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Note 4 - Investment and Advances in Real Estate Joint Ventures | 3 Months Ended
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Mar. 31, 2015
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, 2015 and December 31, 2014 (in millions, except number of properties):
|  | As of March 31, 2015 |  |  | As of December 31, 2014 |
Venture |  | Ownership Interest |  |  | Number of Properties |  |  | GLA |  |  | Gross Real Estate |  |  | The Company's Investment |  |  | Ownership Interest |  |  | Number of Properties |  |  | GLA |  |  | Gross Real Estate |  |  | The Company's Investment |
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) (3) |  |  | 15.0 | % |  |  | 59 |  |  |  | 10.3 |  |  | $ | 2,695.7 |  |  | $ | 173.7 |  |  |  | 15.0 | % |  |  | 60 |  |  |  | 10.6 |  |  | $ | 2,728.9 |  |  | $ | 178.6 |
Kimco Income Opportunity Portfolio (“KIR”) (2) |  |  | 48.6 | % |  |  | 54 |  |  |  | 11.5 |  |  |  | 1,491.2 |  |  |  | 151.4 |  |  |  | 48.6 | % |  |  | 54 |  |  |  | 11.5 |  |  |  | 1,488.2 |  |  |  | 152.1 |
Kimstone (2) (4) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 33.3 | % |  |  | 39 |  |  |  | 5.6 |  |  |  | 1,098.7 |  |  |  | 98.1 |
BIG Shopping Centers (2) |  |  | 50.1 | % |  |  | 6 |  |  |  | 1.0 |  |  |  | 151.6 |  |  |  | - |  |  |  | 50.1 | % |  |  | 6 |  |  |  | 1.0 |  |  |  | 151.6 |  |  |  | - |
The Canada Pension Plan Investment Board (“CPP”) (2) |  |  | 55.0 | % |  |  | 7 |  |  |  | 2.4 |  |  |  | 508.8 |  |  |  | 191.2 |  |  |  | 55.0 | % |  |  | 7 |  |  |  | 2.4 |  |  |  | 504.0 |  |  |  | 188.9 |
SEB Immobilien (2) |  |  | 15.0 | % |  |  | 3 |  |  |  | 0.4 |  |  |  | 85.9 |  |  |  | 2.4 |  |  |  | 15.0 | % |  |  | 3 |  |  |  | 0.4 |  |  |  | 86.0 |  |  |  | 2.5 |
Other Institutional Programs (2) |  | Various |  |  |  | 50 |  |  |  | 1.4 |  |  |  | 327.8 |  |  |  | 8.4 |  |  | Various |  |  |  | 50 |  |  |  | 1.4 |  |  |  | 327.8 |  |  |  | 8.5 |
RioCan (5) |  |  | 50.0 | % |  |  | 42 |  |  |  | 8.8 |  |  |  | 1,017.6 |  |  |  | 124.2 |  |  |  | 50.0 | % |  |  | 45 |  |  |  | 9.3 |  |  |  | 1,205.8 |  |  |  | 159.8 |
Latin America |  | Various |  |  |  | 11 |  |  |  | 0.1 |  |  |  | 83.6 |  |  |  | 23.3 |  |  | Various |  |  |  | 13 |  |  |  | 0.1 |  |  |  | 91.2 |  |  |  | 24.4 |
Other Joint Venture Programs (6) |  | Various |  |  |  | 58 |  |  |  | 9.5 |  |  |  | 1,353.7 |  |  |  | 211.7 |  |  | Various |  |  |  | 60 |  |  |  | 9.5 |  |  |  | 1,401.2 |  |  |  | 224.3 |
Total |  |  |  |  |  |  | 290 |  |  |  | 45.4 |  |  | $ | 7,715.9 |  |  | $ | 886.3 |  |  |  |  |  |  |  | 337 |  |  |  | 51.8 |  |  | $ | 9,083.4 |  |  | $ | 1,037.2 |
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, 2015 and 2014 (in millions):
|  | Three Months Ended March 31, |
|  | 2015 |  |  | 2014 |
KimPru and KimPru II (3) |  | $ | 1.2 |  |  | $ | 2.6 |
KIR |  |  | 7.5 |  |  |  | 6.8 |
Kimstone (4) |  |  | 0.7 |  |  |  | (1.5 | )
BIG Shopping Centers |  |  | 0.1 |  |  |  | 0.7 |
CPP |  |  | 2.5 |  |  |  | 1.5 |
SEB Immobilien |  |  | 0.1 |  |  |  | 0.3 |
Other Institutional Programs |  |  | 0.1 |  |  |  | 0.9 |
RioCan (5) |  |  | 60.6 |  |  |  | 7.8 |
Latin America (8) (9) |  |  | (1.0 | ) |  |  | 30.6 |
Other Joint Venture Programs (7) |  |  | 25.8 |  |  |  | 3.6 |
Total |  | $ | 97.6 |  |  | $ | 53.3 |
| (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, 2015, KimPru II sold an operating property in North Lauderdale, FL for a sales price of $23.2 million and recognized a loss of $0.6 million. The Company’s share of this loss was $0.1 million.
| (4) | During the three months ended March 31, 2015, the Company purchased the remaining 66.7% interest in the 39-property Kimstone portfolio from Blackstone for a gross purchase price of $1.4 billion, including the assumption of $638.0 million in mortgage debt.
| (5) | During the three months ended March 31, 2015, the Company sold its noncontrolling interest in three properties and a land parcel to its partner, RioCan, for a total sales price of CAD $238.1 million (USD $190.7 million). The Company recognized a gain of $53.5 million, before income taxes, associated with the transaction.
| (6) | During the three months ended March 31, 2015, the Company acquired one property from a joint venture in which the Company had a noncontrolling interest for a total sales price of $5.8 million.
| (7) | During June 2013, the Intown portfolio was sold and the Company maintained its guarantee on a portion of debt that was assumed by the buyer at closing. The transaction resulted in a deferred gain to the Company of $21.7 million due to the Company’s continued involvement through its guarantee of the debt. On February 24, 2015, the outstanding debt balance was fully repaid by the buyer and as such, the Company was relieved of its related commitments and guarantee. As a result, the Company recognized the deferred gain of $21.7 million during the three months ended March 31, 2015.
| (8) | During the three months ended March 31, 2015, a joint venture in which the Company holds a noncontrolling interest recognized aggregate impairment charges of $2.6 million relating to the pending sale of various land parcels. The Company’s share of these impairment charges was $1.3 million.
| (9) | 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.
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, 2015 and December 31, 2014 (dollars in millions):
|  | As of March 31, 2015 |  |  | As of December 31, 201 4 |
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 |  | $ | 919.2 |  |  |  | 5.53 | % |  |  | 20.1 |  |  | $ | 920.0 |  |  |  | 5.53 | % |  |  | 23.0 |
KIR |  |  | 862.6 |  |  |  | 4.92 | % |  |  | 66.9 |  |  |  | 860.7 |  |  |  | 5.04 | % |  |  | 61.9 |
Kimstone |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 701.3 |  |  |  | 4.45 | % |  |  | 28.7 |
BIG Shopping Centers |  |  | 144.8 |  |  |  | 5.51 | % |  |  | 19.1 |  |  |  | 144.6 |  |  |  | 5.52 | % |  |  | 22.0 |
CPP |  |  | 111.5 |  |  |  | 5.07 | % |  |  | 12.5 |  |  |  | 112.0 |  |  |  | 5.05 | % |  |  | 10.1 |
SEB Immobilien |  |  | 50.0 |  |  |  | 4.07 | % |  |  | 32.7 |  |  |  | 50.0 |  |  |  | 4.06 | % |  |  | 35.7 |
Other Institutional Programs |  |  | 222.6 |  |  |  | 5.47 | % |  |  | 17.8 |  |  |  | 222.9 |  |  |  | 5.47 | % |  |  | 20.8 |
RioCan |  |  | 545.9 |  |  |  | 4.23 | % |  |  | 36.9 |  |  |  | 640.5 |  |  |  | 4.29 | % |  |  | 39.9 |
Other Joint Venture Programs |  |  | 888.7 |  |  |  | 5.37 | % |  |  | 55.2 |  |  |  | 921.9 |  |  |  | 5.31 | % |  |  | 58.6 |
Total |  | $ | 3,745.3 |  |  |  |  |  |  |  |  |  |  | $ | 4,573.9 |  |  |  |  |  |  |  |  |
* Average Remaining Term includes extension options.

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