Real Estate

Under Development

The Company is engaged in various real estate under development projects, which will be held as long-term investments by the Company. As of

December

31,

2016,

the Company had in progress a total of

six

real estate under development projects located in the U.S. These projects will be developed into open-air shopping centers aggregating

2.2

million square feet of GLA with a total estimated aggregate project cost of

$514.0

million.

The costs incurred to date for these real estate under development projects are as follows (in thousands):

		December 31,
Property Name	Location	2016		2015
Grand Parkway Marketplace	Spring, TX	$	94,841	$	42,032
Dania Pointe (1)	Dania Beach, FL		107,113		-
Promenade at Christiana	New Castle, DE		25,521		16,063
Owings Mills	Owings Mills, MD		25,119		8,640
Avenues Walk	Jacksonville, FL		73,048		77,544
Staten Island Plaza (2)	Staten Island, NY		9,386		-
Shoppes at Wynnewood (3)	Lower Merion, PA		-		34,911
		$	335,028	$	179,190

(1)

During the year ended

December

31,

2016,

the Company acquired from its partner the remaining ownership interest in a property that was held in a joint venture in which the Company has a

55.0%

noncontrolling interest for a gross purchase price of

$84.2

million. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, no gain on change in control of interest was recognized as there was no fair value adjustment associated with the Company’s previously held equity interest. Based upon the Company’s intent to develop the property, the Company allocated the gross purchase price to Real estate under development on the Company’s Consolidated Balance Sheets.

(2)

Land held for future development.

(3)

During the year ended

December

31,

2016,

this development project, aggregating

$38.0

million, was completed and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets.

During

2016

and

2015,

the Company acquired, in separate transactions,

three

additional land parcels adjacent to

two

existing development projects and

two

additional land parcels adjacent to existing development projects for an aggregate purchase price of

$13.8

million and

$20.7

million, respectively.