XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.19.2

Note 3 - Operating Property Activities | 6 Months Ended
--- | ---
Jun. 30, 2019
Notes to Financial Statements |
Business Combination Disclosure [Text Block] | 3. Operating Property Activities Acquisitions of Operating Properties - During the six months ended June 30, 2019, the Company acquired the following operating properties, in separate transactions, through direct asset purchases (in thousands):
|  |  |  | Purchase Price |  |  |  |  |
Property Name | Location | Month Acquired |  | Cash* |  |  | GLA** |
Bell Camino Out-parcel | Sun City, AZ | Jan-19 |  | $ | 5,678 |  |  |  | 45 |
Gateway at Donner Pass Out-parcel | Truckee, CA | Jan-19 |  |  | 13,527 |  |  |  | 40 |
Rancho Penasquitos Out-parcel | San Diego, CA | Jan-19 |  |  | 12,064 |  |  |  | 40 |
|  |  |  | $ | 31,269 |  |  |  | 125 |
* The Company utilized an aggregate $31.0 million associated with Internal Revenue Code §1031 sales proceeds. ** Gross leasable area ("GLA") Included in Revenues from rental properties, net on the Company’s Condensed Consolidated Statements of Income for the six months ended June 30, 2019 is $0.6 million in revenue resulting from these acquisitions. Purchase Price Allocations - 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 during the six months ended June 30, 2019, are as follows (in thousands):
|  | Allocation as of June 30, 2019 |  |  | Weighted-Average Amortization Period (in Years) |
Land |  | $ | 8,266 |  |  |  | n/a |
Buildings |  |  | 15,935 |  |  |  | 50.0 |
Building improvements |  |  | 1,313 |  |  |  | 45.0 |
Tenant improvements |  |  | 1,637 |  |  |  | 20.0 |
In-place leases |  |  | 4,118 |  |  |  | 20.0 |
Net assets acquired |  | $ | 31,269 |  |  |  |  |
Dispositions - The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels (dollars in millions):
|  | Six Months Ended June 30, |
|  | 201 9 |  |  | 2018 |
Aggregate sales price/gross fair value |  | $ | 110.1 |  |  | $ | 833.1 |
Gain on sale of properties/change in control of interests |  | $ | 38.4 |  |  | $ | 152.2 |
Number of operating properties sold/deconsolidated |  |  | 7 |  |  |  | 35 |
Number of out-parcels sold |  |  | 5 |  |  |  | 2 |
Impairments - During the six months ended June 30, 2019, the Company recognized aggregate impairment charges of $21.6 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. 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.

X
- 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
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration