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Note 3 - Operating Property Activities | 6 Months Ended
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Jun. 30, 2018
Notes to Financial Statements |
Business Combination Disclosure [Text Block] | 3. Operating Property Activities Acquisitions and Dispositions – During January 2018, the Company acquired a land parcel adjacent to an existing shopping center located in Ardmore, PA for a purchase price of $3.4 million. The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels (dollars in millions):
|  | Six Months Ended June 30 , |
|  | 2018 |  |  | 2017 |
Aggregate sales price |  | $ | 833.1 |  |  | $ | 157.3 |
Gain on sale of operating properties/change in control of interests |  | $ | 152.2 |  |  | $ | 21.6 |
Impairment charges |  | $ | 9.9 |  |  | $ | 2.4 |
Number of operating properties sold/deconsolidated |  |  | 35 |  |  |  | 11 |
Number of out-parcels sold |  |  | 2 |  |  |  | 5 |
Included in the table above, during the six months ended June 30, 2018, the Company sold a portion of its investment in a consolidated operating property to its partner based on a gross fair value of $320.0 million, including $206.0 million of non-recourse mortgage debt, and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company no longer consolidates the entity and as such, reduced noncontrolling interests by $43.8 million and recognized a gain on change in control of $6.8 million, in accordance with the adoption of ASU 2017 - 05 effective as of January 1, 2018 ( See Footnote 2 to the Notes to the Company’s Condensed Consolidated Financial Statements for additional discussion). The Company now has an investment in this unconsolidated property ( $62.4 million as of the date of deconsolidation), included in Investments in and advances to real estate joint ventures on the Company’s Condensed Consolidated Balance Sheets. The Company’s share of this investment is subject to change and is based upon a cash flow waterfall provision within the partnership agreement ( 54.8% as of the date of deconsolidation). During the six months ended June 30, 2018, the Company disposed of five land parcels, in separate transactions, for an aggregate sales price of $4.7 million, which resulted in an aggregate gain of $2.1 million, included in Other income, net on the Company’s Condensed Consolidated Statements of Income. Held-for-Sale At June 30, 2018, the Company had three consolidated properties classified as held-for-sale at an aggregate carrying amount of $10.2 million (including accumulated depreciation of $4.8 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 $0.3 million was recognized. Additionally, the Company reclassified $3.1 million in mortgage debt related to one of these properties to Other liabilities on the Company’s Condensed Consolidated Balance Sheets. Impairments – During the six months ended June 30, 2018, the Company recognized aggregate impairment charges of $30.5 million. These impairment charges consist of (i) $20.6 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 period for such properties and (ii) $9.9 million related to the sale of certain operating properties, as discussed above. The Company’s estimated fair values of these properties were primarily based upon estimated sales prices from (i) signed contracts or letters of intent from third party offers or (ii) discounted cash flow models. See Footnote 12 to the Notes to the Company’s Condensed Consolidated Financial Statements 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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