XML 25 R11.htm IDEA: XBRL DOCUMENT
v3.23.1

Note 3 - Real Estate | 3 Months Ended
--- | ---
Mar. 31, 2023
Notes to Financial Statements |
Real Estate Disclosure [Text Block] | 3. Real Estate Acquisitions During the three months ended March 31, 2023, the Company acquired the following operating properties, through direct asset purchases or consolidation due to change in control resulting from the purchase of additional interests in certain operating properties held in an unconsolidated joint venture (in thousands):
|  |  |  | Purchase Price |  |  |  |  |
Property Name | Location | Month Acquired |  | Cash |  |  | Debt |  |  | Other |  |  | Total |  |  | GLA* |
Portfolio (2 properties) (1) | Various | Jan-23 |  | $ | 69,130 |  |  | $ | 19,637 |  |  | $ | 13,019 |  |  | $ | 101,786 |  |  |  | 342 |
Crossroads Plaza Parcel | Cary, NC | Jan-23 |  |  | 2,173 |  |  |  | - |  |  |  | - |  |  |  | 2,173 |  |  |  | 5 |
Northridge Shopping Center Parcel | Arvada, CO | Jan-23 |  |  | 728 |  |  |  | - |  |  |  | - |  |  |  | 728 |  |  |  | 57 |
Stafford Marketplace Parcel (2) | Stafford, VA | Feb-23 |  |  | - |  |  |  | - |  |  |  | 12,527 |  |  |  | 12,527 |  |  |  | 87 |
Tustin Heights (1) | Tustin, CA | Mar-23 |  |  | 26,501 |  |  |  | 17,550 |  |  |  | 4,910 |  |  |  | 48,961 |  |  |  | 137 |
|  |  |  | $ | 98,532 |  |  | $ | 37,187 |  |  | $ | 30,456 |  |  | $ | 166,175 |  |  |  | 628 |
* Gross leasable area ("GLA")
(1) | Other includes the Company’s previously held equity investments in the Prudential Investment Program and net gains on change in control. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized gains on change in control of interest of $7.7 million, in aggregate, resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income. The Company previously held an ownership interest of 15.0% in these property interests. See Footnote 4 of the Notes to the Company's Condensed Consolidated Financial Statements.
(2) | During the three months ended March 31, 2023, the Company received a land parcel as consideration resulting from the exercise of a termination option of an operating lease.
Included in the Company’s Condensed Consolidated Statements of Income is $2.9 million in total revenues from the date of acquisition through March 31, 2023, for operating properties acquired/consolidated during the three months ended March 31, 2023. The purchase price for these acquisitions was allocated to real estate and related intangible assets and liabilities acquired, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocation for properties acquired/consolidated during the three months ended March 31, 2023, is as follows (in thousands):
|  | Allocation as of March 31, 2023 |  |  | Weighted Average Amortization Period (in Years) |
Land |  | $ | 51,116 |  |  |  | n/a |
Building |  |  | 99,947 |  |  |  | 50.0 |
Building improvements |  |  | 10,125 |  |  |  | 45.0 |
Tenant improvements |  |  | 8,320 |  |  |  | 4.1 |
In-place leases |  |  | 11,080 |  |  |  | 4.1 |
Above-market leases |  |  | 1,329 |  |  |  | 5.7 |
Below-market leases |  |  | (16,551 | ) |  |  | 23.6 |
Other assets |  |  | 1,777 |  |  |  | n/a |
Other liabilities |  |  | (968 | ) |  |  | n/a |
Net assets acquired |  | $ | 166,175 |  |  |  |  |
During the three months ended March 31, 2022, the Company acquired the following operating properties, through direct asset purchases (in thousands):
Property Name | Location | Month Acquired |  | Purchase Price |  |  | GLA |
Rancho San Marcos Parcel | San Marcos, CA | Jan-22 |  | $ | 2,407 |  |  |  | 6 |
Columbia Crossing Parcel | Columbia, MD | Feb-22 |  |  | 16,239 |  |  |  | 60 |
|  |  |  | $ | 18,646 |  |  |  | 66 |
Dispositions The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels for the three months ended March 31, 2023 and 2022 (dollars in millions):
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Aggregate sales price/gross fair value (1) (2) |  | $ | 117.6 |  |  | $ | 8.7 |
Gain on sale of properties (3) |  | $ | 39.2 |  |  | $ | 4.2 |
Number of properties sold |  |  | 3 |  |  |  | - |
Number of parcels sold/(deconsolidated) (1) |  |  | 3 |  |  |  | 4 |
| (1) | During 2023, the Company contributed a land parcel and related entitlements, located in Admore, PA, into a preferred equity investment with a gross value of $19.6 million. As a result, the Company no longer consolidates this land parcel and has a non-controlling interest in this investment. See Footnote 5 of the Notes to the Company's Condensed Consolidated Financial Statements for preferred equity investment disclosure.
| (2) | During 2023, the Company provided as a lender seller financing of $25.0 million related to the sale of an operating property located in Gresham, OR. See Footnote 9 of the Notes to the Company's Condensed Consolidated Financial Statements for mortgage receivable loan disclosure.
| (3) | Before noncontrolling interests of $1.5 million and taxes of $1.2 million for the three months ended March 31, 2023.
Impairments During the three months ended March 31, 2023, the Company recognized aggregate impairment charges of $11.8 million related to adjustments to property carrying values for properties which the Company is marketing for sale as part of its select 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 13 to the Notes to the Company’s Condensed Consolidated Financial Statements for fair value disclosure.

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 -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
Name: | us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration