Note 19 - Transactions with Related Parties

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

19.

  

Transactions with Related Parties:

The Company provides management services for shopping centers owned principally by affiliated entities and various real estate joint ventures in which certain stockholders of the Company have economic interests. Such services are performed pursuant to management agreements which provide for fees based upon a percentage of gross revenues from the properties and other direct costs incurred in connection with management of the centers. Substantially all of the Management and other fee income on the Company’s Consolidated Statements of Income constitute fees earned from affiliated entities. Reference is made to Footnotes

3,

8

and

9

of the Notes to Consolidated Financial Statements for additional information regarding transactions with related parties.

Ripco Real Estate Corp. (“Ripco”) business activities include serving as a leasing agent and representative for national and regional retailers including Target, Best Buy, Kohl’s and many others, providing real estate brokerage services and principal real estate investing. Mr. Todd Cooper, an officer and

50%

shareholder of Ripco, is a son of Mr. Milton Cooper, Executive Chairman of the Board of Directors of the Company. During

2016,

2015

and

2014,

the Company paid brokerage commissions of

$0.2

million,

$0.6

million and

$0.3

million, respectively, to Ripco for services rendered primarily as leasing agent for various national

tenants

in shopping center properties owned by the Company.

ProHEALTH is a multi-specialty physician group practice offering

one

-stop health care. ProHEALTH’s CEO, Dr. David Cooper, M.D. is a son of Milton Cooper, Executive Chairman of the Company. ProHEALTH and/or its affiliates (“ProHEALTH”) have leasing arrangements with the Company whereby

two

consolidated property locations are currently under lease. Total annual base rent for these properties leased to ProHEALTH for the years ended

December

31,

2016,

2015

and

2014

aggregated to

$0.4

million,

$0.4

million and

$0.1

million, respectively.

During

January

2015,

Colony contributed

$100.0

million, to the ABS Venture, which was subsequently contributed to AB Acquisition to facilitate the acquisition of all of the outstanding shares of Safeway. The ABS Venture now holds a combined

14.35%

interest in AB Acquisition, of which the Company holds a combined

9.8%

ownership interest, Colony NorthStar holds a

4.3%

ownership interest and an unrelated

third

party holds a

0.25%

ownership interest. Richard B. Saltzman, a member of the Board of Directors of the Company, is the chief executive officer and president of Colony NorthStar. (see Footnote

9

of the Notes to Consolidated Financial Statements).