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Note 5 - Investments In and Advances to Real Estate Joint Ventures | 9 Months Ended
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Sep. 30, 2018
Notes to Financial Statements |
Investments and Advances In Real Estate Joint Ventures [Text Block] | 5. Investments in and Advances to Real Estate Joint Ventures The Company has 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, 2018 and December 31, 2017 ( in millions, except number of properties):
|  | Ownership |  |  | The Company's Investment |
Joint Venture |  | Interest |  |  | September 30, 2 018 |  |  | December 31, 2017 |
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) (3) |  |  | 15.0% |  |  | $ | 183.0 |  |  | $ | 179.5 |
Kimco Income Opportunity Portfolio (“KIR”) (2) |  |  | 48.6% |  |  |  | 161.9 |  |  |  | 154.1 |
Canada Pension Plan Investment Board (“CPP”) (2) |  |  | 55.0% |  |  |  | 127.8 |  |  |  | 105.0 |
Other Joint Venture Programs (3) (4) |  |  | Various |  |  |  | 108.0 |  |  |  | 45.3 |
Total* |  |  |  |  |  | $ | 580.7 |  |  | $ | 483.9 |
* Representing 115 property interests and 23.9 million square feet of GLA, as of September 30, 2018, and 118 property interests and 23.5 million square feet of GLA, as of December 31, 2017.
( 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 property management fees, construction management fees, property acquisition and disposition fees, leasing management fees and asset management fees.
( 3 ) | As of December 31, 2017, the Company had aggregate net deferred gains of $6.9 million relating to the disposal of operating properties prior to the adoption of ASU 2017 - 05. These deferred gains were included in the Company’s investment above, of which $5.1 million related to KimPru II and $1.8 million related to Other Joint Venture Programs. Upon adoption, the Company recorded a cumulative-effect adjustment of $6.9 million to its beginning retained earnings as of January 1, 2018 on the Company’s Condensed Consolidated Statements of Changes in Equity. See Footnote 2 to the Notes to the Company’s Condensed Consolidated Financial Statements for further detail and discussion.
( 4 ) | During March 2018, the Company sold a portion of its investment in a consolidated operating property to its partner and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company no longer consolidates the entity. As of the date of deconsolidation, the Company had an investment in this unconsolidated property of $62.4 million. See Footnotes 2 and 3 to the Notes to the Company’s Condensed Consolidated Financial Statements for further detail and discussion.
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 and nine months ended September 30, 2018 and 2017 (in millions):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30 , |
Joint Venture |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
KimPru and KimPru II |  | $ | 3.0 |  |  | $ | 3.2 |  |  | $ | 8.5 |  |  | $ | 9.7 |
KIR |  |  | 8.0 |  |  |  | 8.2 |  |  |  | 26.9 |  |  |  | 24.7 |
CPP |  |  | 1.2 |  |  |  | 1.3 |  |  |  | 3.7 |  |  |  | 4.3 |
Other Joint Venture Programs (1) |  |  | 4.3 |  |  |  | (3.6 | ) |  |  | 13.4 |  |  |  | (1.7 | )
Total |  | $ | 16.5 |  |  | $ | 9.1 |  |  | $ | 52.5 |  |  | $ | 37.0 |
| ( 1 ) | During the nine months ended September 30, 2018, a joint venture investment distributed cash proceeds resulting from the refinancing of an existing loan of which the Company’s share was $3.6 million. This distribution was in excess of the Company’s carrying basis in this joint venture investment and as such was recognized as income.
During the nine months ended September 30, 2018, certain of the Company’s real estate joint ventures disposed of five operating properties, in separate transactions, for an aggregate sales price of $48.4 million. These transactions resulted in an aggregate net gain to the Company of $6.1 million for the nine months ended September 30, 2018. 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. 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, 2018 and December 31, 2017 ( dollars in millions):
|  | As of September 30 , 2018 |  |  | As of December 31, 2017 |
Joint 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 |  | $ | 621.8 |  |  |  | 4.11 | % |  |  | 50.7 |  |  | $ | 625.7 |  |  |  | 3.59 | % |  |  | 59.8 |
KIR |  |  | 679.0 |  |  |  | 4.40 | % |  |  | 43.1 |  |  |  | 702.0 |  |  |  | 4.60 | % |  |  | 47.5 |
CPP |  |  | 84.4 |  |  |  | 3.63 | % |  |  | 57.0 |  |  |  | 84.9 |  |  |  | 2.91 | % |  |  | 4.0 |
Other Joint Venture Programs |  |  | 476.9 |  |  |  | 4.18 | % |  |  | 81.3 |  |  |  | 287.6 |  |  |  | 4.41 | % |  |  | 27.2 |
Total |  | $ | 1,862.1 |  |  |  |  |  |  |  |  |  |  | $ | 1,700.2 |  |  |  |  |  |  |  |  |
* Includes extension options

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