Note 3 - Property Acquisitions, Developments and Other Investments

12 Months Ended

Dec. 31, 2014

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 line of credit.

Acquisition of Operating Properties –

During the year ended December 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 (3 properties)	Various (1)	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	Charlotte, NC (2)	Mar-14		9,398		17,409		4,943		31,750		110
KIF 1 Portfolio (12 properties)	Various (3)	Apr-14		128,699		157,010		122,291		408,000		1,589
Fountain at Arbor Lakes (2 Parcels)	Maple Grove, MN	Apr-14		900		-		-		900		-
Boston Portfolio (24 properties)	Various	Apr-14		149,486		120,514		-		270,000		1,426
Vinnin Square	Swampscott, MA	May-14		2,550		-		-		2,550		6
SEB Portfolio (10 properties)	Various (4)	Jul-14		69,261		193,600		12,911		275,772		1,415
Highlands Ranch Parcel	Highlands Ranch, CO	Sep-14		3,800		-		-		3,800		10
BIG Portfolios (7 properties)	Various (5)	Oct-14		-		118,439		76,511		194,950		1,148
Springfield S.C.	Springfield, MO	Nov-14		8,800		-		-		8,800		210
North Quincy Plaza	Quincy, MA (6)	Dec-14		20,470		-		2,530		23,000		81
Belmart Plaza	West Palm Beach, FL (7)	Dec-14		3,208		-		2,807		6,015		77
Braelinn Village	Peachtree City, GA	Dec-14		27,000		-		-		27,000		227
			$	510,052	$	702,550	$	229,635	$	1,442,237		7,104

* Includes 1031 sales proceeds of $126.8 million

** Gross leasable area ("GLA")

(1)	The Company acquired three properties from a joint venture in which the Company had 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 Consolidated Balance Sheets.
(3)	The Company acquired from its partners the remaining ownership interest in a joint venture which holds 12 encumbered properties for which the Company had a 39.1% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain of $65.6 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. Subsequently, the Company repaid $128.4 million in debt encumbering ten of the properties. Additionally, during June 2014, the Company sold one of the properties to a third party, which approximated its carrying value.
(4)	The Company acquired from its partner the remaining ownership interest in 10 properties that were held in a joint venture in which the Company has a 15% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain of $14.4 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.
(5)	The Company and their joint venture partner BIG divided 15 of the 21 properties in the BIG Shopping Centers venture with the Company receiving a 99% ownership interest in seven operating properties and BIG receiving a 99% ownership interest in eight operating properties. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain of $19.5 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. Additionally, during December 2014, the Company sold one of the properties to a third party, which approximated its carrying value.
(6)	The Company acquired from its partners the remaining ownership interest in this property that was held in a joint venture in which the Company had an 11% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain of $2.2 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.
(7)	The Company increased its ownership interest to 74.8% in this property that was held in a joint venture in which the Company had a 21.5% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain of $1.7 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.

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	Santee, CA(1)	Jan-13	$	26,863	$	48,456	$	22,681	$	98,000		311
Shops at Kildeer	Kildeer, IL(2)	Jan-13		-		32,724		-		32,724		168
Village Commons S.C.	Tallahassee, FL	Jan-13		7,100		-		-		7,100		125
Putty Hill Plaza	Baltimore, MD(3)	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	Wilton, CT(4)	Mar-13		777		36,000		5,223		42,000		187
Canyon Square	Santa Clarita, CA(5)	Apr-13		1,950		13,800		-		15,750		97
JTS Portfolio (7 properties)	Baton Rouge, LA(6)	Apr-13		-		43,267		11,733		55,000		520
Factoria Mall	Bellevue, WA(7)	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

(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.

The aggregate purchase price of the above 2014 and 2013 property acquisitions have been allocated as follows (in thousands):

	2014			2013
Land	$	414,879		$	198,263
Buildings		679,753			368,478
Below Market Rents		(81,362	)		(25,298	)
Above Market Rents		30,307			15,758
In-Place Leases		113,513			35,262
Building Improvements		290,882			115,110
Tenant Improvements		26,536			22,196
Mortgage Fair Value Adjustment		(39,368	)		(5,794	)
Other Assets		7,097			894
Other Liabilities		-			(401	)
	$	1,442,237		$	724,468

Additionally, during the years ended December 31, 2014 and 2013, the Company acquired the remaining interest in three and four previously consolidated joint ventures for $1.1 million and $9.4 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 $0.8 million and $0.4 million for the years ended December 31, 2014 and 2013, respectively and an aggregate decrease of $0.3 million and $8.2 million to the Company’s Paid-in capital, during 2014 and 2013, 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, 2014, the Company had in progress a total of four ground-up development projects located in the U.S.

During 2014, the Company acquired, in separate transactions, three land parcels located in various cities throughout the U.S., for an aggregate purchase price of $53.5 million. These land parcels will be developed into retail centers aggregating 0.9 million square feet of GLA with a total estimated aggregate project cost of $192.8 million.

Additionally, during the fourth quarter 2014, the Company purchased land parcels in Dania, Florida for an aggregate purchase price of $62.8 million. The Company then contributed the land to an unconsolidated joint venture to be used for a ground-up development project.

FNC Realty Corporation –

During 2013, the Company acquired the remaining 17.3% ownership interest in FNC Realty Corporation (“FNC”) for $20.4 million. As a result of this transaction the Company now owns 100% of FNC. The Company had previously and continues to consolidate FNC. No change in control resulted from this transaction, as such, the purchase of the additional interest resulted in a decrease in noncontrolling interest of $19.7 million and a decrease of $0.7 million to the Company’s Paid-in capital during 2013.