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Note 6 - Investment In and Advances to Real Estate Joint Ventures | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Investments and Advances In Real Estate Joint Ventures [Text Block] | 6. Investment 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 December 31, 2023 and 2022 (in millions, except number of properties):
|  | Noncontrolling |  | The Company's Investment |
|  | Ownership Interest |  | December 31, |
Joint Venture |  | December 31, 2023 |  | 2023 |  |  | 2022 |
Prudential Investment Program |  |  | 15.0 | % |  | $ | 138.7 |  |  | $ | 153.6 |
Kimco Income Opportunity Portfolio (“KIR”) (1) |  |  | 52.1 | % |  |  | 286.3 |  |  |  | 281.5 |
Canada Pension Plan Investment Board (“CPP”) |  |  | 55.0 | % |  |  | 204.6 |  |  |  | 190.8 |
Other Institutional Joint Ventures |  | Various |  |  | 247.5 |  |  |  | 256.8 |
Other Joint Venture Programs |  | Various |  |  | 210.7 |  |  |  | 208.9 |
Total* |  |  |  |  |  | $ | 1,087.8 |  |  | $ | 1,091.6 |
* Representing 104 property interests and 21.1 million square feet of GLA, as of December 31, 2023, and 111 property interests and 22.4 million square feet of GLA, as of December 31, 2022.
(1) | During 2022, the Company purchased additional ownership interests for $55.1 million, including the General Partner’s ownership interest from Milton Cooper, Executive Chairman of the Board of Directors of the Company, for $0.1 million. There was no change in control as a result of these transactions.
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 Consolidated Statements of Income (in millions):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Prudential Investment Program (1) |  | $ | 16.4 |  |  | $ | 9.6 |  |  | $ | 17.5 |
KIR |  |  | 34.7 |  |  |  | 70.3 |  |  |  | 36.9 |
CPP |  |  | 8.7 |  |  |  | 10.6 |  |  |  | 9.2 |
Other Institutional Joint Ventures |  |  | 2.6 |  |  |  | 7.0 |  |  |  | 1.7 |
Other Joint Venture Programs |  |  | 9.9 |  |  |  | 12.0 |  |  |  | 19.5 |
Total |  | $ | 72.3 |  |  | $ | 109.5 |  |  | $ | 84.8 |
(1) | During 2022, the Prudential Investment Program recognized an impairment charge on a property of $15.1 million, of which the Company’s share was $2.3 million.
During 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 Consolidated Financial Statements for the operating properties acquired by the Company. In addition, during 2023, certain of the Company’s real estate joint ventures disposed of four properties and a parcel, in separate transactions, for an aggregate sales price of $132.3 million. These transactions resulted in an aggregate net gain to the Company of $0.3 million for the year ended December 31, 2023. During 2022, certain of the Company’s real estate joint ventures disposed of nine properties and two parcels, in separate transactions, for an aggregate sales price of $349.1 million. These transactions resulted in an aggregate net gain to the Company of $39.3 million for the year ended December 31, 2022. The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at December 31, 2023 and 2022 (dollars in millions):
|  | December 31, 2023 |  |  | 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 |  | $ | 291.6 |  |  |  | 6.00 | % |  |  | 24.6 |  |  | $ | 380.1 |  |  |  | 5.20 | % |  |  | 33.1 |
KIR |  |  | 273.4 |  |  |  | 5.82 | % |  |  | 39.2 |  |  |  | 297.9 |  |  |  | 5.46 | % |  |  | 47.2 |
CPP |  |  | 81.9 |  |  |  | 5.12 | % |  |  | 31.0 |  |  |  | 83.1 |  |  |  | 6.14 | % |  |  | 43.0 |
Other Institutional Joint Ventures |  |  | 234.1 |  |  |  | 5.76 | % |  |  | 35.7 |  |  |  | 233.5 |  |  |  | 4.30 | % |  |  | 47.7 |
Other Joint Venture Programs |  |  | 367.9 |  |  |  | 4.44 | % |  |  | 59.6 |  |  |  | 388.8 |  |  |  | 4.10 | % |  |  | 71.8 |
Total |  | $ | 1,248.9 |  |  |  |  |  |  |  |  |  |  | $ | 1,383.4 |  |  |  |  |  |  |  |  |
* Average remaining term includes extensions Unconsolidated Significant Subsidiaries The Company holds a 52.1% noncontrolling limited partnership interest in KIR, which the Company determined under Rule 4-08(g) of Regulation S-X was significant under the income and revenue tests for the year ended December 31, 2022 and requires summarized financial information. The Company has a master management agreement whereby the Company performs services for fees relating to the management, operation, supervision and maintenance of the KIR joint venture properties. The following table shows summarized unaudited financial information for KIR, as follows (in millions):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Assets: |  |  |  |  |  |  |  |
Real estate, net |  | $ | 669.2 |  |  | $ | 668.7 |
Other assets, net |  |  | 67.5 |  |  |  | 72.4 |
Total Assets |  | $ | 736.7 |  |  | $ | 741.1 |
Liabilities and Members’ Capital: |  |  |  |  |  |  |  |
Notes payable, net |  | $ | 273.4 |  |  | $ | 272.9 |
Mortgages payable, net |  |  | - |  |  |  | 25.0 |
Other liabilities |  |  | 15.9 |  |  |  | 13.9 |
Accumulated other comprehensive income |  |  | 0.6 |  |  |  | - |
Members’ capital |  |  | 446.8 |  |  |  | 429.3 |
Total Liabilities and Members’ Capital |  | $ | 736.7 |  |  | $ | 741.1 |
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Revenues, net |  | $ | 174.1 |  |  | $ | 182.5 |  |  | $ | 186.6 |
Operating expenses |  |  | (46.7 | ) |  |  | (48.2 | ) |  |  | (51.3 | )
Depreciation and amortization |  |  | (38.5 | ) |  |  | (39.4 | ) |  |  | (40.3 | )
Gain on sale of properties |  |  | - |  |  |  | 76.2 |  |  |  | - |
Interest expense |  |  | (16.8 | ) |  |  | (15.5 | ) |  |  | (18.1 | )
Other expense, net |  |  | (0.6 | ) |  |  | (1.2 | ) |  |  | (2.1 | )
Net income |  | $ | 71.5 |  |  | $ | 154.4 |  |  | $ | 74.8 |
Summarized financial information for the Company’s investment in and advances to all other real estate joint ventures is as follows (in millions):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Assets: |  |  |  |  |  |  |  |
Real estate, net |  | $ | 3,156.2 |  |  | $ | 3,440.1 |
Other assets, net |  |  | 251.6 |  |  |  | 208.4 |
Total Assets |  | $ | 3,407.8 |  |  | $ | 3,648.5 |
Liabilities and Members’ Capital: |  |  |  |  |  |  |  |
Notes payable, net |  | $ | 159.9 |  |  | $ | 159.5 |
Mortgages payable, net |  |  | 815.6 |  |  |  | 925.9 |
Other liabilities |  |  | 70.9 |  |  |  | 78.8 |
Accumulated other comprehensive income |  |  | 5.1 |  |  |  | 6.3 |
Noncontrolling interests |  |  | 34.4 |  |  |  | 33.5 |
Members’ capital |  |  | 2,321.9 |  |  |  | 2,444.5 |
Total Liabilities and Members’ Capital |  | $ | 3,407.8 |  |  | $ | 3,648.5 |
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Revenues, net |  | $ | 378.4 |  |  | $ | 395.2 |  |  | $ | 340.3 |
Operating expenses |  |  | (126.6 | ) |  |  | (126.9 | ) |  |  | (111.7 | )
Impairment charges |  |  | (17.8 | ) |  |  | (21.1 | ) |  |  | (23.5 | )
Depreciation and amortization |  |  | (108.2 | ) |  |  | (119.0 | ) |  |  | (97.2 | )
Gain on sale of properties |  |  | 48.0 |  |  |  | 24.7 |  |  |  | 61.5 |
Interest expense |  |  | (55.4 | ) |  |  | (38.6 | ) |  |  | (27.6 | )
Other expense, net |  |  | (6.4 | ) |  |  | (6.2 | ) |  |  | (0.9 | )
Net income |  | $ | 112.0 |  |  | $ | 108.1 |  |  | $ | 140.9 |
Other liabilities included in the Company’s accompanying Consolidated Balance Sheets include investments in certain real estate joint ventures totaling $5.1 million and $5.3 million at December 31, 2023 and 2022, respectively. The Company has varying equity interests in these real estate joint ventures, which may differ from their proportionate share of net income or loss recognized in accordance with GAAP. The Company’s maximum exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments. Generally, such investments contain operating properties and the Company has determined these entities do not contain the characteristics of a VIE. As of December 31, 2023 and 2022, the Company’s carrying value in these investments was $1.1 billion.

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