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Note 4 - Real Estate Under Development
 12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Real Estate Under Development [Text Block]

4.    Real Estate Under Development:

 

The Company's real estate under development projects and their related costs as of December 31, 2019 and 2018 are as follows (in thousands):

 

       

December 31,

  

Property Name

  

Location

  

2019

    

2018

  

Dania Pointe (1)

  

Dania Beach, FL

   $ 220,170     $ 152,111  

Mill Station (2)

  

Owings Mills, MD

     -       55,771  

Promenade at Christiana (3)

  

New Castle, DE

     -       33,502  

Total*

   $ 220,170     $ 241,384  

 

* Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $21.3 million and $24.9 million, as of December 31, 2019 and 2018, respectively.

 

(1) During 2019, the Company sold a land parcel at this development project for a sales price of $32.5 million, which resulted in a gain of $4.3 million, which is included in Gain on sale of properties/change in control of interests on the Company’s Consolidated Statements of Income. 

(2)

During 2019, this development project, aggregating $80.5 million (including capitalized costs of $9.2 million), was placed in service and primarily reclassified to Land and Building and improvements on the Company’s Consolidated Balance Sheets.

(3)

During 2019, the Company reclassified this project to Land and Building and improvements on the Company’s Consolidated Balance Sheets, as a result of the Company’s intention to discontinue development of this project and to market it for sale as is. The as is estimated fair value was below the carrying value and as such, the Company recorded an impairment charge of $11.5 million during the year ended December 31, 2019.

 

During 2019 and 2018, the Company capitalized (i) interest of $9.4 million and $13.9 million, respectively, (ii) real estate taxes, insurance and legal costs of $1.3 million and $2.6 million, respectively, and (iii) payroll of $1.2 million and $1.9 million, respectively, in connection with these projects while classified as real estate development projects.