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Note 4 - Real Estate Under Development | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Real Estate Under Development [Text Block] | 4. Real Estate Under Development : The Company is engaged in various real estate under development projects, which will be held as long-term investments by the Company. As of December 31, 2016, the Company had in progress a total of six real estate under development projects located in the U.S. These projects will be developed into open-air shopping centers aggregating 2.2 million square feet of GLA with a total estimated aggregate project cost of $514.0 million. The costs incurred to date for these real estate under development projects are as follows (in thousands):
|  |  |  | December 31, |
Property Name | Location |  |  | 2016 |  |  | 2015 |
Grand Parkway Marketplace | Spring, TX |  |  | $ | 94,841 |  |  | $ | 42,032 |
Dania Pointe (1) | Dania Beach, FL |  |  |  | 107,113 |  |  |  | - |
Promenade at Christiana | New Castle, DE |  |  |  | 25,521 |  |  |  | 16,063 |
Owings Mills | Owings Mills, MD |  |  |  | 25,119 |  |  |  | 8,640 |
Avenues Walk | Jacksonville, FL |  |  |  | 73,048 |  |  |  | 77,544 |
Staten Island Plaza (2) | Staten Island, NY |  |  |  | 9,386 |  |  |  | - |
Shoppes at Wynnewood (3) | Lower Merion, PA |  |  |  | - |  |  |  | 34,911 |
|  |  |  | $ | 335,028 |  |  | $ | 179,190 |
| (1) | During the year ended December 31, 2016, the Company acquired from its partner the remaining ownership interest in a property that was held in a joint venture in which the Company has a 55.0% noncontrolling interest for a gross purchase price of $84.2 million. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, no gain on change in control of interest was recognized as there was no fair value adjustment associated with the Company’s previously held equity interest. Based upon the Company’s intent to develop the property, the Company allocated the gross purchase price to Real estate under development on the Company’s Consolidated Balance Sheets.
| (2) | Land held for future development.
| (3) | During the year ended December 31, 2016, this development project, aggregating $38.0 million, was completed and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets.
During 2016 and 2015, the Company acquired, in separate transactions, three additional land parcels adjacent to two existing development projects and two additional land parcels adjacent to existing development projects for an aggregate purchase price of $13.8 million and $20.7 million, respectively.

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- References No definition available. + Details
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