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Note 6 - Adjustment of Property Carrying Values and Real Estate Under Development | 12 Months Ended
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Dec. 31, 2012
Adjustment Of Property Carrying Values And Real Estate Under Development Disclosure [Text Block] | 6. Adjustment of Property Carrying Values and Real Estate Under Development: Impairments – During 2012, the Company recognized an aggregate impairment charge of $34.1 million, before income tax benefit of $10.7 million, relating to its investment in four operating properties, which are included in Impairment charges in the Company’s Consolidated Statements of Income. The aggregate book value of these properties was $86.6 million. The estimated aggregate fair value of these properties is based upon purchase price offers and comparable sales information aggregating $52.5 million (see footnote 16 for additional disclosure on fair value). These impairment charges resulted from the Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions. During 2011, the Company recognized an aggregate impairment charge of $3.9 million, before income tax benefit of $1.1 million, relating to its investment in two operating properties and one land parcel. The aggregate book value of these properties was $9.2 million. The estimated aggregate fair value of these properties was based upon purchase prices and purchase price offers aggregating $5.3 million. These impairment charges resulted from the Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions. During 2010, the Company recognized an aggregate impairment charge of $8.7 million, of which $5.2 million is classified as discontinued operations on the Company’s Consolidated Statement of Income, relating to its investment in seven properties. Four of these properties were sold during 2010 and one of these properties was classified as held-for-sale as of December 31, 2010. The estimated individual fair value of these properties was based upon purchase prices and current purchase price offers. These impairments were primarily due to declines in real estate fundamentals along with adverse changes in local market conditions and the uncertainty of their recovery. Additionally, during 2010, the Company had determined that one of its unconsolidated joint ventures’ ground-up development projects, located in Miramar, FL, estimated recoverable value will not exceed its estimated cost. As a result, the Company recorded a pre-tax other-than-temporary impairment on its investment of $11.7 million, representing the excess of the investment’s carrying value over its estimated fair value. The Company’s estimated fair value was based upon projected operating cash flows (discounted and unleveraged) of the property over its specified holding period. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. Capitalization rates and discount rates utilized in this model were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties.

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