<PAGE> 1
         UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                      WASHINGTON, D.C. 20549

                            FORM 10-K

(Mark One)

/X/     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
        SECURITIES EXCHANGE ACT OF 1934
           For the fiscal year ended December 31, 1996

                              OR

/ /     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
        SECURITIES EXCHANGE ACT OF 1934
                         (NO FEE REQUIRED)
         For the transition period from ________ to _________

                  Commission file number 1-12560

                         JP REALTY, INC.
                         ---------------
      (Exact name of Registrant as specified in its charter)

               MARYLAND                     87-0515088
------------------------------------------------------------------
      (State of organization)            (I.R.S. Employer
                                        Identification No.)
                       35 Century Park-Way
                      SALT LAKE CITY, UTAH 
                              84115
------------------------------------------------------------------
            (Address of principal executive offices)
                           (Zip Code)
                         (801) 486-3911
       (Registrant's telephone number, including area code)


      Securities registered pursuant to Section 12(b) of the Act:

                     Title of each class
-----------------------------------------------------------------
           Common Stock, par value $.0001 per share
 Name of each exchangeon which registered New York Stock Exchange

 Securities registered pursuant to Section 12(g) of the Act:  NONE


     Indicate by check mark whether the Registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the Registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.     Yes     No
                          /X/     / /
     Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein, and
will not be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this
Form 10-K.    /X/

     The aggregate market value of the voting stock held by non-
affiliates of the Registrant was $464,995,335 as of March 21, 1997. 
The aggregate market value has been computed based on a price of
$26-7/8 per share, the closing price of the stock on the New
York Stock Exchange on March 21, 1997.


               Shares Outstanding at March 21, 1997
 17,384,317 Shares of Common Stock, par value $.0001 per share.
 200,000 Shares of Price Group Stock, par value $.0001 per share.

               DOCUMENTS INCORPORATED BY REFERENCE
     Portions of the Registrant's proxy statement for the 1997
Annual Meeting of Stockholders to be held on April 30, 1997 are
incorporated by reference into Part III of this Annual Report on
Form 10-K.  

<PAGE> 2

     Certain matters discussed under the captions "Business and
Properties" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" and elsewhere in this Annual
Report of Form 10-K and the information incorporated by reference
herein may constitute forward-looking statements for purposes of
Section 21E of the Securities Exchange Act of 1934, as amended, and
as such may involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance and
achievements of JP Realty, Inc. to be materially different from
future results, performance or achievements expressed or implied by
such forward-looking statements.


                              PART I

ITEMS 1 AND 2.  BUSINESS AND PROPERTIES

     GENERAL

     JP Realty, Inc. (together with its subsidiaries, the
"Company") is a fully integrated, self-administered and self-
managed real estate investment trust ("REIT") primarily engaged in
the ownership, leasing, management, operation, development,
redevelopment and acquisition of retail properties in Utah, Idaho,
Colorado, Arizona, Nevada, New Mexico and Wyoming (the
"Intermountain Region"), as well as in Oregon, Washington and
California.  The Company was formed on September 8, 1993 to
continue and expand the business, commenced in 1957, of certain
companies (the "Predecessor Companies") affiliated with John Price,
Chairman of the Board and Chief Executive Officer of the Company. 
Based on total gross leasable area (Company-owned and tenant-owned
leasable area within the Company's properties collectively referred
to herein as "Total GLA"), the Company owns and operates the
largest retail property portfolio in the states of Utah, Idaho and
Wyoming, and one of the largest in the entire Intermountain Region. 
Since 1976, the Company and the Predecessor Companies have been
responsible for developing more retail malls in the Intermountain
Region than any other developer, having constructed, developed or
redeveloped 11 malls in the region (as well as two other malls in
Oregon and Washington).

     The Company's existing portfolio consists of 44 properties
(the "Properties"), including 11 enclosed regional malls, 24
community centers and three free-standing retail properties located
in ten states and six commercial properties located primarily in
the Salt Lake City, Utah metropolitan area.  The Company is
currently developing an additional regional mall in Spokane,
Washington and is planning the development of another regional mall
in Provo, Utah.  The majority of the Properties were developed or
redeveloped by the Predecessor Companies.  The Properties or
interests therein are owned and controlled by the Company through
its 82% general partner interest in Price Development Company,
Limited Partnership ("PDC").

     The Company's retail portfolio contains an aggregate of
approximately 8,644,000 square feet of Total GLA, while the
Company's commercial portfolio contains approximately 1,418,000
square feet of GLA.  For the year ended December 31, 1996, the
retail properties and the commercial properties contributed
approximately 89% and 11%, respectively, to the Company's
consolidated net operating income (I.E., revenues less property
operating expenses, before interest expenses and depreciation).

     The Company's strategy is to extend its dominant market
position in the Intermountain Region and to achieve cash flow
growth and enhance the value of its real property portfolio by
increasing its rental and net operating income over time.  In order
to extend its dominant market position, the Company expects to
continue to concentrate its acquisition and other development
activities in the Intermountain Region.

     In January, 1994, the Company completed a series of
transactions intended to allow it to reorganize and continue the
business of the Predecessor Companies through PDC.  As part of
these transactions, the Company issued 13,029,500 shares of Common
Stock in a public offering (the "Offering"), issued 200,000 shares
of Price Group Stock to Fairfax Realty, Inc. ("Fairfax"), a company
controlled by John Price, and incurred $95 million in fixed rate
mortgage debt (the "Mortgage Debt") together with $9 million in
additional mortgage debt (the "Additional Mortgage Debt"). Net
proceeds of the sale of Common Stock were used by the Company to
purchase its general partner interest in PDC, which in turn
utilized such proceeds, together with the net proceeds from the
Mortgage Debt and the Additional Mortgage Debt, to (i) retire
substantially all of the then existing mortgage debt encumbering 38
of the Properties and other borrowings relating to such Properties,
(ii) purchase the equity interests held by two partners in
Cottonwood Mall and (iii) invest an additional $4 million in the
development project for the regional mall to be developed in
Spokane, Washington.  

     In August, 1995, the Company completed a public offering (the
"Additional Offering") raising approximately $56.4 million in gross
proceeds through the sale of 2,750,000 shares of Common Stock.  The
Company used the net proceeds raised in the Additional Offering to
purchase additional general partner interest in PDC.  PDC utilized
$47 million of these funds to repay borrowings under a credit
facility, which borrowings were incurred to fund the June 1995
acquisition of the Eastridge Mall and the Animas Valley Mall.

     In January, 1997, the Company completed an additional public
offering raising approximately $40.7 million in gross proceeds
through the sale of 1,500,000 shares of Common Stock.  The Company
utilized $38.6 million of these funds to repay borrowings under the
Credit Facilities. 

<PAGE> 3

     During March, 1995, the Company obtained a $50 million credit
facility (the "1995 Credit Facility") to fund working capital and
property acquisition, expansion and development activities.  In
January, 1996, the Company obtained a $25 million unsecured credit
facility (the "1996 Credit Facility", together with the 1995 Credit
Facility, the "Credit Facilities") which is available for the same
purpose as the 1995 Credit Facility.

     In general, the Company's regional malls contain at least two
major department store "anchors" and a wide variety of smaller mall
shops and kiosks located along enclosed malls connecting the
anchors.  These Properties contain an aggregate of approximately
5,553,000 square feet of Total GLA, range in size from 296,000 to
over 878,000 square feet of Total GLA and have between 50 and 200
total stores.  Community centers tend to be smaller than malls and
generally range in size from 75,000 to over 250,000 square feet of
Total GLA and have between five and 25 total stores.  Community
centers generally service neighborhoods and focus more upon
immediate necessities in merchandise, such as in drug, grocery,
discount and home improvement stores.

     Each of the Company's regional malls is the premier and
dominant mall, and in some cases, the only mall within its trade
area, and is generally considered to be the financial, economic and
social center for a given geographic area.  The trade areas
surrounding the Company's malls have a drawing radius, depending on
the mall, ranging from five to over 150 miles.  The malls have
attracted some of the leading national and regional retail
companies as anchor tenants such as JCPenney, ZCMI, Wal-Mart, The
Bon Marche, Sears, Dillard's and Mervyn's.  The community center
portfolio consists of 24 Properties in seven states containing over
3,084,000 square feet of Total GLA.  The three free-standing retail
Properties contain a total of approximately 7,000 square feet of
Total GLA.  The Company's commercial portfolio is primarily located
in the Salt Lake City, Utah area where the Company's principal
executive offices are located.  Included in this portfolio are 40
commercial buildings containing approximately 1,418,000 square feet
of Total GLA.

<PAGE> 4

PROPERTIES
The following tables set forth certain information relating to the Properties, 
all of which (except as otherwise indicated) are 100% owned by PDC.  The 
Company believes that all such Properties are adequately covered by insurance.



                                         RETAIL PROPERTIES     
<TABLE>
<CAPTION>
                                                                                      OCCUPANCY AS OF
                                                                                          12/31/96
                                                                                    ---------------------
                              FREE                                                  BASED
                            STANDINGTENANT             TOTAL               TENANT    ON    BASED  TENANT   OWNER-
                    PROPERTY STORES SHOPS    ANCHORS   GLA(2)    GLA(3)    OWNED    TOTAL   ON     SHOP    SHIP
PROPERTY    LOCATION TYPE(1)(SQ.FT)(SQ.FT.)  (SQ.FT)   (SQ.FT)   (SQ.FT)  (SQ.FT)    GLA    GLA    SPACE   TYPE  ANCHORS
--------    -------- ------ ------- ------   -------   ------    -------  -------   -----  -----   -----   ----- -------
<S>          <C>       <C> <C>     <C>       <C>       <C>       <C>       <C>       <C>    <C>    <C>     <C>   <C>
UTAH
----
Arctic       West
Circle-      Valley
Granger      City      FR    2,184         0         0     2,184     2,184         0 100.0% 100.0%   0.0%  Fee   None

Bank One     Nephi     FR    3,590         0         0     3,590     3,590         0 100.0% 100.0%   0.0%  Fee   None

Cache 
Valley 
Mall         Logan     RM   29,540    97,756   182,889   310,185   307,685     2,500  91.8%  91.7%  74.0%  Fee   JCPenney,
                                                                                                                 ZCMI, Lamonts

Cottonwood 
Mall         Salt Lake RM   53,300   321,904   379,508   754,712   754,712         0  94.3%  94.3%  86.6%  Fee   JCPenney,
             City                                                                                                ZCMI

Cottonwood   Salt Lake 
Square       City      CC        0    35,445    41,612    77,057    77,057         0 100.0% 100.0% 100.0%  Fee/  Albertsons
                                                                                                           GLA 

Fort Union   Salt Lake
Plaza        City      CC   29,998         0         0    29,998    29,998         0 100.0% 100.0%   0.0%  GL    None
             

Gateway 
Crossing     Bountiful CC   35,620    65,957   174,047   275,624   145,664   129,960 100.0% 100.0% 100.0%  Fee   Ernst Home
                                                                                                                 Center(4),
                                                                                                                 Shopko(5)
                                                                                                                 TJ Maxx

North  
Temple       Salt Lake 
Shops        City      CC        0    10,085         0    10,085    10,085         0 100.0% 100.0% 100.0%  Fee   Albertsons(5)
                                                                                                                 PaylessDrug(5)

Orem 
Plaza-       Orem      CC   15,491    18,814    62,420    96,725    91,125     5,600 100.0% 100.0% 100.0%  Fee   Savers,
Center St.                                                                                                       Showbiz Pizza

Orem Plaza   Orem      CC    8,045    19,057         0    27,102    27,102         0  97.0%  97.0%  95.8%  Fee   Payless
State St.                                                                                                        Drug(5)

Plaza 9400   Sandy     CC   34,510    55,407   136,745   226,662   226,662         0  96.7%  96.7%  86.5%  GL    Albertsons,
                                                                                                                 Fred Meyer
                                                                                                                 Pep Boys

Red Cliffs   St.
Mall         George    RM   12,500    90,868   203,338   306,706   192,435   114,271  97.4%  95.8%  91.1%  Fee   JCPenney,
                                                                                                                 ZCMI, Wal-
                                                                                                                 Mart(5)

Red Cliffs 
Plaza        St George CC    9,327         0    46,626    55,953    46,626     9,327 100.0% 100.0%   0.0%  Fee   Ernst Home
                                                                                                                 Center(6)

River Pointe West
Plaza        Jordan    CC   18,522    56,120   135,707   210,349    56,120   154,229  98.6%  94.6%  94.6%  Fee   Albertsons(5)
                                                                                                                 ShopKo(5)
</TABLE>
<PAGE> 5
                                     RETAIL PROPERTIES - CONTINUED 
<TABLE>
<CAPTION>
                                                                                      OCCUPANCY AS OF
                                                                                          12/31/96
                                                                                    ---------------------
                              FREE                                                  BASED
                            STANDINGTENANT             TOTAL               TENANT    ON    BASED  TENANT   OWNER-
                    PROPERTY STORES SHOPS    ANCHORS   GLA(2)    GLA(3)    OWNED    TOTAL   ON     SHOP    SHIP
PROPERTY    LOCATION TYPE(1)(SQ.FT)(SQ.FT.)  (SQ.FT)   (SQ.FT)   (SQ.FT)  (SQ.FT)    GLA    GLA    SPACE   TYPE  ANCHORS
--------    -------- ------ ------- ------   -------   ------    -------  -------   -----  -----   -----   ----- -------
<S>          <C>       <C> <C>     <C>       <C>       <C>       <C>       <C>       <C>    <C>    <C>     <C>   <C>

Riverside 
Plaza        Provo     CC   10,050    11,363   156,454   177,867   174,867     3,000 100.0% 100.0% 100.0%  Fee   Best 
                                                                                                                 Products(7),
                                                                                                                 Payless Drug,
                                                                                                                 McFrugals,
                                                                                                                 MiniWorld
University 
Crossing     Orem      CC   33,401    26,862   139,780   200,043   199,143       900  99.4%  99.4%  95.2%  Fee   Burlington 
                                                                                                                 Coat (8), 
                                                                                                                 Office Max(9)

IDAHO
-----
Alameda 
Plaza        Pocatello CC   19,049    27,276   143,946   190,271   190,271         0 100.0% 100.0% 100.0%  Fee   Albertsons,
                                                                                                                 Fred Meyer

Boise Towne 
Square       Boise     RM   84,418   341,968   452,037   878,423   483,286   395,137  99.4%  98.9%  98.4%  Fee/  JPPenney(5),
                                                                                                           GL    Sears(5), The
                                                                                                           (10)  Bon Marche
                                                                                                                 Mervyn's(5)

Boise Plaza  Boise     CC        0         0   108,464   108,464   108,464         0 100.0% 100.0%   0.0%  Prt-  Burlington
                                                                                                           shp   Coat(8),
                                                                                                           Int   Albertsons
                                                                                                           (11)
Grand Teton  Idaho 
Mall         Falls     RM   29,089   172,073   323,925   525,087   519,467     5,620  96.0%  96.0%  87.8%  Fee   Sears
                                                                                                                 Sears, ZCMI, 
                                                                                                                 The Bon Marche

Twin Falls   Twin
Crossing     Falls     CC        0         0    37,680    37,680    37,680         0 100.0% 100.0%   0.0%  Fee   None (12)

Baskin 
Robbins      Idaho  
17th Street  Falls     FR    1,761         0         0     1,761     1,761         0 100.0% 100.0%   0.0%   Fee   None


Pine Ridge 
Mall         Pocatello RM   25,818   148,718   360,117   534,653   423,153   111,500  95.5%  94.3%  83.7%  Fee/  JCPenney, ZCMI,
                                                                                                           GL    The Bon Marche,
                                                                                                                 (13) ShopKo(8)

Yellowstone  Idaho
Square       Falls     CC   16,865    38,950   166,733   222,548   220,748     1,800  90.3%  90.2%  74.9%  Prt-  Albertsons,
                                                                                                           shp   Fred Meyer
                                                                                                           Int
                                                                                                           (14)
WASHINGTON
----------
Three 
Rivers 
Mall         Kelso     RM  199,623   126,674   188,076   514,373   345,566   168,807  94.4%  91.7%  77.3%  Fee   JCPenney, Sears,
                                                                                                                 The Bon Marche,
                                                                                                                 Emporium,Target(5)
                                                                                                                 Top Foods(5)
OREGON
------
Bailey Hills 
Plaza        Eugene    CC   12,000    11,895   155,000   178,895    11,895   167,000  99.2%  87.3%  87.3%  Fee   Safeway(5),
                                                                                                                 ShopKo(5)
</TABLE>
<PAGE> 6

                                     RETAIL PROPERTIES - CONTINUED 
<TABLE>
<CAPTION>
                                                                                      OCCUPANCY AS OF
                                                                                          12/31/96
                                                                                    ---------------------
                              FREE                                                  BASED
                            STANDINGTENANT             TOTAL               TENANT    ON    BASED  TENANT   OWNER-
                    PROPERTY STORES SHOPS    ANCHORS   GLA(2)    GLA(3)    OWNED    TOTAL   ON     SHOP    SHIP
PROPERTY    LOCATION TYPE(1)(SQ.FT)(SQ.FT.)  (SQ.FT)   (SQ.FT)   (SQ.FT)  (SQ.FT)    GLA    GLA    SPACE   TYPE  ANCHORS
--------    -------- ------ ------- ------   -------   ------    -------  -------   -----  -----   -----   ----- -------
<S>          <C>       <C> <C>     <C>       <C>       <C>       <C>       <C>       <C>    <C>    <C>     <C>   <C>

Division 
Crossing     Portland  CC    2,589    24,091    67,960    94,640    92,051     2,589  93.7%  93.5%  75.3%  Fee   United Grocers,
                                                                                                                 Payless Drug

Halsey 
Crossing     Gresham   CC    9,000    23,071    52,764    84,835    84,835         0 100.0% 100.0% 100.0%  GL    Safeway


WYOMING
-------
Eastridge 
Mall         Casper    RM   17,500   264,262   289,796   571,558   495,675    75,883  91.3%  90.0%  84.2%  Fee   Target(5), Sears,
                                                                                                                 JCPenney, 
                                                                                                                 The Bon Marche

White 
Mountain     Rock
Mall         Springs   RM   26,025   105,962   208,452   340,439   340,439         0  76.7%  76.7%  76.2%  Fee   JCPenney, 
                                                                                                                 Herbergers,
                                                                                                                 Wal-Mart

NEW MEXICO
----------
Animas 
Valley       Farming-
Mall         ton       RM   27,500   221,978   271,155   520,633   461,295    59,338  91.7%  90.6%  80.4%  Fee   JCPenney, Sears,
                                                                                                                 Dillard's, Beall's 
                                                                                                                 BestProducts(5)(7)

North 
Plains 
Mall         Clovis    RM   19,076    81,453   195,431   295,960   200,103    95,857  96.0%  94.0%  85.3%  Fee   JCPenney, Sears,
                                                                                                                 Wal-Mart(5)Beall's
NEVADA
------
Fremont 
Plaza        Las Vegas CC    6,542    19,643    77,348   103,533   103,533         0  98.6%  98.6%  92.4%  GL    Smith's Food&Drug
                                                                                                                 Sav-On Drug

Plaza 800    Reno      CC    5,985    21,886   139,607   167,478   167,478         0  95.7%  95.7%  82.5%  GL    Albertsons,
                                                                                                                 ShopKo

COLORADO
--------
Austin 
Bluffs       Colorado
Plaza        Springs   CC    9,447    35,859    71,543   116,849    78,902    37,947 100.0% 100.0% 100.0%  Fee   Albertsons,
                                                                                                                 Longs Drug(5)
</TABLE>
<PAGE> 7
                                     RETAIL PROPERTIES - CONTINUED 
<TABLE>
<CAPTION>
                                                                                      OCCUPANCY AS OF
                                                                                          12/31/96
                                                                                    ---------------------
                              FREE                                                  BASED
                            STANDINGTENANT             TOTAL               TENANT    ON    BASED  TENANT   OWNER-
                    PROPERTY STORES SHOPS    ANCHORS   GLA(2)    GLA(3)    OWNED    TOTAL   ON     SHOP    SHIP
PROPERTY    LOCATION TYPE(1)(SQ.FT)(SQ.FT.)  (SQ.FT)   (SQ.FT)   (SQ.FT)  (SQ.FT)    GLA    GLA    SPACE   TYPE  ANCHORS
--------    -------- ------ ------- ------   -------   ------    -------  -------   -----  -----   -----   ----- -------
<S>          <C>       <C> <C>     <C>       <C>       <C>       <C>       <C>       <C>    <C>    <C>     <C>   <C>
ARIZONA
-------
Fry's 
Shopping 
Plaza        Glendale  CC    8,564    38,781    71,919   119,264   119,264         0  94.8%  94.8%  91.6%  Fee   Fry's, Two
                                                                                                                 Dollar Fabric

Woodlands 
Village      Flagstaff CC    4,020    43,380   146,898   194,298    91,858   102,440 100.0% 100.0% 100.0%  Fee   Bashas'
                                                                                                                 Wal-Mart(5)

CALIFORNIA
----------
                                                                                                           Prt-
                                                                                                           shp 
Anaheim                                                                                                    Int   Best
Plaza        Anaheim   CC   10,000         0    67,433    77,433    77,433         0 100.0% 100.0%   0.0%  (15)  Products
                           ------- --------- --------- --------- --------- --------- -----  -----  -----         
                           830,949 2,557,558 5,255,410 8,643,917 7,000,212 1,643,705 95.41% 94.33% 87.61%
                           ======= ========= ========= ========= ========= ========= =====  =====  =====
</TABLE>
----------------------------------                        
 (1)       Property type definitions are as follows:  Regional Mall-RM, 
           Community Centers--CC, Free-Standing Retail Properties-FR.
 (2)       Represents PDC-owned leasable area and tenant-owned leasable area 
           within the Properties.
 (3)       Represents PDC-owned leasable area within the Properties.
 (4)       Ernst Home Center has filed for protection under the United States 
           Bankruptcy Code ("Bankruptcy Code") but continues to be responsible
           for lease payments pursuant to the terms of the lease and the 
           Bankruptcy Code.
 (5)       Owned by retailer.
 (6)       Ernst Home Center has filed for protection under the Bankruptcy 
           Code.  The trustee in bankruptcy has rejected the terms of the 
           lease and the Company is currently in the Process of releasing 
           the space.  See "The Company's Largest Tenants."
 (7)       Best Products has filed for protection under the Bankruptcy Code 
           but continues to be responsible for lease payments pursuant to 
           the terms of the lease and the Bankruptcy Code. 
 (8)       PDC's lease is with Fred Meyer which subleases the property to the
           anchor tenant.
 (9)       PDC's lease is with Smith's Food & Drug which subleases the 
           property to the anchor tenant.
(10)       PDC owns a ground lease on two acres.
(11)       PDC's ownership represents a 73.3% partnership interest in the 
           current fee holder of the Property.
(12)       PDC's leasee subleases the Property to several other retailers.
(13)       PDC owns two ground leases on 7.3 acres and 1.2 acres.
(14)       PDC's ownership represents a 83.5% partnership interest in the 
           current fee holder of the Property.
(15)       PDC's ownership interest represents a 50% partnership interest in 
           the current ground lease holder of the Property. 
<PAGE> 8
                      COMMERCIAL PROPERTIES

<TABLE>
<CAPTION>
                                                OCCUPANCY
                                PROPERTY    GLA  BASED ON OWNERSHIP
PROPERTY            LOCATION    TYPE(1)   (SQ.FT)  GLA     TYPE
--------            --------    -------   -------  -------  -------
<S>               <C>         <C>      <C>       <C>      <C>
UTAH
----
Price Business 
Center-Pioneer    Salt Lake
Square               City       BP       530,689  97.44%    Fee

Price Business 
Center-South      Salt Lake
Main                 City       BP       144,554   92.10%   Fee

Price Business
Center -          Salt Lake
Timesquare           City       BP       289,423   99.01%   Fee

Sears-Eastbay     Provo         CP        48,880  100.00%   Fee

Price Business 
Center            West Valley
Commerce Park         City      BP       393,069  100.0%    Fee

IDAHO
-----
Boise/FSB Plaza   Boise         CP        11,058 100.00%    Fee
                                       --------- -------
                                       1,417,673  98.04%
</TABLE>                               ========= =======
 ____________________
(1) Property type definitions are as follows:  Business Park--BP,
Commercial Property--CP.


SIGNIFICANT PROPERTIES

     Two of the Properties in the Company's portfolio, Boise Towne
Square and Cottonwood Mall, individually comprised in excess of 10%
of the Company's assets for the year ended December 31, 1996. 
Boise Towne Square also contributed in excess of 10% of the
Company's total aggregate gross revenue for the year ended December
31, 1996.  Certain additional information relating to these
Properties is set forth below:


     BOISE TOWNE SQUARE

     Boise Towne Square is centrally located in Boise, Idaho
adjacent to the main thoroughfare of the city.  Boise Towne Square
was opened by the Predecessor Companies in October of 1988.  Boise
Towne Square is the dominant regional mall in its trade area, with
several community centers as its major competition.  The real
estate tax rate on the improvements for the year ended December 31,
1996 was 1.9%, amounting to a total tax of $727,000 for the year.

     The Company leases approximately two acres which is utilized
for perimeter parking and landscaping from Union Pacific Railroad
Company on a yearly basis at a current rental rate of $21,000 per
year.  Boise Towne Square is part of the collateral securing the
Mortgage Debt and the Company believes it is adequately insured. 
Depreciation is taken utilizing a straight line method over 40
years with a net book basis of approximately $32,543,000,
$33,687,000, and $35,138,000 at December 31, 1996, 1995 and 1994
respectively.  It is the Company's policy to renovate, expand and
upgrade as warranted by market conditions.

<PAGE> 9

     As of December 31, 1996, 1995 and 1994, Boise Towne Square was
99%, 98% and 98% occupied, respectively, with an average annual
rent per square foot of $14.80, $14.65 and $13.66 for the years
ended on those respective dates.  Its major tenants occupying 10%
or more of Total GLA are all department stores and include
JCPenney, Sears, The Bon Marche and Mervyn's.  JCPenney, Sears and
Mervyn's own their own land and buildings and are subject to a
Construction, Operation and Reciprocal Easement Agreement that
expires in 2078, while The Bon Marche's lease is for a term of 20
years, expiring in 2008, with two 20-year extension options.  Boise
Towne Square's leases will expire on the following schedule:


<TABLE>
<CAPTION>

                                                                AVERAGE               PERCENTAGE OF GLA
                                                  ANNUALIZED ANNUALIZED BASE    REPRESENTED BY EXPIRING LEASES
                                                    BASE     RENT PER SQUARE  -----------------------------------
 EXPIRATION            NUMBER       APPROXIMATE   RENT UNDER   FOOT UNDER      ASSUMING NO          ASSUMING FULL
 YEAR ENDING         OF LEASES           GLA       EXPIRING     EXPIRING       EXERCISE OF           EXERCISE OF
 DECEMBER 31,         EXPIRING       SQUARE FEET    LEASES      LEASES(1)    RENEWAL OPTIONS       RENEWAL OPTIONS
-------------        ---------      ------------  ---------   -------------  ---------------       ---------------
<S>                  <C>            <C>          <C>             <C>          <C>                  <C>
1997. . . . . . . . .    10           12,673     $   185,572     $   14.64       2.62%                  1.27%
1998. . . . . . . . .    48           61,539       1,329,634         21.61       12.73                  9.73
1999. . . . . . . . .    31           83,371       1,430,202         17.15       17.25                  9.48
2000. . . . . . . . .    27           57,134       1,097,904         19.22       11.82                  8.91
2001. . . . . . . . .    13           42,998         744,650         18.02        8.90                  8.76
2002. . . . . . . . .     5           12,055         172,445         14.30        2.49                  1.14
2003. . . . . . . . .    13           24,679         543,983         22.04        5.11                  5.11
2004. . . . . . . . .     4           11,763         223,350         18.99        2.43                  2.43
2005. . . . . . . . .     1            3,710          68,635         18.50        0.77                  0.77
2006. . . . . . . . .     3            8,658         141,925         16.39        1.79                  0.55
2007 and thereafter .     7          145,962       1,095,503          7.51       30.30                  0.96
                       ----          -------                                   -------              --------
   Total. . . . . . .   162          464,542                                    96.21%                49.11%
                       ====          =======                                   =======              ========
</TABLE>
--------------------
(1) Excludes tenants paying percentage rents in lieu of minimum
rents.


     COTTONWOOD MALL

     Cottonwood Mall is the retail hub for an upper income area of
Salt Lake City, Utah.  Cottonwood Mall, opened in 1961, was Utah's
first enclosed mall.  It was significantly renovated in 1983
following its purchase by the Predecessor Companies.  The real
estate tax rate on the improvements for the year ended December 31,
1996 was 1.3%, amounting to a total tax of $708,000 for the year. 
Cottonwood Mall faces competition from two other nearby regional
malls.

     Cottonwood Mall is part of the collateral securing the
Mortgage Debt and the Company believes it is adequately insured. 
Depreciation is taken utilizing a straight line method over 40
years with a net book basis of approximately $42,452,000,
$43,814,000, and $45,490,000 at December 31, 1996, 1995 and 1994
respectively.  It is the Company's policy to renovate, expand and
upgrade as warranted by market conditions.  

     As of December 31, 1996, 1995 and 1994, Cottonwood Mall was
94%, 94% and 91% occupied, respectively, with an average annual
rent per square foot of $7.35, $7.64 and $7.29 for the years ended
on those respective dates.  Its major tenants occupying 10% or more
of Total GLA are JCPenney and ZCMI.  JCPenney has exercised its
first five year option to extend, which option expires in 1999, and
has three additional five-year extension options.  ZCMI has
exercised its first 20 year option to extend which option expires
in 2012, and has two additional 20-year extension options. 
Cottonwood Mall's leases will expire on the following schedule:


<PAGE> 10
<TABLE>
<CAPTION>
                                                                AVERAGE               PERCENTAGE OF GLA
                                                  ANNUALIZED ANNUALIZED BASE    REPRESENTED BY EXPIRING LEASES
                                                    BASE     RENT PER SQUARE  -----------------------------------
 EXPIRATION            NUMBER       APPROXIMATE   RENT UNDER   FOOT UNDER      ASSUMING NO          ASSUMING FULL
 YEAR ENDING         OF LEASES           GLA       EXPIRING     EXPIRING       EXERCISE OF           EXERCISE OF
 DECEMBER 31,         EXPIRING       SQUARE FEET    LEASES      LEASES(1)    RENEWAL OPTIONS       RENEWAL OPTIONS
-------------        ---------      ------------  ---------   -------------  ---------------       ---------------
<S>                   <C>           <C>           <C>          <C>            <C>                   <C>
1997. . . . . . . .      21            49,446     $  593,676    $    12.01        6.55%                 3.51%
1998. . . . . . . .      18            50,603        466,666          9.22        6.70                  2.89
1999. . . . . . . .      11           173,766        430,431          2.48       23.02                  1.04
2000. . . . . . . .      12            27,676        484,744         17.51        3.67                  3.67
2001. . . . . . . .      11            30,829        430,736         13.97        4.08                  3.30
2002. . . . . . . .       4             9,863        145,124         14.71        1.31                  1.31
2003. . . . . . . .       9            18,206        377,562         20.74        2.41                  2.26
2004. . . . . . . .       9            19,655        433,807         22.07        2.60                  1.60
2005. . . . . . . .       7            31,211        583,710         18.70        4.14                  4.14
2006. . . . . . . .       9            34,670        490,907         14.16        4.59                  4.02
2007 and thereafter       9           260,324      1,242,990          4.77       34.49                  3.25
                       ----          --------                                  -------               -------
   Total                120           706,249                                    93.56%                30.99%
                       ====          ========                                  =======               =======
</TABLE>
------------------------
(1) Excludes tenants paying percentage rents in lieu of minimum rents.


<PAGE> 11

THE COMPANY'S LARGEST TENANTS

     The Company's largest tenants include JCPenney, ZCMI, Wal-
Mart, The Bon Marche, Sears, ShopKo Stores, Albertson's and Fred
Meyer.  No tenant represented more than 10% of the Company's rental
revenues (i.e., minimum plus percentage rents) for the year ended
December 31, 1996.

     ANCHORS

     Malls and community centers usually contain one or more large
retail companies known as "anchors."  Anchors, which include
traditional department stores, general merchandise stores, large
fashion specialty stores, value oriented specialty stores and
discount stores, usually inventory a broad range of products that
appeal to many shoppers.  Anchors either own their own stores (and
sufficient parking) or lease their stores from the Company. 
Although the rent and other charges paid by anchors is usually much
less (on a per square foot basis) than the rent paid by other
tenants, their presence typically attracts many shoppers and
enhances the value of a mall or community center.

     As of December 31, 1996, anchors occupied approximately
3,055,000 and 2,201,000 square feet of Total GLA in the malls and
community centers, respectively.


     The following table summarizes the Total GLA owned and leased
as of December 31, 1996, by the largest major anchors in the malls:

<TABLE>
<CAPTION>
                                                                       ANCHOR                       COMPANY-OWNED
                        NUMBER OF     COMPANY-OWNED  ANCHOR-OWNED     TOTAL GLA      PERCENT         ANCHORS AS 
    ANCHOR            ANCHOR STORES    SQUARE FEET    SQUARE FEET    SQUARE FEET    TOTAL GLA      % OF REVENUE(3)
    ------            -------------   -------------  ------------    -----------    ---------      ---------------
<S>                      <C>          <C>              <C>            <C>            <C>               <C>
JCPenney . . . . . . .     11           627,659         141,091         768,750       7.64%             3.17%

ZCMI . . . . . . . . .      5           562,754               0         562,754       5.59              2.87

Wal-Mart . . . . . . .      3            86,944         210,128         297,072       2.95               *

The Bon Marche . . . .      5           354,794               0         354,794       3.53              3.57

Sears. . . . . . . . .      6           317,215         106,623         423,838       4.21              2.69

ShopKo Stores. . . . .      1                 0         111,500         111,500       1.11              0.00

Mervyn's . . . . . . .       1                0          79,648          79,648       0.79              0.00

Target Stores. . . . .       1                0          75,883          75,883       0.75              0.00

Dillard's. . . . . . .       1           72,212               0          72,212       0.72               *
</TABLE>

<PAGE> 12

     Anchors in the community centers occupy approximately 71.4% of
Total GLA of the community centers.  The following table summarizes
the Total GLA owned and leased by the largest of these anchors:

<TABLE>
<CAPTION>
                                                                       ANCHOR                       COMPANY-OWNED
                        NUMBER OF     COMPANY-OWNED  ANCHOR-OWNED     TOTAL GLA      PERCENT         ANCHORS AS 
    ANCHOR            ANCHOR STORES    SQUARE FEET    SQUARE FEET    SQUARE FEET    TOTAL GLA      % OF REVENUE(3)
    ------            -------------   -------------  ------------    -----------    ---------      ---------------
<S>                   <C>             <C>            <C>             <C>            <C>            <C>
ShopKo Stores, 
Inc./ShopKo. . . . .        4             104,000       297,140        401,140        3.99%              *

Fred Meyer Inc.
/Fred Meyer. . . . .        3             309,944             0        309,944        3.08              1.53%

Albertsons Inc.
/Albertson's . . . .        8             269,098        41,407        310,505        3.09              1.23

Burlington Coat (2).        2             174,248             0        174,248        1.73               *

Best Products 
Company Inc.
/Best Products(3). .        2             126,783             0        126,783        1.26               *

Ernst Home Center 
Inc./Ernst Home 
Centers(4) . . . . .        2              94,783             0         94,783        0.94              1.43

Safeway Stores Inc.
/Safeway . . . . . .        2              52,764        53,000        105,764        1.05               *

Wal-Mart . . . . . .        1                   0       102,440        102,440        1.02              0.00

PayLess Drug . . . .        2              70,583             0         70,583        0.70               *

</TABLE>
_________________
(1)     Revenue defined as minimum rents plus percentage rents.
(2)     Sublease from Fred Meyer.
(3)     Best Products has filed for protection under the Bankruptcy
        Code but continues to be responsible for lease payments
        pursuant to the terms of the lease and the Bankruptcy Code.
(4)     Ernst Home Center has filed for protection under the
        Bankruptcy Code but continues to be responsible for lease
        payment pursuant to the terms of the Gateway Crossing and
        Cache Valley Mall leases and the Bankruptcy Code.  The
        Ernst Home Center lease for space at the Red Cliffs Plaza
        has been rejected and the Company is currently in
        the process of releasing the space.
*  Less than 1%.


<PAGE> 13

     MAJOR TENANTS
     Nonanchor tenants owned by major national retail chains lease
a considerable amount of space in the Company's retail properties. 
Such retail chains include Amcena Corporation (Maurice's), Brown
Group (Naturalizer Shoes), Claire's (Claire's Boutique), Edison
Brothers (Bakers Shoes, Jeans West, J. Riggings, 5-7-9),
Waldenbooks Books, Inc., The Limited (Lane Bryant, Lerner, Limited,
Express, Victoria's Secret, Bath & Body Structure), May Department
Stores (PayLess ShoeSource), Kay-Bee Toys, Wilson's Suede &
Leather, Musicland Land Group (Musicland, Sam Goody, Suncoast
Pictures), Tandy Corporation (Radio Shack), Woolworth Corporation,
(Northern Reflections, Afterthoughts, Athletic X-press, Foot
Locker, Kinney Shoes, Lady Footlocker, San Francisco Music Box
Company), B. Dalton (B. Dalton Bookseller, Barnes & Noble),
Charming Shoppes, Inc. (Fashion Bug), Deb Shops, Regis Corporation,
Jay Jacobs, County Seat, General Mills (Olive Garden, Red Lobster),
Gap Stores, Inc.(Gap, GapKids), The Buckle, Eddie Bauer, Zales
Corporation, Gymboree, Fred Meyer, Millers Outpost, Pearle Vision
and Pendleton.  

LEASES

     Most of the Company's leases are long-term leases that contain
fixed base rents and step-ups in rent typically occurring every
three to five years.  These leases generally pass through to the
tenant the tenant's share of common area charges, including
insurance costs and real estate taxes.  Generally, all of the
regional mall leases and certain of the community center leases
include roof and structure repair costs in common area charges. 
The Company's leases also generally provide for additional rents
based on a percentage of tenant sales.  Such percentage rents
accounted for approximately 7.2% of total rental income from the
Properties for the year ended December 31, 1996.

     The following table sets forth information relating to the
rental revenue from the Properties for the periods indicated:


<TABLE>
<CAPTION>
                                                YEAR ENDED DECEMBER 31,
                                     ------------------------------------------------------
PROPERTY TYPE                        1996        1995        1994        1993        1992
                                     ----        ----        ----        ----        ----
                                                    (Dollars in thousands)
<S>                               <C>         <C>         <C>         <C>         <C>
Regional Malls. . . . . . . . . . $  36,286   $  29,299   $  24,860   $  22,882   $  22,026
Community Centers and 
Free-Standing Retail Properties .    13,591      12,173      10,658       9,453       8,208
Commercial Properties . . . . . .     6,631       5,633       4,929       4,646       4,229

</TABLE>

     VACANT SPACE

     Approximately 425,000 square feet of the Company-owned GLA was
vacant as of December 31, 1996.  Of this vacant space, 340,000
square feet was in the mall portfolio (18% of which is anchor and
82% of which is mall shop space), 57,000 square feet was in the
community center portfolio and 28,000 square feet was in the
commercial portfolio.  

     The following tables set forth information relating to lease
expirations for retail store and commercial property leases in
effect as of December 31, 1996 over the ten-year period commencing
January 1, 1997 and thereafter for large stores (over 20,000 square
feet) and small stores (20,000 square feet and less) at the retail
properties and for all leases at the commercial properties.  Unless
otherwise indicated, all information set forth below (i) assumes
that none of the tenants exercise renewal options and (ii) excludes
leases that had not commenced as of December 31, 1996.


<PAGE> 14
             RETAIL STORE LEASES (OVER 20,000 SQUARE FEET)
<TABLE>
<CAPTION>
                                                                             Average
                                                                          Annualized Base
  Lease Expiration    Number of    Approximate     Annualized Base       Rent Per Square
     Year Ending       Leases        GLA in           Rent Under            Foot Under
     December 31,      Expiring     Square Feet      Expiring Leases       Expiring Leases(1)
     ------------      --------     -----------      ---------------       ------------------
<S>                     <C>        <C>             <C>                   <C>
1997. . . . . . . . .     1           30,000          $   32,400            $     1.08
1998. . . . . . . . .     9          353,941             879,919                  2.49
1999. . . . . . . . .     3          239,140             443,487                  1.85
2000. . . . . . . . .     4          178,395             510,534                  2.86
2001. . . . . . . . .    10          628,358           1,493,436                  2.38
2002. . . . . . . . .     3          122,647             539,590                  4.40
2003. . . . . . . . .     1           28,000              67,200                  2.40
2004. . . . . . . . .     4          255,669             725,957                  2.84
2005. . . . . . . . .     2           93,761             316,761                  3.38
2006 and thereafter .    34        2,142,053           8,061,897                  3.76
                        ---        ---------
Total . . . . . . . .    71        4,071,964
                        ===        =========
</TABLE>
                RETAIL STORE LEASES (20,000 SQUARE FEET OR LESS)
<TABLE>
<CAPTION>
                                                                             Average
                                                                          Annualized Base
  Lease Expiration    Number of    Approximate     Annualized Base       Rent Per Square
     Year Ending       Leases        GLA in           Rent Under            Foot Under
     December 31,      Expiring     Square Feet      Expiring Leases       Expiring Leases(1)
     ------------      --------     -----------      ---------------       ------------------
<S>                     <C>        <C>             <C>                   <C>
1997. . . . . . . . .    178         369,226          $ 3,808,654           $    10.32                        
1998. . . . . . . . .    171         295,911            3,882,245                13.12
1999. . . . . . . . .    138         329,914            4,131,342                12.52
2000. . . . . . . . .    124         244,586            3,824,580                15.64
2001. . . . . . . . .     97         224,459            3,128,810                13.94
2002. . . . . . . . .     55         182,693            2,200,818                12.05
2003. . . . . . . . .     55         184,402            2,425,781                13.15
2004. . . . . . . . .     43         130,316            2,024,616                15.54
2005. . . . . . . . .     40         126,126            2,072,618                16.43
2006 and thereafter .     94         339,896            5,092,814                14.98
                        ----       ---------
Total . . . . . . . .    995       2,427,529
                        ====       =========
</TABLE>
                                    COMMERCIAL PROPERTIES
<TABLE>
<CAPTION>
                                                                             Average
                                                                          Annualized Base
  Lease Expiration    Number of    Approximate     Annualized Base       Rent Per Square
     Year Ending       Leases        GLA in           Rent Under            Foot Under
     December 31,      Expiring     Square Feet      Expiring Leases       Expiring Leases(1)
     ------------      --------     -----------      ---------------       ------------------
<S>                     <C>        <C>               <C>                   <C>
1997. . . . . . . . .    22          278,274          $ 1,651,028           $     5.93
1998. . . . . . . . .    10          285,839            1,187,247                 4.15
1999. . . . . . . . .    14          220,188            1,171,527                 5.32
2000. . . . . . . . .     8          394,055            1,866,069                 4.68
2001. . . . . . . . .     2           31,590              155,064                 4.91
2002. . . . . . . . .     4           87,067              524,290                 6.02
2003. . . . . . . . .     1           20,988              275,572                13.13
2004. . . . . . . . .     2           28,621              146,464                 5.12
2005. . . . . . . . .     0                0                    0                    0
2006 and thereafter .     0                0                    0                    0
                        ---        ---------
Total . . . . . . . .    63        1,346,622
                        ===        =========
</TABLE>
_______________
(1)     Excludes tenants paying percentage rents in lieu of minimum rents.

<PAGE> 15

OPERATIONS AND MANAGEMENT

     The Company performs all property management functions for the
Properties.  The Company has 171 full-time employees devoted
exclusively to property management.  Each of the regional malls has
on-site management and maintenance personnel as well as a marketing
staff to assist the mall tenants in promoting and advertising their
products.  Overall supervision of mall operations, headed by a
Director of Enclosed Malls and a Director of Marketing, is
conducted in a centralized fashion in order to take advantage of
economies of scale and to deliver a uniform presentation of all
management functions.  The Company's internal property management
information system enables it to quickly determine tenant status,
tenant gross sales, insurance, and other critical information in
order to effectively manage the affairs of its real property
portfolio.  The data collected regarding percentage sales allows
the Company to predict sales, to retain tenants and enhance mall
stability.

     The Leasing/Development Department is responsible for
maintaining relationships with tenants that afford the Company
opportunities for new development and expansion.  The Company
conducts an active program of leasing, within the common area space
of its malls and community centers, kiosks and other promotional
displays on a seasonal basis.  In addition to increased customer
traffic, this approach generates additional revenue for the Company
and offers an opportunity for entrepreneurial individuals
interested in opening stores on a more permanent basis within one
of the Company's Properties.

     The Company's property management efforts will continue to be
directed toward improving the attractiveness and appeal of its
retail properties and a pleasant shopping environment in order to
increase overall tenant sales and rents.  The Company strives to
meet the needs of its tenants in the areas of promotion, marketing
and ongoing management of its properties and seeks to bring
together a sufficient critical mass of complementary upscale and
brand-name tenants.  As part of its property management efforts,
the Company monitors tenant mix, store size, sales results and
store locations, and works closely with tenants to improve the
overall performance of their stores.  The Company seeks to
anticipate trends in the retailing industry and introduce new
retail names and concepts into its retail properties in response to
these trends.  The Company maintains its malls and community
centers to very high standards and believes that the aesthetics,
ambiance and cleanliness of these Properties contribute to repeat
visits by customers.

ACQUISITION PROGRAM

     The Company is currently seeking to acquire additional retail
properties, particularly malls and community centers that (i) have
leases at rental rates below market, (ii) have potential for rental
and/or occupancy increases, (iii) offer cash flow growth or capital
appreciation potential where the Company's financial strength,
relationships with retail companies or expansion or redevelopment
capabilities can enhance value and/or (iv) provide anticipated
total returns that will increase the Company's distributions per
share of Common Stock.  

     On April 4, 1996, the Company acquired Grand Teton Mall
located in Idaho Falls, Idaho for $34.4 million.  Major tenants
include JCPenney, Sears, The Bon Marche and ZCMI.  The Property
contains approximately 525,000 square feet to Total GLA.


DEVELOPMENT

     The Company currently has 16 full-time employees devoted to
property development, redevelopment and leasing and maintains the
in-house capability to bring a project from concept to completion. 
The Leasing/Development Department has directors of Leasing,
Development, Tenant Coordination and Design/Drafting.

     In 1996, the Company constructed a 25,000 square foot office
building at Price Business Center - Timesquare in Salt Lake City,
Utah, increasing the park's Total GLA to 289,000 square feet.  The
new building completes the master plan for the park which is 99%
occupied.

     The Company is currently developing a 750,000 square foot
regional mall in Spokane, Washington.  Completion of the first
phase of this mall is expected to occur in 1997.  Additionally, the
Company is developing a 113,000 square foot shopping center
adjacent to its Boise Towne Square.  The Company expects the new
center to be completed in the fall of 1997. 

     The Company began work on an 80,000 square foot addition to
the Pine Ridge Mall located in Pocatello, Idaho.  Sears will become
the fifth anchor in this mall.  The development is expected to be
completed in the fall of 1997.

<PAGE> 16

     The Company is currently planning the development of an
enclosed regional mall in Provo, Utah.  Additionally, the expansion
and renovation of several existing properties as well as other
developments and acquisitions are being contemplated by the Company
as a means of expanding its portfolio.

     Included as part of the Company's retail properties is vacant
land suitable for additional development and expansion projects.  
The Company will seek to expand these and other properties in its
retail portfolio depending on tenant demands and market conditions. 


THIRD PARTY PROPERTY MANAGEMENT

     The Company provides third-party property management for one
office building and two commercial buildings, all located in the
greater Salt Lake City, Utah metropolitan area, and for Silver Lake
Mall and Silver Lake Plaza located in Coeur D' Alene, Idaho.  In
addition to these arrangements, the Company plans to pursue other
property management opportunities.  The Company believes that, in
addition to generating property management fees, third party
property management arrangements can be a source of future
acquisitions for the Company.  Property management facilitates an
understanding of a property's value and potential for cash flow
growth.

EMPLOYEES

     The Company has over 370 employees.  The Company believes its
relationship with its employees is very good.  None of the
Company's employees are unionized.

ITEM 3.  LEGAL PROCEEDINGS 

     The Company is not aware of any pending or threatened
litigation at this time that will have a materially adverse effect
on the Company or any of the Properties or it's development
parcels.  

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     No matters were submitted to stockholders during the fourth
quarter of the period covered by this report.

ITEM 4A.  EXECUTIV OFFICERS OF THE REGISTRANTS

     The following is a list of executive officers of the Company.

<TABLE>
<CAPTION>
        NAME            AGE                    POSITION
        ----            ---                    --------
<S>                     <C>        <C>
John Price              63         Chairman of the Board of
                                   Directors and Chief Executive
                                   Officer

G. Rex Frazier          53         President and Chief Operating
                                   Officer and Director

Paul K. Mendenhall      49         Vice President--Finance and
                                   Secretary

Martin G. Peterson      50         Vice President--Administration

Thomas L. Mulkey        44         Vice President--
                                   Leasing/Development

Greg Curtis             46         Vice President--Management

David R. Sabey          44         Vice President and General
                                   Counsel
</TABLE>

<PAGE> 17

     John Price was appointed to serve in his current capacity in
September, 1993.  Mr. Price formed Fairfax in 1972, and its
predecessor, John Price Associates, Inc., a construction company,
in 1957.  Mr. Price has developed and built substantial retail and
commercial real estate in his 39 years of real estate activity and
has been involved in all facets of real estate development,
construction, leasing, management and financing.  He is a director
and on the Executive Committee of Alta Industries - Utah, Inc.. 
Mr. Price is also a trustee of the University of Utah and is a
member of the Advisory Board of the First Security Bank of Utah,
N.A.  Mr. Price is a graduate of the University of Utah.

     G. Rex Frazier was appointed to serve in his current capacity
in September, 1993.  Mr. Frazier has served as President and Chief
Operating Officer of Fairfax since 1986, prior to which he had
served as Executive Vice President, Vice President--Finance and
Director of Finance.  He became a director of the Company in 1993. 
Mr. Frazier has been involved in the real estate industry since
1976.  He is a certified public accountant and prior to joining
Fairfax, worked as an audit supervisor with Touche Ross & Company. 
Mr. Frazier is a graduate of the University of Utah.

     Paul K. Mendenhall was appointed to serve in his current
capacity in September, 1993.  Mr. Mendenhall has served as Vice
President--Finance and Secretary of Fairfax since 1986, prior to
which he served as Director of Finance and as Financial Analyst. 
Mr. Mendenhall has been involved in the real estate industry since
1977.  He is a certified public accountant and, prior to joining
Fairfax, worked as a Senior Auditor for Touche Ross & Company.  Mr.
Mendenhall is an elected member at large of the American Institute
of Certified Public Accountants (AICPA) governing council.  Mr.
Mendenhall is a graduate of the University of Utah.

     Martin G. Peterson was appointed to serve in his current
capacity in September, 1993.  Mr. Peterson currently serves as Vice
President--Administration, prior to which he served as Vice
President Administration/Accounting and Treasurer of Fairfax since
1978, and Assistant Vice President.  Mr. Peterson has been involved
in the real estate industry since 1975.  He is a certified public
accountant and, prior to joining Fairfax, worked as a Senior
Auditor for Price Waterhouse.  Mr. Peterson is a graduate of
Brigham Young University.

     Thomas L. Mulkey was appointed to serve in his current
capacity in September, 1993.  Mr. Mulkey has served as the Vice
President--Leasing/Development of Fairfax since 1987, prior to
which he had overseen the development of many of the Properties. 
Mr. Mulkey has been involved in the real estate industry since
1974.  Prior to joining Fairfax, Mr. Mulkey was a project manager
for the May Stores Centers, Inc.  Mr. Mulkey is a graduate of the
University of Missouri.

     Greg Curtis was appointed to serve in his current capacity in
September, 1993.  Mr. Curtis has served as Vice President--
Management of Fairfax since 1982, prior to which he served as
Director of Enclosed Malls and as a Mall Manager.  Mr. Curtis has
been involved in the real estate industry since 1977.  Mr. Curtis
is a graduate of Brigham Young University.

     David R. Sabey was appointed to serve in his current capacity
in September, 1993.  Mr. Sabey has served as Vice President and
General Counsel of Fairfax since 1990.  Prior to joining Fairfax,
Mr. Sabey worked as Assistant General Counsel for the Longs Drug
Stores Corporation.  Mr. Sabey has been in the retail and real
estate industry since 1983.  Mr. Sabey is a graduate of McGeorge
School of Law and the University of Utah.

<PAGE> 18

                             PART II


ITEM 5.  MARKET PRICE OF AND DIVIDENDS ON THE REGISTRANT'S COMMON
         EQUITY AND RELATED STOCKHOLDER MATTERS

     The Company's Common Stock is listed on the New York Stock
Exchange under the symbol "JPR."  Prior to the Offering of the
Common Stock on January 14, 1994, there was no public market for
the Common Stock.  As of March 21, 1997, the last reported sales
price for the Common Stock on the New York Stock Exchange was
$26-7/8 per share.  As of March 21, 1997, there were 204
stockholders of record, of which 203 were holders of Common
Stock and one was a holder of Price Group Stock.

     The following table sets forth, the high and low closing sales
price per share of the Common Stock and the distributions paid per
share for each of the quarters presented:


<TABLE>
<CAPTION>
                                Sales Price  
                            -------------------       Distributions
                             High           Low        Per Share
                             ----           ---         ---------
<S>                       <C>            <C>          <C>
Year Ended 12/31/95
   First Quarter            $21            $19-3/8      $.405
   Second Quarter            21-7/8         17-3/8       .405
   Third Quarter             21-3/8         19-1/2       .405
   Fourth Quarter            22-3/8         19-1/2       .420


Year Ended 12/31/96
   First Quarter            $21-7/8        $18-3/4      $.420
   Second Quarter            21-1/2         19           .420
   Third Quarter             22-7/8         20-3/4       .420
   Fourth Quarter            27-1/4         21-3/4       .435
</TABLE>



     During 1996 and 1995, the Company recorded regular quarterly
distributions, totaling $27,139,000 and $23,881,000, respectively,
or $1.695 and $1.635 per share of Common Stock, respectively.  Of
the amounts paid during 1996 and 1995, 13% and 18%, respectively,
represented a return of capital.  The Board of Directors has
declared a quarterly distribution, payable to stockholders of
record as of April 4, 1997, of $.435 which is an amount equivalent
to an annual distribution of $1.74 per share.  Distributions on
Price Group Stock are payable by the Company at a rate per share
equal to 80% of the distributions declared on Common Stock.  Future
distributions will be determined by the Board of Directors and will
be dependent upon cash available for distribution, financial
position and cash requirements of the Company.


ITEM 6.  SELECTED FINANCIAL AND OTHER DATA

     The following table sets forth selected financial and other
data for the Company for the years ended December 31, 1996, 1995,
and for the period January 21, 1994 through December 31, 1994 and
for the Predecessor Companies for the period January 1, 1994
through January 20, 1994 and the years ended 1993 and 1992.  The
historical financial information for all the periods have been
derived from the historical consolidated and combined financial
statements audited by Price Waterhouse LLP, independent
accountants.

     The following selected financial information should be read in
conjunction with all of the financial statements included elsewhere
herein and "Management's Discussion and Analysis of Financial
Condition and Results of Operations."

<PAGE> 19

                  SELECTED FINANCIAL AND OTHER DATA
           (DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)

<TABLE>
<CAPTION>
                                                                               PREDECESSOR         PREDECESSOR
                                                                  COMPANY       COMPANIES           COMPANIES
                           COMPANY             COMPANY           HISTORICAL     HISTORICAL          HISTORICAL
                          HISTORICAL          HISTORICAL         JANUARY 21,    JANUARY 1,             YEAR
                          YEAR ENDED          YEAR ENDED           1994 TO        1994 TO              ENDED
                         DECEMBER 31,        DECEMBER 31,        DECEMBER 31,   JANUARY 20,         DECEMBER 31,
                                                                                                 -----------------
                             1996                1995               1994           1994          1993        1992
                             ----                ----               ----           ----          ----        ----
<S>                     <C>                  <C>                <C>           <C>           <C>         <C>
REVENUES                  $  72,949            $  60,950          $  50,071     $   2,578     $  47,728   $  45,610
                          ---------            ---------          ---------     ---------     ---------   ---------

EXPENSES
Operating Expenses 
 before Interest,
  Depreciation and 
 Amortization                24,405               20,389             17,090           893        17,226      17,012

Interest                      7,776                6,623              5,873           826        18,482      18,852

Depreciation and 
 Amortization                11,979               11,528              8,734           430         8,530       7,882
                          ---------            ---------          ---------         -----      --------    --------
   Total                     44,160               38,540             31,697         2,149        44,238      43,746
                          ---------            ---------          ---------         -----      --------    --------

                             28,789               22,410             18,374           429         3,490       1,864

Minority Interests in 
 Income of Consolidated 
   Partnerships                (269)                (320)              (221)            0          (251)       (254)

Equity in Net Loss of 
 Partnership Interest             0                 (184)               (82)            7          (238)       (238)
Gain (Loss) of Sales 
 of Real Estate                  94                  918                  0             0           607         531
                          ---------            ---------          ---------     ---------     ---------   ---------
Income Before 
 Extraordinary Item 
 and Minority Interest 
 of PDC Unitholders          28,614               22,824             18,071           436         3,608       1,903

Minority Interest of 
 PDC Unitholders             (5,244)              (4,646)            (3,943)            0             0           0

Extraordinary Item:
 Loss on Extinguishment 
 of Debt, Net of Minority
 Interest of PDC 
 Unitholders                     0                     0            (5,215)             0             0           0
                          --------             ---------          --------      ---------     ---------   ---------
  Net Income (Loss)       $ 23,370             $  18,178          $  8,913      $     436     $   3,608   $   1,903
                          ========             =========          ========      =========     =========   =========
  Net Income per Share 
 of Common Stock (2)      $   1.46             $    1.27          $    .67
                          ========             =========          ========
</TABLE>
<PAGE> 20

                        SELECTED FINANCIAL AND OTHER DATA
                  (DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)


<TABLE>
<CAPTION>
                                                                               PREDECESSOR         PREDECESSOR
                                                                  COMPANY       COMPANIES           COMPANIES
                           COMPANY             COMPANY           HISTORICAL     HISTORICAL          HISTORICAL
                          HISTORICAL          HISTORICAL         JANUARY 21,    JANUARY 1,             YEAR
                          YEAR ENDED          YEAR ENDED           1994 TO        1994 TO              ENDED
                         DECEMBER 31,        DECEMBER 31,        DECEMBER 31,   JANUARY 20,         DECEMBER 31,
                                                                                                 -----------------
                             1996                1995               1994           1994          1993        1992
                             ----                ----               ----           ----          ----        ----
<S>                     <C>                  <C>                <C>            <C>          <C>          <C>
BALANCE SHEET DATA
Real Estate, 
 before Accumulated 
 Depreciation             $ 453,241            $ 388,205          $ 321,242           N/A     $ 286,719   $ 280,911

Total Assets                381,360              327,061            281,696           N/A       236,482     237,867

Total Debt                  162,375              106,406            108,741           N/A       235,799     232,195

Shareholders' Equity 
 (Deficit)                  172,556              175,754            127,593           N/A        (6,951)     (1,721)

OTHER DATA 
Funds From 
 Operations (3)              39,098               32,139             26,083           859        10,792       8,879
Net Operating Income         48,544               40,561             32,981         1,685        30,502      28,598

</TABLE>

<TABLE>
<CAPTION>
                                   NUMBER OF PROPERTIES/TOTAL GLA
                                            DECEMBER 31,
                       1996        1995        1994       1993        1992
                       ----        ----        ----       ----        ----
<S>                <C>         <C>        <C>         <C>        <C>
Number of 
 Properties 
 at Year End               44          43          40         38          38                                                    
                    =========   =========   =========  =========   =========
Total GLA in square 
 feet at Year End:

Malls               5,553,000  5,020,000    3,898,000  3,855,000   3,849,000

Community Centers 
 and Free-Standing 
 Retail Properties  3,091,000  3,091,000    2,997,000  2,742,000   2,720,000

Commercial 
 Properties         1,418,000  1,394,000    1,113,000  1,113,000   1,108,000
                    ---------  ---------    ---------  ---------   ---------

   Total           10,062,000  9,505,000    8,008,000  7,710,000   7,677,000
                   ==========  =========    =========  =========   =========
</TABLE>
_______________

(1)          The Company closed its initial public offering on
             January 21, 1994.  See Note 2 of Notes to the
             Financial Statements.

(2)          Based on 16,048,000, 14,345,000 and 13,231,000
             weighted average number of shares of Common Stock and
             Price Group Stock outstanding for the years ended
             December 31, 1996, 1995 and 1994, respectively.

(3)          Funds from operations ("FFO") is defined by the
             National Association of Real Estate Investment Trusts
             ("NAREIT") as "net income (computed in accordance with
             generally accepted accounting principles), excluding
             gains (or losses) from debt restructuring and sales
             of property, plus depreciation and amortization and
             after adjustments for unconsolidated partnerships and
             joint ventures."  In March 1995, NAREIT issued the
             White Paper which discussed NAREIT's views of certain
             interpretive issues under the definition of FFO.
             Effective January 1, 1996, the Company modified its
             calculation of FFO in accordance with the interpretive
             positions set forth by NAREIT in the White Paper.  For
             reporting periods ending December 31, 1995, and prior,
             the Company added back depreciation on non
             -rental property and the amortization of deferred
             financing costs to income from operations before
             equity in net income of partnership investment and
             minority interest in income of consolidated
             partnerships.  For reporting periods beginning January
             1, 1996, depreciation of non-rental property and the
             amortization of deferred financing costs, are not
             added back to income from operations before equity in
             net income of partnership investment and minority
             interest in income of consolidated partnerships
             arriving at funds from operations.  Funds from
             operations for periods ending December 31, 1995, and
             prior, have been retroactively restated to be
             comparable with the method of calculating 1996 funds
             from operations.  While the Company believes that FFO
             is the most relevant and widely used  measure of its
             operating performance, it does not represent cash
             generated for operating activities in accordance with
             generally accepted accounting principles and is not
             indicative of cash available to fund cash needs. 
             Further, the Company's presentation of FFO may not be
             comparable to other similarly titled measures used by
             other equity REITs.  See "Management's Discussion and
             Analysis of Financial Condition and Results of 
             Operations - Liquidity and Capital Resources."


<PAGE> 21

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS 


OVERVIEW

The following discussion should be read in conjunction with
"Selected Financial and Other Data" and the Consolidated and
Combined Financial Statements of the Company and of the Predecessor
Companies and the Notes thereto appearing elsewhere herein. 

The Company completed its initial public offering on January 21,
1994, and conducts all of its business operations through, and
holds an 82% controlling general partner interest in, Price
Development Company, Limited Partnership ("PDC") as of December 31,
1996.

The Company is a fully integrated, self-administered and self-
managed REIT primarily engaged in the ownership, leasing,
management, operation, development, redevelopment and acquisition
of retail properties in the Intermountain Region, as well as in
Oregon, Washington and California.  The Company's existing
portfolio consists of 44 properties, including 11 enclosed regional
malls, 24 community centers, three freestanding retail properties
and six mixed-use commercial properties ("Properties").  The
Company's financial condition and results of operations were
positively impacted by the Company's 1996 acquisition of the Grand
Teton Mall, the 1995 acquisition of two regional malls, Eastridge
Mall and Animas Valley Mall, and one community center, Cottonwood
Square.  The Company's acquisition and development activities added
a combined 1,803,000 square feet of GLA to the retail portfolio and
302,000 square feet of GLA to the commercial portfolio during 1995
and 1996.

The Company completed an additional public offering in August 1995,
raising approximately $56.4 million in gross proceeds through the
sale of 2,750,000 shares of its Common Stock.  An additional public
offering was completed in January 1997, raising approximately $40.7
million in gross proceeds through the sale of 1,500,000 shares of
Common Stock.

During 1995, the Company obtained a $50 million credit facility
(the "1995 Credit Facility") to fund working capital and property
acquisition, expansion and development activities.  On January 22,
1996, the Company obtained an additional $25 million credit
facility (the "1996 Credit Facility," together with the 1995 Credit
Facility, the "Credit Facilities") which is available for the same
purposes as the 1995 Credit Facility.


RESULTS OF OPERATIONS

The financial statement results presented for the period January
21, 1994 through December 31, 1994 reflect a 345 day period and are
not indicative of the Company's performance on an annual basis. 
Similarly, the results presented for the Predecessor Companies for
the period January 1, 1994 through January 20, 1994 reflect only 20
days of operations.  Therefore, the results of operations for 1994
will be presented on a combined basis to compare it to the full
year ended December 31, 1995.  The Company believes presentation in
this manner provides a more meaningful discussion of year-to-year
results.

     COMPARISON OF YEAR ENDED DECEMBER 31, 1996 TO YEAR ENDED
     DECEMBER 31, 1995

For the year ended December 31, 1996, income before minority
interest of PDC Unitholders increased $5,790,000 or 25% when
compared to the year ended December 31, 1995.  The improvement in
operations was primarily attributable to the following factors:  an
increase in minimum rents of $8,807,000; an increase in percentage
and overage rents of $596,000; and an increase in recoveries from
tenants of $3,305,000.  These increases were offset by a decrease
in interest and other income of $709,000; an increase in operating
expenses of $3,801,000; an increase in general and administrative
expense of $215,000; and an increase in interest expense of
$1,153,000.  These were also offset by an increase in depreciation
and amortization of $451,000.

<PAGE> 22

Funds from operations increased $6,959,000 or 22% primarily as a
result of acquisitions, minimum rent increases and percentage and
overage rent increases as discussed herein.

Total revenues for the year ended December 31, 1996 increased
$11,999,000 or 20% to $72,949,000 as compared to $60,950,000 in
1995.  This increase is primarily attributable to an $8,807,000 or
20% increase in minimum rents to $52,447,000 as compared to
$43,640,000 in 1995.  Additionally, percentage and overage rents
increased $596,000 or 17% to $4,061,000 as compared to $3,465,000
in 1995.  

The April 1996 acquisition of the Grand Teton Mall, the June 1995
acquisitions of the Eastridge Mall and the Animas Valley Mall and
the December 1995 acquisition of Cottonwood Square contributed a
combined $6,915,000 to the minimum rent increase and $459,000 to
the percentage and overage rent increase in 1996.

Recoveries from tenants increased $3,305,000 or 27% to $15,557,000
as compared to $12,252,000 in 1995.  Property operating expenses,
including operating and maintenance and real estate taxes and
insurance increased $3,014,000 or 35% and $787,000 or 11%,
respectively.  These increases are mainly due to the 1995 and 1996
property acquisitions.  Recoveries from tenants as a percentage of
property operating expenses were 80% in 1996, compared to 79% in
1995.

Interest expense increase $1,153,000 or 17% to $7,776,000 as
compared to $6,623,000 in 1995.  This increase resulted from
additional borrowings used to acquire the Grand Teton Mall in April
1996. 

Depreciation increased $620,000 or 6% to $10,230,000 as compared to
$9,610,000 in 1995.  This increase is primarily due to the 1995 and
1996 property acquisitions and the development of additional GLA at
the Properties.


     COMPARISON OF YEAR ENDED DECEMBER 31, 1995 (HISTORICAL) TO THE
     COMBINED YEAR ENDED DECEMBER 31, 1994 (HISTORICAL) 

For the year ended December 31, 1995, income before extraordinary
item and minority interest of PDC Unitholders increased by
$4,317,000 or 23% when compared to the year ended December 31,
1994.  The improvement in operations was primarily attributable to
the following factors:  an increase in minimum rents of $5,949,000;
an increase in percentage and overage rents of $709,000; an
increase in recoveries from tenants of $1,854,000; a decrease in
interest income of $168,000; an increase in operating and
maintenance expenses of $2,406,000; and a decrease in interest
expense of $76,000.  These amounts were offset by an increase in
depreciation and amortization of $2,364,000.

Funds from operations increased $5,872,000 or 21% primarily as a
result of minimum rent increases and percentage and overage rent
increases as discussed herein.

Minimum rents increased in 1995 by $5,949,000 or 16%.  The increase
was primarily attributable to leasing of existing vacant spaces,
higher minimum rents on lease renewals and the acquisition of the
Woodlands Village Shopping Center on October 19, 1994, and
Eastridge Mall and Animas Valley Mall on June 30, 1995, which
acquisitions contributed minimum rents of $3,996,000.

Percentage and overage rents increased in 1995 by $709,000 or 26%. 
The increase was primarily attributable to increased sales by
tenants paying percentage rents and additional percentage rents
paid by tenants of Eastridge Mall and Animas Valley Mall.

Recoveries from tenants increased in 1995 by $1,854,000 or 18%
while operating and maintenance expenses in 1995 increased by
$2,406,000 or 13%.  Property operating expenses that are incurred
by the Company are generally passed through to the tenants of each
Property in the form of common area charges.

Interest expense decreased in 1995 by $76,000 or 1%.  This decrease
was primarily attributable to the retirement of debt during 1995
with proceeds from the August 1995 additional public offering and
other existing cash balances.

Depreciation and amortization expense increased in 1995 by
$2,364,000 or 26% due primarily to the amortization of capitalized
costs associated with the 1995 Credit Facility, additional
depreciation related to the acquisition of Eastridge Mall and
Animas Valley Mall and the write-off of capitalized tenant
allowances for vacating tenants.

<PAGE> 23

LIQUIDITY AND CAPITAL RESOURCES

The Company's principal uses of its liquidity and capital resources
have historically been for distributions, property development,
expansion and renovation programs and debt repayment.  To maintain
its qualification as a REIT under the Internal Revenue Code of
1986, as amended (the "Code"), the Company is required to
distribute to its shareholders at least 95% of its "Real Estate
Investment Trust Taxable Income" as defined in the Code.  The
Company declared quarterly distributions aggregating $1.695 per
share in 1996.  Approximately 12.5% of the distributions
represented a return of capital.  Future distributions will be
determined based on actual results of operations and cash available
for distribution.

The Company's principal source of liquidity is its cash flow from
operations generated from its real estate investments.  As of
December 31, 1996, the Company's cash and restricted cash amounted
to approximately $4.1 million.  In addition to its cash and
restricted cash, unused capacity under its Credit Facilities
totaled $26.8 million at year end.  On January 28, 1997, the
Company completed an additional public offering of 1,500,000 shares
of Common Stock, raising approximately $40.7 million in gross
proceeds.  The net proceeds of approximately $38.8 million will be
used to pay costs of the offering and to reduce outstanding
borrowings under the Credit Facilities by approximately $38.6
million.  After the use of the proceeds from the January public
offering, the Company will have an unused borrowing capacity under
its Credit Facilities of approximately $65.4 million.

The Company intends to distribute approximately 80% to 85% of its
funds from operations with the remaining 20% to 15% to be held for
capital expenditures and additional growth.  The Company expects to
meet its other short-term cash requirements, through undistributed
funds from operations, cash balances and advances under the Credit
Facilities.

The Company prepares an annual capital expenditure budget for each
Property which includes provisions for all necessary recurring
capital improvements.  The Company believes that its annual
operating reserve for maintenance and recurring capital
improvements and reimbursements from tenants will provide the
necessary funding for these requirements.  The Company believes
that these funds will be sufficient to cover (i) tenant finish
costs associated with the renewal or replacement of current tenant
leases as existing leases expire and (ii) capital expenditures
which will not be reimbursed by tenants.  During 1996, the Company
had capital expenditures, excluding acquisitions, totaling
approximately $4,282,000.  This amount consists of $1,298,000 in
revenue enhancing construction and development, $856,000 in revenue
enhancing tenant allowance, $836,000 in non-revenue enhancing
tenant allowances and $1,292,000 in other non-revenue enhancing
capital expenditures.  The Company also had $427,000 in leasing
commissions paid to outside parties.  Of this amount, $343,000 was
considered revenue enhancing and $84,000 was considered non-revenue
enhancing.  In addition, during 1996, the Company purchased the fee
simple interest in the land underlying Fry's Shopping Plaza in
Glendale, Arizona for $900,000.  Exclusive of construction and
development, capital expenditures (both revenue and non-revenue
enhancing) for the existing Properties are budgeted in 1997 to be
approximately $4,200,000.  In addition, the Company anticipates
spending approximately $2,700,000 for renovation of the Eastridge
Mall in Casper, Wyoming and $1,200,000 for certain revenue
enhancing improvements at University Crossing in Orem, Utah.

The Company's principal long-term liquidity requirements will be
the repayment of principal on the $95 million mortgage debt, which
matures in 2001 and which may require principal payments in an
amount necessary to reduce the debt to $83.1 million as of January
21, 2000, and to retire outstanding balances under the Credit
Facilities.

In July of 1996, the Company obtained a $50.0 million construction
loan from a major institutional lender to facilitate the
construction of the first phase of the Spokane Valley Mall in
Spokane, Washington.  The loan is for a term of three years with an
option, under certain conditions, to extend the loan for an
additional two years.  An additional long-term liquidity
requirement will be the refinancing or repayment of this loan when
it matures in 1999 or at the extended maturity date.

The Company is also planning the development of an enclosed
regional mall in Provo, Utah.  The Provo project will also
represent a future long-term liquidity need for the Company.  The
Company expects to fund this project through advances under its
Credit Facilities in combination with construction financing.  The
availability of financing and the status of other projects will
influence the Company's decision to proceed with, and the pace of,
the proposed Provo development.

The Company is also contemplating the expansion and renovation of
several of its existing properties and additional development
projects and acquisitions as a means to expand its portfolio.  The
Company does not expect to generate sufficient funds from
operations to meet its long-term liquidity needs and intends to
finance these costs primarily through advances under the Credit
Facilities, together with alternative funding sources.

<PAGE> 24

The Company intends to incur additional borrowings in the future in
a manner consistent with its policy of maintaining a ratio of debt-
to-total market capitalization of less than 50%.  The Company's
ratio of debt to total market capitalization was approximately 24%
at December 31, 1996.

The Company believes that to facilitate a clear understanding of
the consolidated historical operating results of the Company and
Predecessor Companies, net income should be examined in conjunction
with funds from operations.  The Company considers funds from
operations to be an appropriate measure of the performance of an
equity REIT.  Funds from operations ("FFO") is defined by the
National Association of Real Estate Investment Trusts ("NAREIT") as
"net income (computed in accordance with generally accepted
accounting principles), excluding gains (or losses) from debt
restructuring and sales of property, plus depreciation and
amortization and after adjustments for unconsolidated partnerships
and joint ventures."  While the Company believes that FFO is the
most relevant and widely used measure of its operating performance,
it does not represent cash generated from operating activities in
accordance with generally accepted accounting principles and is not
indicative of cash available to fund cash needs.  FFO should not be
considered as an alternative to net income as an indication of the
Company's operating performance or as an alternative to cash flow
as a measure of liquidity.  The Company's presentation of FFO,
however, may not be comparable to other similarly titled measures
used by other equity REITs.


The Company's calculation of funds from operations is as follows:
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
                                   Company            Company
                                 Historical          Historical
                                 Year Ended          Year Ended
                             December 31, 1996    December 31, 1995
                             ------------------   -----------------
<S>                          <C>                    <C>
Income from Operations
 before Equity in Net
 Income of Partnership
 Investment and
 Minority Interests in 
 Income of Consolidated
 Partnerships                 $      28,789           $     22,410

 Add:  Depreciation
       Buildings &
       Improvements                  10,011                  9,387
 Add:  Depreciation
       Property, Furniture
       & Equipment                      219                    223
 Add:  Amortization of
       Deferred Financing
       Costs                          1,085                  1,256
 Add:  Amortization of
       Deferred Leasing
       Costs                            664                    662
 Less: Minority Interests
       in Income of
       Consolidated
       Partnerships                   (269)                  (320)
 Less: Straight-Line Rent
       Accrual                         (97)                     0
                               -----------            -----------   
           
     Total                          40,402                 33,618

Current Calculation(1)

Less:  Depreciation
       Property, Furniture
       & Equipment                    (219)                  (223)
Less:  Amortization of
       Deferred Financing 
       Costs                        (1,085)                (1,256)
                               -----------            -----------

Funds From Operations          $    39,098            $    32,139
                               ===========            ===========

</TABLE>


1)     In March 1995, NAREIT issued the White Paper which
        discussed NAREIT's views on certain interpretive issues
        under the definition of FFO.  Effective January 1, 1996,
        the Company modified its calculation of FFO in accordance
        with the interpretive positions set forth by NAREIT in the
        White Paper.  For reporting periods ending December 31,
        1995, and prior, the Company added back depreciation on
        property, furniture and equipment and the amortization of
        deferred financing costs to income from operations before
        equity in net income of partnership investment and minority
        interest in income of consolidated partnerships.  For
        reporting periods beginning January 1, 1996, depreciation
        of property, furniture and equipment and the amortization
        of deferred financing costs, are not added back to income
        from operations before equity in net income of partnership
        investment and minority interest in income of consolidated
        partnerships arriving at funds from operations.  Funds from
        operations for periods ending December 31, 1995, and prior,
        have been retroactively restated to be comparable with the
        method of calculating 1996 funds from operations.

<PAGE> 25

INFLATION

Inflation has remained relatively low during the past three years
and has had minimal impact on the operating performance of the
Properties.  Nonetheless, substantially all of the retail tenants'
leases contain provisions designed to protect the Company from the
impact of inflation.  Such provisions include clauses enabling the
Company to receive percentage rents based on tenants' gross sales,
which generally increase as prices rise, and/or escalation clauses,
which generally increase rents during the terms of the leases.  In
addition, many of the leases are for terms less than ten years,
which may enable the Company to replace existing leases with new
leases at higher base and/or percentage rentals if rents of the
existing leases are below then-existing market rates. 
Substantially all of the leases, other than those for anchors,
require the tenants to pay a proportionate share of operating
expenses, including common area maintenance, real estate taxes and
insurance, thereby reducing the Company's exposure to increases in
costs and operating expenses resulting from inflation.

However, inflation may have a negative impact on some of the
Company's other operating items.  Interest and general and
administrative expenses may be adversely affected by inflation as
these specified costs could increase at a rate higher than rents. 
Also, for tenant leases with specified rent increases, inflation
may have a negative effect as the specified rent increases in these
leases could be lower than the increase in the inflation rate at
any given time.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

     The financial statements and supplementary data are listed in
the Index to Financial Statements and Financial Statement Schedules
appearing on Page F-1 of this Form 10-K.

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
         ACCOUNTING DISCLOSURES

     During the two most recent fiscal years, the Company has not
experienced any changes in or disagreements with its independent
auditors.


                           PART III


ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

     Information regarding Directors appears under the heading
"Election of Directors" in the Company's proxy statement relating
to the Company's 1997 Annual Meeting of Stockholders to be held on
April 30, 1997, and is incorporated herein by reference.

     Information regarding compliance with Section 16(a) of the
Securities Exchange Act of 1934 appears under the heading "Section
16(a) Beneficial Ownership Reporting Compliance" in the Company's
proxy statement relating to the Company's 1997 Annual Meeting of
Stockholders to be held on April 30, 1997, and is incorporated
herein by reference.

     Information regarding Executive Officers appears at Item 4A of
Part I of this Form 10-K.

ITEM 11.  EXECUTIVE COMPENSATION

     Information regarding executive compensation appears under the
heading "Executive Compensation" in the Company's proxy statement
relating to the Company's 1997 Annual Meeting of Stockholders to be
held on April 30, 1997, and is incorporated herein by reference.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
          MANAGEMENT

     The table of beneficial ownership of the Company appears under
the heading "Security Ownership of Certain Beneficial Owners and
Management" in the Company's proxy statement relating to the
Company's 1997 Annual Meeting of Stockholders to be held on April
30, 1997, and is incorporated herein by reference.

<PAGE> 26

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     Information regarding certain relationships and related
transactions appears under the heading "Certain Transactions" in
the Company's proxy statement relating to the Company's 1997 Annual
Meeting of Stockholders to be held on April 30, 1997, and is
incorporated herein by reference.


                            PART IV


ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
          FORM 8-K

   (a)    (1) and (2) Financial Statements and Financial Statements
          Schedules

          See Index to Financial Statements and Financial Statement
          Schedules appearing on page F-1 of this Form 10-K

   (b)    Reports on Form 8-K

          None

   (c)    Exhibits


<PAGE> 27


EXHIBIT
NUMBER                     DESCRIPTION
-------                    -----------


  3.1       Amended and Restated Articles of Incorporation the 
            Company (3(a))*
  3.2       Amended and Restated Bylaws of the Company (3(b))*
  4.1       Specimen of Common Stock Certificate (4)*
 10.1       Amended and Restated Agreement of Limited 
            Partnership of Price Development Company, Limited 
            Partnership (10(a))*
 10.2       Agreement of Limited Partnership of Price Financing 
            Partnership, L.P. (10(b))*
 10.3       Loan Agreements related to Mortgage Debt and 
            related documents (10(c))*
               i)    Deed of Trust, Mortgage, Security 
                     Agreement and Assignment of Leases and 
                     Rents of Price Financing Partnership, L.P.
              ii)    Intentionally Omitted
             iii)    Indenture between Price Capital Corp. and 
                     a Trustee
              iv)    Limited Guarantee Agreement (Guarantee of 
                     Collection) for outside investors
               v)    Limited Guarantee Agreement (Guarantee of 
                     Collection) for Price Group Investors
              vi)    Cash Collateral Account Security, Pledge 
                     and Assignment Agreement among Price Financing
                     Partnership, L.P., Price Capital Corp. 
                     and Continental Bank N.A.
             vii)    Note Issuance Agency Agreement between 
                     Price Capital Corp. and Price Financing 
                     Partnership, L.P.
            viii)    Management and Leasing Agreement among 
                     Price Financing Partnership, L.P.and Price 
                     Development Company, Limited Partnership
              ix)    Assignment of Management and Leasing Agreement
                     of Price Financing Partnership, L.P.
 10.4       Employment and Non-Competition Agreement between the 
            Company and John Price (10(d))*
 10.5       Indemnification Agreement for Directors and Officers
            (10(f))*
 10.6       Registration Rights Agreement among the Company and the
            Limited Partners of Price Development Company, Limited 
            Partnership (10(g))*
 10.7       Amendment No. 1 to Registration Rights Agreement, dated
            August 1, 1995, among the Company and the Limited
            Partners of Price Development Company, Limited
            Partnership**
 10.8       Exchange Agreement among the Company and the Limited
            Partners of Price Development Company, Limited
            Partnership (10(h))*
 10.9       1993 Stock Option Plan (10(i))*
10.10       Amendment to Groundlease between Price Development
            Company and Alvin Malstrom as Trustee and C.F.
            Malstrom, dated December 31, 1985.  (Groundlease for
            Plaza 9400) (10(j))*
10.11       Lease Agreement between The Corporation of the
            President of the Church of Jesus Christ of Latter Day
            Saints and Price-James and Assumptions, dated September
            24, 1979.  (Groundlease for Anaheim Plaza) (10(k))*
10.12       Indenture of Lease between Ambrose and Zelda Motta and 
            Cordova Village, dated July 26, 1974, and Amendments
            and Transfers thereto.  (Groundlease for Fort Union
            Plaza) (10(l))*
10.13       Lease Agreement between Advance Management Corporation 
            and Price Rentals, Inc. and dated August 1, 1975 and 
            Amendments thereto.  (Groundlease for Price Fremont) 
            (10(m))*


-------------------

*Documents were previously filed with the Registration Statement on
Form S-11, File No. 33-68844, under the exhibit numbered in
parentheticals, and are incorporated herein by reference.

**Documents were previously filed with the Company's Annual Report
on Form 10-K for the year ended December 31, 1995 and are
incorporated herein by reference.


<PAGE> 28

EXHIBIT
NUMBER                     DESCRIPTION
-------                    -----------

10.14       Groundlease between Aldo Rossi and Price Development 
            Company, dated June 1, 1989, and related documents.  
            (Groundlease for Halsey Crossing) (10(n))*
10.15       Loan Agreements related to 1995 Credit Facility**
               i)    Credit Agreement, dated March 8, 1995, 
                     between Price Development Company, Limited 
                     Partnership and Lexington Mortgage Company 
                     as
              ii)    Note dated March 8, 1995
             iii)    Guaranty of Payment dated March 8, 1995
                     between the Company and Lexington Mortgage
                     Company
              iv)    Cash Collateral Account Security, Pledge and 
                     Assignment Agreement dated March 8, 1995
                     between Price Development Company, Limited
                     Partnership, Bank One, Utah, N.A. and
                     Lexington Mortgage Company 
               v)    Amended and Restated Credit Agreement dated
                     June 29, 1995 between Price Development
                     Company, Limited Partnership, Merrill Lynch
                     Mortgage Capital, Inc. and Capital Market
                     Assurance Corporation 
              vi)    Amendment to Cash collateral Account,
                     Security, Pledge and Assignment Agreement
                     dated June 29, 1995
             vii)    Reaffirmation of Guaranty dated June 29, 1995
 23         Consent of Independent Accountants


------------------------

*Documents were previously filed with the Registration Statement on
Form S-11, File No. 33-68844, under the exhibit numbered in
parentheticals, and are incorporated herein by reference.

**Documents were previously filed with the Company's Annual Report
on Form 10-K for the year ended December 31, 1995 and are
incorporated herein by reference.


<PAGE> 29
                        SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

                               JP REALTY, INC.


                            By:  /s/ John Price
                                __________________________________
                                John Price
                                Chairman of the Board of Directors
                                and Chief Executive Officer

Date:  March    , 1997

               ---------------------------------


     Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated.

          Name                   Title                  Date
          ---                    -----                  ----



     /s/ John Price      Chairman of the Board of    March  , 1997
-----------------------  Directors and Chief
    John Price           Executive Officer, Director
                         (Principal Executive Officer)



/s/ Paul K. Mendenhall   Vice President--Finance    March  , 1997
-----------------------  and Secretary (Principal
   Paul K. Mendenhall    Financial & Accounting 
                         Officer)



  /s/ G.Rex Frazier      President and Chief         March  , 1997
-----------------------  Operating Officer,
   G. Rex Frazier        Director




  /s/ Warren P. King     Director                    March  , 1997
----------------------
      Warren P. King




   /s/ Sam W. Souvall    Director                    March  , 1997

---------------------
     Sam W. Souvall

<PAGE> 30


                                  EXHIBIT INDEX

EXHIBIT                                                       PAGE
NUMBER                     DESCRIPTION                      NUMBER
-------                    -----------                      ------

  3.1       Amended and Restated Articles of Incorporation the 
            Company (3(a))*
  3.2       Amended and Restated Bylaws of the Company (3(b))*
  4.1       Specimen of Common Stock Certificate (4)*
 10.1       Amended and Restated Agreement of Limited 
            Partnership of Price Development Company, Limited 
            Partnership (10(a))*
 10.2       Agreement of Limited Partnership of Price Financing 
            Partnership, L.P. (10(b))*
 10.3       Loan Agreements related to Mortgage Debt and 
            related documents (10(c))*
               i)    Deed of Trust, Mortgage, Security 
                     Agreement and Assignment of Leases and 
                     Rents of Price Financing Partnership, L.P.
              ii)    Intentionally Omitted
             iii)    Indenture between Price Capital Corp. and 
                     a Trustee
              iv)    Limited Guarantee Agreement (Guarantee of 
                     Collection) for outside investors
               v)    Limited Guarantee Agreement (Guarantee of 
                     Collection) for Price Group Investors
              vi)    Cash Collateral Account Security, Pledge 
                     and Assignment Agreement among Price Financing

                     Partnership, L.P., Price Capital Corp. 
                     and Continental Bank N.A.
             vii)    Note Issuance Agency Agreement between 
                     Price Capital Corp. and Price Financing 
                     Partnership, L.P.
            viii)    Management and Leasing Agreement among 
                     Price Financing Partnership, L.P.and Price 
                     Development Company, Limited Partnership
              ix)    Assignment of Management and Leasing Agreement
                     of Price Financing Partnership, L.P.
 10.4       Employment and Non-Competition Agreement between the 
            Company and John Price (10(d))*
 10.5       Indemnification Agreement for Directors and Officers
            (10(f))*
 10.6       Registration Rights Agreement among the Company and the
            Limited Partners of Price Development Company, Limited 
            Partnership (10(g))*
 10.7       Amendment No. 1 to Registration Rights Agreement, dated
            August 1, 1995, among the Company and the Limited
            Partners of Price Development Company, Limited
            Partnership**
 10.8       Exchange Agreement among the Company and the Limited
            Partners of Price Development Company, Limited
            Partnership (10(h))*
 10.9       1993 Stock Option Plan (10(i))*
10.10       Amendment to Groundlease between Price Development
            Company and Alvin Malstrom as Trustee and C.F.
            Malstrom, dated December 31, 1985.  (Groundlease for
            Plaza 9400) (10(j))*
10.11       Lease Agreement between The Corporation of the
            President of the Church of Jesus Christ of Latter Day
            Saints and Price-James and Assumptions, dated September
            24, 1979.  (Groundlease for Anaheim Plaza) (10(k))*
10.12       Indenture of Lease between Ambrose and Zelda Motta and 
            Cordova Village, dated July 26, 1974, and Amendments
            and Transfers thereto.  (Groundlease for Fort Union
            Plaza) (10(l))*
10.13       Lease Agreement between Advance Management Corporation 
            and Price Rentals, Inc. and dated August 1, 1975 and 
            Amendments thereto.  (Groundlease for Price Fremont) 
            (10(m))*


-------------------

*Documents were previously filed with the Registration Statement on
Form S-11, File No. 33-68844, under the exhibit numbered in
parentheticals, and are incorporated herein by reference.

**Documents were previously filed with the Company's Annual Report
on Form 10-K for the year ended December 31, 1995 and are
incorporated herein by reference.


<PAGE> 31


EXHIBIT                                                        PAGE
NUMBER                     DESCRIPTION                       NUMBER
-------                    -----------                       ------

10.14       Groundlease between Aldo Rossi and Price Development 
            Company, dated June 1, 1989, and related documents.  
            (Groundlease for Halsey Crossing) (10(n))*
10.15       Loan Agreements related to 1995 Credit Facility**
               i)    Credit Agreement, dated March 8, 1995, 
                     between Price Development Company, Limited 
                     Partnership and Lexington Mortgage Company 
                     as
              ii)    Note dated March 8, 1995
             iii)    Guaranty of Payment dated March 8, 1995
                     between the Company and Lexington Mortgage
                     Company
              iv)    Cash Collateral Account Security, Pledge and 
                     Assignment Agreement dated March 8, 1995
                     between Price Development Company, Limited
                     Partnership, Bank One, Utah, N.A. and
                     Lexington Mortgage Company 
               v)    Amended and Restated Credit Agreement dated
                     June 29, 1995 between Price Development
                     Company, Limited Partnership, Merrill Lynch
                     Mortgage Capital, Inc. and Capital Market
                     Assurance Corporation 
              vi)    Amendment to Cash collateral Account,
                     Security, Pledge and Assignment Agreement
                     dated June 29, 1995
             vii)    Reaffirmation of Guaranty dated 
                     June 29, 1995
 23         Consent of Independent Accountants                   32


------------------------

*Documents were previously filed with the Registration Statement on
Form S-11, File No. 33-68844, under the exhibit numbered in
parentheticals, and are incorporated herein by reference.

**Documents were previously filed with the Company's Annual Report
on Form 10-K for the year ended December 31, 1995 and are
incorporated herein by reference.

<PAGE> 32

                     CONSENT OF INDEPENDENT ACCOUNTANTS


We hereby consent to the incorporation by reference in the
Prospectus constituting part of the Registration Statements on Form
S-3 (No. 33-93752 and No. 333-3624) and the Registration Statement
of Form S-8 (No.333-3550) of JP Realty, Inc. of our report dated
January 29, 1997 appearing on page F-2 of this Form 10-K.

/s/ Price Waterhouse LLP
------------------------

Price Waterhouse LLP
Salt Lake City, Utah
March 20, 1997

<PAGE> F-1

                     INDEX TO FINANCIAL STATEMENTS


<TABLE>
<CAPTION>
JP REALTY, INC., AND THE PREDECESSOR COMPANIES
<S>                                                          <S>
Report of Independent Accountants. . . . . . . . . . . . . .   F-2

Consolidated Balance Sheet of JP 
 Realty, Inc.as of December 31, 1996 
 and 1995. . . . . . . . . . . . . . . . . . . . . . . . . .   F-3

Consolidated Statement of Operations of 
 JP Realty, Inc. for the years ended 
 December 31, 1996, 1995 and for 
 the Period January 21, 1994 through 
 December 31, 1994 and Combined Statements 
 of Operations of the Predecessor 
 Companies for the Period January 1, 1994 
 through January 20, 1994. . . . . . . . . . . . . . . . . .   F-4

Consolidated Statement of Shareholders' Equity 
 of JP Realty, Inc. and Combined Statement 
 of Partners' and Owners' Equity of the 
 Predecessor Companies for the Years Ended 
 December 31, 1996, 1995 and 1994. . . . . . . . . . . . . .   F-5

Consolidated Statement of Cash Flows of JP 
 Realty, Inc. for the years ended December 
 31, 1996, 1995, and for the Period January 
 21, 1994 through December 31, 1994 and 
 Combined Statements of Cash Flows of the 
 Predecessor Companies for the Period January 
 1, 1994 through January 20, 1994. . . . . . . . . . . . . .   F-6

Notes to Financial statements. . . . . . . . . . . . . . . .   F-7

Schedule II - Valuation and Qualifying Accounts. . . . . . .   F-19

Schedule III - Real Estate and Accumulated 
 Depreciation. . . . . . . . . . . . . . . . . . . . . . . .   F-20

</TABLE>

<PAGE> F-2
                  REPORT OF INDEPENDENT ACCOUNTANTS


To the Board of Directors and Shareholders
   of JP Realty, Inc.


     In our opinion, the consolidated financial statements of JP
Realty, Inc. and its subsidiaries and the combined financial
statements of the Predecessor Companies listed in the accompanying
index, present fairly, in all material aspects, (i) the financial
position of JP Realty, Inc. and its subsidiaries at December 31,
1996 and 1995 and the results of their operations and their cash
flows for the years then ended and the period January 21, 1994
through December 31, 1994, and (ii) the results of operations and
cash flows of the Predecessor Companies for the period January 1,
1994 through January 20, 1994, all in conformity with generally
accepted accounting principles.  These financial statements are the
responsibility of the management of JP Realty, Inc. and the
Predecessor Companies; our responsibility is to express an opinion
on these financial statements based on our audits.  We conducted
our audits of these statements in accordance with generally
accepted auditing standards which require that we plan and perform
the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by
management, and evaluating the overall financial statement
presentation.  We believe that our audits provide a reasonable
basis for the opinion expressed above.

/s/ Price Waterhouse LLP


Price Waterhouse LLP
Salt Lake City, Utah
January 29, 1997


<PAGE> F-3

                         JP REALTY, INC.
                  CONSOLIDATED BALANCE SHEET
                    (DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
                                   DECEMBER 31,     DECEMBER 31,
                                       1996            1995
                                   -----------      ------------
<S>                                <C>              <C>
ASSETS
Real Estate Assets
  Land . . . . . . . . . . . . . .  $   69,714      $    63,754
  Buildings. . . . . . . . . . . .     353,500          320,757
                                    ----------      -----------
                                       423,214          384,511
Less:  Accumulated Depreciation. .     (87,318)         (77,462)
                                    ----------      -----------
  Operating Real Estate Assets . .     335,896          307,049
Real Estate Under Development. . .      30,027            3,694
                                    ----------      -----------
   Net Real Estate Assets. . . . .     365,923          310,743
Cash . . . . . . . . . . . . . . .       1,750            1,827
Restricted Cash. . . . . . . . . .       2,372            2,464
Accounts and Notes Receivable, Net       4,081            3,295
Deferred Charges, Net. . . . . . .       6,512            7,874
Other Assets . . . . . . . . . . .         722              858
                                    ----------      -----------
                                    $  381,360      $   327,061
                                    ==========      ===========

LIABILITIES AND SHAREHOLDERS' 
 EQUITY
Borrowings . . . . . . . . . . . .  $  162,375      $   106,406
Accounts Payable and Accrued 
 Expenses. . . . . . . . . . . . .      11,611            7,837
Accumulated Losses in Excess 
 of Equity Investment. . . . . . .       1,555            1,555
Other Liabilities. . . . . . . . .         485              923
                                    ----------      -----------
                                       176,026          116,721
                                    ----------      -----------
Minority Interests . . . . . . . .      32,778           34,586
                                    ----------      -----------

Commitments and Contingencies 

SHAREHOLDERS' EQUITY
Common Stock, $.0001 par value, 
 124,800,000 shares authorized, 
 15,874,000 shares and 
 15,836,000 shares issued and
 outstanding at December 31, 
 1996 and 1995, respectively. . . .          2                2
Price Group Stock, $.0001 par 
 value, 200,000 shares authorized, 
 issued and outstanding . . . . . .          0                0
Excess Stock, 75,000,000 shares 
 authorized . . . . . . . . . . . .          0                0
Additional Paid-in Capital. . . . .    193,229          192,658
Accumulated Distributions in 
 Excess of Net Income . . . . . . .    (20,675)         (16,906)
                                    ----------      -----------
                                       172,556          175,754
                                    ----------      -----------
                                    $  381,360      $   327,061
                                    ==========      ===========

</TABLE>
            SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS

<PAGE> F-4
                         JP REALTY, INC.
               CONSOLIDATED STATEMENT OF OPERATIONS
         (DOLLARS IN THOUSANDS - EXCEPT PER SHARE AMOUNTS)

<TABLE>
<CAPTION>
                                           JP REALTY, INC.                     PREDECESSOR
                           ------------------------------------------------     COMPANIES
                                                              FOR THE PERIOD  FOR THE PERIOD
                             FOR THE           FOR THE          JANUARY 21,     JANUARY 1,
                            YEAR ENDED        YEAR ENDED          1994 TO        1994 TO
                            DECEMBER 31,      DECEMBER 31,      DECEMBER 31,    JANUARY 20,
                                1996            1995              1994             1994    
                          ------------      ------------      -----------     -------------
<S>                      <C>               <C>               <C>             <C>
REVENUES
Minimum Rents. . . . . .    $     52,447      $     43,640      $    35,775     $     1,916
Percentage and Overage 
 Rents . . . . . . . . .           4,061             3,465            2,632             124
Recoveries from Tenants.          15,557            12,252            9,903             495
Interest . . . . . . . .             549             1,231            1,387              12
Other. . . . . . . . . .             335               362              374              31
                            ------------      ------------      -----------     -----------
                                  72,949            60,950           50,071           2,578
                            ------------      ------------      -----------    ------------
EXPENSES
Operating and Maintenance         11,240             8,288            6,874             359
Real Estate Taxes and 
 Insurance . . . . . . .           7,679             6,892            6,116             260
Advertising and 
 Promotions. . . . . . .             426               364              299               0
General and 
 Administrative. . . . .           5,060             4,845            3,801             274
Depreciation . . . . . .          10,230             9,610            7,588             367
Amortization of Deferred 
 Financing Costs . . . .           1,085             1,256              538              13
Amortization of Deferred 
 Leasing Costs . . . . .             664               662              608              50
Interest
 Banks and Other 
 Financial Institutions.           7,776             6,623            5,873             735
 Affiliates. . . . . . .               0                 0                0              91
                            ------------      ------------      -----------    ------------
                                  44,160            38,540           31,697           2,149
                            ------------      ------------      -----------    ------------

                                  28,789            22,410           18,374             429

Minority Interest in 
 Income of Consolidated 
 Partnerships. . . . . .            (269)             (320)            (221)              0
 Equity in Net Income 
 (Loss) of Partnership
 Interest. . . . . . . .               0              (184)             (82)              7
Gain on Sales of 
 Real Estate . . . . . .              94               918                0               0
                            ------------      ------------      -----------    ------------
Income Before 
 Extraordinary Item and 
 Minority Interest 
 of PDC Unitholders. . .          28,614            22,824           18,071             436
Minority Interest of PDC 
 Unitholders . . . . . .          (5,244)           (4,646)          (3,943)             --
                            ------------      ------------      -----------    ------------
Income Before 
 Extraordinary Item. . .          23,370            18,178           14,128             436
Extraordinary Item
Loss on Extinguishment 
 of Debt, Net of 
 Minority Interest of 
 PDC Unitholders . . . .               0                 0           (5,215)              0
                            ------------      ------------      -----------    ------------ 

Net Income . . . . . . .    $     23,370      $     18,178      $     8,913    $        436 
                            ============      ============      ===========    ============
Earnings Per Share 
   Income Before 
    Extraordinary 
    Item. . . . . . . . .   $       1.46      $      1.27       $      1.07
   Extraordinary Item . .              0                0              (.40)
                            ------------      -----------       -----------
   Net Income . . . . . .   $       1.46      $      1.27       $       .67
                            ============      ===========       ===========

</TABLE>
              SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.


<PAGE> F-5
                           JP REALTY, INC.
               CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
                       (DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
                                                                           ACCUMULATED 
                                                              ADDITIONAL DISTRIBUTIONS IN  ACCUMULATED 
                                                   COMMON       PAID-IN    EXCESS OF        EARNINGS
                                     SHARES*        STOCK       CAPITAL    NET INCOME       (DEFICIT)      TOTAL 
                                   -----------     -------    ----------  ------------    -----------     -------
<S>                                   <C>          <C>        <C>         <C>             <C>             <C>
PREDECESSOR 
Partners' and Owners' Deficit, 
 December 31, 1993. . . . . . . . .            0     $   0    $        0   $        0      $   (6,951)    $ (6,951)
Net Income for the Period January 1, 
 1994 to January 20, 1994 . . . . .            0         0             0            0             436          436 
Capital Distributions for the Period 
 January 1, 1994 to January 20, 1994           0         0             0            0            (792)        (792)
                                        --------       ---    ----------   ----------     -----------    ---------
Partners' and Owners' Deficit 
 January 20, 1994 . . . . . . . . .            0         0             0            0          (7,307)      (7,307)

JP REALTY, INC.
Net proceeds from initial Public 
 Offering . . . . . . . . . . . . .   13,031,000         1       206,197            0               0      206,198 
Cottonwood Mall Joint Venture 
 Preferential Distribution
 ($38,308) Over Net Book Value 
 of This Interest ($10,256) . . . .            0         0       (28,052)           0               0      (28,052)
Exchange of Debt Due to Fairfax 
 Realty, Inc. for 200,000
 Shares of Price Group Stock 
 and PDC Units . . . . . . . . . .       200,000         0         5,664            0               0        5,664 
Exchange of Borrowings by Various 
 Partners for PDC Units. . . . . .             0         0          1,174           0               0        1,174
Distribution of Property for Buyout 
 of Minority Interest Holders. . .             0         0           (202)          0               0         (202)
Minority Interest of PDC 
 Unitholders . . . . . . . . . . .             0         0        (38,679)          0               0      (38,679)
Reclassification of Predecessor 
 Accumulated Deficit in Connection 
 with Formation Transactions . . .             0         0         (7,307)          0           7,307            0
Net Income for the Period January 
 21, 1994 to December 31, 1994 . .             0         0              0       8,913               0        8,913
Distributions Paid . . . . . . . .             0         0              0     (20,116)              0      (20,116)
                                       ---------      ----    -----------  ----------     -----------    ---------
Shareholders' Equity at December 
 31, 1994. . . . . . . . . . . . .    13,231,000         1        138,795     (11,203)              0      127,593 
Sale of Common Stock . . . . . . .     2,750,000         1         52,887           0               0       52,888 
Stock Options Exercised. . . . . .        55,000         0            976           0               0          976 
Net Income . . . . . . . . . . . .             0         0              0      18,178               0       18,178 
Distributions Paid . . . . . . . .             0         0              0     (23,881)              0      (23,881)
                                      ----------      ----    -----------  ----------      ----------    ---------
Shareholders' Equity at December 
 31, 1995. . . . . . . . . . . . .    16,036,000         2        192,658     (16,906)              0      175,754 
Stock Options Exercised. . . . . .        22,000         0            407           0               0          407 
PDC Units Converted. . . . . . . .        16,000         0            164           0               0          164 
Net Income . . . . . . . . . . . .             0         0              0      23,370               0       23,370 
Distributions Paid . . . . . . . .             0         0              0     (27,139)              0      (27,139)
                                       ---------      ----    -----------  ----------      ----------    ---------
Shareholders' Equity at 
 December 31, 1996 . . . . . . . .    16,074,000      $  2    $   193,229  $  (20,675)     $        0    $ 172,556 
                                      ==========      ====    ===========  ==========      ==========    =========
</TABLE>
    * Includes Common and Price Group Stock

         See accompanying notes to financial statements.

<PAGE> F-6

                          JP REALTY, INC
              CONSOLIDATED STATEMENT OF CASH FLOWS
                      (DOLLARS IN THOUSANDS)

<TABLE>
<CAPTION>
                                           JP REALTY, INC.                       PREDECESSOR
                           ------------------------------------------------      COMPANIES
                                                             FOR THE PERIOD   FOR THE PERIOD
                             FOR THE           FOR THE          JANUARY 21,       JANUARY 1,
                            YEAR ENDED        YEAR ENDED        1994 TO          1994 TO
                            DECEMBER 31,      DECEMBER 31,      DECEMBER 31,      JANUARY 20,
                                1996            1995              1994             1994    
                          ------------      ------------      -----------     -------------
<S>                         <C>               <C>               <C>             <C>

Cash Flows from 
 Operating Activities
  Net Income . . . . . . .   $    23,370      $     18,178       $    8,913      $     436 
Adjustments to Reconcile 
 Net Income to Net Cash 
 Provided 
 by Operating Activities:
  Depreciation . . . . . .        10,230             9,610            7,588           367 
  Amortization . . . . . .         1,749             1,918            1,146            63 
  General and 
  Administrative 
  Allocation . . . . . . .             0                 0                0            59 
  Minority Interest in 
   Income of Consolidated 
   Partnerships. . . . . .           269               320              221             0
  Minority Interest of 
   PDC Unitholders . . . .         5,244             4,646            3,943             0 
  Unitholders' Interest in 
   Extraordinary Item . . .            0                 0           (1,455)            0 
  Equity in Net Loss 
   (Income) of Partnership 
   Interest . . . . . . . .            0               184               82            (7)
  Gain on Sales of Real 
   Estate. . . . . . . . . .         (94)             (918)               0             0 
  Increase in Accounts and 
   Notes Receivable. . . . .        (786)             (540)          (1,726)         (113)
  (Increase) Decrease in 
   Deferred Charges. . . . .        (387)           (1,428)             640           (10)
  Increase (Decrease) in 
   Accounts Payable and 
   Accrued Expenses. . . . .       3,774               887            1,324          (758)
  (Increase) Decrease in 
   Other . . . . . . . . . .        (295)             (138)             164         1,056 
                             -----------      ------------       ----------     ---------
Net Cash Provided by 
 Operating Activities. . . .      43,074            32,719           20,840         1,093
                             -----------      ------------       ----------     ---------
CASH FLOWS FROM 
 INVESTING ACTIVITIES
Real Estate Assets, 
 Developed or Acquired . . .     (65,323)          (69,300)         (16,514)            0 
Proceeds from Sales of 
 Real Estate . . . . . . . .           0             1,281                0             0 
Decrease in Restricted Cash.          92               636              855             0 
                             -----------      ------------       ----------     ---------
   Net Cash Used in 
    Investing Activities . .     (65,231)          (67,383)         (15,659)            0
                             -----------      ------------       ----------     ---------
CASH FLOWS FROM 
 FINANCAING ACTIVITIES
Proceeds from Borrowings . .      65,442            47,009          104,021           249 
Repayment of Borrowings. . .      (9,473)          (49,344)        (203,231)            0 
Deferred Financing Costs . .           0                 0           (4,162)            0
Net Proceeds from Sale of 
 Common Stock. . . . . . . .         407            53,850          206,198             0
Distributions to Minority 
 Interests and Unitholders .      (7,157)           (6,295)          (5,806)        ( 792)
Distributions Paid to 
 Shareholders. . . . . . . .     (27,139)          (23,881)         (20,116)            0
Decrease in Due to 
 Affiliates. . . . . . . . .           0                 0          (23,005)       (2,218)
Buyout Joint Venture 
 Partner . . . . . . . . . .           0                 0          (44,376)            0
                             -----------      ------------       ----------     ---------
   Net Cash Provided by 
    (Used in) Financing 
    Activities . . . . . . .      22,080            21,339            9,523        (2,761)
                             -----------      ------------       ----------     ---------
Net Increase (Decrease) in 
 Cash                                (77)          (13,325)          14,704        (1,668)
Cash, Beginning of Period. .       1,827            15,152              448         2,116 
                             -----------      ------------       ----------     ---------
Cash, End of Period. . . . . $     1,750      $      1,827       $   15,152     $     448 
                             ===========      ============       ==========     =========

</TABLE>

               See accompanying notes to financial statements.

<PAGE> F-7
                             JP REALTY, INC. 
                     NOTES TO FINANCIAL STATEMENTS
                          (DOLLARS IN THOUSANDS)


1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BUSINESS

     JP Realty, Inc. (the "Company") is primarily engaged in the
business of owning, leasing, managing, operating, developing and
redeveloping malls, community centers and other commercial
properties.  The tenant base includes primarily national retail
chains and local retail companies.  Consequently, the Company's
credit risk is concentrated in the retail industry.

     The Predecessor Companies are not a single legal entity but
rather a combination of the real estate properties of a number of
affiliated partnerships, joint ventures and certain properties
carved-out of an S-Corporation having varying ownership interests
in common.  Fairfax Realty, Inc. (formerly known as Price
Development Company) is an S-Corporation and the former general
partner and majority owner of most of the properties included in
the combined financial statements of the Predecessor Companies.


PRINCIPLES OF CONSOLIDATION AND COMBINATION

     The accompanying consolidated financial statements include the
accounts of the Company and its affiliated partnerships and
subsidiaries.

     The accompanying combined financial statements of the
Predecessor Companies include the results of operations from the
real estate properties, equity interests in two limited
partnerships, certain property, furniture and equipment, and
certain liabilities, including the mortgage debt encumbering the
real estate relating to the properties.  They have been presented
on a combined basis because of the common ownership and management
and because of the business combination on January 21, 1994 with
the Company.

     All significant intercompany accounts and transactions have
been eliminated in the consolidation and in the combination.

          The Company's and the Predecessor Companies' 30 percent
limited partnership interest in Silver Lake Mall is accounted for
using the equity method.  Commencing in 1996, the Company
discontinued recording its proportionate interest in the loss
generated by this partnership as the Company is not required to
fund such losses.


REVENUE RECOGNITION

     Certain minimum rents are recognized monthly based upon
amounts which are currently due from tenants, when such amounts are
not materially different than recognizing the fixed cash flow over
the initial term of the lease using the straight-line method.  All
other minimum rents are recognized using the straight-line method. 
Percentage rents are recognized monthly on an accrual basis based
on estimated annual amounts.

REAL ESTATE ASSETS

     Real estate assets are stated at cost less accumulated
depreciation.  At each balance sheet date, the Company reviews for
possible impairment to the recorded book values of real estate
assets based upon expectations of future nondiscounted cash flows
(excluding interest) from each property.  

     Depreciation is computed on a straight-line basis generally
over 40 years for buildings and four to ten years for equipment and
fixtures.  Tenant improvements are capitalized and depreciated on
a straight-line basis over the life of the related lease. 
Expenditures for maintenance and repairs are charged to operations
as incurred.  Major replacements and betterments which improve or
extend the life of the asset are capitalized and depreciated over
their estimated useful lives.

<PAGE> F-8

                          JP REALTY, INC. 
                  NOTES TO FINANCIAL STATEMENTS
                       (DOLLARS IN THOUSANDS)


INCOME TAXES

     Prior to the initial public offering in 1994, the entities
included in the combined financial statements were either limited
partnerships or S Corporations and were not subject to federal and
state income taxes.  Accordingly, no recognition has been given to
income taxes in the accompanying financial statements of the
Predecessor Companies since the income or loss of the entities was
included in the tax returns of the individual owners.  The tax
returns of the entities are subject to examination by federal and
state taxing authorities.  If such examinations result in
adjustments to distributive shares of taxable income or loss, the
tax liability of the owners would be adjusted accordingly.

     The Company has elected to be taxed as a REIT under the
Internal Revenue Code of 1986, as amended (the "Code"), commencing
with the taxable year ended December 31, 1994.  In order for the
Company to qualify as a REIT, it must distribute annually at least
95% of its REIT taxable income, as defined in the Code, to its
shareholders and satisfy certain other requirements.  As a result,
the Company generally will not be subject to federal income
taxation at the corporate level on the income it distributes to the
shareholders.

     As of December 31, 1996, the net assets as reported in the
Company's consolidated Financial Statements exceeded the net basis
for federal income tax purposes, taking into account the special
allocation of gain to the partners contributing property to the
Operating Partnership, by approximately $11,154.

RESTRICTED CASH

     Restricted cash reflects cash restricted under terms of a loan
agreement to be used for certain capital expenditures and funds
held in reserve by a trustee for interest payments on borrowings. 



INTEREST AND REAL ESTATE TAXES

     Interest and real estate taxes incurred during the
construction period are capitalized and depreciated over the lives
of the constructed assets.  


DEFERRED CHARGES

     Third party costs incurred in obtaining long-term financing
and initial tenant leases are included in deferred charges in the
accompanying consolidated balance sheet and are amortized on a
straight-line basis over the terms of the related debt and lease
agreements, as applicable.


EXTRAORDINARY ITEM

     The extraordinary item recognized in the period January 21,
1994 to December 31, 1994 resulted from mortgage prepayment
penalties ($5,874) and the write-off of deferred financing costs
($796) on the mortgage debt satisfied.  The extraordinary item is
net of the minority interest ($1,455) of PDC Unitholders calculated
on units and shares outstanding at January 21, 1994.


PER SHARE DATA

     Earnings per share for income before extraordinary item,
extraordinary item and net income was computed for each period by
dividing the respective amounts by the weighted average number of
common shares outstanding.  The weighted average number of shares
outstanding utilized in the calculations was 16,048,000, 14,345,000
and 13,231,000 for the years ended December 31, 1996, 1995 and the
period January 21, 1994 to December 31, 1994, respectively. 
Earnings per share data for Predecessor Companies is not relevant
since Predecessor Companies is a presentation of the combined
operations of partnerships.

<PAGE> F-9

                         JP REALTY, INC. 
                  NOTES TO FINANCIAL STATEMENTS
                      (DOLLARS IN THOUSANDS)


USE OF ESTIMATES

     The preparation of these financial statements in conformity
with generally accepted accounting principles required management
to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period.  Actual results could differ from those estimates.


RECENT ACCOUNTING PRONOUNCEMENT

     In October 1995, the Financial Accounting Standards Board
issued SFAS 123 "Accounting for Stock-based Compensation."  The
statement allows an entity to elect either the fair value based
method of accounting for employee stock options or the intrinsic
value based method prescribed by APB Opinion No. 25, "Accounting
for Stock Issued to Employees."  The new pronouncement was adopted
beginning January 1, 1996.  The Company has elected to continue
valuing stock-based compensation under the intrinsic value based
method but has included proforma disclosure in Note 11 showing the
impact on net income and earnings per share had the fair value
based method prescribed by SFAS 123 been utilized for financial
reporting.


RECLASSIFICATION

     Certain amounts in the 1994 and 1995 financial statements have
been reclassified to conform to the 1996 presentation.


2.    FORMATION OF JP REALTY, INC. AND INITIAL PUBLIC OFFERING

      The Company was incorporated on September 8, 1993, under the
General Corporation Law of Maryland.  The authorized capital stock
of the Company consists of 200,000,000 shares of capital stock, of
which 124,800,000 shares are classified as Common Stock, 200,000
shares are classified as Price Group Stock, and 75,000,000 shares
are classified as Excess Stock.  Each holder of Common and Price
Group Stock shall be entitled to one vote for each share held. 
Shares of Price Group Stock shall have the right, voting as a
separate class, to elect two directors of the Company.  Cash
dividends for shares of Price Group Stock shall be equal to 80
percent of the amount payable on each share of Common Stock. All of
the outstanding shares of Price Group Stock may be converted at the
option of the Company into an equal number of shares of Common
Stock if certain requirements are met.

     In January 1994, the Company sold a total of 13,031,000 shares
of Common Stock in an initial public offering (the "Offering"), and
received net proceeds of $206,197.  Concurrent with the Offering,
the partners and owners of the Predecessor Companies contributed
their properties to Price Development Company, Limited Partnership
(the "Operating Partnership"), in exchange for limited partnership
interests in the Operating Partnership ("PDC Units") which became
exchangeable after one year from the date of the Company's
Offering, at the option of the holders of such interests, for
Common Stock of the Company, subject to the right of the Company to
purchase for cash interests presented for exchange in an amount
equal to the market value of such shares of Common Stock.  Proceeds
from the Offering were used to acquire a 78.18 percent controlling
interest in the Operating Partnership.  The Company became the sole
general partner and the majority owner of the Operating
Partnership.

Concurrent with the closing of the Offering, a financing affiliate
of the Operating Partnership incurred Mortgage Debt of $95,000
through a private placement and the Operating Partnership incurred
an additional mortgage loan of $9,000.

<PAGE> F-10
                         JP REALTY, INC. 
                 NOTES TO FINANCIAL STATEMENTS
         (DOLLARS IN THOUSANDS - EXCEPT PER SHARE DATA)

  The above proceeds were used as follows:
<TABLE>
<S>                                                      <S>
  Repayment of borrowings
    (net of escrow funds $1,851)                         $199,179
    Repayment of due to affiliates                         23,005
    Cash distribution to Joint Venture partners of
    Cottonwood Mall (75%)                                  44,376
    Repayment of accrued interest                             886
    Deferred financing costs                                3,962
    Borrowing prepayment penalties                          5,891
                                                         --------
                                                         $277,299
                                                        =========
</TABLE>

     The remainder of the proceeds were held as cash on hand for
operations and future acquisitions of real estate.


3.    ADDITIONAL OFFERING AND ACQUISITIONS

      On April 4, 1996, the Company acquired the Grand Teton Mall
located in Idaho Falls, Idaho for approximately $34,400.  The
acquisition was financed utilizing borrowings on a $50,000 line of
credit.

      On August 7, 1995, the Company sold 2,750,000 shares of
Common Stock in an underwritten public offering (the "Additional
Offering") at $20.50 per share.  Net proceeds to the Company were
$52,887.  The Company used the net proceeds to acquire additional
PDC units thereby increasing its ownership in the Operating
Partnership.  The Operating Partnership utilized $47,000 to repay
borrowings under a credit facility, which borrowings were incurred
for the June 30, 1995 acquisition of the Eastridge Mall located in
Casper, Wyoming and the Animas Valley Mall located in Farmington,
New Mexico.  The remaining proceeds were used for general business
purposes.

4.    ACCOUNTS AND NOTES RECEIVABLE

      Accounts and notes receivable in the consolidated balance
sheet are expected to be collected within one year and are net of
estimated unrecoverable amounts of approximately $489 and $504 at
December 31, 1996 and 1995, respectively.


5.    DEFERRED CHARGES

    Deferred charges consist of the following:
<TABLE>
<CAPTION>
                                            December 31,
                                      -------------------------
 
                                          1996         1995
                                      ----------    ----------
<S>                                   <C>         <C>
Financing costs. . . . . . . . . .     $  4,695    $   5,043
Leasing costs. . . . . . . . . . .        7,881        8,505
                                       --------     --------
                                         12,576       13,548
Less accumulated amortization            (6,064)      (5,674)
                                      ---------     --------
                                      $   6,512    $   7,874
                                      =========    =========
</TABLE>


<PAGE> F-11
                         JP REALTY, INC. 
                  NOTES TO FINANCIAL STATEMENTS
                      (DOLLARS IN THOUSANDS)

6.    BORROWINGS

     Borrowings consist of the following:
<TABLE>
<CAPTION>
                                               December 31,
                                         -------------------------
                                           1996            1995
                                        ---------       ---------
<S>                                     <C>            <C>
Notes, secured by real estate; 
  interest at 6.37 percent;
  interest only is payable
  quarterly through January 21,
  2001 at which time the principal
  balance is due. . . . . . . . . . .   $  95,000       $  95,000

Credit Facility; secured by real
 estate; interest at 115 basis points
 over AAA commercial paper. . . . . .      44,000               0

Construction Loan; secured by
 real estate. . . . . . . . . . . . .      16,943               0

Credit Facility; unsecured; interest
 at 175 basis points over LIBOR             4,200               0

Mortgage payable, secured by real
 estate; interest at 9.38 percent;
 due in 2001. . . . . . . . . . . . .       2,072           2,205

Note payable; interest at 7.8
 percent; due in 2000 . . . . . . . .         160             201

Note payable, secured by real estate;
 interest at LIBOR plus 200 basis 
 points (maximum interest rate of 
 6.5 percent); due January 21, 1996 .           0           9,000
                                        ---------       ---------
                                        $ 162,375       $ 106,406
                                        =========       =========
</TABLE>


      On March 8, 1995, the Operating Partnership entered into a
$50,000 credit facility agreement which provides for a two year
commitment ending in March 1997 with an option to extend for an
additional year.  Borrowings under this agreement are
collateralized by approximately $79,000 of the Company's assets at
net book value.  The credit facility bears interest at a floating
rate equal to 115 basis points over the established rate of AAA
commercial paper and is guaranteed by the Company.  The facility
also provides for commitment fees equal to .25% on the unused line
of credit amount.  For the year ended December 31, 1996 and 1995,
the Company paid commitment fees totaling $200 and $90,
respectively.  At December 31, 1996, there was $44,000 advanced
under this credit facility.

      On January 22, 1996, the Operating Partnership entered into
a $25,000 unsecured credit facility agreement.  This credit
facility bears interest at a floating rate equal to 175 basis
points over LIBOR, and provides a two-year credit line with
provision for a one-year extension.  The facility also provides for
commitment fees equal to .375% on the unused credit amount.  For
the year ended December 31, 1996, the Company paid commitment fees
totaling $67.  At December 31, 1996 there was $4,200 advanced under
this credit facility.

      On July 30, 1996, Spokane Mall Development Company, a
consolidated partnership, of which the Operating Partnership is the
General Partner, entered into a $50,000 construction facility.  The
construction facility will be used to fund the development and
construction of the Spokane Valley Mall in Spokane, Washington. 
The construction loan has a three year term with an optional two
year extension and is secured by the Spokane Valley Mall and
guaranteed by the Operating Partnership.  As of December 31, 1996,
borrowings on the loan were $16,943.

     The following summarizes the scheduled maturities of
borrowings at December 31, 1996:

        YEAR                                           TOTAL
        ----                                        -----------
        1997 . . . . . . . . . . . . . . . . . . .  $    44,183
        1998 . . . . . . . . . . . . . . . . . . .        4,399
        1999 . . . . . . . . . . . . . . . . . . .       17,145
        2000 . . . . . . . . . . . . . . . . . . .           69
        2001 . . . . . . . . . . . . . . . . . . .       96,579
                                                     ----------
                                                     $  162,375
                                                     ==========

<PAGE> F-12
                           JP REALTY, INC. 
                    NOTES TO FINANCIAL STATEMENTS
                        (DOLLARS IN THOUSANDS)


7.   RENTAL INCOME

     Substantially all real estate held for investment is leased to
retail and commercial tenants under arrangements which generally
require the tenants to pay property taxes, insurance and
maintenance charges.  These operating leases generally range from
1 to 25 years and provide for minimum monthly rents and in certain
instances percentage rents based on the tenants' sales.

     All non-cancelable leases, assuming no new or renegotiated
leases or option extensions, in effect at December 31, 1996 provide
for the following minimum future rental income:


       YEAR                                           TOTAL
       ----                                        -----------
       1997 . . . . . . . . . . . . . . . . . .    $    47,787
       1998 . . . . . . . . . . . . . . . . . .         42,773
       1999 . . . . . . . . . . . . . . . . . .         37,030
       2000 . . . . . . . . . . . . . . . . . .         32,397
       2001 . . . . . . . . . . . . . . . . . .         26,235
       Thereafter . . . . . . . . . . . . . . .        143,006
                                                   -----------
                                                   $   329,228
                                                   ===========


8.   COMMITMENTS AND CONTINGENCIES

     Future minimum rental payments under the terms of all non-
cancelable operating leases under which the Company is the lessee,
principally for ground leases, are as follows:

        YEAR                                           TOTAL
        ----                                        -----------
        1997 . . . . . . . . . . . . . . . . . . .  $       550
        1998 . . . . . . . . . . . . . . . . . . .          544
        1999 . . . . . . . . . . . . . . . . . . .          541
        2000 . . . . . . . . . . . . . . . . . . .          541
        2001 . . . . . . . . . . . . . . . . . . .          538
        Thereafter . . . . . . . . . . . . . . . .       20,038
                                                    -----------
                                                    $    22,752
                                                    ===========

     The Company is a defendant in certain litigation relating to
its business activities.  Management does not believe that the
resolution of these matters will have a materially adverse effect
upon the Company.


<PAGE> F-13

                          JP REALTY, INC. 
                   NOTES TO FINANCIAL STATEMENTS
                      (DOLLARS IN THOUSANDS)


9.   SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

     During the years ended December 31, 1996 and 1995, non-cash
investing and financing transactions included the write-off of
capitalized tenant allowances of $159 and $1,281, respectively. 
Also, during 1996, the holders of limited partnership units elected
to convert 16,000 units having a recorded value of $164 into common
shares.  

     For the period January 21, 1994 to December 31, 1994, the
following non-cash investing and financing transactions occurred:

<TABLE>
<S>                                                           <S>
Step up in Real Estate Assets for Cottonwood Mall 
  Equity Buyout . . . . . . . . . . . . . . . . . . .    $  16,324
Exchange of Debt due to Fairfax for 200,000 Shares 
  of Price Group Stock and PDC Units. . . . . . . . .        5,664
Exchange of Borrowings by Various Partners for PDC 
  Units . . . . . . . . . . . . . . . . . . . . . . .        1,174
Restricted Cash Used to Pay Off Debt. . . . . . . . .        1,851
Reclassification of Owners'/Shareholders' Deficit 
  to Additional Paid-in Capital . . . . . . . . . . .        7,307
Issuance of Note Payable in connection with 
  Land Purchase . . . . . . . . . . . . . . . . . . .        2,113
Buildings and Improvements Reclassified to Property, 
  Furniture and Fixtures. . . . . . . . . . . . . . .          181
Distribution of Property for Buyout of Minority 
  Interest Holders. . . . . . . . . . . . . . . . . .          202

</TABLE>


     Interest paid (net of capitalized amounts of $1,261, $788,
$656 and $0 for the year ended December 31, 1996, 1995 and for the
periods January 21, 1994 to December 31, 1994 and January 1, 1994
to January 20, 1994, respectively) aggregated $7,707, $6,597,
$6,566 and $0 for the year ended December 31, 1996 and 1995 and for
the periods January 21, 1994 to December 31, 1994 and January 1,
1994 to January 20, 1994, respectively.


10.   RELATED PARTY TRANSACTIONS

      On January 2, 1996, the Operating Partnership purchased an
interest in an affiliated limited partnership for $1,200.  The
affiliated limited partnership's only asset was its ownership in
PDC Units.  In June 1996, the affiliated limited partnership was
liquidated and 66,000 PDC Units were received by the Operating
Partnership in such liquidation.  To account for this transaction,
the Company recorded a reduction in minority interest liability for
the book value of the acquired partner's interest of $705, and
recognized the excess cost over book value of $495 as an asset on
the Company's books.  This excess cost is being amortized over 40
years.

      The Company and Predecessor Companies lease computer services
from Alta Computer Services, Inc. ("Alta").  Alta is majority owned
by three directors of the Company.  The Company and Predecessor
Companies paid $194, $196 and $208 in 1996, 1995 and 1994,
respectively, for such services.

      The Company has entered into a management agreement under
which the Company performs certain accounting and management
functions on behalf of Fairfax Realty, Inc., whose majority owner
is the Chairman of the Board of Directors of the Company. 
Management fees collected by the Company under this agreement
aggregated $72, $72 and $68 in 1996, 1995 and 1994, respectively.


<PAGE> F-14

                            JP REALTY, INC. 
                     NOTES TO FINANCIAL STATEMENTS
                        (DOLLARS IN THOUSANDS)


11.   STOCK OPTION PLAN

      On October 26, 1993, the Company adopted a plan (the "1993
Stock Option Plan") which authorizes the discretionary grant by the
Executive Compensation Committee, of options intended to qualify as
"incentive stock options" within the meaning of Section 422 of the
Internal Revenue Code, to key employees of the Company and the
discretionary grant of nonqualified stock options to key employees,
directors and consultants of the Company.  The maximum number of
shares of common stock subject to option under the 1993 Stock
Option Plan is 1,100,000.  No stock options may be granted after
ten years from the date of adoption and options must be granted at
a price generally not less than the fair market value of the
Company's common stock at the date of grant.  These options vest
over a period of one to five years.

A summary of the 1993 Stock Option Plan activity is set forth
below:

<TABLE>
<CAPTION>
                                              NUMBER OF            OPTION PRICE
                                               SHARES                PER SHARE
                                              ---------            -------------
<S>                                           <C>               <C> 
Outstanding at
  December 31, 1993                                   0                       0
Granted                                         550,000           $ 17.50-20.38
Exercised                                             0                       0
Forfeited                                             0                       0
                                              ---------            ------------
Outstanding at
  December 31, 1994                             550,000                   17.50
Granted                                           7,000                   19.13
Exercised                                       (55,000)                  17.50
Forfeited                                        (8,000)                  17.50 
                                              ---------           -------------

Outstanding at
  December 31, 1995                             494,000             17.50-20.38
Granted                                         107,000             20.00-20.25
Excercised                                      (22,000)            17.50-19.13
Forfeited                                       (21,000)            17.50-20.00
                                              ---------           -------------
Outstanding at
  December 31, 1996                             558,000           $ 17.50-20.38
                                              =========           =============
</TABLE>

     At December 31, 1996, 178,000 options are fully vested and
exercisable.

     The fair value of options granted during 1996 and 1995
utilizing the valuation method prescribed by SFAS 123 (Note 1) are
$43 and $16, respectively.  Had the company recorded the options at
their fair value, net income and earnings per share for the years
ended December 31, 1996 and 1995 would have been as follows:
<TABLE>
<CAPTION>
                             FOR THE YEAR             FOR THE YEAR
                                 ENDED                    ENDED
                                 1996                     1995
                             ------------             ------------
<S>                          <C>                     <C>
Net Income                   $     23,334             $     18,164
                             ============             ============

Earnings 
 Per share                   $       1.45             $       1.27
                             ============             ============
</TABLE>
<PAGE> F-15
                         JP REALTY, INC.
                  NOTES TO FINANCIAL STATEMENTS
                      (DOLLARS IN THOUSANDS)



12.    EMPLOYEE BENEFIT PLANS

      401(K) PLAN
      During 1994, the Company adopted a 401(k) defined
contribution plan covering substantially all of the officers and
employees of the Company and subsidiaries which permits
participants to defer up to a maximum of 15% of their compensation. 
The Company will match 50% of the employee's contribution up to a
maximum of $1 per year.  Employees who have completed at least one
year of service, working full-time, and have attained the age of 21
are eligible to participate in the plan.  The employees'
contributions, together with contributions from the Company are
immediately vested.  The Company's contribution to the plan for the
years ended December 31, 1996, 1995 and 1994 were $40, $40 and $22,
respectively.  The 401(k) plan is fully funded at December 31,
1996.  

      RETIREMENT PLAN
      During 1995, the Company adopted a retirement plan covering
substantially all of the officers and employees of the Company and
subsidiaries, wherein the Company contributes 3% of the
participant's base compensation.  Employees working a minimum of
1,000 hours per year and who have attained the age of 21 are
eligible to participate in the plan.  The Company's contribution
vests 20% per year.  Once an employee has been with the Company
five years, all contributions are fully vested.  Years of service
include service with Predecessor Companies.  The Company's
contribution to the plan for the years ended December 31, 1996 and
1995 were $150 and $119, respectively.  The retirement plan is
fully funded at December 31, 1996.

13.   DISCLOSURE ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS 

      The following disclosures of estimated fair value were
determined by management using available market information. 
Considerable judgment is necessary to interpret market data and
develop estimated fair value.  Accordingly, the estimates presented
herein are not necessarily indicative of the amounts the Company
could realize on disposition of the financial instruments.  The use
of different market assumptions and/or estimation methodologies may
have a material effect on the estimated fair value amounts.

      Accounts and notes receivable, accounts payable, accrued
expenses and due to affiliates at December 31, 1996 and 1995 are
carried at amounts which reasonably approximate their fair values.

      Borrowings with an aggregate carrying value of $162,375 and
$106,406 have an estimated aggregate fair value of $158,287 and
$105,362 at December 31, 1996 and 1995, respectively.  Estimated
fair value is based on interest rates currently available to the
Company for issuance of borrowings with similar terms and remaining
maturities.


14.   DISTRIBUTIONS PER SHARE 

      Distributions paid per share for the year ended December 31,
1996 and 1995, are summarized as follows:
<TABLE>
<CAPTION>
               1996               Date                  Total
            Distributions         Paid              Distributions
            -------------         ----              -------------
            <S>                 <C>                <C>
            1st Quarter          4/23/96            $    .420
            2nd Quarter          7/23/96                 .420
            3rd Quarter          10/22/96                .420
            4th Quarter          12/30/96                .435
                                                    ---------
                                                    $   1.695
</TABLE>
<TABLE>
<CAPTION>

               1995             Date                     Total
         Distributions          Paid                  Distributions
         -------------          ----                  -------------
         <S>                   <C>                   <C>
         1st Quarter            4/18/95               $   .405                                                                  
         2nd Quarter            7/18/95                   .405
         3rd Quarter            10/24/95                  .405
         4th Quarter            12/28/95                  .420
                                                       --------
                                                       $ 1.635

</TABLE>
<PAGE> F-16
                            JP REALTY, INC. 
                     NOTES TO FINANCIAL STATEMENTS
                         (DOLLARS IN THOUSANDS)


15.   QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

      Financial information for each of the quarters in the year
ended December 31, 1996 and 1995 are as follows:
<TABLE>
<CAPTION>
                                 First        Second        Third        Fourth
                              ---------     ----------    ---------    ----------
<S>                          <C>           <C>           <C>          <C>
1996:

Revenues. . . . . . . . .     $  16,942     $   18,407    $  18,497     $  19,103
Income Before Minority 
 Interest, Equity in 
 Net Loss of Partnership
 Investment and Gain on 
 Sale of Real Estate. . .         6,693          7,234        7,088         7,774
Net Income. . . . . . . .         5,486          5,840        5,749         6,295
Net Income per Share. . .           .34            .36          .36           .40


1995:

Revenues. . . . . . . . .     $  13,568     $   13,905    $  15,620     $  17,857
Income Before Minority 
 Interest, Equity in 
 Net Loss of Partnership
 Investment and Gain on 
  Sale of Real Estate . .         5,193          5,102        5,765         6,350
Net Income. . . . . . . .         3,980          3,904        4,528         5,766
Net Income per Share                .30            .30          .31           .36

</TABLE>

<PAGE>F-17
                       JP REALTY, INC. 
                NOTES TO FINANCIAL STATEMENTS
                   (DOLLARS IN THOUSANDS)


16.   PRO FORMA FINANCIAL INFORMATION (UNAUDITED)

      On April 4, 1996, the Company acquired the Grand Teton Mall
located in Idaho Falls, Idaho.  On June 30, 1995, the Company
acquired the Eastridge Mall located in Casper, Wyoming and the
Animas Valley Mall located in Farmington, New Mexico.  On August 7,
1995, the Company sold 2,750,000 shares of common stock in an
underwritten public offering at an offering price of $20.50 per
share.  The unaudited pro forma financial information for the year
ended December 31, 1996, is presented as if the acquisition of the
Grand Teton Mall had occurred on January 1, 1996.  The unaudited
pro forma financial information for the year ended December 31,
1995 is presented as if the acquisition of the Eastridge Mall and
Animas Valley Mall, the August 7, 1995 public offering of common
stock and the acquisition of the Grand Teton Mall had occurred on
January 1, 1995.

<TABLE>
<CAPTION>
                            FOR THE YEAR ENDED DECEMBER 31, 1996              FOR THE YEAR ENDED DECEMBER 31, 1995
                          ---------------------------------------           -----------------------------------------
                                           Pro Forma      Company                            Pro Forma      Company
                          JP Realty, Inc.   Adjust-      Pro Forma           JP Realty, Inc.  Adjust-      Pro Forma
                            Historical     ments (A)    Consolidated           Historical    ments (D)   Consolidated
                            ----------    ----------    ------------           ----------    ---------   ------------
<S>                        <C>            <C>           <C>                    <C>           <C>          <C>
Revenues:

Minimum Rents              $   52,447     $     866     $    53,313            $   43,640    $   6,355    $     49,995
Percentage and 
 Overage Rents                  4,061            46           4,107                 3,465          567           4,032
Recoveries from Tenants        15,557           239          15,796                12,252        2,859          15,111
Interest and Other Income         884             0             884                 1,593           15           1,608
                           ----------     ---------     -----------             ---------    ---------     -----------
                               72,949         1,151          74,100                60,950        9,796          70,746
                           ----------     ---------     -----------             ---------    ---------     -----------

Expenses:

Operating Expenses Before 
 Interest, Depreciation 
 and Amortization              24,405           339         24,744                 20,389         2,923         23,312
Interest                        7,776           593(B)       8,369                  6,623         1,990(E)       8,613
Depreciation and
 Amortization                  11,979           179         12,158                 11,528         1,517         13,045
                           ----------     ---------     ----------              ---------    ----------    -----------
                               44,160         1,111         45,271                 38,540         6,430         44,970
                           ----------     ---------     ----------              ---------    ----------    -----------
                               28,789            40         28,829                 22,410         3,366         25,776
Minority Interest in
 Income of Consolidated
 Partnerships                    (269)            0           (269)                  (320)            0           (320)
Equity in Net Income 
 (Loss) of Partnership 
 Investment                         0             0              0                   (184)            0           (184)
Gain on Sale of 
 Real Estate                       94             0             94                    918             0            918
                           ----------     ---------     ----------              ---------    ----------    -----------
Income Before Minority 
 Interest of PDC 
 Unitholders               $   28,614     $      40     $   28,654              $  22,824    $    3,366    $    26,190 

Minority Interests of
 PDC Unitholders in
 Consolidated Operating
 Partnerships                  (5,244)          (14)        (5,258)                (4,646)         (257)(C)     (4,903)
                           ----------     ---------     ----------              ---------    ----------     ----------
Net Income                 $   23,370     $      26     $   23,396              $  18,178    $    3,109     $   21,287 
                           ==========     =========     ==========              =========    ==========     ==========
Net Income Per Share                                    $     1.46                                          $     1.33

Pro Forma Common 
 Shares Outstanding                                     16,048,000                                          15,995,000
                                                        ==========                                          ==========


</TABLE>

(A)    Reflects revenues and expenses of the property acquired on
       April 4, 1996 as if acquired on January 1, 1996.

(B)    Adjusts interest expense to reflect debt related to the    
       acquisition of the property on April 4, 1996 as if the
       borrowings had occurred on January 1, 1996.

(C)    Minority interest calculations reflects the issuance of
       Secondary Offering shares of 2,750,000 as if consummated on
       January 1, 1995.

(D)    Reflects the revenues and expenses of the properties
       acquired on April 4, 1996 and June 30, 1995, and the effects
       of the Secondary Offering as if these transactions had
       occurred on January 1, 1995.

(E)    Reflects the reduction of interest costs associated with the
       repayment of borrowings with proceeds from the Offering on
       the properties acquired on June 30, 1995 and an increase in
       interest cost associated with the purchase of the property
       acquired April 4, 1996 as if the purchase and related
       borrowings occurred on January 1, 1995.


<PAGE> F-18
                         JP REALTY, INC. 
                 NOTES TO FINANCIAL STATEMENTS
                     (DOLLARS IN THOUSANDS)



17.  SUBSEQUENT EVENTS (UNAUDITED) 

     On January 22, 1997, the Company sold 1,500,000 shares of
common stock in an underwritten public offering at $27.13 per
share.  Net proceeds to the Company were $38,800 and were used to
acquire additional PDC Units, thereby increasing its ownership in
the Operating Partnership.  The Operating Partnership used the
proceeds to repay borrowings under the $50,000 credit facility.

     On January 22, 1997, the Company extended the $50,000 credit
facility for one additional year to March 7, 1998.

     On January 24, 1997, the Company extended the $25,000 credit
facility for one additional year to January 21, 1999.


<PAGE> F-19



            JP REALTY, INC. AND THE PREDECESSOR COMPANIES

                                                       SCHEDULE II


                   VALUATION AND QUALIFYING ACCOUNTS
         FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                        (DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
                   Balance at      Charged to           Balance at
                 beginning of year Expense Deductions end of year
                 ----------------- ------- ---------- -----------
<S>                   <C>          <C>     <C>         <C>
Year ended 
 December 31, 
 1996 
 Allowance 
 for uncollectible 
 accounts              $     504   $  340   $   355    $    489

Year ended 
 December 31, 
 1995 
 Allowance 
 for uncollectible 
 accounts                    437      258       191         504

Year ended 
 December 31, 
 1994
 Allowance 
 for uncollectible 
 accounts                    564      212       339         437
<PAGE> F20


</TABLE>
<TABLE>
<CAPTION>
                                                                JP REALTY, INC.

                                                                                             SCHEDULE III
                                                  REAL ESTATE AND ACCUMULATED DEPRECIATION
                                                                 DECEMBER 31, 1996
                                                              (DOLLARS IN THOUSANDS)

                                                             GROSS AMOUNT AT
                                                               WHICH CARRIED
                              INITIAL COSTS    CAPITALIZED   AT CLOSE OF PERIOD
                              -------------     SUBSEQUENT   -------------------       
                  RELATED           BUILDING &      TO           BLDG. &          ACCUMULATED    DATE OF      DATE   DEPRECIABLE
                ENCUMBRANCES LAND  IMPROVEMENTS ACQUISITION LAND IMPROV. TOTAL(1) DEPRECIATION CONSTRUCTION ACQUIRED LIVES-YEARS
                ------------ ----  ------------ ----------- ---- ------- -------- ------------ ------------ -------- ----------- 
  
<S>              <C>        <C>      <C>       <C>        <C>     <C>       <C>      <C>        <C>       <C>         <C>         
DESCRIPTION
-----------
MALLS:
   
Animas Valley 
 Farmgtn., NM     $ 15,098  $ 3,902  $ 24,059  $     20   $ 3,902 $ 24,079  $ 27,981 $   908         --      1995        40
Boise Towne
Square, 
 Boise, ID          32,475    6,512         0    37,347     6,512   37,347    43,859  11,316    1987-88   1985-86      5-40
Cache Valley
Mall, Logan,
 UT                  5,781      909         0     8,382       909    8,382     9,291   4,029    1975-76   1973-75     10-40
Cottonwood Mall 
 Salt Lake
 City, UT           19,857    7,514    20,776    30,544     7,514   51,320    58,834  16,382    1981-87      1980      4-40
Eastridge Mall 
 Casper, WY         13,237    4,300    19,896       315     4,300   20,211    24,511     774         --      1995        40
Grand Teton
Mall, Idaho
 Falls, ID               0    5,802    28,614         0     5,802   28,614    34,416     531         --      1996        40
No. Plains Mall 
 Clovis, NM          5,472    1,592         0    10,784     1,592   10,784    12,376   3,121    1984-85   1979-84     10-40
Pine Ridge Mall 
 Pocatello, ID      10,019    1,883         0    21,468     1,883   21,468    23,351   7,352    1979-81      1979     10-40
Red Cliffs
Mall,
 St. George, UT      6,299      903         0    12,586       903   12,586    13,489   2,493    1989-90      1989      3-40
Three Rivers
Mall, Kelso, WA     10,174    1,977         0    20,088     1,977   20,088    22,065   4,416    1986-87      1984     10-40
White Mountain
Mall, Rock
 Springs, WY         5,083    1,120         0    15,640     1,120   15,640    16,760   5,553    1977-78      1977        40

COMMUNITY CNTRS.
& FREE-STANDING
RETAIL:
Alameda Plaza, 
 Pocatello, ID       1,178      500         0     3,365       500    3,365     3,865   1,752       1973      1973        40
Anaheim Plaza, 
 Anaheim, CA             0        0         0        54         0       54        54      27    1980-81      1979        40
Arctic Circle
 Granger,
 West Valley
 City, UT                0       48         0        50        48       50        98      30       1973      1971        40
Austin Bluffs
Plaza, Colorado
 Springs, CO             0    1,488         0     1,943     1,488    1,943     3,431     537       1985      1979      3-40
Bailey Hills
Plaza, Eugene,
 OR                      0      157         0       317       157      317       474      39    1988-89      1988        40
Bank One, 
 Nephi, UT               0       17       183         0        17      183       200     135         --      1976        40
Baskin Robbins
17th St., Idaho
 Falls, ID               0        8        66         8         8       74        82      16         --      1988        40
Boise Plaza, 
 Boise, ID               0      322         0     1,382       322    1,382     1,704     866    1970-71      1970        40
Cottonwood Sq., 
 Salt Lake
 City, UT                0    1,926     3,535         0     1,926    3,535     5,461      88         --      1995        40
Division
Crossing, 
 Portland, OR        3,468    2,429         0     4,484     2,429    4,484     6,913     694    1990-91      1990     20-40
Twin Falls
Crossing, Twin 
 Falls, ID               0      125         0       776       125      776       901     387       1976      1975        40
Fort Union
Plaza, Salt
 Lake City, UT           0       21         0     1,668        21    1,668     1,689     586    1979-84        --        40
Fremont Plaza, 
 Las Vegas, NV           0        0         0     2,254         0    2,254     2,254   1,075    1976-80        --        40
Frys Shopping
Plaza, 
 Glendale, AZ        1,950      353         0     4,579     1,253    3,679     4,932   1,437    1980-81      1980        40
Gateway 
Crossing, 
 Bountiful, UT           0    3,644         0     8,480     3,644    8,480    12,124     827    1990-92      1990        40
Halsey
Crossing, 
 Gresham, OR             0        0         0     2,302         0    2,302     2,302     416    1989-91        --      4-40
North Temple
Shops, Salt
 Lake City, UT           0       60         0       177        60      177       237      76       1970      1970        40
</TABLE>

                                                       (CONTINUED)
<PAGE> F21


<TABLE>
<CAPTION>
                                                                JP REALTY, INC.

                                                                                             SCHEDULE III
                                                  REAL ESTATE AND ACCUMULATED DEPRECIATION
                                                                 DECEMBER 31, 1996
                                                              (DOLLARS IN THOUSANDS)

                                                               GROSS AMOUNT AT
                                                                WHICH CARRIED
                              INITIAL COSTS    CAPITALIZED   AT CLOSE OF PERIOD
                              -------------     SUBSEQUENT   -------------------       
                  RELATED           BUILDING &      TO           BLDG. &          ACCUMULATED    DATE OF      DATE   DEPRECIABLE
                ENCUMBRANCES LAND  IMPROVEMENTS ACQUISITION LAND IMPROV. TOTAL(1) DEPRECIATION CONSTRUCTION ACQUIRED LIVES-YEARS
                ------------ ----  ------------ ----------- ---- ------- -------- ------------ ------------ -------- ----------- 
  
<S>               <C>       <C>      <C>       <C>        <C>     <C>       <C>      <C>        <C>        <C>        <C> 
  DESCRIPTION
  -----------
     
C> 
Orem Plaza 
Center St.,
 Orem, UT                0   $  371 $     330  $  1,091   $   344 $  1,448  $  1,792 $   531    1976-87      1973     10-40
Orem Plaza State
 St., Orem, UT           0      126         0       627       126      627       753     326       1975      1973     29-40
Plaza 800, 
 Reno, NV                0       33     2,969         8        33    2,977     3,010   1,592       1974        --        40
Plaza 9400, 
 Sandy, UT        $  1,517        0         0     4,555         0    4,555     4,555   1,835    1976-84        --     10-40
Red Cliffs
Plaza, St.
 George, UT              0        0     2,403         0         0    2,403     2,403     135    1994-95   1994-95        40
River Pointe
Plaza, West
 Jordan, UT          1,762    1,130         0     2,670     1,130    2,670     3,800     640    1987-88   1986-87      5-40
Riverside 
Plaza,
 Provo, UT               0      427     1,886     1,206       427    3,092     3,519   1,379    1978-81      1977        40
University
Crossing,
 Orem, UT            1,710      230         0     4,411       230    4,411     4,641   1,575    1971-92      1971        40
Woodlands
Village,
 Flagstaff, AZ       4,080    2,068     5,329       228     2,068    5,557     7,625     308         --      1994        40
Yellowstone 
Square, 
 Idaho Falls, ID         0      355         0     4,552       355    4,552     4,907   2,422    1972-77      1972        40

COMMERCIAL:
First Security
Place, 
 Boise, ID               0      301         0     3,248       300    3,249     3,549   1,388    1978-80      1978     10-40
Price Business
Center-
Pioneer Square,
 Salt Lake
 City, UT                0      658         0    10,165       658   10,165    10,823   3,006    1974-92      1973      3-40
Price Business
Center - South
Main, Salt Lake
 City, UT                0      317         0     2,640       317    2,640     2,957   1,302    1967-82   1966-81      3-40
Price Business
Center -
Timesquare, Salt
 Lake City, UT           0      581         0     8,723       581    8,723     9,304   3,275    1974-80   1972-80      5-40
Sears-Eastbay, 
 Provo, UT           2,072      275         0     2,097       275    2,097     2,372     423    1989-90      1989        40
Price Business
Center -
Commerce Park,
 West Valley
 City, UT                0      415     2,109     8,153     1,147    9,530    10,677   1,109    1980      1973-95        40

OTHER REAL ESTATE:
Spokane Valley
Center, 
 Spokane, WA        16,943    6,708         0    28,054     6,708   28,054    34,762       0    1990-96(2)1990           40
Misc.
 Real Estate             0    6,601        67     1,470     6,603    1,535     8,138     209         --   1980-95        40
                  --------  -------  --------  --------   -------  -------- -------- ------- 
TOTAL             $158,175  $68,108  $112,222  $272,911   $69,714 $383,527  $453,241 $87,318
                  ========  =======  ========  ========   ======= ========  ======== =======
</TABLE>
-------------------------
(1) The aggregate cost for Federal Income Tax purposes was approximately 
    $459,179 at December 31, 1996.
(2) Construction in progress as of December 31, 1996.


                                                                   (CONTINUED)






<PAGE> F-22
                           JP REALTY, INC.
                                                      SCHEDULE III

               REAL ESTATE AND ACCUMULATED DEPRECIATION
                          December 31, 1996
                        (Dollars in thousands)


A summary of activity for real estate investments and accumulated
depreciation is as follows:

<TABLE>
<CAPTION>
                                    Years Ended December 31,
                              -------------------------------------
                                 1996          1995         1994
                                 ----          ----         ----
<S>                          <C>          <C>           <C>
Real Estate Investments:
  Balance at Beginning 
  of Year . . . . . . . . .  $  388,205   $  321,242    $  286,719
  Acquisitions. . . . . . .      37,055       59,081         7,723
  Improvements. . . . . . .      28,268        9,903        27,459
  Disposition of Property .        (287)      (2,021)         (659)
                               --------   ----------    ----------
 Balance at End of Year . .  $  453,241   $  388,205    $  321,242
                             ==========   ==========    ==========
Accumulated Depreciation:
 Balance at Beginning 
  of Year . . . . . . . . .  $   77,462   $   69,660    $   62,105
  Depreciation. . . . . . .      10,015        9,386         7,768
  Depreciation of Disposed 
   Property . . . . . . . .        (159)      (1,584)         (213)
                             ----------   ----------    ----------
 Balance at End of Year . .  $   87,318   $   77,462    $   69,660
                             ==========   ==========    ==========


</TABLE>