3.	Property Acquisitions, Developments and Other Investments:

Acquisition

/Consolidation

of Operating Properties

During the year ended

December 31, 2018,

the Company acquired

two

land parcels adjacent to existing shopping centers located in Ardmore, PA and Elmont, NY, in separate transactions, for an aggregate purchase price of

$5.4

million.

During the year ended

December 31, 2017,

the Company acquired the following operating properties, in separate transactions, through direct asset purchases or consolidation due to change in control resulting from the purchase of additional interests or obtaining control through the modification of a joint venture investment:

			Purchase Price (in thousands)
Property Name	Location	Month Acquired/ Consolidated	Cash*		Debt		Other Conside r ation * *		Total		GLA***
Plantation Commons	Plantation, FL (1) (3)	Jan-17	$	-	$	-	$	12,300	$	12,300		60
Gordon Plaza	Woodbridge, VA (1) (3)	Jan-17		-		-		3,100		3,100		184
Plaza del Prado	Glenview, IL	Jan-17		39,063		-		-		39,063		142
Columbia Crossing Parcel	Columbia Crossing, MD	Jan-17		5,100		-		-		5,100		25
The District at Tustin Legacy	Tustin, CA (2) (3)	Apr-17		-		206,000		98,698		304,698		688
Jantzen Beach Center	Portland, OR	Jul-17		131,927		-		-		131,927		722
Del Monte Plaza Parcel	Reno, NV	Jul-17		24,152		-		-		24,152		83
Gateway Station Phase II	Burleson, TX	Aug-17		15,355		-		-		15,355		79
Jantzen Beach Center Parcel	Portland, OR	Sep-17		6,279		-		-		6,279		25
Webster Square Outparcel	Nashua, NH	Sep-17		4,985		-		-		4,985		22
Whittwood Town Center	Whittier, CA	Oct-17		80,397		43,000		-		123,397		783
123 Coulter Avenue Parcel	Ardmore, PA	Oct-17		4,808		-		-		4,808		1
Fulton Marketplace Parcel	Santa Rosa, CA	Nov-17		13,162		-		-		13,162		61
			$	325,228	$	249,000	$	114,098	$	688,326		2,875

* The Company utilized an aggregate

$162.4

million associated with Internal Revenue Code

§1031

sales proceeds.

** Includes the Company’s previously held equity interest investment.

*** Gross leasable area ("GLA")

(

)

The Company acquired from its partners, their ownership interest in properties that were held in joint ventures in which the Company had noncontrolling interests. The Company has a controlling interest in these properties and has deemed these entities to be VIEs for which the Company is the primary beneficiary and consolidates these assets.

(

)

Effective

April 1, 2017,

the Company and its partner amended its joint venture agreement relating to the Company’s investment in this property. As a result of this amendment, the Company controls the entity and consolidates the property. This entity is deemed to be a VIE for which the Company is the primary beneficiary.

(

)

The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized gains on change in control of interests resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in the purchase price above in Other Consideration. The Company’s current ownership interests and gains on change in control of interests recognized as a result of these transactions are as follows (in thousands):

Property Name	Previous Ownership Interest			Gain on change in control of joint venture interests
Plantation Commons		76.25	%	$	9,793
Gordon Plaza		40.62	%		395
The District at Tustin Legacy	(a)				60,972
				$	71,160

(a)

The Company’s share of this investment is subject to change and is based upon a cash flow waterfall provision within the partnership agreement (

54.27%

as of date of consolidation).

Included in the Company’s Consolidated Statements of Income are

million,

$31.0

million and

$23.8

million in total revenues from the date of acquisition through

December 31, 2018,

2017

and

2016,

respectively, for operating properties acquired during each of the respective years.

Purchase Price Allocations

The purchase price for these acquisitions is allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for asset acquisitions. There were

operating property acquisitions during the year ended

December 31, 2018.

The purchase price allocations for properties acquired/consolidated during the year ended

December 31, 2017,

are as follows (in thousands):

	Allocation as of December 31, 2017			Weighted-Average Amortization Period (in Years)
Land	$	255,715			n/a
Buildings		379,148			50.0
Building improvements		46,613			41.5
Tenant improvements		14,520			7.2
In-place leases		56,200			7.2
Above-market leases		12,197			7.8
Below-market leases		(77,027	)		29.5
Mortgage fair value adjustment		(8,521	)		1.3
Tax increment financing (TIF) contracts		8,342			19.0
Other assets		5,090			n/a
Other liabilities		(3,951	)		n/a
Net assets acquired/consolidated	$	688,326

Hurricane Impact

September 20, 2017,

Hurricane Maria struck Puerto Rico as a Category

hurricane which resulted in widespread damage, flooding, and power outages. The Company has interests in

seven

operating properties located throughout Puerto Rico, aggregating

2.2

million square feet of GLA, which were variously impacted by the hurricane. The Company maintains a comprehensive property insurance policy on these properties with total coverage of up to

$62.0

million, as well as business interruption insurance with coverage up to

$39.3

million in the aggregate, subject to a collective deductible of

$1.2

million.

The Company expects to collect property insurance proceeds (net of deductible) equal to the replacement cost of its damaged property, currently estimated to be approximately

$30.3

million. As of

December 31, 2018,

the Company has collected property insurance proceeds totaling

$20.2

million to date, which exceeds the

$16.0

million previously written off due to property damage by

$4.2

million. As a result, the Company recognized this excess as income included in Other income, net on the Company’s Consolidated Statements of Income for the year ended

December 31, 2018.

The Company’s business interruption insurance covers lost revenues as a result of the hurricane for a period of up to

one

year. After the expiration of

one

year following the loss, the policy has

365

days of an extended period of indemnity which provides business interruption coverage in the event the properties have

not

fully recovered from the storm. During

2018

and

2017,

the Company collected business interruption claims totaling

$2.8

million and

$1.6

million, respectively, from its insurance provider. Although the Company has primarily recovered its business interruption insurance claims, it will continue to assess and process any future business interruption claims for the extended period of indemnity and will submit insurance claims for its losses, if any, under its business interruption insurance policy.