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Note 5 - Dispositions of Real Estate and Assets Held-for-sale
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Mergers, Acquisitions and Dispositions Disclosures [Text Block]
5.
   
Dispositions of Real Estate
and Assets Held
-
for
-
Sale
:
 
Operating Real Estate
 
During
2016,
the Company disposed of
30
consolidated operating properties and
two
out-parcels, in separate transactions, for an aggregate sales price of
$378.7
million. These transactions resulted in an aggregate gain of
$86.8
million, after income tax expense, and aggregate impairment charges of
$37.2
million, which were taken prior to sale, before income tax benefit of
$10.0
million.
 
During
2015,
the Company disposed of
89
consolidated operating properties and
eight
out-parcels, in separate transactions, for an aggregate sales price of
$492.5
million. These transactions resulted in an aggregate gain of
$143.6
million, after income tax expense, and aggregate impairment charges of
$10.2
million, before income tax benefit of
$2.3
million.
 
Additionally, during
2015,
the Company disposed of its remaining operating property in Chile for a sales price of
$51.3
million. This transaction resulted in the release of a cumulative foreign currency translation loss of
$19.6
million due to the Company’s liquidation of its investment in Chile offset by a gain on sale of
$1.8
million, after income tax expense.
 
During
2014,
the Company disposed of
90
consolidated operating properties, in separate transactions, for an aggregate sales price of
$833.5
million, including
27
operating properties in Latin America. These transactions, which are included in Discontinued operations on the Company’s Consolidated Statements of Income, resulted in an aggregate gain of
$203.3
million, before income taxes and noncontrolling interests and aggregate impairment charges of
$178.0
million, before income taxes and noncontrolling interests, including
$92.9
million related to the release of a cumulative foreign currency translation loss due to the Company’s substantial liquidation of its investment in Mexico. The Company provided financing aggregating
$52.7
million on
three
of these transactions which bore interest at rates ranging from LIBOR plus
250
basis points to
7%
per annum, which matured and were repaid in full during
2015.
The Company evaluated these transactions pursuant to the FASB’s real estate guidance to determine sale and gain recognition.
 
Land Sales
 
During
2016,
2015
and
2014,
the Company sold
six,
13
and
three
land parcels, respectively, for an aggregate sales price of
$3.9
million,
$31.5
million and
$5.1
million, respectively. These transactions resulted in an aggregate gain of
$1.9
million,
$4.3
million and
$3.5
million, before income taxes expense and noncontrolling interest for the years ended
December
31,
2016,
2015
and
2014,
respectively. The gains from these transactions are recorded as other income, which is included in Other income/(expense), net, in the Company’s Consolidated Statements of Income.
 
Held-for-Sale
 
At
December
31,
2016,
the Company had
two
consolidated property interests in Mexico classified as held-for-sale at an aggregate carrying amount of Mexican peso (“MXN”)
121.9
million (USD
$9.2
million), net of accumulated depreciation of MXN
51.1
million (USD
$3.5
million), which are included in Other assets on the Company’s Consolidated Balance Sheets. The Company’s determination of the fair value of the properties was based upon executed contracts of sale with
third
parties. The book value of
one
of these properties exceeded its estimated fair value, less costs to sell, and as such an impairment charge of MXN
25.8
million (USD
$1.3
million) was recognized.