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Note 4 - Real Estate Under Development | 12 Months Ended
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Dec. 31, 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 December 31, 2018, the Company had two active real estate development projects and one additional project held for future development. The costs incurred to date for these projects are as follows (in thousands):
|  |  | December 31, |
Property Name | Location |  | 201 8 |  |  | 201 7 |
Dania Pointe (1) | Dania Beach, FL |  | $ | 152,111 |  |  | $ | 152,841 |
Mill Station | Owings Mills, MD |  |  | 55,771 |  |  |  | 34,347 |
Promenade at Christiana (2) | New Castle, DE |  |  | 33,502 |  |  |  | 32,875 |
Grand Parkway Marketplace (3) | Spring, TX |  |  | - |  |  |  | 43,403 |
Lincoln Square (4) | Philadelphia, PA |  |  | - |  |  |  | 90,479 |
Avenues Walk (5) | Jacksonville, FL |  |  | - |  |  |  | 48,573 |
Total* |  | $ | 241,384 |  |  | $ | 402,518 |
* Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $24.9 million and $27.7 million, as of December 31, 2018 and 2017, respectively.
( 1 ) | During 2018, the Company acquired a parcel adjacent to this development project for a purchase price of $4.6 million. Effective December 31, 2018, the first phase of this development project, aggregating $129.7 million (including capitalized costs of $8.9 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 development project.
( 2 ) | Project to be developed in the future.
( 3 ) | During 2017, the Company sold a land parcel at this development project for a sales price of $2.9 million. In addition, effective September 30, 2018, this development project, aggregating $47.4 million (including capitalized costs of $5.2 million), was placed in service and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets.
( 4 ) | 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 (see Footnote 14 ). 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 ). Effective December 31, 2018, this development project, aggregating $161.5 million (including capitalized costs of $7.1 million), was placed in service and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets.
( 5 ) | During 2018, the Company reclassified this project to Land on the Company’s Consolidated Balance Sheets, as it is no longer anticipated to be developed and will be marketed for sale as is. The as is value, estimated fair value, was below the carrying value and as such, the Company recorded an impairment charge of $37.8 million during the year ended December 31, 2018 (see Footnote 6).
During 2018 and 2017, the Company capitalized (i) interest of $13.9 million and $11.0 million, respectively, (ii) real estate taxes, insurance and legal costs of $2.6 million and $5.7 million, respectively, and (iii) payroll of $1.9 million and $3.3 million, respectively, in connection with these real estate development projects.

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