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Note 4 - Investment and Advances in Real Estate Joint Ventures | 3 Months Ended
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Mar. 31, 2014
Investments And Advances In Real Estate Joint Ventures [Abstract] |
Investments And Advances In Real Estate Joint Ventures [Text Block] | 4. 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 March 31, 2014 and December 31, 2013 (in millions, except number of properties):
|  | As of March 31, 2014 |  |  | As of December 31, 2013 |
Venture |  | Average Ownership Interest |  |  | Number of Properties |  |  | GLA |  |  | Gross Real Estate |  |  | The Company's Investment |  |  | Average Ownership Interest |  |  | Number of Properties |  |  | GLA |  |  | Gross Real Estate |  |  | The Company's Investment |
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) |  |  | 15.0 | % |  |  | 60 |  |  |  | 10.6 |  |  | $ | 2,726.4 |  |  | $ | 179.8 |  |  |  | 15.0 | % |  |  | 60 |  |  |  | 10.6 |  |  | $ | 2,724.0 |  |  | $ | 179.7 |
Kimco Income Opportunity Portfolio (“KIR”) (2) (3) |  |  | 48.6 | % |  |  | 56 |  |  |  | 11.7 |  |  |  | 1,486.2 |  |  |  | 162.5 |  |  |  | 48.6 | % |  |  | 57 |  |  |  | 12.0 |  |  |  | 1,496.0 |  |  |  | 163.6 |
Kimstone (2) |  |  | 33.3 | % |  |  | 39 |  |  |  | 5.6 |  |  |  | 1,095.2 |  |  |  | 95.2 |  |  |  | 33.3 | % |  |  | 39 |  |  |  | 5.6 |  |  |  | 1,095.3 |  |  |  | 100.3 |
BIG Shopping Centers (2)* |  |  | 37.9 | % |  |  | 21 |  |  |  | 3.4 |  |  |  | 520.4 |  |  |  | 29.9 |  |  |  | 37.9 | % |  |  | 21 |  |  |  | 3.4 |  |  |  | 520.1 |  |  |  | 29.5 |
The Canada Pension Plan Investment Board (“CPP”) (2) |  |  | 55.0 | % |  |  | 6 |  |  |  | 2.4 |  |  |  | 437.4 |  |  |  | 144.0 |  |  |  | 55.0 | % |  |  | 6 |  |  |  | 2.4 |  |  |  | 437.4 |  |  |  | 144.8 |
Kimco Income Fund (“KIF”) (2) (13) |  |  | 39.5 | % |  |  | 12 |  |  |  | 1.5 |  |  |  | 289.6 |  |  |  | 49.9 |  |  |  | 39.5 | % |  |  | 12 |  |  |  | 1.5 |  |  |  | 288.7 |  |  |  | 50.6 |
SEB Immobilien (2) |  |  | 15.0 | % |  |  | 13 |  |  |  | 1.8 |  |  |  | 362.1 |  |  |  | 0.7 |  |  |  | 15.0 | % |  |  | 13 |  |  |  | 1.8 |  |  |  | 361.9 |  |  |  | 0.9 |
Other Institutional Programs (2) (4) (5) |  | Various |  |  |  | 52 |  |  |  | 1.7 |  |  |  | 372.9 |  |  |  | 13.4 |  |  | Various |  |  |  | 56 |  |  |  | 2.1 |  |  |  | 385.3 |  |  |  | 17.9 |
RioCan |  |  | 50.0 | % |  |  | 45 |  |  |  | 9.3 |  |  |  | 1,262.4 |  |  |  | 153.7 |  |  |  | 50.0 | % |  |  | 45 |  |  |  | 9.3 |  |  |  | 1,314.3 |  |  |  | 156.3 |
Latin America (6) |  | Various |  |  |  | 22 |  |  |  | 2.5 |  |  |  | 183.7 |  |  |  | 116.2 |  |  | Various |  |  |  | 28 |  |  |  | 3.7 |  |  |  | 313.2 |  |  |  | 156.7 |
Other Joint Venture Programs (7) |  | Various |  |  |  | 73 |  |  |  | 11.4 |  |  |  | 1,516.9 |  |  |  | 253.1 |  |  | Various |  |  |  | 75 |  |  |  | 11.5 |  |  |  | 1,548.9 |  |  |  | 256.7 |
Total |  |  |  |  |  |  | 399 |  |  |  | 61.9 |  |  | $ | 10,253.2 |  |  | $ | 1,198.4 |  |  |  |  |  |  |  | 412 |  |  |  | 63.9 |  |  | $ | 10,485.1 |  |  | $ | 1,257.0 |
* Ownership % is a blended rate The table below presents the Company’s share of net income/(loss) for the above investments which is included in the Company’s Condensed Consolidated Statements of Income in Equity in income of joint ventures, net for the three months ended March 31, 2014 and 2013 (in millions):
|  | Three Months Ended |
|  | March 31, |
|  | 2014 |  |  | 2013 |
KimPru and KimPru II (12) |  | $ | 2.6 |  |  | $ | 2.0 |
KIR (3) |  |  | 6.8 |  |  |  | 7.1 |
Kimstone (8) |  |  | (1.5 | ) |  |  | - |
BIG Shopping Centers (11) |  |  | 0.7 |  |  |  | 2.0 |
CPP |  |  | 1.5 |  |  |  | 1.5 |
KIF |  |  | 0.9 |  |  |  | 0.7 |
SEB Immobilien |  |  | 0.3 |  |  |  | 0.3 |
Other Institutional Programs (5) |  |  | - |  |  |  | 1.2 |
RioCan |  |  | 7.8 |  |  |  | 6.2 |
Latin America (6) (9) |  |  | 30.6 |  |  |  | 1.6 |
Other Joint Venture Programs (7) (10) |  |  | 3.6 |  |  |  | 1.5 |
Total |  | $ | 53.3 |  |  | $ | 24.1 |
| (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, asset management fees and construction management fees.
| (3) | During the three months ended March 31, 2014, KIR sold an operating property for a sales price of $5.3 million. Just prior to this transaction, the Company recognized its share of an impairment charge of $0.8 million.
| (4) | During the three months ended March 31, 2014, the Company acquired three properties from a joint venture in which the Company has a noncontrolling interest for a total sales price of $93.2 million. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. As such, the Company recognized a gain of $3.7 million from the fair value adjustment associated with the Company’s original ownership due to a change in control and now consolidates these operating properties.
| (5) | During the three months ended March 31, 2014, a joint venture in which the Company holds a noncontrolling interest sold an operating property for a sales price of $11.3 million and recognized a gain of $0.3 million. The Company’s share of this gain was $0.1 million.
| (6) | During the three months ended March 31, 2014, the Company sold its noncontrolling interest in six operating properties located throughout Mexico for a sales price of $106.7 million. The Company recognized a gain of $28.4 million, before income taxes, associated with the transaction.
| (7) | During the three months ended March 31, 2014, a joint venture in which the Company holds a noncontrolling interest sold two operating properties for an aggregate sales price of $10.0 million and recognized an aggregate gain of $0.5 million. The Company’s share of this gain was $0.3 million.
| (8) | During June 2013, Blackstone Real Estate Partners VII and the Company entered into a new joint venture (Kimstone) in which the Company owns a 33.3% noncontrolling interest.
| (9) | During April 2013, the Company entered into an agreement to sell nine operating properties located throughout Mexico which are held in unconsolidated joint ventures in which the Company has noncontrolling interests. Based upon the allocation of the purchase price to the individual properties, three of these properties were expected to result in losses aggregating $4.6 million, of which the Company’s share is estimated to be $2.3 million. As such, the Company recorded impairment charges equal to its share of these estimated losses during the three months ended March 31, 2013.
| (10) | During the three months ended March 31, 2013, a joint venture in which the Company has a noncontrolling interest recognized an impairment charge of $1.8 million related to the pending sale of a property. The Company’s share of this impairment charge was $0.9 million.
| (11) | During the three months ended March 31, 2013, BIG recognized a gain on early extinguishment of debt of $13.7 million related to a previously impaired property that was foreclosed on by a third party lender. The Company’s share of this gain was $2.4 million.
| (12) | During the three months ended March 31, 2013, KimPru recognized an impairment charge of $3.7 million related to the pending sale of a property to the Company, based on the estimated sales price. The Company’s share of this impairment charge for the three months ended March 31, 2013, was $0.5 million.
| (13) | During April 2014, the Company purchased the remaining interest in KIF based on a gross purchase price of $408.0 million, including the assumption of $38.2 million of debt. Additionally, as part of this transaction, the Company repaid $118.9 million of mortgage debt encumbering nine of the properties. As a result of this transaction, the Company will consolidate these properties.
The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at March 31, 2014 and December 31, 2013 (dollars in millions):
|  | As of March 31, 2014 |  |  | As of December 31, 2013 |
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 |  | $ | 922.7 |  |  |  | 5.53 | % |  |  | 32.0 |  |  | $ | 923.4 |  |  |  | 5.53 | % |  |  | 35.0 |
KIR |  |  | 885.0 |  |  |  | 5.05 | % |  |  | 72.2 |  |  |  | 889.1 |  |  |  | 5.05 | % |  |  | 75.1 |
Kimstone |  |  | 739.3 |  |  |  | 4.59 | % |  |  | 36.6 |  |  |  | 749.9 |  |  |  | 4.62 | % |  |  | 39.3 |
BIG Shopping Centers |  |  | 406.5 |  |  |  | 5.39 | % |  |  | 37.2 |  |  |  | 406.5 |  |  |  | 5.39 | % |  |  | 40.1 |
CPP |  |  | 137.8 |  |  |  | 5.21 | % |  |  | 16.0 |  |  |  | 138.6 |  |  |  | 5.23 | % |  |  | 19.0 |
Kimco Income Fund |  |  | 157.1 |  |  |  | 5.45 | % |  |  | 5.8 |  |  |  | 158.0 |  |  |  | 5.45 | % |  |  | 8.7 |
SEB Immobilien |  |  | 243.8 |  |  |  | 5.11 | % |  |  | 40.3 |  |  |  | 243.8 |  |  |  | 5.11 | % |  |  | 43.3 |
RioCan |  |  | 710.5 |  |  |  | 4.78 | % |  |  | 45.1 |  |  |  | 743.7 |  |  |  | 4.59 | % |  |  | 48.0 |
Other Institutional Programs |  |  | 241.5 |  |  |  | 5.36 | % |  |  | 28.2 |  |  |  | 272.9 |  |  |  | 5.32 | % |  |  | 31.0 |
Other Joint Venture Programs |  |  | 1,002.6 |  |  |  | 5.35 | % |  |  | 61.2 |  |  |  | 1,063.1 |  |  |  | 5.53 | % |  |  | 60.6 |
Total |  | $ | 5,446.8 |  |  |  |  |  |  |  |  |  |  | $ | 5,589.0 |  |  |  |  |  |  |  |  |
** Average Remaining Term includes extension options

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