4.	Real Estate Under Development :

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

December 31, 2018,

the Company had

two

active real estate development projects and

one

additional project held for future development. The costs incurred to date for these projects are as follows (in thousands):

		December 31,
Property Name	Location	201 8		201 7
Dania Pointe (1)	Dania Beach, FL	$	152,111	$	152,841
Mill Station	Owings Mills, MD		55,771		34,347
Promenade at Christiana (2)	New Castle, DE		33,502		32,875
Grand Parkway Marketplace (3)	Spring, TX		-		43,403
Lincoln Square (4)	Philadelphia, PA		-		90,479
Avenues Walk (5)	Jacksonville, FL		-		48,573
Total*		$	241,384	$	402,518

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

$24.9

million and

$27.7

million, as of

December 31, 2018

and

2017,

respectively.

(

)

During

2018,

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

$4.6

million. Effective

December 31, 2018,

the

first

phase of this development project, aggregating

$129.7

million (including capitalized costs of

$8.9

million), were placed in service and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets. The remaining portion of the project consists of a mixed-use development project.

(

)

Project to be developed in the future.

(

)

During

2017,

the Company sold a land parcel at this development project for a sales price of

$2.9

million. In addition, effective

September 30, 2018,

this development project, aggregating

$47.4

million (including capitalized costs of

$5.2

million), was placed in service and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets.

(

)

During

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 (see Footnote

). 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 Consolidated Balance Sheets. This joint venture is accounted for as a consolidated VIE (see Footnote

). Effective

December 31, 2018,

this development project, aggregating

$161.5

million (including capitalized costs of

$7.1

million), was placed in service and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets.

(

)

During

2018,

the Company reclassified this project to Land on the Company’s Consolidated Balance Sheets, as it is

longer anticipated to be developed and will be marketed for sale as is. The as is value, estimated fair value, was below the carrying value and as such, the Company recorded an impairment charge of

$37.8

million during the year ended

December 31, 2018 (see Footnote 6).

During

2018

and

2017,

the Company capitalized (i) interest of

$13.9

million and

$11.0

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

$2.6

million and

$5.7

million, respectively, and (iii) payroll of

$1.9

million and

$3.3

million, respectively, in connection with these real estate development projects.