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Real Estate
 12 Months Ended
Dec. 31, 2013
Real Estate [Abstract]  
Real Estate

Note 3. Real Estate

 

Real estate activity for 2013 and 2012 is comprised of the following:

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

2013

 

2012

Cost

 

 

 

 

Balance, beginning of year (a)

 

$      1,413,402,000

 

$      1,316,927,000

Property acquired

 
34,666,000 

 
76,185,000 

Land parcel sold

 
(1,351,000)

 

 -

Improvements and betterments

 
12,133,000 

 
20,389,000 

Write-off of fully-depreciated assets

 
(18,996,000)

 
(99,000)

Balance, end of the year

 

$      1,439,854,000

 

$      1,413,402,000

 

 

 

 

 

Accumulated depreciation

 

 

 

 

Balance, beginning of the year (a)

 

$        (229,535,000)

 

$        (189,608,000)

Depreciation expense

 
(41,066,000)

 
(40,026,000)

Write-off of fully-depreciated assets

 
18,996,000 

 
99,000 

Balance, end of the year

 

$        (251,605,000)

 

$        (229,535,000)

 

 

 

 

 

Net book value

 

$      1,188,249,000

 

$      1,183,867,000

 

 

 

 

 

(a) Restated to reflect the reclassifications of properties subsequently treated as "held for sale/conveyance".

 

On August 16, 2013, the Company exercised the buy/sell option pursuant to the terms of the 60%-owned joint venture originally formed for the development of the Upland Square project, and the Company’s partner opted not to meet the offered purchase option. The Company acquired the remaining 40% interest in the property on October 31, 2013 for approximately $1.6 million, reflecting the Company’s preferred interest in the joint venture. As the property was previously controlled and consolidated by the Company, the acquisition of the 40% noncontrolling interest was recorded as a capital transaction. As such, the excess ($0.5 million) paid by the Company over the carrying value of the noncontrolling interest was recorded as a decrease in the Company’s shareholders’ equity.

 

On November 18, 2013,  the Company acquired the Big Y Shopping Center located in Fairfield County, Connecticut. The purchase price for the property was approximately $34.5 million, of which approximately $33 million was initially funded from the Company’s credit facility and the $1.5 million balance by the issuance of approximately 270,000 OP Units (based on the market price of the Company’s common stock).  The Company incurred transaction costs of $0.2 million in connection with the transaction.

 

As more fully discussed in Note 5 – “Investment in Cedar/RioCan Joint Venture”, on October 10, 2012, the Company acquired a 100% interest in Franklin Village Plaza, located in Franklin, Massachusetts. As more fully discussed in Note 4 – “Properties Held For Sale and Related Transactions”, on October 12, 2012, the Company acquired the non-controlling 80% ownership interests  in Meadows Marketplace, located in Hershey, Pennsylvania, and Fieldstone Marketplace, located in New Bedford, Massachusetts.

 

At December 31, 2013,  a number of the Company’s shopping center properties were pledged as collateral for mortgage loans payable. See Note  10  - “Mortgage Loans Payable and Credit Facility” for information relating to the amendment, on an unsecured basis, of the Company’s credit facility.