Note 26 - Subsequent Events:

12 Months Ended

Dec. 31, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

26.  Subsequent Events:

On February 2, 2015, the Company, through its wholly-owned subsidiary, KUBS Income Fund I L.P., purchased the remaining 66.7% interest in the 39-property Kimstone portfolio for a gross purchase price of $1.4 billion, including the assumption of $638.0 million in mortgage debt. The Company is evaluating this transaction pursuant to the FASB’s Consolidation guidance and as such anticipates recognizing a gain, due to a change in control, from the fair value adjustment associated with the Company’s original ownership, ranging from $130.0 million to $140.0 million.

The Company’s estimate of its purchase price allocation to the assets acquired and liabilities assumed is based upon their preliminary fair values at February 2, 2015. The fair values of the lease intangibles acquired were measured in a manner consistent with our purchase price allocation policy described in Footnote 1. The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed in the acquisition based upon the Company’s current best estimate. The Company is in the process of finalizing its assessment of the fair value of the assets acquired and liabilities assumed (in thousands).

Preliminary Purchase Price Allocation (Unaudited)
Land	$	377,319
Buildings		796,269
Below Market Rents		(62,109	)
Above Market Rents		30,588
In-Place Leases		142,598
Building Improvements		106,271
Tenant Improvements		20,785
Mortgage Fair Value Adjustment		(24,221	)
	$	1,387,500

The pro forma financial information set forth below is based upon the Company's historical Consolidated Statements of Income for the year ended December 31, 2014, adjusted to give effect to (i) acquisitions and dispositions of interests in certain operating properties during 2014 and (ii) the Kimstone transaction described above, as if these transactions occurred January 1, 2014.

Pro Forma Financial Information, amounts presented in millions, except per share figures (Unaudited):

		Year ended
		December 2014
Revenues from rental properties	$	1,123.8
Net income	$	425.6
Net income available to the Company’s common shareholders	$	357.6
Net income attributable to the Company’s common shareholders per common share:
Basic	$	0.87
Diluted	$	0.87