Note 3 - Property Acquisitions, Developments and Other Investments

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

3. Property Acquisitions, Developments and Other Investments:

Acquisition of Operating Properties

During the year ended December 31, 2015, the Company acquired the following properties, in separate transactions (in thousands):

			Purchase Price
Property Name	Location	Month Acquired	Cash*		Debt Assumed		Other ***		Total		GLA**
Elmont Plaza	Elmont, NY (1)	Jan-15	$	2,400	$	-	$	3,358	$	5,758		13
Garden State Pavilion Parcel	Cherry Hill, NJ	Jan-15		16,300		-		-		16,300		111
Kimstone Portfolio (39 properties)	Various (1)	Feb-15		513,513		637,976		236,011		1,387,500		5,631
Copperfield Village	Houston, TX	Feb-15		18,700		20,800		-		39,500		165
Snowden Square Parcel	Columbia, MD	Mar-15		4,868		-		-		4,868		25
Dulles Town Crossing Parcel	Sterling, VA	Mar-15		4,830		-		-		4,830		9
Flagler Park S.C.	Miami, FL	Mar-15		1,875		-		-		1,875		5
West Farms Parcel	New Britain, CT	Apr-15		6,200		-		-		6,200		24
Milleridge Inn	Jericho, NY	Apr-15		7,500		-		-		7,500		-
Woodgrove Festival (2 Parcels)	Woodridge, IL	Jun-15		5,611		-		-		5,611		12
Montgomery Plaza	Fort Worth , TX (1)	Jul-15		34,522		29,311		9,044		72,877		291
125 Coulter Avenue Parcel	Ardmore, PA	Sep-15		1,925		-		-		1,925		6
Conroe Marketplace	Conroe, TX (1)	Oct-15		18,546		42,350		3,104		64,000		289
Laurel Plaza	Laurel , MD	Oct-15		1,200		-		-		1,200		4
District Heights	District Heights, MD (1)	Nov-15		13,140		13,255		950		27,345		91
Village on the Park	Aurora , CO	Nov-15		824		-		-		824		10
Christown Mall	Phoenix , AZ	Nov-15		51,351		63,899		-		115,250		833
Washington St. Plaza Parcels	Brighton, MA	Dec-15		8,750		-		-		8,750		-
			$	712,055	$	807,591	$	252,467	$	1,772,113		7,519

* The Company utilized $89.5 million associated with Internal Revenue Code §1031 sales proceeds.

** Gross leasable area ("GLA")

*** Includes the Company’s previously held equity interest investment.

(1) The Company acquired from its partners the remaining ownership interest in these properties that were held in joint ventures in which the Company had a noncontrolling interest. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain on change in control of interest, net resulting from the fair value adjustment associated with the Company’s previously held equity interest, which is included in the purchase price above in Other. The Company’s previous ownership interest and gain on change in control of interests, net recognized as a result of these transactions are as follows:

Property Name	Previous Ownership Interest			Gain on change in control of interests, net
Elmont Plaza		50.0	%	$	(0.2	)
Kimstone Portfolio (39 properties)		33.3	%		140.0
Montgomery Plaza		20.0	%		6.3
Conroe Marketplace		15.0	%		2.4
District Heights		15.0	%		0.7
				$	149.2

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 (1)	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 (1)	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 (1)	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 (1)	Dec-14		20,470		-		2,530		23,000		81
Belmart Plaza	West Palm Beach, FL (1)	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")

*** Includes the Company’s previously held equity interest investment.

(1) The Company acquired from its partners the remaining ownership interest in these properties that were held in joint ventures in which the Company had a noncontrolling interest. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain on change in control of interest, net resulting from the fair value adjustment associated with the Company’s previously held equity interest, which is included in the purchase price above in Other. The Company’s previous ownership interest and gain on change in control of interests, net recognized as a result of these transactions are as follows:

Property Name	Previous Ownership Interest			Gain on change in control of interests, net
LaSalle Properties (3 properties)		11.0	%	$	3.7
KIF 1 Portfolio (12 properties)		39.1	%		65.6
SEB Portfolio (10 properties)		15.0	%		14.4
BIG Portfolios (7 properties)		50.1	%		19.5
North Quincy Plaza		11.0	%		2.2
Belmart Plaza		21.5	%		1.8
				$	107.2

(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. During 2015, the Company acquired the partners’ noncontrolling interest and now fully owns the property. 

The purchase price for these acquisitions has been preliminarily allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price allocations and related accounting will be finalized upon completion of the Company’s valuation studies. Accordingly, the fair value allocated to these assets and liabilities are subject to revision. The Company records allocation adjustments when purchase price allocations are finalized. The aggregate purchase price of the properties acquired during the year ended December 31, 2015, has been allocated as follows (in thousands):

	Preliminary Allocation			Allocation Adjustments (1)			Revised Allocation as of December 31, 2015			Weighted-Average Amortization Period (in Years)
Land	$	482,422		$	(37,796	)	$	444,626			-
Buildings		973,747			89,377			1,063,124			50.0
Above market leases		35,948			(1,766	)		34,182			7.2
Below market leases		(79,868	)		4,871			(74,997	)		17.7
In-place leases		180,069			(54,076	)		125,993			4.7
Building improvements		177,944			(8,828	)		169,116			45.0
Tenant improvements		26,596			8,218			34,814			6.1
Mortgage fair value adjustment		(27,615	)		-			(27,615	)		3.0
Other assets		3,058			-			3,058			-
Other liabilities		(188	)		-			(188	)		-
Net assets acquired	$	1,772,113		$	-		$	1,772,113

(1) In accordance with the Company’s adoption of ASU 2015-16, which eliminates the requirement to restate prior period financial statements for measurement period adjustments relating to purchase price allocations, the Company adjusted the preliminary allocation amounts recorded for properties acquired during 2015. The impact of these allocation adjustments on the Company’s tangible and intangible assets and liabilities are reflected in the table above. 

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

Land	$	414,879
Buildings		679,753
Above market leases		30,307
Below market leases		(81,362	)
In-place leases		113,513
Building improvements		290,882
Tenant improvements		26,536
Mortgage fair value adjustment		(39,368	)
Other assets		7,097
Other liabilities		-
Net assets acquired	$	1,442,237

In addition, during the year ended December 31, 2015, the Company entered into an agreement to acquire the remaining 50.0% interest in a property previously held in a joint venture in which the Company had a noncontrolling interest for a gross purchase price of $23.0 million. Upon signing this contract, which closed in January 2016, the Company effectively gained control of the entity and is entitled to all economics and risk of loss and as such, the Company consolidated this property pursuant to the FASB’s Consolidation guidance. Additionally, as the Company was required to purchase the partners interest at a fixed and determinable price in January 2016, the Company has recognized $11.5 million within Other liabilities in the Company’s Consolidated Balance Sheets at December 31, 2015. Based upon the Company’s intent to redevelop a portion of the property, the Company allocated $8.4 million of the gross purchase price to Real estate under development on the Company’s Consolidated Balance Sheets and the remaining $14.6 million was allocated to Operating real estate on the Company’s Consolidated Balance Sheets.

During the year ended December 31, 2015, the Company acquired three land parcels, in separate transactions, for an aggregate purchase price of $30.0 million.

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, 2015, the Company had in progress a total of five ground-up development projects located in the U.S. These land parcels will be developed into open-air shopping centers aggregating 1.9 million square feet of GLA with a total estimated aggregate project cost of $446.5 million.

During 2015, the Company acquired, in separate transactions, two additional land parcels adjacent to existing development projects for an aggregate purchase price of $20.7 million. 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.

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 and as such is not included in the five ground-up development projects referred to above.