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Note 4 - Investments and Advances in Real Estate Joint Ventures | 6 Months Ended
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Jun. 30, 2016
Notes to Financial Statements |
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 and advances in 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, 2016 and December 31, 2015 (in millions, except number of properties):
|  | As of June 30, 2016 |  |  | As of December 31, 2015 |
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) |  |  | 15.0% |  |  |  | 50 |  |  |  | 9.2 |  |  | $ | 2,480.0 |  |  | $ | 170.9 |  |  |  | 15.0% |  |  |  | 53 |  |  |  | 9.6 |  |  | $ | 2,531.6 |  |  | $ | 175.5 |
Kimco Income Opportunity Portfolio (“KIR”) (2) |  |  | 48.6% |  |  |  | 46 |  |  |  | 10.7 |  |  |  | 1,412.2 |  |  |  | 135.6 |  |  |  | 48.6% |  |  |  | 47 |  |  |  | 10.8 |  |  |  | 1,422.8 |  |  |  | 131.0 |
Canada Pension Plan Investment Board (“CPP”) (2) |  |  | 55.0% |  |  |  | 5 |  |  |  | 1.5 |  |  |  | 299.2 |  |  |  | 95.0 |  |  |  | 55.0% |  |  |  | 7 |  |  |  | 2.4 |  |  |  | 524.1 |  |  |  | 195.6 |
Other Institutional Programs (2) |  |  | Various |  |  |  | 7 |  |  |  | 1.0 |  |  |  | 302.1 |  |  |  | 5.5 |  |  |  | Various |  |  |  | 9 |  |  |  | 1.5 |  |  |  | 301.5 |  |  |  | 5.2 |
Other Joint Venture Programs |  |  | Various |  |  |  | 38 |  |  |  | 5.2 |  |  |  | 773.4 |  |  |  | 68.5 |  |  |  | Various |  |  |  | 40 |  |  |  | 5.2 |  |  |  | 782.8 |  |  |  | 64.0 |
Canadian Properties |  |  | 50% |  |  |  | 6 |  |  |  | 1.3 |  |  |  | 133.7 |  |  |  | 43.8 |  |  |  | Various |  |  |  | 35 |  |  |  | 5.9 |  |  |  | 695.3 |  |  |  | 171.3 |
Total |  |  |  |  |  |  | 152 |  |  |  | 28.9 |  |  | $ | 5,400.6 |  |  | $ | 519.3 |  |  |  |  |  |  |  | 191 |  |  |  | 35.4 |  |  | $ | 6,258.1 |  |  | $ | 742.6 |
| (1) | Represents four separate joint ventures, with four separate accounts managed by Prudential Global Investment Management (“PGIM”), 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.
The table below presents the Company’s share of net income 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, 2016 and 2015 (in millions):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 201 6 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
KimPru and KimPru II (1) (5) |  | $ | 3.1 |  |  | $ | 2.4 |  |  | $ | 5.3 |  |  | $ | 3.6 |
KIR (5) |  |  | 12.1 |  |  |  | 15.6 |  |  |  | 19.5 |  |  |  | 23.1 |
CPP |  |  | 0.9 |  |  |  | 2.4 |  |  |  | 4.8 |  |  |  | 4.9 |
Other Institutional Programs |  |  | 0.3 |  |  |  | 0.2 |  |  |  | 0.6 |  |  |  | 1.2 |
Other Joint Venture Programs (2) (3) (4) (5) |  |  | 1.4 |  |  |  | (6.1 | ) |  |  | 4.3 |  |  |  | 16.7 |
Canadian Properties (5) |  |  | 90.9 |  |  |  | 7.9 |  |  |  | 144.1 |  |  |  | 70.4 |
Total |  | $ | 108.7 |  |  | $ | 22.4 |  |  | $ | 178.6 |  |  | $ | 119.9 |
| (1) | During the six months ended June 30, 2015, 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.
| (2) | During 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.
| (3) | 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.
| (4) | 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.
| (5) | Amounts include gains on sale of real estate properties and ownership interests in joint ventures, see table below.
The following tables provide a summary of properties and land parcels disposed of through the Company’s real estate joint ventures during the six months ended June 30, 2016 and 2015. These transactions resulted in an aggregate net gain to the Company of $143.2 million and $62.0 million, before income taxes, for the six months ended June 30, 2016 and 2015, respectively, and are included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income:
|  | Six Months Ended June 30, 2016 |
|  | Number of properties |  |  | Number of land parcels |  |  | Aggregate sales price (in millions) |
KimPru and KimPru II |  |  | 1 |  |  |  | - |  |  | $ | 16.5 |
KIR |  |  | 1 |  |  |  | - |  |  | $ | 23.6 |
CPP (1) |  |  | 2 |  |  |  | - |  |  | $ | 299.2 |
Other Joint Venture Programs |  |  | 2 |  |  |  | - |  |  | $ | 21.6 |
Canadian Properties |  |  | 29 |  |  |  | - |  |  | $ | 797.3 |
| (1) | In April 2016, the Company acquired its partner’s interest in an operating property and a development project for a gross purchase price of $299.2 million, including the assumption of $100.0 million in mortgage debt, which encumbered the operating property.
|  | Six Months Ended June 30, 2015 |
|  | Number of properties |  |  | Number of land parcels |  |  | Aggregate sales price (in millions) |
KimPru and KimPru II |  |  | 1 |  |  |  | - |  |  | $ | 23.2 |
KIR |  |  | 3 |  |  |  | - |  |  | $ | 48.0 |
Other Joint Venture Programs (1) |  |  | 1 |  |  |  | - |  |  | $ | 5.8 |
Canadian Properties |  |  | 3 |  |  |  | 1 |  |  | $ | 190.7 |
| (1) | The Company acquired the remaining interest in this property during the six months ended June 30, 2015.
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, 2016 and December 31, 2015 (dollars in millions):
|  | As of June 30 , 2016 |  |  | As of December 31, 2015 |
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 |  | $ | 744.6 |  |  |  | 5.24 | % |  |  | 15.9 |  |  | $ | 777.1 |  |  |  | 5.54 | % |  |  | 12.6 |
KIR |  |  | 780.1 |  |  |  | 4.69 | % |  |  | 58.5 |  |  |  | 811.6 |  |  |  | 4.64 | % |  |  | 62.3 |
CPP |  |  | 84.4 |  |  |  | 2.02 | % |  |  | 22.0 |  |  |  | 109.9 |  |  |  | 5.25 | % |  |  | 3.5 |
Other Institutional Programs |  |  | 215.6 |  |  |  | 4.92 | % |  |  | 15.6 |  |  |  | 218.5 |  |  |  | 4.92 | % |  |  | 20.5 |
Other Joint Venture Programs |  |  | 536.4 |  |  |  | 5.55 | % |  |  | 31.0 |  |  |  | 540.7 |  |  |  | 5.61 | % |  |  | 36.1 |
Canadian Properties |  |  | 30.7 |  |  |  | 4.99 | % |  |  | 44.8 |  |  |  | 341.3 |  |  |  | 4.64 | % |  |  | 56.4 |
Total |  | $ | 2,391.8 |  |  |  |  |  |  |  |  |  |  | $ | 2,799.1 |  |  |  |  |  |  |  |  |
* Average Remaining Term includes extension options.

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