Note 3 - Property Acquisitions, Developments and Other Investments

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Business Combination Disclosure [Text Block]

3.    Property Acquisitions:

Acquisition/Consolidation of Operating Properties

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):

	Month		Purchase Price
Property Name	Acquired/Location	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.

** Gross leasable area ("GLA")

*** 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.  

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.

Included in the Company’s Consolidated Statements of Income are $1.4 million, $0 million and $31.0 million in total revenues from the date of acquisition through December 31, 2019, 2018 and 2017, 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 year ended December 31, 2019, are as follows (in thousands):

	Allocation as of December 31, 2019			Weighted-Average Amortization Period (in Years)
Land	$	11,852			n/a
Buildings		21,075			50.0
Building improvements		3,703			45.0
Tenant improvements		2,234			16.9
In-place leases		4,921			18.2
Above-market leases		203			9.0
Below-market leases		(765	)		12.0
Total assets		850			n/a
Total liabilities		(915	)		n/a
Net assets acquired/consolidated	$	43,158