font style="font-family:Times New Roman;font-size:10pt;">o </font><font style="font-family:Times New Roman;font-size:10pt;">agreements which </font><font style="font-family:Times New Roman;font-size:10pt;">expire in March of each year and are automatically renewable.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:6pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">As of</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">March 31, </font><font style="font-family:Times New Roman;font-size:10pt;">2015</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> the </font><font style="font-family:Times New Roman;font-size:10pt;">market </font><font style="font-family:Times New Roman;font-size:10pt;">value</font><font style="font-family:Times New Roman;font-size:10pt;"> (&#8220;fair value&#8221; pursuant to ASC 820)</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">of our investment in Alexander's, based on Alexander's </font><font style="font-family:Times New Roman;font-size:10pt;">March 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2015 closing share price </font><font style="font-family:Times New Roman;font-size:10pt;">of</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">456</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;">58</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">was $</font><font style="font-family:Times New Roman;font-size:10pt;">755</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">214</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;">, or $</font><font style="font-family:Times New Roman;font-size:10pt;">623</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">07</font><font style="font-family:Times New Roman;font-size:10pt;">1</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;"> in excess of the carrying amount on our consolidated balance sheet. As of </font><font style="font-family:Times New Roman;font-size:10pt;">March 31, </font><font style="font-family:Times New Roman;font-size:10pt;">2015, the carrying amount of our investment in Alexander's</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">exceeds our share of the equity in the net assets of Alexander's by approximately $</font><font style="font-family:Times New Roman;font-size:10pt;">41,</font><font style="font-family:Times New Roman;font-size:10pt;">048</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">The majority </font><font style="font-family:Times New Roman;font-size:10pt;">of this basis difference resulted from the excess of our purchase price for the Alexander's common stock acquired over the book value of Alexander's net assets. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Alexander's assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives. This </font><font style="font-family:Times New Roman;font-size:10pt;">depreciation</font><font style="font-family:Times New Roman;font-size:10pt;"> is not material to our share of e</font><font style="font-family:Times New Roman;font-size:10pt;">quity in Alexander's net income</font><font style="font-family:Times New Roman;font-size:10pt;">. The basis difference related to the land will be recognized upon disposition of our investment</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">7. Investments in Partially Owned Entities - continued</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">Alexander's, Inc. (&#8220;Alexander's&#8221;) (NYSE: ALX)</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> - continued</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:6pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">Below is a summary of Alexander's latest available financial information:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 13px"><td colspan="3" style="width: 234px; text-align:left;border-color:#000000;min-width:234px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td colspan="5" style="width: 236px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:236px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Balance as of</font></td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td></tr><tr style="height: 13px"><td colspan="3" style="width: 234px; text-align:left;border-color:#000000;min-width:234px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Balance Sheet:</font></td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td colspan="2" style="width: 113px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:113px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">March 31, 2015</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 113px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:113px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2014</font></td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td colspan="2" style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Assets</font></td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,433,000</font></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,423,000</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td colspan="2" style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Liabilities</font></td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 103px; text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,084,000</font></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 103px; text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,075,000</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td colspan="2" style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Stockholders' equity</font></td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 103px; text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 349,000</font></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 103px; text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 348,000</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td></tr><tr style="height: 6px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 190px; text-align:left;border-color:#000000;min-width:190px;">&#160;</td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 103px; text-align:left;border-color:#000000;min-width:103px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 103px; text-align:left;border-color:#000000;min-width:103px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td></tr><tr style="height: 13px"><td colspan="3" style="width: 234px; text-align:left;border-color:#000000;min-width:234px;">&#160;</td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td colspan="5" style="width: 236px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:236px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months Ended March 31,</font></td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td></tr><tr style="height: 13px"><td colspan="3" style="width: 234px; text-align:left;border-color:#000000;min-width:234px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income Statement:</font></td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td colspan="2" style="width: 113px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:113px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 113px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:113px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td colspan="2" style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Total revenues </font></td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 52,000</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 49,000</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td colspan="2" style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net income attributable to Alexander&#8217;s</font></td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 103px; text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 18,000</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 103px; text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 15,000</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">Urban Edge Properties</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> (&#8220;UE&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">)</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> (NYSE: UE)</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">As part of our spin-off of substantially all of our retail segment to UE on January 15, 2015 (see Note 1 &#8211; </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Organization</font><font style="font-family:Times New Roman;font-size:10pt;">), we re</font><font style="font-family:Times New Roman;font-size:10pt;">tained</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">5,717</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">184</font><font style="font-family:Times New Roman;font-size:10pt;"> UE operating partnership units</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> representing </font><font style="font-family:Times New Roman;font-size:10pt;">a </font><font style="font-family:Times New Roman;font-size:10pt;">5.4% </font><font style="font-family:Times New Roman;font-size:10pt;">ownership</font><font style="font-family:Times New Roman;font-size:10pt;"> interest</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">in</font><font style="font-family:Times New Roman;font-size:10pt;"> UE</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> We account for our investment in UE under the equity method and </font><font style="font-family:Times New Roman;font-size:10pt;">will recognize</font><font style="font-family:Times New Roman;font-size:10pt;"> our share of UE's </font><font style="font-family:Times New Roman;font-size:10pt;">earnings</font><font style="font-family:Times New Roman;font-size:10pt;"> on a one-quarter lag basis. </font><font style="font-family:Times New Roman;font-size:10pt;">We are providing transition services to UE for an initial period of up to two years, including information technology, human resources, tax and </font><font style="font-family:Times New Roman;font-size:10pt;">financial</font><font style="font-family:Times New Roman;font-size:10pt;"> reporting. UE is providing us with leasing and property management services for (</font><font style="font-family:Times New Roman;font-size:10pt;">i</font><font style="font-family:Times New Roman;font-size:10pt;">) the Monmouth Mall, (ii) certain small retail properties that we plan to sell, and (iii) our affiliate, Alexander's</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Rego</font><font style="font-family:Times New Roman;font-size:10pt;"> Park retail assets.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">Pennsylvania Real Estate Investment Trust</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> (&#8220;PREIT&#8221;) (NYSE: PEI) </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">On March 31, 2015, we transferred the redeveloped Springfield Town Center, a 1,350,000 square foot mall located in Springfield, Fairfax County, Virginia, to PREIT Associates, L.P., which is the operating partnership of PREIT</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">in exchange for $485,313,000; comprised of $340,000,000 of cash and 6,250,000 PREIT operating partnership units (valued at $145,313,000 or $23.25 per PREIT unit) (See Note </font><font style="font-family:Times New Roman;font-size:10pt;">8</font><font style="font-family:Times New Roman;font-size:10pt;"> &#8211; Dispositions).</font><font style="font-family:Times New Roman;font-size:10pt;"> $</font><font style="font-family:Times New Roman;font-size:10pt;">19,000,000</font><font style="font-family:Times New Roman;font-size:10pt;"> of tenant improvements and allowances was credited to PREIT as a closing adjustment</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">As a result of this transaction, we own an 8.1% interest in PREIT. We account for our investment in PREIT under the equity method and </font><font style="font-family:Times New Roman;font-size:10pt;">will recognize</font><font style="font-family:Times New Roman;font-size:10pt;"> our share of PREIT's </font><font style="font-family:Times New Roman;font-size:10pt;">earnings</font><font style="font-family:Times New Roman;font-size:10pt;"> on a one-quarter lag basis. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:6pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">7. Investments in Partially Owned Entities &#8211; continued</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:15px;">Below are</font><font style="font-family:Times New Roman;font-size:10pt;"> schedule</font><font style="font-family:Times New Roman;font-size:10pt;">s summarizing our investments in, and </font><font style="font-family:Times New Roman;font-size:10pt;">(loss) </font><font style="font-family:Times New Roman;font-size:10pt;">income from, </font><font style="font-family:Times New Roman;font-size:10pt;">partially owned </font><font style="font-family:Times New Roman;font-size:10pt;">entities</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 13px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 275px; text-align:left;border-color:#000000;min-width:275px;">&#160;</td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td colspan="3" style="width: 105px; text-align:center;border-color:#000000;min-width:105px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Percentage</font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="5" style="width: 223px; text-align:center;border-color:#000000;min-width:223px;">&#160;</td></tr><tr style="height: 13px"><td colspan="4" style="width: 314px; text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td colspan="3" style="width: 105px; text-align:center;border-color:#000000;min-width:105px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Ownership at</font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="5" style="width: 223px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:223px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Balance as of </font></td></tr><tr style="height: 13px"><td colspan="4" style="width: 314px; text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Investments: </font></td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td colspan="3" style="width: 105px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:105px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">March 31, 2015</font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:104px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">March 31, 2015</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:104px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2014</font></td></tr><tr style="height: 13px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td colspan="3" style="width: 293px; text-align:left;border-color:#000000;min-width:293px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Partially owned office buildings</font>⁽¹⁾</td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Various</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 95px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 766,074</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 95px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 760,749</font></td></tr><tr style="height: 17px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td colspan="3" style="width: 293px; text-align:left;border-color:#000000;min-width:293px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">PREIT Associates</font></td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; text-align:center;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; text-align:center;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">8.1</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 144,681</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 16px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td colspan="3" style="width: 293px; text-align:left;border-color:#000000;min-width:293px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Alexander&#8217;s</font></td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; text-align:center;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">32.4</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 132,143</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 131,616</font></td></tr><tr style="height: 16px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td colspan="3" style="width: 293px; text-align:left;border-color:#000000;min-width:293px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">India real estate ventures</font></td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; text-align:center;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">4.1%-36.5%</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 67,159</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 76,752</font></td></tr><tr style="height: 16px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td colspan="3" style="width: 293px; text-align:left;border-color:#000000;min-width:293px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Urban Edge</font></td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; text-align:center;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">5.4</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 25,206</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 17px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td colspan="3" style="width: 293px; text-align:left;border-color:#000000;min-width:293px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Toys</font></td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; text-align:center;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; text-align:center;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">32.6</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 16px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td colspan="3" style="width: 293px; text-align:left;border-color:#000000;min-width:293px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Other investments</font>⁽²⁾</td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; text-align:center;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Various</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 272,951</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 277,379</font></td></tr><tr style="height: 16px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 275px; text-align:left;border-color:#000000;min-width:275px;">&#160;</td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 95px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,408,214</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 95px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,246,496</font></td></tr><tr style="height: 13px"><td style="width: 21px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td style="width: 9px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 275px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:275px;">&#160;</td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 5px"><td style="width: 21px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 275px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:275px;">&#160;</td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(1)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="13" style="width: 686px; text-align:left;border-color:#000000;min-width:686px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others.</font></td></tr><tr style="height: 16px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(2)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="13" style="width: 686px; text-align:left;border-color:#000000;min-width:686px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Includes interests in Independence Plaza, Monmouth Mall, 85 Tenth Avenue, Fashion Center Mall, 50-70 West 93rd Street and others.</font></td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td colspan="2" style="width: 109px; text-align:center;border-color:#000000;min-width:109px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Percentage</font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="5" style="width: 156px; text-align:center;border-color:#000000;min-width:156px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months</font></td></tr><tr style="height: 14px"><td colspan="6" style="width: 275px; text-align:left;border-color:#000000;min-width:275px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;" /></td><td colspan="2" style="width: 109px; text-align:center;border-color:#000000;min-width:109px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Ownership at</font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="5" style="width: 156px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:156px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td></tr><tr style="height: 14px"><td colspan="6" style="width: 275px; text-align:left;border-color:#000000;min-width:275px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Our Share of Net (Loss) Income:</font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td colspan="2" style="width: 109px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:109px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">March 31, 2015</font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;" /></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:73px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;" /></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:73px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5" style="width: 255px; text-align:left;border-color:#000000;min-width:255px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Partially owned office buildings</font>⁽¹⁾</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Various</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 63px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (9,296)</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 63px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (2,395)</font></td></tr><tr style="height: 14px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;" /></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:63px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;" /></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5" style="width: 255px; text-align:left;border-color:#000000;min-width:255px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Alexander's:</font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:left;border-color:#000000;min-width:63px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:left;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="4" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Equity in net income </font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">32.4</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">%</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 5,594</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 4,759</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="4" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Management, leasing and development fees</font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 2,097</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,626</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 7,691</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 6,385</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5" style="width: 255px; text-align:left;border-color:#000000;min-width:255px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Toys:</font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:center;border-color:#000000;min-width:63px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: center;" /></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:center;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="4" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Equity in net income</font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">32.6</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">%</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 75,196</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="4" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Non-cash impairment losses</font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (75,196)</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="4" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Management fees</font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,454</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,847</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,454</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,847</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5" style="width: 255px; text-align:left;border-color:#000000;min-width:255px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Urban Edge</font>⁽²⁾</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">5.4</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">%</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 584</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5" style="width: 255px; text-align:left;border-color:#000000;min-width:255px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">India real estate ventures</font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">4.1%-36.5%</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (109)</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (137)</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5" style="width: 255px; text-align:left;border-color:#000000;min-width:255px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Other investments</font>⁽³⁾</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Various</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (2,729)</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (3,721)</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: center;" /></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 63px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (2,405)</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 63px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,979</font></td></tr><tr style="height: 16px"><td colspan="6" style="width: 275px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:275px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 5pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 5pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:63px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 5pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 5px"><td style="width: 20px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 5pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 5pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:left;border-color:#000000;min-width:63px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 5pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:left;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"> (1)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="18" style="width: 680px; text-align:left;border-color:#000000;min-width:680px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others.</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"> (2)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="18" style="width: 680px; text-align:left;border-color:#000000;min-width:680px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Represents fees earned pursuant to our transition services agreement with UE.</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"> (3)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="18" style="width: 680px; text-align:left;border-color:#000000;min-width:680px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Includes interests in Independence Plaza, Monmouth Mall, 85 Tenth Avenue, Fashion Center Mall, 50-70 West 93rd Street and others.</font></td></tr></table></div> 859000000 9958000000 9014000000 85000000 11267000000 82000000 808000000 10377000000 193700000 4983000000 82500000 5267000000 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 13px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td colspan="3" style="width: 266px; text-align:left;border-color:#000000;min-width:266px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td colspan="5" style="width: 214px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:214px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Balance as of</font></td><td style="width: 5px; text-align:center;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:center;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td colspan="3" style="width: 266px; text-align:left;border-color:#000000;min-width:266px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Balance Sheet:</font></td><td style="width: 202px; text-align:center;border-color:#000000;min-width:202px;">&#160;</td><td colspan="2" style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">January 31, 2015</font></td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:14px;">&#160;</td><td colspan="2" style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">November 1, 2014</font></td><td style="width: 5px; text-align:center;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:center;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td colspan="2" style="width: 243px; text-align:left;border-color:#000000;min-width:243px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Assets</font></td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 9,958,000</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 11,267,000</font></td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td colspan="2" style="width: 243px; text-align:left;border-color:#000000;min-width:243px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Liabilities</font></td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 9,014,000</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 10,377,000</font></td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td colspan="2" style="width: 243px; text-align:left;border-color:#000000;min-width:243px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Noncontrolling interests</font></td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 85,000</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 82,000</font></td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td colspan="2" style="width: 243px; text-align:left;border-color:#000000;min-width:243px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Toys &#8220;R&#8221; Us, Inc. equity</font>⁽¹⁾</td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 859,000</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 808,000</font></td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 11px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 223px; text-align:left;border-color:#000000;min-width:223px;">&#160;</td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 12px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 223px; text-align:left;border-color:#000000;min-width:223px;">&#160;</td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td colspan="5" style="width: 214px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:214px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months Ended</font></td><td style="width: 5px; text-align:center;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 12px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td colspan="3" style="width: 266px; text-align:left;border-color:#000000;min-width:266px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income Statement:</font></td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td colspan="2" style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">January 31, 2015</font></td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:14px;">&#160;</td><td colspan="2" style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">February 1, 2014</font></td><td style="width: 5px; text-align:center;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 12px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td colspan="2" style="width: 243px; text-align:left;border-color:#000000;min-width:243px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Total revenues </font></td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 4,983,000</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 5,267,000</font></td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 12px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td colspan="2" style="width: 243px; text-align:left;border-color:#000000;min-width:243px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net income attributable to Toys </font></td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 193,700</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 82,500</font></td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 5px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td style="width: 20px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 223px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:223px;">&#160;</td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 5px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td style="width: 20px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 223px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:223px;">&#160;</td><td style="width: 202px; text-align:left;border-color:#000000;min-width:202px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr><tr style="height: 26px"><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 23px; text-align:right;border-color:#000000;min-width:23px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (1)</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="14" style="width: 639px; text-align:left;border-color:#000000;min-width:639px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">At March 31, 2015, the carrying amount of our investment in Toys is less than our share of Toys' equity by approximately $279,936. This basis difference results primarily from non-cash impairment losses aggregating $355,953 that we have recognized through March 31, 2015. We have allocated the basis difference primarily to Toys' real estate, which is being amortized over its remaining estimated useful life. </font></td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td></tr></table></div> 279936000 0 355953000 755214000 623071000 41048000 1654068 456.58 1084000000 349000000 52000000 18000000 1423000000 1075000000 348000000 49000000 15000000 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 13px"><td colspan="3" style="width: 234px; text-align:left;border-color:#000000;min-width:234px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td colspan="5" style="width: 236px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:236px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Balance as of</font></td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td></tr><tr style="height: 13px"><td colspan="3" style="width: 234px; text-align:left;border-color:#000000;min-width:234px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Balance Sheet:</font></td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td colspan="2" style="width: 113px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:113px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">March 31, 2015</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 113px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:113px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2014</font></td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td colspan="2" style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Assets</font></td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,433,000</font></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,423,000</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td colspan="2" style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Liabilities</font></td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 103px; text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,084,000</font></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 103px; text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,075,000</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td colspan="2" style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Stockholders' equity</font></td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 103px; text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 349,000</font></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 103px; text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 348,000</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td></tr><tr style="height: 6px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 190px; text-align:left;border-color:#000000;min-width:190px;">&#160;</td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 103px; text-align:left;border-color:#000000;min-width:103px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 103px; text-align:left;border-color:#000000;min-width:103px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td></tr><tr style="height: 13px"><td colspan="3" style="width: 234px; text-align:left;border-color:#000000;min-width:234px;">&#160;</td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td colspan="5" style="width: 236px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:236px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months Ended March 31,</font></td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td></tr><tr style="height: 13px"><td colspan="3" style="width: 234px; text-align:left;border-color:#000000;min-width:234px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income Statement:</font></td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td colspan="2" style="width: 113px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:113px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 113px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:113px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td colspan="2" style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Total revenues </font></td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 52,000</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 103px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 49,000</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td colspan="2" style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net income attributable to Alexander&#8217;s</font></td><td style="width: 240px; text-align:left;border-color:#000000;min-width:240px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 103px; text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 18,000</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 103px; text-align:right;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 15,000</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td></tr></table></div> 1433000000 5717184 19000000 0.326 0.324 132143000 131616000 67159000 76752000 0 0 0.365 0.041 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 13px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 275px; text-align:left;border-color:#000000;min-width:275px;">&#160;</td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td colspan="3" style="width: 105px; text-align:center;border-color:#000000;min-width:105px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Percentage</font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="5" style="width: 223px; text-align:center;border-color:#000000;min-width:223px;">&#160;</td></tr><tr style="height: 13px"><td colspan="4" style="width: 314px; text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td colspan="3" style="width: 105px; text-align:center;border-color:#000000;min-width:105px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Ownership at</font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="5" style="width: 223px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:223px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Balance as of </font></td></tr><tr style="height: 13px"><td colspan="4" style="width: 314px; text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Investments: </font></td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td colspan="3" style="width: 105px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:105px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">March 31, 2015</font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:104px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">March 31, 2015</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:104px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2014</font></td></tr><tr style="height: 13px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td colspan="3" style="width: 293px; text-align:left;border-color:#000000;min-width:293px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Partially owned office buildings</font>⁽¹⁾</td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Various</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 95px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 766,074</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 95px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 760,749</font></td></tr><tr style="height: 17px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td colspan="3" style="width: 293px; text-align:left;border-color:#000000;min-width:293px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">PREIT Associates</font></td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; text-align:center;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; text-align:center;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">8.1</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 144,681</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 16px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td colspan="3" style="width: 293px; text-align:left;border-color:#000000;min-width:293px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Alexander&#8217;s</font></td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; text-align:center;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">32.4</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 132,143</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 131,616</font></td></tr><tr style="height: 16px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td colspan="3" style="width: 293px; text-align:left;border-color:#000000;min-width:293px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">India real estate ventures</font></td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; text-align:center;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">4.1%-36.5%</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 67,159</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 76,752</font></td></tr><tr style="height: 16px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td colspan="3" style="width: 293px; text-align:left;border-color:#000000;min-width:293px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Urban Edge</font></td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; text-align:center;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">5.4</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 25,206</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 17px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td colspan="3" style="width: 293px; text-align:left;border-color:#000000;min-width:293px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Toys</font></td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; text-align:center;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; text-align:center;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">32.6</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 16px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td colspan="3" style="width: 293px; text-align:left;border-color:#000000;min-width:293px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Other investments</font>⁽²⁾</td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; text-align:center;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Various</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 272,951</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 277,379</font></td></tr><tr style="height: 16px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 275px; text-align:left;border-color:#000000;min-width:275px;">&#160;</td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 95px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,408,214</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 95px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,246,496</font></td></tr><tr style="height: 13px"><td style="width: 21px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td style="width: 9px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 275px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:275px;">&#160;</td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 5px"><td style="width: 21px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 275px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:275px;">&#160;</td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(1)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="13" style="width: 686px; text-align:left;border-color:#000000;min-width:686px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others.</font></td></tr><tr style="height: 16px"><td style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(2)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="13" style="width: 686px; text-align:left;border-color:#000000;min-width:686px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Includes interests in Independence Plaza, Monmouth Mall, 85 Tenth Avenue, Fashion Center Mall, 50-70 West 93rd Street and others.</font></td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td colspan="2" style="width: 109px; text-align:center;border-color:#000000;min-width:109px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Percentage</font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="5" style="width: 156px; text-align:center;border-color:#000000;min-width:156px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months</font></td></tr><tr style="height: 14px"><td colspan="6" style="width: 275px; text-align:left;border-color:#000000;min-width:275px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;" /></td><td colspan="2" style="width: 109px; text-align:center;border-color:#000000;min-width:109px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Ownership at</font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="5" style="width: 156px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:156px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td></tr><tr style="height: 14px"><td colspan="6" style="width: 275px; text-align:left;border-color:#000000;min-width:275px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Our Share of Net (Loss) Income:</font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td colspan="2" style="width: 109px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:109px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">March 31, 2015</font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;" /></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:73px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;" /></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:73px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5" style="width: 255px; text-align:left;border-color:#000000;min-width:255px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Partially owned office buildings</font>⁽¹⁾</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Various</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 63px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (9,296)</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 63px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (2,395)</font></td></tr><tr style="height: 14px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;" /></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:63px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;" /></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5" style="width: 255px; text-align:left;border-color:#000000;min-width:255px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Alexander's:</font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:left;border-color:#000000;min-width:63px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:left;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="4" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Equity in net income </font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">32.4</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">%</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 5,594</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 4,759</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="4" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Management, leasing and development fees</font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 2,097</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,626</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 7,691</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 6,385</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5" style="width: 255px; text-align:left;border-color:#000000;min-width:255px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Toys:</font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:center;border-color:#000000;min-width:63px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: center;" /></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:center;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="4" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Equity in net income</font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">32.6</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">%</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 75,196</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="4" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Non-cash impairment losses</font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (75,196)</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="4" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Management fees</font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,454</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,847</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,454</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,847</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5" style="width: 255px; text-align:left;border-color:#000000;min-width:255px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Urban Edge</font>⁽²⁾</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">5.4</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">%</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 584</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5" style="width: 255px; text-align:left;border-color:#000000;min-width:255px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">India real estate ventures</font></td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">4.1%-36.5%</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (109)</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (137)</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5" style="width: 255px; text-align:left;border-color:#000000;min-width:255px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Other investments</font>⁽³⁾</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Various</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (2,729)</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (3,721)</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;TEXT-ALIGN: center;" /></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 63px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (2,405)</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #ff0000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 63px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:63px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,979</font></td></tr><tr style="height: 16px"><td colspan="6" style="width: 275px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:275px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 5pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 5pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:63px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 5pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 5px"><td style="width: 20px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 215px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 5pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 5pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:left;border-color:#000000;min-width:63px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 5pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 63px; text-align:left;border-color:#000000;min-width:63px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"> (1)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="18" style="width: 680px; text-align:left;border-color:#000000;min-width:680px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others.</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"> (2)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="18" style="width: 680px; text-align:left;border-color:#000000;min-width:680px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Represents fees earned pursuant to our transition services agreement with UE.</font></td></tr><tr style="height: 16px"><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"> (3)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="18" style="width: 680px; text-align:left;border-color:#000000;min-width:680px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Includes interests in Independence Plaza, Monmouth Mall, 85 Tenth Avenue, Fashion Center Mall, 50-70 West 93rd Street and others.</font></td></tr></table></div> 766074000 272951000 760749000 277379000 0.081 0.054 0 0 144681000 25206000 1454000 0 0 1454000 7691000 5594000 2097000 -109000 -9296000 -2729000 -3721000 -2395000 -75196000 4759000 6385000 1847000 -137000 1626000 75196000 1847000 0 584000 1350000 485313000 340000000 145313000 23.25 19000000 0.081 6250000 <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">8</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. Disposition</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">s</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:18px;">Discontinued Operations</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">On January 15, 2015, we completed the spin-off of substantially all of our retail </font><font style="font-family:Times New Roman;font-size:10pt;">segment </font><font style="font-family:Times New Roman;font-size:10pt;">comprised of 79 strip shopping centers, three malls, a warehouse park and $225</font><font style="font-family:Times New Roman;font-size:10pt;">,000,000</font><font style="font-family:Times New Roman;font-size:10pt;"> of cash to UE (NYSE: UE)</font><font style="font-family:Times New Roman;font-size:10pt;"> (see Note 1 &#8211; </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Organization</font><font style="font-family:Times New Roman;font-size:10pt;">)</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">On March 13, 2015, </font><font style="font-family:Times New Roman;font-size:10pt;">we sold our lease position in Geary Street, CA for $34,189,000, which resulted in a net gain of $21,376,000.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">On March 31, 2015, we transferred the redeveloped Springfield Town Center, a 1,350,000 square foot mall located in Springfield, Fairfax County, Virginia, to PREIT</font><font style="font-family:Times New Roman;font-size:10pt;"> (see Note 7 &#8211; </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Investments in Partially Owned Entities</font><font style="font-family:Times New Roman;font-size:10pt;">).</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">The financial statement gain was $7,823,000, of which $7,192,000 was recognized in the first quarter</font><font style="font-family:Times New Roman;font-size:10pt;"> of 2015</font><font style="font-family:Times New Roman;font-size:10pt;"> and the remaining $631,000</font><font style="font-family:Times New Roman;font-size:10pt;"> was deferred based on our ownership interest in PREIT.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">On March 31, 2018, we will be entitled to additional consideration of 50% of the increase in the value of Springfield Town Center, if any, over $465,000,000, calculated utilizing a 5.5% capitalization rate.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">In the first quarter of 2014, we recorded a non-cash impairment loss of $20,000,000 on Springfield Town Center which is included in &#8220;income from discontinued operations&#8221; on our consolidated statements of income.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">D</font><font style="font-family:Times New Roman;font-size:10pt;">uring</font><font style="font-family:Times New Roman;font-size:10pt;"> the </font><font style="font-family:Times New Roman;font-size:10pt;">first </font><font style="font-family:Times New Roman;font-size:10pt;">quarter of 2</font><font style="font-family:Times New Roman;font-size:10pt;">01</font><font style="font-family:Times New Roman;font-size:10pt;">5</font><font style="font-family:Times New Roman;font-size:10pt;">, we sold</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">five</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">residual retail properties</font><font style="font-family:Times New Roman;font-size:10pt;">, in separate transactions, for an aggregate of </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">10</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">731</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;">, w</font><font style="font-family:Times New Roman;font-size:10pt;">hich resulted in net gain</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">of</font><font style="font-family:Times New Roman;font-size:10pt;"> $</font><font style="font-family:Times New Roman;font-size:10pt;">3</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">67</font><font style="font-family:Times New Roman;font-size:10pt;">5</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">We have reclassified t</font><font style="font-family:Times New Roman;font-size:10pt;">he revenues and expenses of </font><font style="font-family:Times New Roman;font-size:10pt;">the</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">properties discussed above to &#8220;income from discontinued operations&#8221; and the related assets and liabilities to &#8220;assets related to discontinued operations&#8221; and &#8220;liabilities related to discontinued operations&#8221; for all of the periods presented in the accompanying </font><font style="font-family:Times New Roman;font-size:10pt;">consolidated </font><font style="font-family:Times New Roman;font-size:10pt;">financial statements</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> The net gains resulting from the sale of these properties are included in &#8220;income from discontinued operations&#8221; on our consolidated statements of income. </font><font style="font-family:Times New Roman;font-size:10pt;">The tables below set forth the assets and liabilities related to discontinued operations at March 31, 2015 and December 31, 2014 and their combined results of operations</font><font style="font-family:Times New Roman;font-size:10pt;"> and cash flows</font><font style="font-family:Times New Roman;font-size:10pt;"> for the</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">three months ended </font><font style="font-family:Times New Roman;font-size:10pt;">March 31, 2015 and 2014</font><font style="font-family:Times New Roman;font-size:8.5pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5" style="width: 215px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:215px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">Balance as of</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 7px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td colspan="3" style="width: 285px; text-align:left;border-color:#000000;min-width:285px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="3" style="width: 115px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:115px;">&#160;</td><td colspan="3" style="width: 115px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:115px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td colspan="3" style="width: 285px; text-align:left;border-color:#000000;min-width:285px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="2" style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">March 31,</font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">December 31,</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="2" style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td colspan="3" style="width: 285px; text-align:left;border-color:#000000;min-width:285px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Assets related to discontinued operations:</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 6px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:center;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:center;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Real estate, net</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 27,199</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 2,028,677</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Other assets</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 8,143</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 209,797</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 35,342</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 2,238,474</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td colspan="3" style="width: 285px; text-align:left;border-color:#000000;min-width:285px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Liabilities related to discontinued operations:</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 6px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Mortgages payable</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> -</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 1,288,535</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Other liabilities (primarily deferred revenue in 2014)</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 11,354</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 222,827</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 11,354</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 1,511,362</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 7px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 7px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5" style="width: 215px; text-align:center;border-color:#000000;min-width:215px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td colspan="3" style="width: 285px; text-align:left;border-color:#000000;min-width:285px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5" style="width: 215px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:215px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="2" style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td colspan="3" style="width: 285px; text-align:left;border-color:#000000;min-width:285px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Income from discontinued operations</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 7px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:center;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:center;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Total revenues</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 19,958</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 106,563</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Total expenses</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 13,373</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 76,025</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td colspan="3" style="width: 285px; text-align:left;border-color:#000000;min-width:285px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 6,585</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 30,538</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Net gain on sale of lease position in Geary Street, CA</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 21,376</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> -</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Net gains on sale of real estate</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 10,867</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> -</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Transaction related costs</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (22,645)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (499)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Impairment losses</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (256)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (20,842)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Pretax income from discontinued operations</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 15,927</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 9,197</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Income tax expense</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (86)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (731)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Income from discontinued operations</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 15,841</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 8,466</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 7px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td colspan="3" style="width: 285px; text-align:left;border-color:#000000;min-width:285px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Cash flows related to discontinued operations:</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 6px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Cash flows from operating activities</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (36,672)</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 15,535</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Cash flows from investing activities</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 310,069</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (30,397)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr></table></div> 8143000 0 11354000 27199000 209797000 1288535000 222827000 2028677000 13373000 19958000 6585000 -36672000 256000 15927000 310069000 86000 15535000 106563000 9197000 -30397000 30538000 731000 76025000 20842000 10867000 0 0 499000 22645000 21376000 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5" style="width: 215px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:215px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">Balance as of</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 7px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td colspan="3" style="width: 285px; text-align:left;border-color:#000000;min-width:285px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="3" style="width: 115px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:115px;">&#160;</td><td colspan="3" style="width: 115px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:115px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td colspan="3" style="width: 285px; text-align:left;border-color:#000000;min-width:285px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="2" style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">March 31,</font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">December 31,</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="2" style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td colspan="3" style="width: 285px; text-align:left;border-color:#000000;min-width:285px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Assets related to discontinued operations:</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 6px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:center;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:center;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Real estate, net</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 27,199</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 2,028,677</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Other assets</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 8,143</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 209,797</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 35,342</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 2,238,474</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td colspan="3" style="width: 285px; text-align:left;border-color:#000000;min-width:285px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Liabilities related to discontinued operations:</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 6px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Mortgages payable</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> -</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 1,288,535</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Other liabilities (primarily deferred revenue in 2014)</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 11,354</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 222,827</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 11,354</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 1,511,362</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 7px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 7px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5" style="width: 215px; text-align:center;border-color:#000000;min-width:215px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td colspan="3" style="width: 285px; text-align:left;border-color:#000000;min-width:285px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5" style="width: 215px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:215px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="2" style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td colspan="3" style="width: 285px; text-align:left;border-color:#000000;min-width:285px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Income from discontinued operations</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 7px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:center;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:center;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Total revenues</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 19,958</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 106,563</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Total expenses</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 13,373</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 76,025</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td colspan="3" style="width: 285px; text-align:left;border-color:#000000;min-width:285px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 6,585</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 30,538</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Net gain on sale of lease position in Geary Street, CA</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 21,376</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> -</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Net gains on sale of real estate</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 10,867</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> -</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Transaction related costs</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (22,645)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (499)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Impairment losses</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (256)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (20,842)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Pretax income from discontinued operations</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 15,927</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 9,197</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Income tax expense</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (86)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (731)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Income from discontinued operations</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 15,841</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 8,466</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 7px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td colspan="3" style="width: 285px; text-align:left;border-color:#000000;min-width:285px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Cash flows related to discontinued operations:</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 6px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Cash flows from operating activities</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (36,672)</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 15,535</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Cash flows from investing activities</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 310,069</font></td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:right;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (30,397)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td></tr></table></div> 7192000 7823000 631000 465000000 0.5 0.055 20000000 1 34189000 21376000 3675000 10731000 5 <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">9</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Identified Intangible Assets and Liabilities</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20px;">The following summarizes our identified intangible assets (primarily acquired </font><font style="font-family:Times New Roman;font-size:10pt;">in-place and </font><font style="font-family:Times New Roman;font-size:10pt;">above-market leases) and liabilities (primarily acquired below-market leases) as of March 31, 2015 and December 31, 2014.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;">&#160;</td><td colspan="5" style="width: 211px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:211px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"> Balance as of</font></td><td style="width: 90px; text-align:center;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;">&#160;</td><td colspan="2" style="width: 99px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">March 31,</font></td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:13px;">&#160;</td><td colspan="2" style="width: 99px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">December 31,</font></td><td style="width: 90px; text-align:center;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(Amounts in thousands)</font></td><td colspan="2" style="width: 99px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="2" style="width: 99px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 90px; text-align:center;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Identified intangible assets:</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Gross amount</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 429,909</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 424,976</font></td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Accumulated amortization</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (200,330)</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (199,821)</font></td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 229,579</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 225,155</font></td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Identified intangible liabilities (included in deferred revenue):</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Gross amount</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 620,891</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 657,976</font></td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Accumulated amortization</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (304,929)</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (329,775)</font></td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 315,962</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 328,201</font></td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20px;">Amortization of acquired below-market leases, net of acquired above-market leases</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> resulted in a</font><font style="font-family:Times New Roman;font-size:10pt;">n</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">in</font><font style="font-family:Times New Roman;font-size:10pt;">crease to rental income </font><font style="font-family:Times New Roman;font-size:10pt;">of $</font><font style="font-family:Times New Roman;font-size:10pt;">12,450</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">9</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">712</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">for the </font><font style="font-family:Times New Roman;font-size:10pt;">three months ended March 31, 2015 and 2014, respectively</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">Estimated annual amortization of acquired below</font><font style="font-family:Times New Roman;font-size:10pt;">-</font><font style="font-family:Times New Roman;font-size:10pt;">market leases, net of acquired above-market leases</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> for each of the five succeeding years commencing January 1, 201</font><font style="font-family:Times New Roman;font-size:10pt;">6</font><font style="font-family:Times New Roman;font-size:10pt;"> is as follows:</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2016</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 36,804</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2017</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 34,829</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2018</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 33,546</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2019</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 23,514</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2020</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 21,505</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20px;">Amortization of all other identified intangible assets (a compone</font><font style="font-family:Times New Roman;font-size:10pt;">nt of depreciation and amortization expense) was $</font><font style="font-family:Times New Roman;font-size:10pt;">6</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">185</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;"> and</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">8</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">891</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">for </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">three months</font><font style="font-family:Times New Roman;font-size:10pt;"> ended </font><font style="font-family:Times New Roman;font-size:10pt;">March 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> 2015 and </font><font style="font-family:Times New Roman;font-size:10pt;">2014, respectively</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">Estimated annual amortization of all other identified intangible assets including acquired in-place leases</font><font style="font-family:Times New Roman;font-size:10pt;">, customer </font><font style="font-family:Times New Roman;font-size:10pt;">relationships, and third party contracts for each of the five succeeding years commencing January 1, 201</font><font style="font-family:Times New Roman;font-size:10pt;">6</font><font style="font-family:Times New Roman;font-size:10pt;"> is as follows:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2016</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 22,523</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2017</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 17,692</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2018</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 13,373</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2019</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 11,425</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2020</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 10,651</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20px;">We are a </font><font style="font-family:Times New Roman;font-size:10pt;">tenant </font><font style="font-family:Times New Roman;font-size:10pt;">under ground</font><font style="font-family:Times New Roman;font-size:10pt;"> leases for certain </font><font style="font-family:Times New Roman;font-size:10pt;">properties. Amortization of these acquired below-market leases</font><font style="font-family:Times New Roman;font-size:10pt;">, net of above-market leases</font><font style="font-family:Times New Roman;font-size:10pt;"> resulted in a</font><font style="font-family:Times New Roman;font-size:10pt;">n</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">in</font><font style="font-family:Times New Roman;font-size:10pt;">crease to rent </font><font style="font-family:Times New Roman;font-size:10pt;">expense </font><font style="font-family:Times New Roman;font-size:10pt;">of $</font><font style="font-family:Times New Roman;font-size:10pt;">458</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">000</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">for </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">three months</font><font style="font-family:Times New Roman;font-size:10pt;"> ended March 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> 2015</font><font style="font-family:Times New Roman;font-size:10pt;"> and</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2014</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">Estimated annual amortization of these below-market leases</font><font style="font-family:Times New Roman;font-size:10pt;">, net of above-market leases</font><font style="font-family:Times New Roman;font-size:10pt;"> for each of the </font><font style="font-family:Times New Roman;font-size:10pt;">five succeeding </font><font style="font-family:Times New Roman;font-size:10pt;">years commencing January 1, 201</font><font style="font-family:Times New Roman;font-size:10pt;">6</font><font style="font-family:Times New Roman;font-size:10pt;"> is as follows:</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2016</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,832</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2017</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,832</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2018</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,832</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2019</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,832</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2020</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,832</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr></table></div> 429909000 620891000 304929000 315962000 424976000 657976000 329775000 328201000 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;">&#160;</td><td colspan="5" style="width: 211px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:211px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"> Balance as of</font></td><td style="width: 90px; text-align:center;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;">&#160;</td><td colspan="2" style="width: 99px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">March 31,</font></td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:13px;">&#160;</td><td colspan="2" style="width: 99px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">December 31,</font></td><td style="width: 90px; text-align:center;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(Amounts in thousands)</font></td><td colspan="2" style="width: 99px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="2" style="width: 99px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 90px; text-align:center;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Identified intangible assets:</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Gross amount</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 429,909</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 424,976</font></td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Accumulated amortization</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (200,330)</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (199,821)</font></td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 229,579</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 225,155</font></td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Identified intangible liabilities (included in deferred revenue):</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Gross amount</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 620,891</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 657,976</font></td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Accumulated amortization</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (304,929)</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (329,775)</font></td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 355px; text-align:left;border-color:#000000;min-width:355px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 315,962</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 328,201</font></td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td></tr></table></div> 12450000 9712000 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2016</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 36,804</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2017</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 34,829</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2018</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 33,546</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2019</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 23,514</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2020</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 21,505</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr></table></div> 33546000 34829000 23514000 21505000 36804000 6185000 8891000 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2016</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 22,523</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2017</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 17,692</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2018</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 13,373</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2019</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 11,425</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2020</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 10,651</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr></table></div> 13373000 17692000 10651000 22523000 11425000 458000 458000 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2016</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,832</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2017</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,832</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2018</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,832</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2019</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,832</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 201px; text-align:left;border-color:#000000;min-width:201px;">&#160;</td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">2020</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,832</font></td><td style="width: 201px; text-align:right;border-color:#000000;min-width:201px;">&#160;</td></tr></table></div> 1832000 1832000 1832000 1832000 1832000 <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">10. Debt </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">On January </font><font style="font-family:Times New Roman;font-size:10pt;">1</font><font style="font-family:Times New Roman;font-size:10pt;">, 2015, we redeemed </font><font style="font-family:Times New Roman;font-size:10pt;">all of the</font><font style="font-family:Times New Roman;font-size:10pt;"> $500,000,000 principal amount of our outstanding 4.25% senior unsecured notes, which were scheduled to mature on April 1, 2015, at a redemption price of 100% of the principal amount plus accrued interest through December 31, 2014.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">On April </font><font style="font-family:Times New Roman;font-size:10pt;">1</font><font style="font-family:Times New Roman;font-size:10pt;">, 2015, </font><font style="font-family:Times New Roman;font-size:10pt;">we completed a $308,000,000 refinancing of </font><font style="font-family:Times New Roman;font-size:10pt;">RiverHouse</font><font style="font-family:Times New Roman;font-size:10pt;"> Apartments, a three building, 1,670 unit </font><font style="font-family:Times New Roman;font-size:10pt;">rental </font><font style="font-family:Times New Roman;font-size:10pt;">complex located in </font><font style="font-family:Times New Roman;font-size:10pt;">Arlington, VA</font><font style="font-family:Times New Roman;font-size:10pt;">. The loan is interest-only at LIBOR plus 1.28% and matures in 2025. We realized net proceeds of approximately $43,000,000. The property was previously encumbered by a 5.43%</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> $195,000,000 mortgage maturing in April 2015 and a $64,000,000 mortgage at LIBOR plus 1.53% maturing in 2018. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">The following is a summary of our debt:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 16px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 150px; text-align:left;border-color:#000000;min-width:150px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td colspan="2" style="width: 110px; text-align:center;border-color:#000000;min-width:110px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Interest Rate at</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="5" style="width: 250px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:250px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Balance at</font></td><td style="width: 40px; text-align:center;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 40px; text-align:center;border-color:#000000;min-width:40px;">&#160;</td><td colspan="5" style="width: 280px; text-align:left;border-color:#000000;min-width:280px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(Amounts in thousands)</font></td><td colspan="2" style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:110px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">March 31, 2015</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 120px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:120px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">March 31, 2015</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 120px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:120px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2014</font></td><td style="width: 40px; text-align:center;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td colspan="5" style="width: 280px; text-align:left;border-color:#000000;min-width:280px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Mortgages Payable:</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:100px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:110px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:110px;">&#160;</td><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td colspan="4" style="width: 250px; text-align:left;border-color:#000000;min-width:250px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Fixed rate</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">4.46</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 6,553,924</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 6,499,396</font></td><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td colspan="4" style="width: 250px; text-align:left;border-color:#000000;min-width:250px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Variable rate</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2.21</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,762,869</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,763,769</font></td><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 150px; text-align:left;border-color:#000000;min-width:150px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">3.99</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 110px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 8,316,793</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 110px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 8,263,165</font></td><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 8px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 150px; text-align:left;border-color:#000000;min-width:150px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:110px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:110px;">&#160;</td><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td colspan="5" style="width: 280px; text-align:left;border-color:#000000;min-width:280px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Unsecured Debt:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; text-align:left;border-color:#000000;min-width:110px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; text-align:left;border-color:#000000;min-width:110px;">&#160;</td><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td colspan="4" style="width: 250px; text-align:left;border-color:#000000;min-width:250px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Senior unsecured notes</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">3.68</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 847,332</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,347,159</font></td><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td colspan="4" style="width: 250px; text-align:left;border-color:#000000;min-width:250px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Revolving credit facility debt</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">1.23</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 400,000</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 150px; text-align:left;border-color:#000000;min-width:150px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">3.39</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 110px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,247,332</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 110px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,347,159</font></td><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td></tr></table></div> <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 16px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 150px; text-align:left;border-color:#000000;min-width:150px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td colspan="2" style="width: 110px; text-align:center;border-color:#000000;min-width:110px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Interest Rate at</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="5" style="width: 250px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:250px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Balance at</font></td><td style="width: 40px; text-align:center;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 40px; text-align:center;border-color:#000000;min-width:40px;">&#160;</td><td colspan="5" style="width: 280px; text-align:left;border-color:#000000;min-width:280px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(Amounts in thousands)</font></td><td colspan="2" style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:110px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">March 31, 2015</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 120px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:120px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">March 31, 2015</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 120px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:120px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2014</font></td><td style="width: 40px; text-align:center;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td colspan="5" style="width: 280px; text-align:left;border-color:#000000;min-width:280px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Mortgages Payable:</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:100px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:110px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:110px;">&#160;</td><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td colspan="4" style="width: 250px; text-align:left;border-color:#000000;min-width:250px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Fixed rate</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">4.46</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 6,553,924</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 6,499,396</font></td><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td colspan="4" style="width: 250px; text-align:left;border-color:#000000;min-width:250px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Variable rate</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2.21</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,762,869</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,763,769</font></td><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 150px; text-align:left;border-color:#000000;min-width:150px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">3.99</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 110px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 8,316,793</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 110px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 8,263,165</font></td><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 8px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 150px; text-align:left;border-color:#000000;min-width:150px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:110px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:110px;">&#160;</td><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td colspan="5" style="width: 280px; text-align:left;border-color:#000000;min-width:280px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Unsecured Debt:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; text-align:left;border-color:#000000;min-width:110px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; text-align:left;border-color:#000000;min-width:110px;">&#160;</td><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td colspan="4" style="width: 250px; text-align:left;border-color:#000000;min-width:250px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Senior unsecured notes</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">3.68</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 847,332</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,347,159</font></td><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td colspan="4" style="width: 250px; text-align:left;border-color:#000000;min-width:250px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Revolving credit facility debt</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">1.23</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 400,000</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 150px; text-align:left;border-color:#000000;min-width:150px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">3.39</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 110px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,247,332</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 110px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,347,159</font></td><td style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td></tr></table></div> 6499396000 6553924000 1762869000 1763769000 8263165000 8316793000 1347159000 847332000 400000000 0 1347159000 1247332000 0.0446 0.0221 0.0399 0.0368 0.0123 0.0339 500000000 0.0425 2015-04-01 1.00 308000000 3 1670 LIBOR 0.0128 2025 43000000 0.0543 195000000 64000000 April 2015 2018 LIBOR 0.0153 <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">11. Redeemable Noncontrolling Interests</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">Redeemable noncontrolling interests on our consolidated balance sheets are comprised </font><font style="font-family:Times New Roman;font-size:10pt;">primarily </font><font style="font-family:Times New Roman;font-size:10pt;">of Class A Operating Partnership units </font><font style="font-family:Times New Roman;font-size:10pt;">that are </font><font style="font-family:Times New Roman;font-size:10pt;">held by third parties</font><font style="font-family:Times New Roman;font-size:10pt;"> and</font><font style="font-family:Times New Roman;font-size:10pt;"> are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to &#8220;additional capital&#8221; in our consolidated statements of changes in equity. </font><font style="font-family:Times New Roman;font-size:10pt;"> Below is a table summarizing the activity of redeemable noncontrolling </font><font style="font-family:Times New Roman;font-size:10pt;">interests.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(Amounts in thousands)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:left;border-color:#000000;min-width:69px;">&#160;</td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Balance at December 31, 2013</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,003,620</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net income</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 3,860</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Other comprehensive income</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 361</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Distributions</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (8,383)</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Redemption of Class A units for common shares, at redemption value</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (5,156)</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Adjustments to carry redeemable Class A units at redemption value</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 136,937</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Other, net</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 9,592</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Balance at March 31, 2014</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 69px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,140,831</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:69px;">&#160;</td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Balance at December 31, 2014</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,337,780</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net income</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 5,287</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Other comprehensive loss</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (1,288)</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Distributions</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (7,280)</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Redemption of Class A units for common shares, at redemption value</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (23,493)</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Adjustments to carry redeemable Class A units at redemption value</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (25,349)</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Other, net</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 19,133</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Balance at March 31, 2015</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 69px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,304,790</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">As of March 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2015 </font><font style="font-family:Times New Roman;font-size:10pt;">and</font><font style="font-family:Times New Roman;font-size:10pt;"> December 31, </font><font style="font-family:Times New Roman;font-size:10pt;">2014, the aggregate redemption value of </font><font style="font-family:Times New Roman;font-size:10pt;">redeemable</font><font style="font-family:Times New Roman;font-size:10pt;"> Class A units was </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">1,</font><font style="font-family:Times New Roman;font-size:10pt;">303</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">790</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">1,</font><font style="font-family:Times New Roman;font-size:10pt;">336</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">780</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;">, respectively. </font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">Redeemable </font><font style="font-family:Times New Roman;font-size:10pt;">noncontrolling</font><font style="font-family:Times New Roman;font-size:10pt;"> interests exclude our Series G</font><font style="font-family:Times New Roman;font-size:10pt;">-1 through G-4</font><font style="font-family:Times New Roman;font-size:10pt;"> convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC 480, </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Distinguishing Liabilities and Equity</font><font style="font-family:Times New Roman;font-size:10pt;">, because of their possible settlement by issuing a variable number of </font><font style="font-family:Times New Roman;font-size:10pt;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;"> common shares.</font><font style="font-family:Times New Roman;font-size:10pt;"> Accordingly</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> the fair value of these units is included as a component of &#8220;other liabilities&#8221; on our consolidated balance </font><font style="font-family:Times New Roman;font-size:10pt;">sheets and </font><font style="font-family:Times New Roman;font-size:10pt;">aggregated</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">5</font><font style="font-family:Times New Roman;font-size:10pt;">5</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">0</font><font style="font-family:Times New Roman;font-size:10pt;">97</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">000</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">as </font><font style="font-family:Times New Roman;font-size:10pt;">of </font><font style="font-family:Times New Roman;font-size:10pt;">March 31, 2015 and</font><font style="font-family:Times New Roman;font-size:10pt;"> December 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> 2014</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Changes in the value from period to period</font><font style="font-family:Times New Roman;font-size:10pt;">, if any, </font><font style="font-family:Times New Roman;font-size:10pt;">are charged to &#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">interest and debt expense</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221; </font><font style="font-family:Times New Roman;font-size:10pt;">o</font><font style="font-family:Times New Roman;font-size:10pt;">n our consolidated statements of </font><font style="font-family:Times New Roman;font-size:10pt;">income</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p> <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">Redeemable noncontrolling interests on our consolidated balance sheets are comprised </font><font style="font-family:Times New Roman;font-size:10pt;">primarily </font><font style="font-family:Times New Roman;font-size:10pt;">of Class A Operating Partnership units </font><font style="font-family:Times New Roman;font-size:10pt;">that are </font><font style="font-family:Times New Roman;font-size:10pt;">held by third parties</font><font style="font-family:Times New Roman;font-size:10pt;"> and</font><font style="font-family:Times New Roman;font-size:10pt;"> are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to &#8220;additional capital&#8221; in our consolidated statements of changes in equity. </font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">Redeemable </font><font style="font-family:Times New Roman;font-size:10pt;">noncontrolling</font><font style="font-family:Times New Roman;font-size:10pt;"> interests exclude our Series G</font><font style="font-family:Times New Roman;font-size:10pt;">-1 through G-4</font><font style="font-family:Times New Roman;font-size:10pt;"> convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC 480, </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Distinguishing Liabilities and Equity</font><font style="font-family:Times New Roman;font-size:10pt;">, because of their possible settlement by issuing a variable number of </font><font style="font-family:Times New Roman;font-size:10pt;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;"> common shares.</font></p> 3860000 9592000 1140831000 5287000 19133000 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(Amounts in thousands)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:left;border-color:#000000;min-width:69px;">&#160;</td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Balance at December 31, 2013</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,003,620</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net income</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 3,860</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Other comprehensive income</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 361</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Distributions</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (8,383)</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Redemption of Class A units for common shares, at redemption value</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (5,156)</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Adjustments to carry redeemable Class A units at redemption value</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 136,937</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Other, net</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 9,592</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Balance at March 31, 2014</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 69px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,140,831</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:69px;">&#160;</td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Balance at December 31, 2014</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,337,780</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net income</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 5,287</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Other comprehensive loss</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (1,288)</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Distributions</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (7,280)</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Redemption of Class A units for common shares, at redemption value</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (23,493)</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Adjustments to carry redeemable Class A units at redemption value</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (25,349)</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Other, net</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 69px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 19,133</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td><td style="width: 420px; text-align:left;border-color:#000000;min-width:420px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Balance at March 31, 2015</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 69px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,304,790</font></td><td style="width: 111px; text-align:left;border-color:#000000;min-width:111px;">&#160;</td></tr></table></div> 5156000 -136937000 23493000 25349000 1003620000 8383000 7280000 1303790000 1336780000 55097000 55097000 <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">12</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Accumulated Other Comprehensive Income</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (&#8220;AOCI&#8221;)</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">The following table</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> set forth the </font><font style="font-family:Times New Roman;font-size:10pt;">changes in </font><font style="font-family:Times New Roman;font-size:10pt;">accumulated other comprehensive income </font><font style="font-family:Times New Roman;font-size:10pt;">(loss) </font><font style="font-family:Times New Roman;font-size:10pt;">by component.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="14" style="width: 465px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:465px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months Ended March 31, 2014</font></td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:79px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Securities</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Pro rata share of</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Interest</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 81px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:81px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 79px; text-align:left;border-color:#000000;min-width:79px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">available-</font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">nonconsolidated</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">rate</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 81px; text-align:center;border-color:#000000;min-width:81px;">&#160;</td></tr><tr style="height: 16px"><td colspan="3" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(Amounts in thousands)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 79px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Total</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">for-sale</font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">subsidiaries' OCI</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">swap</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 81px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:81px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Other</font></td></tr><tr style="height: 16px"><td colspan="3" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Balance as of December 31, 2013</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 69px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 71,537</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 119,309</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (11,501)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (31,882)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 71px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (4,389)</font></td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 230px; text-align:left;border-color:#000000;min-width:230px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">OCI before reclassifications</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 6,089</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 13,125</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (8,286)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,610</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (360)</font></td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 230px; text-align:left;border-color:#000000;min-width:230px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Amounts reclassified from AOCI</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 16px"><td colspan="3" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net current period OCI</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 6,089</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 13,125</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (8,286)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,610</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (360)</font></td></tr><tr style="height: 16px"><td colspan="3" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Balance as of March 31, 2014</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 69px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 77,626</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 132,434</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (19,787)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (30,272)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 71px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (4,749)</font></td></tr><tr style="height: 10px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:69px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:71px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; text-align:left;border-color:#000000;min-width:69px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; text-align:left;border-color:#000000;min-width:71px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="14" style="width: 465px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:465px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months Ended March 31, 2015</font></td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:79px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Securities</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Pro rata share of</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Interest</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 81px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:81px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 79px; text-align:left;border-color:#000000;min-width:79px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">available-</font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">nonconsolidated</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">rate</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 81px; text-align:center;border-color:#000000;min-width:81px;">&#160;</td></tr><tr style="height: 16px"><td colspan="3" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(Amounts in thousands)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 79px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Total</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">for-sale</font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">subsidiaries' OCI</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">swap</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 81px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:81px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Other</font></td></tr><tr style="height: 16px"><td colspan="3" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Balance as of December 31, 2014</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 69px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 93,267</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 133,774</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (8,992)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (25,803)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 71px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (5,712)</font></td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 230px; text-align:left;border-color:#000000;min-width:230px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">OCI before reclassifications</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (20,658)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (21,332)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 157</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (776)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,293</font></td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 230px; text-align:left;border-color:#000000;min-width:230px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Amounts reclassified from AOCI</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 16px"><td colspan="3" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net current period OCI</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (20,658)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (21,332)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 157</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (776)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,293</font></td></tr><tr style="height: 16px"><td colspan="3" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Balance as of March 31, 2015</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 69px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 72,609</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 112,442</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (8,835)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (26,579)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 71px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (4,419)</font></td></tr><tr style="height: 11px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:69px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:71px;">&#160;</td></tr><tr style="height: 3px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; text-align:left;border-color:#000000;min-width:69px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; text-align:left;border-color:#000000;min-width:71px;">&#160;</td></tr></table></div> 0 -20658000 -20658000 71537000 6089000 0 6089000 77626000 119309000 133774000 13125000 -21332000 0 0 -21332000 13125000 132434000 112442000 -8992000 -11501000 -8286000 157000 0 0 157000 -8286000 -8835000 -19787000 -31882000 -25803000 -776000 1610000 0 0 1610000 -776000 -30272000 -26579000 -4389000 -5712000 -360000 1293000 0 0 1293000 -360000 -4749000 -4419000 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="14" style="width: 465px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:465px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months Ended March 31, 2014</font></td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:79px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Securities</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Pro rata share of</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Interest</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 81px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:81px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 79px; text-align:left;border-color:#000000;min-width:79px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">available-</font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">nonconsolidated</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">rate</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 81px; text-align:center;border-color:#000000;min-width:81px;">&#160;</td></tr><tr style="height: 16px"><td colspan="3" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(Amounts in thousands)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 79px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Total</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">for-sale</font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">subsidiaries' OCI</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">swap</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 81px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:81px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Other</font></td></tr><tr style="height: 16px"><td colspan="3" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Balance as of December 31, 2013</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 69px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 71,537</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 119,309</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (11,501)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (31,882)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 71px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (4,389)</font></td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 230px; text-align:left;border-color:#000000;min-width:230px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">OCI before reclassifications</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 6,089</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 13,125</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (8,286)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,610</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (360)</font></td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 230px; text-align:left;border-color:#000000;min-width:230px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Amounts reclassified from AOCI</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 16px"><td colspan="3" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net current period OCI</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 6,089</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 13,125</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (8,286)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,610</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (360)</font></td></tr><tr style="height: 16px"><td colspan="3" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Balance as of March 31, 2014</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 69px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 77,626</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 132,434</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (19,787)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (30,272)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 71px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (4,749)</font></td></tr><tr style="height: 10px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:69px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:71px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; text-align:left;border-color:#000000;min-width:69px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; text-align:left;border-color:#000000;min-width:71px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="14" style="width: 465px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:465px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months Ended March 31, 2015</font></td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:79px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Securities</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Pro rata share of</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Interest</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 81px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:81px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 79px; text-align:left;border-color:#000000;min-width:79px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">available-</font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">nonconsolidated</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">rate</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 81px; text-align:center;border-color:#000000;min-width:81px;">&#160;</td></tr><tr style="height: 16px"><td colspan="3" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(Amounts in thousands)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 79px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Total</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">for-sale</font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">subsidiaries' OCI</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:80px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">swap</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 81px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:81px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Other</font></td></tr><tr style="height: 16px"><td colspan="3" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Balance as of December 31, 2014</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 69px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 93,267</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 133,774</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (8,992)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (25,803)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 71px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (5,712)</font></td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 230px; text-align:left;border-color:#000000;min-width:230px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">OCI before reclassifications</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (20,658)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (21,332)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 157</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (776)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,293</font></td></tr><tr style="height: 16px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 230px; text-align:left;border-color:#000000;min-width:230px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Amounts reclassified from AOCI</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 16px"><td colspan="3" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net current period OCI</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (20,658)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (21,332)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 157</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (776)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,293</font></td></tr><tr style="height: 16px"><td colspan="3" style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Balance as of March 31, 2015</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 69px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:69px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 72,609</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 112,442</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (8,835)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (26,579)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 71px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (4,419)</font></td></tr><tr style="height: 11px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:69px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:71px;">&#160;</td></tr><tr style="height: 3px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 215px; text-align:left;border-color:#000000;min-width:215px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 69px; text-align:left;border-color:#000000;min-width:69px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 71px; text-align:left;border-color:#000000;min-width:71px;">&#160;</td></tr></table></div> 286783000 286876000 <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">13. Variable Interest Entities (&#8220;VIEs&#8221;)</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">At</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">March 31, 2015</font><font style="font-family:Times New Roman;font-size:10pt;"> and December 31, 2014</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">we</font><font style="font-family:Times New Roman;font-size:10pt;"> have</font><font style="font-family:Times New Roman;font-size:10pt;"> unconsolidated VIEs comprised of our investment</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> in the</font><font style="font-family:Times New Roman;font-size:10pt;"> entities that own </font><font style="font-family:Times New Roman;font-size:10pt;">One Park Avenue, </font><font style="font-family:Times New Roman;font-size:10pt;">Independence Plaza</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">the</font><font style="font-family:Times New Roman;font-size:10pt;"> Warner Building. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities' economic performance. We account for our in</font><font style="font-family:Times New Roman;font-size:10pt;">vestment</font><font style="font-family:Times New Roman;font-size:10pt;"> in these entities under the equity method</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">As of </font><font style="font-family:Times New Roman;font-size:10pt;">March 31, 2015</font><font style="font-family:Times New Roman;font-size:10pt;"> and December 31, 201</font><font style="font-family:Times New Roman;font-size:10pt;">4</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> the</font><font style="font-family:Times New Roman;font-size:10pt;"> net</font><font style="font-family:Times New Roman;font-size:10pt;"> carrying amount</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> of our investment in these entities </font><font style="font-family:Times New Roman;font-size:10pt;">were</font><font style="font-family:Times New Roman;font-size:10pt;"> $</font><font style="font-family:Times New Roman;font-size:10pt;">28</font><font style="font-family:Times New Roman;font-size:10pt;">6</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">876</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;"> and</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">286,783</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;">, respectively, and our maximum exposure to loss in these entities is limited to our investment</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> We did not </font><font style="font-family:Times New Roman;font-size:10pt;">have any consolidated VIEs as of </font><font style="font-family:Times New Roman;font-size:10pt;">March 31</font><font style="font-family:Times New Roman;font-size:10pt;">, 201</font><font style="font-family:Times New Roman;font-size:10pt;">5</font><font style="font-family:Times New Roman;font-size:10pt;"> and December 31, 201</font><font style="font-family:Times New Roman;font-size:10pt;">4</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p> 0 0 <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">14</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fair Value Measurements</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20px;">ASC 820, </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Fair Value Measurement and Disclosures </font><font style="font-family:Times New Roman;font-size:10pt;">defines</font><font style="font-family:Times New Roman;font-size:10pt;"> fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price).</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> </font><font style="font-family:Times New Roman;font-size:10pt;">ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 &#8211; quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 &#8211; observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 &#8211; unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. </font><font style="font-family:Times New Roman;font-size:10pt;">In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, </font><font style="font-family:Times New Roman;font-size:10pt;">our </font><font style="font-family:Times New Roman;font-size:10pt;">fair value </font><font style="font-family:Times New Roman;font-size:10pt;">estimates, which are made at </font><font style="font-family:Times New Roman;font-size:10pt;">the end of each reporting period</font><font style="font-family:Times New Roman;font-size:10pt;">, may be different than the </font><font style="font-family:Times New Roman;font-size:10pt;">amounts that may ultimately be realized upon sale or disposition of these assets.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:20px;">Financial Assets and Li</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">abilities Measured at Fair Value on a Recurring Basis</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20px;">Financial assets and liabilities t</font><font style="font-family:Times New Roman;font-size:10pt;">hat are measured at fair value o</font><font style="font-family:Times New Roman;font-size:10pt;">n our consolidated </font><font style="font-family:Times New Roman;font-size:10pt;">balance sheets</font><font style="font-family:Times New Roman;font-size:10pt;"> consist</font><font style="font-family:Times New Roman;font-size:10pt;"> of</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">(</font><font style="font-family:Times New Roman;font-size:10pt;">i</font><font style="font-family:Times New Roman;font-size:10pt;">) marketable securities,</font><font style="font-family:Times New Roman;font-size:10pt;"> (ii) </font><font style="font-family:Times New Roman;font-size:10pt;">r</font><font style="font-family:Times New Roman;font-size:10pt;">eal </font><font style="font-family:Times New Roman;font-size:10pt;">e</font><font style="font-family:Times New Roman;font-size:10pt;">state </font><font style="font-family:Times New Roman;font-size:10pt;">f</font><font style="font-family:Times New Roman;font-size:10pt;">und investments</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">(</font><font style="font-family:Times New Roman;font-size:10pt;">i</font><font style="font-family:Times New Roman;font-size:10pt;">ii) the assets in</font><font style="font-family:Times New Roman;font-size:10pt;"> our deferred compensation plan</font><font style="font-family:Times New Roman;font-size:10pt;"> (for which there is a corresponding liability on our consolidated balance sheet)</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">(</font><font style="font-family:Times New Roman;font-size:10pt;">i</font><font style="font-family:Times New Roman;font-size:10pt;">v)</font><font style="font-family:Times New Roman;font-size:10pt;"> mandatorily redeemable instruments (Series G</font><font style="font-family:Times New Roman;font-size:10pt;">-1 through G-4</font><font style="font-family:Times New Roman;font-size:10pt;"> convertible preferred units and Series D-13 cumulative redeemable preferred units)</font><font style="font-family:Times New Roman;font-size:10pt;">, and </font><font style="font-family:Times New Roman;font-size:10pt;">(v) </font><font style="font-family:Times New Roman;font-size:10pt;">an interest rate swap</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;"> The tables below aggregate the fair values of </font><font style="font-family:Times New Roman;font-size:10pt;">these </font><font style="font-family:Times New Roman;font-size:10pt;">financial assets and liabilities by the</font><font style="font-family:Times New Roman;font-size:10pt;">ir</font><font style="font-family:Times New Roman;font-size:10pt;"> levels in the fair value hierarchy at March 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> 2015 and</font><font style="font-family:Times New Roman;font-size:10pt;"> December 31, </font><font style="font-family:Times New Roman;font-size:10pt;">2014, respectively.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 109px; text-align:left;border-color:#000000;min-width:109px;">&#160;</td><td style="width: 236px; text-align:left;border-color:#000000;min-width:236px;">&#160;</td><td colspan="11" style="width: 343px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:343px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">As of March 31, 2015</font></td><td style="width: 11px; text-align:center;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Total</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 1</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 2</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 3</font></td><td style="width: 11px; text-align:center;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Marketable securities </font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 184,991</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 184,991</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Real estate fund investments (75% of which is attributable to</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">noncontrolling interests)</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 554,426</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 554,426</font></td><td style="width: 11px; text-align:center;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Deferred compensation plan assets (included in other assets)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 121,530</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 56,694</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 64,836</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Total assets</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 860,947</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 241,685</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 619,262</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 11px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 109px; text-align:left;border-color:#000000;min-width:109px;">&#160;</td><td style="width: 236px; text-align:left;border-color:#000000;min-width:236px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Mandatorily redeemable instruments (included in other liabilities)</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 55,097</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 55,097</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Interest rate swap (included in other liabilities)</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 26,574</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 26,574</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Total liabilities</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 81,671</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 55,097</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 26,574</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 11px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 109px; text-align:left;border-color:#000000;min-width:109px;">&#160;</td><td style="width: 236px; text-align:left;border-color:#000000;min-width:236px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 109px; text-align:left;border-color:#000000;min-width:109px;">&#160;</td><td style="width: 236px; text-align:left;border-color:#000000;min-width:236px;">&#160;</td><td colspan="11" style="width: 343px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:343px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">As of December 31, 2014</font></td><td style="width: 11px; text-align:center;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Total</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 1</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 2</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 3</font></td><td style="width: 11px; text-align:center;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Marketable securities </font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 206,323</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 206,323</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Real estate fund investments (75% of which is attributable to</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">noncontrolling interests)</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 513,973</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 513,973</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Deferred compensation plan assets (included in other assets)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 117,284</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 53,969</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 63,315</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Total assets</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 837,580</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 260,292</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 577,288</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 11px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 109px; text-align:left;border-color:#000000;min-width:109px;">&#160;</td><td style="width: 236px; text-align:left;border-color:#000000;min-width:236px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Mandatorily redeemable instruments (included in other liabilities)</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 55,097</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 55,097</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Interest rate swap (included in other liabilities)</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 25,797</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 25,797</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Total liabilities</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 80,894</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 55,097</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 25,797</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">14. Fair Value Measurements </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">&#8211;</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> continued</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:18px;">Financial Assets and Li</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">abilities Measured at Fair Value on a Recurring Basis</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> - continued</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;text-decoration:underline;margin-left:18px;">Real Estate Fund Investments</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">A</font><font style="font-family:Times New Roman;font-size:10pt;">t</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">March 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> 2015</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">we h</font><font style="font-family:Times New Roman;font-size:10pt;">ad</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;">ix</font><font style="font-family:Times New Roman;font-size:10pt;"> in</font><font style="font-family:Times New Roman;font-size:10pt;">vestments</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">with an aggregate fair value of $</font><font style="font-family:Times New Roman;font-size:10pt;">5</font><font style="font-family:Times New Roman;font-size:10pt;">54</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">4</font><font style="font-family:Times New Roman;font-size:10pt;">26</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;">, or </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">1</font><font style="font-family:Times New Roman;font-size:10pt;">69</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">832</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;"> in excess of cost. These investments </font><font style="font-family:Times New Roman;font-size:10pt;">are </font><font style="font-family:Times New Roman;font-size:10pt;">classified as Level 3</font><font style="font-family:Times New Roman;font-size:10pt;">. We u</font><font style="font-family:Times New Roman;font-size:10pt;">se</font><font style="font-family:Times New Roman;font-size:10pt;"> a discounted cash flow valuation technique to estimate the fair value of each </font><font style="font-family:Times New Roman;font-size:10pt;">of these </font><font style="font-family:Times New Roman;font-size:10pt;">investment</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;">, which is updated quarterly by personnel responsible for the management of each</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">investment and reviewed by senior management at each reporting period.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">The discounted cash flow valuation technique </font><font style="font-family:Times New Roman;font-size:10pt;">requires us to </font><font style="font-family:Times New Roman;font-size:10pt;">estimate</font><font style="font-family:Times New Roman;font-size:10pt;"> cash flows </font><font style="font-family:Times New Roman;font-size:10pt;">fo</font><font style="font-family:Times New Roman;font-size:10pt;">r each investment</font><font style="font-family:Times New Roman;font-size:10pt;"> over the anticipated holding period</font><font style="font-family:Times New Roman;font-size:10pt;">, which </font><font style="font-family:Times New Roman;font-size:10pt;">currently </font><font style="font-family:Times New Roman;font-size:10pt;">ranges from </font><font style="font-family:Times New Roman;font-size:10pt;">0</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;">8</font><font style="font-family:Times New Roman;font-size:10pt;"> to </font><font style="font-family:Times New Roman;font-size:10pt;">5</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;">8</font><font style="font-family:Times New Roman;font-size:10pt;"> years</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> Cash flows are derived from property rental revenue (base rents plus reimbursements) less operating expenses, real estate taxes and </font><font style="font-family:Times New Roman;font-size:10pt;">capital and </font><font style="font-family:Times New Roman;font-size:10pt;">other costs, plus </font><font style="font-family:Times New Roman;font-size:10pt;">projected </font><font style="font-family:Times New Roman;font-size:10pt;">sales proceeds in the year of exit. Property rental revenue is based on leases currently in place and </font><font style="font-family:Times New Roman;font-size:10pt;">our estimates for future leasing activity</font><font style="font-family:Times New Roman;font-size:10pt;">, which</font><font style="font-family:Times New Roman;font-size:10pt;"> are</font><font style="font-family:Times New Roman;font-size:10pt;"> based on current market rents for similar space plus a </font><font style="font-family:Times New Roman;font-size:10pt;">projected </font><font style="font-family:Times New Roman;font-size:10pt;">growth factor</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> Similarly, estimated operating expenses and real estate taxes are based on amounts incurred in the current period plus a </font><font style="font-family:Times New Roman;font-size:10pt;">projected </font><font style="font-family:Times New Roman;font-size:10pt;">growth factor for future periods. Anticipated sales proceeds </font><font style="font-family:Times New Roman;font-size:10pt;">at the end of an investment's expected holding period</font><font style="font-family:Times New Roman;font-size:10pt;"> are determined based on the net cash flow of </font><font style="font-family:Times New Roman;font-size:10pt;">the</font><font style="font-family:Times New Roman;font-size:10pt;"> investment in the year of exit, divided by a terminal capitalization rate, less estimated selling costs. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">The fair value of each property is calculated by discounting the future cash flows (including the </font><font style="font-family:Times New Roman;font-size:10pt;">projected</font><font style="font-family:Times New Roman;font-size:10pt;"> sales proceeds), using an appropriate discount rate</font><font style="font-family:Times New Roman;font-size:10pt;"> and</font><font style="font-family:Times New Roman;font-size:10pt;"> then reduced by the property's outstanding debt, if any, to determine the fair value of </font><font style="font-family:Times New Roman;font-size:10pt;">the equity in </font><font style="font-family:Times New Roman;font-size:10pt;">each investment. </font><font style="font-family:Times New Roman;font-size:10pt;">S</font><font style="font-family:Times New Roman;font-size:10pt;">ignificant un</font><font style="font-family:Times New Roman;font-size:10pt;">observable quantitative inputs used in determining the fair </font><font style="font-family:Times New Roman;font-size:10pt;">value of each investment </font><font style="font-family:Times New Roman;font-size:10pt;">include</font><font style="font-family:Times New Roman;font-size:10pt;"> cap</font><font style="font-family:Times New Roman;font-size:10pt;">italization rates and discount rates</font><font style="font-family:Times New Roman;font-size:10pt;">. These rates</font><font style="font-family:Times New Roman;font-size:10pt;"> are based on the location, type and nature of each property, and current and anticipated </font><font style="font-family:Times New Roman;font-size:10pt;">m</font><font style="font-family:Times New Roman;font-size:10pt;">arket conditions, which are derived from original underwriting as</font><font style="font-family:Times New Roman;font-size:10pt;">sumptions, industry publications and from </font><font style="font-family:Times New Roman;font-size:10pt;">the experience of </font><font style="font-family:Times New Roman;font-size:10pt;">our Acquisitions and Capital Markets department</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">S</font><font style="font-family:Times New Roman;font-size:10pt;">ignificant unobservable quantitative </font><font style="font-family:Times New Roman;font-size:10pt;">inputs in the table below were utilized in determining the fair value of </font><font style="font-family:Times New Roman;font-size:10pt;">these </font><font style="font-family:Times New Roman;font-size:10pt;">real estate f</font><font style="font-family:Times New Roman;font-size:10pt;">und </font><font style="font-family:Times New Roman;font-size:10pt;">i</font><font style="font-family:Times New Roman;font-size:10pt;">nvestments </font><font style="font-family:Times New Roman;font-size:10pt;">at </font><font style="font-family:Times New Roman;font-size:10pt;">March 31, 2015</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2014</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 16px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;">&#160;</td><td style="width: 116px; text-align:left;border-color:#000000;min-width:116px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;<font style="FONT-FAMILY: Calibri;FONT-SIZE: 11pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;">&#160;</td><td style="width: 116px; text-align:left;border-color:#000000;min-width:116px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td colspan="3" style="width: 215px; text-align:center;border-color:#000000;min-width:215px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Weighted Average</font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 11pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;">&#160;</td><td style="width: 116px; text-align:left;border-color:#000000;min-width:116px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td colspan="3" style="width: 215px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:215px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Range</font></td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td colspan="3" style="width: 215px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:215px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">(based on fair value of investments) </font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="3" style="width: 210px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:210px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Unobservable Quantitative Input</font></td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">March 31, 2015</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2014</font></td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">March 31, 2015</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2014</font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;">&#160;</td><td colspan="2" style="width: 181px; text-align:left;border-color:#000000;min-width:181px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Discount rates</font></td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">12.0% to 14.5%</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">12.0% to 17.5%</font></td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">13.4% </font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">13.7% </font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;">&#160;</td><td colspan="2" style="width: 181px; text-align:left;border-color:#000000;min-width:181px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Terminal capitalization rates</font></td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">4.8% to 6.5%</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">4.7% to 6.5%</font></td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">5.5% </font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">5.3% </font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;">&#160;</td><td style="width: 116px; text-align:left;border-color:#000000;min-width:116px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">The above inputs are subject to change based on changes in economic and market conditions and/or changes in use or timing of exit.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Changes in discount rates and terminal capitalization rates result in increases or decreases in the fair values of these investments.</font><font style="font-family:Times New Roman;font-size:10pt;"> The discount rates encompass, among other things, uncertainties in the valuation models with respect to terminal capitalization rates and the amount and timing of cash flows. Therefore, a change in the fair value of these investments resulting from a change in the terminal capitalization </font><font style="font-family:Times New Roman;font-size:10pt;">rate,</font><font style="font-family:Times New Roman;font-size:10pt;"> may be partially offset by a change in the discount rate.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">It is not possible for us to predict the effect of future economic or market conditions on our estimated fair values. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">The table below summarizes the changes in the fair value of </font><font style="font-family:Times New Roman;font-size:10pt;">real estate fund</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">i</font><font style="font-family:Times New Roman;font-size:10pt;">nvestments</font><font style="font-family:Times New Roman;font-size:10pt;"> that are classified as Level 3,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">for the three months ended March 31, 2015 and 2014.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 269px; text-align:left;border-color:#000000;min-width:269px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="5" style="width: 238px; text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Real Estate Fund Investments</font></td><td style="width: 95px; text-align:center;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 278px; text-align:left;border-color:#000000;min-width:278px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="5" style="width: 238px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months Ended March 31,</font></td><td style="width: 95px; text-align:center;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> (Amounts in thousands)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 109px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:109px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 20px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="2" style="width: 109px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:109px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 95px; text-align:center;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Beginning balance</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 513,973</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 667,710</font></td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Purchases</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 95,000</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 123</font></td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Dispositions / Distributions</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (72,186)</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net unrealized gains</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 16,213</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 14,169</font></td><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net realized gains</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,426</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Ending balance</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 554,426</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 682,002</font></td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 269px; text-align:left;border-color:#000000;min-width:269px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;">&#160;</td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">14. </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fair Value Measurements </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">&#8211;</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> continued</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:18px;">Financial Assets and Liabilities Measured at Fair Value</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> on a Recurring Basis</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> - continued</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;text-decoration:underline;margin-left:18px;">Deferred Compensation Plan Assets</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">Deferred compensation plan assets </font><font style="font-family:Times New Roman;font-size:10pt;">that </font><font style="font-family:Times New Roman;font-size:10pt;">are classified as </font><font style="font-family:Times New Roman;font-size:10pt;">L</font><font style="font-family:Times New Roman;font-size:10pt;">evel 3 consist of investments in limited partnerships and investment funds, which are managed by third parties. We receive quarterly financial reports from a third-party administrator, which are compiled from the quarterly reports provided to them from each limited partnership and investment fund. The quarterly reports </font><font style="font-family:Times New Roman;font-size:10pt;">provide</font><font style="font-family:Times New Roman;font-size:10pt;"> net asset values on a fair valu</font><font style="font-family:Times New Roman;font-size:10pt;">e basis </font><font style="font-family:Times New Roman;font-size:10pt;">which </font><font style="font-family:Times New Roman;font-size:10pt;">are audited by independent public accounting firms on an annual basis. The third-party administrator does not adjust these values in determining our share of the net assets</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and we do not adjust these values when report</font><font style="font-family:Times New Roman;font-size:10pt;">ed</font><font style="font-family:Times New Roman;font-size:10pt;"> in our consolidated financial statements</font><font style="font-family:Times New Roman;font-size:10pt;">. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">The table below summarizes the changes in the fair value of </font><font style="font-family:Times New Roman;font-size:10pt;">d</font><font style="font-family:Times New Roman;font-size:10pt;">eferred </font><font style="font-family:Times New Roman;font-size:10pt;">c</font><font style="font-family:Times New Roman;font-size:10pt;">ompensation </font><font style="font-family:Times New Roman;font-size:10pt;">p</font><font style="font-family:Times New Roman;font-size:10pt;">lan </font><font style="font-family:Times New Roman;font-size:10pt;">a</font><font style="font-family:Times New Roman;font-size:10pt;">ssets</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">that are classified as Level 3, </font><font style="font-family:Times New Roman;font-size:10pt;">for the three months ended March 31, 2015 and 2014</font><font style="font-family:Times New Roman;font-size:10pt;">. </font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 279px; text-align:left;border-color:#000000;min-width:279px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="5" style="width: 238px; text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Deferred Compensation Plan Assets</font></td><td style="width: 95px; text-align:center;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 270px; text-align:left;border-color:#000000;min-width:270px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="5" style="width: 238px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months Ended March 31,</font></td><td style="width: 95px; text-align:center;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 279px; text-align:left;border-color:#000000;min-width:279px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 109px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:109px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 20px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="2" style="width: 109px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:109px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 95px; text-align:center;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 279px; text-align:left;border-color:#000000;min-width:279px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Beginning balance</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 63,315</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 68,782</font></td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 279px; text-align:left;border-color:#000000;min-width:279px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Purchases</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 624</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,644</font></td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 279px; text-align:left;border-color:#000000;min-width:279px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Sales</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (438)</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (5,124)</font></td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 279px; text-align:left;border-color:#000000;min-width:279px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Realized and unrealized gain</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,335</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 2,172</font></td><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 279px; text-align:left;border-color:#000000;min-width:279px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Other, net</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 153</font></td><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 279px; text-align:left;border-color:#000000;min-width:279px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Ending balance</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 64,836</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 67,627</font></td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;">&#160;</td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:18px;">Fair Value Measurements on a Nonrecurring Basis </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">A</font><font style="font-family:Times New Roman;font-size:10pt;">sset</font><font style="font-family:Times New Roman;font-size:10pt;">s measured at fair value on a nonrecurring basis </font><font style="font-family:Times New Roman;font-size:10pt;">on</font><font style="font-family:Times New Roman;font-size:10pt;"> our consolidated </font><font style="font-family:Times New Roman;font-size:10pt;">balance sheets consist primarily </font><font style="font-family:Times New Roman;font-size:10pt;">of</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">real estate assets</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">required to be measured</font><font style="font-family:Times New Roman;font-size:10pt;"> for impairment</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">at</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 201</font><font style="font-family:Times New Roman;font-size:10pt;">4</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">T</font><font style="font-family:Times New Roman;font-size:10pt;">he fair value of </font><font style="font-family:Times New Roman;font-size:10pt;">our</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">real estate </font><font style="font-family:Times New Roman;font-size:10pt;">assets </font><font style="font-family:Times New Roman;font-size:10pt;">was</font><font style="font-family:Times New Roman;font-size:10pt;"> determined using widely accepted valuation techniques, including (</font><font style="font-family:Times New Roman;font-size:10pt;">i</font><font style="font-family:Times New Roman;font-size:10pt;">) discounted cash flow analysis, which considers, among other things, leasing assumptions, growth rates, discount rates and terminal capitalization rates, (ii) income capitalization approach, which considers prevailing market capitalization rates</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> and (i</font><font style="font-family:Times New Roman;font-size:10pt;">ii) comparable sales activity.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 16px"><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 317px; text-align:left;border-color:#000000;min-width:317px;">&#160;</td><td colspan="11" style="width: 323px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:323px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">As of December 31, 2014</font></td><td style="width: 30px; text-align:center;border-color:#000000;min-width:30px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td colspan="3" style="width: 335px; text-align:left;border-color:#000000;min-width:335px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> (Amounts in thousands)</font></td><td colspan="2" style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:74px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Total</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:74px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 1</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:74px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 2</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:74px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 3</font></td><td style="width: 30px; text-align:center;border-color:#000000;min-width:30px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 326px; text-align:left;border-color:#000000;min-width:326px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Real estate assets</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 65px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:65px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 4,848</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 65px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:65px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 65px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:65px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 65px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:65px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 4,848</font></td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 317px; text-align:left;border-color:#000000;min-width:317px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 317px; text-align:left;border-color:#000000;min-width:317px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">14. </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fair Value Measurements &#8211; continued</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:18px;">Financial Assets and Liabilities not </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Measured</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> at Fair Value </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20px;">Financial assets and liabilities that </font><font style="font-family:Times New Roman;font-size:10pt;">are not measured at fair value o</font><font style="font-family:Times New Roman;font-size:10pt;">n our consolidated </font><font style="font-family:Times New Roman;font-size:10pt;">balance sheets</font><font style="font-family:Times New Roman;font-size:10pt;"> include </font><font style="font-family:Times New Roman;font-size:10pt;">cash equivalents (primarily </font><font style="font-family:Times New Roman;font-size:10pt;">money market funds, which invest in obligations of the United States government</font><font style="font-family:Times New Roman;font-size:10pt;">)</font><font style="font-family:Times New Roman;font-size:10pt;">, mortgage and </font><font style="font-family:Times New Roman;font-size:10pt;">mezzanine loans receivable and </font><font style="font-family:Times New Roman;font-size:10pt;">our secured and unsecured </font><font style="font-family:Times New Roman;font-size:10pt;">debt. Estimates of the fair value of these instruments are </font><font style="font-family:Times New Roman;font-size:10pt;">determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate</font><font style="font-family:Times New Roman;font-size:10pt;">, which is</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">provided by a third-party specialist</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;"> For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument. </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">The fair value </font><font style="font-family:Times New Roman;font-size:10pt;">o</font><font style="font-family:Times New Roman;font-size:10pt;">f cash equivalents and borrowings under our revolving credit facility is </font><font style="font-family:Times New Roman;font-size:10pt;">classified as Level 1</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> and the </font><font style="font-family:Times New Roman;font-size:10pt;">fair value of our </font><font style="font-family:Times New Roman;font-size:10pt;">mortgage and </font><font style="font-family:Times New Roman;font-size:10pt;">mezzanine loans receivable</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">is</font><font style="font-family:Times New Roman;font-size:10pt;"> classified as Level 3</font><font style="font-family:Times New Roman;font-size:10pt;">. The </font><font style="font-family:Times New Roman;font-size:10pt;">fair </font><font style="font-family:Times New Roman;font-size:10pt;">value of </font><font style="font-family:Times New Roman;font-size:10pt;">our secured and unsecured </font><font style="font-family:Times New Roman;font-size:10pt;">debt </font><font style="font-family:Times New Roman;font-size:10pt;">are</font><font style="font-family:Times New Roman;font-size:10pt;"> c</font><font style="font-family:Times New Roman;font-size:10pt;">lassifie</font><font style="font-family:Times New Roman;font-size:10pt;">d as Level 2</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">The table below summarizes the carrying amounts and fair value of th</font><font style="font-family:Times New Roman;font-size:10pt;">ese financial instruments as of </font><font style="font-family:Times New Roman;font-size:10pt;">March 31, 2015 </font><font style="font-family:Times New Roman;font-size:10pt;">and</font><font style="font-family:Times New Roman;font-size:10pt;"> December 31, </font><font style="font-family:Times New Roman;font-size:10pt;">2014. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 210px; text-align:left;border-color:#000000;min-width:210px;">&#160;</td><td colspan="5" style="width: 197px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:197px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">As of March 31, 2015</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="5" style="width: 197px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:197px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">As of December 31, 2014</font></td><td style="width: 39px; text-align:center;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 210px; text-align:left;border-color:#000000;min-width:210px;">&#160;</td><td colspan="2" style="width: 94px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:94px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Carrying </font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 94px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:94px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Fair</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 94px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:94px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Carrying </font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 94px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:94px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Fair</font></td><td style="width: 39px; text-align:center;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td colspan="3" style="width: 228px; text-align:left;border-color:#000000;min-width:228px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> (Amounts in thousands)</font></td><td colspan="2" style="width: 94px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:94px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Amount</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 94px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:94px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Value</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 94px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:94px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Amount</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 94px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:94px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Value</font></td><td style="width: 39px; text-align:center;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 219px; text-align:left;border-color:#000000;min-width:219px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Cash equivalents</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 526,218</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 526,000</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 749,418</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 749,000</font></td><td style="width: 39px; text-align:center;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 219px; text-align:left;border-color:#000000;min-width:219px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Mortgage and mezzanine loans receivable</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 16,748</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 17,000</font></td><td style="width: 39px; text-align:center;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 210px; text-align:left;border-color:#000000;min-width:210px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 526,218</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 526,000</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 766,166</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 766,000</font></td><td style="width: 39px; text-align:center;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 219px; text-align:left;border-color:#000000;min-width:219px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Debt:</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Mortgages payable</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 8,316,793</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 8,334,000</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 8,263,165</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 8,224,000</font></td><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Senior unsecured notes</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 847,332</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 898,000</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,347,159</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,385,000</font></td><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Revolving credit facility debt</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 400,000</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 400,000</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 210px; text-align:left;border-color:#000000;min-width:210px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 9,564,125</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 9,632,000</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 9,610,324</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 9,609,000</font></td><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td></tr></table></div> <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20px;">In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, </font><font style="font-family:Times New Roman;font-size:10pt;">our </font><font style="font-family:Times New Roman;font-size:10pt;">fair value </font><font style="font-family:Times New Roman;font-size:10pt;">estimates, which are made at </font><font style="font-family:Times New Roman;font-size:10pt;">the end of each reporting period</font><font style="font-family:Times New Roman;font-size:10pt;">, may be different than the </font><font style="font-family:Times New Roman;font-size:10pt;">amounts that may ultimately be realized upon sale or disposition of these assets.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:20px;">Financial Assets and Li</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">abilities Measured at Fair Value on a Recurring Basis</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20px;">Financial assets and liabilities t</font><font style="font-family:Times New Roman;font-size:10pt;">hat are measured at fair value o</font><font style="font-family:Times New Roman;font-size:10pt;">n our consolidated </font><font style="font-family:Times New Roman;font-size:10pt;">balance sheets</font><font style="font-family:Times New Roman;font-size:10pt;"> consist</font><font style="font-family:Times New Roman;font-size:10pt;"> of</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">(</font><font style="font-family:Times New Roman;font-size:10pt;">i</font><font style="font-family:Times New Roman;font-size:10pt;">) marketable securities,</font><font style="font-family:Times New Roman;font-size:10pt;"> (ii) </font><font style="font-family:Times New Roman;font-size:10pt;">r</font><font style="font-family:Times New Roman;font-size:10pt;">eal </font><font style="font-family:Times New Roman;font-size:10pt;">e</font><font style="font-family:Times New Roman;font-size:10pt;">state </font><font style="font-family:Times New Roman;font-size:10pt;">f</font><font style="font-family:Times New Roman;font-size:10pt;">und investments</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">(</font><font style="font-family:Times New Roman;font-size:10pt;">i</font><font style="font-family:Times New Roman;font-size:10pt;">ii) the assets in</font><font style="font-family:Times New Roman;font-size:10pt;"> our deferred compensation plan</font><font style="font-family:Times New Roman;font-size:10pt;"> (for which there is a corresponding liability on our consolidated balance sheet)</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">(</font><font style="font-family:Times New Roman;font-size:10pt;">i</font><font style="font-family:Times New Roman;font-size:10pt;">v)</font><font style="font-family:Times New Roman;font-size:10pt;"> mandatorily redeemable instruments (Series G</font><font style="font-family:Times New Roman;font-size:10pt;">-1 through G-4</font><font style="font-family:Times New Roman;font-size:10pt;"> convertible preferred units and Series D-13 cumulative redeemable preferred units)</font><font style="font-family:Times New Roman;font-size:10pt;">, and </font><font style="font-family:Times New Roman;font-size:10pt;">(v) </font><font style="font-family:Times New Roman;font-size:10pt;">an interest rate swap</font><font style="font-family:Times New Roman;font-size:10pt;">. </font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:18px;">Fair Value Measurements on a Nonrecurring Basis </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">A</font><font style="font-family:Times New Roman;font-size:10pt;">sset</font><font style="font-family:Times New Roman;font-size:10pt;">s measured at fair value on a nonrecurring basis </font><font style="font-family:Times New Roman;font-size:10pt;">on</font><font style="font-family:Times New Roman;font-size:10pt;"> our consolidated </font><font style="font-family:Times New Roman;font-size:10pt;">balance sheets consist primarily </font><font style="font-family:Times New Roman;font-size:10pt;">of</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">real estate assets</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">required to be measured</font><font style="font-family:Times New Roman;font-size:10pt;"> for impairment</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">at</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 201</font><font style="font-family:Times New Roman;font-size:10pt;">4</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">T</font><font style="font-family:Times New Roman;font-size:10pt;">he fair value of </font><font style="font-family:Times New Roman;font-size:10pt;">our</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">real estate </font><font style="font-family:Times New Roman;font-size:10pt;">assets </font><font style="font-family:Times New Roman;font-size:10pt;">was</font><font style="font-family:Times New Roman;font-size:10pt;"> determined using widely accepted valuation techniques, including (</font><font style="font-family:Times New Roman;font-size:10pt;">i</font><font style="font-family:Times New Roman;font-size:10pt;">) discounted cash flow analysis, which considers, among other things, leasing assumptions, growth rates, discount rates and terminal capitalization rates, (ii) income capitalization approach, which considers prevailing market capitalization rates</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> and (i</font><font style="font-family:Times New Roman;font-size:10pt;">ii) comparable sales activity.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:18px;">Financial Assets and Liabilities not </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Measured</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> at Fair Value </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20px;">Financial assets and liabilities that </font><font style="font-family:Times New Roman;font-size:10pt;">are not measured at fair value o</font><font style="font-family:Times New Roman;font-size:10pt;">n our consolidated </font><font style="font-family:Times New Roman;font-size:10pt;">balance sheets</font><font style="font-family:Times New Roman;font-size:10pt;"> include </font><font style="font-family:Times New Roman;font-size:10pt;">cash equivalents (primarily </font><font style="font-family:Times New Roman;font-size:10pt;">money market funds, which invest in obligations of the United States government</font><font style="font-family:Times New Roman;font-size:10pt;">)</font><font style="font-family:Times New Roman;font-size:10pt;">, mortgage and </font><font style="font-family:Times New Roman;font-size:10pt;">mezzanine loans receivable and </font><font style="font-family:Times New Roman;font-size:10pt;">our secured and unsecured </font><font style="font-family:Times New Roman;font-size:10pt;">debt. Estimates of the fair value of these instruments are </font><font style="font-family:Times New Roman;font-size:10pt;">determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate</font><font style="font-family:Times New Roman;font-size:10pt;">, which is</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">provided by a third-party specialist</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;"> For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument. </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">The fair value </font><font style="font-family:Times New Roman;font-size:10pt;">o</font><font style="font-family:Times New Roman;font-size:10pt;">f cash equivalents and borrowings under our revolving credit facility is </font><font style="font-family:Times New Roman;font-size:10pt;">classified as Level 1</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> and the </font><font style="font-family:Times New Roman;font-size:10pt;">fair value of our </font><font style="font-family:Times New Roman;font-size:10pt;">mortgage and </font><font style="font-family:Times New Roman;font-size:10pt;">mezzanine loans receivable</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">is</font><font style="font-family:Times New Roman;font-size:10pt;"> classified as Level 3</font><font style="font-family:Times New Roman;font-size:10pt;">. The </font><font style="font-family:Times New Roman;font-size:10pt;">fair </font><font style="font-family:Times New Roman;font-size:10pt;">value of </font><font style="font-family:Times New Roman;font-size:10pt;">our secured and unsecured </font><font style="font-family:Times New Roman;font-size:10pt;">debt </font><font style="font-family:Times New Roman;font-size:10pt;">are</font><font style="font-family:Times New Roman;font-size:10pt;"> c</font><font style="font-family:Times New Roman;font-size:10pt;">lassifie</font><font style="font-family:Times New Roman;font-size:10pt;">d as Level 2</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p> 837580000 55097000 53969000 260292000 55097000 0 0 0 63315000 577288000 0 117284000 56694000 0 64836000 121530000 860947000 241685000 0 619262000 55097000 55097000 0 0 81671000 55097000 26574000 0 80894000 55097000 25797000 0 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 109px; text-align:left;border-color:#000000;min-width:109px;">&#160;</td><td style="width: 236px; text-align:left;border-color:#000000;min-width:236px;">&#160;</td><td colspan="11" style="width: 343px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:343px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">As of March 31, 2015</font></td><td style="width: 11px; text-align:center;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Total</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 1</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 2</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 3</font></td><td style="width: 11px; text-align:center;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Marketable securities </font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 184,991</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 184,991</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Real estate fund investments (75% of which is attributable to</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">noncontrolling interests)</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 554,426</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 554,426</font></td><td style="width: 11px; text-align:center;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Deferred compensation plan assets (included in other assets)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 121,530</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 56,694</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 64,836</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Total assets</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 860,947</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 241,685</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 619,262</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 11px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 109px; text-align:left;border-color:#000000;min-width:109px;">&#160;</td><td style="width: 236px; text-align:left;border-color:#000000;min-width:236px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Mandatorily redeemable instruments (included in other liabilities)</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 55,097</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 55,097</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Interest rate swap (included in other liabilities)</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 26,574</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 26,574</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Total liabilities</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 81,671</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 55,097</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 26,574</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 11px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 109px; text-align:left;border-color:#000000;min-width:109px;">&#160;</td><td style="width: 236px; text-align:left;border-color:#000000;min-width:236px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 109px; text-align:left;border-color:#000000;min-width:109px;">&#160;</td><td style="width: 236px; text-align:left;border-color:#000000;min-width:236px;">&#160;</td><td colspan="11" style="width: 343px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:343px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">As of December 31, 2014</font></td><td style="width: 11px; text-align:center;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Total</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 1</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 2</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 3</font></td><td style="width: 11px; text-align:center;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Marketable securities </font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 206,323</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 206,323</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Real estate fund investments (75% of which is attributable to</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">noncontrolling interests)</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 513,973</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 513,973</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Deferred compensation plan assets (included in other assets)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 117,284</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 53,969</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 63,315</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Total assets</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 837,580</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 260,292</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 577,288</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 11px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 109px; text-align:left;border-color:#000000;min-width:109px;">&#160;</td><td style="width: 236px; text-align:left;border-color:#000000;min-width:236px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Mandatorily redeemable instruments (included in other liabilities)</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 55,097</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 55,097</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="3" style="width: 354px; text-align:left;border-color:#000000;min-width:354px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Interest rate swap (included in other liabilities)</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 25,797</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 25,797</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Total liabilities</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 80,894</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 55,097</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 25,797</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td></tr></table></div> 26574000 0 26574000 0 25797000 0 25797000 0 0.75 0.75 184991000 184991000 0 0 206323000 206323000 0 0 554426000 513973000 0 0 0 0 554426000 513973000 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 16px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;">&#160;</td><td style="width: 116px; text-align:left;border-color:#000000;min-width:116px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;<font style="FONT-FAMILY: Calibri;FONT-SIZE: 11pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;">&#160;</td><td style="width: 116px; text-align:left;border-color:#000000;min-width:116px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td colspan="3" style="width: 215px; text-align:center;border-color:#000000;min-width:215px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Weighted Average</font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 11pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;">&#160;</td><td style="width: 116px; text-align:left;border-color:#000000;min-width:116px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td colspan="3" style="width: 215px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:215px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Range</font></td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td colspan="3" style="width: 215px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:215px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">(based on fair value of investments) </font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="3" style="width: 210px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:210px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Unobservable Quantitative Input</font></td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">March 31, 2015</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2014</font></td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">March 31, 2015</font></td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2014</font><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;">&#160;</td><td colspan="2" style="width: 181px; text-align:left;border-color:#000000;min-width:181px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Discount rates</font></td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">12.0% to 14.5%</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">12.0% to 17.5%</font></td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">13.4% </font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">13.7% </font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;">&#160;</td><td colspan="2" style="width: 181px; text-align:left;border-color:#000000;min-width:181px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Terminal capitalization rates</font></td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">4.8% to 6.5%</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">4.7% to 6.5%</font></td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">5.5% </font></td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">5.3% </font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 29px; text-align:left;border-color:#000000;min-width:29px;">&#160;</td><td style="width: 116px; text-align:left;border-color:#000000;min-width:116px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td></tr></table></div> 0.048 0.12 0.065 0.145 0.134 0.055 P0Y9M18D P5Y9M18D 0.12 0.175 0.065 0.047 0.053 0.137 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 269px; text-align:left;border-color:#000000;min-width:269px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="5" style="width: 238px; text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Real Estate Fund Investments</font></td><td style="width: 95px; text-align:center;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 278px; text-align:left;border-color:#000000;min-width:278px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="5" style="width: 238px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months Ended March 31,</font></td><td style="width: 95px; text-align:center;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> (Amounts in thousands)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 109px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:109px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 20px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="2" style="width: 109px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:109px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 95px; text-align:center;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Beginning balance</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 513,973</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 667,710</font></td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Purchases</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 95,000</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 123</font></td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Dispositions / Distributions</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (72,186)</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net unrealized gains</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 16,213</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 14,169</font></td><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net realized gains</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,426</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Ending balance</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 554,426</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 682,002</font></td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 269px; text-align:left;border-color:#000000;min-width:269px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;">&#160;</td></tr></table></div> 95000000 16213000 513973000 554426000 72186000 682002000 14169000 667710000 123000 0 0 1426000 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 279px; text-align:left;border-color:#000000;min-width:279px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="5" style="width: 238px; text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Deferred Compensation Plan Assets</font></td><td style="width: 95px; text-align:center;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 270px; text-align:left;border-color:#000000;min-width:270px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="5" style="width: 238px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months Ended March 31,</font></td><td style="width: 95px; text-align:center;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 279px; text-align:left;border-color:#000000;min-width:279px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 109px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:109px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 20px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="2" style="width: 109px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:109px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 95px; text-align:center;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 279px; text-align:left;border-color:#000000;min-width:279px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Beginning balance</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 63,315</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 68,782</font></td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 279px; text-align:left;border-color:#000000;min-width:279px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Purchases</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 624</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,644</font></td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 279px; text-align:left;border-color:#000000;min-width:279px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Sales</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (438)</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (5,124)</font></td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 279px; text-align:left;border-color:#000000;min-width:279px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Realized and unrealized gain</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,335</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 2,172</font></td><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 279px; text-align:left;border-color:#000000;min-width:279px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Other, net</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 153</font></td><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 95px; text-align:left;border-color:#000000;min-width:95px;">&#160;</td><td colspan="2" style="width: 279px; text-align:left;border-color:#000000;min-width:279px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Ending balance</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 64,836</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 100px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 67,627</font></td><td style="width: 95px; text-align:right;border-color:#000000;min-width:95px;">&#160;</td></tr></table></div> 624000 63315000 64836000 438000 0 153000 67627000 1644000 5124000 68782000 1335000 2172000 4848000 0 0 4848000 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 16px"><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 317px; text-align:left;border-color:#000000;min-width:317px;">&#160;</td><td colspan="11" style="width: 323px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:323px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">As of December 31, 2014</font></td><td style="width: 30px; text-align:center;border-color:#000000;min-width:30px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td colspan="3" style="width: 335px; text-align:left;border-color:#000000;min-width:335px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> (Amounts in thousands)</font></td><td colspan="2" style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:74px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Total</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:74px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 1</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:74px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 2</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:74px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 3</font></td><td style="width: 30px; text-align:center;border-color:#000000;min-width:30px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 326px; text-align:left;border-color:#000000;min-width:326px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Real estate assets</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 65px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:65px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 4,848</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 65px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:65px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 65px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:65px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 65px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:65px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 4,848</font></td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 317px; text-align:left;border-color:#000000;min-width:317px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 317px; text-align:left;border-color:#000000;min-width:317px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td></tr></table></div> <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 210px; text-align:left;border-color:#000000;min-width:210px;">&#160;</td><td colspan="5" style="width: 197px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:197px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">As of March 31, 2015</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="5" style="width: 197px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:197px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">As of December 31, 2014</font></td><td style="width: 39px; text-align:center;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 210px; text-align:left;border-color:#000000;min-width:210px;">&#160;</td><td colspan="2" style="width: 94px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:94px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Carrying </font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 94px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:94px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Fair</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 94px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:94px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Carrying </font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 94px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:94px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Fair</font></td><td style="width: 39px; text-align:center;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td colspan="3" style="width: 228px; text-align:left;border-color:#000000;min-width:228px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> (Amounts in thousands)</font></td><td colspan="2" style="width: 94px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:94px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Amount</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 94px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:94px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Value</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 94px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:94px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Amount</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 94px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:94px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Value</font></td><td style="width: 39px; text-align:center;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 219px; text-align:left;border-color:#000000;min-width:219px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Cash equivalents</font></td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 526,218</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 526,000</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 749,418</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 749,000</font></td><td style="width: 39px; text-align:center;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 219px; text-align:left;border-color:#000000;min-width:219px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Mortgage and mezzanine loans receivable</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 16,748</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 17,000</font></td><td style="width: 39px; text-align:center;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 210px; text-align:left;border-color:#000000;min-width:210px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 526,218</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 526,000</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 766,166</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 766,000</font></td><td style="width: 39px; text-align:center;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 219px; text-align:left;border-color:#000000;min-width:219px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Debt:</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:85px;">&#160;</td><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Mortgages payable</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 8,316,793</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 8,334,000</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 8,263,165</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 8,224,000</font></td><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Senior unsecured notes</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 847,332</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 898,000</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,347,159</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,385,000</font></td><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Revolving credit facility debt</font></td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 400,000</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 400,000</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 210px; text-align:left;border-color:#000000;min-width:210px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 9,564,125</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 9,632,000</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 9,610,324</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 9,609,000</font></td><td style="width: 39px; text-align:left;border-color:#000000;min-width:39px;">&#160;</td></tr></table></div> 526000000 0 526000000 8334000000 898000000 400000000 9632000000 526218000 0 526218000 8316793000 847332000 400000000 9564125000 9610324000 1385000000 9609000000 749000000 766166000 749418000 0 16748000 766000000 1347159000 8263165000 0 8224000000 17000000 20142000 11024000 <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">15</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Incentive</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> Compensation</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">Our </font><font style="font-family:Times New Roman;font-size:10pt;">2010 </font><font style="font-family:Times New Roman;font-size:10pt;">Omnibus </font><font style="font-family:Times New Roman;font-size:10pt;">Share Plan (the &#8220;Plan&#8221;) provides for grants of incentive and non-qualified stock options, restricted stock, restricted Operating Partnership units and </font><font style="font-family:Times New Roman;font-size:10pt;">O</font><font style="font-family:Times New Roman;font-size:10pt;">ut-</font><font style="font-family:Times New Roman;font-size:10pt;">P</font><font style="font-family:Times New Roman;font-size:10pt;">erformance </font><font style="font-family:Times New Roman;font-size:10pt;">P</font><font style="font-family:Times New Roman;font-size:10pt;">lan a</font><font style="font-family:Times New Roman;font-size:10pt;">wards to certain of our employees and officers. We account for all stock-based compensation in accordance </font><font style="font-family:Times New Roman;font-size:10pt;">with </font><font style="font-family:Times New Roman;font-size:10pt;">ASC 718, </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Compensation &#8211; Sto</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">ck Compensation</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">Stock-based compensation expense was</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">20</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">142</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;"> a</font><font style="font-family:Times New Roman;font-size:10pt;">nd </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">11</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">024</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">in the three months ended March 31, 2015 and 2014, respectively</font><font style="font-family:Times New Roman;font-size:10pt;">. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p> <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">16</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. Fee and Other Income </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">The following table sets forth the details of fee and other income:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="2" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="5" style="width: 247px; text-align:center;border-color:#000000;min-width:247px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="2" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> (Amounts in thousands)</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="5" style="width: 247px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:247px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td><td style="width: 50px; text-align:center;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="2" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="2" style="width: 117px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:117px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="2" style="width: 117px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:117px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="2" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">BMS cleaning fees</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 22,633</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 18,956</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="2" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Management and leasing fees</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 4,192</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 5,828</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="2" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Lease termination fees</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 3,747</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 3,577</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="2" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Other income</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 9,035</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 7,579</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="2" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 39,607</font></td><td style="width: 13px; text-align:center;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 35,940</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 321px; text-align:left;border-color:#000000;min-width:321px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 13px; text-align:center;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 10px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 30px; text-align:center;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 321px; text-align:left;border-color:#000000;min-width:321px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:11pt;margin-left:18px;">Management and leasing f</font><font style="font-family:Times New Roman;font-size:11pt;">ee</font><font style="font-family:Times New Roman;font-size:11pt;">s </font><font style="font-family:Times New Roman;font-size:11pt;">include management fee</font><font style="font-family:Times New Roman;font-size:11pt;">s</font><font style="font-family:Times New Roman;font-size:11pt;"> from Interstate Properties, a related party, </font><font style="font-family:Times New Roman;font-size:11pt;">of </font><font style="font-family:Times New Roman;font-size:11pt;">$</font><font style="font-family:Times New Roman;font-size:11pt;">13</font><font style="font-family:Times New Roman;font-size:11pt;">9</font><font style="font-family:Times New Roman;font-size:11pt;">,000</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">and </font><font style="font-family:Times New Roman;font-size:11pt;">$</font><font style="font-family:Times New Roman;font-size:11pt;">1</font><font style="font-family:Times New Roman;font-size:11pt;">3</font><font style="font-family:Times New Roman;font-size:11pt;">4</font><font style="font-family:Times New Roman;font-size:11pt;">,000</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">for the </font><font style="font-family:Times New Roman;font-size:11pt;">three months ended</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">March 31, 2015 and 2014, respectively</font><font style="font-family:Times New Roman;font-size:11pt;">. </font><font style="font-family:Times New Roman;font-size:11pt;">The above table excludes fee income from partially owned </font><font style="font-family:Times New Roman;font-size:11pt;">entities</font><font style="font-family:Times New Roman;font-size:11pt;">,</font><font style="font-family:Times New Roman;font-size:11pt;"> which is typically included in &#8220;</font><font style="font-family:Times New Roman;font-size:11pt;">(loss) </font><font style="font-family:Times New Roman;font-size:11pt;">income from partially owned entities&#8221;</font><font style="font-family:Times New Roman;font-size:11pt;"> (see </font><font style="font-family:Times New Roman;font-size:11pt;">N</font><font style="font-family:Times New Roman;font-size:11pt;">ote </font><font style="font-family:Times New Roman;font-size:11pt;">7</font><font style="font-family:Times New Roman;font-size:11pt;"> &#8211; </font><font style="font-family:Times New Roman;font-size:11pt;font-style:italic;">Investments </font><font style="font-family:Times New Roman;font-size:11pt;font-style:italic;">in Partially Owned Entities</font><font style="font-family:Times New Roman;font-size:11pt;">).</font></p> 22633000 4192000 3747000 9035000 18956000 5828000 3577000 7579000 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="2" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="5" style="width: 247px; text-align:center;border-color:#000000;min-width:247px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="2" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> (Amounts in thousands)</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="5" style="width: 247px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:247px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td><td style="width: 50px; text-align:center;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="2" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="2" style="width: 117px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:117px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="2" style="width: 117px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:117px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="2" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">BMS cleaning fees</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 22,633</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 18,956</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="2" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Management and leasing fees</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 4,192</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 5,828</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="2" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Lease termination fees</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 3,747</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 3,577</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="2" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Other income</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 9,035</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 7,579</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="2" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 39,607</font></td><td style="width: 13px; text-align:center;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 35,940</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 321px; text-align:left;border-color:#000000;min-width:321px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 13px; text-align:center;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 10px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 30px; text-align:center;border-color:#000000;min-width:30px;">&#160;</td><td style="width: 321px; text-align:left;border-color:#000000;min-width:321px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr></table></div> 139000 134000 <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">17</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. Interest and Other Investment</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Income</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">,</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> N</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">et</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">The following table sets forth the details of interest and other investment</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">income</font><font style="font-family:Times New Roman;font-size:10pt;">: </font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="5" style="width: 247px; text-align:center;border-color:#000000;min-width:247px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> (Amounts in thousands)</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="5" style="width: 247px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:247px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 321px; text-align:left;border-color:#000000;min-width:321px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="2" style="width: 117px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:117px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="2" style="width: 117px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:117px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Dividends and interest on marketable securities</font></td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 3,203</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 3,106</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Mark-to-market of investments in our deferred compensation plan</font>⁽¹⁾</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 2,859</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 4,400</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Interest on mezzanine loans receivable</font></td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,674</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 2,384</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Other, net</font></td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 3,056</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,960</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 10,792</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 11,850</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 4px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:351px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 4px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 321px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:321px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">(1)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="13" style="width: 581px; text-align:left;border-color:#000000;min-width:581px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">This income is entirely offset by the expense resulting from the mark-to-market of the deferred compensation plan liability, which is included in "general and administrative" expense.</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr></table></div> 3106000 2384000 1960000 1674000 3203000 3056000 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="5" style="width: 247px; text-align:center;border-color:#000000;min-width:247px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> (Amounts in thousands)</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="5" style="width: 247px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:247px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 321px; text-align:left;border-color:#000000;min-width:321px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="2" style="width: 117px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:117px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="2" style="width: 117px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:117px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Dividends and interest on marketable securities</font></td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 3,203</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 3,106</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Mark-to-market of investments in our deferred compensation plan</font>⁽¹⁾</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 2,859</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 4,400</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Interest on mezzanine loans receivable</font></td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,674</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 2,384</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Other, net</font></td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 3,056</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,960</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 10,792</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 11,850</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 4px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:351px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 4px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 321px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:321px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 15px; text-align:center;border-color:#000000;min-width:15px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">(1)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="13" style="width: 581px; text-align:left;border-color:#000000;min-width:581px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">This income is entirely offset by the expense resulting from the mark-to-market of the deferred compensation plan liability, which is included in "general and administrative" expense.</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr></table></div> 2859000 4400000 <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">18</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. Interest and </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt Expense</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">The following table sets forth the details of interest and </font><font style="font-family:Times New Roman;font-size:10pt;">debt expense</font><font style="font-family:Times New Roman;font-size:10pt;">: </font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="5" style="width: 247px; text-align:center;border-color:#000000;min-width:247px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months </font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> (Amounts in thousands)</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="5" style="width: 247px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:247px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 321px; text-align:left;border-color:#000000;min-width:321px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="2" style="width: 117px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:117px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="2" style="width: 117px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:117px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Interest expense</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 95,328</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 105,512</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Amortization of deferred financing costs</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 7,456</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 4,422</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Capitalized interest and debt expense</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (11,110)</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (13,622)</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 91,674</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 96,312</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 2px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 321px; text-align:left;border-color:#000000;min-width:321px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr></table></div> <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="5" style="width: 247px; text-align:center;border-color:#000000;min-width:247px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months </font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> (Amounts in thousands)</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="5" style="width: 247px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:247px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 321px; text-align:left;border-color:#000000;min-width:321px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="2" style="width: 117px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:117px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="2" style="width: 117px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:117px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Interest expense</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 95,328</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 105,512</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Amortization of deferred financing costs</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 7,456</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 4,422</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Capitalized interest and debt expense</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (11,110)</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (13,622)</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td colspan="3" style="width: 351px; text-align:left;border-color:#000000;min-width:351px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 91,674</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 96,312</font></td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 2px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 321px; text-align:left;border-color:#000000;min-width:321px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 104px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td></tr></table></div> 4422000 105512000 7456000 95328000 11110000 13622000 <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">19</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Per</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> Share</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20px;">The following table provides a reconciliation of both net income and the number of common shares used in the computation of (i) basic income per common share - which </font><font style="font-family:Times New Roman;font-size:10pt;">includes</font><font style="font-family:Times New Roman;font-size:10pt;"> the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted income per common share - which includes the weighted average common shares and dilutive share equivalents. </font><font style="font-family:Times New Roman;font-size:10pt;">D</font><font style="font-family:Times New Roman;font-size:10pt;">ilutive share equivalents</font><font style="font-family:Times New Roman;font-size:10pt;"> may</font><font style="font-family:Times New Roman;font-size:10pt;"> include our Series </font><font style="font-family:Times New Roman;font-size:10pt;">A</font><font style="font-family:Times New Roman;font-size:10pt;"> convertible preferred shares, employee stock options</font><font style="font-family:Times New Roman;font-size:10pt;"> and</font><font style="font-family:Times New Roman;font-size:10pt;"> restricted </font><font style="font-family:Times New Roman;font-size:10pt;">share awards</font><font style="font-family:Times New Roman;font-size:10pt;">. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 304px; text-align:left;border-color:#000000;min-width:304px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td colspan="5" style="width: 179px; text-align:center;border-color:#000000;min-width:179px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months</font></td></tr><tr style="height: 14px"><td colspan="4" style="width: 349px; text-align:left;border-color:#000000;min-width:349px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">(Amounts in thousands, except per share amounts)</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td colspan="5" style="width: 179px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:179px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 304px; text-align:left;border-color:#000000;min-width:304px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td colspan="2" style="width: 83px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:83px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="2" style="width: 83px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:83px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td></tr><tr style="height: 14px"><td colspan="4" style="width: 349px; text-align:left;border-color:#000000;min-width:349px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Numerator:</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Income from continuing operations, net of income attributable</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 319px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:319px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> to noncontrolling interests</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 89,166</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 74,743</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Income from discontinued operations, net of income attributable</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 319px; text-align:left;border-color:#000000;min-width:319px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;"> to noncontrolling interests</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 14,911</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 7,974</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Net income attributable to Vornado</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 104,077</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 82,717</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Preferred share dividends</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (19,484)</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (20,368)</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Net income attributable to common shareholders</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 84,593</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 62,349</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Earnings allocated to unvested participating securities</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (19)</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (30)</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Numerator for diluted income per share</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 84,574</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 62,319</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 304px; text-align:left;border-color:#000000;min-width:304px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td colspan="4" style="width: 349px; text-align:left;border-color:#000000;min-width:349px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Denominator:</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Denominator for basic income per share &#8211; weighted average shares</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 187,999</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 187,307</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Effect of dilutive securities</font>⁽¹⁾<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">:</font></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 319px; text-align:left;border-color:#000000;min-width:319px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Employee stock options and restricted share awards</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 1,337</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 933</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Denominator for diluted income per share &#8211; weighted average </font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 319px; text-align:left;border-color:#000000;min-width:319px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">shares and assumed conversions</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 189,336</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 188,240</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 304px; text-align:left;border-color:#000000;min-width:304px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td colspan="4" style="width: 349px; text-align:left;border-color:#000000;min-width:349px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">INCOME PER COMMON SHARE &#8211; BASIC:</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Income from continuing operations, net</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.37</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.29</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Income from discontinued operations, net</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.08</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.04</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Net income per common share</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.45</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.33</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 304px; text-align:left;border-color:#000000;min-width:304px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td colspan="4" style="width: 349px; text-align:left;border-color:#000000;min-width:349px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">INCOME PER COMMON SHARE &#8211; DILUTED:</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Income from continuing operations, net</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.37</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.29</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Income from discontinued operations, net</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.08</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.04</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Net income per common share</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.45</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.33</font></td></tr><tr style="height: 32px"><td style="width: 15px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 304px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:304px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 304px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:304px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 50px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(1) </font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="14" style="width: 690px; text-align:left;border-color:#000000;min-width:690px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">The effect of dilutive securities in the three months ended March 31, 2015 and 2014 excludes an aggregate of 11,488 and 11,326 weighted average common share equivalents, respectively, as their effect was anti-dilutive.</font></td></tr></table></div> 89166000 14911000 74743000 7974000 11488000 11326000 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 304px; text-align:left;border-color:#000000;min-width:304px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td colspan="5" style="width: 179px; text-align:center;border-color:#000000;min-width:179px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months</font></td></tr><tr style="height: 14px"><td colspan="4" style="width: 349px; text-align:left;border-color:#000000;min-width:349px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">(Amounts in thousands, except per share amounts)</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td colspan="5" style="width: 179px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:179px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 304px; text-align:left;border-color:#000000;min-width:304px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td colspan="2" style="width: 83px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:83px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td colspan="2" style="width: 83px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:83px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td></tr><tr style="height: 14px"><td colspan="4" style="width: 349px; text-align:left;border-color:#000000;min-width:349px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Numerator:</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Income from continuing operations, net of income attributable</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 319px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:319px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> to noncontrolling interests</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 89,166</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 74,743</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Income from discontinued operations, net of income attributable</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 319px; text-align:left;border-color:#000000;min-width:319px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;"> to noncontrolling interests</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 14,911</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 7,974</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Net income attributable to Vornado</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 104,077</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 82,717</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Preferred share dividends</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (19,484)</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (20,368)</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Net income attributable to common shareholders</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 84,593</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 62,349</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Earnings allocated to unvested participating securities</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (19)</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> (30)</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Numerator for diluted income per share</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 84,574</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 62,319</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 304px; text-align:left;border-color:#000000;min-width:304px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td colspan="4" style="width: 349px; text-align:left;border-color:#000000;min-width:349px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Denominator:</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Denominator for basic income per share &#8211; weighted average shares</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 187,999</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 187,307</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Effect of dilutive securities</font>⁽¹⁾<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">:</font></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 319px; text-align:left;border-color:#000000;min-width:319px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Employee stock options and restricted share awards</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 1,337</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 933</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Denominator for diluted income per share &#8211; weighted average </font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="2" style="width: 319px; text-align:left;border-color:#000000;min-width:319px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">shares and assumed conversions</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 189,336</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;"> 188,240</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 304px; text-align:left;border-color:#000000;min-width:304px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td colspan="4" style="width: 349px; text-align:left;border-color:#000000;min-width:349px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">INCOME PER COMMON SHARE &#8211; BASIC:</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Income from continuing operations, net</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.37</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.29</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Income from discontinued operations, net</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.08</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.04</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Net income per common share</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.45</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.33</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 304px; text-align:left;border-color:#000000;min-width:304px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td colspan="4" style="width: 349px; text-align:left;border-color:#000000;min-width:349px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">INCOME PER COMMON SHARE &#8211; DILUTED:</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Income from continuing operations, net</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.37</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.29</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Income from discontinued operations, net</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.08</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.04</font></td></tr><tr style="height: 14px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="3" style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Net income per common share</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.45</font></td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:right;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0.33</font></td></tr><tr style="height: 32px"><td style="width: 15px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 304px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:304px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 14px"><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 304px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:304px;">&#160;<font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 192px; text-align:left;border-color:#000000;min-width:192px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 50px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(1) </font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="14" style="width: 690px; text-align:left;border-color:#000000;min-width:690px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">The effect of dilutive securities in the three months ended March 31, 2015 and 2014 excludes an aggregate of 11,488 and 11,326 weighted average common share equivalents, respectively, as their effect was anti-dilutive.</font></td></tr></table></div> 62319000 84574000 1337000 933000 19000 30000 <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">20.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Commitments and Contingencies</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:18px;">Insurance </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">We maintain general liability insurance with </font><font style="font-family:Times New Roman;font-size:10pt;">limits of $300,000,000 </font><font style="font-family:Times New Roman;font-size:10pt;">per occurrence </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">all risk property and rental value insurance with limits </font><font style="font-family:Times New Roman;font-size:10pt;">of $2.0 billion per </font><font style="font-family:Times New Roman;font-size:10pt;">occurrence, with sub-limits for certain perils such as floods. Our California properties have earthquake insurance with coverage </font><font style="font-family:Times New Roman;font-size:10pt;">of $180,000,000 </font><font style="font-family:Times New Roman;font-size:10pt;">per occurrence, subject to a deductible in the amount </font><font style="font-family:Times New Roman;font-size:10pt;">of 5% of the </font><font style="font-family:Times New Roman;font-size:10pt;">value of the affected property, up to </font><font style="font-family:Times New Roman;font-size:10pt;">a</font><font style="font-family:Times New Roman;font-size:10pt;"> $180,000,000 annual </font><font style="font-family:Times New Roman;font-size:10pt;">aggregate. We maintain coverage for terrorism acts with limits </font><font style="font-family:Times New Roman;font-size:10pt;">of $4.0 billion per </font><font style="font-family:Times New Roman;font-size:10pt;">occurrence and in the aggregate, </font><font style="font-family:Times New Roman;font-size:10pt;">and $2.0 billion </font><font style="font-family:Times New Roman;font-size:10pt;">per occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (&#8220;NBCR&#8221;) terrorism events, as defined by Terrorism Risk Insurance Program Reauthorization Act, which</font><font style="font-family:Times New Roman;font-size:10pt;"> expires in </font><font style="font-family:Times New Roman;font-size:10pt;">December 2020.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">Penn Plaza Insurance Company, LLC (&#8220;PPIC&#8221;), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to </font><font style="font-family:Times New Roman;font-size:10pt;">a portion of all risk property and rental value insurance and a portion of our earthquake insurance coverage, and as a direct insurer for coverage for NBCR acts. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a deductible of $</font><font style="font-family:Times New Roman;font-size:10pt;">2</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">480</font><font style="font-family:Times New Roman;font-size:10pt;">,000 and 15% of the balance of a covered loss </font><font style="font-family:Times New Roman;font-size:10pt;">(16% effective January 1, 2016) </font><font style="font-family:Times New Roman;font-size:10pt;">and the Federal government is responsible for the remaining 85% of a covered loss</font><font style="font-family:Times New Roman;font-size:10pt;"> (84% effective January 1, 2016)</font><font style="font-family:Times New Roman;font-size:10pt;">. We are ultimately responsible for any loss incurred by PPIC.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">We continue to monitor the state of the insurance market and the scope and </font><font style="font-family:Times New Roman;font-size:10pt;">costs of coverage for acts of terrorism. However, we cannot anticipate what coverage will be available on commercially reasonable terms in </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">future.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">Our debt instruments, consisting of mortgage loans secured by our properties which are non-recourse to us, senior unsecured notes and revolving credit agreements contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. Further, if lenders insist on greater coverage than we are able to obtain it could adversely affect our ability to finance our properties and expand our portfolio. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:18px;">Other Commitments and Contingencies</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">is not expected to have a material adverse effect on our financial position, results of operations or cash flows.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">Our mortgage loans are non-recourse to us. However, in certain cases we have provided guarantees or master leased tenant space. These guarantees and master leases terminate either upon the satisfaction of specified circumstances or repayment of the underlying loans. As of March 31, 2015, the aggregate dollar amount of these guarantees and master leases is </font><font style="font-family:Times New Roman;font-size:10pt;">approximately </font><font style="font-family:Times New Roman;font-size:10pt;">$349,000,000</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">At March 31, 2015</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">$39,632,000</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">of letters of credit were outstanding under one of our revolving credit facilities. Our </font><font style="font-family:Times New Roman;font-size:10pt;">revolving </font><font style="font-family:Times New Roman;font-size:10pt;">credit facilities contain financial covenants that require us to maintain minimum interest coverage and maximum debt to market capitalization ratios, and provide for higher interest rates in the event of a decline in our ratings below Baa3/BBB. Our </font><font style="font-family:Times New Roman;font-size:10pt;">revolving </font><font style="font-family:Times New Roman;font-size:10pt;">credit facilities also contain customary conditions precedent to borrowing, including representations and warranties</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> and also contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">A</font><font style="font-family:Times New Roman;font-size:10pt;">s of</font><font style="font-family:Times New Roman;font-size:10pt;"> March 31, 2015, we expect to fund additional capital to certain of our partially owned entities aggregating </font><font style="font-family:Times New Roman;font-size:10pt;">approximately</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">$78,000,000</font><font style="font-family:Times New Roman;font-size:10pt;">. </font></p> 39632000 300000000 2000000000 180000000 4000000000 2000000000 2480000 0.15 0.16 0.84 0.85 349000000 78000000 180000000 December 2020 0.05 <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">21</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Segment Information</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:18px;">As a result of </font><font style="font-family:Times New Roman;font-size:10pt;">the spin-off of substantially all of our Retail Properties segment</font><font style="font-family:Times New Roman;font-size:10pt;"> (see </font><font style="font-family:Times New Roman;font-size:10pt;">N</font><font style="font-family:Times New Roman;font-size:10pt;">ote 8</font><font style="font-family:Times New Roman;font-size:10pt;"> -</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Dispositions</font><font style="font-family:Times New Roman;font-size:10pt;">), the </font><font style="font-family:Times New Roman;font-size:10pt;">r</font><font style="font-family:Times New Roman;font-size:10pt;">emaining r</font><font style="font-family:Times New Roman;font-size:10pt;">etail </font><font style="font-family:Times New Roman;font-size:10pt;">p</font><font style="font-family:Times New Roman;font-size:10pt;">roperties no longer meet the criteria to be a separate reportable segment. In addition, as a result of </font><font style="font-family:Times New Roman;font-size:10pt;">our investment in Toys being reduced to zero, we </font><font style="font-family:Times New Roman;font-size:10pt;">suspen</font><font style="font-family:Times New Roman;font-size:10pt;">ded</font><font style="font-family:Times New Roman;font-size:10pt;"> equity method accounting for our investment in Toys (see </font><font style="font-family:Times New Roman;font-size:10pt;">N</font><font style="font-family:Times New Roman;font-size:10pt;">ote </font><font style="font-family:Times New Roman;font-size:10pt;">7</font><font style="font-family:Times New Roman;font-size:10pt;"> -</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Investments in Partially Owned Entities</font><font style="font-family:Times New Roman;font-size:10pt;">)</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">the Toys segment no longer meets the criteria to be a separate reportable segment. Accordingly, effective January 1, 2015, </font><font style="font-family:Times New Roman;font-size:10pt;">the Retail Properties segment </font><font style="font-family:Times New Roman;font-size:10pt;">and Toys have been reclassified to the </font><font style="font-family:Times New Roman;font-size:10pt;">Other</font><font style="font-family:Times New Roman;font-size:10pt;"> segment. We have also reclassified the prior period segment financial results to conform to the current </font><font style="font-family:Times New Roman;font-size:10pt;">period</font><font style="font-family:Times New Roman;font-size:10pt;"> presentation.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Below is a summary of net income and a reconciliation of net income to </font><font style="font-family:Times New Roman;font-size:10pt;">EBITDA</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">(</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">1)</font><font style="font-family:Times New Roman;font-size:10pt;"> by segment for the three</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">months ended March 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> 2015 and 2014. </font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 12px"><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 285px; text-align:left;border-color:#000000;min-width:285px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:center;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:center;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:center;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:center;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 13px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td colspan="25" style="width: 419px; text-align:center;border-color:#000000;min-width:419px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months Ended March 31, 2015</font></td></tr><tr style="height: 13px"><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 285px; text-align:left;border-color:#000000;min-width:285px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 89px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:89px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Total</font></td><td style="width: 12px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:12px;">&#160;</td><td colspan="2" style="width: 89px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:89px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">New York</font></td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:14px;">&#160;</td><td colspan="2" style="width: 89px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:89px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Washington, DC</font></td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td colspan="2" style="width: 89px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:89px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Other</font></td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Total revenues</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 606,802</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 399,513</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 133,968</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 73,321</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Total expenses</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 439,088</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 252,760</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 92,997</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 93,331</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Operating income (loss)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 167,714</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 146,753</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 40,971</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (20,010)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Loss) income from partially owned entities</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (2,405)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (5,663)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 131</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 3,127</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Income from real estate fund investments</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 24,089</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 24,089</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Interest and other investment income, net</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 10,792</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,862</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 13</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 8,917</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Interest and debt expense</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (91,674)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (45,351)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (18,160)</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (28,163)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net gain on disposition of wholly owned and partially</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td colspan="2" style="width: 297px; text-align:left;border-color:#000000;min-width:297px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">owned assets</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,860</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,860</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income (loss) before income taxes</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 110,376</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 97,601</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 22,955</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (10,180)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income tax (expense) benefit</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (971)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (943)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 674</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (702)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income (loss) from continuing operations</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 109,405</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 96,658</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 23,629</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (10,882)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income from discontinued operations</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 15,841</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 15,841</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net income</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 125,246</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 96,658</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 23,629</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 4,959</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Less net income attributable to noncontrolling interests</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (21,169)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,506)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (19,663)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net income (loss) attributable to Vornado</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 104,077</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 95,152</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 23,629</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (14,704)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Interest and debt expense</font>⁽²⁾</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 114,675</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 58,667</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 21,512</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 34,496</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Depreciation and amortization</font>⁽²⁾</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 156,450</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 94,124</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 40,752</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 21,574</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income tax (benefit) expense </font>⁽²⁾</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (739)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,002</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (2,636)</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 895</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">EBITDA</font>⁽¹⁾</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 374,463</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 248,945</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;⁽³⁾</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 83,257</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;⁽⁴⁾</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 42,261</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;⁽⁵⁾</td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">21</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Segment Information &#8211; continued</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 13px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(Amounts in thousands)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="25" style="width: 411px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:411px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months Ended March 31, 2014</font></td></tr><tr style="height: 13px"><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 285px; text-align:left;border-color:#000000;min-width:285px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 89px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:89px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Total</font></td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:14px;">&#160;</td><td colspan="2" style="width: 89px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:89px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">New York</font></td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:14px;">&#160;</td><td colspan="2" style="width: 88px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:88px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Washington, DC</font></td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td colspan="2" style="width: 89px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:89px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Other</font></td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Total revenues</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 562,381</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 361,184</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 135,278</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 65,919</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Total expenses</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 417,140</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 237,734</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 89,572</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 89,834</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Operating income (loss)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 145,241</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 123,450</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 45,706</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (23,915)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income (loss) from partially owned entities</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,979</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,566</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,266)</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,679</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Income from real estate fund investments</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 18,148</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 18,148</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Interest and other investment income, net</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 11,850</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,441</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 36</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 10,373</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Interest and debt expense</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (96,312)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (42,839)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (19,347)</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (34,126)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net gain on disposition of wholly owned and partially</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td colspan="2" style="width: 296px; text-align:left;border-color:#000000;min-width:296px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">owned assets</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 9,635</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 9,635</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Income (loss) before income taxes</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 90,541</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 83,618</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 25,129</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (18,206)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Income tax (expense) benefit</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (851)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (969)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 199</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (81)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Income (loss) from continuing operations</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 89,690</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 82,649</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 25,328</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (18,287)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="5" style="width: 325px; text-align:left;border-color:#000000;min-width:325px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Income from discontinued operations</font></td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 8,466</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 5,867</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 2,599</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net income (loss)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 98,156</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 88,516</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 25,328</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (15,688)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Less net income attributable to noncontrolling interests</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (15,439)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,405)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (14,034)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 13px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net income (loss) attributable to Vornado</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 82,717</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 87,111</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 25,328</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (29,722)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 13px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Interest and debt expense</font>⁽²⁾</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 170,952</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 58,068</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 22,798</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 90,086</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 13px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Depreciation and amortization</font>⁽²⁾</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 196,339</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 87,587</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 36,150</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 72,602</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 13px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Income tax expense (benefit)</font>⁽²⁾</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 19,831</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,032</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (189)</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 18,988</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 13px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">EBITDA</font>⁽¹⁾</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 469,839</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 233,798</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;⁽³⁾</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 84,087</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;⁽⁴⁾</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 151,954</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;⁽⁵⁾</td></tr><tr style="height: 3px"><td style="width: 11px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 11px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 285px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:285px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 3px"><td style="width: 11px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 11px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 285px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:285px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 6px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">See notes on the following page.</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">21</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Segment Information &#8211; continued</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="15" style="width: 681px; text-align:left;border-color:#000000;min-width:681px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Notes to preceding tabular information:</font></td></tr><tr style="height: 17px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">(1)</font></td><td colspan="18" style="width: 681px; text-align:left;border-color:#000000;min-width:681px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." We consider EBITDA a supplemental non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on a multiple of EBITDA, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies.</font></td></tr><tr style="height: 17px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">(2)</font></td><td colspan="18" style="width: 681px; text-align:left;border-color:#000000;min-width:681px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Interest and debt expense, depreciation and amortization and income tax expense (benefit) in the reconciliation of net income (loss) to EBITDA includes our share of these items from partially owned entities.</font></td></tr><tr style="height: 17px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">(3)</font></td><td colspan="18" style="width: 681px; text-align:left;border-color:#000000;min-width:681px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">The elements of "New York" EBITDA are summarized below.</font></td></tr><tr style="height: 16px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="5" style="width: 238px; text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="5" style="width: 238px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="6" style="width: 435px; text-align:left;border-color:#000000;min-width:435px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="2" style="width: 114px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:114px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 114px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:114px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="6" style="width: 435px; text-align:left;border-color:#000000;min-width:435px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Office</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 159,359</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 157,879</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="6" style="width: 435px; text-align:left;border-color:#000000;min-width:435px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Retail</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 81,305</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 66,195</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="8" style="width: 453px; text-align:left;border-color:#000000;min-width:453px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Alexander's </font></td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 10,407</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 10,430</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="6" style="width: 435px; text-align:left;border-color:#000000;min-width:435px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Hotel Pennsylvania</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> (2,126)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> (706)</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td colspan="5" style="width: 418px; text-align:left;border-color:#000000;min-width:418px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Total New York</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 248,945</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 233,798</font></td></tr><tr style="height: 10px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">(4)</font></td><td colspan="18" style="width: 681px; text-align:left;border-color:#000000;min-width:681px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">The elements of "Washington, DC" EBITDA are summarized below. </font></td></tr><tr style="height: 16px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="5" style="width: 238px; text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="5" style="width: 238px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="6" style="width: 435px; text-align:left;border-color:#000000;min-width:435px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="2" style="width: 114px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:114px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 114px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:114px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="6" style="width: 435px; text-align:left;border-color:#000000;min-width:435px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Office, excluding the Skyline Properties </font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 67,385</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 67,257</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="6" style="width: 435px; text-align:left;border-color:#000000;min-width:435px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Skyline properties</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 6,055</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 6,499</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td colspan="5" style="width: 418px; text-align:left;border-color:#000000;min-width:418px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Total Office</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 73,440</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 73,756</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="6" style="width: 435px; text-align:left;border-color:#000000;min-width:435px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Residential</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 9,817</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 10,331</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td colspan="5" style="width: 418px; text-align:left;border-color:#000000;min-width:418px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Total Washington, DC</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 83,257</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 84,087</font></td></tr><tr style="height: 17px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 10px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">21</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Segment Information &#8211; continued</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="15" style="width: 685px; text-align:left;border-color:#000000;min-width:685px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Notes to preceding tabular information - continued:</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 10px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">(5)</font></td><td colspan="18" style="width: 685px; text-align:left;border-color:#000000;min-width:685px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">The elements of "other" EBITDA are summarized below.</font></td></tr><tr style="height: 16px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="5" style="width: 238px; text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="5" style="width: 238px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="2" style="width: 114px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:114px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 114px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:114px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Our share of Real Estate Fund:</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td colspan="5" style="width: 422px; text-align:left;border-color:#000000;min-width:422px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Income before net realized/unrealized gains</font></td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,614</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,982</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td colspan="5" style="width: 422px; text-align:left;border-color:#000000;min-width:422px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Net realized/unrealized gains on investments</font></td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 5,548</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 3,542</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td colspan="5" style="width: 422px; text-align:left;border-color:#000000;min-width:422px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Carried interest </font></td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 3,388</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,775</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Total</font></td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 10,550</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 7,299</font></td></tr><tr style="height: 14px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">The Mart and trade shows</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 21,041</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 19,087</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">555 California Street</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 12,401</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 12,066</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">India real estate ventures</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,841</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,824</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Our share of Toys "R" Us</font>^(a)</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 83,550</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Other investments</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 9,109</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 9,447</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 54,942</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 133,273</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Corporate general and administrative expenses</font>^(b)</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (35,942)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (25,982)</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Investment income and other, net</font>^(b)</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 8,762</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 8,073</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Urban Edge Properties and residual retail properties discontinued operations</font>^(c)</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 19,907</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 32,100</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Acquisition and transaction related costs</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,981)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,285)</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="8" style="width: 457px; text-align:left;border-color:#000000;min-width:457px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Net gain on sale of residential condominiums and a land parcel </font></td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,860</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 9,635</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="7" style="width: 447px; text-align:left;border-color:#000000;min-width:447px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Net income attributable to noncontrolling interests in the Operating Partnership</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (5,287)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (3,860)</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 42,261</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 151,954</font></td></tr><tr style="height: 5px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 7px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 29px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(a)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="16" style="width: 653px; text-align:left;border-color:#000000;min-width:653px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">As a result of our investment being reduced to zero, we suspended equity method accounting in the third quarter of 2014 (see Note 7 - </font><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Investments in Partially Owned Entities</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">). The three months ended March 31, 2014 includes an impairment loss of $75,196.</font></td></tr><tr style="height: 7px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 29px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(b)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="16" style="width: 653px; text-align:left;border-color:#000000;min-width:653px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">The amounts in these captions (for this table only) exclude income/expense from the mark-to-market of our deferred compensation plan of $2,859 and $4,400 for the three months ended March 31, 2015 and 2014, respectively. The three months ended March 31, 2015 include $8,817 from the acceleration of the recognition of compensation expense related to 2013-2015 Out-Performance Plans due to the modification of the vesting criteria of awards such that they will fully vest at age 65. The accelerated expense will result in lower general and administrative expense for the remainder of 2015 of $2,600 and $6,217 thereafter. </font></td></tr><tr style="height: 7px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 29px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(c)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="16" style="width: 653px; text-align:left;border-color:#000000;min-width:653px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">The three months ended March 31, 2015 and 2014, include $22,645 and $499, respectively, of transaction costs related to the spin-off of our strip shopping centers and malls (see Note 1 - </font><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Organization)</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">. </font></td></tr><tr style="height: 14px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr></table></div> 399513000 252760000 114675000 156450000 -739000 374463000 146753000 45351000 97601000 943000 96658000 96658000 95152000 58667000 94124000 1002000 248945000 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 12px"><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 285px; text-align:left;border-color:#000000;min-width:285px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:center;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:center;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:center;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:center;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 13px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td colspan="25" style="width: 419px; text-align:center;border-color:#000000;min-width:419px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months Ended March 31, 2015</font></td></tr><tr style="height: 13px"><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 285px; text-align:left;border-color:#000000;min-width:285px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 89px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:89px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Total</font></td><td style="width: 12px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:12px;">&#160;</td><td colspan="2" style="width: 89px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:89px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">New York</font></td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:14px;">&#160;</td><td colspan="2" style="width: 89px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:89px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Washington, DC</font></td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td colspan="2" style="width: 89px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:89px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Other</font></td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Total revenues</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 606,802</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 399,513</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 133,968</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 73,321</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Total expenses</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 439,088</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 252,760</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 92,997</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 93,331</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Operating income (loss)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 167,714</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 146,753</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 40,971</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (20,010)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(Loss) income from partially owned entities</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (2,405)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (5,663)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 131</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 3,127</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Income from real estate fund investments</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 24,089</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 24,089</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Interest and other investment income, net</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 10,792</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,862</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 13</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 8,917</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Interest and debt expense</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (91,674)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (45,351)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (18,160)</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (28,163)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net gain on disposition of wholly owned and partially</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td colspan="2" style="width: 297px; text-align:left;border-color:#000000;min-width:297px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">owned assets</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,860</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,860</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income (loss) before income taxes</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 110,376</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 97,601</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 22,955</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (10,180)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income tax (expense) benefit</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (971)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (943)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 674</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (702)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income (loss) from continuing operations</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 109,405</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 96,658</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 23,629</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (10,882)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income from discontinued operations</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 15,841</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 15,841</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net income</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 125,246</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 96,658</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 23,629</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 4,959</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Less net income attributable to noncontrolling interests</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (21,169)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,506)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (19,663)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net income (loss) attributable to Vornado</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 104,077</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 95,152</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 23,629</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (14,704)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Interest and debt expense</font>⁽²⁾</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 114,675</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 58,667</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 21,512</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 34,496</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Depreciation and amortization</font>⁽²⁾</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 156,450</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 94,124</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 40,752</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 21,574</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income tax (benefit) expense </font>⁽²⁾</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (739)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,002</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (2,636)</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 895</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 309px; text-align:left;border-color:#000000;min-width:309px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">EBITDA</font>⁽¹⁾</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 374,463</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 248,945</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;⁽³⁾</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 83,257</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;⁽⁴⁾</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 42,261</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;⁽⁵⁾</td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 13px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(Amounts in thousands)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="25" style="width: 411px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:411px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months Ended March 31, 2014</font></td></tr><tr style="height: 13px"><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 285px; text-align:left;border-color:#000000;min-width:285px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="2" style="width: 89px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:89px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Total</font></td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:14px;">&#160;</td><td colspan="2" style="width: 89px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:89px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">New York</font></td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:14px;">&#160;</td><td colspan="2" style="width: 88px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:88px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Washington, DC</font></td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td colspan="2" style="width: 89px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:89px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Other</font></td><td style="width: 14px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Total revenues</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 562,381</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 361,184</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 135,278</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 65,919</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Total expenses</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 417,140</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 237,734</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 89,572</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 89,834</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Operating income (loss)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 145,241</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 123,450</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 45,706</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (23,915)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Income (loss) from partially owned entities</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,979</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,566</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,266)</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,679</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Income from real estate fund investments</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 18,148</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 18,148</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Interest and other investment income, net</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 11,850</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,441</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 36</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 10,373</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Interest and debt expense</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (96,312)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (42,839)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (19,347)</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (34,126)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net gain on disposition of wholly owned and partially</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td colspan="2" style="width: 296px; text-align:left;border-color:#000000;min-width:296px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">owned assets</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 9,635</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 9,635</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Income (loss) before income taxes</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 90,541</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 83,618</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 25,129</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (18,206)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Income tax (expense) benefit</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (851)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (969)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 199</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (81)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Income (loss) from continuing operations</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 89,690</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 82,649</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 25,328</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (18,287)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="5" style="width: 325px; text-align:left;border-color:#000000;min-width:325px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Income from discontinued operations</font></td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 8,466</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 5,867</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 2,599</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Net income (loss)</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 98,156</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 88,516</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 25,328</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (15,688)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 12px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Less net income attributable to noncontrolling interests</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (15,439)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,405)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (14,034)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 13px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net income (loss) attributable to Vornado</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 82,717</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 87,111</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 25,328</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (29,722)</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 13px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Interest and debt expense</font>⁽²⁾</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 170,952</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 58,068</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 22,798</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 90,086</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 13px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Depreciation and amortization</font>⁽²⁾</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 196,339</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 87,587</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 36,150</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 72,602</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 13px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Income tax expense (benefit)</font>⁽²⁾</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 19,831</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,032</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> (189)</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 18,988</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 13px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">EBITDA</font>⁽¹⁾</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 469,839</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 233,798</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;⁽³⁾</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 84,087</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;⁽⁴⁾</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"> 151,954</font></td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;⁽⁵⁾</td></tr><tr style="height: 3px"><td style="width: 11px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 11px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 285px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:285px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 3px"><td style="width: 11px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 11px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 285px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:285px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:right;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:right;border-color:#000000;min-width:14px;">&#160;</td></tr><tr style="height: 6px"><td colspan="3" style="width: 307px; text-align:left;border-color:#000000;min-width:307px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">See notes on the following page.</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="15" style="width: 681px; text-align:left;border-color:#000000;min-width:681px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Notes to preceding tabular information:</font></td></tr><tr style="height: 17px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">(1)</font></td><td colspan="18" style="width: 681px; text-align:left;border-color:#000000;min-width:681px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." We consider EBITDA a supplemental non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on a multiple of EBITDA, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies.</font></td></tr><tr style="height: 17px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">(2)</font></td><td colspan="18" style="width: 681px; text-align:left;border-color:#000000;min-width:681px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Interest and debt expense, depreciation and amortization and income tax expense (benefit) in the reconciliation of net income (loss) to EBITDA includes our share of these items from partially owned entities.</font></td></tr><tr style="height: 17px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">(3)</font></td><td colspan="18" style="width: 681px; text-align:left;border-color:#000000;min-width:681px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">The elements of "New York" EBITDA are summarized below.</font></td></tr><tr style="height: 16px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="5" style="width: 238px; text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="5" style="width: 238px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="6" style="width: 435px; text-align:left;border-color:#000000;min-width:435px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="2" style="width: 114px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:114px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 114px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:114px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="6" style="width: 435px; text-align:left;border-color:#000000;min-width:435px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Office</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 159,359</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 157,879</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="6" style="width: 435px; text-align:left;border-color:#000000;min-width:435px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Retail</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 81,305</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 66,195</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="8" style="width: 453px; text-align:left;border-color:#000000;min-width:453px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Alexander's </font></td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 10,407</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 10,430</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="6" style="width: 435px; text-align:left;border-color:#000000;min-width:435px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Hotel Pennsylvania</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> (2,126)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> (706)</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td colspan="5" style="width: 418px; text-align:left;border-color:#000000;min-width:418px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Total New York</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 248,945</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 233,798</font></td></tr><tr style="height: 10px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 13px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">(4)</font></td><td colspan="18" style="width: 681px; text-align:left;border-color:#000000;min-width:681px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">The elements of "Washington, DC" EBITDA are summarized below. </font></td></tr><tr style="height: 16px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="5" style="width: 238px; text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="5" style="width: 238px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="6" style="width: 435px; text-align:left;border-color:#000000;min-width:435px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="2" style="width: 114px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:114px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 114px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:114px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="6" style="width: 435px; text-align:left;border-color:#000000;min-width:435px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Office, excluding the Skyline Properties </font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 67,385</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 67,257</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="6" style="width: 435px; text-align:left;border-color:#000000;min-width:435px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Skyline properties</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 6,055</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 6,499</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td colspan="5" style="width: 418px; text-align:left;border-color:#000000;min-width:418px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Total Office</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 73,440</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 73,756</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td colspan="6" style="width: 435px; text-align:left;border-color:#000000;min-width:435px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Residential</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 9,817</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 10,331</font></td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td colspan="5" style="width: 418px; text-align:left;border-color:#000000;min-width:418px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Total Washington, DC</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 83,257</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 84,087</font></td></tr><tr style="height: 17px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 10px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 288px; text-align:left;border-color:#000000;min-width:288px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr></table></div> 133968000 92997000 40971000 18160000 22955000 -674000 23629000 23629000 23629000 21512000 40752000 -2636000 83257000 73321000 93331000 -20010000 24089000 28163000 1860000 -10180000 702000 -10882000 15841000 4959000 19663000 -14704000 34496000 21574000 895000 42261000 1862000 13000 8917000 21169000 1506000 -5663000 131000 3127000 361184000 135278000 237734000 89572000 123450000 45706000 1566000 -1266000 42839000 19347000 83618000 25129000 969000 -199000 82649000 25328000 5867000 88516000 25328000 87111000 25328000 58068000 22798000 196339000 87587000 36150000 19831000 1032000 -189000 170952000 469839000 233798000 84087000 65919000 89834000 -23915000 1679000 18148000 34126000 9635000 -18206000 81000 -18287000 2599000 -15688000 14034000 -29722000 90086000 72602000 18988000 151954000 1441000 36000 10373000 15439000 1405000 159359000 81305000 10407000 -2126000 157879000 66195000 10430000 -706000 67385000 67257000 6055000 6499000 73440000 73756000 9817000 10331000 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="15" style="width: 685px; text-align:left;border-color:#000000;min-width:685px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Notes to preceding tabular information - continued:</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 10px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">(5)</font></td><td colspan="18" style="width: 685px; text-align:left;border-color:#000000;min-width:685px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">The elements of "other" EBITDA are summarized below.</font></td></tr><tr style="height: 16px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="5" style="width: 238px; text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">For the Three Months</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="5" style="width: 238px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:238px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Ended March 31,</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">(Amounts in thousands)</font></td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="2" style="width: 114px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:114px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 114px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:114px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Our share of Real Estate Fund:</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td colspan="5" style="width: 422px; text-align:left;border-color:#000000;min-width:422px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Income before net realized/unrealized gains</font></td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,614</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,982</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td colspan="5" style="width: 422px; text-align:left;border-color:#000000;min-width:422px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Net realized/unrealized gains on investments</font></td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 5,548</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 3,542</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td colspan="5" style="width: 422px; text-align:left;border-color:#000000;min-width:422px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Carried interest </font></td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 3,388</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,775</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Total</font></td><td style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 10,550</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 7,299</font></td></tr><tr style="height: 14px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">The Mart and trade shows</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 21,041</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 19,087</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">555 California Street</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 12,401</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 12,066</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">India real estate ventures</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,841</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,824</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Our share of Toys "R" Us</font>^(a)</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 83,550</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Other investments</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 9,109</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 9,447</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 54,942</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 133,273</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Corporate general and administrative expenses</font>^(b)</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (35,942)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (25,982)</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Investment income and other, net</font>^(b)</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 8,762</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 8,073</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Urban Edge Properties and residual retail properties discontinued operations</font>^(c)</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 19,907</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 32,100</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="6" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Acquisition and transaction related costs</font></td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,981)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,285)</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="8" style="width: 457px; text-align:left;border-color:#000000;min-width:457px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Net gain on sale of residential condominiums and a land parcel </font></td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,860</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 9,635</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td colspan="7" style="width: 447px; text-align:left;border-color:#000000;min-width:447px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Net income attributable to noncontrolling interests in the Operating Partnership</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (5,287)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (3,860)</font></td></tr><tr style="height: 15px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 42,261</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 104px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:104px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 151,954</font></td></tr><tr style="height: 5px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 7px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 29px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(a)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="16" style="width: 653px; text-align:left;border-color:#000000;min-width:653px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">As a result of our investment being reduced to zero, we suspended equity method accounting in the third quarter of 2014 (see Note 7 - </font><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Investments in Partially Owned Entities</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">). The three months ended March 31, 2014 includes an impairment loss of $75,196.</font></td></tr><tr style="height: 7px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 29px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(b)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="16" style="width: 653px; text-align:left;border-color:#000000;min-width:653px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">The amounts in these captions (for this table only) exclude income/expense from the mark-to-market of our deferred compensation plan of $2,859 and $4,400 for the three months ended March 31, 2015 and 2014, respectively. The three months ended March 31, 2015 include $8,817 from the acceleration of the recognition of compensation expense related to 2013-2015 Out-Performance Plans due to the modification of the vesting criteria of awards such that they will fully vest at age 65. The accelerated expense will result in lower general and administrative expense for the remainder of 2015 of $2,600 and $6,217 thereafter. </font></td></tr><tr style="height: 7px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr><tr style="height: 29px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(c)</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="16" style="width: 653px; text-align:left;border-color:#000000;min-width:653px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">The three months ended March 31, 2015 and 2014, include $22,645 and $499, respectively, of transaction costs related to the spin-off of our strip shopping centers and malls (see Note 1 - </font><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Organization)</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">. </font></td></tr><tr style="height: 14px"><td style="width: 34px; text-align:left;border-color:#000000;min-width:34px;">&#160;</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 292px; text-align:left;border-color:#000000;min-width:292px;">&#160;</td><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 104px; text-align:left;border-color:#000000;min-width:104px;">&#160;</td></tr></table></div> 499000 22645000 4400000 2859000 83550000 32100000 19907000 0 10550000 7299000 1614000 1982000 3542000 5548000 1775000 3388000 19087000 21041000 12066000 12401000 1824000 1841000 9109000 9447000 133273000 54942000 -35942000 -25982000 8073000 8762000 -1981000 -1285000 9635000 1860000 -5287000 -3860000 P65Y 8817000 0 75196000 2600000 6217000