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Note 5 - Investments In and Advances to Real Estate Joint Ventures | 6 Months Ended
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Jun. 30, 2019
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 June 30, 2019 and December 31, 2018 (dollars in millions):
|  | Ownership |  |  | The Company's Investment |
Joint Venture |  | Interest |  |  | June 30, 2019 |  |  | December 31, 2018 |
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) |  |  | 15.0% |  |  | $ | 176.5 |  |  | $ | 175.2 |
Kimco Income Opportunity Portfolio (“KIR”) (2) |  |  | 48.6% |  |  |  | 170.6 |  |  |  | 167.2 |
Canada Pension Plan Investment Board (“CPP”) (2) |  |  | 55.0% |  |  |  | 146.1 |  |  |  | 135.0 |
Other Joint Venture Programs |  |  | Various |  |  |  | 91.8 |  |  |  | 93.5 |
Total* |  |  |  |  |  | $ | 585.0 |  |  | $ | 570.9 |
* Representing 104 property interests and 22.2 million square feet of GLA, as of June 30, 2019, and 109 property interests and 23.2 million square feet of GLA, as of December 31, 2018.
(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 property management fees, construction management fees, property acquisition and disposition fees, leasing management fees and asset 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 and six months ended June 30, 2019 and 2018 (in millions):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
Joint Venture |  | 201 9 |  |  | 201 8 |  |  | 2019 |  |  | 2018 |
KimPru and KimPru II |  | $ | 2.8 |  |  | $ | 2.7 |  |  | $ | 5.7 |  |  | $ | 5.6 |
KIR |  |  | 17.2 |  |  |  | 9.9 |  |  |  | 31.8 |  |  |  | 18.9 |
CPP |  |  | 1.6 |  |  |  | 1.3 |  |  |  | 3.0 |  |  |  | 2.5 |
Other Joint Venture Programs (1) |  |  | 0.9 |  |  |  | 5.1 |  |  |  | 0.8 |  |  |  | 9.0 |
Total |  | $ | 22.5 |  |  | $ | 19.0 |  |  | $ | 41.3 |  |  | $ | 36.0 |
| (1) | During the three months ended June 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. The distribution was in excess of the Company’s carrying basis in this joint venture investment and as such was recognized as income.
During the six months ended June 30, 2019, certain of the Company’s real estate joint ventures disposed of five operating properties, in separate transactions, for an aggregate sales price of $128.2 million. These transactions resulted in an aggregate net gain to the Company of $11.9 million for the six months ended June 30, 2019. During the six months ended June 30, 2018, certain of the Company’s real estate joint ventures disposed of four operating properties, in separate transactions, for an aggregate sales price of $37.9 million. These transactions resulted in an aggregate net gain to the Company of $3.5 million for the six months ended June 30, 2018. The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at June 30, 2019 and December 31, 2018 (dollars in millions):
|  | As of June 30, 2019 |  |  | As of December 31, 2018 |
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 |  | $ | 562.9 |  |  |  | 4.02 | % |  |  | 51.8 |  |  | $ | 572.6 |  |  |  | 4.29 | % |  |  | 49.0 |
KIR |  |  | 572.0 |  |  |  | 4.48 | % |  |  | 34.0 |  |  |  | 651.4 |  |  |  | 4.43 | % |  |  | 40.4 |
CPP |  |  | 84.7 |  |  |  | 3.95 | % |  |  | 48.1 |  |  |  | 84.4 |  |  |  | 3.85 | % |  |  | 54.0 |
Other Joint Venture Programs |  |  | 451.7 |  |  |  | 4.19 | % |  |  | 77.4 |  |  |  | 474.2 |  |  |  | 4.26 | % |  |  | 78.6 |
Total |  | $ | 1,671.3 |  |  |  |  |  |  |  |  |  |  | $ | 1,782.6 |  |  |  |  |  |  |  |  |
* Includes extension options

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