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Note 3 - Property Acquisitions, Developments and Other Investments | 12 Months Ended
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Dec. 31, 2015
Business Combinations [Abstract] |
Business Combination Disclosure [Text Block] |
3. | Property Acquisitions, Developments and Other Investments:
Acquisition of Operating Properties During the year ended December 31, 2015, the Company acquired the following properties, in separate transactions (in thousands):
|  |  |  | Purchase Price |
Property Name | Location | Month Acquired |  | Cash* |  |  | Debt Assumed |  |  | Other *** |  |  | Total |  |  | GLA** |
Elmont Plaza | Elmont, NY (1) | Jan-15 |  | $ | 2,400 |  |  | $ | - |  |  | $ | 3,358 |  |  | $ | 5,758 |  |  |  | 13 |
Garden State Pavilion Parcel | Cherry Hill, NJ | Jan-15 |  |  | 16,300 |  |  |  | - |  |  |  | - |  |  |  | 16,300 |  |  |  | 111 |
Kimstone Portfolio (39 properties) | Various (1) | Feb-15 |  |  | 513,513 |  |  |  | 637,976 |  |  |  | 236,011 |  |  |  | 1,387,500 |  |  |  | 5,631 |
Copperfield Village | Houston, TX | Feb-15 |  |  | 18,700 |  |  |  | 20,800 |  |  |  | - |  |  |  | 39,500 |  |  |  | 165 |
Snowden Square Parcel | Columbia, MD | Mar-15 |  |  | 4,868 |  |  |  | - |  |  |  | - |  |  |  | 4,868 |  |  |  | 25 |
Dulles Town Crossing Parcel | Sterling, VA | Mar-15 |  |  | 4,830 |  |  |  | - |  |  |  | - |  |  |  | 4,830 |  |  |  | 9 |
Flagler Park S.C. | Miami, FL | Mar-15 |  |  | 1,875 |  |  |  | - |  |  |  | - |  |  |  | 1,875 |  |  |  | 5 |
West Farms Parcel | New Britain, CT | Apr-15 |  |  | 6,200 |  |  |  | - |  |  |  | - |  |  |  | 6,200 |  |  |  | 24 |
Milleridge Inn | Jericho, NY | Apr-15 |  |  | 7,500 |  |  |  | - |  |  |  | - |  |  |  | 7,500 |  |  |  | - |
Woodgrove Festival (2 Parcels) | Woodridge, IL | Jun-15 |  |  | 5,611 |  |  |  | - |  |  |  | - |  |  |  | 5,611 |  |  |  | 12 |
Montgomery Plaza | Fort Worth , TX (1) | Jul-15 |  |  | 34,522 |  |  |  | 29,311 |  |  |  | 9,044 |  |  |  | 72,877 |  |  |  | 291 |
125 Coulter Avenue Parcel | Ardmore, PA | Sep-15 |  |  | 1,925 |  |  |  | - |  |  |  | - |  |  |  | 1,925 |  |  |  | 6 |
Conroe Marketplace | Conroe, TX (1) | Oct-15 |  |  | 18,546 |  |  |  | 42,350 |  |  |  | 3,104 |  |  |  | 64,000 |  |  |  | 289 |
Laurel Plaza | Laurel , MD | Oct-15 |  |  | 1,200 |  |  |  | - |  |  |  | - |  |  |  | 1,200 |  |  |  | 4 |
District Heights | District Heights, MD (1) | Nov-15 |  |  | 13,140 |  |  |  | 13,255 |  |  |  | 950 |  |  |  | 27,345 |  |  |  | 91 |
Village on the Park | Aurora , CO | Nov-15 |  |  | 824 |  |  |  | - |  |  |  | - |  |  |  | 824 |  |  |  | 10 |
Christown Mall | Phoenix , AZ | Nov-15 |  |  | 51,351 |  |  |  | 63,899 |  |  |  | - |  |  |  | 115,250 |  |  |  | 833 |
Washington St. Plaza Parcels | Brighton, MA | Dec-15 |  |  | 8,750 |  |  |  | - |  |  |  | - |  |  |  | 8,750 |  |  |  | - |
|  |  |  | $ | 712,055 |  |  | $ | 807,591 |  |  | $ | 252,467 |  |  | $ | 1,772,113 |  |  |  | 7,519 |
* The Company utilized $89.5 million associated with Internal Revenue Code §1031 sales proceeds. ** Gross leasable area ("GLA") *** Includes the Company’s previously held equity interest investment.
(1) | The Company acquired from its partners the remaining ownership interest in these properties that were held in joint ventures in which the Company had a noncontrolling interest. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain on change in control of interest, net resulting from the fair value adjustment associated with the Company’s previously held equity interest, which is included in the purchase price above in Other. The Company’s previous ownership interest and gain on change in control of interests, net recognized as a result of these transactions are as follows:
Property Name |  | Previous Ownership Interest |  |  | Gain on change in control of interests, net |
Elmont Plaza |  |  | 50.0 | % |  | $ | (0.2 | )
Kimstone Portfolio (39 properties) |  |  | 33.3 | % |  |  | 140.0 |
Montgomery Plaza |  |  | 20.0 | % |  |  | 6.3 |
Conroe Marketplace |  |  | 15.0 | % |  |  | 2.4 |
District Heights |  |  | 15.0 | % |  |  | 0.7 |
|  |  |  |  |  | $ | 149.2 |
During the year ended December 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 (3 properties) | Various (1) | 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 | Charlotte, NC (2) | Mar-14 |  |  | 9,398 |  |  |  | 17,409 |  |  |  | 4,943 |  |  |  | 31,750 |  |  |  | 110 |
KIF 1 Portfolio (12 properties) | Various (1) | Apr-14 |  |  | 128,699 |  |  |  | 157,010 |  |  |  | 122,291 |  |  |  | 408,000 |  |  |  | 1,589 |
Fountain at Arbor Lakes (2 Parcels) | Maple Grove, MN | Apr-14 |  |  | 900 |  |  |  | - |  |  |  | - |  |  |  | 900 |  |  |  | - |
Boston Portfolio (24 properties) | Various | Apr-14 |  |  | 149,486 |  |  |  | 120,514 |  |  |  | - |  |  |  | 270,000 |  |  |  | 1,426 |
Vinnin Square | Swampscott, MA | May-14 |  |  | 2,550 |  |  |  | - |  |  |  | - |  |  |  | 2,550 |  |  |  | 6 |
SEB Portfolio (10 properties) | Various (1) | Jul-14 |  |  | 69,261 |  |  |  | 193,600 |  |  |  | 12,911 |  |  |  | 275,772 |  |  |  | 1,415 |
Highlands Ranch Parcel | Highlands Ranch, CO | Sep-14 |  |  | 3,800 |  |  |  | - |  |  |  | - |  |  |  | 3,800 |  |  |  | 10 |
BIG Portfolios (7 properties) | Various (1) | Oct-14 |  |  | - |  |  |  | 118,439 |  |  |  | 76,511 |  |  |  | 194,950 |  |  |  | 1,148 |
Springfield S.C. | Springfield, MO | Nov-14 |  |  | 8,800 |  |  |  | - |  |  |  | - |  |  |  | 8,800 |  |  |  | 210 |
North Quincy Plaza | Quincy, MA (1) | Dec-14 |  |  | 20,470 |  |  |  | - |  |  |  | 2,530 |  |  |  | 23,000 |  |  |  | 81 |
Belmart Plaza | West Palm Beach, FL (1) | Dec-14 |  |  | 3,208 |  |  |  | - |  |  |  | 2,807 |  |  |  | 6,015 |  |  |  | 77 |
Braelinn Village | Peachtree City, GA | Dec-14 |  |  | 27,000 |  |  |  | - |  |  |  | - |  |  |  | 27,000 |  |  |  | 227 |
|  |  |  | $ | 510,052 |  |  | $ | 702,550 |  |  | $ | 229,635 |  |  | $ | 1,442,237 |  |  |  | 7,104 |
* Includes 1031 sales proceeds of $126.8 million ** Gross leasable area ("GLA") *** Includes the Company’s previously held equity interest investment.
(1) | The Company acquired from its partners the remaining ownership interest in these properties that were held in joint ventures in which the Company had a noncontrolling interest. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain on change in control of interest, net resulting from the fair value adjustment associated with the Company’s previously held equity interest, which is included in the purchase price above in Other. The Company’s previous ownership interest and gain on change in control of interests, net recognized as a result of these transactions are as follows:
Property Name |  | Previous Ownership Interest |  |  | Gain on change in control of interests, net |
LaSalle Properties (3 properties) |  |  | 11.0 | % |  | $ | 3.7 |
KIF 1 Portfolio (12 properties) |  |  | 39.1 | % |  |  | 65.6 |
SEB Portfolio (10 properties) |  |  | 15.0 | % |  |  | 14.4 |
BIG Portfolios (7 properties) |  |  | 50.1 | % |  |  | 19.5 |
North Quincy Plaza |  |  | 11.0 | % |  |  | 2.2 |
Belmart Plaza |  |  | 21.5 | % |  |  | 1.8 |
|  |  |  |  |  | $ | 107.2 |
(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 Consolidated Balance Sheets. During 2015, the Company acquired the partners’ noncontrolling interest and now fully owns the property.
The purchase price for these acquisitions has been preliminarily allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price allocations and related accounting will be finalized upon completion of the Company’s valuation studies. Accordingly, the fair value allocated to these assets and liabilities are subject to revision. The Company records allocation adjustments when purchase price allocations are finalized. The aggregate purchase price of the properties acquired during the year ended December 31, 2015, has been allocated as follows (in thousands):
|  | Preliminary Allocation |  |  | Allocation Adjustments (1) |  |  | Revised Allocation a s of December 31, 2015 |  |  | Weighted-Average Amortization Period (in Years) |
Land |  | $ | 482,422 |  |  | $ | (37,796 | ) |  | $ | 444,626 |  |  |  | - |
Buildings |  |  | 973,747 |  |  |  | 89,377 |  |  |  | 1,063,124 |  |  |  | 50.0 |
Above market leases |  |  | 35,948 |  |  |  | (1,766 | ) |  |  | 34,182 |  |  |  | 7.2 |
Below market leases |  |  | (79,868 | ) |  |  | 4,871 |  |  |  | (74,997 | ) |  |  | 17.7 |
In-place leases |  |  | 180,069 |  |  |  | (54,076 | ) |  |  | 125,993 |  |  |  | 4.7 |
Building improvements |  |  | 177,944 |  |  |  | (8,828 | ) |  |  | 169,116 |  |  |  | 45.0 |
Tenant improvements |  |  | 26,596 |  |  |  | 8,218 |  |  |  | 34,814 |  |  |  | 6.1 |
Mortgage fair value adjustment |  |  | (27,615 | ) |  |  | - |  |  |  | (27,615 | ) |  |  | 3.0 |
Other assets |  |  | 3,058 |  |  |  | - |  |  |  | 3,058 |  |  |  | - |
Other liabilities |  |  | (188 | ) |  |  | - |  |  |  | (188 | ) |  |  | - |
Net assets acquired |  | $ | 1,772,113 |  |  | $ | - |  |  | $ | 1,772,113 |  |  |  |  |
(1) | In accordance with the Company’s adoption of ASU 2015-16, which eliminates the requirement to restate prior period financial statements for measurement period adjustments relating to purchase price allocations, the Company adjusted the preliminary allocation amounts recorded for properties acquired during 2015. The impact of these allocation adjustments on the Company’s tangible and intangible assets and liabilities are reflected in the table above.
The aggregate purchase price of the properties acquired during the year ended December 31, 2014, has been allocated as follows (in thousands):
Land |  | $ | 414,879 |
Buildings |  |  | 679,753 |
Above market leases |  |  | 30,307 |
Below market leases |  |  | (81,362 | )
In-place leases |  |  | 113,513 |
Building improvements |  |  | 290,882 |
Tenant improvements |  |  | 26,536 |
Mortgage fair value adjustment |  |  | (39,368 | )
Other assets |  |  | 7,097 |
Other liabilities |  |  | - |
Net assets acquired |  | $ | 1,442,237 |
In addition, during the year ended December 31, 2015, the Company entered into an agreement to acquire the remaining 50.0% interest in a property previously held in a joint venture in which the Company had a noncontrolling interest for a gross purchase price of $23.0 million. Upon signing this contract, which closed in January 2016, the Company effectively gained control of the entity and is entitled to all economics and risk of loss and as such, the Company consolidated this property pursuant to the FASB’s Consolidation guidance. Additionally, as the Company was required to purchase the partners interest at a fixed and determinable price in January 2016, the Company has recognized $11.5 million within Other liabilities in the Company’s Consolidated Balance Sheets at December 31, 2015. Based upon the Company’s intent to redevelop a portion of the property, the Company allocated $8.4 million of the gross purchase price to Real estate under development on the Company’s Consolidated Balance Sheets and the remaining $14.6 million was allocated to Operating real estate on the Company’s Consolidated Balance Sheets. During the year ended December 31, 2015, the Company acquired three land parcels, in separate transactions, for an aggregate purchase price of $30.0 million. 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, 2015, the Company had in progress a total of five ground-up development projects located in the U.S. These land parcels will be developed into open-air shopping centers aggregating 1.9 million square feet of GLA with a total estimated aggregate project cost of $446.5 million. During 2015, the Company acquired, in separate transactions, two additional land parcels adjacent to existing development projects for an aggregate purchase price of $20.7 million. During 2014, the Company acquired, in separate transactions, three land parcels located in various cities throughout the U.S., for an aggregate purchase price of $53.5 million. During the fourth quarter 2014, the Company purchased land parcels in Dania, Florida for an aggregate purchase price of $62.8 million. The Company then contributed the land to an unconsolidated joint venture to be used for a ground-up development project and as such is not included in the five ground-up development projects referred to above.

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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 5 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463 Reference 2: 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=56956515&loc=d3e1490-128463 Reference 3: 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=56956515&loc=d3e1392-128463 Reference 4: 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=35744584&loc=d3e7008-128479 Reference 5: 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=56956515&loc=d3e1486-128463 Reference 6: 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=35744584&loc=d3e6927-128479 Reference 7: 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=56956791&loc=d3e4845-128472 Reference 8: 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=56956515&loc=d3e1500-128463 Reference 9: 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=56956515&loc=d3e1524-128463 Reference 10: 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=35744584&loc=d3e7000-128479 Reference 11: 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=56956791&loc=d3e4922-128472 Reference 12: 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=56956791&loc=d3e4934-128472 Reference 13: 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=56956791&loc=d3e4926-128472 Reference 14: 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=56956515&loc=d3e1383-128463 Reference 15: 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=35744584&loc=d3e6996-128479 + Details
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