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Note 3 - Property Acquisitions, Developments and Other Investments | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Business Combination Disclosure [Text Block] | 3. Property Acquisitions: Acquisition/Consolidation of Operating Properties During the year ended December 31, 2019, the Company acquired the following operating properties, in separate transactions, through direct asset purchases or consolidation due to change in control resulting from the purchase of additional interests of a joint venture investment (in thousands):
| Month |  |  | Purchase Price |  |
Property Name | Acquired/Location | Consolidated |  |  | Cash* |  | Debt |  |  | Other Consideration*** |  |  | Total |  | GLA**
Bell Camino Out-parcel | Sun City, AZ | Jan-19 |  | $ | 5,678 |  | $ | - |  |  | $ | - |  | $ | 5,678 |  | 45
Gateway at Donner Pass Out-parcel | Truckee, CA | Jan-19 |  |  | 13,527 |  |  | - |  |  |  | - |  |  | 13,527 |  | 40
Rancho Penasquitos Out-parcel | San Diego, CA | Jan-19 |  |  | 12,064 |  |  | - |  |  |  | - |  |  | 12,064 |  | 40
Linwood Square (1) | Indianapolis, IN | Dec-19 |  |  | 1,957 |  |  | 5,389 |  |  |  | 4,543 |  |  | 11,889 |  | 165
|  |  |  | $ | 33,226 |  | $ | 5,389 |  |  | $ | 4,543 |  | $ | 43,158 |  | 290
* The Company utilized an aggregate $36.1 million associated with Internal Revenue Code 26 U.S.C. §1031 sales proceeds. ** Gross leasable area ("GLA") *** Includes the Company's previously held equity interest investment, net of noncontrolling interest of the remaining partners.
(1) | The Company acquired a partner's ownership interest in a property which was held in a joint venture in which the Company had a noncontrolling interest. The Company now has a 69.5% controlling interest in this property and has deemed this entity to be a VIE for which the Company is the primary beneficiary and consolidates the asset. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and, as a result, recognized a gain on change in control of interests of $0.1 million resulting from the fair value adjustment associated with the Company’s previously held equity interest, which are included in the purchase price above in Other Consideration.
During the year ended December 31, 2018, the Company acquired two land parcels adjacent to existing shopping centers located in Ardmore, PA and Elmont, NY, in separate transactions, for an aggregate purchase price of $5.4 million. Included in the Company’s Consolidated Statements of Income are $1.4 million, $0 million and $31.0 million in total revenues from the date of acquisition through December 31, 2019, 2018 and 2017, respectively, for operating properties acquired during each of the respective years. 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/consolidated during the year ended December 31, 2019, are as follows (in thousands):
|  | Allocation as of December 31, 201 9 |  |  | Weighted-Average Amortization Period (in Years) |
Land |  | $ | 11,852 |  |  |  | n/a |
Buildings |  |  | 21,075 |  |  |  | 50.0 |
Building improvements |  |  | 3,703 |  |  |  | 45.0 |
Tenant improvements |  |  | 2,234 |  |  |  | 16.9 |
In-place leases |  |  | 4,921 |  |  |  | 18.2 |
Above-market leases |  |  | 203 |  |  |  | 9.0 |
Below-market leases |  |  | (765 | ) |  |  | 12.0 |
Total assets |  |  | 850 |  |  |  | n/a |
Total liabilities |  |  | (915 | ) |  |  | n/a |
Net assets acquired/consolidated |  | $ | 43,158 |  |  |  |  |

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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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