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Note 2 - Operating Property Activities | 3 Months Ended
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Mar. 31, 2017
Notes to Financial Statements |
Business Combination Disclosure [Text Block] | 2. Operating Property Activities Acquisitions of Operating Real Estate - During the three months ended March 31, 2017, the Company acquired the following operating properties, in separate transactions (in thousands):
|  |  |  | Purchase Price |
Property Name | Location | Month Acquired |  | Cash |  |  | Debt Assumed |  |  | Other Consideration* |  |  | Total |  |  | GLA* * |
Plantation Commons | Plantation, FL (1) | Jan-17 |  | $ | - |  |  | $ | - |  |  | $ | 12,300 |  |  | $ | 12,300 |  |  |  | 60 |
Gordon Plaza | Woodbridge, VA (1) | Jan-17 |  |  | - |  |  |  | - |  |  |  | 3,100 |  |  |  | 3,100 |  |  |  | 184 |
Plaza del Prado | Glenview, IL | Jan-17 |  |  | 39,063 |  |  |  | - |  |  |  | - |  |  |  | 39,063 |  |  |  | 142 |
Columbia Crossing Parcel | Columbia Crossing, MD | Jan-17 |  |  | 5,100 |  |  |  | - |  |  |  | - |  |  |  | 5,100 |  |  |  | 25 |
|  |  |  | $ | 44,163 |  |  | $ | - |  |  | $ | 15,400 |  |  | $ | 59,563 |  |  |  | 411 |
* Includes the Company’s previously held equity interest investment. ** Gross leasable area ("GLA")
(1) | The Company acquired from certain of its partners, their ownership interest in properties that were held in joint ventures in which the Company had noncontrolling interests. The Company now has a controlling interest in these properties and has deemed these entities to be VIEs for which the Company is the primary beneficiary and now consolidates these assets. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized gains on change in control of interests resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in the purchase price above in Other Consideration. The Company’s current ownership interests and gains on change in control of interests recognized as a result of these transactions are as follows (in thousands):
Property Name |  | Current Ownership Interest |  |  | Gain on change in control of interests |
Plantation Commons |  |  | 76.25% |  |  | $ | 9,793 |
Gordon Plaza |  |  | 40.62% |  |  |  | 395 |
|  |  |  |  |  | $ | 10,188 |
The Company adopted ASU 2017 - 01 effective January 1, 2017 and applied the guidance to its operating property acquisitions during the three months ended March 31, 2017. The purchase price for these acquisitions is allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocations for properties acquired during the three months ended March 31, 2017, are as follows (in thousands):
Land |  | $ | 14,516 |
Buildings |  |  | 34,135 |
Above-market leases |  |  | 1,418 |
Below-market leases |  |  | (1,345 | )
In-place leases |  |  | 2,724 |
Building improvements |  |  | 7,064 |
Tenant improvements |  |  | 961 |
Other assets |  |  | 90 |
Net assets acquired |  | $ | 59,563 |
The allocation adjustments and revised allocations for properties accounted for as business combinations during the year ended December 31, 2016 as of March 31, 2017, are as follows (in thousands):
|  | Allocation as of December 31, 2016 |  |  | Allocation Adjustments |  |  | Revised Allocation as of March 31, 201 7 |
Land |  | $ | 179,150 |  |  | $ | (5,150 | ) |  | $ | 174,000 |
Buildings |  |  | 309,493 |  |  |  | (30,696 | ) |  |  | 278,797 |
Above-market leases |  |  | 11,982 |  |  |  | 885 |  |  |  | 12,867 |
Below-market leases |  |  | (31,903 | ) |  |  | (4,716 | ) |  |  | (36,619 | )
In-place leases |  |  | 44,094 |  |  |  | (1,063 | ) |  |  | 43,031 |
Building improvements |  |  | 124,105 |  |  |  | 41,895 |  |  |  | 166,000 |
Tenant improvements |  |  | 12,788 |  |  |  | (1,155 | ) |  |  | 11,633 |
Mortgage fair value adjustment |  |  | (4,292 | ) |  |  | - |  |  |  | (4,292 | )
Other assets |  |  | 234 |  |  |  | - |  |  |  | 234 |
Other liabilities |  |  | (27 | ) |  |  | - |  |  |  | (27 | )
Net assets acquired |  | $ | 645,624 |  |  | $ | - |  |  | $ | 645,624 |
Dispositions and Assets Held for Sale – During the three months ended March 31, 2017, the Company disposed of four consolidated operating properties and two out-parcels, in separate transactions, for an aggregate sales price of $57.8 million. These transactions resulted in (i) an aggregate gain of $1.7 million and (ii) aggregate impairment charges of $1.2 million. At March 31, 2017, the Company had two properties classified as held-for-sale at a carrying amount of $2.6 million, net of accumulated depreciation of $0.1 million, which are included in Other assets on the Company’s Condensed 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 $0.2 million was recognized. Impairments – During the three months ended March 31, 2017, the Company recognized aggregate impairment charges of $1.6 million. These impairment charges consist of (i) $1.2 million related to the sale of certain operating properties, as discussed above, (ii) $0.2 million related to adjustments to property carrying values for properties which the Company has marketed for sale as part of its active capital recycling program and as such has adjusted the anticipated hold periods for such properties and (iii) $0.2 million related to one property classified as held-for-sale for which the book value exceeded its estimated fair value, as discussed above. The Company’s estimated fair values for these properties were based on third party offers through signed contracts. (See Footnote 10 for fair value disclosure).

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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 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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