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Note 4 - Real Estate Under Development | 9 Months Ended
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Sep. 30, 2018
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 September 30, 2018, the Company had three active real estate development projects and two projects held for future development. The costs incurred to date for these real estate development projects are as follows (in thousands):
Property Name | Location |  | September 30 , 2018 |  |  | December 31, 2017 |
Grand Parkway Marketplace II (1) | Spring, TX |  | $ | - |  |  | $ | 43,403 |
Dania Pointe (2) | Dania Beach, FL |  |  | 253,923 |  |  |  | 152,841 |
Mill Station | Owings Mills, MD |  |  | 49,570 |  |  |  | 34,347 |
Lincoln Square | Philadelphia, PA |  |  | 154,663 |  |  |  | 90,479 |
Avenues Walk (3) | Jacksonville, FL |  |  | 48,573 |  |  |  | 48,573 |
Promenade at Christiana (3) | New Castle, DE |  |  | 33,459 |  |  |  | 32,875 |
Total (4) |  | $ | 540,188 |  |  | $ | 402,518 |
| ( 1 ) | As of September 30, 2018, this development project, aggregating $47.4 million (including capitalized costs of $5.2 million), was placed in service and reclassified into Operating real estate, net on the Company’s Condensed Consolidated Balance Sheets.
| ( 2 ) | These costs include expenditures for phase I and phase II offsite and infrastructure requirements. During the nine months ended September 30, 2018, the Company acquired a parcel adjacent to this development project for a purchase price of $4.6 million.
| ( 3 ) | Mixed-use project to be developed in the future.
| ( 4 ) | Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $36.9 million and $27.7 million, as of September 30, 2018 and December 31, 2017, respectively.
During the nine months ended September 30, 2018, the Company capitalized (i) interest of $10.7 million, (ii) real estate taxes, insurance and legal costs of $2.5 million and (iii) payroll of $1.2 million, in connection with these real estate development projects.

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