Note 2 - Operating Property Activities

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

Business Combination Disclosure [Text Block]

2.

Operating Property Activities

Acquisitions of Real Estate Under Development -

During the three months ended March 31, 2016, the Company acquired, in separate transactions, two additional land parcels adjacent to an existing development project for an aggregate purchase price of $13.0 million.

Dispositions –

During the three months ended March 31, 2016, the Company disposed of seven consolidated operating properties, in separate transactions, for an aggregate sales price of $101.2 million. These transactions resulted in an aggregate gain of $26.9 million, after income tax expense.

Impairments

–

During the three months ended March 31, 2016, the Company recognized aggregate impairment charges of $5.8 million which are included in Impairment charges under Operating expenses on the Company’s Condensed Consolidated Statements of Income. These impairment charges resulted from the Company's decision to sell a property. The Company’s estimated fair value was based on a third party offer through a signed contract. (See Footnote 9 for fair value disclosure).