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Note 4 - Real Estate Under Development | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Real Estate Under Development [Text Block] |
4. | Real Estate Under Development :
The Company is engaged in various real estate development projects for long-term investment. As of December 31, 2017, the Company had in progress a total of four real estate development projects and two additional projects held for future development. The costs incurred to date for these projects are as follows (in thousands):
|  |  |  | December 31, |
Property Name |  | Location |  | 201 7 |  |  | 2016 |
Grand Parkway Marketplace (1) |  | Spring, TX |  | $ | 43,403 |  |  | $ | 94,841 |
Dania Pointe |  | Dania Beach, FL |  |  | 152,841 |  |  |  | 107,113 |
Mill Station |  | Owings Mills, MD |  |  | 34,347 |  |  |  | 25,119 |
Lincoln Square ( 2) |  | Philadelphia, PA |  |  | 90,479 |  |  |  | - |
Avenues Walk (3) |  | Jacksonville, FL |  |  | 48,573 |  |  |  | 73,048 |
Promenade at Christiana (4) |  | New Castle, DE |  |  | 32,875 |  |  |  | 25,521 |
Staten Island Plaza ( 5) |  | Staten Island, NY |  |  | - |  |  |  | 9,386 |
|  |  |  | $ | 402,518 |  |  | $ | 335,028 |
| ( 1 ) | During 2017, the Company sold a land parcel at this development project for a sales price of $2.9 million. Additionally, effective as of September 30, 2017, certain aspects of this development project, aggregating $91.0 million, were placed in service and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets. The remaining portion relates to the second phase of this project which is under development.
| ( 2 ) | During 2017, KIM Lincoln, LLC (“KIM Lincoln”), a wholly owned subsidiary of the Company, and Lincoln Square Property, LP (“Lincoln Member”) entered into a joint venture agreement wherein KIM Lincoln has a 90% controlling interest and Lincoln Member has a 10% noncontrolling interest. The joint venture acquired land parcels in Philadelphia, PA to be held for development for a gross purchase price of $10.0 million. 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. This joint venture is accounted for as a consolidated VIE (see Footnote 9 ).
| ( 3 ) | Effective April 1, 2017, certain aspects of this development project, aggregating $24.5 million, were placed in service and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets. The remaining portion of the project consists of a mixed-use project to be developed in the future.
| ( 4 ) | T he Company is assessing the development model for this asset, which may include a mixed-use component, and anticipates a near term delay in the timing of development. As such, the Company considers this project as land held for future development effective December 31, 2017.
| ( 5 ) | During 2017, the Company reclassified this project to undeveloped land on the Company’s Consolidated Balance Sheets, as it is no longer anticipated to be developed by the Company.
D uring the years ended December 31, 2017 and 2016, the Company capitalized (i) interest of $11.0 million and $6.9 million, (ii) real estate taxes, insurance and legal costs of $5.7 million and $5.2 million and (iii) payroll of $3.3 million and $1.8 million, respectively, in connection with these real estate development projects. During 2016, the Company acquired from its partner the remaining ownership interest in Dania Pointe, which 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. During 2016, the Company acquired, in separate transactions, three additional land parcels adjacent to two existing development projects for an aggregate purchase price of $13.8 million.

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