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Note 3 - Property Acquisitions, Developments and Other Investments

12 Months Ended

Dec. 31, 2020

Business Combination Disclosure [Text Block]

3. Property Acquisitions and Other Investments:

Acquisition/Consolidation of Operating Properties

During the year ended December 31, 2020, the Company acquired the following operating property, through a direct asset purchase (in thousands):

			Purchase Price
Property Name	Location	Month Acquired	Cash		GLA*
North Valley Parcel	Peoria, AZ	Feb-20	$	7,073		9

* Gross leasable area ("GLA")

During the year ended December 31, 2019, 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 of a joint venture investment (in thousands):

			Purchase Price
Property Name	Location	Month Acquired/ Consolidated	Cash*		Debt		Other Consideration **		Total		GLA
Bell Camino Out-parcel	Sun City, AZ	Jan-19	$	5,678	$	-	$	-	$	5,678		45
Gateway at Donner Pass Out-parcel	Truckee, CA	Jan-19		13,527		-		-		13,527		40
Rancho Penasquitos Out-parcel	San Diego, CA	Jan-19		12,064		-		-		12,064		40
Linwood Square (1)	Indianapolis, IN	Dec-19		1,957		5,389		4,543		11,889		165
			$	33,226	$	5,389	$	4,543	$	43,158		290

* The Company utilized an aggregate $36.1 million associated with Internal Revenue Code 26 U.S.C. §1031 sales proceeds.

** Includes the Company’s previously held equity interest investment, net of noncontrolling interest of the remaining partners.

(1)

The Company acquired a partner’s ownership interest in a property which was held in a joint venture in which the Company had a noncontrolling interest. The Company now has a 69.5% controlling interest in this property and has deemed this entity to be a VIE for which the Company is the primary beneficiary and consolidates the asset. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and, as a result, recognized a gain on change in control of interests of $0.1 million resulting from the fair value adjustment associated with the Company’s previously held equity interest, which are included in the purchase price above in Other Consideration.

Included in the Company’s Consolidated Statements of Income are $0.4 million and $1.4 million in total revenues from the date of acquisition through December 31, 2020 and 2019, 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. The purchase price allocations for properties acquired/consolidated during the years ended December 31, 2020 and 2019, are as follows (in thousands):

	Allocation as of December 31, 2020		Weighted- Average Useful Life (in Years)		Allocation as of December 31, 2019			Weighted- Average Useful Life (in Years)
Land	$	935		n/a	$	11,852			n/a
Buildings		4,610		50.0		21,075			50.0
Building improvements		221		45.0		3,703			45.0
Tenant improvements		382		19.4		2,234			16.9
In-place leases		925		19.4		4,921			18.2
Above-market leases		-		n/a		203			9.0
Below-market leases		-		n/a		(765	)		12.0
Other assets		-		n/a		850			n/a
Other liabilities		-		n/a		(915	)		n/a
Net assets acquired/consolidated	$	7,073			$	43,158