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Note 7 - Investments and Advances In Real Estate Joint Ventures | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Investments and Advances In Real Estate Joint Ventures [Text Block] |
7. | Investment 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 unconsolidated joint venture investments for which the Company held an ownership interest at December 31, 2017 and 2016 (in millions, except number of properties):
|  | December 31 , 201 7 |  |  | 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 |  |  | $ | 179.5 |  |  | 15.0% |  |  |  | 48 |  |  | $ | 182.5 |
Kimco Income Opportunity Portfolio (“KIR”) (2) |  | 48.6% |  |  |  | 42 |  |  |  | 154.1 |  |  | 48.6% |  |  |  | 45 |  |  |  | 145.2 |
Canada Pension Plan Investment Board (“CPP”) (2) (3) |  | 55.0% |  |  |  | 4 |  |  |  | 105.0 |  |  | 55.0% |  |  |  | 5 |  |  |  | 111.8 |
Other Joint Venture Programs |  | Various |  |  |  | 26 |  |  |  | 45.3 |  |  | Various |  |  |  | 37 |  |  |  | 64.7 |
Total * |  |  |  |  |  | 118 |  |  | $ | 483.9 |  |  |  |  |  |  | 135 |  |  | $ | 504.2 |
* | Representing 23.5 million and 26.2 million square feet of GLA as of December 31, 2017 and 2016, respectively.
( 1 ) | Represents four separate joint ventures, with four separate accounts managed by Prudential Global Investment Management, 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 year ended December 31, 2016, the CPP joint venture acquired a property interest adjacent to an existing operating property in Temecula, CA for a gross purchase price of $27.5 million.
The table below presents the Company ’s share of net income for these investments which is included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income (in millions):
|  | Year Ended December 31, |
|  | 201 7 |  |  | 2016 |  |  | 2015 |
KimPru and KimPru II |  | $ | 13.0 |  |  | $ | 16.4 |  |  | $ | 7.1 |
KIR |  |  | 36.7 |  |  |  | 44.0 |  |  |  | 41.0 |
CPP |  |  | 7.2 |  |  |  | 7.7 |  |  |  | 9.6 |
Other Joint Venture Programs (1) (2) |  |  | 3.9 |  |  |  | 150.6 |  |  |  | 422.7 |
Total |  | $ | 60.8 |  |  | $ | 218.7 |  |  | $ | 480.4 |
( 1 ) | During the year ended December 31, 2017, the Company recognized a cumulative foreign currency translation loss of $4.8 million due to the substantial liquidation of the Company’s investments in Canada during 2017.
( 2 ) | During the year ended December 31, 2017, a joint venture recognized an impairment charge related to the pending sale of a property, of which the Company’s share was $3.4 million.
During the year ended December 31, 2017, the Company’s real estate joint ventures disposed of or transferred interest to joint venture partners in 13 operating properties and a portion of one property, in separate transactions, for an aggregate sales price of $180.8 million. These transactions resulted in an aggregate net gain to the Company of $7.5 million, before income taxes. In addition, during 2017, the Company acquired a controlling interest in three operating properties from certain joint ventures, in separate transactions, with an aggregate gross fair value of $320.1 million. See Footnote 3 of the Notes to Consolidated Financial Statements for the operating properties acquired by the Company. During the year ended December 31, 2016, the Company’s real estate joint ventures disposed of or transferred interest to joint venture partners in 45 operating properties and one land parcel, in separate transactions, for an aggregate sales price of $1.1 billion. These transactions resulted in an aggregate net gain to the Company of $151.2 million, before income taxes. In addition, during 2016, the Company acquired a controlling interest in nine operating properties and one development project from certain joint ventures, in separate transactions, with an aggregate gross fair value of $590.1 million. See Footnotes 3 and 4 of the Notes to Consolidated Financial Statements for the operating properties and development projects acquired by the Company. During the year ended December 31, 2015, the Company’s real estate joint ventures disposed of or transferred interest to joint venture partners in 98 operating properties and 11 land parcels, in separate transactions, for an aggregate sales price of $1.8 billion. These transactions resulted in an aggregate net gain to the Company of $380.6 million, before income taxes. In addition, during 2015, the Company acquired a controlling interest in 43 operating properties from certain joint ventures, in separate transactions with an aggregate gross fair value of $1.6 billion. The table below presents debt balances within the Company ’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at December 31, 2017 and 2016 (dollars in millions):
|  | December 31 , 201 7 |  |  | December 31, 201 6 |
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 |  | $ | 625.7 |  |  |  | 3.59 | % |  |  | 59.8 |  |  | $ | 647.4 |  |  |  | 3.07 | % |  |  | 67.5 |
KIR |  |  | 702.0 |  |  |  | 4.60 | % |  |  | 47.5 |  |  |  | 746.5 |  |  |  | 4.64 | % |  |  | 54.9 |
CPP |  |  | 84.9 |  |  |  | 2.91 | % |  |  | 4.0 |  |  |  | 84.8 |  |  |  | 2.17 | % |  |  | 16.0 |
Other Joint Venture Programs |  |  | 287.6 |  |  |  | 4.41 | % |  |  | 27.2 |  |  |  | 584.3 |  |  |  | 5.40 | % |  |  | 23.4 |
Total |  | $ | 1,700.2 |  |  |  |  |  |  |  |  |  |  | $ | 2,063.0 |  |  |  |  |  |  |  |  |
* Average remaining term includes extensions Summarized financial information for the Company ’s investment and advances in real estate joint ventures is as follows (in millions):
|  | December 31, |
|  | 201 7 |  |  | 201 6 |
Assets: |  |  |  |  |  |  |  |
Real estate, net |  | $ | 3,402.1 |  |  | $ | 3,741.9 |
Other assets |  |  | 208.9 |  |  |  | 224.6 |
|  | $ | 3,611.0 |  |  | $ | 3,966.5 |
Liabilities and Partners ’/Members’ Capital: |  |  |  |  |  |  |  |
Notes payable , net |  | $ | 233.1 |  |  | $ | 214.5 |
M ortgages payable, net |  |  | 1,467.1 |  |  |  | 1,848.5 |
Other liabilities |  |  | 52.5 |  |  |  | 82.3 |
Noncontrolling interests |  |  | 15.5 |  |  |  | 15.9 |
Partners ’/Members’ capital |  |  | 1,842.8 |  |  |  | 1,805.3 |
|  | $ | 3,611.0 |  |  | $ | 3,966.5 |
|  | Year Ended December 31, |
|  | 201 7 |  |  | 201 6 |  |  | 2015 |
Revenues from rental propert ies |  | $ | 516.0 |  |  | $ | 597.5 |  |  | $ | 842.5 |
Operating expenses |  |  | (150.7 | ) |  |  | (178.1 | ) |  |  | (265.9 | )
Impairment charges |  |  | (12.9 | ) |  |  | (38.6 | ) |  |  | (63.4 | )
Depreciation and amortization |  |  | (116.1 | ) |  |  | (138.1 | ) |  |  | (191.9 | )
Interest expense |  |  | (81.9 | ) |  |  | (117.3 | ) |  |  | (202.8 | )
Other (expense)/income, net |  |  | (3.0 | ) |  |  | 20.1 |  |  |  | 4.4 |
Income from continuing operations |  |  | 151.4 |  |  |  | 145.5 |  |  |  | 122.9 |
Gain on sale of operating properties , net |  |  | 26.0 |  |  |  | 296.2 |  |  |  | 1,166.7 |
Net income |  | $ | 177.4 |  |  | $ | 441.7 |  |  | $ | 1,289.6 |
Other liabilities included in the Company ’s accompanying Consolidated Balance Sheets include accounts with certain real estate joint ventures totaling $2.1 million and $11.0 million at December 31, 2017 and 2016, respectively. The Company and its subsidiaries have varying equity interests in these real estate joint ventures, which may differ from their proportionate share of net income or loss recognized in accordance with GAAP. The Company ’s maximum exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments. Generally, such investments contain operating properties and the Company has determined these entities do not contain the characteristics of a VIE. As of December 31, 2017 and 2016, the Company’s carrying value in these investments was $483.9 million and $504.2 million, respectively.

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