Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 20, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000879101 | |
Entity Registrant Name | KIMCO REALTY CORPORATION | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-10899 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 13-2744380 | |
Entity Address, Address Line One | 500 North Broadway, Suite 201 | |
Entity Address, City or Town | Jericho | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11753 | |
City Area Code | 516 | |
Local Phone Number | 869-9000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 619,883,074 | |
Kimco Realty OP, LLC [Member] | ||
Document Information [Line Items] | ||
Entity Central Index Key | 0001959472 | |
Entity Registrant Name | KIMCO REALTY OP, LLC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Entity File Number | 333-269102-01 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 92-1489725 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Class M Cumulative Redeemable Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing one-thousandth of a share of 5.250% Class M Cumulative Redeemable, Preferred Stock, $1.00 par value per share. | |
Trading Symbol | KIMprM | |
Security Exchange Name | NYSE | |
Class L Cumulative Redeemable Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing one-thousandth of a share of 5.125% Class L Cumulative Redeemable, Preferred Stock, $1.00 par value per share. | |
Trading Symbol | KIMprL | |
Security Exchange Name | NYSE | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $.01 per share. | |
Trading Symbol | KIM | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Assets: | |||
Real estate, net of accumulated depreciation and amortization of $3,631,686 and $3,417,414, respectively | $ 15,019,986 | $ 15,039,828 | |
Other investments | 136,600 | ||
Cash and cash equivalents | 536,477 | 149,829 | |
Marketable securities | 314,826 | 597,732 | |
Accounts and notes receivable, net | 294,608 | 304,226 | |
Operating lease right-of-use assets, net | 130,287 | 133,733 | |
Other assets | 396,643 | 401,642 | |
Total assets | [1] | 17,927,718 | 17,826,122 |
Liabilities: | |||
Notes payable, net | 6,775,080 | 6,780,969 | |
Mortgages payable, net | 359,609 | 376,917 | |
Accounts payable and accrued expenses | 207,545 | 207,815 | |
Dividends payable | 5,308 | 5,326 | |
Operating lease liabilities | 111,129 | 113,679 | |
Other liabilities | 620,706 | 601,574 | |
Total liabilities | [1] | 8,079,377 | 8,086,280 |
Redeemable noncontrolling interests | 92,933 | 92,933 | |
Commitments and Contingencies (Footnote 17) | |||
Stockholders' equity: | |||
Preferred stock, $1.00 par value, authorized 7,054,000 shares; Issued and outstanding (in series) 19,367 and 19,435 shares, respectively; Aggregate liquidation preference $484,179 and $485,868, respectively | 19 | 19 | |
Common stock, $.01 par value, authorized 750,000,000 shares; Issued and outstanding 619,888,890 and 618,483,565 shares, respectively | 6,199 | 6,185 | |
Paid-in capital | 9,621,686 | 9,618,271 | |
Cumulative distributions in excess of net income | (20,748) | (119,548) | |
Accumulated other comprehensive income | 15,942 | 10,581 | |
Total stockholders' equity | 9,623,098 | 9,515,508 | |
Noncontrolling interests | 132,310 | 131,401 | |
Total equity | 9,755,408 | 9,646,909 | |
Total liabilities and equity | 17,927,718 | 17,826,122 | |
Members' capital: | |||
Accumulated other comprehensive income | 15,942 | 10,581 | |
Noncontrolling interests | 132,310 | 131,401 | |
Total equity | 9,755,408 | 9,646,909 | |
Total liabilities and equity | 17,927,718 | 17,826,122 | |
Investments in and Advances to Real Estate Joint Ventures [Member] | |||
Assets: | |||
Investments in and advances to real estate joint ventures | 1,098,336 | 1,091,551 | |
Other Real Estate Investments [Member] | |||
Assets: | |||
Other investments | 136,555 | 107,581 | |
Kimco Realty OP, LLC [Member] | |||
Assets: | |||
Real estate, net of accumulated depreciation and amortization of $3,631,686 and $3,417,414, respectively | 15,019,986 | 15,039,828 | |
Cash and cash equivalents | 536,477 | 149,829 | |
Marketable securities | 314,826 | 597,732 | |
Accounts and notes receivable, net | 294,608 | 304,226 | |
Operating lease right-of-use assets, net | 130,287 | 133,733 | |
Other assets | 396,643 | 401,642 | |
Total assets | [1] | 17,927,718 | 17,826,122 |
Liabilities: | |||
Notes payable, net | 6,775,080 | 6,780,969 | |
Mortgages payable, net | 359,609 | 376,917 | |
Accounts payable and accrued expenses | 207,545 | 207,815 | |
Dividends payable | 5,308 | 5,326 | |
Operating lease liabilities | 111,129 | 113,679 | |
Other liabilities | 620,706 | 601,574 | |
Total liabilities | [1] | 8,079,377 | 8,086,280 |
Redeemable noncontrolling interests | 92,933 | 92,933 | |
Commitments and Contingencies (Footnote 17) | |||
Stockholders' equity: | |||
Accumulated other comprehensive income | 15,942 | 10,581 | |
Noncontrolling interests | 132,310 | 131,401 | |
Total equity | 9,755,408 | 9,646,909 | |
Total liabilities and equity | 17,927,718 | 17,826,122 | |
Members' capital: | |||
Preferred units; Issued and outstanding 19,367 and 19,435 units, respectively | 467,396 | 469,027 | |
Common units; Issued and outstanding 619,888,890 and 618,483,565 units, respectively | 9,139,760 | 9,035,900 | |
Accumulated other comprehensive income | 15,942 | 10,581 | |
Total members' capital | 9,623,098 | 9,515,508 | |
Noncontrolling interests | 132,310 | 131,401 | |
Total equity | 9,755,408 | 9,646,909 | |
Total liabilities and equity | 17,927,718 | 17,826,122 | |
Kimco Realty OP, LLC [Member] | Investments in and Advances to Real Estate Joint Ventures [Member] | |||
Assets: | |||
Investments in and advances to real estate joint ventures | 1,098,336 | 1,091,551 | |
Kimco Realty OP, LLC [Member] | Other Real Estate Investments [Member] | |||
Assets: | |||
Other investments | $ 136,555 | $ 107,581 | |
[1]Total assets include restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2023 and December 31, 2022 of $396,352 and $436,605, respectively. Total liabilities include non-recourse liabilities of consolidated VIEs at June 30, 2023 and December 31, 2022 of $186,157 and $199,132, respectively. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Real estate, accumulated depreciation | $ 3,631,686 | $ 3,417,414 | |
Total assets | [1] | 17,927,718 | 17,826,122 |
Total liabilities | [1] | $ 8,079,377 | $ 8,086,280 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | |
Preferred stock, shares authorized (in shares) | 7,054,000 | 7,054,000 | |
Preferred stock, shares issued (in shares) | 19,367 | 19,435 | |
Preferred stock, shares outstanding (in shares) | 19,367 | 19,435 | |
Preferred stock, liquidation preference | $ 484,179 | $ 489,868 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 | |
Common stock, shares issued (in shares) | 619,888,890 | 618,483,565 | |
Common stock, shares outstanding (in shares) | 619,888,890 | 618,483,565 | |
Variable Interest Entity, Primary Beneficiary [Member] | Nonrecourse [Member] | |||
Total liabilities | $ 186,157 | $ 199,132 | |
Variable Interest Entity, Primary Beneficiary [Member] | Asset Pledged as Collateral [Member] | |||
Total assets | 396,352 | 436,605 | |
Kimco Realty OP, LLC [Member] | |||
Real estate, accumulated depreciation | 3,631,686 | 3,417,414 | |
Total assets | [1] | 17,927,718 | 17,826,122 |
Total liabilities | [1] | $ 8,079,377 | $ 8,086,280 |
Preferred units, issued (in shares) | 19,367 | 19,435 | |
Preferred units, outstanding (in shares) | 19,367 | 19,435 | |
Common units, issued (in shares) | 619,888,890 | 618,483,565 | |
Common units, outstanding (in shares) | 619,888,890 | 618,483,565 | |
Kimco Realty OP, LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Nonrecourse [Member] | |||
Total liabilities | $ 186,157 | $ 199,132 | |
Kimco Realty OP, LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Asset Pledged as Collateral [Member] | |||
Total assets | $ 396,352 | $ 436,605 | |
[1]Total assets include restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2023 and December 31, 2022 of $396,352 and $436,605, respectively. Total liabilities include non-recourse liabilities of consolidated VIEs at June 30, 2023 and December 31, 2022 of $186,157 and $199,132, respectively. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Revenues | |||||
Revenues from rental properties, net | $ 439,008 | $ 423,273 | $ 877,346 | $ 845,927 | |
Management and other fee income | 3,832 | 3,925 | 8,386 | 8,520 | |
Total revenues | 442,840 | 427,198 | 885,732 | 854,447 | |
Operating expenses | |||||
Rent | (4,145) | (4,070) | (8,158) | (8,151) | |
Real estate taxes | (57,621) | (56,075) | (115,127) | (110,389) | |
Operating and maintenance | (75,073) | (69,784) | (150,315) | (139,009) | |
General and administrative | (32,734) | (27,981) | (67,483) | (57,929) | |
Impairment charges | 0 | (14,419) | (11,806) | (14,691) | |
Depreciation and amortization | (129,245) | (124,611) | (255,546) | (254,905) | |
Total operating expenses | (298,818) | (296,940) | (608,435) | (585,074) | |
Gain on sale of properties | 13,170 | 2,944 | 52,376 | 7,137 | |
Operating income | 157,192 | 133,202 | 329,673 | 276,510 | |
Other income/(expense) | |||||
Special dividend income | 0 | 0 | 194,116 | 0 | |
Other income, net | 7,571 | 6,642 | 10,703 | 12,625 | |
Gain/(loss) on marketable securities, net | 14,561 | (261,467) | 4,417 | (139,703) | |
Interest expense | (60,674) | (56,466) | (121,980) | (113,485) | |
Early extinguishment of debt charges | 0 | (57) | 0 | (7,230) | |
Income/(loss) before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net | 118,650 | (178,146) | 416,929 | 28,717 | |
(Provision)/benefit for income taxes, net | (31,027) | (96) | (61,856) | 57 | |
Net income/(loss) | 109,270 | (130,727) | 403,046 | 105,232 | |
Net (income)/loss attributable to noncontrolling interests | (2,644) | 11,226 | (6,657) | 12,569 | |
Net income/(loss) attributable to the Company | 106,626 | (119,501) | 396,389 | 117,801 | |
Preferred dividends, net | (6,200) | (6,250) | (12,451) | (12,604) | |
Net income/(loss) available to the Company's common shareholders | $ 100,426 | $ (125,751) | $ 383,938 | $ 105,197 | |
Per common share: | |||||
-Basic (in dollars per share) | $ 0.16 | $ (0.21) | $ 0.62 | $ 0.17 | |
-Diluted (in dollars per share) | $ 0.16 | $ (0.21) | $ 0.62 | $ 0.17 | |
Weighted average shares: | |||||
-Basic (in shares) | 617,077 | 615,642 | 616,785 | 615,207 | |
-Diluted (in shares) | [1] | 617,257 | 615,642 | 619,749 | 616,943 |
Joint Ventures [Member] | |||||
Other income/(expense) | |||||
Equity in income, net | $ 17,128 | $ 44,130 | $ 41,332 | $ 67,700 | |
Other Real Estate Investments [Member] | |||||
Other income/(expense) | |||||
Equity in income, net | 4,519 | 3,385 | 6,641 | 8,758 | |
Kimco Realty OP, LLC [Member] | |||||
Revenues | |||||
Revenues from rental properties, net | 439,008 | 423,273 | 877,346 | 845,927 | |
Management and other fee income | 3,832 | 3,925 | 8,386 | 8,520 | |
Total revenues | 442,840 | 427,198 | 885,732 | 854,447 | |
Operating expenses | |||||
Rent | (4,145) | (4,070) | (8,158) | (8,151) | |
Real estate taxes | (57,621) | (56,075) | (115,127) | (110,389) | |
Operating and maintenance | (75,073) | (69,784) | (150,315) | (139,009) | |
General and administrative | (32,734) | (27,981) | (67,483) | (57,929) | |
Impairment charges | 0 | (14,419) | (11,806) | (14,691) | |
Depreciation and amortization | (129,245) | (124,611) | (255,546) | (254,905) | |
Total operating expenses | (298,818) | (296,940) | (608,435) | (585,074) | |
Gain on sale of properties | 13,170 | 2,944 | 52,376 | 7,137 | |
Operating income | 157,192 | 133,202 | 329,673 | 276,510 | |
Other income/(expense) | |||||
Special dividend income | 0 | 0 | 194,116 | 0 | |
Other income, net | 7,571 | 6,642 | 10,703 | 12,625 | |
Gain/(loss) on marketable securities, net | 14,561 | (261,467) | 4,417 | (139,703) | |
Interest expense | (60,674) | (56,466) | (121,980) | (113,485) | |
Early extinguishment of debt charges | 0 | (57) | 0 | (7,230) | |
Income/(loss) before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net | 118,650 | (178,146) | 416,929 | 28,717 | |
(Provision)/benefit for income taxes, net | (31,027) | (96) | (61,856) | 57 | |
Net income/(loss) | 109,270 | (130,727) | 403,046 | 105,232 | |
Net (income)/loss attributable to noncontrolling interests | (2,644) | 11,226 | (6,657) | 12,569 | |
Net income/(loss) attributable to the Company | 106,626 | (119,501) | 396,389 | 117,801 | |
Preferred dividends, net | (6,200) | (6,250) | (12,451) | (12,604) | |
Net income/(loss) available to the Company's common shareholders | $ 100,426 | $ (125,751) | $ 383,938 | $ 105,197 | |
Per common share: | |||||
-Basic (in dollars per share) | $ 0.16 | $ (0.21) | $ 0.62 | $ 0.17 | |
-Diluted (in dollars per share) | $ 0.16 | $ (0.21) | $ 0.62 | $ 0.17 | |
Weighted average shares: | |||||
-Basic (in shares) | 617,077 | 615,642 | 616,785 | 615,207 | |
-Diluted (in shares) | 617,257 | 615,642 | 619,749 | 616,943 | |
Kimco Realty OP, LLC [Member] | Joint Ventures [Member] | |||||
Other income/(expense) | |||||
Equity in income, net | $ 17,128 | $ 44,130 | $ 41,332 | $ 67,700 | |
Kimco Realty OP, LLC [Member] | Other Real Estate Investments [Member] | |||||
Other income/(expense) | |||||
Equity in income, net | $ 4,519 | $ 3,385 | $ 6,641 | $ 8,758 | |
[1]The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to the Company's common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 0.3 million, 0 million and 1.2 million stock options that were not dilutive as of December 31, 2022, 2021 and 2020, respectively. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net income/(loss) | $ 109,270 | $ (130,727) | $ 403,046 | $ 105,232 |
Other comprehensive income: | ||||
Change in unrealized gains related to defined benefit plan | 0 | 4,260 | 0 | 4,260 |
Change in unrealized gains related to equity method investments | 5,361 | 0 | 5,361 | 0 |
Other comprehensive income | 5,361 | 4,260 | 5,361 | 4,260 |
Comprehensive income/(loss) | 114,631 | (126,467) | 408,407 | 109,492 |
Comprehensive (income)/loss attributable to noncontrolling interests | (2,644) | 11,226 | (6,657) | 12,569 |
Comprehensive income/(loss) attributable to the Company | 111,987 | (115,241) | 401,750 | 122,061 |
Net income/(loss) | 109,270 | (130,727) | 403,046 | 105,232 |
Kimco Realty OP, LLC [Member] | ||||
Net income/(loss) | 109,270 | (130,727) | 403,046 | 105,232 |
Other comprehensive income: | ||||
Change in unrealized gains related to defined benefit plan | 0 | 4,260 | 0 | 4,260 |
Change in unrealized gains related to equity method investments | 5,361 | 0 | 5,361 | 0 |
Other comprehensive income | 5,361 | 4,260 | 5,361 | 4,260 |
Comprehensive income/(loss) | 114,631 | (126,467) | 408,407 | 109,492 |
Comprehensive (income)/loss attributable to noncontrolling interests | (2,644) | 11,226 | (6,657) | 12,569 |
Comprehensive income/(loss) attributable to the Company | 111,987 | (115,241) | 401,750 | 122,061 |
Net income/(loss) | $ 109,270 | $ (130,727) | $ 403,046 | $ 105,232 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Kimco Realty OP, LLC [Member] Preferred Stock [Member] | Kimco Realty OP, LLC [Member] Common Stock [Member] | Kimco Realty OP, LLC [Member] AOCI Attributable to Parent [Member] | Kimco Realty OP, LLC [Member] Parent [Member] | Kimco Realty OP, LLC [Member] Noncontrolling Interest [Member] | Kimco Realty OP, LLC [Member] | Preferred Stock [Member] | Common Stock [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 20 | 616,659 | 20 | 616,659 | ||||||||||
Balance at Dec. 31, 2021 | $ 472,533 | $ 9,424,640 | $ 2,216 | $ 9,899,389 | $ 210,793 | $ 10,110,182 | $ 20 | $ 6,167 | $ 2,216 | $ 9,899,389 | $ 210,793 | $ 9,591,871 | $ 299,115 | $ 10,110,182 |
Net income (loss) | 12,604 | 105,197 | 0 | 117,801 | (12,569) | 105,232 | 0 | 0 | 0 | 117,801 | (12,569) | 0 | 117,801 | 105,232 |
Change in unrealized gains related to defined benefit plan | 0 | 0 | 4,260 | 4,260 | 0 | 4,260 | 0 | 0 | 4,260 | 4,260 | 0 | 0 | 0 | 4,260 |
Redeemable noncontrolling interests income | 0 | 0 | 0 | 0 | (534) | (534) | 0 | 0 | 0 | 0 | (534) | 0 | 0 | (534) |
Dividends declared to preferred shares | 0 | 0 | 0 | (12,669) | 0 | 0 | (12,669) | (12,669) | ||||||
Dividends declared to common shares | $ 0 | $ 0 | 0 | (241,101) | 0 | 0 | (241,101) | (241,101) | ||||||
Repurchase of preferred stock (in shares) | (1) | 0 | ||||||||||||
Repurchase of preferred stock | $ (1) | $ 0 | 0 | (3,442) | 0 | (3,505) | 64 | (3,442) | ||||||
Distributions to noncontrolling interests | $ 0 | $ 0 | 0 | 0 | (6,058) | (6,058) | $ 0 | $ 0 | 0 | 0 | (6,058) | 0 | 0 | (6,058) |
Issuance of common stock (in shares) | 0 | 2,162 | 0 | 2,162 | ||||||||||
Issuance of common stock | $ 0 | $ 11,281 | 0 | 11,281 | 0 | 11,281 | $ 0 | $ 22 | 0 | 11,281 | 0 | 11,259 | 0 | 11,281 |
Exercise of common stock options (in shares) | 0 | 174 | 0 | 174 | ||||||||||
Exercise of common stock options | $ 0 | $ 3,557 | 0 | 3,557 | 0 | 3,557 | $ 0 | $ 1 | 0 | 3,557 | 0 | 3,556 | 0 | 3,557 |
Surrender of restricted common stock (in shares) | 0 | (585) | 0 | (585) | ||||||||||
Surrender of restricted common stock | $ 0 | $ (13,545) | 0 | (13,545) | 0 | (13,545) | $ 0 | $ (6) | 0 | (13,545) | 0 | (13,539) | 0 | (13,545) |
Amortization of equity awards | $ 0 | $ 13,909 | 0 | 13,909 | 0 | 13,909 | $ 0 | $ 0 | 0 | 13,909 | 0 | 13,909 | 0 | 13,909 |
Redemption/conversion of noncontrolling interests (in shares) | 0 | (73) | 0 | (73) | ||||||||||
Redemption/conversion of noncontrolling interests | $ 0 | $ 1,613 | 0 | 1,613 | (1,839) | (226) | $ 0 | $ 1 | 0 | 1,613 | (1,839) | 1,612 | 0 | (226) |
Redemption/conversion of noncontrolling interests (in shares) | 0 | 73 | 0 | 73 | ||||||||||
Contributions from noncontrolling interests | $ 0 | $ 0 | 0 | 0 | 891 | 891 | $ 0 | $ 0 | 0 | 0 | 891 | 0 | 0 | 891 |
Change in unrealized gains related to equity method investments | 0 | 0 | ||||||||||||
Balance (in shares) at Jun. 30, 2022 | 19 | 618,483 | 19 | 618,483 | ||||||||||
Balance at Jun. 30, 2022 | $ 469,027 | $ 9,305,550 | 6,476 | 9,781,053 | 190,684 | 9,971,737 | $ 19 | $ 6,185 | 6,476 | 9,781,053 | 190,684 | 9,605,163 | 163,210 | 9,971,737 |
Distributions declared to preferred unitholders | (12,604) | 0 | 0 | (12,604) | 0 | (12,604) | ||||||||
Distributions declared to common unitholders | 0 | (241,102) | 0 | (241,102) | 0 | (241,102) | ||||||||
Repurchase of preferred units | $ (3,506) | $ 0 | 0 | (3,506) | 0 | (3,506) | ||||||||
Balance (in shares) at Mar. 31, 2022 | 20 | 618,002 | 20 | 618,002 | ||||||||||
Balance at Mar. 31, 2022 | $ 472,533 | $ 9,536,281 | 2,216 | 10,011,030 | 204,132 | 10,215,162 | $ 20 | $ 6,180 | 2,216 | 10,011,030 | 204,132 | 9,589,955 | 412,659 | 10,215,162 |
Net income (loss) | 6,250 | (125,751) | 0 | (119,501) | (11,226) | (130,727) | 0 | 0 | 0 | (119,501) | (11,226) | 0 | (119,501) | (130,727) |
Change in unrealized gains related to defined benefit plan | 0 | 0 | 4,260 | 4,260 | 0 | 4,260 | 0 | 0 | 4,260 | 4,260 | 0 | 0 | 0 | 4,260 |
Redeemable noncontrolling interests income | $ 0 | $ 0 | 0 | 0 | (201) | (201) | 0 | 0 | 0 | 0 | (201) | 0 | 0 | (201) |
Dividends declared to preferred shares | 0 | 0 | 0 | (6,315) | 0 | 0 | (6,315) | (6,315) | ||||||
Dividends declared to common shares | $ 0 | $ 0 | 0 | (123,697) | 0 | 0 | (123,697) | (123,697) | ||||||
Repurchase of preferred stock (in shares) | (1) | 0 | (1) | |||||||||||
Repurchase of preferred stock | $ (1) | 0 | (3,442) | (3,505) | 64 | (3,442) | ||||||||
Distributions to noncontrolling interests | $ 0 | $ 0 | 0 | 0 | (1,718) | (1,718) | $ 0 | $ 0 | 0 | 0 | (1,718) | 0 | 0 | (1,718) |
Issuance of common stock (in shares) | 0 | 450 | 0 | 450 | ||||||||||
Issuance of common stock | $ 0 | $ 11,281 | 0 | 11,281 | 0 | 11,281 | $ 0 | $ 5 | 0 | 11,281 | 0 | 11,276 | 0 | 11,281 |
Exercise of common stock options (in shares) | 0 | 46 | 0 | 46 | ||||||||||
Exercise of common stock options | $ 0 | $ 989 | 0 | 989 | 0 | 989 | $ 0 | $ 0 | 0 | 989 | 0 | 989 | 0 | 989 |
Surrender of restricted common stock (in shares) | 0 | (15) | 0 | (15) | ||||||||||
Surrender of restricted common stock | $ 0 | $ (101) | 0 | (101) | 0 | (101) | $ 0 | $ 0 | 0 | (101) | 0 | (101) | 0 | (101) |
Amortization of equity awards | $ 0 | $ 6,472 | 0 | 6,472 | 0 | 6,472 | $ 0 | $ 0 | 0 | 6,472 | 0 | 6,472 | 0 | 6,472 |
Redemption/conversion of noncontrolling interests (in shares) | 0 | 0 | 0 | 0 | ||||||||||
Redemption/conversion of noncontrolling interests | $ 0 | $ 77 | 0 | 77 | (303) | (226) | $ 0 | $ 0 | 0 | 77 | (303) | 77 | 0 | (226) |
Redemption/conversion of noncontrolling interests (in shares) | 0 | 0 | 0 | 0 | ||||||||||
Change in unrealized gains related to equity method investments | 0 | 0 | ||||||||||||
Balance (in shares) at Jun. 30, 2022 | 19 | 618,483 | 19 | 618,483 | ||||||||||
Balance at Jun. 30, 2022 | $ 469,027 | $ 9,305,550 | 6,476 | 9,781,053 | 190,684 | 9,971,737 | $ 19 | $ 6,185 | 6,476 | 9,781,053 | 190,684 | 9,605,163 | 163,210 | 9,971,737 |
Distributions declared to preferred unitholders | (6,250) | 0 | 0 | (6,250) | 0 | (6,250) | ||||||||
Distributions declared to common unitholders | 0 | (123,698) | 0 | (123,698) | 0 | (123,698) | ||||||||
Repurchase of preferred units | $ (3,506) | $ 0 | 0 | (3,506) | 0 | (3,506) | ||||||||
Balance (in shares) at Dec. 31, 2022 | 19 | 618,484 | 19 | 618,484 | ||||||||||
Balance at Dec. 31, 2022 | $ 469,027 | $ 9,035,900 | 10,581 | 9,515,508 | 131,401 | 9,646,909 | $ 19 | $ 6,185 | 10,581 | 9,515,508 | 131,401 | 9,618,271 | (119,548) | 9,646,909 |
Net income (loss) | 12,451 | 383,938 | 0 | 396,389 | 6,657 | 403,046 | 0 | 0 | 0 | 396,389 | 6,657 | 0 | 396,389 | 403,046 |
Redeemable noncontrolling interests income | 0 | 0 | 0 | 0 | (3,104) | (3,104) | 0 | 0 | 0 | 0 | (3,104) | 0 | 0 | (3,104) |
Dividends declared to preferred shares | 0 | 0 | 0 | (12,450) | 0 | 0 | (12,450) | (12,450) | ||||||
Dividends declared to common shares | $ 0 | $ 0 | 0 | (285,139) | 0 | 0 | (285,139) | (285,139) | ||||||
Repurchase of preferred stock (in shares) | 0 | 0 | ||||||||||||
Repurchase of preferred stock | $ 0 | $ 0 | 0 | (1,631) | 0 | (1,631) | 0 | (1,631) | ||||||
Distributions to noncontrolling interests | $ 0 | $ 0 | 0 | 0 | (2,647) | (2,647) | $ 0 | $ 0 | 0 | 0 | (2,647) | 0 | 0 | (2,647) |
Issuance of common stock (in shares) | 0 | 1,988 | 0 | 1,988 | ||||||||||
Issuance of common stock | $ 0 | $ 0 | 0 | 0 | 0 | 0 | $ 0 | $ 20 | 0 | 0 | 0 | (20) | 0 | 0 |
Exercise of common stock options (in shares) | 0 | 173 | 0 | 173 | ||||||||||
Exercise of common stock options | $ 0 | $ 3,727 | 0 | 3,727 | 0 | 3,727 | $ 0 | $ 2 | 0 | 3,727 | 0 | 3,725 | 0 | 3,727 |
Surrender of restricted common stock (in shares) | 0 | (756) | 0 | (756) | ||||||||||
Surrender of restricted common stock | $ 0 | $ (16,137) | 0 | (16,137) | 0 | (16,137) | $ 0 | $ (8) | 0 | (16,137) | 0 | (16,129) | 0 | (16,137) |
Amortization of equity awards | 0 | 17,470 | 0 | 17,470 | 0 | 17,470 | 0 | 0 | 0 | 17,470 | 0 | 17,470 | 0 | 17,470 |
Contributions from noncontrolling interests | 0 | 0 | 0 | 0 | 3 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 3 |
Change in unrealized gains related to equity method investments | $ 0 | $ 0 | 5,361 | 5,361 | 0 | 5,361 | $ 0 | $ 0 | 5,361 | 5,361 | 0 | 0 | 0 | 5,361 |
Balance (in shares) at Jun. 30, 2023 | 19 | 619,889 | 19 | 619,889 | ||||||||||
Balance at Jun. 30, 2023 | $ 467,396 | $ 9,139,760 | 15,942 | 9,623,098 | 132,310 | 9,755,408 | $ 19 | $ 6,199 | 15,942 | 9,623,098 | 132,310 | 9,621,686 | (20,748) | 9,755,408 |
Distributions declared to preferred unitholders | (12,451) | 0 | 0 | (12,451) | 0 | (12,451) | ||||||||
Distributions declared to common unitholders | 0 | (285,138) | 0 | (285,138) | 0 | (285,138) | ||||||||
Repurchase of preferred units | $ (1,631) | $ 0 | 0 | (1,631) | 0 | (1,631) | ||||||||
Balance (in shares) at Mar. 31, 2023 | 19 | 619,892 | 19 | 619,892 | ||||||||||
Balance at Mar. 31, 2023 | $ 468,707 | $ 9,173,814 | 10,581 | 9,653,102 | 132,805 | 9,785,907 | $ 19 | $ 6,199 | 10,581 | 9,653,102 | 132,805 | 9,614,913 | 21,390 | 9,785,907 |
Net income (loss) | 6,200 | 100,426 | 0 | 106,626 | 2,644 | 109,270 | 0 | 0 | 0 | 106,626 | 2,644 | 0 | 106,626 | 109,270 |
Redeemable noncontrolling interests income | 0 | 0 | 0 | 0 | (1,558) | (1,558) | 0 | 0 | 0 | 0 | (1,558) | 0 | 0 | (1,558) |
Dividends declared to preferred shares | 0 | 0 | 0 | (6,200) | 0 | 0 | (6,200) | (6,200) | ||||||
Dividends declared to common shares | $ 0 | $ 0 | 0 | (142,564) | 0 | 0 | (142,564) | (142,564) | ||||||
Repurchase of preferred stock (in shares) | 0 | 0 | ||||||||||||
Repurchase of preferred stock | $ 0 | $ 0 | 0 | (1,311) | 0 | (1,311) | 0 | (1,311) | ||||||
Distributions to noncontrolling interests | $ 0 | $ 0 | 0 | 0 | (1,584) | (1,584) | $ 0 | $ 0 | 0 | 0 | (1,584) | 0 | 0 | (1,584) |
Surrender of restricted common stock (in shares) | 0 | (3) | 0 | (3) | ||||||||||
Surrender of restricted common stock | $ 0 | $ (40) | 0 | (40) | 0 | (40) | $ 0 | $ 0 | 0 | (40) | 0 | (40) | 0 | (40) |
Amortization of equity awards | 0 | 8,124 | 0 | 8,124 | 0 | 8,124 | 0 | 0 | 0 | 8,124 | 0 | 8,124 | 0 | 8,124 |
Contributions from noncontrolling interests | 0 | 0 | 0 | 0 | 3 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 3 |
Change in unrealized gains related to equity method investments | $ 0 | $ 0 | 5,361 | 5,361 | 0 | 5,361 | $ 0 | $ 0 | 5,361 | 5,361 | 0 | 0 | 0 | 5,361 |
Balance (in shares) at Jun. 30, 2023 | 19 | 619,889 | 19 | 619,889 | ||||||||||
Balance at Jun. 30, 2023 | $ 467,396 | $ 9,139,760 | 15,942 | 9,623,098 | 132,310 | 9,755,408 | $ 19 | $ 6,199 | $ 15,942 | $ 9,623,098 | $ 132,310 | $ 9,621,686 | $ (20,748) | $ 9,755,408 |
Distributions declared to preferred unitholders | (6,200) | 0 | 0 | (6,200) | 0 | (6,200) | ||||||||
Distributions declared to common unitholders | 0 | (142,564) | 0 | (142,564) | 0 | (142,564) | ||||||||
Repurchase of preferred units | $ (1,311) | $ 0 | $ 0 | $ (1,311) | $ 0 | $ (1,311) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flow from operating activities: | ||
Net income | $ 403,046 | $ 105,232 |
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||
Depreciation and amortization | 255,546 | 254,905 |
Impairment charges | 11,806 | 14,691 |
Straight-line rental income adjustments, net | (12,001) | (17,437) |
Amortization of above-market and below-market leases, net | (10,002) | (6,980) |
Amortization of deferred financing costs and fair value debt adjustments, net | (4,656) | (14,066) |
Early extinguishment of debt charges | 0 | 7,230 |
Equity award expense | 17,457 | 13,994 |
Gain on sale of properties | (52,376) | (7,137) |
(Gain)/loss on marketable securities, net | (4,417) | 139,703 |
Distributions from joint ventures and other investments | 35,742 | 45,775 |
Change in accounts and notes receivable, net | 21,605 | 16,234 |
Change in other operating assets and liabilities, net | 1,237 | (12,636) |
Change in other operating assets and liabilities, net | (14,735) | (20,717) |
Net cash flow provided by operating activities | 600,279 | 442,333 |
Cash flow from investing activities: | ||
Acquisition of operating real estate and other related net assets | (98,546) | (29,282) |
Improvements to operating real estate | (108,346) | (78,958) |
Investment in marketable securities | (2,988) | (1,870) |
Proceeds from sale of marketable securities | 290,311 | 201 |
Investment in cost method investment | (1,532) | (3,000) |
Investments in and advances to real estate joint ventures | (18,751) | (72,947) |
Reimbursements of investments in and advances to real estate joint ventures | 7,961 | 22,865 |
Investments in and advances to other investments | (10,192) | (9,473) |
Reimbursements of investments in and advances to other investments | 419 | 29,104 |
Investment in mortgage and other financing receivables | (11,211) | (53,063) |
Collection of mortgage and other financing receivables | 84 | 63 |
Proceeds from sale of properties | 115,714 | 41,224 |
Net cash flow provided by/(used for) investing activities | 162,923 | (155,136) |
Cash flow from financing activities: | ||
Principal payments on debt, excluding normal amortization of rental property debt | (49,187) | (115,166) |
Principal payments on rental property debt | (5,621) | (4,827) |
Proceeds from mortgage loan financings | 0 | 19,000 |
Financing origination costs | (6,041) | (10,281) |
Payment of early extinguishment of debt charges | 0 | (6,527) |
Contributions from noncontrolling interests | 4 | 891 |
Redemption/distribution of noncontrolling interests | (5,752) | (7,029) |
Dividends paid | (297,748) | (253,809) |
Proceeds from issuance of stock, net | 3,727 | 14,838 |
Repurchase of preferred stock | (1,491) | (3,441) |
Shares repurchased for employee tax withholding on equity awards | (16,124) | (13,521) |
Change in tenants' security deposits | 1,679 | 1,873 |
Net cash flow used for financing activities | (376,554) | (325,062) |
Net change in cash, cash equivalents and restricted cash | 386,648 | (37,865) |
Cash, cash equivalents and restricted cash, beginning of the period | 149,829 | 334,663 |
Cash, cash equivalents and restricted cash, end of the period | 536,477 | 296,798 |
Interest paid, including payment of early extinguishment of debt charges of $0 and $6,527, respectively (net of capitalized interest of $854 and $277, respectively) | 124,674 | 132,912 |
Income taxes paid, net of refunds | 56,774 | 2,138 |
Senior Unsecured Notes [Member] | ||
Cash flow from financing activities: | ||
Proceeds from unsecured debt | 0 | 600,000 |
Repayments of unsecured notes | 0 | (547,063) |
Joint Ventures [Member] | ||
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||
Equity in income, net | (41,332) | (67,700) |
Other Real Estate Investments [Member] | ||
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||
Equity in income, net | (6,641) | (8,758) |
Kimco Realty OP, LLC [Member] | ||
Cash flow from operating activities: | ||
Net income | 403,046 | 105,232 |
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||
Depreciation and amortization | 255,546 | 254,905 |
Impairment charges | 11,806 | 14,691 |
Straight-line rental income adjustments, net | (12,001) | (17,437) |
Amortization of above-market and below-market leases, net | (10,002) | (6,980) |
Amortization of deferred financing costs and fair value debt adjustments, net | (4,656) | (14,066) |
Early extinguishment of debt charges | 0 | 7,230 |
Equity award expense | 17,457 | 13,994 |
Gain on sale of properties | (52,376) | (7,137) |
(Gain)/loss on marketable securities, net | (4,417) | 139,703 |
Distributions from joint ventures and other investments | 35,742 | 45,775 |
Change in accounts and notes receivable, net | 21,605 | 16,234 |
Change in other operating assets and liabilities, net | 1,237 | (12,636) |
Change in other operating assets and liabilities, net | (14,735) | (20,717) |
Net cash flow provided by operating activities | 600,279 | 442,333 |
Cash flow from investing activities: | ||
Acquisition of operating real estate and other related net assets | (98,546) | (29,282) |
Improvements to operating real estate | (108,346) | (78,958) |
Investment in marketable securities | (2,988) | (1,870) |
Proceeds from sale of marketable securities | 290,311 | 201 |
Investment in cost method investment | (1,532) | (3,000) |
Investments in and advances to real estate joint ventures | (18,751) | (72,947) |
Reimbursements of investments in and advances to real estate joint ventures | 7,961 | 22,865 |
Investments in and advances to other investments | (10,192) | (9,473) |
Reimbursements of investments in and advances to other investments | 419 | 29,104 |
Investment in mortgage and other financing receivables | (11,211) | (53,063) |
Collection of mortgage and other financing receivables | 84 | 63 |
Proceeds from sale of properties | 115,714 | 41,224 |
Net cash flow provided by/(used for) investing activities | 162,923 | (155,136) |
Cash flow from financing activities: | ||
Principal payments on debt, excluding normal amortization of rental property debt | (49,187) | (115,166) |
Principal payments on rental property debt | (5,621) | (4,827) |
Proceeds from mortgage loan financings | 0 | 19,000 |
Financing origination costs | (6,041) | (10,281) |
Payment of early extinguishment of debt charges | 0 | (6,527) |
Contributions from noncontrolling interests | 4 | 891 |
Redemption/distribution of noncontrolling interests | (5,752) | (7,029) |
Proceeds from issuance of stock, net | 3,727 | 14,838 |
Repurchase of preferred stock | (1,491) | (3,441) |
Shares repurchased for employee tax withholding on equity awards | (16,124) | (13,521) |
Change in tenants' security deposits | 1,679 | 1,873 |
Net cash flow used for financing activities | (376,554) | (325,062) |
Net change in cash, cash equivalents and restricted cash | 386,648 | (37,865) |
Cash, cash equivalents and restricted cash, beginning of the period | 149,829 | 334,663 |
Cash, cash equivalents and restricted cash, end of the period | 536,477 | 296,798 |
Interest paid, including payment of early extinguishment of debt charges of $0 and $6,527, respectively (net of capitalized interest of $854 and $277, respectively) | 124,674 | 132,912 |
Income taxes paid, net of refunds | 56,774 | 2,138 |
Distributions to common and preferred unitholders | (297,748) | (253,809) |
Kimco Realty OP, LLC [Member] | Joint Ventures [Member] | ||
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||
Equity in income, net | (41,332) | (67,700) |
Kimco Realty OP, LLC [Member] | Other Real Estate Investments [Member] | ||
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||
Equity in income, net | $ (6,641) | $ (8,758) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Early extinguishment of debt charges payments | $ 0 | $ 6,527 |
Cash paid for capitalized interest | 854 | 277 |
Kimco Realty OP, LLC [Member] | ||
Early extinguishment of debt charges payments | 0 | 6,527 |
Cash paid for capitalized interest | $ 854 | $ 277 |
Note 1 - Business and Organizat
Note 1 - Business and Organization | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Business and Organization Kimco Realty Corporation (the “Parent Company”) is a real estate investment trust ("REIT"), of which substantially all of the Parent Company’s assets are held by, and substantially all of the Parent Company’s operations are conducted through, Kimco Realty OP, LLC (“Kimco OP”), either directly or through its subsidiaries, as the Parent Company’s operating company. The Parent Company is the sole managing member and exercises exclusive control over Kimco OP. As of June 30, 2023, The Company is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and a growing portfolio of mixed-use assets. The Company’s portfolio is primarily concentrated in the first The Company elected status as a REIT for federal income tax purposes beginning in its taxable year ended December 31, 1992 90% 100% January 2023, 10 not may not Economic Conditions The economy continues to face several issues including inflation risk, liquidity constraints, lack of qualified employees, tenant bankruptcies and supply chain issues, which could impact the Company and its tenants. In response to the rising rate of inflation the Federal Reserve has steadily increased interest rates, and may |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Basis of Presentation This report combines the quarterly reports on Form 10 June 30, 2023, 10 December 31, 2022, 10 not Subsequent Events The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its Condensed Consolidated Financial Statements. Reclassifications Certain amounts in the prior period have been reclassified in order to conform to the current period’s presentation. For comparative purposes, for the six June 30, 2022, Six Months Ended June 30, 2022 Operating activities: Straight-line rental income adjustments, net $ (17.4 ) Amortization of above-market and below-market leases, net $ (7.0 ) Amortization of deferred financing costs and fair value debt adjustments, net $ (14.1 ) Change in accounts and notes receivable, net $ 17.4 Change in other operating assets and liabilities, net $ 21.1 New Accounting Pronouncements The following table represents an Accounting Standards Update (“ASU”) to the FASB’s ASCs that, as of June 30, 2023, not not ASU Description Effective Date Effect on the financial statements or other significant matters ASU 2022 03, 820 This ASU clarifies the guidance in Topic 820, 820. January 1, 2024; The Company is assessing the impact this ASU will have on the Company’s financial position and/or results of operations. The following ASUs to the FASB’s ASCs have been adopted by the Company as of the date listed: ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2021 08, 805 The amendments in this update require acquiring entities to apply Topic 606 805. January 1, 2023 The adoption of this ASU did not |
Note 3 - Real Estate
Note 3 - Real Estate | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 3. Real Estate Acquisitions During the six June 30, 2023, Purchase Price Property Name Location Month Acquired Cash Debt Other Total GLA* Portfolio (2 properties) (1) Various Jan-23 $ 69,130 $ 19,637 $ 13,019 $ 101,786 342 Crossroads Plaza Parcel Cary, NC Jan-23 2,173 - - 2,173 5 Northridge Shopping Center Parcel Arvada, CO Jan-23 728 - - 728 57 Stafford Marketplace Parcel (2) Stafford, VA Feb-23 - - 12,527 12,527 87 Tustin Heights (1) Tustin, CA Mar-23 26,501 17,550 4,910 48,961 137 $ 98,532 $ 37,187 $ 30,456 $ 166,175 628 * Gross leasable area ("GLA") ( 1 Other includes the Company’s previously held equity investments in the Prudential Investment Program and net gains on change in control. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized gains on change in control of interest of $7.7 million, in aggregate, resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Operations. The Company previously held an ownership interest of 15.0% in these property interests. See Footnote 4 ( 2 During March 2023, Included in the Company’s Condensed Consolidated Statements of Operations is $6.7 million in total revenues from the date of acquisition through June 30, 2023, six June 30, 2023. The purchase price for these acquisitions was allocated to real estate and related intangible assets and liabilities acquired, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocation for properties acquired/consolidated during the six June 30, 2023, Allocation as of June 30, 2023 Weighted Average Amortization Period (in Years) Land $ 51,116 n/a Building 99,947 50.0 Building improvements 10,125 45.0 Tenant improvements 8,320 4.1 In-place leases 11,080 4.1 Above-market leases 1,329 5.7 Below-market leases (16,551 ) 23.6 Other assets 1,777 n/a Other liabilities (968 ) n/a Net assets acquired $ 166,175 During the six June 30, 2022, Dispositions The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels for the six June 30, 2023 2022 Six Months Ended June 30, 2023 2022 Aggregate sales price/gross fair value (1) (2) $ 163.8 $ 43.3 Gain on sale of properties (3) $ 52.4 $ 7.1 Number of properties sold 4 1 Number of parcels sold/(deconsolidated) (1) 8 8 ( 1 During 2023, no 5 ( 2 During 2023, 9 ( 3 Before noncontrolling interests of $1.6 million and taxes of $1.5 million for the six June 30, 2023. Impairments During the six June 30, 2023, third 13 |
Note 4 - Investment In and Adva
Note 4 - Investment In and Advances to Real Estate Joint Ventures | 6 Months Ended |
Jun. 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 June 30, 2023 December 31, 2022 ( Noncontrolling Ownership Interest The Company s Investment Joint Venture As of June 30, 2023 June 30, 2023 December 31, 2022 Prudential Investment Program 15.0% $ 144.8 $ 153.6 Kimco Income Opportunity Portfolio (“KIR”) 52.1% 285.4 281.5 Canada Pension Plan Investment Board (“CPP”) 55.0% 200.8 190.8 Other Institutional Joint Ventures Various 252.6 256.8 Other Joint Venture Programs Various 214.7 208.9 Total* $ 1,098.3 $ 1,091.6 * Representing 108 property interests and 21.9 million square feet of GLA, as of June 30, 2023, 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 Operations for the three six June 30, 2023 2022 Three Months Ended June 30, Six Months Ended June 30, Joint Venture 2023 2022 2023 2022 Prudential Investment Program $ 2.2 $ 2.3 $ 12.1 $ 4.7 KIR 8.5 32.0 17.8 45.5 CPP 2.7 2.6 5.4 5.7 Other Institutional Joint Ventures 0.8 4.1 1.5 5.6 Other Joint Venture Programs 2.9 3.1 4.5 6.2 Total $ 17.1 $ 44.1 $ 41.3 $ 67.7 During the six June 30, 2023, 85% three 3 During the six June 30, 2022, six six June 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 June 30, 2023 December 31, 2022 ( As of June 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 $ 340.5 5.85 % 27.7 $ 380.1 5.20 % 33.1 KIR 273.1 5.82 % 45.2 297.9 5.46 % 47.2 CPP 82.5 5.70 % 37.1 83.1 6.14 % 43.0 Other Institutional Joint Ventures 233.8 5.76 % 41.8 233.5 4.30 % 47.7 Other Joint Venture Programs 370.9 4.41 % 65.4 388.8 4.10 % 71.8 Total $ 1,300.8 $ 1,383.4 * Includes extension options |
Note 5 - Other Investments
Note 5 - Other Investments | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Other Real Estate Investments and Other Assets [Text Block] | 5. Other Investments The Company has provided capital to owners and developers of real estate properties and loans through its Preferred Equity program, which is included in Other investments on the Company's Condensed Consolidated Balance Sheets. In addition, the Company has invested capital in structured investments which are primarily accounted for on the equity method of accounting. As of June 30, 2023, During 2023, no June 30, 2023, |
Note 6 - Marketable Securities
Note 6 - Marketable Securities | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 6. Marketable Securities The amortized cost and unrealized gains, net of marketable securities as of June 30, 2023 December 31, 2022, As of June 30, 2023 As of December 31, 2022 Marketable securities: Amortized cost $ 41,713 $ 87,411 Unrealized gains, net 273,113 510,321 Total fair value $ 314,826 $ 597,732 The Company’s net gains/(losses) on marketable securities for three six June 30, 2023 2022, Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Gain/(loss) on marketable securities, net $ 14,561 $ (261,467 ) $ 4,417 $ (139,703 ) During the six June 30, 2023, June 30, 2023, In addition, during the six June 30, 2023, may may December 31, 2023. |
Note 7 - Accounts and Notes Rec
Note 7 - Accounts and Notes Receivable | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 7. Accounts and Notes Receivable The components of accounts and notes receivable, net of potentially uncollectible amounts as of June 30, 2023 December 31, 2022, As of June 30, 2023 As of December 31, 2022 Billed tenant receivables $ 26,480 $ 33,801 Unbilled common area maintenance, insurance and tax reimbursements 39,636 56,001 Deferred rent receivables 943 1,905 Defined benefit plan receivable (1) 14,684 14,421 Other receivables 11,488 8,361 Straight-line rent receivables 201,377 189,737 Total accounts and notes receivable, net $ 294,608 $ 304,226 ( 1 In August 2021, December 31, 2021. June 30, 2023, June 30, 2023, 18 2023. |
Note 8 - Leases
Note 8 - Leases | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8. Leases Lessor Leases The Company’s primary source of revenues is derived from lease agreements, which includes rental income and expense reimbursement. The Company’s lease income is comprised of minimum base rent, expense reimbursements, percentage rent, lease termination fee income, ancillary income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments. The disaggregation of the Company’s lease income, which is included in Revenues from rental properties, net on the Company’s Condensed Consolidated Statements of Operations, as either fixed or variable lease income based on the criteria specified in ASC 842, three six June 30, 2023 2022, Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Lease income: Fixed lease income (1) $ 349,323 $ 336,370 $ 697,661 $ 668,368 Variable lease income (2) 86,258 81,514 176,329 164,961 Above-market and below-market leases amortization, net 7,013 2,683 10,002 6,980 Adjustments for potentially uncollectible revenues and disputed amounts (3) (3,586 ) 2,706 (6,646 ) 5,618 Total lease income $ 439,008 $ 423,273 $ 877,346 $ 845,927 ( 1 Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments. ( 2 Includes minimum base rents, expense reimbursements, percentage rent, lease termination fee income and ancillary income. ( 3 The amounts represent adjustments associated with potentially uncollectible revenues and disputed amounts. Lessee Leases The Company currently leases real estate space under non-cancelable operating lease agreements for ground leases and administrative office leases. The Company’s operating leases have remaining lease terms ranging from less than one The weighted-average remaining non-cancelable lease term and weighted-average discount rates for the Company’s operating and finance leases as of June 30, 2023 Operating Leases Finance Leases Weighted-average remaining lease term (in years) 24.6 0.5 Weighted-average discount rate 6.63 % 4.44 % The components of the Company’s lease expense, which are included in interest expense, rent expense and general and administrative expense on the Company’s Condensed Consolidated Statements of Operations for the three six June 30, 2023 2022, Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Lease cost: Finance lease cost $ 316 $ 250 $ 635 $ 576 Operating lease cost 3,697 3,268 7,398 6,251 Variable lease cost 706 1,188 1,267 2,596 Total lease cost $ 4,719 $ 4,706 $ 9,300 $ 9,423 |
Note 9 - Other Assets
Note 9 - Other Assets | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 9. Other Assets Mortgages and Other Financing Receivables During the six June 30, 2023, Date Issued Face Amount Interest Rate Maturity Date Feb-23 $ 11.2 14.00 % Dec-24 Mar-23 $ 25.0 8.00 % Apr-24 |
Note 10 - Notes and Mortgage Pa
Note 10 - Notes and Mortgage Payable | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. Notes and Mortgages Payable Notes Payable In February 2023, March 2024. March 2027 two six March 2028. four June 30, 2023, June 30, 2023). February 23, 2023, 10.20 10 December 31, 2022. June 30, 2023, Mortgages Payable During the six June 30, 2023, March 2023 |
Note 11 - Noncontrolling Intere
Note 11 - Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 11. Noncontrolling Interests Noncontrolling interests represent the portion of equity that the Company does not Included within noncontrolling interests are units that were determined to be contingently redeemable that are classified as Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Condensed Consolidated Balance Sheets. The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the six June 30, 2023 2022 Six Months Ended June 30, 2023 2022 Balance at January 1, $ 92,933 $ 13,480 Net income 3,104 534 Distributions (3,104 ) (535 ) Redemption/conversion of noncontrolling interests - (209 ) Balance at June 30, $ 92,933 $ 13,270 |
Note 12 - Variable Interest Ent
Note 12 - Variable Interest Entities | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 12. Variable Interest Entities Consolidated Operating Properties Included within the Company’s operating properties at June 30, 2023 December 31, 2022 not not June 30, 2023, December 31, 2022, The majority of the operations of these VIEs are funded with cash flows generated from the properties. The Company has not not may All liabilities of these consolidated VIEs are non-recourse to the Company (“VIE Liabilities”). The assets of the unencumbered VIEs are not third As of June 30, 2023 As of December 31, 2022 Number of unencumbered VIEs 30 29 Number of encumbered VIEs 2 3 Total number of consolidated VIEs 32 32 Restricted Assets: Real estate, net $ 386.2 $ 425.5 Cash and cash equivalents 5.3 7.9 Accounts and notes receivable, net 3.5 1.7 Other assets 1.4 1.5 Total Restricted Assets $ 396.4 $ 436.6 VIE Liabilities: Mortgages payable, net $ 97.6 $ 109.7 Accounts payable and accrued expenses 13.4 10.9 Operating lease liabilities 5.1 5.2 Other liabilities 70.1 73.3 Total VIE Liabilities $ 186.2 $ 199.1 Unconsolidated Redevelopment Investment Included in the Company’s preferred equity investments at June 30, 2023, not not not not not As of June 30, 2023, not not |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. Fair Value Measurements All financial instruments of the Company are reflected in the accompanying Condensed Consolidated Balance Sheets at amounts which, in management’s estimation, based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values, except those listed below, for which fair values are disclosed. The valuation method used to estimate fair value for fixed-rate and variable-rate debt is based on discounted cash flow analyses, with assumptions that include credit spreads, market yield curves, trading activity, loan amounts and debt maturities. The fair values for marketable securities are based on published values, securities dealers’ estimated market values or comparable market sales. The fair value for embedded derivative liability is based on using the “with-and-without” method. Such fair value estimates are not As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 2 3 The following are financial instruments for which the Company’s estimated fair value differs from the carrying value (in thousands): June 30, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Notes payable, net (1) $ 6,775,080 $ 5,879,693 $ 6,780,969 $ 5,837,401 Mortgages payable, net (2) $ 359,609 $ 298,487 $ 376,917 $ 311,659 ( 1 The Company determined that the valuation of its senior unsecured notes were classified within Level 2 2 June 30, 2023 December 31, 2022, June 30, 2023 December 31, 2022, ( 2 The Company determined that its valuation of its mortgages payable were classified within Level 3 June 30, 2023 December 31, 2022, The Company has certain financial instruments that must be measured under the FASB’s Fair Value Measurements and Disclosures guidance, including available for sale securities and embedded derivative liabilities. The Company currently does not In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level of the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The tables below present the Company’s financial assets and liabilities measured at fair value on a recurring basis at June 30, 2023 December 31, 2022, Balance at June 30, 2023 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 314,826 $ 314,826 $ - $ - Liabilities: Embedded derivative liability $ 56,000 $ - $ - $ 56,000 Balance at December 31, 2022 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 597,732 $ 597,732 $ - $ - Liabilities: Embedded derivative liability $ 56,000 $ - $ - $ 56,000 The significant unobservable input (Level 3 3 June 30, 2023 December 31 2022, Assets measured at fair value on a non-recurring basis at June 30, 2023 Balance at June 30, 2023 Level 1 Level 2 Level 3 Real estate $ 15,479 $ - $ - $ 15,479 During the six June 30, 2023, third not third 3 |
Note 14 - Incentive Plans
Note 14 - Incentive Plans | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 14. Incentive Plans In May 2020, 2020 “2020 2010 2020 March 2020. 2020 June 30, 2023, 2020 The Company accounts for equity awards in accordance with FASB’s Compensation – Stock Compensation guidance, which requires that all share-based payments to employees, including grants of employee stock options, restricted stock and performance shares, be recognized in the Condensed Consolidated Statements of Operations over the service period based on their fair values. Fair value of performance awards is determined using the Monte Carlo method which is intended to estimate the fair value of the awards at the grant date. Fair value of restricted shares is calculated based on the price on the date of grant. The Company recognized expenses associated with its equity awards of $17.5 million and $14.0 million for the six June 30, 2023 2022, June 30, 2023, |
Note 15 - Stockholders' Equity
Note 15 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 15. Stockholders ’ Equity Preferred Stock The Company’s Board of Director’s authorized the repurchase of up to 894,000 depositary shares of Class L preferred stock and 1,048,000 depositary shares of Class M preferred stock, representing up to 1,942 shares of the Company’s preferred stock, par value $1.00 per share, through December 31, 2023. six June 30, 2023, Class of Preferred Stock Depositary Shares Repurchased Purchase Price (in thousands) Class L 43,777 $ 973.4 Class M 23,791 $ 515.9 The Company’s outstanding Preferred Stock is detailed below (in thousands, except share data and par values): As of June 30, 2023 Class of Preferred Stock Shares Authorized Shares Issued and Outstanding Liquidation Preference Dividend Rate Annual Dividend per Depositary Share Par Value Optional Redemption Date Class L 10,350 8,902 $ 222,543 5.125 % $ 1.28125 $ 1.00 8/16/2022 Class M 10,580 10,465 261,636 5.250 % $ 1.31250 $ 1.00 12/20/2022 19,367 $ 484,179 As of December 31, 2022 Class of Preferred Stock Shares Authorized Shares Issued and Outstanding Liquidation Preference Dividend Rate Annual Dividend per Depositary Share Par Value Optional Redemption Date Class L 10,350 8,946 $ 223,637 5.125 % $ 1.28125 $ 1.00 8/16/2022 Class M 10,580 10,489 262,231 5.250 % $ 1.31250 $ 1.00 12/20/2022 19,435 $ 485,868 Common Stock The Company has a share repurchase program, which is scheduled to expire February 29, 2024. may not six June 30, 2023. June 30, 2023, Dividends Declared The following table provides a summary of the dividends declared per share: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Common Shares $ 0.23000 $ 0.20000 $ 0.46000 $ 0.39000 Class L Depositary Shares $ 0.32031 $ 0.32031 $ 0.64062 $ 0.64062 Class M Depositary Shares $ 0.32813 $ 0.32813 $ 0.65626 $ 0.65626 |
Note 16 - Supplemental Schedule
Note 16 - Supplemental Schedule of Non-cash Investing / Financing Activities | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 16. Supplemental Schedule of Non-Cash Investing / Financing Activities The following schedule summarizes the non-cash investing and financing activities of the Company for the six June 30, 2023 2022 Six Months Ended June 30, 2023 2022 Acquisition of real estate interests from a lease modification $ 12,527 $ - Disposition of real estate interests through the issuance of mortgage receivables $ 25,000 $ - Deconsolidation of real estate interests through contribution to other investments $ 19,618 $ - Surrender of common stock $ 16,137 $ 13,545 Declaration of dividends paid in succeeding period $ 5,308 $ 5,326 Capital expenditures accrual $ 32,949 $ 23,225 Decrease in redeemable noncontrolling interests from redemption of units for common stock $ - $ 1,613 Consolidation of Joint Ventures: Increase in real estate and other net assets $ 54,345 $ - Increase in mortgage payables $ 37,187 $ - The following table provides a reconciliation of cash, cash equivalents and restricted cash recorded on the Company’s Condensed Consolidated Balance Sheets to the Company’s Condensed Consolidated Statements of Cash Flows (in thousands): As of June 30, 2023 As of December 31, 2022 Cash and cash equivalents $ 533,380 $ 146,970 Restricted cash 3,097 2,859 Total cash, cash equivalents and restricted cash $ 536,477 $ 149,829 |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17. Commitments and Contingencies Letters of Credit The Company has issued letters of credit in connection with the completion and repayment guarantees primarily on certain of the Company’s redevelopment projects and guaranty of payment related to the Company’s insurance program. At June 30, 2023, Funding Commitments The Company has investments with funding commitments of $64.7 million, of which $45.5 million has been funded as of June 30, 2023. Other The Parent Company guarantees the debt securities of Kimco OP. These guarantees by the Parent Company are full, irrevocable, unconditional and absolute joint and several guarantees to the holders of each series of such guaranteed debt securities. In connection with the construction of its development and redevelopment projects and related infrastructure, certain public agencies require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of June 30, 2023, The Company provides a guaranty for the payment of any debt service shortfalls on the Sheridan Redevelopment Agency issued Series A bonds which are tax increment revenue bonds issued in connection with a development project in Sheridan, Colorado. These tax increment revenue bonds have a balance of $45.5 million outstanding at June 30, 2023. may 2040. The Company is subject to various other legal proceedings and claims that arise in the ordinary course of business. Management believes that the final outcome of such matters will not June 30, 2023. |
Note 18 - Accumulated Other Com
Note 18 - Accumulated Other Comprehensive Income ("AOCI") | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 18. Accumulated Other Comprehensive Income ( “ AOCI ” ) The following table displays the change in the components of AOCI for the six June 30, 2023 2022: Unrealized Gains Related to Defined Benefit Plan Unrealized Gains Related to Equity Method Investments Total Balance as of January 1, 2023 $ 10,581 $ - $ 10,581 Other comprehensive income before reclassifications - 5,361 5,361 Amounts reclassified from AOCI - - - Net current-period other comprehensive income - 5,361 5,361 Balance as of June 30, 2023 $ 10,581 $ 5,361 $ 15,942 Unrealized Gains Related to Defined Benefit Plan Balance as of January 1, 2022 $ 2,216 Other comprehensive income before reclassifications 4,260 Amounts reclassified from AOCI - Net current-period other comprehensive income 4,260 Balance as of June 30, 2022 $ 6,476 |
Note 19 - Earnings Per Share
Note 19 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 19. Earnings Per Share The following table sets forth the reconciliation of earnings and the weighted-average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands except per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Computation of Basic and Diluted Earnings Per Share: Net income/(loss) available to the Company's common shareholders $ 100,426 $ (125,751 ) $ 383,938 $ 105,197 Earnings attributable to participating securities (647 ) (533 ) (2,074 ) (1,000 ) Net income/(loss) available to the Company’s common shareholders for basic earnings per share 99,779 (126,284 ) 381,864 104,197 Distributions on convertible units - - 1,479 - Net income/(loss) available to the Company’s common shareholders for diluted earnings per share $ 99,779 $ (126,284 ) $ 383,343 $ 104,197 Weighted average common shares outstanding – basic 617,077 615,642 616,785 615,207 Effect of dilutive securities (1): Equity awards 122 - 490 1,689 Assumed conversion of convertible units 58 - 2,474 47 Weighted average common shares outstanding – diluted 617,257 615,642 619,749 616,943 Net income/(loss) available to the Company's common shareholders: Basic earnings per share $ 0.16 $ (0.21 ) $ 0.62 $ 0.17 Diluted earnings per share $ 0.16 $ (0.21 ) $ 0.62 $ 0.17 ( 1 The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not The Company’s unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two |
Item 5. Other Information.
Item 5. Other Information. | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Issuer Rule 10b5-1, Material Terms [Text Block] | 5. Other Information. Rule 10b5 1 During the three June 30, 2023, no 10b5 1 10b5 1 408 Amendments to Bylaws. On July 27, 2023, The amendments address the universal proxy rules adopted by the SEC, by clarifying that, other than as permitted under the Bylaws, no may 14a 19 The amendments also revise the advance notice disclosure requirements contained in the Bylaws to require the stockholder proposing business or nominating directors to provide additional representations and information. These amendments include, among others, provisions that (i) prohibit a stockholder from nominating a greater number of director candidates than are to be elected by stockholders at the applicable meeting or substituting or replacing any proposed nominee unless such substitute or replacement is nominated in accordance with the advance notice disclosure requirements contained in the Bylaws and (ii) require, except as otherwise determined by the chair of the meeting, a stockholder giving such notice to appear in person or by proxy at the annual or special meeting to present each director nominee for election or the proposed business, as applicable, or such matter shall not The amendments provide additional detail on the procedures to be followed by stockholders seeking to request that the Company hold a special meeting of stockholders. The amendments also include a new Article XIV that contains exclusive forum provisions for certain litigation. Article XIV provides, in part, that, unless the Company consents in writing to the selection of an alternative forum, any Circuit Court in Maryland, or, if those courts do not The amendments also include certain technical, conforming, modernizing and clarifying changes to the Bylaws. The foregoing summary does not 3.1 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation This report combines the quarterly reports on Form 10 June 30, 2023, 10 December 31, 2022, 10 not |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its Condensed Consolidated Financial Statements. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain amounts in the prior period have been reclassified in order to conform to the current period’s presentation. For comparative purposes, for the six June 30, 2022, Six Months Ended June 30, 2022 Operating activities: Straight-line rental income adjustments, net $ (17.4 ) Amortization of above-market and below-market leases, net $ (7.0 ) Amortization of deferred financing costs and fair value debt adjustments, net $ (14.1 ) Change in accounts and notes receivable, net $ 17.4 Change in other operating assets and liabilities, net $ 21.1 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements The following table represents an Accounting Standards Update (“ASU”) to the FASB’s ASCs that, as of June 30, 2023, not not ASU Description Effective Date Effect on the financial statements or other significant matters ASU 2022 03, 820 This ASU clarifies the guidance in Topic 820, 820. January 1, 2024; The Company is assessing the impact this ASU will have on the Company’s financial position and/or results of operations. The following ASUs to the FASB’s ASCs have been adopted by the Company as of the date listed: ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2021 08, 805 The amendments in this update require acquiring entities to apply Topic 606 805. January 1, 2023 The adoption of this ASU did not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Six Months Ended June 30, 2022 Operating activities: Straight-line rental income adjustments, net $ (17.4 ) Amortization of above-market and below-market leases, net $ (7.0 ) Amortization of deferred financing costs and fair value debt adjustments, net $ (14.1 ) Change in accounts and notes receivable, net $ 17.4 Change in other operating assets and liabilities, net $ 21.1 |
Note 3 - Real Estate (Tables)
Note 3 - Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Purchase Price Property Name Location Month Acquired Cash Debt Other Total GLA* Portfolio (2 properties) (1) Various Jan-23 $ 69,130 $ 19,637 $ 13,019 $ 101,786 342 Crossroads Plaza Parcel Cary, NC Jan-23 2,173 - - 2,173 5 Northridge Shopping Center Parcel Arvada, CO Jan-23 728 - - 728 57 Stafford Marketplace Parcel (2) Stafford, VA Feb-23 - - 12,527 12,527 87 Tustin Heights (1) Tustin, CA Mar-23 26,501 17,550 4,910 48,961 137 $ 98,532 $ 37,187 $ 30,456 $ 166,175 628 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Allocation as of June 30, 2023 Weighted Average Amortization Period (in Years) Land $ 51,116 n/a Building 99,947 50.0 Building improvements 10,125 45.0 Tenant improvements 8,320 4.1 In-place leases 11,080 4.1 Above-market leases 1,329 5.7 Below-market leases (16,551 ) 23.6 Other assets 1,777 n/a Other liabilities (968 ) n/a Net assets acquired $ 166,175 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Six Months Ended June 30, 2023 2022 Aggregate sales price/gross fair value (1) (2) $ 163.8 $ 43.3 Gain on sale of properties (3) $ 52.4 $ 7.1 Number of properties sold 4 1 Number of parcels sold/(deconsolidated) (1) 8 8 |
Note 4 - Investment In and Ad_2
Note 4 - Investment In and Advances to Real Estate Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Noncontrolling Ownership Interest The Company s Investment Joint Venture As of June 30, 2023 June 30, 2023 December 31, 2022 Prudential Investment Program 15.0% $ 144.8 $ 153.6 Kimco Income Opportunity Portfolio (“KIR”) 52.1% 285.4 281.5 Canada Pension Plan Investment Board (“CPP”) 55.0% 200.8 190.8 Other Institutional Joint Ventures Various 252.6 256.8 Other Joint Venture Programs Various 214.7 208.9 Total* $ 1,098.3 $ 1,091.6 |
Joint Venture Investments Accounted For Under The Equity Method Debt Details [Table Text Block] | As of June 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 $ 340.5 5.85 % 27.7 $ 380.1 5.20 % 33.1 KIR 273.1 5.82 % 45.2 297.9 5.46 % 47.2 CPP 82.5 5.70 % 37.1 83.1 6.14 % 43.0 Other Institutional Joint Ventures 233.8 5.76 % 41.8 233.5 4.30 % 47.7 Other Joint Venture Programs 370.9 4.41 % 65.4 388.8 4.10 % 71.8 Total $ 1,300.8 $ 1,383.4 |
Joint Ventures [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, Joint Venture 2023 2022 2023 2022 Prudential Investment Program $ 2.2 $ 2.3 $ 12.1 $ 4.7 KIR 8.5 32.0 17.8 45.5 CPP 2.7 2.6 5.4 5.7 Other Institutional Joint Ventures 0.8 4.1 1.5 5.6 Other Joint Venture Programs 2.9 3.1 4.5 6.2 Total $ 17.1 $ 44.1 $ 41.3 $ 67.7 |
Note 6 - Marketable Securities
Note 6 - Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Marketable Securities [Table Text Block] | As of June 30, 2023 As of December 31, 2022 Marketable securities: Amortized cost $ 41,713 $ 87,411 Unrealized gains, net 273,113 510,321 Total fair value $ 314,826 $ 597,732 |
Gain (Loss) on Securities [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Gain/(loss) on marketable securities, net $ 14,561 $ (261,467 ) $ 4,417 $ (139,703 ) |
Note 7 - Accounts and Notes R_2
Note 7 - Accounts and Notes Receivable (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of June 30, 2023 As of December 31, 2022 Billed tenant receivables $ 26,480 $ 33,801 Unbilled common area maintenance, insurance and tax reimbursements 39,636 56,001 Deferred rent receivables 943 1,905 Defined benefit plan receivable (1) 14,684 14,421 Other receivables 11,488 8,361 Straight-line rent receivables 201,377 189,737 Total accounts and notes receivable, net $ 294,608 $ 304,226 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Lease income: Fixed lease income (1) $ 349,323 $ 336,370 $ 697,661 $ 668,368 Variable lease income (2) 86,258 81,514 176,329 164,961 Above-market and below-market leases amortization, net 7,013 2,683 10,002 6,980 Adjustments for potentially uncollectible revenues and disputed amounts (3) (3,586 ) 2,706 (6,646 ) 5,618 Total lease income $ 439,008 $ 423,273 $ 877,346 $ 845,927 |
Lease, Cost [Table Text Block] | Operating Leases Finance Leases Weighted-average remaining lease term (in years) 24.6 0.5 Weighted-average discount rate 6.63 % 4.44 % Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Lease cost: Finance lease cost $ 316 $ 250 $ 635 $ 576 Operating lease cost 3,697 3,268 7,398 6,251 Variable lease cost 706 1,188 1,267 2,596 Total lease cost $ 4,719 $ 4,706 $ 9,300 $ 9,423 |
Note 9 - Other Assets (Tables)
Note 9 - Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Issued and Acquired Mortgage Loans and Other Financing Receivables [Table Text Block] | Date Issued Face Amount Interest Rate Maturity Date Feb-23 $ 11.2 14.00 % Dec-24 Mar-23 $ 25.0 8.00 % Apr-24 |
Note 11 - Noncontrolling Inte_2
Note 11 - Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | Six Months Ended June 30, 2023 2022 Balance at January 1, $ 92,933 $ 13,480 Net income 3,104 534 Distributions (3,104 ) (535 ) Redemption/conversion of noncontrolling interests - (209 ) Balance at June 30, $ 92,933 $ 13,270 |
Note 12 - Variable Interest E_2
Note 12 - Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of June 30, 2023 As of December 31, 2022 Number of unencumbered VIEs 30 29 Number of encumbered VIEs 2 3 Total number of consolidated VIEs 32 32 Restricted Assets: Real estate, net $ 386.2 $ 425.5 Cash and cash equivalents 5.3 7.9 Accounts and notes receivable, net 3.5 1.7 Other assets 1.4 1.5 Total Restricted Assets $ 396.4 $ 436.6 VIE Liabilities: Mortgages payable, net $ 97.6 $ 109.7 Accounts payable and accrued expenses 13.4 10.9 Operating lease liabilities 5.1 5.2 Other liabilities 70.1 73.3 Total VIE Liabilities $ 186.2 $ 199.1 |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Notes payable, net (1) $ 6,775,080 $ 5,879,693 $ 6,780,969 $ 5,837,401 Mortgages payable, net (2) $ 359,609 $ 298,487 $ 376,917 $ 311,659 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Balance at June 30, 2023 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 314,826 $ 314,826 $ - $ - Liabilities: Embedded derivative liability $ 56,000 $ - $ - $ 56,000 Balance at December 31, 2022 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 597,732 $ 597,732 $ - $ - Liabilities: Embedded derivative liability $ 56,000 $ - $ - $ 56,000 Balance at June 30, 2023 Level 1 Level 2 Level 3 Real estate $ 15,479 $ - $ - $ 15,479 |
Note 15 - Stockholders' Equity
Note 15 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Class of Treasury Stock [Table Text Block] | Class of Preferred Stock Depositary Shares Repurchased Purchase Price (in thousands) Class L 43,777 $ 973.4 Class M 23,791 $ 515.9 |
Schedule of Stockholders Equity [Table Text Block] | As of June 30, 2023 Class of Preferred Stock Shares Authorized Shares Issued and Outstanding Liquidation Preference Dividend Rate Annual Dividend per Depositary Share Par Value Optional Redemption Date Class L 10,350 8,902 $ 222,543 5.125 % $ 1.28125 $ 1.00 8/16/2022 Class M 10,580 10,465 261,636 5.250 % $ 1.31250 $ 1.00 12/20/2022 19,367 $ 484,179 As of December 31, 2022 Class of Preferred Stock Shares Authorized Shares Issued and Outstanding Liquidation Preference Dividend Rate Annual Dividend per Depositary Share Par Value Optional Redemption Date Class L 10,350 8,946 $ 223,637 5.125 % $ 1.28125 $ 1.00 8/16/2022 Class M 10,580 10,489 262,231 5.250 % $ 1.31250 $ 1.00 12/20/2022 19,435 $ 485,868 |
Dividends Declared [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Common Shares $ 0.23000 $ 0.20000 $ 0.46000 $ 0.39000 Class L Depositary Shares $ 0.32031 $ 0.32031 $ 0.64062 $ 0.64062 Class M Depositary Shares $ 0.32813 $ 0.32813 $ 0.65626 $ 0.65626 |
Note 16 - Supplemental Schedu_2
Note 16 - Supplemental Schedule of Non-cash Investing / Financing Activities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Six Months Ended June 30, 2023 2022 Acquisition of real estate interests from a lease modification $ 12,527 $ - Disposition of real estate interests through the issuance of mortgage receivables $ 25,000 $ - Deconsolidation of real estate interests through contribution to other investments $ 19,618 $ - Surrender of common stock $ 16,137 $ 13,545 Declaration of dividends paid in succeeding period $ 5,308 $ 5,326 Capital expenditures accrual $ 32,949 $ 23,225 Decrease in redeemable noncontrolling interests from redemption of units for common stock $ - $ 1,613 Consolidation of Joint Ventures: Increase in real estate and other net assets $ 54,345 $ - Increase in mortgage payables $ 37,187 $ - |
Reconciliation of Cash, Cash Equivalents and Restricted Cash [Table Text Block] | As of June 30, 2023 As of December 31, 2022 Cash and cash equivalents $ 533,380 $ 146,970 Restricted cash 3,097 2,859 Total cash, cash equivalents and restricted cash $ 536,477 $ 149,829 |
Note 18 - Accumulated Other C_2
Note 18 - Accumulated Other Comprehensive Income ("AOCI") (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains Related to Defined Benefit Plan Unrealized Gains Related to Equity Method Investments Total Balance as of January 1, 2023 $ 10,581 $ - $ 10,581 Other comprehensive income before reclassifications - 5,361 5,361 Amounts reclassified from AOCI - - - Net current-period other comprehensive income - 5,361 5,361 Balance as of June 30, 2023 $ 10,581 $ 5,361 $ 15,942 Unrealized Gains Related to Defined Benefit Plan Balance as of January 1, 2022 $ 2,216 Other comprehensive income before reclassifications 4,260 Amounts reclassified from AOCI - Net current-period other comprehensive income 4,260 Balance as of June 30, 2022 $ 6,476 |
Note 19 - Earnings Per Share (T
Note 19 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Computation of Basic and Diluted Earnings Per Share: Net income/(loss) available to the Company's common shareholders $ 100,426 $ (125,751 ) $ 383,938 $ 105,197 Earnings attributable to participating securities (647 ) (533 ) (2,074 ) (1,000 ) Net income/(loss) available to the Company’s common shareholders for basic earnings per share 99,779 (126,284 ) 381,864 104,197 Distributions on convertible units - - 1,479 - Net income/(loss) available to the Company’s common shareholders for diluted earnings per share $ 99,779 $ (126,284 ) $ 383,343 $ 104,197 Weighted average common shares outstanding – basic 617,077 615,642 616,785 615,207 Effect of dilutive securities (1): Equity awards 122 - 490 1,689 Assumed conversion of convertible units 58 - 2,474 47 Weighted average common shares outstanding – diluted 617,257 615,642 619,749 616,943 Net income/(loss) available to the Company's common shareholders: Basic earnings per share $ 0.16 $ (0.21 ) $ 0.62 $ 0.17 Diluted earnings per share $ 0.16 $ (0.21 ) $ 0.62 $ 0.17 |
Note 1 - Business and Organiz_2
Note 1 - Business and Organization (Details Textual) | Jun. 30, 2023 |
Kimco Realty OP, LLC [Member] | |
Subsidiary, Ownership Percentage, Parent | 100% |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies - Reclassifications (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Straight-line rental income adjustments, net | $ (12,001) | $ (17,437) |
Amortization of above-market and below-market leases, net | (10,002) | (6,980) |
Amortization of deferred financing costs and fair value debt adjustments, net | (4,656) | (14,066) |
Change in accounts and notes receivable, net | 21,605 | 16,234 |
Change in other operating assets and liabilities, net | $ 1,237 | (12,636) |
Scenario, Adjustment [Member] | ||
Straight-line rental income adjustments, net | (17,400) | |
Amortization of above-market and below-market leases, net | (7,000) | |
Amortization of deferred financing costs and fair value debt adjustments, net | (14,100) | |
Change in accounts and notes receivable, net | 17,400 | |
Change in other operating assets and liabilities, net | $ 21,100 |
Note 3 - Real Estate (Details T
Note 3 - Real Estate (Details Textual) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Real Estate Revenue From Acquisitions During Period | $ 6,700 |
Asset Acquisition, Consideration Transferred | 166,175 |
Financing Receivable, Face Amount | 25,000 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, Net of Tax, Attributable to Noncontrolling Interest | 1,600 |
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 1,500 |
Property [Member] | |
Tangible Asset Impairment Charges | $ 11,800 |
Four Parcels Purchased [Member] | |
Number of Parcels Acquired | 4 |
Asset Acquisition, Consideration Transferred | $ 23,200 |
Previously Held Equity Investments [Member] | |
Gain (Loss) on Change of Control of Equity Investments | $ 7,700 |
Equity Method Investment, Ownership Percentage | 15% |
Preferred Equity Investments [Member] | Admore PA Property [Member] | |
Equity Method Investment, Aggregate Cost | $ 19,600 |
Note 3 - Real Estate - Acquisit
Note 3 - Real Estate - Acquisition of Operating Properties (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 USD ($) ft² | ||
Purchase price, cash | $ 98,532 | |
Purchase price, debt | 37,187 | |
Purchase price, other consideration | 30,456 | |
Purchase price, total | $ 166,175 | |
GLA (Square Foot) | ft² | 628 | |
Portfolio (2 Properties) [Member] | ||
Purchase price, cash | $ 69,130 | [1] |
Purchase price, debt | 19,637 | [1] |
Purchase price, other consideration | 13,019 | [1] |
Purchase price, total | $ 101,786 | [1] |
GLA (Square Foot) | ft² | 342 | [1] |
Crossroads Plaza Parcel [Member] | ||
Purchase price, cash | $ 2,173 | |
Purchase price, debt | 0 | |
Purchase price, other consideration | 0 | |
Purchase price, total | $ 2,173 | |
GLA (Square Foot) | ft² | 5 | |
Northridge Shopping Center Parcel [Member] | ||
Purchase price, cash | $ 728 | |
Purchase price, debt | 0 | |
Purchase price, other consideration | 0 | |
Purchase price, total | $ 728 | |
GLA (Square Foot) | ft² | 57 | |
Stafford Marketplace [Member] | ||
Purchase price, cash | $ 0 | [2] |
Purchase price, debt | 0 | [2] |
Purchase price, other consideration | 12,527 | [2] |
Purchase price, total | $ 12,527 | [2] |
GLA (Square Foot) | ft² | 87 | [2] |
Tustin Heights [Member] | ||
Purchase price, cash | $ 26,501 | |
Purchase price, debt | 17,550 | [1] |
Purchase price, other consideration | 4,910 | [1] |
Purchase price, total | $ 48,961 | [1] |
GLA (Square Foot) | ft² | 137 | [1] |
[1]Other includes the Company’s previously held equity investments in the Prudential Investment Program and net gains on change in control. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized gains on change in control of interest of $7.7 million, in aggregate, resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income. The Company previously held an ownership interest of 15.0% in these property interests. See Footnote 4 of the Notes to the Company's Condensed Consolidated Financial Statements.[2]During the three months ended March 31, 2023, the Company received a land parcel as consideration resulting from the exercise of a termination option of an operating lease. |
Note 3 - Real Estate - Purchase
Note 3 - Real Estate - Purchase Price Allocation (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Other liabilities | $ (968) |
Net assets acquired | 166,175 |
Tenant Improvements [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 8,320 |
Weighted-average amortization period, finite-lived in tangibles (Year) | 4 years 1 month 6 days |
Leases, Acquired-in-Place [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 11,080 |
Weighted-average amortization period, finite-lived in tangibles (Year) | 4 years 1 month 6 days |
Land [Member] | |
Allocation, Property Plant and Equipment | $ 51,116 |
Building [Member] | |
Allocation, Property Plant and Equipment | $ 99,947 |
Weighted-average amortization period, Property Plant and Equipment (Year) | 50 years |
Building Improvements [Member] | |
Allocation, Property Plant and Equipment | $ 10,125 |
Weighted-average amortization period, Property Plant and Equipment (Year) | 45 years |
Above Market Leases [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,329 |
Weighted-average amortization period, finite-lived in tangibles (Year) | 5 years 8 months 12 days |
Below-market Leases [Member] | |
Weighted-average amortization period, finite-lived in tangibles (Year) | 23 years 7 months 6 days |
Below-market leases | $ (16,551) |
Land Held for Development [Member] | |
Other assets | $ 1,777 |
Note 3 - Real Estate - Disposit
Note 3 - Real Estate - Disposition Activity (Details) - Disposition Activity Relating to Consolidated Operating Properties and Parcels [Member] $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | ||
Aggregate sales price/gross fair value (1) (2) | [1],[2] | $ 163.8 | $ 43.3 |
Gain on sale of properties (3) | [3] | $ 52.4 | $ 7.1 |
Number of properties sold | 4 | 1 | |
Number of parcels sold/(deconsolidated) (1) | [1] | 8 | 8 |
[1]During 2023, the Company contributed a land parcel and related entitlements, located in Admore, PA, into a preferred equity investment with a gross value of $19.6 million. As a result, the Company no longer consolidates this land parcel and has a non-controlling interest in this investment. See Footnote 5 of the Notes to the Company’s Condensed Consolidated Financial Statements for preferred equity investment disclosure.[2]During 2023, the Company provided as a lender seller financing of $25.0 million related to the sale of an operating property located in Gresham, OR. See Footnote 9 of the Notes to the Company’s Condensed Consolidated Financial Statements for mortgage receivable loan disclosure.[3]Before noncontrolling interests of $1.6 million and taxes of $1.5 million for the six months ended June 30, 2023. |
Note 4 - Investment In and Ad_3
Note 4 - Investment In and Advances to Real Estate Joint Ventures (Details Textual) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 USD ($) ft² | Dec. 31, 2022 ft² | |
Gross Leasable Area (Square Foot) | ft² | 628 | |
All Equity Method Investments [Member] | ||
Number of Real Estate Properties | 108 | 111 |
Gross Leasable Area (Square Foot) | ft² | 21,900,000 | 22,400,000 |
Real Estate Joint Ventures [Member] | Operating Properties [Member] | ||
Real Estate Investments, Net | $ 150.7 | |
Gain (Loss) on Change of Control of Equity Investments | 7.7 | |
Equity Method Investment, Sales Price | 268.6 | |
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 29.8 |
Note 4 - Investment In and Ad_4
Note 4 - Investment In and Advances to Real Estate Joint Ventures - Investment Details (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Kim Pru and Kim Pru II [Member] | |||
Average ownership interest | 15% | ||
The company's investment | $ 144.8 | $ 153.6 | |
Kimco Income Fund [Member] | |||
Average ownership interest | 52.10% | ||
The company's investment | $ 285.4 | 281.5 | |
CPP [Member] | |||
Average ownership interest | 55% | ||
The company's investment | $ 200.8 | 190.8 | |
Other Institutional Joint Ventures [Member] | |||
The company's investment | 252.6 | 256.8 | |
Other Joint Venture Programs [Member] | |||
The company's investment | 214.7 | 208.9 | |
All Equity Method Investments [Member] | |||
The company's investment | [1] | $ 1,098.3 | $ 1,091.6 |
[1]Representing 108 property interests and 21.9 million square feet of GLA, as of June 30, 2023, and 111 property interests and 22.4 million square feet of GLA, as of December 31, 2022. |
Note 4 - Investment In and Ad_5
Note 4 - Investment In and Advances to Real Estate Joint Ventures - The Company's Share of Net Income/(Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Prudential Investment Program [Member] | ||||
Income of joint ventures, net | $ 2,200 | $ 2,300 | $ 12,100 | $ 4,700 |
KIR [Member] | ||||
Income of joint ventures, net | 8,500 | 32,000 | 17,800 | 45,500 |
CPP [Member] | ||||
Income of joint ventures, net | 2,700 | 2,600 | 5,400 | 5,700 |
Other Institutional Joint Ventures [Member] | ||||
Income of joint ventures, net | 800 | 4,100 | 1,500 | 5,600 |
Other Joint Venture Programs [Member] | ||||
Income of joint ventures, net | 2,900 | 3,100 | 4,500 | 6,200 |
Joint Ventures [Member] | ||||
Income of joint ventures, net | $ 17,128 | $ 44,130 | $ 41,332 | $ 67,700 |
Note 4 - Investment In and Ad_6
Note 4 - Investment In and Advances to Real Estate Joint Ventures - Joint Venture Investments Accounted for Under the Equity Method, Debt Details (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | ||
Mortgage and notes payable | $ 1,300.8 | $ 1,383.4 | |
Prudential Investment Program [Member] | |||
Mortgage and notes payable | $ 340.5 | $ 380.1 | |
Weighted average interest rate | 5.85% | 5.20% | |
Weighted average remaining term (Month) | [1] | 27 months 21 days | 33 months 3 days |
KIR [Member] | |||
Mortgage and notes payable | $ 273.1 | $ 297.9 | |
Weighted average interest rate | 5.82% | 5.46% | |
Weighted average remaining term (Month) | [1] | 45 months 6 days | 47 months 6 days |
CPP [Member] | |||
Mortgage and notes payable | $ 82.5 | $ 83.1 | |
Weighted average interest rate | 5.70% | 6.14% | |
Weighted average remaining term (Month) | [1] | 37 months 3 days | 43 months |
Other Institutional Joint Ventures [Member] | |||
Mortgage and notes payable | $ 233.8 | $ 233.5 | |
Weighted average interest rate | 5.76% | 4.30% | |
Weighted average remaining term (Month) | [1] | 41 months 24 days | 47 months 21 days |
Other Joint Venture Programs [Member] | |||
Mortgage and notes payable | $ 370.9 | $ 388.8 | |
Weighted average interest rate | 4.41% | 4.10% | |
Weighted average remaining term (Month) | [1] | 65 months 12 days | 71 months 24 days |
[1]Includes extension options |
Note 5 - Other Investments (Det
Note 5 - Other Investments (Details Textual) $ in Millions | Jun. 30, 2023 USD ($) |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 136.6 |
Preferred Equity Investments [Member] | |
Equity Method Investments | 96.7 |
Preferred Equity Investments [Member] | Admore PA Property [Member] | |
Equity Method Investments | 27.1 |
Equity Method Investment, Aggregate Cost | $ 19.6 |
Note 6 - Marketable Securitie_2
Note 6 - Marketable Securities (Details Textual) - USD ($) $ in Thousands, shares in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Proceeds from Sale and Maturity of Marketable Securities | $ 290,311 | $ 201 | |
Marketable Securities | 314,826 | $ 597,732 | |
Dividend Income, Equity Securities, Operating | $ 194,100 | ||
Albertsons Companies, Inc [Member] | |||
Sale of Marketable Securities (in shares) | 14.1 | ||
Proceeds from Sale and Maturity of Marketable Securities | $ 282,300 | ||
Equity Securities, FV-NI, Realized Gain (Loss) | 241,200 | ||
Equity Securities, Federal and State Taxes Payable on Capital Gains | $ 61,000 | ||
Investment Owned, Balance, Shares (in shares) | 14.2 | ||
Marketable Securities | $ 310,100 |
Note 6 - Marketable Securitie_3
Note 6 - Marketable Securities - Amortized Cost and Unrealized Gain (Loss) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Amortized cost | $ 41,713 | $ 87,411 |
Unrealized gains, net | 273,113 | 510,321 |
Marketable securities | $ 314,826 | $ 597,732 |
Note 6 - Marketable Securitie_4
Note 6 - Marketable Securities - Net Gain (Loss) of Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Gain/(loss) on marketable securities, net | $ 14,561 | $ (261,467) | $ 4,417 | $ (139,703) |
Note 7 - Accounts and Notes R_3
Note 7 - Accounts and Notes Receivable (Details Textual) - The Weingarten Realty Noncontributory Qualified Cash Balance Retirement Plan [Member] $ in Millions | Jun. 30, 2023 USD ($) |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ 14.7 |
Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax | $ 10.6 |
Note 7 - Accounts and Notes R_4
Note 7 - Accounts and Notes Receivable - Components of Accounts and Notes Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Billed tenant receivables | $ 26,480 | $ 33,801 | |
Unbilled common area maintenance, insurance and tax reimbursements | 39,636 | 56,001 | |
Deferred rent receivables | 943 | 1,905 | |
Defined benefit plan receivable (1) | [1] | 14,684 | 14,421 |
Other receivables | 11,488 | 8,361 | |
Straight-line rent receivables | 201,377 | 189,737 | |
Total accounts and notes receivable, net | $ 294,608 | $ 304,226 | |
[1]In August 2021, the Company assumed sponsorship of Weingarten Realty Investors’ noncontributory qualified cash balance retirement plan (the “Benefit Plan”) in connection with the merger with Weingarten Realty Investors (“Weingarten”). The Benefit Plan was frozen as of the date of the merger and subsequently terminated as of December 31, 2021. As of June 30, 2023, the Benefit Plan has excess assets of $14.7 million. Additionally, as of June 30, 2023, the Company has unrealized gains related to the Benefit Plan of $10.6 million, which is included in Accumulated other comprehensive income on the Company’s Condensed Consolidated Balance Sheet (see Footnote 18 of the Notes to Condensed Consolidated Financial Statements). The Company expects to settle all the Benefit Plan’s obligations during the remainder of 2023. |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | Jun. 30, 2023 |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 62 years 6 months |
Lessee, Operating Lease, Renewal Term (Year) | 75 years |
Note 8 - Leases - Lease Income
Note 8 - Leases - Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Fixed lease income | [1] | $ 349,323 | $ 336,370 | $ 697,661 | $ 668,368 |
Variable lease income | [2] | 86,258 | 81,514 | 176,329 | 164,961 |
Above-market and below-market leases amortization, net | 7,013 | 2,683 | 10,002 | 6,980 | |
Total lease income | 439,008 | 423,273 | 877,346 | 845,927 | |
COVID 19 [Member] | |||||
Adjustments for potentially uncollectible revenues and disputed amounts | [3] | $ (3,586) | $ 2,706 | $ (6,646) | $ 5,618 |
[1]Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments.[2]Includes minimum base rents, expense reimbursements, percentage rent, lease termination fee income and ancillary income.[3]The amounts represent adjustments associated with potentially uncollectible revenues and disputed amounts. |
Note 8 - Leases - Lease Cost (D
Note 8 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Weighted-average remaining lease term, operating leases (Year) | 24 years 7 months 6 days | 24 years 7 months 6 days | |||
Weighted-average remaining lease term, finance leases (Year) | 6 months | 6 months | |||
Weighted-average discount rate, operating leases | 6.63% | 6.63% | |||
Weighted-average discount rate, finance leases | 4.44% | 4.44% | |||
Finance lease cost | [1] | $ 316 | $ 250 | $ 635 | $ 576 |
Operating lease cost | 3,697 | 3,268 | 7,398 | 6,251 | |
Variable lease cost | 706 | 1,188 | 1,267 | 2,596 | |
Total lease cost | $ 4,719 | $ 4,706 | $ 9,300 | $ 9,423 | |
[1]Relates to interest expense on finance lease liabilities, which were acquired in connection with the Merger. |
Note 9 - Other Assets - Mortgag
Note 9 - Other Assets - Mortgage Loans and Other Financing Receivables (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Face amount | $ 25 |
Financing Receivable Maturing In December 24 [Member] | |
Face amount | $ 11.2 |
Interest rate | 14% |
Financing Receivable Maturing In April 24 [Member] | |
Face amount | $ 25 |
Interest rate | 8% |
Note 10 - Notes and Mortgage _2
Note 10 - Notes and Mortgage Payable (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Feb. 28, 2023 | Jun. 30, 2023 | Feb. 29, 2020 | |
Long-Term Line of Credit | $ 0 | ||
Nonrecourse Mortages Assumed Through Consolidation [Member] | |||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 37,200 | ||
Number of Real Estate Properties | 2 | ||
Mortgage Relating to An Operating Property [Member] | |||
Repayments of Long-Term Debt | $ 12,000 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 2,000,000 | $ 2,000,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,750,000 | ||
Debt Instrument, Basis Spread on Variable Rate | 0.775% | ||
Debt Instrument, Interest Rate, Increase (Decrease) | (0.02%) | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.92% | ||
Line of Credit [Member] | |||
Long-Term Line of Credit | $ 0 |
Note 11 - Noncontrolling Inte_3
Note 11 - Noncontrolling Interests - Redemption Value of the Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Balance | $ 92,933 | $ 13,480 |
Net income | 3,104 | 534 |
Distributions | (3,104) | (535) |
Redemption/conversion of noncontrolling interests | 0 | (209) |
Balance | $ 92,933 | $ 13,270 |
Note 12 - Variable Interest E_3
Note 12 - Variable Interest Entities (Details Textual) $ in Thousands | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Assets | [1] | $ 17,927,718 | $ 17,826,122 |
Liabilities | [1] | $ 8,079,377 | $ 8,086,280 |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity, Number of Entities | 32 | 32 | |
Consolidated Operating Properties [Member] | |||
Variable Interest Entity, Number of Entities | 32 | 32 | |
Consolidated Operating Properties [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Assets | $ 1,800,000 | $ 1,800,000 | |
Liabilities | 186,200 | $ 199,100 | |
Unconsolidated Redevelopment Properties [Member] | |||
Noncontrolling Interest in Variable Interest Entity | 27,100 | ||
Unconsolidated Redevelopment Properties [Member] | Maximum [Member] | |||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 34,300 | ||
[1]Total assets include restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2023 and December 31, 2022 of $396,352 and $436,605, respectively. Total liabilities include non-recourse liabilities of consolidated VIEs at June 30, 2023 and December 31, 2022 of $186,157 and $199,132, respectively. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements. |
Note 12 - Variable Interest E_4
Note 12 - Variable Interest Entities - Summary of Restricted Assets and VIE Liabilities (Details) $ in Thousands | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Real estate, net of accumulated depreciation and amortization of $3,631,686 and $3,417,414, respectively | $ 15,019,986 | $ 15,039,828 | |
Cash and cash equivalents | 533,380 | 146,970 | |
Accounts and notes receivable, net | 294,608 | 304,226 | |
Other assets | 396,643 | 401,642 | |
Assets | [1] | 17,927,718 | 17,826,122 |
Mortgages payable, net | 359,609 | 376,917 | |
Accounts payable and accrued expenses | 207,545 | 207,815 | |
Operating lease liabilities | 111,129 | 113,679 | |
Other liabilities | 620,706 | 601,574 | |
Liabilities | [1] | $ 8,079,377 | $ 8,086,280 |
Variable Interest Entity, Unencumbered [Member] | |||
Number of consolidated VIEs | 30 | 29 | |
Variable Interest Entity, Encumbered by Third Party Non-resource Mortgage Debt [Member] | |||
Number of consolidated VIEs | 2 | 3 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Number of consolidated VIEs | 32 | 32 | |
Variable Interest Entity, Primary Beneficiary [Member] | Nonrecourse [Member] | |||
Mortgages payable, net | $ 97,600 | $ 109,700 | |
Accounts payable and accrued expenses | 13,400 | 10,900 | |
Operating lease liabilities | 5,100 | 5,200 | |
Other liabilities | 70,100 | 73,300 | |
Liabilities | 186,157 | 199,132 | |
Variable Interest Entity, Primary Beneficiary [Member] | Asset Pledged as Collateral [Member] | |||
Real estate, net of accumulated depreciation and amortization of $3,631,686 and $3,417,414, respectively | 386,200 | 425,500 | |
Cash and cash equivalents | 5,300 | 7,900 | |
Accounts and notes receivable, net | 3,500 | 1,700 | |
Other assets | 1,400 | 1,500 | |
Assets | $ 396,352 | $ 436,605 | |
[1]Total assets include restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2023 and December 31, 2022 of $396,352 and $436,605, respectively. Total liabilities include non-recourse liabilities of consolidated VIEs at June 30, 2023 and December 31, 2022 of $186,157 and $199,132, respectively. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements. |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements (Details Textual) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
Property [Member] | |||
Tangible Asset Impairment Charges | $ 11,800 | ||
Estimate of Fair Value Measurement [Member] | |||
Notes Payable, Fair Value Disclosure | [1] | 5,879,693 | $ 5,837,401 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||
Notes Payable, Fair Value Disclosure | 5,900,000 | 5,800,000 | |
Deferred Costs | $ 62,600 | $ 66,400 | |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Discount Rate [Member] | |||
Embedded Derivative Liability, Measurement Input | 0.0800 | 0.0800 | |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | |||
Deferred Costs | $ 1,400 | $ 1,700 | |
[1]The Company determined that the valuation of its senior unsecured notes were classified within Level 2 of the fair value hierarchy. The estimated fair value amounts classified as Level 2 as of June 30, 2023 and December 31, 2022, were $5.8 billion and $5.8 billion, respectively. |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements - Estimate of Fair Value Differs From Carrying Amounts (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Reported Value Measurement [Member] | |||
Notes payable, net (1) | [1] | $ 6,775,080 | $ 6,780,969 |
Reported Value Measurement [Member] | Mortgages [Member] | |||
Mortgages payable, net | [2] | 359,609 | 376,917 |
Estimate of Fair Value Measurement [Member] | |||
Notes payable, net (1) | [1] | 5,879,693 | 5,837,401 |
Estimate of Fair Value Measurement [Member] | Mortgages [Member] | |||
Mortgages payable, net | [2] | $ 298,487 | $ 311,659 |
[1]The Company determined that the valuation of its senior unsecured notes were classified within Level 2 of the fair value hierarchy. The estimated fair value amounts classified as Level 2 as of June 30, 2023 and December 31, 2022, were $5.8 billion and $5.8 billion, respectively.[2]The Company determined that its valuation of its mortgages payable were classified within Level 3 of the fair value hierarchy. |
Note 13 - Fair Value Measurem_5
Note 13 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Nonrecurring [Member] | ||
Real estate | $ 15,479 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Real estate | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Real estate | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Real estate | 15,479 | |
Fair Value, Recurring [Member] | ||
Marketable equity securities | 314,826 | $ 597,732 |
Embedded derivative liability | 56,000 | 56,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable equity securities | 314,826 | 597,732 |
Embedded derivative liability | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable equity securities | 0 | |
Embedded derivative liability | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable equity securities | 0 | 0 |
Embedded derivative liability | $ 56,000 | $ 56,000 |
Note 14 - Incentive Plans (Deta
Note 14 - Incentive Plans (Details Textual) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | May 31, 2020 | |
Share-Based Payment Arrangement, Expense | $ 17.5 | $ 14 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 67.3 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | ||
The 2020 Equity Participation Plan [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 10,000,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 4,900,000 |
Note 15 - Stockholders' Equit_2
Note 15 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 1 | $ 1 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Class L Cumulative Redeemable Preferred Stock Depositary Shares[Member] | ||
Stock Repurchased During Period, Shares (in shares) | 43,777 | |
Class M Cumulative Redeemable Preferred Stock Depositary Shares [Member] | ||
Stock Repurchased During Period, Shares (in shares) | 23,791 | |
Share Repurchase Program [Member] | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 1 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | |
Stock Repurchase Program, Authorized Amount | $ 300 | |
Stock Repurchased During Period, Shares (in shares) | 0 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 224.9 | |
Share Repurchase Program [Member] | Maximum [Member] | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,942 | |
Share Repurchase Program [Member] | Class L Cumulative Redeemable Preferred Stock Depositary Shares[Member] | Maximum [Member] | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 894,000 | |
Share Repurchase Program [Member] | Class M Cumulative Redeemable Preferred Stock Depositary Shares [Member] | Maximum [Member] | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,048,000 |
Note 15 - Stockholders' Equit_3
Note 15 - Stockholders' Equity - Preferred Stock Repurchased (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Purchase price | $ 1,491 | $ 3,441 |
Class L Cumulative Redeemable Preferred Stock Depositary Shares[Member] | ||
Shares repurchased (in shares) | 43,777 | |
Purchase price | $ 973,400 | |
Class M Cumulative Redeemable Preferred Stock Depositary Shares [Member] | ||
Shares repurchased (in shares) | 23,791 | |
Purchase price | $ 515,900 |
Note 15 - Stockholders' Equit_4
Note 15 - Stockholders' Equity - Outstanding Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Preferred stock, shares authorized (in shares) | 7,054,000 | 7,054,000 |
Preferred stock, liquidation preference | $ 484,179 | $ 489,868 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Series L Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 10,350 | 10,350 |
Shares issued and outstanding (in shares) | 8,902 | 8,946 |
Preferred stock, liquidation preference | $ 222,543 | $ 223,637 |
Dividend rate | 5.125% | 5.125% |
Annual dividend per depository share (in dollars per share) | $ 1.28125 | $ 1.28125 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Series M Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 10,580 | 10,580 |
Shares issued and outstanding (in shares) | 10,465 | 10,489 |
Preferred stock, liquidation preference | $ 261,636 | $ 262,231 |
Dividend rate | 5.25% | 5.25% |
Annual dividend per depository share (in dollars per share) | $ 1.31250 | $ 1.31250 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Redeemable Preferred Stock [Member] | ||
Shares issued and outstanding (in shares) | 19,367 | 19,435 |
Preferred stock, liquidation preference | $ 484,179 | $ 485,868 |
Note 15 - Stockholders' Equit_5
Note 15 - Stockholders' Equity - Dividends Declared (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Common Shares (in dollars per share) | $ 0.23000 | $ 0.20000 | $ 0.46000 | $ 0.39000 |
Series L Preferred Stock [Member] | ||||
Preferred Shares (in dollars per share) | 0.32031 | 0.32031 | 0.64062 | 0.64062 |
Series M Preferred Stock [Member] | ||||
Preferred Shares (in dollars per share) | $ 0.32813 | $ 0.32813 | $ 0.65626 | $ 0.65626 |
Note 16 - Supplemental Schedu_3
Note 16 - Supplemental Schedule of Non-cash Investing / Financing Activities - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Acquisition of real estate interests from a lease modification | $ 12,527 | $ 0 | |
Disposition of real estate interests through the issuance of mortgage receivables | 25,000 | 0 | |
Deconsolidation of real estate interests through contribution to other investments | 19,618 | 0 | |
Surrender of common stock | 16,137 | 13,545 | |
Dividends payable | 5,308 | 5,326 | $ 5,326 |
Capital expenditures accrual | 32,949 | 23,225 | |
Decrease in redeemable noncontrolling interests from redemption of units for common stock | 0 | 1,613 | |
Increase in real estate and other net assets | 54,345 | 0 | |
Increase in mortgage payables | $ 37,187 | $ 0 |
Note 16 - Supplemental Schedu_4
Note 16 - Supplemental Schedule of Non-cash Investing / Financing Activities - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | $ 533,380 | $ 146,970 |
Restricted cash | 3,097 | 2,859 |
Total cash, cash equivalents and restricted cash | $ 536,477 | $ 149,829 |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Letters of Credit Outstanding, Amount | $ 39.8 |
Performance and Surety Bonds | 17.4 |
Series A Bond [Member] | |
Special Assessment Bond, Total | 45.5 |
Investment With Funding Commitments [Member] | |
Equity Method Investment, Commitment Amount | 64.7 |
Payments to Acquire Equity Method Investments | $ 45.5 |
Note 18 - Accumulated Other C_3
Note 18 - Accumulated Other Comprehensive Income ("AOCI") - Changes in the Components of AOCI (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Balance as of January 1, 2023 | $ 10,581 | |
Balance as of June 30, 2023 | 15,942 | |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||
Balance as of January 1, 2023 | 10,581 | $ 2,216 |
Other comprehensive income before reclassifications | 0 | 4,260 |
Amounts reclassified from AOCI | 0 | 0 |
Net current-period other comprehensive income | 0 | 4,260 |
Balance as of June 30, 2023 | 10,581 | $ 6,476 |
AOCI, Unrealized Gain (Loss) Related to Equity Method Investments [Member] | ||
Balance as of January 1, 2023 | 0 | |
Other comprehensive income before reclassifications | 5,361 | |
Amounts reclassified from AOCI | 0 | |
Net current-period other comprehensive income | 5,361 | |
Balance as of June 30, 2023 | 5,361 | |
AOCI Attributable to Parent [Member] | ||
Balance as of January 1, 2023 | 10,581 | |
Other comprehensive income before reclassifications | 5,361 | |
Amounts reclassified from AOCI | 0 | |
Net current-period other comprehensive income | 5,361 | |
Balance as of June 30, 2023 | $ 15,942 |
Note 19 - Earnings Per Share -
Note 19 - Earnings Per Share - Reconciliation of Earnings (Loss) and the Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Net income/(loss) available to the Company's common shareholders | $ 100,426 | $ (125,751) | $ 383,938 | $ 105,197 | |
Earnings attributable to participating securities | (647) | (533) | (2,074) | (1,000) | |
Net income/(loss) available to the Company’s common shareholders for basic earnings per share | 99,779 | (126,284) | 381,864 | 104,197 | |
Distributions on convertible units | 0 | 0 | 1,479 | 0 | |
Net income/(loss) available to the Company’s common shareholders for diluted earnings per share | $ 99,779 | $ (126,284) | $ 383,343 | $ 104,197 | |
Weighted average common shares outstanding – basic (in shares) | 617,077 | 615,642 | 616,785 | 615,207 | |
Equity awards (in shares) | [1] | 122 | 0 | 490 | 1,689 |
Assumed conversion of convertible units (in shares) | [1] | 58 | 0 | 2,474 | 47 |
Weighted average common shares outstanding – diluted (in shares) | [1] | 617,257 | 615,642 | 619,749 | 616,943 |
Basic earnings per share (in dollars per share) | $ 0.16 | $ (0.21) | $ 0.62 | $ 0.17 | |
Diluted earnings per share (in dollars per share) | $ 0.16 | $ (0.21) | $ 0.62 | $ 0.17 | |
[1]The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to the Company's common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 0.3 million, 0 million and 1.2 million stock options that were not dilutive as of December 31, 2022, 2021 and 2020, respectively. |