Note 3 - Property Acquisitions, Developments and Other Investments

12 Months Ended

Dec. 31, 2013

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

3.   Property Acquisitions, Developments and Other Investments:

Operating property acquisitions, ground-up development costs and other investments have been funded principally through the application of proceeds from the Company's public equity and unsecured debt issuances, proceeds from mortgage financings, proceeds from the disposition of properties and availability under the Company’s revolving lines of credit.

Acquisition of Operating Properties –

During the year ended December 31, 2013, the Company acquired the following properties, in separate transactions (in thousands):

			Purchase Price
Property Name	Location	Month Acquired	Cash		Debt Assumed		Other		Total		GLA*
Santee Trolley Square (1)	Santee, CA	Jan-13	$	26,863	$	48,456	$	22,681	$	98,000		311
Shops at Kildeer (2)	Kildeer, IL	Jan-13		-		32,724		-		32,724		168
Village Commons S.C.	Tallahassee, FL	Jan-13		7,100		-		-		7,100		125
Putty Hill Plaza (3)	Baltimore, MD	Jan-13		4,592		9,115		489		14,196		91
Columbia Crossing II S.C.	Columbia, MD	Jan-13		21,800		-		-		21,800		101
Roseville Plaza Outparcel	Roseville, MN	Jan-13		5,143		-		-		5,143		80
Wilton River Park (4)	Wilton, CT	Mar-13		777		36,000		5,223		42,000		187
Canyon Square (5)	Santa Clarita, CA	Apr-13		1,950		13,800		-		15,750		97
JTS Portfolio (7 properties) (6)	Baton Rouge, LA	Apr-13		-		43,267		11,733		55,000		520
Factoria Mall (7)	Bellevue, WA	May-13		37,283		56,000		37,467		130,750		510
6 Outparcels	Various	Jun-13		13,053		-		-		13,053		97
Highlands Ranch II	Highlands Ranch, CO	July-13		14,600		-		-		14,600		44
Elmsford	Elmsford, NY	Aug-13		23,000		-		-		23,000		143
Northridge	Arvada, CO	Oct-13		8,239		11,511		-		19,750		146
Five Forks Crossing	Liburn, GA	Oct-13		9,825		-		-		9,825		74
Greenwood S.C. Outparcel	Greenwood, IN	Oct-13		4,067		-		-		4,067		30
Clark Portfolio (4 properties)	Clark, NJ	Nov-13		35,553		-		-		35,553		189
Winn Dixie Portfolio (6 properties)	Louisiana & Florida	Dec-13		43,506		-		-		43,506		392
Tomball S.C.	Houston, TX	Dec-13		35,327		-		-		35,327		149
Atascocita S.C.	Humble, TX	Dec-13		38,250		28,250		-		66,500		317
Lawrenceville	Lawrenceville, GA	Dec-13		36,824		-		-		36,824		286
			$	367,752	$	279,123	$	77,593	$	724,468		4,057

* Gross leasable area ("GLA")

(1)   This property was acquired from a joint venture in which the Company had a 45% noncontrolling interest.  The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $22.7 million, before income tax, from the fair value adjustment associated with the Company’s original ownership due to a change in control, which is reflected in the purchase price above in Other.

(2)   This property was acquired from a joint venture in which the Company had a 19% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized.

(3)   The Company acquired the remaining 80% interest in an operating property from an unconsolidated joint venture in which the Company had a 20% noncontrolling interest.  The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $0.5 million from the fair value adjustment associated with the Company’s original ownership due to a change in control, which is reflected in the purchase price above in Other.

(4)   The acquisition of this property included the issuance of $5.2 million of redeemable units, which are redeemable at the option of the holder after one year and earn a yield of 6% per annum, which is included in the purchase price above in Other. In connection with this transaction, the Company provided the sellers a $5.2 million loan at a rate of 6.5%, which is secured by the redeemable units.

(5)   This property was acquired from a joint venture in which the Company has a 15% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized.

(6)   The Company acquired the remaining interest in a portfolio of office properties from a preferred equity investment in which the Company held a noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a change in control loss of $9.6 million from the fair value adjustment associated with the Company’s original ownership, which is reflected in the purchase price above in Other. The debt assumed in connection with this transaction of $43.3 million was repaid in April 2013 and the properties within the portfolio were later sold during October and November 2013.

(7)   The Company acquired an additional 49% interest in this operating property from an unconsolidated joint venture in which the Company had a 50% noncontrolling interest. As such the Company now consolidates this investment. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain of $8.2 million from the fair value adjustment associated with the Company’s original ownership due to a change in control, which is reflected in the purchase price above in Other. 

During the year ended December 31, 2012, the Company acquired the following properties, in separate transactions (in thousands):

			Purchase Price
Property Name	Location	Month Acquired	Cash		Debt Assumed		Total		GLA*
Woodbridge S.C.	Sugarland, TX	Jan-12	$	9,000	$	-	$	9,000		97
Bell Camino Center	Sun City, AZ	Jan-12		4,185		4,210		8,395		63
31 parcels (2)	Various	Jan-12		30,753		-		30,753		83
1 parcel (3)	Duncan, SC	Jan-12		1,048		-		1,048		3
Olympia West Outparcel	Olympia, WA	Feb-12		1,200		-		1,200		6
Frontier Village (1)	Lake Stevens, WA	Mar-12		12,231		30,900		43,131		195
Silverdale S.C. (1)	Silverdale, WA	Mar-12		8,335		24,000		32,335		170
30 parcels (2)	Various	Mar-12		39,493		-		39,493		107
1 parcel (3)	Peru, IL	Mar-12		995		-		995		4
Towson Place (4)	Towson, MD	Apr-12		69,375		57,625		127,000		680
Prien Lake Outparcel	Lake Charles, LA	May-12		1,800		-		1,800		8
Devon Village	Devon, PA	Jun-12		28,550		-		28,550		79
4 Properties	Various, NC	Jun-12		63,750		-		63,750		368
Lake Jackson (5)	Lake Jackson, TX	Jul-12		5,500		-		5,500		35
Woodlawn S.C.	Charlotte, NC	Jul-12		7,050		-		7,050		137
Columbia Crossing - 2 Outparcels	Columbia, MD	Jul-12		11,060		-		11,060		69
Pompano Beach (6)	Pompano Beach, FL	Jul-12		12,180		-		12,180		81
6 Parcels (2)	Various	Jul-12		8,111		-		8,111		19
Wilton S.C.	Wilton, CT	Aug-12		18,800		20,900		39,700		96
Hawthorne Hills S. C.	Vernon Hills, IL	Aug-12		15,974		21,563		37,537		193
Greeley Shopping Center (7)	Greeley, CO	Oct-12		23,250		-		23,250		139
Savi Ranch Center Phase II	Yorba Linda, CA	Oct-12		34,500		-		34,500		161
Wild Lake Plaza Outparcel	Columbia, MD	Nov-12		300		-		300		75
City Heights Retail Village	San Francisco, CA	Nov-12		15,600		20,000		35,600		109
Snowden Square (8)	Columbia, MD	Dec-12		6,182		-		6,182		50
“Key Food” Portfolio (5 properties)	Various, NY	Dec-12		26,058		-		26,058		59
		Total	$	455,280	$	179,198	$	634,478		3,086

* Gross leasable area ("GLA")

(1)   These properties were acquired from a joint venture in which the Company has a 15% noncontrolling interest.  The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as such recognized an aggregate gain of $2.0 million from the fair value adjustment associated with its original ownership due to a change in control.

(2)   Acquired an aggregate of 67 parcels net leased to restaurants through a consolidated joint venture, in which the Company has a 99.1% controlling interest. During July 2012, the Company purchased the remaining 0.9% interest for $0.7 million.

(3)   Acquired an aggregate of two parcels net leased to restaurants through a consolidated joint venture, in which the Company has a 92.0% controlling interest. During July 2012, the Company sold 4% of its interest for $0.1 million. The Company continues to have a controlling interest in the joint venture and therefore continues to consolidate this investment.

(4)   This property was acquired from a joint venture in which the Company had a 30% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $12.1 million from the fair value adjustment associated with its original ownership due to a change in control. In addition, the Company recognized promote income of $1.1 million in connection with this transaction. The promote income is included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income. Additionally, the debt assumed in connection with this transaction of $57.6 million was repaid in May 2012.

(5)   The Company acquired this property from a preferred equity investment in which the Company held a noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized.

(6)   This property was acquired from a joint venture in which the Company had a 50% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized.

(7)   This property was acquired from a joint venture in which the Company has an 11% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $0.4 million from the fair value adjustment associated with its original ownership due to a change in control.

(8)   This property was acquired from a joint venture in which the Company has a 50% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $1.0 million from the fair value adjustment associated with its original ownership due to a change in control.

      The aggregate purchase price of the above 2013 and 2012 property acquisitions have been allocated as follows (in thousands):

	2013			2012
Land	$	198,263		$	196,219
Buildings		368,478			319,955
Below Market Rents		(25,298	)		(40,375	)
Above Market Rents		15,758			14,977
In-Place Leases		35,262			31,248
Building Improvements		115,110			99,092
Tenant Improvements		22,196			19,327
Mortgage Fair Value Adjustment		(5,794	)		(5,965	)
Other Assets		894			-
Other Liabilities		(401	)		-
	$	724,468		$	634,478

Additionally, during the years ended December 31, 2013 and 2012, the Company acquired the remaining interest in four and six previously consolidated joint ventures for $9.4 million and $12.0 million, respectively. The Company continues to consolidate these entities as there was no change in control from these transactions. The purchase of the remaining interests resulted in an aggregate decrease in noncontrolling interest of $0.4 million and $10.4 million for the years ended December 31, 2013 and 2012, respectively and an aggregate decrease of $8.2 million and $0.3 million, after income taxes, to the Company’s Paid-in capital, during 2013 and 2012, respectively.

Ground-Up Development -

The Company is engaged in ground-up development projects, which will be held as long-term investments by the Company. As of December 31, 2013, the Company had in progress a total of three ground-up development projects, consisting of two located in the U.S. and one located in Peru.

       FNC Realty Corporation –

During 2012, the Company acquired an additional 13.62% interest in FNC Realty Corporation (“FNC”) for $15.3 million, which increased the Company’s total ownership interest to 82.7%. During 2013, the Company acquired the remaining ownership interest in FNC of 17.3% for $20.3 million. As a result of this transaction the Company now owns 100% of FNC. The Company had previously and continues to consolidate FNC. Since there was no change in control from these transactions, the purchase of the additional interests resulted in a decrease in noncontrolling interest during 2013 and 2012 of $19.7 million and $15.4 million, respectively, and a decrease of $0.7 million during 2013 and an increase of $0.1 million during 2012 to the Company’s Paid-in capital.