Kimco Realty (KIM) 10-Q 6 Aug 09 2009 Q2 Quarterly report Financial data

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (USD $)
In Thousands	Jun. 30, 2009	Dec. 31, 2008
Assets:
Operating real estate, net of accumulated depreciation of $1,246,920 and $1,159,664, respectively	$5,703,887	$5,690,277
Investments and advances in real estate joint ventures	1,186,696	1,161,382
Real estate under development	868,383	968,975
Other real estate investments	534,419	566,324
Mortgages and other financing receivables	176,769	181,992
Cash and cash equivalents	188,925	136,177
Marketable securities	246,099	258,174
Accounts and notes receivable	102,750	97,702
Other assets	330,419	336,144
Total assets	9,338,347	9,397,147
Liabilities:
Notes payable	2,832,538	3,440,818
Mortgages payable	1,069,387	847,491
Construction loans payable	236,743	268,337
Dividends payable	34,403	131,097
Other liabilities	384,863	388,818
Total liabilities	4,557,934	5,076,561
Redeemable noncontrolling interests	101,355	115,853
Stockholders' equity:
Preferred stock	0	0
Common stock, $.01 par value, authorized 750,000,000 Issued and outstanding 376,357,931 and 271,080,525 shares, respectively	3,764	2,711
Paid-in capital	4,938,825	4,217,806
Cumulative distributions in excess of net income	(319,891)	(58,162)
Total stockholders' equity excluding accumulated other comprehensive income	4,623,582	4,163,239
Accumulated other comprehensive income	(172,217)	(179,541)
Total stockholders' equity	4,451,365	3,983,698
Noncontrolling interests	227,693	221,035
Total equity	4,679,058	4,204,733
Total liabilities and equity	9,338,347	9,397,147
Series F Preferred Stock [Member]
Stockholders' equity:
Preferred stock	700	700
Series G Preferred Stock [Member]
Stockholders' equity:
Preferred stock	$184	$184

1_Condensed Consolidated Balanc

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
	Jun. 30, 2009	Dec. 31, 2008
Condensed Consolidated Balance Sheets (Parenthetical)
Real Estate Investment Property, Accumulated Depreciation	$1,246,920,000	$1,159,664,000
Preferred Stock, Par or Stated Value Per Share	1	1
Preferred Stock, Shares Authorized	3,232,000	3,232,000
Common Stock, Par or Stated Value Per Share	0.01	0.01
Common Stock, Shares Authorized	750,000,000	750,000,000
Common Stock, Shares, Issued	376,357,931	271,080,525
Common Stock, Shares, Outstanding	376,357,931	271,080,525
Series F Preferred Stock [Member]
Condensed Consolidated Balance Sheets (Parenthetical)
Preferred Stock, Par or Stated Value Per Share	1	1
Preferred Stock, Shares Authorized	700,000	700,000
Preferred Stock, Shares Issued	700,000	700,000
Preferred Stock, Shares Outstanding	700,000	700,000
Aggregate liquidation preference	175,000	175,000
Series G Preferred Stock [Member]
Condensed Consolidated Balance Sheets (Parenthetical)
Preferred Stock, Par or Stated Value Per Share	1	1
Preferred Stock, Shares Authorized	184,000	184,000
Preferred Stock, Shares Issued	184,000	184,000
Preferred Stock, Shares Outstanding	184,000	184,000
Aggregate liquidation preference	$460,000	$460,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Revenues from rental property	$189,285	$182,970	$383,180	$371,764
Rental property expenses:
Rent	(3,353)	(3,273)	(6,639)	(6,484)
Real estate taxes	(27,506)	(23,410)	(51,859)	(46,771)
Operating and maintenance	(24,057)	(23,472)	(55,227)	(50,836)
Impairment of property carrying values	(50,000)	0	(50,000)	0
Mortgage and other financing income	3,747	4,569	7,872	8,465
Management and other fee income	10,299	11,203	20,224	22,858
Depreciation and amortization	(55,226)	(50,457)	(111,366)	(99,076)
General and administrative expenses	(26,604)	(25,693)	(56,527)	(50,450)
Interest, dividends and other investment income	5,213	16,270	13,134	41,513
Other (expense)/income, net	301	(4,108)	(3,914)	(225)
Interest expense	(50,956)	(53,600)	(97,472)	(107,560)
(Loss) / income from continuing operations before income taxes, income from other real estate investments, equity in (loss) / income of joint ventures, (loss) / gain on sale of development properties and impairments	(28,857)	30,999	(8,594)	83,198
Benefit/(provision) for income taxes	682	1,138	2,335	(8,272)
Income from other real estate investments	9,338	32,383	17,724	53,412
Equity in (loss) / income of joint ventures, net	(15,272)	20,490	(5,630)	59,547
(Loss) / gain on sale of development properties, net of tax of ($10), $10,224, $961 and $11,836, respectively	(15)	15,336	1,442	17,754
Impairments:
Real estate under development	(2,100)	0	(2,100)	0
Investments in other real estate investments	(40,602)	0	(40,602)	0
Marketable securities and other investments	(29,573)	(554)	(29,573)	(3,808)
Investments in real estate joint ventures	(26,896)	0	(26,896)	0
(Loss)/income from continuing operations	(133,295)	99,792	(91,894)	201,831
Discontinued operations:
(Loss) / income from discontinued operating properties	(103)	596	(85)	5,313
Loss on operating properties held for sale/sold, net of tax	(24)	0	(80)	0
Gain on disposition of operating properties, net of tax	0	61	403	722
(Loss) / income from discontinued operations	(127)	657	238	6,035
Gain on transfer of operating properties	0	0	26	0
Gain on sale of operating properties, net of tax	1,555	24	1,555	587
Total gain on transfer or sale of operating properties, net of tax	1,555	24	1,581	587
Net (loss) / income	(131,867)	100,473	(90,075)	208,453
Net income attributable to noncontrolling interests	(2,784)	(6,099)	(6,152)	(15,612)
Net (loss) / income attributable to the Company	(134,651)	94,374	(96,227)	192,841
Preferred stock dividends	(11,822)	(11,822)	(23,644)	(23,644)
Net (loss) / income available to the Company's common shareholders	(146,473)	82,552	(119,871)	169,197
Loss / income from continuing operations:
-Basic	-0.4	0.32	-0.38	0.65
-Diluted	-0.4	0.32	-0.38	0.64
Net (loss) / income:
-Basic	-0.4	0.33	-0.37	0.67
-Diluted	-0.4	0.32	-0.37	0.66
Weighted average shares:
-Basic	368,254	253,740	319,937	253,336
-Diluted	368,254	257,318	319,937	256,490
Amounts attributable to the Company's common shareholders:
(Loss)/income from continuing operations, net of tax	(146,346)	81,896	(120,109)	164,295
(Loss)/income from discontinued operations	(127)	656	238	4,902
Net (loss) / income available to the Company's common shareholders	($146,473)	$82,552	($119,871)	$169,197

2_Condensed Consolidated Statem

Condensed Consolidated Statements of Operations (Parenthetical) (USD $)
In Thousands	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Condensed Consolidated Statements of Income (Parenthetical) [Abstract]
Gain (Loss) on Sale of Properties, Applicable Income Taxes	($10)	$10,224	$961	$11,836

3_Condensed Consolidated Statem

Condensed Consolidated Statements of Comprehensive Income (USD $)
In Thousands	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Net (loss) / income	($131,867)	$100,473	($90,075)	$208,453
Other comprehensive income:
Change in unrealized loss on marketable securities	23,658	(25,196)	24,751	(31,915)
Change in unrealized loss on interest rate swaps	313	(524)	(118)	(694)
Change in foreign currency translation adjustment	15,641	9,666	(25,872)	3,598
Other comprehensive income / (loss)	39,612	(16,054)	(1,239)	(29,011)
Comprehensive income	(92,255)	84,419	(91,314)	179,442
Comprehensive income attributable to noncontrolling interests	(3,950)	(6,412)	2,411	(15,773)
Comprehensive income	($96,205)	$78,007	($88,903)	$163,669

4_Condensed Consolidated Statem

Condensed Consolidated Statements of Changes in Equity (USD $)
In Thousands	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Stockholders' Equity, Beginning Balance	$4,204,733	$4,169,141
Contributions from noncontrolling interests	15,868	36,544
Comprehensive income:
Net (loss) / income	(90,075)	208,453
Other comprehensive income, net of tax:
Change in unrealized loss on marketable securities	24,751	(31,915)
Change in unrealized loss on interest rate swaps	(118)	(694)
Change in foreign currency translation adjustment	(25,872)	3,598
Comprehensive income	(91,314)	179,442
Redeemable noncontrolling interest	(3,093)	(4,721)
Dividends	(165,502)	(228,008)
Distributions to noncontrolling interests	(3,486)	(7,542)
Issuance of units	126
Unit Redemptions	(346)
Issuance of common stock	717,260
Exercise of common stock options	407	27,805
Amortization of stock option expense	4,405	3,681
Stockholders' Equity, Ending Balance	4,679,058	4,176,342
Retained Earnings / (Cumulative Distributions in Excess of Net Income)
Stockholders' Equity, Beginning Balance	(58,162)	180,005
Comprehensive income:
Net (loss) / income	(96,227)	192,841
Other comprehensive income, net of tax:
Dividends	(165,502)	(228,008)
Stockholders' Equity, Ending Balance	(319,891)	144,838
Accumulated Other Comprehensive Income
Stockholders' Equity, Beginning Balance	(179,541)	33,299
Other comprehensive income, net of tax:
Change in unrealized loss on marketable securities	24,751	(31,915)
Change in unrealized loss on interest rate swaps	(118)	(694)
Change in foreign currency translation adjustment	(17,309)	3,437
Stockholders' Equity, Ending Balance	(172,217)	4,127
Common Stock
Stockholders' Equity, Beginning Balance	2,711	2,528
Other comprehensive income, net of tax:
Issuance of common stock	1,052
Exercise of common stock options	1	12
Stockholders' Equity, Ending Balance	3,764	2,540
Paid-in Capital
Stockholders' Equity, Beginning Balance	4,217,806	3,677,509
Other comprehensive income, net of tax:
Issuance of common stock	716,208
Exercise of common stock options	406	27,793
Amortization of stock option expense	4,405	3,681
Stockholders' Equity, Ending Balance	4,938,825	3,708,983
Preferred Stock
Stockholders' Equity, Beginning Balance	884	884
Total Stockholders' Equity
Stockholders' Equity, Beginning Balance	3,983,698	3,894,225
Comprehensive income:
Net (loss) / income	(96,227)	192,841
Other comprehensive income, net of tax:
Change in unrealized loss on marketable securities	24,751	(31,915)
Change in unrealized loss on interest rate swaps	(118)	(694)
Change in foreign currency translation adjustment	(17,309)	3,437
Dividends	(165,502)	(228,008)
Issuance of common stock	717,260
Exercise of common stock options	407	27,805
Amortization of stock option expense	4,405	3,681
Stockholders' Equity, Ending Balance	4,451,365	3,861,372
Noncontrolling Interest
Stockholders' Equity, Beginning Balance	221,035	274,916
Contributions from noncontrolling interests	15,868	36,544
Comprehensive income:
Net (loss) / income	6,152	15,612
Other comprehensive income, net of tax:
Change in foreign currency translation adjustment	(8,563)	161
Redeemable noncontrolling interest	(3,093)	(4,721)
Distributions to noncontrolling interests	(3,486)	(7,542)
Issuance of units	126
Unit Redemptions	(346)
Stockholders' Equity, Ending Balance	227,693	314,970
Comprehensive Income
Comprehensive income:
Net (loss) / income	(90,075)	208,453
Other comprehensive income, net of tax:
Change in unrealized loss on marketable securities	24,751	(31,915)
Change in unrealized loss on interest rate swaps	(118)	(694)
Change in foreign currency translation adjustment	(25,872)	3,598
Comprehensive income	($91,314)	$179,442

5_Condensed Consolidated Statem

Condensed Consolidated Statements of Changes in Equity (Parenthetical) (USD $)
	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Condensed Consolidated Statements of Changes in Equity (Parenthetical) [Abstract]
Dividends, Common Stock, Cash	0.5	0.8
Series F Preferred Stock [Member]
Condensed Consolidated Statements of Changes in Equity (Parenthetical) [Abstract]
Dividends, Preferred Stock, Cash	0.8312	0.8312
Series G Preferred Stock [Member]
Condensed Consolidated Statements of Changes in Equity (Parenthetical) [Abstract]
Dividends, Preferred Stock, Cash	0.9688	0.9688

6_Condensed Consolidated Statem

Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Cash flow from operating activities:
Net (loss) / income	($90,075)	$208,453
Adjustments to reconcile net (loss) / income to net cash provided
Depreciation and amortization	111,414	100,583
Loss on operating properties held for sale/sold/transferred	113	0
Impairment charges	149,171	3,808
Gain on sale of development properties	(2,403)	(29,590)
Gain on sale / transfer of operating properties	(2,252)	(1,309)
Equity in loss / (income) of joint ventures, net	5,629	(59,547)
Income from other real estate investments	(7,802)	(50,360)
Investments in other real estate investments	40,602	0
Distributions from joint ventures	55,960	123,355
Cash retained from excess tax benefits	0	(1,410)
Change in accounts and notes receivable	(5,048)	(11,341)
Change in accounts payable and accrued expenses	9,581	1,669
Change in other operating assets and liabilities	(26,336)	(13,010)
Net cash flow provided by operating activities	197,952	271,301
Cash flow from investing activities:
Acquisition of and improvements to operating real estate	(48,248)	(150,614)
Acquisition of and improvements to real estate under development	(82,169)	(217,193)
Investment in marketable securities	0	(252,195)
Proceeds from sale of marketable securities	17,427	47,086
Investments and advances to real estate joint ventures	(63,307)	(97,454)
Reimbursements of advances to real estate joint ventures	17,697	70,431
Other real estate investments	(5,199)	(31,559)
Reimbursements of advances to other real estate investments	7,377	52,358
Investment in mortgage loans receivable	(3,907)	(49,608)
Collection of mortgage loans receivable	9,779	32,761
Other investments	(3,290)	(19,466)
Reimbursements of other investments	4,806	4,125
Proceeds from sale of operating properties	13,690	64,701
Proceeds from sale of development properties	12,132	38,875
Net cash flow used for investing activities	(123,212)	(507,752)
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt	(154,671)	(30,546)
Principal payments on rental property debt	(7,298)	(7,286)
Principal payments on construction loan financings	(52,440)	(20,914)
Proceeds from mortgage/construction loan financings	384,646	40,048
Borrowings under unsecured credit facilities	211,858	525,404
Repayment of borrowings under unsecured revolving credit facilities	(889,479)	(22,886)
Proceeds from issuance of unsecured term loan	220,000	0
Repayment of unsecured senior notes	(165,751)	0
Financing origination costs	(10,095)	(2,504)
Redemption of noncontrolling interests	(14,386)	(7,262)
Dividends paid	(262,196)	(226,637)
Cash retained from excess tax benefits	0	1,410
Proceeds from issuance of stock	717,820	23,308
Net cash flow (used for)/provided by financing activities	(21,992)	272,135
Change in cash and cash equivalents	52,748	35,684
Cash and cash equivalents, beginning of period	136,177	87,499
Cash and cash equivalents, end of period	188,925	123,183
Interest paid during the period (net of capitalized interest of $11,577, and $14,411, respectively)	97,747	108,130
Income taxes paid during the period	$3,781	$5,879

7_Condensed Consolidated Statem

Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $)
In Thousands	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Condensed Consolidated Statements of Cash Flows (Parenthetical) [Abstract]
Cash Paid for Capitalized Interest	$11,577	$14,411

Interim Financial Statements

Interim Financial Statements
	6 Months Ended Jun. 30, 2009 USD / shares
Interim Financial Statements [Abstract]
Interim Financial Statements	1. Interim Financial Statements Principles of Consolidation - The accompanying Condensed Consolidated Financial Statements include the accounts of Kimco Realty Corporation (the Company), its subsidiaries, all of which are wholly-owned, and all entities in which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (VIE), in accordance with the provisions and guidance of Financial Accounting Standards Board (FASB) Interpretation No. 46(R), Consolidation of Variable Interest Entities (FIN 46(R)) or meets certain criteria of a sole general partner or managing member as identified, in accordance with Emerging Issues Task Force (EITF) Issue 04-5, Investors Accounting for an Investment in a Limited Partnership when the Investor is the Sole General Partner and the Limited Partners have Certain Rights (EITF 04-5). All inter-company balances and transactions have been eliminated in consolidation. The information furnished is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. These Condensed Consolidated Financial Statements should be read in conjunction with the Company's 2008 Annual Report on Form 10-K. Subsequent Events - The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through August 6, 2009, the day the financial statements were issued. Income Taxes - The Company has made an election to qualify, and believes it is operating so as to qualify, as a Real Estate Investment Trust (a REIT) for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under Sections 856 through 860 of the Internal Revenue Code, as amended (the Code). However, in connection with the Tax Relief Extension Act of 1999, which became effective January 1, 2001, the Company is permitted to participate in certain activities which it was previously precluded from in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries under the Code. As such, the Company will be subject to federal and state income taxes on the income from these activities. Real Estate - Upon acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), assumed debt and redeemable units issued in accordance with Statement of Financial Accounting Standards ("SFAS") No. 141(R), Business Combinations ("SFAS No. 141(R)"), at the date of acquisition, based on evaluation of information and estimates available at t

Impairments

Impairments
	6 Months Ended Jun. 30, 2009 USD / shares
Impairments [Abstract]
Details of Impairment of Long-Lived Assets Held and Used by Asset [Text Block]	2. Impairments On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the Companys assets (including any related amortizable intangible assets or liabilities) may be impaired. To the extent impairment has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset. During the six months ended June 30, 2009, economic conditions have continued to experience volatility resulting in further declines in equity and real estate markets. Increases in capitalization rates, discount rates, vacancies and the deterioration of real estate fundamentals, impacting net operating income and leasing, have contributed to the further decline in real estate markets in general. As a result of the volatility and declining market conditions described above, as well as the Companys strategy in relation to certain of its non-retail assets, the Company recognized non-cash impairment charges during the three and six months ended June 30, 2009, aggregating approximately $176.5 million. Details of these non-cash impairment charges are as follows (in thousands): June 30, 2009 Impairment of property carrying values $ 50,000 Impairments included in Equity in (loss)/income of joint ventures, net 27,316 Real estate under development 2,100 Investments in other real estate investments 40,602 Marketable securities and other investments 29,573 Investments in real estate joint ventures 26,896 Total impairment charges $ 176,487 During the six months ended June 30, 2008, the Company recognized a non-cash impairment charge of $3.8 million due to the decline in value of a marketable equity security investment that was deemed to be other-than-temporary. The Company will continue to assess declines in value of its assets on an on-going basis. Based on these assessments, the Company may determine that one or more of its assets may be impaired due to a decline in value and would therefore write-down its cost basis accordingly (see Notes 3, 5, 6, 7, 8, 9 and 12).

Operating Property Activities

Operating Property Activities
	6 Months Ended Jun. 30, 2009 USD / shares
Operating Property Activities [Abstract]
Operating Property Activities	3. Operating Property Activities Acquisitions - During the six months ended June 30, 2009, the Company acquired a land parcel located in Rio Clara Brazil through a newly formed joint venture in which the Company has a 70% controlling ownership interest for a purchase price of 3.3 million Brazilian Reals (approximately USD $1.5 million). This parcel will be developed into a 48,000 square foot retail shopping center. The Company has determined, under the provisions of FIN 46(R), that this joint venture is a VIE and that the Company is the primary beneficiary. As such, the Company has consolidated this entity for accounting and reporting purposes. This entity was deemed a VIE primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to this entity is not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was the primary beneficiary of this VIE as a result of its economic ownership percentage which provides that the Company would absorb a majority of the entitys expected losses, receive a majority of the entitys expected residual returns or both. Dispositions - During the six months ended June 30, 2009, the Company disposed of, in separate transactions, portions of three operating properties for an aggregate sales price of approximately $13.4 million. The Company provided seller financing for two of these transactions aggregating approximately $1.4 million, which bear interest at 9% per annum and are scheduled to mature in January and March 2012. The Company evaluated these transactions pursuant to the provisions of SFAS 66 Accounting for Sales of Real Estate. These three transactions resulted in the Companys recognition of an aggregate net gain of approximately $1.9 million, net of income tax of $0.2 million. Additionally, during the six months ended June 30, 2009, a consolidated joint venture in which the Company has a preferred equity investment disposed of a portion of a property for a sales price of approximately $1.1 million. As a result of this capital transaction, the Company received approximately $0.1 million of profit participation. This profit participation has been recorded as income from other real estate investments in the Companys Condensed Consolidated Statements of Operations. Consolidations During the six months ended June 30, 2009, the Company provided a capital contribution to one of its joint venture investments and entered into an amendment to the LLC agreement of another joint venture investment. These events were both considered remeasurement events under FIN 46(R). Such remeasurements determined that these two joint ventures were now VIEs and that the Company is the primary beneficiary of each joint venture. As such, the Company has consolidated these entities for accounting and reporting purposes. Both of these entities have been established to own and operate real estate property. These entities were deemed VIEs primarily ba

Discontinued Operations

Discontinued Operations
	6 Months Ended Jun. 30, 2009 USD / shares
Discontinued Operations [Abstract]
Discontinued Operations	4. Discontinued Operations The Company reports as discontinued operations properties held-for-sale and operating properties sold in the current period. The results of these discontinued operations are included in a separate component of income on the Condensed Consolidated Statements of Operations under the caption Discontinued operations. This reporting has resulted in certain reclassifications of 2008 financial statement amounts. The components of income and expense relating to discontinued operations for the three and six months ended June 30, 2009 and 2008 are shown below. These include the results of operations through the date of each respective sale for properties sold during 2009 and 2008 and the operations for the applicable period for those assets classified as held-for-sale as of June 30, 2009 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2009 2008 2009 2008 Discontinued operations: Revenues from rental property $ - $ 1,742 $ 26 $ 4,143 Rental property expenses (41) (242) (68) (800) Depreciation and amortization (48) (873) (48) (1,508) Interest expense - (38) - (122) (Loss)/income from other real estate investments (9) - (9) 3,451 Other (expense)/income, net (5) 7 14 149 (Loss)/income from discontinued operating properties (103) 596 (85) 5,313 Provision for income taxes - - (235) - Loss on operating properties held for sale/sold (24) - (112) - Gain on disposition of operating properties - 61 670 722 (Loss)/income from discontinued operating properties (127) 657 238 6,035 Net income attributable to noncontrolling interests - (1) - (1,133) (Loss)/income from discontinued operations attributable to the Company $ (127) $ 656 $ 238 $ 4,902

Ground-Up Development

Ground-Up Development
	6 Months Ended Jun. 30, 2009 USD / shares
Ground-Up Development [Abstract]
Ground-Up Development	5. Ground-Up Development The Company is engaged in ground-up development projects which consist of (i) merchant building through the Companys wholly-owned taxable REIT subsidiaries, which develop neighborhood and community shopping centers and the subsequent sale after completion, (ii) U.S. ground-up development projects which will be held as long-term investments by the Company and (iii) various ground-up development projects located in Latin America for long-term investment. The ground-up development projects generally have significant pre-leasing prior to the commencement of construction. As of June 30, 2009, the Company had a total of 36 ground-up development projects, consisting of (i) nine merchant building projects, of which four are substantially complete, (ii) one U.S. ground-up development project, (iii) 19 ground-up development projects located throughout Mexico, (iv) three ground-up development projects located in Chile, (v) three ground-up development projects located in Brazil and (vi) one ground-up development project located in Peru. Merchant Building - During the six months ended June 30, 2009, the Company sold, in separate transactions, six out-parcels and one ground lease for aggregate proceeds of approximately $11.4 million. Merchant building transactions for the six months ended June 30, 2009, resulted in gains of approximately $1.4 million, net of income taxes of $1.0 million. As of June 30, 2009, total loan commitments on the Companys 12 outstanding construction loans aggregated approximately $307.2 million of which approximately $236.7 million has been funded. These loans have scheduled maturities ranging from two months to 36 months (excluding any extension options which may be available to the Company) and bear interest at rates ranging from 1.96% to 5.00% at June 30, 2009. Approximately $102.8 million of the outstanding loan balance matures in 2009. These maturing loans are anticipated to be repaid with operating cash flows, borrowings under the Companys credit facilities and additional debt financings. In addition, the Company may pursue or exercise existing extension options with lenders where available. Impairments During the three months ended June 30, 2009, as part of the Companys ongoing assessment of its merchant building projects, the Company determined that there was one project with an estimated recoverable value that will not exceed the estimated costs. This is primarily due to further declines in real estate fundamentals along with adverse changes in local market conditions and the uncertainty of their recovery. As a result, the Company recorded an impairment of approximately $2.1 million, representing the excess of the carrying value of the project over its estimate fair value. The Companys estimated fair value is based upon projected operating cash flows (discounted and without interest charges) of the property over its specified holding period. Such cash flow projection considered factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. Capitalization rates and discount rates utilized in t

Investments and Advances in Rea

Investments and Advances in Real Estate Joint Ventures
	6 Months Ended Jun. 30, 2009 USD / shares
Investments and Advances in Real Estate Joint Ventures [Abstract]
Investments and Advances in Real Estate Joint Ventures	6. Investments and Advances in Real Estate Joint Ventures Kimco Prudential Joint Venture (KimPru) - On October 31, 2006, the Company completed the merger of Pan Pacific Retail Properties Inc. (Pan Pacific), which had a total transaction value of approximately $4.1 billion, including Pan Pacifics outstanding debt totaling approximately $1.1 billion. As of October 31, 2006, Pan Pacific owned interests in 138 operating properties, which comprised approximately 19.9 million square feet of GLA, located primarily in California, Oregon, Washington and Nevada. Immediately following the merger, the Company commenced its joint venture agreements with Prudential Real Estate Investors (PREI) through three separate accounts managed by PREI. In accordance with the joint venture agreements, all Pan Pacific assets and respective non-recourse mortgage debt and a $1.2 billion credit facility used to fund the transaction were transferred to the separate accounts. PREI contributed approximately $1.1 billion on behalf of institutional investors in three of its portfolios. The Company holds a 15% noncontrolling ownership interest in each of the joint ventures, collectively, KimPru. The Company accounts for its investment in KimPru under the equity method of accounting. In addition, the Company manages the portfolios and earns acquisition fees, leasing commissions, property management fees and construction management fees. During August 2008, KimPru entered into a $650.0 million credit facility which matures in August 2009, with the option to extend for one year and bears interest at a rate of LIBOR plus 1.25%. Proceeds from this credit facility were used to repay the outstanding balance of $658.7 million under the $1.2 billion credit facility, referred to above, which was scheduled to mature in October 2008 and bore interest at a rate of LIBOR plus 0.45%. In order to exercise the one-year extension option, KimPru is, among other conditions, required to reduce the outstanding balance to $485.0 million by August 26, 2009. The required pay down is expected to be sourced from capital contributions by the partners. This facility is guaranteed by the Company with a guarantee from PREI to the Company for 85% of any guaranty payment the Company is obligated to make. As of June 30, 2009, the outstanding balance on the credit facility was $615.9 million. During the six months ended June 30, 2009 KimPru sold four operating properties and its interest in an unconsolidated joint venture, in separate transactions, for an aggregate sales price of approximately $33.6 million. These sales resulted in an aggregate net loss of approximately $2.6 million. Proceeds from these property sales were used to repay a portion of the outstanding balance on the $650.0 million credit facility. In addition, during the six months ended June 30, 2009, KimPru repaid a non-recourse mortgage with a balance of approximately $12.1 million which bore interest at a rate of 4.92% and matured in April 2009. During the three months ended June 30, 2009, the Company recognized non-cash impairment charges of $11.7 million, against the carrying value of its investment in

Other Real Estate Investments

Other Real Estate Investments
	6 Months Ended Jun. 30, 2009 USD / shares
Other Real Estate Investments [Abstract]
Other Real Estate Investments	7. Other Real Estate Investments Preferred Equity Capital - The Company maintains a preferred equity program, which provides capital to developers and owners of real estate. During the six months ended June 30, 2009, the Company provided an aggregate of approximately $0.4 million in investment capital to an owner of a real estate property. As of June 30, 2009, the Companys net investment under the Preferred Equity program was approximately $502.3 million relating to 628 properties, including 402 net leased properties. During the six months ended June 30, 2009, the Company earned approximately $13.9 million from its preferred equity investments, including $0.8 million in profit participation earned from two capital transactions. During the six months ended June 30, 2008, the Company earned approximately $41.5 million from its preferred equity investments, including $19.7 million in profit participation earned from six capital transactions. During the three months ended June 30, 2009, the Company recognized non-cash impairment charges of $40.6 million, against the carrying value of 16 preferred equity investments, which hold 28 properties, reflecting an other-than-temporary decline in the fair value of its investment resulting from a further decline in the real estate markets during the second quarter of 2009. The Companys estimated fair values relating to the impairment assessments above are based upon discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties.

Mortgages and Other Financing R

Mortgages and Other Financing Receivables
	6 Months Ended Jun. 30, 2009 USD / shares
Mortgages and Other Financing Receivables [Abstract]
Mortgages and Other Financing Receivables	8. Mortgages and Other Financing Receivables During March 2009, the Company committed approximately $6.0 million as its share of a $20.0 million one-year Debtor-in-Possession (DIP) facility to an auto parts supplier. The DIP facility bears interest at LIBOR plus 11% with a floor of 15% per annum and is secured by all assets of the borrower. As of June 30, 2009, there was no outstanding balance on this facility. During the three months ended June 30, 2009, the Company recognized a non-cash impairment charge of $3.5 million, against the carrying value of a mortgage receivable that is currently in default. The Company has begun foreclosure proceedings on the underlying property and anticipates this process to be completed in the third quarter 2009. This impairment charge reflects the decrease in the estimated fair value, based on the estimated sales price, of the collateral as of June 30, 2009.

Marketable Securities and Other

Marketable Securities and Other Investments
	6 Months Ended Jun. 30, 2009 USD / shares
Marketable Securities [Abstract] (MarketableSecuritiesAbstractRE)
Marketable Securities and Other Investments	9. Marketable Securities and Other Investments During the six months ended June 30, 2009, the Company received approximately $17.0 million in proceeds from the sale of certain marketable securities. The Company recognized gross realizable gains of approximately $0.7 million and gross realizable losses of approximately $1.8 million from sales of marketable securities during the six months ended June 30, 2009. At June 30, 2009, the Companys investment in marketable securities was approximately $246.1 million which includes an aggregate unrealized gain of approximately $1.0 million relating to marketable equity security investments and an unrealized loss of approximately $36.7 million, which includes approximately $13.5 million in an unrealized loss due to foreign currency fluctuations, related to its investment in Valad Property Group convertible notes. For each of the equity securities in the Companys portfolio with unrealized losses, the Company reviews the underlying cause of the decline in value and the estimated recovery period, as well as the severity and duration of the decline. In the Companys evaluation, the Company considers its ability and intent to hold these investments for a reasonable period of time sufficient for the Company to recover its cost basis. For marketable debt securities, the Company assesses current interest payments and the probability of the issuers ability to pay all amounts due under contractual terms. Additionally, in accordance with FSP FAS 115-2, the Company assesses whether it has the intent to sell the debt security, whether it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery (for example, if its cash or working capital requirements or contractual or regulatory obligations indicate that the debt security will be required to be sold before the forecasted recovery occurs) and whether it does not expect to recover the securitys entire amortized cost basis, even if the Company does not intend to sell. During the three months ended June 30, 2009, the Company recorded non-cash impairment charges of approximately $26.1 million due to the decline in value of certain marketable securities and other investments that were deemed to be other-than-temporary. Market value for the equity securities represents the closing price of each security as it appears on their respective stock exchange at the end of the period. At June 30, 2009, marketable equity securities with unrealized loss positions for (i) less than twelve months had an aggregate unrealized loss of approximately $0.9 million and (ii) more than twelve months had an aggregate unrealized loss of approximately $0.2 million. The Company will continue to assess declines in value of its marketable securities on an on going basis. Based on these assessments, the Company may determine that a decline in value for one or more of its investments may be other-than-temporary and would therefore write-down its cost basis accordingly.

Notes Payable

Notes Payable
	6 Months Ended Jun. 30, 2009 USD / shares
Notes Payable [Abstract] (NotesPayableAbstractRE)
Notes Payable	10. Notes Payable During April 2009, the Company closed on a two-year $220.0 million unsecured term loan with a consortium of banks, which accrues interest at a spread (currently 4.65%) to LIBOR (subject to a 2% LIBOR floor) or at the Companys option, at a spread (currently 3.65%) to the ABR, as defined in the Credit Agreement. The term loan is scheduled to mature in April 2011. The Company utilized these proceeds to partially repay the outstanding balance under the Companys U.S. revolving credit facility and for general corporate purposes. During the six months ended June 30, 2009, the Company repaid (i) its $130.0 million 6.875% senior notes, which matured on February 10, 2009 and (ii) its $20.0 million 7.56% Medium Term Note, which matured in May 2009. Additionally during the six months June 30, 2009, the Company repurchased approximately $12.5 million in face value of its Medium Term Notes and approximately $4.6 million in face value of its Fixed Rate Bonds at an aggregate discounted purchase price of approximately $15.7 million. These transactions resulted in an aggregate gain of approximately $1.4 million.

Mortgages Payable

Mortgages Payable
	6 Months Ended Jun. 30, 2009 USD / shares
Mortgages Payable [Abstract]
Mortgages Payable	11. Mortgages Payable During the six months ended June 30, 2009, the Company obtained 17 new non-recourse mortgages aggregating approximately $363.8 million, which bear interest at rates ranging from 5.95% to 8.00% and have maturities ranging from three years to 15 years. The Company paid off approximately $154.7 million of individual non-recourse mortgage debt that encumbered seven operating properties. Mortgages payable, collateralized by certain shopping center properties and related tenants' leases, are generally due in monthly installments of principal and/or interest which mature at various dates through 2027. Interest rates range from approximately 1.20% to 10.50% (weighted-average interest rate of 5.69% as of June 30, 2009). The scheduled principal payments of all mortgages payable, excluding unamortized fair value debt adjustments of approximately $5.4 million, as of June 30, 2009, were approximately as follows (in millions): 2009, $8.9; 2010, $92.7; 2011, $81.7; 2012, $113.2; 2013, $187.7; and thereafter, $579.8.

Fair Value Measurements

Fair Value Measurements
	6 Months Ended Jun. 30, 2009 USD / shares
Fair Value Measurements [Abstracts]
Fair Value Measurements	12. Fair Value Measurements All financial instruments of the Company are reflected in the accompanying Condensed Consolidated Balance Sheets at amounts which, in managements 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 reflected. The valuation method used to estimate fair value for fixed-rate and variable-rate debt and noncontrolling interests relating to mandatorily redeemable noncontrolling interests associated with finite-lived subsidiaries of the Company is based on discounted cash flow analyses, with assumptions that include credit spreads, loan amounts and debt maturities. The fair values for marketable securities are based on published or securities dealers estimated market values. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition. The following are financial instruments for which the Companys estimate of fair value differs from the carrying amounts (in thousands): June 30, 2009 Carrying Amounts Estimated Fair Value Marketable Securities $ 281,743 $ 246,099 Notes Payable $ 2,832,538 $ 2,595,629 Mortgages Payable $ 1,069,387 $ 1,063,074 Construction Payable $ 236,743 $ 243,472 Mandatorily Redeemable Noncontrolling Interests (termination dates ranging from 2019 2027) $ 2,779 $ 5,800 The Company has certain financial instruments that must be measured under SFAS No. 157, Fair Value Measurements (SFAS No. 157), including: available for sale securities, convertible notes and derivatives. The Company currently does not have non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis. As a basis for considering market participant assumptions in fair value measurements, SFAS No. 157 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 and 2 of the hierarchy) and the reporting entitys own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The table below presents the Companys financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2008 and June 30, 2009, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): Balance at December 31, 2008 Level 1 Level 2 Level 3 Assets: Marketable securities $ 46,452 $ 46,452 $ - $ - Convertible notes $ 113,713 $ - $ 113,713 $ - Conversion option $ 6,063 $ - $ 6,063 $ - Liabilities: Inte

Common Stock Transactions

Common Stock Transactions
	6 Months Ended Jun. 30, 2009 USD / shares
Common Stock Transactions [Abstract]
Common Stock Transactions	13. Common Stock Transactions During April 2009, the Company completed a primary public stock offering of 105,225,000 shares of the Companys common stock. The net proceeds from this sale of common stock, totaling approximately $717.3 million (after related transaction costs of $0.7 million) were used to partially repay the outstanding balance under the Companys U.S. revolving credit facility and for general corporate purposes.

Financing Activities

Financing Activities
	6 Months Ended Jun. 30, 2009 USD / shares
Supplemental Schedule of Non-Cash Investing / Financing Activities [Abstract]
Supplemental Schedule of Non-Cash Investing / Financing Activities	14. 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 months ended June 30, 2009 and 2008 (in thousands): 2009 2008 Acquisition of real estate interests by assumption of mortgage debt $ - $ 52,180 Disposition of real estate through the issuance of an unsecured obligation $ 1,366 $ 27,175 Consolidation of Joint Ventures: Increase in real estate and other assets $ 24,988 $ - Increase in mortgage payables $ 21,580 $ - Declaration of dividends paid in succeeding period $ 34,403 $ 113,423

Incentive Plans

Incentive Plans
	6 Months Ended Jun. 30, 2009 USD / shares
Incentive Plans [Abstract]
Incentive Plans	15. Incentive Plans The Company maintains an equity participation plan (the Plan) pursuant to which a maximum of 47,000,000 shares of the Companys common stock may be issued for qualified and non-qualified options and restricted stock grants. Unless otherwise determined by the Board of Directors at its sole discretion, options granted under the Plan generally vest ratably over a range of three to five years, expire ten years from the date of grant and are exercisable at the market price on the date of grant. Restricted stock grants vest 100% on the fourth or fifth anniversary of the grant. In addition, the Plan provides for the granting of certain options and restricted stock to each of the Companys non-employee directors (the Independent Directors) and permits such Independent Directors to elect to receive deferred stock awards in lieu of directors fees. The Company recognized stock options expense of approximately $4.4 million and $3.3 million for the six months ended June 30, 2009 and 2008, respectively. The $4.4 million expense for the six months ended June 30, 2009, includes incremental expense related to the modification of stock awards in connection with the terminations of employees discussed below. As of June 30, 2009, the Company had approximately $24.2 million of total unrecognized compensation cost related to unvested stock compensation granted under the Companys Plan. That cost is expected to be recognized over a weighted average period of approximately 2.6 years. Due to declining economic conditions resulting in the lack of transactional activity within the real estate industry as a whole, the Company had accrued approximately $3.6 million at December 31, 2008, relating to severance costs associated with employees that had been terminated during January 2009. Also, as a result of continued economic decline, the Company recorded an additional accrual of approximately $2.3 million for severance costs associated with terminations during the six months ended June 30, 2009

Taxable REIT Subsidiaries

Taxable REIT Subsidiaries (TRS)
	6 Months Ended Jun. 30, 2009 USD / shares
Taxable REIT Subsidiaries (TRS) [Abstract]
Taxable REIT Subsidiaries (TRS)	16. Taxable REIT Subsidiaries (TRS) The Company is subject to federal, state and local income taxes on the income from its TRS activities, which include Kimco Realty Services ("KRS"), a wholly owned subsidiary of the Company and the consolidated entities of FNC Realty Corporation (FNC), Kimsouth and Blue Ridge Real Estate Company/Big Boulder Corporation. Income taxes have been provided for on the asset and liability method as required by SFAS No. 109, Accounting for Income Taxes. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of the TRS assets and liabilities. The Companys deferred tax assets and liabilities at June 30, 2009 and December 31, 2008, were as follows (in thousands): June 30, 2009 December 31, 2008 Deferred tax assets: Operating losses $ 48,202 $ 48,863 Other timing differences 105,559 71,747 Valuation allowance (68,583) (33,783) Total deferred tax assets 85,178 86,827 Deferred tax liabilities (11,278) (2,656) Net deferred tax assets $ 73,900 $ 84,171 Deferred tax assets and deferred tax liabilities are included in the caption Other assets and Other liabilities on the accompanying Condensed Consolidated Balance Sheets. The valuation allowances are primarily due to (i) the Companys valuation allowance, recorded during the six months ended June 30, 2009, of approximately $34.8 million against timing differences related to impairment charges in KRS and (ii) a valuation allowance of approximately $33.8 million related to net operating loss (NOL) carry forwards that expire from 2022 through 2025 held in FNC. Other deferred tax assets and deferred tax liabilities relate primarily to differences in the timing of the recognition of income/(loss) between the GAAP and tax basis of accounting for (i) real estate joint ventures, (ii) other real estate investments, (iii) other deductible temporary differences and (iv) timing differences related to non-cash impairment charges. The Company believes that, based on its operating strategy and consistent history of profitability, it is more likely than not that the total deferred tax assets of $85.2 million will be realized on future tax returns, primarily from the generation of future taxable income and the implementation of tax planning strategies that include the potential disposition of certain real estate assets and equity securities.

Pro Forma Financial Information

Pro Forma Financial Information
	6 Months Ended Jun. 30, 2009 USD / shares
Pro Forma Financial Information [Abstract]
Pro Forma Financial Information	17. Pro Forma Financial Information As discussed in Note 3, the Company and certain of its affiliates disposed of interests in certain operating properties during the six months ended June 30, 2009. The pro forma financial information set forth below is based upon the Companys historical Condensed Consolidated Statements of Operations for the six months ended June 30, 2009 and 2008, adjusted to give effect to these transactions at the beginning of each year. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of each year, nor does it purport to represent the results of future operations. (Amounts presented in millions, except per share figures.) Six Months ended June 30, 2009 2008 Revenues from rental property $ 383.2 $ 371.8 Net (loss)/income $ (91.9) $ 201.9 Net (loss)/income attributable to the Companys common shareholders $ (121.7) $ 163.8 Net (loss)/income attributable to the Companys common shareholders per common share: Basic $ (0.38) $ 0.65 Diluted $ (0.38) $ 0.64

Document Information

Document Information
	6 Months Ended Jun. 30, 2009 USD / shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-06-30

Entity Information

Entity Information (USD $)
In Billions, except Share data	6 Months Ended Jun. 30, 2009	Jul. 23, 2009	Jun. 30, 2008
Entity Information [Line Items]
Entity Registrant Name	Kimco Realty Corporation
Entity Central Index Key	0000879101
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			8.3
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		376,365,766