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Note 4 - Investments in and Advances to Real Estate Joint Ventures | 9 Months Ended
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Sep. 30, 2023
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 September 30, 2023 and December 31, 2022 (dollars in millions):
|  | Noncontrolling Ownership Interest |  |  | The Company’s Investment |
Joint Venture |  | As of September 30, 2023 |  |  | September 30, 2023 |  |  | December 31, 2022 |
Prudential Investment Program |  |  | 15.0% |  |  | $ | 143.0 |  |  | $ | 153.6 |
Kimco Income Opportunity Portfolio (“KIR”) |  |  | 52.1% |  |  |  | 286.2 |  |  |  | 281.5 |
Canada Pension Plan Investment Board (“CPP”) |  |  | 55.0% |  |  |  | 205.1 |  |  |  | 190.8 |
Other Institutional Joint Ventures |  |  | Various |  |  |  | 250.9 |  |  |  | 256.8 |
Other Joint Venture Programs |  |  | Various |  |  |  | 213.6 |  |  |  | 208.9 |
Total* |  |  |  |  |  | $ | 1,098.8 |  |  | $ | 1,091.6 |
| * | Representing 107 property interests and 21.7 million square feet of GLA, as of September 30, 2023, and 111 property interests and 22.4 million square feet of GLA, as of December 31, 2022.
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, 2023 and 2022 (in millions):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
Joint Venture |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Prudential Investment Program |  | $ | 3.4 |  |  | $ | 2.6 |  |  | $ | 15.4 |  |  | $ | 7.4 |
KIR |  |  | 8.2 |  |  |  | 17.5 |  |  |  | 26.0 |  |  |  | 62.9 |
CPP |  |  | 1.5 |  |  |  | 2.5 |  |  |  | 6.9 |  |  |  | 8.2 |
Other Institutional Joint Ventures |  |  | 0.7 |  |  |  | 0.8 |  |  |  | 2.2 |  |  |  | 6.3 |
Other Joint Venture Programs |  |  | 2.5 |  |  |  | 3.0 |  |  |  | 7.1 |  |  |  | 9.3 |
Total |  | $ | 16.3 |  |  | $ | 26.4 |  |  | $ | 57.6 |  |  | $ | 94.1 |
During the nine months ended September 30, 2023, the Company acquired the remaining 85% interest in three operating properties from Prudential Investment Program, in separate transactions, with an aggregate gross fair value of $150.7 million. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized net gains on change in control of interests of $7.7 million, in aggregate, resulting from the fair value adjustments associated with the Company’s previously held equity interests. See Footnote 3 of the Notes to Condensed Consolidated Financial Statements for the operating properties acquired by the Company. In addition, during the nine months ended September 30, 2023, certain of the Company’s real estate joint ventures disposed of a property and a land parcel, in separate transactions, for an aggregate sales price of $29.5 million. These transactions resulted in an aggregate net gain to the Company of $1.3 million for the nine months ended September 30, 2023. During the nine months ended September 30, 2022, certain of the Company’s real estate joint ventures disposed of eight properties and a land parcel, in separate transactions, for an aggregate sales price of $326.5 million. These transactions resulted in an aggregate net gain to the Company of $37.3 million for the nine months ended September 30, 2022. 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, 2023 and December 31, 2022 (dollars in millions):
|  | As of September 30, 2023 |  |  | As of December 31, 2022 |
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 |  | $ | 327.8 |  |  |  | 5.91 | % |  |  | 25.3 |  |  | $ | 380.1 |  |  |  | 5.20 | % |  |  | 33.1 |
KIR |  |  | 273.2 |  |  |  | 5.82 | % |  |  | 42.2 |  |  |  | 297.9 |  |  |  | 5.46 | % |  |  | 47.2 |
CPP |  |  | 82.2 |  |  |  | 5.12 | % |  |  | 34.1 |  |  |  | 83.1 |  |  |  | 6.14 | % |  |  | 43.0 |
Other Institutional Joint Ventures |  |  | 234.0 |  |  |  | 5.76 | % |  |  | 38.7 |  |  |  | 233.5 |  |  |  | 4.30 | % |  |  | 47.7 |
Other Joint Venture Programs |  |  | 369.7 |  |  |  | 4.44 | % |  |  | 62.5 |  |  |  | 388.8 |  |  |  | 4.10 | % |  |  | 71.8 |
Total |  | $ | 1,286.9 |  |  |  |  |  |  |  |  |  |  | $ | 1,383.4 |  |  |  |  |  |  |  |  |
* Includes extension options

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