Note 5 - Dispositions of Real Estate and Assets Held-for-sale

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

5. D ispositions of Real Estate and Assets Held - for - Sale :

Operating Real Estate

The table below summarizes the Company’s disposition activity relating to operating properties and parcels, in separate transactions (dollars in millions):

	Year Ended December 31 ,
	201 8		201 7		2016
Aggregate sales price/gross fair value	$	1,164.3	$	352.2	$	378.7
Gain on sale of operating properties/change in control of interests	$	229.8	$	93.5	$	92.8
Impairment charges	$	19.7	$	17.1	$	37.2
Number of operating properties sold/deconsolidated		54		25		30
Number of out-parcels sold		7		9		2

Included in the table above, during the year ended

December 31, 2018,

the Company sold a portion of its investment in an operating property to its partner based on a gross fair value of

$320.0

million, including

$206.0

million of non-recourse mortgage debt, and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company

no

longer consolidates the entity and as such, reduced noncontrolling interests by

$43.8

million and recognized a gain on change in control of

$6.8

million, in accordance with the adoption of ASU

2017

-

05

effective as of

January 1, 2018 (

see Footnote

1

of the Notes to Consolidated Financial Statements). The Company has an investment in this unconsolidated property (

$62.4

million as of the date of deconsolidation), included in Investments in and advances to real estate joint ventures on the Company’s Consolidated Balance Sheets. The Company’s share of this investment is subject to change and is based upon a cash flow waterfall provision within the partnership agreement (

54.8%

as of the date of deconsolidation).

Land

S

ales

During

2018

and

2016,

the Company sold

10

and

six

land parcels, respectively, for an aggregate sales price of

$9.7

million and

$3.9

million, respectively. These transactions resulted in an aggregate gain of

$6.3

million and

$1.9

million, before income tax expense and noncontrolling interest for the years ended

December 31, 2018

and

2016,

respectively. The gains from these transactions are recorded as other income, which is included in Other income, net on the Company’s Consolidated Statements of Income.

Held-for-Sale

At

December 31, 2018,

the Company had

two

consolidated properties classified as held-for-sale at an aggregate carrying amount of

$17.2

million, net of accumulated depreciation of

$5.5

million, which are included in Other assets on the Company’s Consolidated Balance Sheets. The Company’s determination of the fair value of the properties was based upon executed contracts of sale with

third

parties, which are in excess of the carrying values of the properties.

At

December 31, 2017,

the Company had

three

consolidated properties classified as held-for-sale at an aggregate carrying amount of

$22.4

million, net of accumulated depreciation of

$16.8

million, which are included in Other assets on the Company’s Consolidated Balance Sheets.  The Company’s determination of the fair value of the properties was based upon executed contracts of sale with

third

parties, which are in excess of the carrying values of the properties.