Note 2 - Operating Property Activities

3 Months Ended

Mar. 31, 2014

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

2. Operating Property Activities

Acquisitions -

During the three months ended March 31, 2014, the Company acquired the following properties, in separate transactions (in thousands):

			Purchase Price
Property Name	Location	Month Acquired	Cash		Debt Assumed		Other		Total		GLA*
North Valley Leasehold	Peoria, AZ	Jan-14	$	3,000	$	-	$	-	$	3,000		-
LaSalle Properties (1)	Various	Jan-14		62,239		23,269		7,642		93,150		316
Harrisburg Land Parcel	Harrisburg, PA	Jan-14		2,550		-		-		2,550		-
Crossroads Plaza	Cary, NC	Feb-14		18,691		72,309		-		91,000		489
Quail Corners (2)	Charlotte, NC	Mar-14		9,398		17,409		4,943		31,750		110
			$	95,878	$	112,987	$	12,585	$	221,450		915

* Gross leasable area ("GLA")

(1) The Company acquired three properties 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 $3.7 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.

(2) The Company acquired a 65.4% controlling ownership interest in this property and the seller retained a 34.6% noncontrolling interest in the property. The partner has the ability to put its partnership interest to the Company. As such, the Company has recorded the partners share of the property’s fair value of $4.9 million as Redeemable noncontrolling interests on the Company’s Condensed Consolidated Balance Sheets.

The aggregate purchase price of the properties acquired during the three months ended March 31, 2014 has been allocated as follows (in thousands):

Land	$	63,140
Buildings		107,521
Above Market Rents		4,699
Below Market Rents		(12,616	)
In-Place Leases		17,601
Building Improvements		45,103
Tenant Improvements		4,115
Mortgage Fair Value Adjustment		(8,363	)
Other Assets		250
	$	221,450

Dispositions –

During the three months ended March 31, 2014, the Company disposed of nine operating properties, in separate transactions, for an aggregate sales price of $98.5 million, including three operating properties in Mexico. These transactions, which are included in Discontinued Operations on the Company’s Condensed Consolidated Statements of Income, resulted in an aggregate gain of $9.3 million and aggregate impairment charges of $2.2 million, before noncontrolling interests.

Impairment Charges -

During the three months ended March 31, 2014, the Company recognized an aggregate impairment charge of $3.8 million relating to its investment in two operating properties and an outparcel, which is included in Impairment charges under Operating expenses on the Company’s Condensed Consolidated Statements of Income.  The aggregate book value of these properties was $10.2 million. The estimated fair value of these properties is based upon purchase price offers aggregating $6.4 million. These impairment charges resulted from the Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions (see Footnote 12).