3.	Property Acquisitions, Developments and Other Investments :

Acquisition/Consolidation of Operating Properties

During the

year ended

December 31, 2017,

the Company acquired the following operating properties, in separate transactions, through direct asset purchases or consolidation due to change in control resulting from the purchase of additional interests or obtaining control through the modification of a joint venture investment:

			Purchase Price (in thousands)
Property Name	Location	Month Acquired / Consolidated	Cash*		Debt		Other Consideration**		Total		GLA***
Plantation Commons	Plantation, FL (1) (3)	Jan-17	$	-	$	-	$	12,300	$	12,300		60
Gordon Plaza	Woodbridge, VA (1) (3)	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
The District at Tustin Legacy	Tustin, CA (2) (3)	Apr-17		-		206,000		98,698		304,698		688
Jantzen Beach Center	Portland, OR	Jul-17		131,927		-		-		131,927		722
Del Monte Plaza Parcel	Reno, NV	Jul-17		24,152		-		-		24,152		83
Gateway Station Phase II	Burleson, TX	Aug-17		15,355		-		-		15,355		79
Jantzen Beach Center Parcel	Portland, OR	Sep-17		6,279		-		-		6,279		25
Webster Square Outparcel	Nashua, NH	Sep-17		4,985		-		-		4,985		22
Whittwood Town Center	Whittier, CA	Oct-17		80,397		43,000		-		123,397		783
123 Coulter Avenue Parcel	Ardmore, PA	Oct-17		4,808		-		-		4,808		1
Fulton Marketplace Parcel	Santa Rosa, CA	Nov-17		13,162		-		-		13,162		61
			$	325,228	$	249,000	$	114,098	$	688,326		2,875

* The Company utilized

an aggregate

$162.4

million associated with Internal Revenue Code

§1031

sales proceeds.

** Includes the Company

’s previously held equity interest investment.

*** Gross leasable area ("GLA")

(

)

The Company acquired from 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.

(

)

Effective

April 1, 2017,

the Company and its partner amended its joint venture agreement relating to the Company

’s investment in this property. As a result of this amendment, the Company now controls the entity and consolidates the property. This entity is deemed to be a VIE for which the Company is the primary beneficiary.

(

)

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	Previous Ownership Interest			Gain on change in control of interests
Plantation Commons		76.25	%	$	9,793
Gordon Plaza		40.62	%		395
The District at Tustin Legacy			(a)		60,972
				$	71,160

(a)

The Company

’s share of this investment is subject to change and is based upon a cash flow waterfall provision within the partnership agreement (

54.27%

as of date of consolidation).

During the year ended

December 31,

201

the Company acquired the following operating properties, in separate transactions:

			Purchase Price (in thousands)
Property Name	Location	Month Acquired	Cash*		Debt		Other Consideration **		Total		GLA
Jericho Atrium	Jericho, NY	Apr-16	$	29,750	$	-	$	-	$	29,750		147
Oakwood Plaza	Hollywood, FL (1)	Apr-16		53,412		100,000		61,588		215,000		899
Webster Square North	Nashua, NH	Jul-16		8,200		-		-		8,200		21
Gateway Plaza	Mill Creek, WA (1)	Jul-16		493		17,500		-		17,993		97
Kentlands Market Square	Gaithersburg, MD	Aug-16		61,826		33,174		-		95,000		221
GEPT Portfolio (4 properties)	Various (1)	Sep-16		79,974		76,989		10,882		167,845		681
Coulter Avenue (2 parcels)	Ardmore, PA	Various		6,750		-		-		6,750		20
KimPru Portfolio (2 properties)	Various (1)	Oct-16		15,505		35,700		3,218		54,423		234
Hamden Mart	Hamden, CT (1)	Nov-16		-		21,369		29,294		50,663		345
			$	255,910	$	284,732	$	104,982	$	645,624		2,665

* The Company utilized

an aggregate

$66.0

million associated with Internal Revenue Code

§1031

sales proceeds.

** Includes the Company

’s previously held equity interest investment.

(

)

The Company acquired from its partners their ownership interest in properties that were held in joint ventures in which the Company had noncontrolling interests. 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 previous ownership interests and gains on change in control of interests recognized as a result of these transactions are as follows (in thousands):

Property Name	Previous Ownership Interest			Gain on change in control of interests
Oakwood Plaza		55.0	%	$	46,512
Gateway Plaza		15.0	%		-
GEPT Portfolio (4 properties)		15.0	%		6,583
KimPru Portfolio (2 properties)		15.0	%		832
Hamden Mart		47.95	%		3,459
				$	57,386

Included in the Company

’s Consolidated Statements of Income are

$31.0

million,

$23.8

million and

$112.2

million in revenues from rental properties from the date of acquisition through

December 31, 2017,

2016

and

2015,

respectively, for operating properties acquired during each of the respective years.

Purchase Price Allocations

The Company adopted ASU

2017

effective

January 1, 2017

and applied the guidance to its operating property acquisitions during the

year ended

December 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/consolidated during the year ended

December 31, 2017,

are as follows (in thousands):

	Allocation as of December 31, 2017			Weighted-Average Amortization Period (in Years)
Land	$	255,715			n/a
Buildings		379,148			50.0
Building improvements		46,613			41.5
Tenant improvements		14,520			7.2
In-place leases		56,200			7.2
Above-market leases		12,197			7.8
Below-market leases		(77,027	)		29.5
Mortgage fair value adjustment		(8,521	)		1.3
Tax increment financing (TIF) contracts		8,342			19.0
Other assets		5,090			n/a
Other liabilities		(3,951	)		n/a
Net assets acquired/consolidated	$	688,326

As of

December 31, 2017,

the allocation adjustments and revised allocations for properties accounted for as business combinations during the year ended

December 31, 2016,

are as follows (in thousands):

	Allocation as of December 31, 2016			Allocation Adjustments			Revised Allocation as of December 31, 2017			Weighted-Average Amortization Period (in Years)
Land	$	179,150		$	(5,150	)	$	174,000			n/a
Buildings		309,493			(30,696	)		278,797			50.0
Building improvements		124,105			41,895			166,000			45.0
Tenant improvements		12,788			(1,155	)		11,633			7.1
In-place leases		44,094			(1,063	)		43,031			6.4
Above-market leases		11,982			885			12,867			8.1
Below-market leases		(31,903	)		(4,716	)		(36,619	)		19.1
Mortgage fair value adjustment		(4,292	)		-			(4,292	)		4.1
Other assets		234			-			234			n/a
Other liabilities		(27	)		-			(27	)		n/a
Net assets acquired	$	645,624		$	-		$	645,624

Hurricane Impact

The impact of Hurricanes Harvey, which struck Texas on

August 25, 2017,

and Irma, which struck Florida on

September 10, 2017,

resulted in minimal damage to the Company

’s properties located in Texas and Florida, with the majority of the impact related to debris removal.

September 20, 2017,

Hurricane Maria struck Puerto Rico as a Category

hurricane which resulted in widespread damage, flooding, and power outages. The Company has interests in

seven

operating properties located throughout Puerto Rico, aggregating

2.2

million square feet of GLA, which were variously impacted by the hurricane. The Company maintains a comprehensive property insurance policy on these properties with total coverage of up to

$62.0

million, as well as business interruption insurance with coverage up to

$39.3

million in the aggregate, subject to a collective deductible of

$1.2

million.

As of

December 31, 2017,

the Company

’s assessment of the damages sustained to its properties from Hurricane Maria resulted in a write-off to depreciation expense of

$16.0

million, representing the estimated net book value of damaged assets. The Company also recorded a corresponding receivable and credit to depreciation expense of

$16.0

million for estimated property insurance recoveries related to the write-off.

As such, there was

impact to net income during

2017

resulting from these adjustments.

The Company expects to collect property insurance proceeds (net of deductible) equal to the replacement cost of its damaged property, currently estimated to be approximately

$26.0

million. As of

December 31, 2017,

the Company received property insurance proceeds of

$4.0

million and has a remaining receivable balance of

$12.0

million which is included in Other assets on the Company’s Consolidated Balance Sheets.

The Company

’s business interruption insurance covers lost revenues as a result of the hurricane for a period of up

one

year. After the expiration of

one

year following the loss, the policy has

365

days of extended period of indemnity which provides business interruption coverage in the event the properties have

not

fully recovered from the storm. For the year ended

December 31, 2017,

the Company had a reduction in revenues from rental properties of

$3.4

million related to lost tenant revenue and rent abatements resulting from the impact of Hurricane Maria. During

December 2017,

the Company received

$1.6

million from its insurance provider for business interruption claims. The Company is still in the process of assessing current and future business interruption insurance losses and will submit insurance claims for its estimated losses under its business interruption insurance policy.