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Note 4 - Investment and Advances in Real Estate Joint Ventures | 6 Months Ended
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Jun. 30, 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 June 30, 2014 and December 31, 2013 (in millions, except number of properties):
|  | As of June 30, 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) (9) |  |  | 15.0 | % |  |  | 60 |  |  |  | 10.6 |  |  | $ | 2,740.1 |  |  | $ | 180.6 |  |  | 15.0% |  |  |  | 60 |  |  |  | 10.6 |  |  | $ | 2,724.0 |  |  | $ | 179.7 |
Kimco Income Opportunity Portfolio (“KIR”) (2) (3) |  |  | 48.6 | % |  |  | 55 |  |  |  | 11.6 |  |  |  | 1,484.3 |  |  |  | 155.2 |  |  | 48.6% |  |  |  | 57 |  |  |  | 12.0 |  |  |  | 1,496.0 |  |  |  | 163.6 |
Kimstone (2) |  |  | 33.3 | % |  |  | 39 |  |  |  | 5.6 |  |  |  | 1,095.5 |  |  |  | 93.3 |  |  | 33.3% |  |  |  | 39 |  |  |  | 5.6 |  |  |  | 1,095.3 |  |  |  | 100.3 |
BIG Shopping Centers (2)* |  |  | 37.9 | % |  |  | 21 |  |  |  | 3.4 |  |  |  | 520.5 |  |  |  | 30.6 |  |  | 37.9% |  |  |  | 21 |  |  |  | 3.4 |  |  |  | 520.1 |  |  |  | 29.5 |
The Canada Pension Plan Investment Board (“CPP”) (2) |  |  | 55.0 | % |  |  | 6 |  |  |  | 2.4 |  |  |  | 438.4 |  |  |  | 155.9 |  |  | 55.0% |  |  |  | 6 |  |  |  | 2.4 |  |  |  | 437.4 |  |  |  | 144.8 |
Kimco Income Fund (“KIF”) (2) (8) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  | 39.5% |  |  |  | 12 |  |  |  | 1.5 |  |  |  | 288.7 |  |  |  | 50.6 |
SEB Immobilien (2) (17) |  |  | 15.0 | % |  |  | 13 |  |  |  | 1.8 |  |  |  | 362.6 |  |  |  | 0.5 |  |  | 15.0% |  |  |  | 13 |  |  |  | 1.8 |  |  |  | 361.9 |  |  |  | 0.9 |
Other Institutional Programs (2) (4) (5) |  | Various |  |  |  | 52 |  |  |  | 1.7 |  |  |  | 373.2 |  |  |  | 12.0 |  |  | Various |  |  |  | 56 |  |  |  | 2.1 |  |  |  | 385.3 |  |  |  | 17.9 |
RioCan |  |  | 50.0 | % |  |  | 45 |  |  |  | 9.3 |  |  |  | 1,305.7 |  |  |  | 161.4 |  |  | 50.0% |  |  |  | 45 |  |  |  | 9.3 |  |  |  | 1,314.3 |  |  |  | 156.3 |
Latin America (6) |  | Various |  |  |  | 19 |  |  |  | 1.5 |  |  |  | 125.4 |  |  |  | 73.5 |  |  | Various |  |  |  | 28 |  |  |  | 3.7 |  |  |  | 313.2 |  |  |  | 156.7 |
Other Joint Venture Programs (7) |  | Various |  |  |  | 67 |  |  |  | 10.7 |  |  |  | 1,536.6 |  |  |  | 265.3 |  |  | Various |  |  |  | 75 |  |  |  | 11.5 |  |  |  | 1,548.9 |  |  |  | 256.7 |
Total |  |  |  |  |  |  | 377 |  |  |  | 58.6 |  |  | $ | 9,982.3 |  |  | $ | 1,128.3 |  |  |  |  |  |  | 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 and six months ended June 30, 2014 and 2013 (in millions):
|  | Three months ended |  |  | Six months ended |
|  | June 30, |  |  | June 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
KimPru and KimPru II (15) |  | $ | 2.5 |  |  | $ | 2.3 |  |  | $ | 5.1 |  |  | $ | 4.2 |
KIR (3) (11) |  |  | 6.2 |  |  |  | 7.4 |  |  |  | 13.0 |  |  |  | 14.5 |
Kimstone (10) |  |  | 0.8 |  |  |  | - |  |  |  | (0.7 | ) |  |  | - |
BIG Shopping Centers (14) |  |  | 0.9 |  |  |  | (0.5 | ) |  |  | 1.6 |  |  |  | 1.5 |
CPP |  |  | 1.6 |  |  |  | 1.6 |  |  |  | 3.1 |  |  |  | 3.0 |
KIF (8) |  |  | - |  |  |  | 0.9 |  |  |  | 0.9 |  |  |  | 1.5 |
SEB Immobilien |  |  | 0.2 |  |  |  | 0.3 |  |  |  | 0.5 |  |  |  | 0.5 |
Other Institutional Programs (5) |  |  | 0.1 |  |  |  | 1.2 |  |  |  | 0.1 |  |  |  | 2.4 |
RioCan |  |  | 7.6 |  |  |  | 6.6 |  |  |  | 15.3 |  |  |  | 12.7 |
Latin America (6) (12) |  |  | 3.0 |  |  |  | 30.5 |  |  |  | 34.1 |  |  |  | 32.1 |
Other Joint Venture Programs (7) (13) (16) |  |  | 22.1 |  |  |  | 9.2 |  |  |  | 25.3 |  |  |  | 11.2 |
Total |  | $ | 45.0 |  |  | $ | 59.5 |  |  | $ | 98.3 |  |  | $ | 83.6 |
| (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 six months ended June 30, 2014, KIR sold two operating properties for a sales price of $17.7 million. In connection with the two dispositions, the Company recognized its share of an aggregate net gain of $1.1 million.
| (4) | During the six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2014, the Company sold its noncontrolling interest in nine operating properties located throughout Mexico for a sales price of $175.0 million. The Company recognized a gain of $30.7 million, before income taxes, associated with these transactions.
| (7) | During the six months ended June 30, 2014, a joint venture in which the Company holds a noncontrolling interest sold eight operating properties for an aggregate sales price of $98.4 million and recognized an aggregate gain of $33.7 million. The Company’s share of this gain was $17.7 million.
| (8) | During the six months ended June 30, 2014, the Company purchased the remaining interest in KIF based on a gross fair value purchase price of $408.0 million. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. As such, the Company recognized a gain of $65.6 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.
| (9) | During the six months ended June 30, 2014, KimPru acquired an additional parcel within one of its existing operating properties in Elk Grove, CA for a purchase price of $10.5 million. The Company’s capital contribution for this acquisition was $1.6 million.
| (10) | 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.
| (11) | During the six months ended June 30, 2014, KIR recognized aggregate impairment charges of $4.0 million related to two properties which KIR anticipates selling within the next 18 months. KIR effectively shortened its anticipated hold period for these assets which resulted in the expected future cash flows being less than the carrying value. The Company’s share of these impairment charges was $2.3 million.
| (12) | During the six months ended June 30, 2013, the Company sold nine operating properties located throughout Mexico for $274.0 million which were held in unconsolidated joint ventures in which the Company has noncontrolling interests. This transaction resulted in a net gain of $48.6 million, after tax, of which the Company’s share was $24.3 million.
| (13) | During the six months ended June 30, 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.
| (14) | During the six months ended June 30, 2013, BIG recognized a gain on early extinguishment of debt of $13.7 million related to a property that was foreclosed on by a third party lender. The Company’s share of this gain was $2.4 million.
| (15) | During the six months ended June 30, 2013, the Company purchased the remaining interest in an operating property for a purchase price of $15.8 million. As a result of this transaction, KimPru recognized an impairment charge of $4.0 million, of which the Company’s share was $0.6 million.
| (16) | During June 2013, the InTown portfolio was sold for a sales price of $735.0 million which included the assignment of $609.2 million in debt. This transaction resulted in a deferred gain to the Company of $21.7 million.
| (17) | During July 2014, the Company acquired 10 operating properties from the SEB joint venture based on a gross purchase price of $275.8 million, including the assumption of $193.6 million of mortgage debt. 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 June 30, 2014 and December 31, 2013 (dollars in millions):
|  |  | As of June 30, 2014 |  |  | As of December 31, 201 3 |
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 |  |  | $ | 921.9 |  |  |  | 5.53 | % |  |  | 29.1 |  |  | $ | 923.4 |  |  |  | 5.53 | % |  |  | 35.0 |
KIR |  |  |  | 881.0 |  |  |  | 5.05 | % |  |  | 69.2 |  |  |  | 889.1 |  |  |  | 5.05 | % |  |  | 75.1 |
Kimstone |  |  |  | 734.4 |  |  |  | 4.56 | % |  |  | 33.7 |  |  |  | 749.9 |  |  |  | 4.62 | % |  |  | 39.3 |
BIG Shopping Centers |  |  |  | 406.2 |  |  |  | 5.36 | % |  |  | 37.3 |  |  |  | 406.5 |  |  |  | 5.39 | % |  |  | 40.1 |
CPP |  |  |  | 113.1 |  |  |  | 5.14 | % |  |  | 16.2 |  |  |  | 138.6 |  |  |  | 5.23 | % |  |  | 19.0 |
Kimco Income Fund |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 158.0 |  |  |  | 5.45 | % |  |  | 8.7 |
SEB Immobilien |  |  |  | 243.8 |  |  |  | 5.11 | % |  |  | 37.3 |  |  |  | 243.8 |  |  |  | 5.11 | % |  |  | 43.3 |
RioCan |  |  |  | 727.0 |  |  |  | 4.57 | % |  |  | 42.4 |  |  |  | 743.7 |  |  |  | 4.59 | % |  |  | 48.0 |
Other Institutional Programs |  |  |  | 241.2 |  |  |  | 5.36 | % |  |  | 25.2 |  |  |  | 272.9 |  |  |  | 5.32 | % |  |  | 31.0 |
Other Joint Venture Programs |  |  |  | 977.8 |  |  |  | 5.38 | % |  |  | 62.8 |  |  |  | 1,063.1 |  |  |  | 5.53 | % |  |  | 60.6 |
Total |  |  | $ | 5,246.4 |  |  |  |  |  |  |  |  |  |  | $ | 5,589.0 |  |  |  |  |  |  |  |  |
** Average Remaining Term includes extension options.

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