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Note 5 - Investments and Advances in Real Estate Joint Ventures | 9 Months Ended
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Sep. 30, 2012
Investments And Advances In Real Estate Joint Ventures [Text Block] | 5. Investments and Advances in Real Estate Joint Ventures The Company and its subsidiaries have investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting. The table below presents joint venture investments for which the Company held an ownership interest at September 30, 2012 and December 31, 2011 and the Company’s share of income/(loss) for the nine months ended September 30, 2012 and 2011 (in millions, except number of properties):
As of and for the nine months ended September 30, 2012 |
Venture |  | Average Ownership Interest |  |  | Number of Properties |  |  | Total GLA |  |  | Gross Investment In Real Estate |  |  | The Company's Investment |  |  | The Company's Share of Income/(Loss) |
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) |  |  | 15.00 | % |  |  | 61 |  |  |  | 10.7 |  |  | $ | 2,741.1 |  |  | $ | 157.6 |  |  | $ | 5.6 |
Kimco Income Opportunity Portfolio (“KIR”) (2) |  |  | 45.00 | % |  |  | 58 |  |  |  | 12.4 |  |  |  | 1,541.9 |  |  |  | 140.3 |  |  |  | 17.2 |
UBS Programs (2)* |  |  | 17.90 | % |  |  | 40 |  |  |  | 5.7 |  |  |  | 1,258.2 |  |  |  | 58.4 |  |  |  | (0.3 | )
BIG Shopping Centers (2)* |  |  | 37.60 | % |  |  | 22 |  |  |  | 3.6 |  |  |  | 555.9 |  |  |  | 33.8 |  |  |  | (2.1 | )
The Canada Pension Plan Investment Board (“CPP”) (2) |  |  | 55.00 | % |  |  | 6 |  |  |  | 2.4 |  |  |  | 434.2 |  |  |  | 149.8 |  |  |  | 4.0 |
Kimco Income Fund (2) |  |  | 15.20 | % |  |  | 12 |  |  |  | 1.5 |  |  |  | 284.7 |  |  |  | 12.3 |  |  |  | 1.4 |
SEB Immobilien (2) |  |  | 15.00 | % |  |  | 13 |  |  |  | 1.8 |  |  |  | 361.2 |  |  |  | 1.8 |  |  |  | 0.5 |
Other Institutional Programs (2) (5) (8) |  | Various |  |  |  | 61 |  |  |  | 3.1 |  |  |  | 556.2 |  |  |  | 20.7 |  |  |  | 18.7 |
RioCan (10) |  |  | 50.00 | % |  |  | 45 |  |  |  | 9.3 |  |  |  | 1,388.8 |  |  |  | 122.0 |  |  |  | 24.2 |
Intown (3) |  |  | - |  |  |  | 138 |  |  |  | N/A |  |  |  | 839.3 |  |  |  | 86.7 |  |  |  | 2.4 |
Latin America |  | Various |  |  |  | 131 |  |  |  | 18.1 |  |  |  | 1,184.8 |  |  |  | 333.8 |  |  |  | 11.1 |
Other Joint Venture Programs (4) (6) (7) (9) (11) |  | Various |  |  |  | 91 |  |  |  | 13.4 |  |  |  | 1,845.7 |  |  |  | 316.3 |  |  |  | 21.0 |
Total |  |  |  |  |  |  | 678 |  |  |  | 82.0 |  |  | $ | 12,992.0 |  |  | $ | 1,433.5 |  |  | $ | 103.7 |
As of December 31, 2011 |  |  | For the nine months ended September 30, 2011 |
Venture |  | Average Ownership Interest |  |  | Number of Properties |  |  | Total GLA |  |  | Gross Investment In Real Estate |  |  | The Company's Investment |  |  | The Company's Share of Income/(Loss) |
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) |  |  | 15.00 | % |  |  | 63 |  |  |  | 10.9 |  |  | $ | 2,781.4 |  |  | $ | 151.9 |  |  | $ | (1.4 | )
Kimco Income Opportunity Portfolio (“KIR”) (2) |  |  | 45.00 | % |  |  | 59 |  |  |  | 12.6 |  |  |  | 1,556.6 |  |  |  | 151.4 |  |  |  | 12.7 |
UBS Programs (2)* |  |  | 17.90 | % |  |  | 42 |  |  |  | 5.9 |  |  |  | 1,330.5 |  |  |  | 61.3 |  |  |  | (0.4 | )
BIG Shopping Centers (2)* |  |  | 37.60 | % |  |  | 23 |  |  |  | 3.7 |  |  |  | 557.4 |  |  |  | 41.2 |  |  |  | (2.0 | )
The Canada Pension Plan Investment Board (“CPP”) (2) |  |  | 55.00 | % |  |  | 6 |  |  |  | 2.4 |  |  |  | 430.0 |  |  |  | 140.6 |  |  |  | 4.0 |
Kimco Income Fund (2) |  |  | 15.20 | % |  |  | 12 |  |  |  | 1.5 |  |  |  | 281.1 |  |  |  | 12.1 |  |  |  | 0.8 |
SEB Immobilien (2) |  |  | 15.00 | % |  |  | 13 |  |  |  | 1.8 |  |  |  | 360.5 |  |  |  | 2.1 |  |  |  | 0.0 |
Other Institutional Programs (2) |  | Various |  |  |  | 67 |  |  |  | 4.7 |  |  |  | 804.4 |  |  |  | 33.7 |  |  |  | 1.0 |
RioCan |  |  | 50.00 | % |  |  | 45 |  |  |  | 9.3 |  |  |  | 1,367.0 |  |  |  | 62.2 |  |  |  | 15.9 |
Intown (3) |  |  | - |  |  |  | 138 |  |  |  | N/A |  |  |  | 829.9 |  |  |  | 90.8 |  |  |  | (1.8 | )
Latin America |  | Various |  |  |  | 130 |  |  |  | 17.9 |  |  |  | 1,145.8 |  |  |  | 318.0 |  |  |  | 9.9 |
Other Joint Venture Programs |  | Various |  |  |  | 92 |  |  |  | 13.7 |  |  |  | 2,016.5 |  |  |  | 338.9 |  |  |  | 11.1 |
Total |  |  |  |  |  |  | 690 |  |  |  | 84.4 |  |  | $ | 13,461.1 |  |  | $ | 1,404.2 |  |  | $ | 49.8 |
* Ownership % is a blended rate (1) This venture represents four separate joint ventures, with four separate accounts managed by Prudential Real Estate Investors (“PREI”), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II. (2) The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, assets management fees and construction management fees. (3) The Company’s share of this investment is subject to fluctuation and is dependent upon property cash flows. (4) During the nine months ended September 30, 2012, two joint ventures in which the Company holds noncontrolling interests sold two properties for an aggregate sales price of $118.0 million. The Company received distributions of $18.5 million and recognized an aggregate gain of $8.3 million. (5) During the nine months ended September 30, 2012, a joint venture in which the Company holds a noncontrolling interest sold two encumbered operating properties to the Company for an aggregate sales price of $75.5 million. The Company recognized promote income of $2.6 million. (6) During the nine months ended September 30, 2012, the Company amended one of its Canadian preferred equity investment agreements to restructure the investment as a pari passu joint venture in which the Company holds a noncontrolling interest. As a result of this transaction, the Company continues to account for its investment in this joint venture under the equity method of accounting and includes this investment in Investments and advances to real estate joint ventures within the Company’s Condensed Consolidated Balance Sheets. (7) During the nine months ended September 30, 2012, a joint venture in which the Company holds a noncontrolling interest sold an operating property for a sales price of $62.0 million, which resulted in no gain or loss recognized. (8) During the nine months ended September 30, 2012, a joint venture in which the Company held a noncontrolling interest sold an operating property to the Company for a sales price of $127.0 million. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $12.1 million from the fair value adjustment associated with its original ownership due to a change in control. In addition, the Company recognized promote income of $1.1 million in connection with this transaction. (9) During the nine months ended September 30, 2012, the Company sold an operating property to a newly formed unconsolidated joint venture in which the Company has a noncontrolling interest for a sales price of $55.5 million. (10) During the nine months September 30, 2012, the Company recognized income of $7.5 million, before taxes of $1.5 million, from the sale of certain air rights at one of the properties in this portfolio. (11) During the nine months ended September 30, 2012, a joint venture in which the Company holds a noncontrolling interest acquired an operating property in Alberta, Canada for a purchase price of $41.7 million. The Company’s capital contribution was $14.2 million. The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at September 30, 2012 and December 31, 2011 (in millions, except weighted average remaining term):
|  | As of September 30, 2012 |  |  | As of December 31, 2011 |
Venture |  | Mortgages and Notes Payable |  |  | Weighted Average Interest Rate |  |  | Weighted Average Remaining Term (months)** |  |  | Mortgages and Notes Payable |  |  | Weighted Average Interest Rate |  |  | Weighted Average Remaining Term (months)** |
KimPru and KimPru II |  | $ | 1,103.0 |  |  |  | 5.53 | % |  |  | 47.2 |  |  | $ | 1,185.2 |  |  |  | 5.59 | % |  |  | 52.6 |
KIR |  |  | 916.7 |  |  |  | 5.44 | % |  |  | 68.1 |  |  |  | 911.5 |  |  |  | 5.89 | % |  |  | 75.6 |
UBS Programs |  |  | 695.1 |  |  |  | 5.40 | % |  |  | 42.1 |  |  |  | 718.9 |  |  |  | 5.66 | % |  |  | 47.4 |
BIG Shopping Centers |  |  | 444.0 |  |  |  | 5.52 | % |  |  | 48.5 |  |  |  | 444.5 |  |  |  | 5.52 | % |  |  | 57.4 |
CPP |  |  | 142.3 |  |  |  | 5.21 | % |  |  | 34.0 |  |  |  | 166.3 |  |  |  | 4.45 | % |  |  | 27.0 |
Kimco Income Fund |  |  | 162.2 |  |  |  | 5.45 | % |  |  | 23.7 |  |  |  | 164.7 |  |  |  | 5.45 | % |  |  | 32.7 |
SEB Immobilien |  |  | 243.8 |  |  |  | 5.11 | % |  |  | 58.3 |  |  |  | 243.7 |  |  |  | 5.34 | % |  |  | 61.9 |
RioCan |  |  | 922.5 |  |  |  | 5.42 | % |  |  | 38.9 |  |  |  | 925.0 |  |  |  | 5.66 | % |  |  | 43.3 |
Intown |  |  | 616.9 |  |  |  | 4.42 | % |  |  | 40.9 |  |  |  | 621.8 |  |  |  | 5.09 | % |  |  | 39.6 |
Other Institutional Programs |  |  | 355.2 |  |  |  | 5.26 | % |  |  | 37.2 |  |  |  | 514.4 |  |  |  | 4.90 | % |  |  | 45.4 |
Other Joint Venture Programs |  |  | 1,625.3 |  |  |  | 5.69 | % |  |  | 59.9 |  |  |  | 1,804.7 |  |  |  | 5.60 | % |  |  | 56.9 |
Total |  | $ | 7,227.0 |  |  |  |  |  |  |  |  |  |  | $ | 7,700.7 |  |  |  |  |  |  |  |  |
** Average Remaining Term includes extension options Prudential Investment Program - During the nine months ended September 30, 2012, a third party mortgage lender foreclosed on an operating property for which KimPru had previously taken an impairment charge during 2011. As a result of this foreclosure, KimPru recognized an additional impairment of $0.8 million. Additionally, KimPru recognized an impairment charge of $4.2 million on a property which was sold to a third party. The Company’s share of these impairment charges was $0.6 million, which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income. UBS Programs (“KUBS”) – During the nine months ended September 30, 2012, KUBS recognized an aggregate impairment charge of $12.9 million relating to an operating property which was classified as held-for-sale and an operating property that was sold to a third party. KUBS’s determination of the fair value for these properties, $44.1 million, was based upon contracts of sale. The Company’s share of this aggregate impairment was $2.2 million and is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income.

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