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Note 2 - Operating Property Activities | 3 Months Ended
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Mar. 31, 2014
Business Combinations [Abstract] |
Business Combination Disclosure [Text Block] | 2. Operating Property Activities Acquisitions - During the three months ended March 31, 2014, the Company acquired the following properties, in separate transactions (in thousands):
|  |  |  | Purchase Price |
Property Name | Location | Month Acquired |  | Cash |  |  | Debt Assumed |  |  | Other |  |  | Total |  |  | GLA* |
North Valley Leasehold | Peoria, AZ | Jan-14 |  | $ | 3,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 3,000 |  |  |  | - |
LaSalle Properties (1) | Various | Jan-14 |  |  | 62,239 |  |  |  | 23,269 |  |  |  | 7,642 |  |  |  | 93,150 |  |  |  | 316 |
Harrisburg Land Parcel | Harrisburg, PA | Jan-14 |  |  | 2,550 |  |  |  | - |  |  |  | - |  |  |  | 2,550 |  |  |  | - |
Crossroads Plaza | Cary, NC | Feb-14 |  |  | 18,691 |  |  |  | 72,309 |  |  |  | - |  |  |  | 91,000 |  |  |  | 489 |
Quail Corners (2) | Charlotte, NC | Mar-14 |  |  | 9,398 |  |  |  | 17,409 |  |  |  | 4,943 |  |  |  | 31,750 |  |  |  | 110 |
|  |  |  | $ | 95,878 |  |  | $ | 112,987 |  |  | $ | 12,585 |  |  | $ | 221,450 |  |  |  | 915 |
* Gross leasable area ("GLA")
| (1) | The Company acquired three properties 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 $3.7 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.
| (2) | The Company acquired a 65.4% controlling ownership interest in this property and the seller retained a 34.6% noncontrolling interest in the property. The partner has the ability to put its partnership interest to the Company. As such, the Company has recorded the partners share of the property’s fair value of $4.9 million as Redeemable noncontrolling interests on the Company’s Condensed Consolidated Balance Sheets.
The aggregate purchase price of the properties acquired during the three months ended March 31, 2014 has been allocated as follows (in thousands):
Land |  | $ | 63,140 |
Buildings |  |  | 107,521 |
Above Market Rents |  |  | 4,699 |
Below Market Rents |  |  | (12,616 | )
In-Place Leases |  |  | 17,601 |
Building Improvements |  |  | 45,103 |
Tenant Improvements |  |  | 4,115 |
Mortgage Fair Value Adjustment |  |  | (8,363 | )
Other Assets |  |  | 250 |
|  | $ | 221,450 |
Dispositions – During the three months ended March 31, 2014, the Company disposed of nine operating properties, in separate transactions, for an aggregate sales price of $98.5 million, including three operating properties in Mexico. These transactions, which are included in Discontinued Operations on the Company’s Condensed Consolidated Statements of Income, resulted in an aggregate gain of $9.3 million and aggregate impairment charges of $2.2 million, before noncontrolling interests. Impairment Charges - During the three months ended March 31, 2014, the Company recognized an aggregate impairment charge of $3.8 million relating to its investment in two operating properties and an outparcel, which is included in Impairment charges under Operating expenses on the Company’s Condensed Consolidated Statements of Income. The aggregate book value of these properties was $10.2 million. The estimated fair value of these properties is based upon purchase price offers aggregating $6.4 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 (see Footnote 12).

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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 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1383-128463 Reference 2: 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 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 4 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472 Reference 5: 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 6: 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 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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