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Note 10 - Notes and Mortgages Payable | 6 Months Ended
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Jun. 30, 2018
Notes to Financial Statements |
Mortgage Notes Payable Disclosure [Text Block] | 10. Notes and M ortgages Payable Notes Payable - In June 2018, the Company repurchased $6.4 million of its $500.0 million Senior Unsecured Notes which bear interest at an annual rate of 3.20% and are scheduled to mature in May 2021. As of June 30, 2018, these Senior Unsecured Notes had an outstanding balance of $493.6 million. On July 24, 2018, the Company issued a notice of redemption for all of its $300.0 million 6.875% Senior Unsecured Notes (the “Senior Notes”) which are scheduled to mature in October 2019. The Senior Notes will be redeemed on August 23, 2018 ( the “Redemption Date”) at a redemption price (“Redemption Price”) equal to the greater of (i) 100% of the aggregate principal amount of the Senior Notes to be redeemed and (ii) the sum, as determined by an independent investment banker to be appointed by the Company, of the remaining scheduled payments of principal and interest in respect of the Senior Notes being redeemed (exclusive of any interest accrued to, but excluding, the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360 -day year consisting of twelve 30 -day months) at the Treasury Rate plus 50 basis points, plus, in either case, accrued and unpaid interest to, but excluding, the Redemption Date. The Redemption Price will be determined on August 20, 2018. Mortgages Payable - During the six months ended June 30, 2018, the Company (i) deconsolidated $206.0 million of individual non-recourse mortgage debt relating to an operating property for which the Company no longer holds a controlling interest and (ii) repaid $176.0 million of maturing mortgage debt (including fair market value adjustments of $0.8 million) that encumbered four operating properties. Additionally, during the six months ended June 30, 2018, the Company disposed of an encumbered property through foreclosure. The transaction resulted in a net decrease in mortgage debt of $12.4 million. In addition, the Company recognized a gain on forgiveness of debt of $4.3 million and relief of accrued interest of $3.4 million, both of which are included in Other income, net in the Company’s Condensed Consolidated Statements of Income.

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