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Note 3 - Property Acquisitions, Developments and Other Investments | 12 Months Ended
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Dec. 31, 2013
Business Combinations [Abstract] |
Business Combination Disclosure [Text Block] | 3. Property Acquisitions, Developments and Other Investments: Operating property acquisitions, ground-up development costs and other investments have been funded principally through the application of proceeds from the Company's public equity and unsecured debt issuances, proceeds from mortgage financings, proceeds from the disposition of properties and availability under the Company’s revolving lines of credit. Acquisition of Operating Properties – During the year ended December 31, 2013, the Company acquired the following properties, in separate transactions (in thousands):
|  |  |  | Purchase Price |
Property Name | Location | Month Acquired |  | Cash |  |  | Debt Assumed |  |  | Other |  |  | Total |  |  | GLA* |
Santee Trolley Square (1) | Santee, CA | Jan-13 |  | $ | 26,863 |  |  | $ | 48,456 |  |  | $ | 22,681 |  |  | $ | 98,000 |  |  |  | 311 |
Shops at Kildeer (2) | Kildeer, IL | Jan-13 |  |  | - |  |  |  | 32,724 |  |  |  | - |  |  |  | 32,724 |  |  |  | 168 |
Village Commons S.C. | Tallahassee, FL | Jan-13 |  |  | 7,100 |  |  |  | - |  |  |  | - |  |  |  | 7,100 |  |  |  | 125 |
Putty Hill Plaza (3) | Baltimore, MD | Jan-13 |  |  | 4,592 |  |  |  | 9,115 |  |  |  | 489 |  |  |  | 14,196 |  |  |  | 91 |
Columbia Crossing II S.C. | Columbia, MD | Jan-13 |  |  | 21,800 |  |  |  | - |  |  |  | - |  |  |  | 21,800 |  |  |  | 101 |
Roseville Plaza Outparcel | Roseville, MN | Jan-13 |  |  | 5,143 |  |  |  | - |  |  |  | - |  |  |  | 5,143 |  |  |  | 80 |
Wilton River Park (4) | Wilton, CT | Mar-13 |  |  | 777 |  |  |  | 36,000 |  |  |  | 5,223 |  |  |  | 42,000 |  |  |  | 187 |
Canyon Square (5) | Santa Clarita, CA | Apr-13 |  |  | 1,950 |  |  |  | 13,800 |  |  |  | - |  |  |  | 15,750 |  |  |  | 97 |
JTS Portfolio (7 properties) (6) | Baton Rouge, LA | Apr-13 |  |  | - |  |  |  | 43,267 |  |  |  | 11,733 |  |  |  | 55,000 |  |  |  | 520 |
Factoria Mall (7) | Bellevue, WA | May-13 |  |  | 37,283 |  |  |  | 56,000 |  |  |  | 37,467 |  |  |  | 130,750 |  |  |  | 510 |
6 Outparcels | Various | Jun-13 |  |  | 13,053 |  |  |  | - |  |  |  | - |  |  |  | 13,053 |  |  |  | 97 |
Highlands Ranch II | Highlands Ranch, CO | July-13 |  |  | 14,600 |  |  |  | - |  |  |  | - |  |  |  | 14,600 |  |  |  | 44 |
Elmsford | Elmsford, NY | Aug-13 |  |  | 23,000 |  |  |  | - |  |  |  | - |  |  |  | 23,000 |  |  |  | 143 |
Northridge | Arvada, CO | Oct-13 |  |  | 8,239 |  |  |  | 11,511 |  |  |  | - |  |  |  | 19,750 |  |  |  | 146 |
Five Forks Crossing | Liburn, GA | Oct-13 |  |  | 9,825 |  |  |  | - |  |  |  | - |  |  |  | 9,825 |  |  |  | 74 |
Greenwood S.C. Outparcel | Greenwood, IN | Oct-13 |  |  | 4,067 |  |  |  | - |  |  |  | - |  |  |  | 4,067 |  |  |  | 30 |
Clark Portfolio (4 properties) | Clark, NJ | Nov-13 |  |  | 35,553 |  |  |  | - |  |  |  | - |  |  |  | 35,553 |  |  |  | 189 |
Winn Dixie Portfolio (6 properties) | Louisiana & Florida | Dec-13 |  |  | 43,506 |  |  |  | - |  |  |  | - |  |  |  | 43,506 |  |  |  | 392 |
Tomball S.C. | Houston, TX | Dec-13 |  |  | 35,327 |  |  |  | - |  |  |  | - |  |  |  | 35,327 |  |  |  | 149 |
Atascocita S.C. | Humble, TX | Dec-13 |  |  | 38,250 |  |  |  | 28,250 |  |  |  | - |  |  |  | 66,500 |  |  |  | 317 |
Lawrenceville | Lawrenceville, GA | Dec-13 |  |  | 36,824 |  |  |  | - |  |  |  | - |  |  |  | 36,824 |  |  |  | 286 |
|  |  |  | $ | 367,752 |  |  | $ | 279,123 |  |  | $ | 77,593 |  |  | $ | 724,468 |  |  |  | 4,057 |
* Gross leasable area ("GLA")
(1) This property was acquired from a joint venture in which the Company had a 45% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $22.7 million, before income tax, from the fair value adjustment associated with the Company’s original ownership due to a change in control, which is reflected in the purchase price above in Other.
(2) This property was acquired from a joint venture in which the Company had a 19% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized. (3) The Company acquired the remaining 80% interest in an operating property from an unconsolidated joint venture in which the Company had a 20% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $0.5 million from the fair value adjustment associated with the Company’s original ownership due to a change in control, which is reflected in the purchase price above in Other. (4) The acquisition of this property included the issuance of $5.2 million of redeemable units, which are redeemable at the option of the holder after one year and earn a yield of 6% per annum, which is included in the purchase price above in Other. In connection with this transaction, the Company provided the sellers a $5.2 million loan at a rate of 6.5%, which is secured by the redeemable units. (5) This property was acquired from a joint venture in which the Company has a 15% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized. (6) The Company acquired the remaining interest in a portfolio of office properties from a preferred equity investment in which the Company held a noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a change in control loss of $9.6 million from the fair value adjustment associated with the Company’s original ownership, which is reflected in the purchase price above in Other. The debt assumed in connection with this transaction of $43.3 million was repaid in April 2013 and the properties within the portfolio were later sold during October and November 2013. (7) The Company acquired an additional 49% interest in this operating property from an unconsolidated joint venture in which the Company had a 50% noncontrolling interest. As such the Company now consolidates this investment. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain of $8.2 million from the fair value adjustment associated with the Company’s original ownership due to a change in control, which is reflected in the purchase price above in Other.
During the year ended December 31, 2012, the Company acquired the following properties, in separate transactions (in thousands):
|  |  |  | Purchase Price |  |  |  |  |
Property Name | Location | Month Acquired |  | Cash |  |  | Debt Assumed |  |  | Total |  |  | GLA* |
Woodbridge S.C. | Sugarland, TX | Jan-12 |  | $ | 9,000 |  |  | $ | - |  |  | $ | 9,000 |  |  |  | 97 |
Bell Camino Center | Sun City, AZ | Jan-12 |  |  | 4,185 |  |  |  | 4,210 |  |  |  | 8,395 |  |  |  | 63 |
31 parcels (2) | Various | Jan-12 |  |  | 30,753 |  |  |  | - |  |  |  | 30,753 |  |  |  | 83 |
1 parcel (3) | Duncan, SC | Jan-12 |  |  | 1,048 |  |  |  | - |  |  |  | 1,048 |  |  |  | 3 |
Olympia West Outparcel | Olympia, WA | Feb-12 |  |  | 1,200 |  |  |  | - |  |  |  | 1,200 |  |  |  | 6 |
Frontier Village (1) | Lake Stevens, WA | Mar-12 |  |  | 12,231 |  |  |  | 30,900 |  |  |  | 43,131 |  |  |  | 195 |
Silverdale S.C. (1) | Silverdale, WA | Mar-12 |  |  | 8,335 |  |  |  | 24,000 |  |  |  | 32,335 |  |  |  | 170 |
30 parcels (2) | Various | Mar-12 |  |  | 39,493 |  |  |  | - |  |  |  | 39,493 |  |  |  | 107 |
1 parcel (3) | Peru, IL | Mar-12 |  |  | 995 |  |  |  | - |  |  |  | 995 |  |  |  | 4 |
Towson Place (4) | Towson, MD | Apr-12 |  |  | 69,375 |  |  |  | 57,625 |  |  |  | 127,000 |  |  |  | 680 |
Prien Lake Outparcel | Lake Charles, LA | May-12 |  |  | 1,800 |  |  |  | - |  |  |  | 1,800 |  |  |  | 8 |
Devon Village | Devon, PA | Jun-12 |  |  | 28,550 |  |  |  | - |  |  |  | 28,550 |  |  |  | 79 |
4 Properties | Various, NC | Jun-12 |  |  | 63,750 |  |  |  | - |  |  |  | 63,750 |  |  |  | 368 |
Lake Jackson (5) | Lake Jackson, TX | Jul-12 |  |  | 5,500 |  |  |  | - |  |  |  | 5,500 |  |  |  | 35 |
Woodlawn S.C. | Charlotte, NC | Jul-12 |  |  | 7,050 |  |  |  | - |  |  |  | 7,050 |  |  |  | 137 |
Columbia Crossing - 2 Outparcels | Columbia, MD | Jul-12 |  |  | 11,060 |  |  |  | - |  |  |  | 11,060 |  |  |  | 69 |
Pompano Beach (6) | Pompano Beach, FL | Jul-12 |  |  | 12,180 |  |  |  | - |  |  |  | 12,180 |  |  |  | 81 |
6 Parcels (2) | Various | Jul-12 |  |  | 8,111 |  |  |  | - |  |  |  | 8,111 |  |  |  | 19 |
Wilton S.C. | Wilton, CT | Aug-12 |  |  | 18,800 |  |  |  | 20,900 |  |  |  | 39,700 |  |  |  | 96 |
Hawthorne Hills S. C. | Vernon Hills, IL | Aug-12 |  |  | 15,974 |  |  |  | 21,563 |  |  |  | 37,537 |  |  |  | 193 |
Greeley Shopping Center (7) | Greeley, CO | Oct-12 |  |  | 23,250 |  |  |  | - |  |  |  | 23,250 |  |  |  | 139 |
Savi Ranch Center Phase II | Yorba Linda, CA | Oct-12 |  |  | 34,500 |  |  |  | - |  |  |  | 34,500 |  |  |  | 161 |
Wild Lake Plaza Outparcel | Columbia, MD | Nov-12 |  |  | 300 |  |  |  | - |  |  |  | 300 |  |  |  | 75 |
City Heights Retail Village | San Francisco, CA | Nov-12 |  |  | 15,600 |  |  |  | 20,000 |  |  |  | 35,600 |  |  |  | 109 |
Snowden Square (8) | Columbia, MD | Dec-12 |  |  | 6,182 |  |  |  | - |  |  |  | 6,182 |  |  |  | 50 |
“Key Food” Portfolio (5 properties) | Various, NY | Dec-12 |  |  | 26,058 |  |  |  | - |  |  |  | 26,058 |  |  |  | 59 |
|  | Total |  | $ | 455,280 |  |  | $ | 179,198 |  |  | $ | 634,478 |  |  |  | 3,086 |
* Gross leasable area ("GLA")
| (1) These properties were acquired from a joint venture in which the Company has a 15% noncontrolling interest. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as such recognized an aggregate gain of $2.0 million from the fair value adjustment associated with its original ownership due to a change in control.
| (2) Acquired an aggregate of 67 parcels net leased to restaurants through a consolidated joint venture, in which the Company has a 99.1% controlling interest. During July 2012, the Company purchased the remaining 0.9% interest for $0.7 million.
| (3) Acquired an aggregate of two parcels net leased to restaurants through a consolidated joint venture, in which the Company has a 92.0% controlling interest. During July 2012, the Company sold 4% of its interest for $0.1 million. The Company continues to have a controlling interest in the joint venture and therefore continues to consolidate this investment.
| (4) This property was acquired from a joint venture in which the Company had a 30% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $12.1 million from the fair value adjustment associated with its original ownership due to a change in control. In addition, the Company recognized promote income of $1.1 million in connection with this transaction. The promote income is included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income. Additionally, the debt assumed in connection with this transaction of $57.6 million was repaid in May 2012. (5) The Company acquired this property from a preferred equity investment in which the Company held a noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized. (6) This property was acquired from a joint venture in which the Company had a 50% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized. (7) This property was acquired from a joint venture in which the Company has an 11% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $0.4 million from the fair value adjustment associated with its original ownership due to a change in control. (8) This property was acquired from a joint venture in which the Company has a 50% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $1.0 million from the fair value adjustment associated with its original ownership due to a change in control.
The aggregate purchase price of the above 2013 and 2012 property acquisitions have been allocated as follows (in thousands):
|  | 2013 |  |  | 2012 |
Land |  | $ | 198,263 |  |  | $ | 196,219 |
Buildings |  |  | 368,478 |  |  |  | 319,955 |
Below Market Rents |  |  | (25,298 | ) |  |  | (40,375 | )
Above Market Rents |  |  | 15,758 |  |  |  | 14,977 |
In-Place Leases |  |  | 35,262 |  |  |  | 31,248 |
Building Improvements |  |  | 115,110 |  |  |  | 99,092 |
Tenant Improvements |  |  | 22,196 |  |  |  | 19,327 |
Mortgage Fair Value Adjustment |  |  | (5,794 | ) |  |  | (5,965 | )
Other Assets |  |  | 894 |  |  |  | - |
Other Liabilities |  |  | (401 | ) |  |  | - |
|  | $ | 724,468 |  |  | $ | 634,478 |
Additionally, during the years ended December 31, 2013 and 2012, the Company acquired the remaining interest in four and six previously consolidated joint ventures for $9.4 million and $12.0 million, respectively. The Company continues to consolidate these entities as there was no change in control from these transactions. The purchase of the remaining interests resulted in an aggregate decrease in noncontrolling interest of $0.4 million and $10.4 million for the years ended December 31, 2013 and 2012, respectively and an aggregate decrease of $8.2 million and $0.3 million, after income taxes, to the Company’s Paid-in capital, during 2013 and 2012, respectively. Ground-Up Development - The Company is engaged in ground-up development projects, which will be held as long-term investments by the Company. As of December 31, 2013, the Company had in progress a total of three ground-up development projects, consisting of two located in the U.S. and one located in Peru. FNC Realty Corporation – During 2012, the Company acquired an additional 13.62% interest in FNC Realty Corporation (“FNC”) for $15.3 million, which increased the Company’s total ownership interest to 82.7%. During 2013, the Company acquired the remaining ownership interest in FNC of 17.3% for $20.3 million. As a result of this transaction the Company now owns 100% of FNC. The Company had previously and continues to consolidate FNC. Since there was no change in control from these transactions, the purchase of the additional interests resulted in a decrease in noncontrolling interest during 2013 and 2012 of $19.7 million and $15.4 million, respectively, and a decrease of $0.7 million during 2013 and an increase of $0.1 million during 2012 to the Company’s Paid-in capital.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6996-128479 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7000-128479 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1383-128463 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1497-128463 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1490-128463 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7008-128479 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1500-128463 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1524-128463 + Details
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