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Investments and Advances in Real Estate Joint Ventures | 6 Months Ended
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Jun. 30, 2015
Investments and Advances in Real Estate Joint Ventures [Abstract] |
Investments and Advances in Real Estate Joint Ventures | 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, 2015 and December 31, 2014 (in millions, except number of properties):
|  | As of June 30, 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 |  |  | $ | 2,687.9 |  |  | $ | 181.2 |  |  |  | 15.0 | % |  |  | 60 |  |  |  | 10.6 |  |  | $ | 2,728.9 |  |  | $ | 178.6 |
Kimco Income Opportunity Portfolio (“KIR”) (2) (4) |  |  | 48.6 | % |  |  | 51 |  |  |  | 11.1 |  |  |  | 1,456.0 |  |  |  | 150.5 |  |  |  | 48.6 | % |  |  | 54 |  |  |  | 11.5 |  |  |  | 1,488.2 |  |  |  | 152.1 |
Kimstone (2) (5) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 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 |  |  |  | 512.0 |  |  |  | 190.7 |  |  |  | 55.0 | % |  |  | 7 |  |  |  | 2.4 |  |  |  | 504.0 |  |  |  | 188.9 |
SEB Immobilien (2) |  |  | 15.0 | % |  |  | 3 |  |  |  | 0.4 |  |  |  | 86.0 |  |  |  | 2.3 |  |  |  | 15.0 | % |  |  | 3 |  |  |  | 0.4 |  |  |  | 86.0 |  |  |  | 2.5 |
Other Institutional Programs (2) |  |  | Various |  |  |  | 50 |  |  |  | 1.4 |  |  |  | 328.0 |  |  |  | 8.4 |  |  |  | Various |  |  |  | 50 |  |  |  | 1.4 |  |  |  | 327.8 |  |  |  | 8.5 |
RioCan (6) |  |  | 50.0 | % |  |  | 42 |  |  |  | 8.8 |  |  |  | 1,032.5 |  |  |  | 127.0 |  |  |  | 50.0 | % |  |  | 45 |  |  |  | 9.3 |  |  |  | 1,205.8 |  |  |  | 159.8 |
Latin America (8) |  |  | Various |  |  |  | 9 |  |  |  | - |  |  |  | 58.8 |  |  |  | 15.6 |  |  |  | Various |  |  |  | 13 |  |  |  | 0.1 |  |  |  | 91.2 |  |  |  | 24.4 |
Other Joint Venture Programs (7) (10) |  |  | Various |  |  |  | 55 |  |  |  | 9.3 |  |  |  | 1,304.0 |  |  |  | 204.6 |  |  |  | Various |  |  |  | 60 |  |  |  | 9.5 |  |  |  | 1,401.2 |  |  |  | 224.3 |
Total |  |  |  |  |  |  | 282 |  |  |  | 44.7 |  |  | $ | 7,616.8 |  |  | $ | 880.3 |  |  |  |  |  |  |  | 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 and six months ended June 30, 2015 and 2014 (in millions):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
KimPru and KimPru II (3) |  | $ | 2.4 |  |  | $ | 2.5 |  |  | $ | 3.6 |  |  | $ | 5.1 |
KIR (4) (12) |  |  | 15.6 |  |  |  | 6.2 |  |  |  | 23.1 |  |  |  | 13.0 |
Kimstone (5) |  |  | - |  |  |  | 0.8 |  |  |  | 0.7 |  |  |  | (0.7 | )
BIG Shopping Centers |  |  | 0.1 |  |  |  | 0.9 |  |  |  | 0.1 |  |  |  | 1.6 |
CPP |  |  | 2.4 |  |  |  | 1.6 |  |  |  | 4.9 |  |  |  | 3.1 |
SEB Immobilien |  |  | 0.1 |  |  |  | 0.2 |  |  |  | 0.2 |  |  |  | 0.5 |
Other Institutional Programs |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 1.0 |
RioCan (6) |  |  | 6.3 |  |  |  | 7.6 |  |  |  | 66.9 |  |  |  | 15.3 |
Latin America (8) (13) |  |  | (0.1 | ) |  |  | 3.0 |  |  |  | (1.2 | ) |  |  | 34.1 |
Other Joint Venture Programs (9) (10) (11) (14) |  |  | (4.5 | ) |  |  | 22.1 |  |  |  | 21.5 |  |  |  | 25.3 |
Total |  | $ | 22.4 |  |  | $ | 45.0 |  |  | $ | 119.9 |  |  | $ | 98.3 |
| (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 six months ended June 30, 2015, (i) 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, of which the Company’s share of this loss was $0.1 million and (ii) KimPru recognized impairment charges related to the pending disposition of four operating properties, of which the Company’s share of these impairment charges was $1.1 million.
| (4) | During the six months ended June 30, 2015, KIR sold three operating properties for a sales price of $48.0 million and recognized a net gain of $19.4 million. The Company’s share of this net gain was $8.2 million.
| (5) | During the six months ended June 30, 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.
| (6) | During the six months ended June 30, 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.
| (7) | During the six months ended June 30, 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.
| (8) | During the six months ended June 30, 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. The Company sold its noncontrolling interest in these nine parcels and two operating properties located throughout Mexico for a sales price of $7.2 million during the six months ended June 30, 2015. The Company recognized a gain upon final sale of $0.5 million, before income taxes, associated with the transaction.
| (9) | 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 six months ended June 30, 2015.
| (10) | During the six months ended June 30, 2015, a joint venture in which the Company holds a noncontrolling interest sold an operating property for an aggregate sales price of $21.1 million. The Company recognized a loss of $0.1 million, before income taxes, associated with the transaction.
| (11) | During the six months ended June 30, 2015, a joint venture in which the Company holds a noncontrolling interest recognized an impairment charge relating to the pending sale of a property. The Company’s share of this impairment charge was $4.1 million, before income tax benefit.
| (12) | 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.
| (13) | 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 the transaction.
| (14) | 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.
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, 2015 and December 31, 2014 (dollars in millions):
|  | As of June 30, 2015 |  |  | As of December 31, 2014 |
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 |  | $ | 861.3 |  |  |  | 5.54 | % |  |  | 18.0 |  |  | $ | 920.0 |  |  |  | 5.53 | % |  |  | 23.0 |
KIR |  |  | 808.2 |  |  |  | 4.81 | % |  |  | 67.5 |  |  |  | 860.7 |  |  |  | 5.04 | % |  |  | 61.9 |
Kimstone |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 701.3 |  |  |  | 4.45 | % |  |  | 28.7 |
BIG Shopping Centers |  |  | 145.1 |  |  |  | 5.45 | % |  |  | 16.1 |  |  |  | 144.6 |  |  |  | 5.52 | % |  |  | 22.0 |
CPP |  |  | 111.0 |  |  |  | 5.14 | % |  |  | 9.5 |  |  |  | 112.0 |  |  |  | 5.05 | % |  |  | 10.1 |
SEB Immobilien |  |  | 50.1 |  |  |  | 4.06 | % |  |  | 29.7 |  |  |  | 50.0 |  |  |  | 4.06 | % |  |  | 35.7 |
Other Institutional Programs |  |  | 222.3 |  |  |  | 5.47 | % |  |  | 14.9 |  |  |  | 222.9 |  |  |  | 5.47 | % |  |  | 20.8 |
RioCan |  |  | 555.2 |  |  |  | 4.23 | % |  |  | 34.4 |  |  |  | 640.5 |  |  |  | 4.29 | % |  |  | 39.9 |
Other Joint Venture Programs |  |  | 875.8 |  |  |  | 5.33 | % |  |  | 51.5 |  |  |  | 921.9 |  |  |  | 5.31 | % |  |  | 58.6 |
Total |  | $ | 3,629.0 |  |  |  |  |  |  |  |  |  |  | $ | 4,573.9 |  |  |  |  |  |  |  |  |
* Average Remaining Term includes extension options.

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