Note 4 - Real Estate Under Development

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Real Estate Under Development [Text Block]

4. Real Estate Under Development

The Company is engaged in various real estate development projects for long-term investment. The costs incurred to date for these real estate development projects are as follows (in thousands):

Property Name	Location	September 30, 2019		December 31, 2018
Dania Pointe – Phases II, III and IV	Dania Beach, FL	$	223,164	$	152,111
Mill Station	Owings Mills, MD		77,812		55,771
Promenade at Christiana (1)	New Castle, DE		-		33,502
Total*		$	300,976	$	241,384

* Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $27.4 million and $24.9 million, as of September 30, 2019 and December 31, 2018, respectively.

⁽¹⁾ During the nine months ended September 30, 2019, the Company reclassified this project to Real estate, net of accumulated depreciation and amortization on the Company’s Condensed Consolidated Balance Sheets, as it is now the Company’s intention to discontinue development of this project and to market it 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 $11.5 million during the nine months ended September 30, 2019.

During the nine months ended September 30, 2019, the Company capitalized (i) interest of $6.6 million, (ii) real estate taxes, insurance and legal costs of $1.1 million, and (iii) payroll of $1.1 million in connection with its real estate development projects.