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Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Text Block] | KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE As of December 31, 2023 (in thousands)
Description |  | Interest Rate |  | Final Maturity Date | Periodic Payment Terms (a) |  | Prior Liens |  |  | Original Face Amount of Mortgages |  |  | Carrying Amount of Mortgages (b) |
Mortgage Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gresham, OR |  |  | 8.00 | % | Apr-24 | I |  | $ | - |  |  | $ | 25,000 |  |  | $ | 25,000 |
Apopka, FL |  |  | 14.00 | % | Dec-24 | I |  |  | - |  |  |  | 11,211 |  |  |  | 11,211 |
Lynwood, CA |  |  | 9.00 | % | Jun-25 | I |  |  | - |  |  |  | 16,463 |  |  |  | 16,463 |
Crystal Lake, IL (i) |  |  | 10.50 | % | Nov-26 | I |  |  | - |  |  |  | 7,308 |  |  |  | 7,308 |
Jacksonville, FL |  |  | 10.00 | % | Nov-26 | I |  |  | - |  |  |  | 15,000 |  |  |  | 15,000 |
San Antonio, TX |  |  | 12.50 | % | Sep-27 | I |  |  | - |  |  |  | 21,500 |  |  |  | 16,359 |
Fairfax, VA |  |  | 8.00 | % | May-29 | I |  |  | - |  |  |  | 14,000 |  |  |  | 14,000 |
Euless, TX |  |  | 10.00 | % | Jun-29 | I |  |  | - |  |  |  | 19,600 |  |  |  | 19,600 |
Individually < 3% (c) |  | (d) |  | (e) | I |  |  | - |  |  |  | 6,485 |  |  |  | 6,485 |
Nonretail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually < 3% (f) |  | (g) |  | (h) | P&I |  |  | - |  |  |  | 1,854 |  |  |  | 305 |
Other Financing Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nonretail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrower A |  |  | 7.00 | % | Mar-31 | P&I |  |  | - |  |  |  | 397 |  |  |  | 314 |
Allowance for Credit losses: |  |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | (1,300 | )
|  |  |  |  |  |  |  | $ | - |  |  | $ | 138,818 |  |  | $ | 130,745 |
(a) I = Interest only; P&I = Principal & Interest. (b) The aggregate cost for Federal income tax purposes was approximately $130.7 million as of December 31, 2023. (c) Comprised of two separate loans with original loan amounts ranging from $3.1 million to $3.4 million. (d) Interest rates range from 7.00% to 12.00%. (e) Maturity dates range from May 2033 to October 2053. (f) Comprised of two separate loans with original loan amounts ranging from $0.5 million to $1.9 million. (g) Interest rates range from 6.88% to 7.41%. (h) Maturity dates range from October 2026 to December 2030. (i) There was an outstanding undrawn mortgage loan balance of $7.0 million as of December 31, 2023, for which the Company, as a lender, accrues interest at a rate of 0.5% per annum. For a reconciliation of mortgage and other financing receivables from January 1, 2021 to December 31, 2023, see Footnote 11 of the Notes to the Consolidated Financial Statements included in this Form 10-K. The Company reviews payment status to identify performing versus non-performing loans. As of December 31, 2023, the Company had a total of 13 loans, all of which are performing. The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the personal guarantees of the borrower and the prospects of the borrower. The following table reconciles mortgage loans and other financing receivables from January 1, 2021 to December 31, 2023 (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Balance at January 1, |  | $ | 87,359 |  |  | $ | 73,102 |  |  | $ | 32,246 |
Additions: |  |  |  |  |  |  |  |  |  |  |  |
New mortgage and other loans (1) |  |  | 43,519 |  |  |  | 75,063 |  |  |  | 55,307 |
Deductions: |  |  |  |  |  |  |  |  |  |  |  |
Loan repayments (2) |  |  | (35 | ) |  |  | (60,211 | ) |  |  | (13,646 | )
Collections of principal |  |  | (98 | ) |  |  | (95 | ) |  |  | (130 | )
Allowance for credit losses |  |  | - |  |  |  | (500 | ) |  |  | (370 | )
Other adjustments |  |  | - |  |  |  | - |  |  |  | (305 | )
Balance at December 31, |  | $ | 130,745 |  |  | $ | 87,359 |  |  | $ | 73,102 |
| (1) | During 2021, the Company acquired $13.4 million of mortgage loan receivables in connection with the merger with Weingarten.
| (2) | During 2022, the Company recognized $4.0 million of profit participation related to the repayment of a mortgage loan, which is included in Other income, net on the Company’s Consolidated Statements of Income.

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- Definition The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding 3 percent of carrying amount of mortgage. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 -Publisher SEC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 310 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479851/948-310-S99-1 + Details
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