KITE REALTY GROUP TRUST

For the period ended Dec 31, 2025. Filed Feb 17, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 17, 2026

KRG$25.88+1.0%Stored close · as of Nov 10, 2026

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Contents

Schedule III – Consolidated Real Estate and Accumulated Depreciation

Initial Cost(1) · Cost CapitalizedSubsequent to Acquisition/Development · Gross Carrying AmountClose of Period
Name	Encumbrances	Land	Building &Improvements	Land	Building &Improvements	Land	Building &Improvements	Total	AccumulatedDepreciation	Year Built /Renovated	YearAcquired
Operating Properties
12th Street Plaza	$—	$2,624	$10,615	$—	$3,999	$2,624	$14,614	$17,238	$4,601	1978/2003	2012
54th & College	—	2,672	—	—	—	2,672	—	2,672	—	2008	N/A
Arcadia Village	—	8,487	11,629	—	577	8,487	12,206	20,693	3,453	1957	2021
Avondale Plaza	—	6,723	10,040	—	84	6,723	10,124	16,847	2,421	2005	2021
Bayonne Crossing	—	47,809	38,339	—	3,672	47,809	42,011	89,820	14,688	2011	2014
Bayport Commons	—	7,005	20,362	—	4,899	7,005	25,261	32,266	12,356	2008	N/A
Bridgewater Marketplace	—	3,407	7,473	—	1,800	3,407	9,273	12,680	4,597	2008	N/A
Burlington*	—	—	2,773	—	29	—	2,802	2,802	2,802	1992/2000	2000
Castleton Crossing	—	9,761	24,162	—	1,566	9,761	25,728	35,489	9,135	1975	2013
Cedar Park Town Center	—	9,032	25,600	—	397	9,032	25,997	35,029	4,437	2013	2021
Centennial Center	—	58,960	71,351	—	10,668	58,960	82,019	140,979	48,012	2002	2014
Centennial Gateway	—	5,305	48,398	—	1,537	5,305	49,935	55,240	22,522	2005	2014
Centre at Laurel	—	6,122	34,213	—	1,095	6,122	35,308	41,430	8,311	2005	2021
Centre Point Commons*	—	2,918	22,272	—	921	2,918	23,193	26,111	10,414	2007	2014
Chantilly Crossing	—	12,309	17,458	—	1,415	12,309	18,873	31,182	4,584	2004	2021
Chapel Hill Shopping Center*	—	—	34,653	—	3,226	—	37,879	37,879	18,682	2001	2015
Circle East	—	1,188	26,817	—	2,377	1,188	29,194	30,382	4,577	1998/2022	2021
Clearlake Shores Shopping Center	—	3,845	6,493	—	958	3,845	7,451	11,296	1,868	2003	2021
Coal Creek Marketplace	—	9,397	11,645	—	520	9,397	12,165	21,562	3,548	1991	2021
Cobblestone Plaza	—	10,374	43,620	—	4,669	10,374	48,289	58,663	20,720	2011	N/A
Colleyville Downs	—	5,446	36,506	—	5,148	5,446	41,654	47,100	23,622	2014	2015
Colonial Square	—	7,521	18,499	—	4,301	7,521	22,800	30,321	9,242	2010	2014
Colony Square	—	20,300	17,353	—	2,222	20,300	19,575	39,875	6,030	1997	2021
Commons at Temecula	—	18,966	43,691	—	665	18,966	44,356	63,322	13,309	1999	2021
Cool Creek Commons	—	6,062	12,225	—	8,994	6,062	21,219	27,281	10,511	2005	N/A
Cool Springs Market	—	12,444	20,880	40	12,021	12,484	32,901	45,385	17,121	1995	2013
Coppell Town Center	—	5,052	11,214	—	815	5,052	12,029	17,081	3,525	1999	2021
Cypress Mill Plaza	—	6,320	9,926	—	542	6,320	10,468	16,788	2,693	2004	2021
Davis Towne Crossing	—	995	8,939	—	196	995	9,135	10,130	2,314	2003	2021
Delray Marketplace	12,200	18,750	84,233	1,284	12,078	20,034	96,311	116,345	38,936	2013	N/A
Downtown Crown	—	25,759	76,338	—	8,501	25,759	84,839	110,598	14,122	2014	2021
Draper Crossing	—	9,054	27,063	—	2,580	9,054	29,643	38,697	14,792	2012	2014

Initial Cost(1) · Cost CapitalizedSubsequent to Acquisition/Development · Gross Carrying AmountClose of Period
Name	Encumbrances	Land	Building &Improvements	Land	Building &Improvements	Land	Building &Improvements	Total	AccumulatedDepreciation	Year Built /Renovated	YearAcquired
Operating Properties (continued)
Draper Peaks	$—	$11,498	$46,639	$522	$6,952	$12,020	$53,591	$65,611	$21,419	2012	2014
East Stone Commons*	—	3,766	21,252	—	536	3,766	21,788	25,554	5,262	2005	2021
Eastern Beltway	—	23,221	45,500	—	9,107	23,221	54,607	77,828	22,569	1998/2006	2014
Eastgate Pavilion	—	8,026	18,217	—	3,306	8,026	21,523	29,549	11,616	1995	2004
Eastwood Towne Center	—	3,242	55,528	—	7,279	3,242	62,807	66,049	16,955	2002	2021
Eddy Street Commons*	—	1,900	46,685	—	8,751	1,900	55,436	57,336	20,056	2009/2022	N/A
Edwards Multiplex	—	22,583	27,232	—	294	22,583	27,526	50,109	7,811	1997	2021
Estero Town Commons	—	7,453	9,900	—	1,533	7,453	11,433	18,886	5,895	2006	N/A
Fairgrounds Plaza	—	12,690	15,249	—	113	12,690	15,362	28,052	3,974	2002	2021
Fishers Station	—	5,041	13,001	—	312	5,041	13,313	18,354	6,069	2018	N/A
Fordham Place	—	41,993	100,111	—	1,685	41,993	101,796	143,789	18,773	1920/2009	2021
Fort Evans Plaza II	—	14,110	38,655	—	8,066	14,110	46,721	60,831	9,074	2008	2021
Galvez Shopping Center	—	494	4,946	—	282	494	5,228	5,722	1,319	2004	2021
Gardiner Manor	—	29,521	19,446	—	10,110	29,521	29,556	59,077	7,167	2000	2021
Gateway Pavilions	—	44,167	8,458	—	2,556	44,167	11,014	55,181	3,496	2003	2021
Gateway Plaza	—	15,608	21,593	—	6,374	15,608	27,967	43,575	8,282	2000	2021
Gateway Station	—	10,679	10,462	—	1,026	10,679	11,488	22,167	2,866	2003	2021
Gateway Village	—	32,045	33,316	—	806	32,045	34,122	66,167	10,374	1996	2021
Geist Pavilion	—	1,368	6,892	—	3,050	1,368	9,942	11,310	5,438	2006	N/A
Gerry Centennial Plaza	—	3,448	9,552	—	979	3,448	10,531	13,979	2,492	2006	2021
Glendale Town Center	—	1,442	41,154	(187)	26,472	1,255	67,626	68,881	39,676	1958/2021	1999
Grapevine Crossing	—	7,021	11,900	—	1,170	7,021	13,070	20,091	3,828	2001	2021
Green's Corner	—	4,716	13,623	—	198	4,716	13,821	18,537	3,989	1997	2021
Greyhound Commons	—	2,629	6	—	1,907	2,629	1,913	4,542	39	2005	N/A
Gurnee Town Center	—	7,348	20,471	—	1,261	7,348	21,732	29,080	6,242	2000	2021
Henry Town Center	—	9,353	49,123	—	3,719	9,353	52,842	62,195	14,826	2002	2021
Heritage Square	—	11,373	16,099	—	609	11,373	16,708	28,081	4,939	1985	2021
Heritage Towne Crossing	—	5,720	14,696	—	461	5,720	15,157	20,877	4,144	2002	2021
Holly Springs Towne Center	—	22,324	92,404	—	9,115	22,324	101,519	123,843	36,678	2013	N/A
Home Depot Center*	—	—	20,122	—	462	—	20,584	20,584	5,819	1996	2021
Huebner Oaks	—	19,423	35,404	—	3,427	19,423	38,831	58,254	8,950	1996	2021
Hunter's Creek Promenade	—	8,017	12,258	179	2,035	8,196	14,293	22,489	6,312	1994	2013

Initial Cost(1) · Cost CapitalizedSubsequent to Acquisition/Development · Gross Carrying AmountClose of Period
Name	Encumbrances	Land	Building &Improvements	Land	Building &Improvements	Land	Building &Improvements	Total	AccumulatedDepreciation	Year Built /Renovated	YearAcquired
Operating Properties (continued)
Indian River Square	$—	$4,000	$5,690	$1,100	$6,109	$5,100	$11,799	$16,899	$5,053	1997/2004	2005
Jefferson Commons	—	23,356	19,473	—	4,507	23,356	23,980	47,336	6,702	2005	2021
John's Creek Village	—	7,668	39,302	—	1,342	7,668	40,644	48,312	10,278	2004	2021
Killingly Commons	—	21,999	29,649	—	2,562	21,999	32,211	54,210	11,702	2010	2014
King's Lake Square	—	4,519	11,894	—	1,964	4,519	13,858	18,377	8,130	1986/2014	2003
La Plaza Del Norte	—	18,113	32,442	—	1,234	18,113	33,676	51,789	9,853	1996	2021
Lake City Commons	—	4,693	11,348	—	692	4,693	12,040	16,733	4,770	2008	2014
Lake Mary Plaza	—	1,413	8,447	—	433	1,413	8,880	10,293	3,354	2009	2014
Lake Worth Towne Crossing	—	6,228	28,499	—	1,527	6,228	30,026	36,254	7,143	2005	2021
Lakewood Towne Center	—	27,219	29,553	—	6,275	27,219	35,828	63,047	9,930	2002	2021
Lincoln Park	—	14,757	39,830	—	1,324	14,757	41,154	55,911	11,749	1997	2021
Lincoln Plaza	—	6,239	38,239	—	6,674	6,239	44,913	51,152	12,931	2001	2021
Lithia Crossing	—	3,065	6,749	—	10,906	3,065	17,655	20,720	4,453	1994/2003	2011
Lowe's Center	—	19,894	—	—	310	19,894	310	20,204	4	2005	2021
MacArthur Crossing	—	11,190	31,192	—	2,045	11,190	33,237	44,427	7,302	1995	2021
Main Street Promenade	—	2,630	59,620	—	2,552	2,630	62,172	64,802	9,520	2003	2021
Manchester Meadows	—	10,788	29,617	—	1,413	10,788	31,030	41,818	10,416	1994	2021
Mansfield Towne Crossing	—	2,966	14,094	—	1,296	2,966	15,390	18,356	3,825	2003	2021
Market Street Village	—	9,764	16,360	—	5,621	9,764	21,981	31,745	12,500	1970/2004	2005
Merrifield Town Center	—	5,186	41,059	—	2,135	5,186	43,194	48,380	8,813	2008	2021
Merrifield Town Center II	—	19,614	23,042	—	159	19,614	23,201	42,815	4,897	1972/2007	2021
Miramar Square	—	26,492	30,549	387	10,410	26,879	40,959	67,838	15,888	2008	2014
Mullins Crossing*	—	10,582	38,619	—	7,569	10,582	46,188	56,770	20,296	2005	2014
Naperville Marketplace	—	5,364	11,377	—	487	5,364	11,864	17,228	5,975	2008	N/A
New Forest Crossing	—	7,175	11,655	—	335	7,175	11,990	19,165	3,108	2003	2021
New Hyde Park Shopping Center	—	10,792	9,450	—	850	10,792	10,300	21,092	1,891	1964/2011	2021
Newnan Crossing	—	6,616	40,543	—	2,197	6,616	42,740	49,356	12,997	1999	2021
Newton Crossroads	—	1,004	10,752	—	422	1,004	11,174	12,178	3,207	1997	2021
Nora Plaza	3,068	3,790	19,508	5,002	39,357	8,792	58,865	67,657	10,627	2004	2019
North Benson Center	—	16,632	9,703	—	2,791	16,632	12,494	29,126	3,218	1988	2021
Northcrest Shopping Center	—	4,044	33,519	—	3,443	4,044	36,962	41,006	14,708	2008	2014
Northdale Promenade	—	1,718	27,242	—	400	1,718	27,642	29,360	20,976	2017	N/A

Initial Cost(1) · Cost CapitalizedSubsequent to Acquisition/Development · Gross Carrying AmountClose of Period
Name	Encumbrances	Land	Building &Improvements	Land	Building &Improvements	Land	Building &Improvements	Total	AccumulatedDepreciation	Year Built /Renovated	YearAcquired
Operating Properties (continued)
Northgate North	$20,970	$20,063	$47,624	$—	$3,119	$20,063	$50,743	$70,806	$14,467	1999	2021
Northpointe Plaza	—	15,657	34,002	—	1,880	15,657	35,882	51,539	10,134	1991	2021
Oak Brook Promenade	—	6,753	48,281	—	10,177	6,753	58,458	65,211	12,644	2006	2021
Oleander Place*	—	847	5,226	—	507	847	5,733	6,580	3,345	2012	2011
One Loudoun Downtown	95,095	74,400	233,760	—	16,457	74,400	250,217	324,617	42,694	2013/2022	2021
Oswego Commons	—	5,746	8,036	—	7,544	5,746	15,580	21,326	3,872	2002	2021
Palms Plaza	—	12,049	24,201	—	1,648	12,049	25,849	37,898	6,047	1988/2004	2022
Parkside Town Commons	—	21,806	104,283	(60)	13,034	21,746	117,317	139,063	46,304	2015	N/A
Parkside West Cobb	—	6,750	31,276	—	375	6,750	31,651	38,401	2,168	2016	2024
Pebble Marketplace	—	7,504	34,237	—	1,202	7,504	35,439	42,943	4,743	1997	2022
Pelham Manor Shopping Plaza*	—	—	41,998	—	700	—	42,698	42,698	8,826	2008	2021
Perimeter Woods	—	6,893	27,204	—	5,876	6,893	33,080	39,973	12,962	2008	2014
Pine Ridge Crossing	—	5,640	16,258	—	6,643	5,640	22,901	28,541	12,083	1994	2006
Plaza at Cedar Hill	—	5,782	31,614	—	17,824	5,782	49,438	55,220	27,148	2000	2004
Plaza at Marysville	—	6,710	18,373	—	354	6,710	18,727	25,437	5,614	1995	2021
Pleasant Hill Commons	—	3,350	10,036	—	(128)	3,350	9,908	13,258	4,017	2008	2014
Pleasant Run Towne Crossing	—	4,465	24,645	—	2,448	4,465	27,093	31,558	7,229	2004	2021
Prestonwood Place	—	14,282	61,202	—	606	14,282	61,808	76,090	6,197	1979/2020	2023
Publix at Woodruff	—	1,783	6,285	—	1,063	1,783	7,348	9,131	5,987	1997	2012
Rampart Commons	4,772	1,136	40,065	—	1,575	1,136	41,640	42,776	20,222	2018	2014
Rangeline Crossing	—	1,981	17,434	—	4,461	1,981	21,895	23,876	9,475	1986/2013	N/A
Riverchase Plaza	—	3,889	10,826	—	1,396	3,889	12,222	16,111	6,746	1991/2001	2006
Rivers Edge	—	5,647	28,556	—	6,311	5,647	34,867	40,514	13,406	2011	2008
Rivery Towne Crossing	—	5,230	2,154	—	1,176	5,230	3,330	8,560	1,028	2005	2021
Royal Oaks Village II	—	3,462	9,006	—	866	3,462	9,872	13,334	2,664	2004	2021
Sawyer Heights Village	—	18,720	19,354	—	725	18,720	20,079	38,799	4,346	2007	2021
Saxon Crossing	—	3,764	15,133	—	1,337	3,764	16,470	20,234	6,552	2009	2014
Shoppes at Hagerstown	—	6,796	15,803	—	925	6,796	16,728	23,524	3,559	2008	2021
Shoppes at Plaza Green	—	3,749	20,528	—	9,485	3,749	30,013	33,762	12,223	2000	2012
Shoppes at Quarterfield	—	4,105	8,703	—	650	4,105	9,353	13,458	1,557	1999/2022	2021
Shoppes of Eastwood	—	1,688	8,911	—	1,145	1,688	10,056	11,744	6,256	1997	2013
Shoppes of New Hope	—	2,107	10,559	—	241	2,107	10,800	12,907	2,553	2004	2021

Initial Cost(1) · Cost CapitalizedSubsequent to Acquisition/Development · Gross Carrying AmountClose of Period
Name	Encumbrances	Land	Building &Improvements	Land	Building &Improvements	Land	Building &Improvements	Total	AccumulatedDepreciation	Year Built /Renovated	YearAcquired
Operating Properties (continued)
Shoppes of Prominence Point	$—	$2,945	$11,078	$—	$638	$2,945	$11,716	$14,661	$2,890	2004	2021
Shops at Eagle Creek	—	2,121	7,966	—	5,024	2,121	12,990	15,111	7,212	1998	2003
Shops at Forest Commons	—	1,616	9,320	—	686	1,616	10,006	11,622	2,730	2002	2021
Shops at Julington Creek	—	2,372	7,241	—	521	2,372	7,762	10,134	2,784	2011	2014
Shops at Moore	—	6,284	23,159	—	4,531	6,284	27,690	33,974	10,060	2010	2014
Silver Springs Pointe	—	7,580	4,947	—	567	7,580	5,514	13,094	2,897	2001	2014
Southlake Corners	—	7,998	16,529	—	641	7,998	17,170	25,168	5,329	2004	2021
Southlake Town Square	—	19,534	319,696	—	27,544	19,534	347,240	366,774	97,664	1998	2021
Stilesboro Oaks	—	3,712	11,268	—	407	3,712	11,675	15,387	3,343	1997	2021
Stonebridge Plaza	—	1,923	7,917	—	324	1,923	8,241	10,164	2,350	1997	2021
Sunland Towne Centre	—	14,774	21,949	—	6,730	14,774	28,679	43,453	15,607	1996	2004
Tacoma South	—	30,058	3,291	—	1,257	30,058	4,548	34,606	1,145	1984	2021
Target South Center	—	2,581	9,553	—	136	2,581	9,689	12,270	2,821	1999	2021
Tarpon Bay Plaza	—	3,855	23,796	—	3,180	3,855	26,976	30,831	12,811	2007	N/A
The Brickyard	—	29,389	19,134	—	5,836	29,389	24,970	54,359	6,905	1977/2004	2021
The Corner	—	3,772	23,437	—	359	3,772	23,796	27,568	8,235	2008	2014
The Landing at Tradition	—	1,300	—	—	64	1,300	64	1,364	—	2007	2014
The Shoppes at Union Hill	6,832	9,876	46,208	—	2,208	9,876	48,416	58,292	12,241	2003	2021
The Shops at Legacy	—	14,864	118,380	—	16,359	14,864	134,739	149,603	34,752	2002	2021
Tollgate Marketplace	—	11,963	64,856	—	15,581	11,963	80,437	92,400	20,957	1979/1994	2021
Toringdon Market	—	5,448	9,025	—	1,251	5,448	10,276	15,724	4,711	2004	2013
Towson Square	—	1,412	26,684	—	352	1,412	27,036	28,448	5,170	2014	2021
Traders Point	—	11,135	41,871	—	3,447	11,135	45,318	56,453	28,803	2005	N/A
Tradition Village Center	—	3,140	14,576	—	1,773	3,140	16,349	19,489	7,214	2006	2014
Tysons Corner	—	13,334	10,407	—	140	13,334	10,547	23,881	1,979	1980/2013	2021
Village Commons	—	24,080	38,037	—	33	24,080	38,070	62,150	2,514	1987/2015	2025
Village Shoppes at Simonton	—	1,627	11,633	—	133	1,627	11,766	13,393	2,904	2004	2021
Walter's Crossing	—	13,056	20,656	—	4,271	13,056	24,927	37,983	5,801	2005	2021
Waterford Lakes Village	—	2,317	1,773	—	11,592	2,317	13,365	15,682	2,528	1997	2004
Waxahachie Crossing	—	1,411	15,698	—	10	1,411	15,708	17,119	5,733	2010	2014
Westbury Center	—	4,540	12,866	—	142	4,540	13,008	17,548	3,553	2000	2021
Winchester Commons	—	2,119	9,325	—	115	2,119	9,440	11,559	2,762	1999	2021

Initial Cost(1) · Cost CapitalizedSubsequent to Acquisition/Development · Gross Carrying AmountClose of Period
Name	Encumbrances	Land	Building &Improvements	Land	Building &Improvements	Land	Building &Improvements	Total	AccumulatedDepreciation	Year Built / Renovated	YearAcquired
Operating Properties (continued)
Woodinville Plaza	$—	$24,722	$29,830	$—	$6,186	$24,722	$36,016	$60,738	$9,205	1981	2021
Total Operating Properties	142,937	1,625,948	4,481,369	8,267	599,426	1,634,215	5,080,795	6,715,010	1,623,188

Initial Cost(1) · Cost CapitalizedSubsequent to Acquisition/Development · Gross Carrying AmountClose of Period
Name	Encumbrances	Land	Building &Improvements	Land	Building &Improvements	Land	Building &Improvements	Total	AccumulatedDepreciation	Year Built / Renovated	YearAcquired
Office and Other Properties
Carillon MOB	$—	$593	$22,877	$—	$535	$593	$23,412	$24,005	$1,436	2024	2021
Thirty South Meridian	—	1,643	5,795	—	33,082	1,643	38,877	40,520	19,395	1905/2002	2001
Union Station Parking Garage	—	904	2,310	—	2,281	904	4,591	5,495	2,577	1986	2001
Eastgate Crossing	—	4,244	51,358	—	11,382	4,244	62,740	66,984	8,642	1958/2007	2020
Total Office and Other Properties	—	7,384	82,340	—	47,280	7,384	129,620	137,004	32,050
Development and Redevelopment Projects
Carillon	—	19,339	2,013	—	5,103	19,339	7,116	26,455	952	2004	2021
Hamilton Crossing Centre	—	3,139	1,485	(19)	2,727	3,120	4,212	7,332	—	N/A	N/A
One Loudoun – Uptown	—	88,613	—	(88)	27,076	88,525	27,076	115,601	1	N/A	2021
The Corner – IN	—	—	—	—	—	—	—	—	—	N/A	N/A
Total Development and Redevelopment Projects	—	111,091	3,498	(107)	34,906	110,984	38,404	149,388	953
Other **
Bridgewater Marketplace	—	855	—	—	—	855	—	855	—	N/A	N/A
KRG Development	—	—	—	—	—	—	—	—	—	N/A	N/A
KRG New Hill	—	1,092	—	130	—	1,222	—	1,222	—	N/A	N/A
KRG Peakway	—	—	—	—	—	—	—	—	—	N/A	N/A
Total Other	—	1,947	—	130	—	2,077	—	2,077	—
Line of credit/Term loans/Unsecured notes	2,885,000	—	—	—	—	—	—	—	—	N/A	N/A
Grand Total	$3,027,937	$1,746,370	$4,567,207	$8,290	$681,612	$1,754,660	$5,248,819	$7,003,479	$1,656,191

(1)The balance for initial cost could include parcels/outparcels, assets written off, and/or provisions for impairment.

This property or a portion of the property is subject to a ground lease for the land.

** This category generally includes land held for development. We also have certain additional land parcels at our development and operating properties, which amounts are included elsewhere in this table.

Notes to Schedule III

(dollars in thousands)

NOTE 1. RECONCILIATION OF INVESTMENT PROPERTIES

The changes in investment properties for the years ended December 31, 2025, 2024 and 2023 are as follows:

	Year Ended December 31,
	2025	2024	2023
Balance as of January 1,	$7,634,191	$7,740,061	$7,732,573
Acquisitions	62,117	38,101	75,587
Property held for sale	(12,944)	(105,828)	—
Improvements	150,976	139,895	140,654
Impairment of property	(41,018)	(101,678)	—
Disposals	(789,843)	(76,360)	(208,753)
Balance as of December 31,	$7,003,479	$7,634,191	$7,740,061

The unaudited aggregate cost of investment properties for U.S. federal income tax purposes as of December 31, 2025 was approximately $8.4 billion.

NOTE 2. RECONCILIATION OF ACCUMULATED DEPRECIATION

The changes in accumulated depreciation for the years ended December 31, 2025, 2024 and 2023 are as follows:

	Year Ended December 31,
	2025	2024	2023
Balance as of January 1,	$1,587,661	$1,381,770	$1,161,148
Depreciation expense	310,837	314,632	317,593
Property held for sale	—	(1,360)	—
Impairment of property	(6,339)	(35,477)	—
Disposals	(235,968)	(71,904)	(96,971)
Balance as of December 31,	$1,656,191	$1,587,661	$1,381,770

Depreciation of investment properties reflected in the accompanying consolidated statements of operations and comprehensive income (loss) is calculated over the estimated original lives of the assets as follows:

Buildings	20 – 35 years
Building improvements	10 – 35 years
Tenant improvements	Term of related lease
Furniture and fixtures	5 – 10 years

All other schedules have been omitted because they are inapplicable, not required, or the information is included elsewhere in the accompanying consolidated financial statements or notes thereto.

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