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Note 3 - Real Estate Under Development
 6 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
Real Estate Under Development [Text Block]
3.
Real Estate Under
Development
 
The Company is engaged in various real estate development projects for long-term investment. As of
June 30, 2017,
the Company had in progress a total of
five
active real estate development projects and
two
additional projects held for future development located in the U.S.
 
The costs incurred to date for these real estate development projects are as follows (in thousands):
 
Property Name
Location
 
June 30
, 2017
 
 
December 31, 2016
 
Grand Parkway Marketplace (1)
Spring, TX
   $
129,414
     $
94,841
  
Dania Pointe (2)
Dania Beach, FL
    
126,790
      
107,113
 
Promenade at Christiana
New Castle, DE
    
28,734
      
25,521
 
Owings Mills
Owings Mills, MD
    
28,226
      
25,119
  
Lincoln Square (3)
Philadelphia, PA
    
47,481
      
-
  
Avenues Walk (4)
Jacksonville, FL
    
48,573
      
73,048
  
Staten Island Plaza (5)
Staten Island, NY
    
9,394
      
9,386
  
 
 
 
$
418,612
 
 
$
335,028
 
 
 
(
1
)
During the
six
months ended
June 30, 2017,
the Company sold a land parcel at this development project for a sales price of
$2.9
million.
 
(
2
)
Includes
$45.9
million of land held for future development.
 
(
3
)
During the
six
months ended
June 30, 2017,
KIM Lincoln, LLC (“KIM Lincoln”), a wholly owned subsidiary of the Company, and Lincoln Square Property, LP (“Lincoln Member”) entered into a joint venture agreement wherein KIM Lincoln has a
90%
controlling interest and Lincoln Member has a
10%
noncontrolling interest. The joint venture acquired land parcels in Philadelphia, PA to be held for development for a gross purchase price of
$10.0
million. 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 Condensed Consolidated Balance Sheets. This joint venture is accounted for as a consolidated VIE (see Footnote
6
).
 
(
4
)
Effective
April 1, 2017,
certain aspects of this development project, aggregating
$24.5
million, were placed in service and reclassified into Operating real estate, net on the Company’s Condensed Consolidated Balance Sheets. The remaining portion of the project consists of a mixed-use project to be developed in the future.
 
(
5
)
Land held for future development.
 
During the
six
months ended
June 30, 2017,
the Company capitalized interest of
$5.2
million, real estate taxes and insurance of
$1.2
million and payroll of
$2.2
million, in connection with these real estate development projects.