XML 65 R14.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Note 5 - Other Real Estate Investments | 3 Months Ended
--- | ---
Mar. 31, 2015
Other Real Estate Investments [Abstract] |
Other Real Estate Investments [Text Block] | 5. Other Real Estate Investments and Other Assets Preferred Equity Capital - The Company has provided capital to owners and developers of real estate properties through its Preferred Equity Program. As of March 31, 2015, the Company’s net investment under the Preferred Equity Program was $227.2 million relating to 443 properties, including 385 net leased properties. During the three months ended March 31, 2015, the Company earned $5.6 million from its preferred equity investments. During the three months ended March 31, 2014, the Company earned $7.8 million from its preferred equity investments, including $2.2 million in profit participation earned from one capital transaction. Kimsouth - Kimsouth Realty Inc. (“Kimsouth”) is a wholly-owned subsidiary of the Company. KRS AB Acquisition, LLC (the “ABS Venture”) is a wholly owned subsidiary of Kimsouth that has a noncontrolling interest in AB Acquisition, LLC (“AB Acquisition”) a joint venture which owns Albertson’s Inc. (“Albertson’s”) and NAI Group Holdings Inc. (“NAI”). During January 2015, two new noncontrolling members were admitted into the ABS Venture. Although the Company admitted these new members, the Company continues to hold a controlling interest in the ABS Venture and thus will continue to consolidate this entity. Shortly thereafter, the Company contributed $85.3 million and the two members contributed an aggregate $105.0 million to the ABS Venture which was subsequently contributed to AB Acquisition to facilitate the acquisition of Safeway Inc. (“Safeway”). As a result of this transaction the ABS Venture now holds a combined 14.35% interest in AB Acquisition of which the Company holds a combined 9.8% ownership interest. The combined company of Albertson’s, NAI and Safeway operates 2,230 grocery stores across 34 states. The Company continues to consolidate the ABS Venture as there was no change in control following the admission of the members described above. As such, the Company recorded (i) the gross investment in Safeway of $190.3 million in Other assets on the Company’s Condensed Consolidated Balance Sheets and will account for this investment under the cost method of accounting (ii) a noncontrolling interest of $65.0 million and (iii) an increase in Paid-in capital of $24.0 million, net of a deferred tax effect of $16.0 million, representing the amount contributed by the newly admitted members in excess of their proportionate share of the historic book value of the net assets of ABS Venture. Leveraged Lease – The Company held a 90% equity participation interest in a leverage lease of 11 properties which were encumbered by third-party non-recourse debt of $11.2 million. During the three months ended March 31, 2015, the Company sold its leveraged lease interest for a gross sales price of $22.0 million and recognized a gain of $2.1 million in connection with the transaction, which is included in Equity in income of other real estate investments, net on the Company’s Condensed Consolidated Statements of Income.

X
- Details
Name: | kim_OtherRealEstateInvestmentsAbstract
Namespace Prefix: | kim_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition No authoritative reference available. + References No definition available. + Details
Name: | kim_OtherRealEstateInvestmentsTextBlock
Namespace Prefix: | kim_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration