Real Estate Under

Development

The Company is engaged in various real estate development projects for long-term investment. As of

September 30, 2018,

the Company had

three

active real estate development projects and

two

projects held for future development.

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

Property Name	Location	September 30 , 2018		December 31, 2017
Grand Parkway Marketplace II (1)	Spring, TX	$	-	$	43,403
Dania Pointe (2)	Dania Beach, FL		253,923		152,841
Mill Station	Owings Mills, MD		49,570		34,347
Lincoln Square	Philadelphia, PA		154,663		90,479
Avenues Walk (3)	Jacksonville, FL		48,573		48,573
Promenade at Christiana (3)	New Castle, DE		33,459		32,875
Total (4)		$	540,188	$	402,518

(

)

As of

September 30, 2018,

this development project, aggregating

$47.4

million (including capitalized costs of

$5.2

million), was placed in service and reclassified into Operating real estate, net on the Company’s Condensed Consolidated Balance Sheets.

(

)

These costs include expenditures for phase I and phase II offsite and infrastructure requirements. During the

nine

months ended

September 30, 2018,

the Company acquired a parcel adjacent to this development project for a purchase price of

$4.6

million.

(

)

Mixed-use project to be developed in the future.

(

)

Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of

$36.9

million and

$27.7

million, as of

September 30, 2018

and

December 31, 2017,

respectively.

During the

nine

months ended

September 30, 2018,

the Company capitalized (i) interest of

$10.7

million, (ii) real estate taxes, insurance and legal costs of

$2.5

million and (iii) payroll of

$1.2

million, in connection with these real estate development projects.