XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.22.1

Note 4 - Investments in and Advances to Real Estate Joint Ventures | 3 Months Ended
--- | ---
Mar. 31, 2022
Notes to Financial Statements |
Investments and Advances In Real Estate Joint Ventures [Text Block] | 4. 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 Company manages certain of these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees. The table below presents unconsolidated joint venture investments for which the Company held an ownership interest at March 31, 2022 and December 31, 2021 (dollars in millions):
|  | Ownership |  |  | The Company’s Investment |
Joint Venture |  | Interest |  |  | March 31, 2022 |  |  | December 31, 2021 |
Prudential Investment Program |  | 15.0% |  |  | $ | 154.8 |  |  | $ | 163.0 |
Kimco Income Opportunity Portfolio (“KIR”) |  | 48.6% |  |  |  | 192.3 |  |  |  | 186.0 |
Canada Pension Plan Investment Board (“CPP”) |  | 55.0% |  |  |  | 175.1 |  |  |  | 165.1 |
Other Institutional Joint Ventures |  | Various |  |  |  | 279.3 |  |  |  | 281.8 |
Other Joint Venture Programs |  | Various |  |  |  | 212.4 |  |  |  | 211.0 |
Total* |  |  |  |  | $ | 1,013.9 |  |  | $ | 1,006.9 |
* Representing 117 property interests and 24.0 million square feet of GLA, as of March 31, 2022, and 120 property interests and 24.7 million square feet of GLA, as of December 31, 2021. 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 months ended March 31, 2022 and 2021 (in millions):
|  | Three Months Ended |
|  | March 31, |
Joint Venture |  | 2022 |  |  | 2021 |
Prudential Investment Program |  | $ | 2.4 |  |  | $ | 2.6 |
KIR |  |  | 13.4 |  |  |  | 8.7 |
CPP |  |  | 3.1 |  |  |  | 2.1 |
Other Institutional Joint Ventures |  |  | 1.5 |  |  |  | - |
Other Joint Venture Programs |  |  | 3.2 |  |  |  | 4.4 |
Total |  | $ | 23.6 |  |  | $ | 17.8 |
During the three months ended March 31, 2022, certain of the Company’s real estate joint ventures disposed of three properties, in separate transactions, for an aggregate sales price of $81.5 million. These transactions resulted in an aggregate net gain to the Company of $2.6 million for the three months ended March 31, 2022. During the three months ended March 31, 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 three months ended March 31, 2021. The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at March 31, 2022 and December 31, 2021 (dollars in millions):
|  | As of March 31, 2022 |  |  | As of December 31, 2021 |
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 |  | $ | 416.0 |  |  |  | 2.30 | % |  |  | 43.0 |  |  | $ | 426.9 |  |  |  | 2.02 | % |  |  | 45.6 |
KIR |  |  | 468.7 |  |  |  | 2.74 | % |  |  | 25.1 |  |  |  | 492.6 |  |  |  | 2.55 | % |  |  | 27.9 |
CPP |  |  | 83.9 |  |  |  | 2.20 | % |  |  | 52.1 |  |  |  | 84.2 |  |  |  | 1.85 | % |  |  | 55.0 |
Other Institutional Joint Ventures |  |  | 233.0 |  |  |  | 2.00 | % |  |  | 56.7 |  |  |  | 232.9 |  |  |  | 1.65 | % |  |  | 59.7 |
Other Joint Venture Programs |  |  | 401.5 |  |  |  | 3.63 | % |  |  | 80.1 |  |  |  | 402.1 |  |  |  | 3.58 | % |  |  | 83.0 |
Total |  | $ | 1,603.1 |  |  |  |  |  |  |  |  |  |  | $ | 1,638.7 |  |  |  |  |  |  |  |  |
* Includes extension options

X
- Definition Disclosure about investments and advances in real estate joint ventures. + References No definition available. + Details
Name: | kim_InvestmentsAndAdvancesInRealEstateJointVenturesTextBlock
Namespace Prefix: | kim_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration