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.

(

)

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.

(

)

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.

(

)

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

(

)

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.

(

)

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

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

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

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

and

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

operating properties and

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

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.