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Note 5 - Investments In and Advances to Real Estate Joint Ventures | 9 Months Ended
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Sep. 30, 2021
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, 2021 and December 31, 2020 (dollars in millions):
|  | Ownership |  |  | The Company’s Investment |
Joint Venture |  | Interest |  |  | September 30, 2021 |  |  | December 31, 2020 |
Prudential Investment Program (1) |  |  | 15.0% |  |  | $ | 170.5 |  |  | $ | 175.1 |
Kimco Income Opportunity Portfolio (“KIR”) (1) |  |  | 48.6% |  |  |  | 183.3 |  |  |  | 177.4 |
Canada Pension Plan Investment Board (“CPP”) (1) |  |  | 55.0% |  |  |  | 162.4 |  |  |  | 159.7 |
Other Institutional Joint Ventures (1) (2) |  |  | Various |  |  |  | 264.7 |  |  |  | - |
Other Joint Venture Programs (1) (2) (3) |  |  | Various |  |  |  | 397.6 |  |  |  | 78.5 |
Total* |  |  |  |  |  | $ | 1,178.5 |  |  | $ | 590.7 |
* Representing 125 property interests and 25.3 million square feet of GLA, as of September 30, 2021, and 97 property interests and 21.2 million square feet of GLA, as of December 31, 2020.
(1) | The Company manages certain of 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.
(2) | In connection with the Merger, the Company acquired ownership in 9 unconsolidated joint ventures, which have a provisional fair market value of $586.2 million at the time of Merger. These joint ventures represent 30 property interests and 4.4 million square feet of GLA, as of September 30, 2021.
(3) | During October 2021, the Company purchased its partner’s 70% remaining interest in a joint venture which is comprised of six property interests, for a gross purchase price of $425.8 million, which the Company now owns 100%. Subsequently in October 2021, the Company entered into a new 50/50 joint venture with a third party in which it contributed the six properties for a gross sales price of $425.8 million and will remain as manager.
The table below presents the Company’s share of net income/(loss) 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, 2021 and 2020 (in millions):
|  | Three Months Ended |  |  | Nine Months Ended, |
|  | September 30, |  |  | September 30, |
Joint Venture |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Prudential Investment Program |  | $ | 1.9 |  |  | $ | 2.3 |  |  | $ | 7.2 |  |  | $ | 6.8 |
KIR |  |  | 9.4 |  |  |  | 8.2 |  |  |  | 27.2 |  |  |  | 22.9 |
CPP |  |  | 2.6 |  |  |  | 0.9 |  |  |  | 6.7 |  |  |  | 3.6 |
Other Institutional Joint Ventures |  |  | 0.9 |  |  |  | - |  |  |  | 0.9 |  |  |  | - |
Other Joint Venture Programs |  |  | 5.2 |  |  |  | (0.2 | ) |  |  | 12.1 |  |  |  | 1.7 |
Total |  | $ | 20.0 |  |  | $ | 11.2 |  |  | $ | 54.1 |  |  | $ | 35.0 |
During the nine months ended September 30, 2021, certain of the Company’s real estate joint ventures disposed of two properties, in separate transactions, for an aggregate sales price of $53.7 million. These transactions resulted in an aggregate net gain to the Company of $4.2 million for the nine months ended September 30, 2021. 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, 2021 and December 31, 2020 (dollars in millions):
|  | As of September 30, 2021 |  |  | As of December 31, 2020 |
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)* |
Prudential Investment Program |  | $ | 491.8 |  |  |  | 1.95 | % |  |  | 46.5 |  |  | $ | 495.8 |  |  |  | 2.05 | % |  |  | 37.2 |
KIR |  |  | 508.4 |  |  |  | 3.11 | % |  |  | 24.9 |  |  |  | 536.9 |  |  |  | 3.87 | % |  |  | 25.3 |
CPP |  |  | 84.5 |  |  |  | 1.83 | % |  |  | 58.1 |  |  |  | 84.9 |  |  |  | 3.25 | % |  |  | 30.0 |
Other Institutional Joint Ventures (1) |  |  | 169.5 |  |  |  | 1.63 | % |  |  | 6.0 |  |  |  | - |  |  |  | - |  |  |  | - |
Other Joint Venture Programs (1) |  |  | 402.9 |  |  |  | 3.58 | % |  |  | 86.0 |  |  |  | 423.4 |  |  |  | 3.41 | % |  |  | 86.7 |
Total |  | $ | 1,657.1 |  |  |  |  |  |  |  |  |  |  | $ | 1,541.0 |  |  |  |  |  |  |  |  |
* Includes extension options
(1) | Includes an aggregate $191.5 million of secured debt (including a fair market value adjustment of $0.8 million) assumed in connection with the Merger.
The Company will continue to monitor the economic, financial, and social conditions resulting from the COVID-19 pandemic and will assess its joint venture portfolio for any impairment indicators. If the Company has determined that any of its assets are impaired, the Company would be required to take impairment charges, and such amounts could be material.

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