XML 25 R10.htm IDEA: XBRL DOCUMENT
v3.20.2

Note 3 - Real Estate | 6 Months Ended
--- | ---
Jun. 30, 2020
Notes to Financial Statements |
Real Estate Disclosure [Text Block] | 3. Real Estate Acquisitions of Operating Properties - During the six months ended June 30, 2020, the Company acquired the following operating property, through a direct asset purchase (in thousands):
|  |  |  | Purchase Price |  |  |  |  |
Property Name | Location | Month Acquired |  | Cash |  |  | GLA* |
North Valley Parcel | Peoria, AZ | Feb-20 |  | $ | 7,073 |  |  |  | 9 |
* Gross leasable area ("GLA") Purchase Price Allocation - The purchase price for this acquisition is allocated to real estate and related intangible assets acquired, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocation for the property acquired during the six months ended June 30, 2020, is as follows (in thousands):
|  | Allocation as of June 30, 2020 |  |  | Weighted Average Amortization Period (in Years) |
Land |  | $ | 935 |  |  |  | n/a |
Building |  |  | 4,610 |  |  |  | 50.0 |
Building improvements |  |  | 221 |  |  |  | 45.0 |
Tenant improvements |  |  | 382 |  |  |  | 19.4 |
In-place leases |  |  | 925 |  |  |  | 19.4 |
Net assets acquired |  | $ | 7,073 |  |  |  |  |
Real Estate Under Development – The Company had a real estate development project located in Dania Beach, FL for long-term investment. During June 2020, this real estate development project, aggregating $229.9 million (including internal capitalized costs of $31.2 million), was placed in service and reclassified $228.8 million to Operating real estate, net and $1.1 million to Other assets on the Company’s Condensed Consolidated Balance Sheets. The Company capitalized (i) interest of $4.0 million and $3.1 million, (ii) real estate taxes, insurance and legal costs of $0.6 million and $0.4 million and (iii) payroll of $1.0 million and $0.3 million during the six months ended June 30, 2020 and 2019, respectively, in connection with this real estate development project. As of June 30, 2020, the Company had one land parcel located in Dania Beach, FL which is held for future development included in Real estate under development on the Company’s Condensed Consolidated Balance Sheets. Redevelopment – As a result of the COVID-19 pandemic, the Company continues to evaluate its current redevelopment and re-tenanting projects and is moving forward with the projects it feels are necessary. 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, |
|  | 20 20 |  |  | 201 9 |
Aggregate sales price (1) |  | $ | 17.2 |  |  | $ | 110.1 |
Gain on sale of properties |  | $ | 5.7 |  |  | $ | 38.4 |
Number of properties sold |  |  | 3 |  |  |  | 7 |
Number of out-parcels sold |  |  | - |  |  |  | 5 |
| (1) | During the six months ended June 30, 2020, the Company held in escrow an aggregate of $3.2 million of net proceeds in connection with these sales associated with a reverse exchange in accordance with Internal Revenue Code 26 U.S.C. §1031, which was returned to the Company in July 2020.
Impairments - During the six months ended June 30, 2020 and 2019, the Company recognized aggregate impairment charges of $3.1 million and $21.6 million, respectively, related to adjustments to property carrying values for properties which the Company has sold or 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 signed contracts or letters of intent from third party offers. See Footnote 11 to the Notes to the Company’s Condensed Consolidated Financial Statements for fair value disclosure. The COVID-19 pandemic has significantly impacted the retail sector in which the Company operates and if the effects of the pandemic are prolonged, it could have a significant adverse impact to the underlying industries of many of the Company’s tenants. Management cannot, at this point, estimate ultimate losses related to the COVID-19 pandemic. The Company will continue to monitor the economic, financial, and social conditions resulting from this pandemic and will assess its asset portfolio for any impairment indicators. If the Company has determined that any of its assets are impaired the Company would be required to take impairment charges, and such amounts could be material.

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

X
- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
Name: | us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration