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Note 4 - Investments in and Advances to Real Estate Joint Ventures | 3 Months Ended
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Mar. 31, 2017
Notes to Financial Statements |
Investments and Advances In Real Estate Joint Ventures [Text Block] | 4. Investments in and Advances to 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, 2017 and December 31, 2016 (in millions, except number of properties):
|  | As of March 31, 2017 |  |  | As of December 31, 2016 |
Venture |  | Ownership Interest |  |  | Number of Properties |  |  | The Company's Investment |  |  | Ownership Interest |  |  | Number of Properties |  |  | The Company's Investment |
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) |  |  | 15.0% |  |  |  | 46 |  |  | $ | 179.9 |  |  |  | 15.0% |  |  |  | 48 |  |  | $ | 182.5 |
Kimco Income Opportunity Portfolio (“KIR”) (2) |  |  | 48.6% |  |  |  | 44 |  |  |  | 147.1 |  |  |  | 48.6% |  |  |  | 45 |  |  |  | 145.2 |
Canada Pension Plan Investment Board (“CPP”) (2) |  |  | 55.0% |  |  |  | 5 |  |  |  | 115.2 |  |  |  | 55.0% |  |  |  | 5 |  |  |  | 111.8 |
Other Joint Venture Programs |  |  | Various |  |  |  | 33 |  |  |  | 62.6 |  |  |  | Various |  |  |  | 37 |  |  |  | 64.7 |
Total * |  |  |  |  |  |  | 128 |  |  | $ | 504.8 |  |  |  |  |  |  |  | 135 |  |  | $ | 504.2 |
* Representing 25.3 million and 26.2 million square feet of GLA, respectively.
(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 Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income for the three months ended March 31, 2017 and 2016 (in millions):
|  | Three Months Ended March 31 , |
|  | 201 7 |  |  | 2016 |
KimPru and KimPru II |  | $ | 3.3 |  |  | $ | 2.2 |
KIR |  |  | 9.4 |  |  |  | 7.4 |
CPP |  |  | 1.7 |  |  |  | 3.9 |
Other Joint Venture Programs |  |  | 0.3 |  |  |  | 56.4 |
Total |  | $ | 14.7 |  |  | $ | 69.9 |
During the three months ended March 31, 2017, certain of the Company’s real estate joint ventures disposed of five operating properties, in separate transactions, for an aggregate sales price of $47.7 million. These transactions resulted in an aggregate net gain to the Company of $0.9 million, before income taxes, for the three months ended March 31, 2017. In addition, during three months ended March 31, 2017, the Company acquired a controlling interest in two operating properties from certain joint ventures, in separate transactions, for a gross purchase price of $15.4 million. See Footnote 2 for the operating properties acquired by the Company. During the three months ended March 31, 2016, certain of the Company’s real estate joint ventures disposed of or transferred interests to joint venture partners in nine operating properties, in separate transactions, for an aggregate sales price of $344.5 million. These transactions resulted in an aggregate net gain to the Company of $54.1 million, before income taxes, for the three months ended March 31, 2016. 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, 2017 and December 31, 2016 (dollars in millions):
|  | As of March 31, 2017 |  |  | As of December 31, 201 6 |
Venture |  | Mortgages and Notes Payable , Net |  |  | Weighted Average Interest Rate |  |  | Weighted Average Remaining Term (months)* |  |  | Mortgages and Notes Payable , Net |  |  | Weighted Average Interest Rate |  |  | Weighted Average Remaining Term (months)* |
KimPru and KimPru II |  | $ | 629.3 |  |  |  | 2.85 | % |  |  | 66.3 |  |  | $ | 647.4 |  |  |  | 3.07 | % |  |  | 67.5 |
KIR |  |  | 737.5 |  |  |  | 4.58 | % |  |  | 52.7 |  |  |  | 746.5 |  |  |  | 4.64 | % |  |  | 54.9 |
CPP |  |  | 84.9 |  |  |  | 2.33 | % |  |  | 13.0 |  |  |  | 84.8 |  |  |  | 2.17 | % |  |  | 16.0 |
Other Joint Venture Programs |  |  | 496.9 |  |  |  | 5.38 | % |  |  | 23.9 |  |  |  | 584.3 |  |  |  | 5.40 | % |  |  | 23.4 |
Total |  | $ | 1,948.6 |  |  |  |  |  |  |  |  |  |  | $ | 2,063.0 |  |  |  |  |  |  |  |  |
* Average Remaining Term includes extension options.

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