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Note 4 - Investments In and Advances to Real Estate Joint Ventures | 9 Months Ended
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Sep. 30, 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 September 30, 2017 and December 31, 2016 ( in millions, except number of properties):
|  | As of September 30, 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 |  |  | $ | 179.0 |  |  |  | 15.0 | % |  |  | 48 |  |  | $ | 182.5 |
Kimco Income Opportunity Portfolio (“KIR”) (2) |  |  | 48.6 | % |  |  | 44 |  |  |  | 149.6 |  |  |  | 48.6 | % |  |  | 45 |  |  |  | 145.2 |
Canada Pension Plan Investment Board (“CPP”) (2) |  |  | 55.0 | % |  |  | 5 |  |  |  | 122.4 |  |  |  | 55.0 | % |  |  | 5 |  |  |  | 111.8 |
Other Joint Venture Programs |  | Various |  |  |  | 31 |  |  |  | 58.4 |  |  | Various |  |  |  | 37 |  |  |  | 64.7 |
Total * |  |  |  |  |  |  | 126 |  |  | $ | 509.4 |  |  |  |  |  |  |  | 135 |  |  | $ | 504.2 |
* Representing 2 4.6 million and 26.2 million square feet of GLA, as of September 30, 2017 and December 31, 2016, 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 Operations for the three and nine months ended September 30, 2017 and 2016 (in millions):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 201 7 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
KimPru and KimPru II |  | $ | 3.2 |  |  |  | 2.2 |  |  | $ | 9.7 |  |  |  | 7.5 |
KIR |  |  | 8.2 |  |  |  | 7.9 |  |  |  | 24.7 |  |  |  | 27.4 |
CPP |  |  | 1.3 |  |  |  | 1.3 |  |  |  | 4.3 |  |  |  | 6.2 |
Other Joint Venture Programs (1) |  |  | (3.6 | ) |  |  | 0.1 |  |  |  | (1.7 | ) |  |  | 149.1 |
Total |  | $ | 9.1 |  |  | $ | 11.5 |  |  | $ | 37.0 |  |  | $ | 190.2 |
| ( 1 ) | During the three and nine months ended September 30, 2017, the Company recognized a cumulative foreign currency translation loss of $4.8 million as a result of the substantial liquidation of the Company’s investments in Canada during 2017.
During the nine months ended September 30, 2017, certain of the Company’s real estate joint ventures disposed of six operating properties and a portion of one property, in separate transactions, for an aggregate sales price of $49.3 million. These transactions resulted in an aggregate net gain to the Company of $0.1 million, before income taxes, for the nine months ended September 30, 2017. In addition, during the nine months ended September 30, 2017, the Company acquired a controlling interest in three operating properties from certain joint ventures, in separate transactions, for a gross fair value of $320.1 million. See Footnote 2 for the operating properties acquired by the Company. During the nine months ended September 30, 2016, certain of the Company’s real estate joint ventures disposed of or transferred interests to joint venture partners in 39 operating properties, in separate transactions, for an aggregate sales price of $959.2 million. These transactions resulted in an aggregate net gain to the Company of $143.3 million, before income taxes, for the nine months ended September 30, 2016. In addition, during the nine months ended September 30, 2016, the Company acquired a controlling interest in six operating properties and one development project from certain joint ventures, in separate transactions, for a gross fair value of $486.2 million. The table below presents debt balances within the Company ’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at September 30, 2017 and December 31, 2016 ( dollars in millions):
|  |  | As of September 30, 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 |  | $ | 626.9 |  |  |  | 3.35 | % |  |  | 62.9 |  |  | $ | 647.4 |  |  |  | 3.07 | % |  |  | 67.5 |
KIR |  |  | 725.7 |  |  |  | 4.54 | % |  |  | 49.7 |  |  |  | 746.5 |  |  |  | 4.64 | % |  |  | 54.9 |
CPP |  |  | 84.9 |  |  |  | 2.78 | % |  |  | 7.0 |  |  |  | 84.8 |  |  |  | 2.17 | % |  |  | 16.0 |
Other Joint Venture Programs |  |  | 289.0 |  |  |  | 4.37 | % |  |  | 29.8 |  |  |  | 584.3 |  |  |  | 5.40 | % |  |  | 23.4 |
Total |  | $ | 1,726.5 |  |  |  |  |  |  |  |  |  |  | $ | 2,063.0 |  |  |  |  |  |  |  |  |
* Includes extension options

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