Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (USD $) | ||
In Thousands | Sep. 30, 2009
| Dec. 31, 2008
|
Operating real estate, net of accumulated depreciation of $1,292,319 and $1,159,664, respectively | $5,825,326 | $5,690,277 |
Investments and advances in real estate joint ventures | 1,178,177 | 1,161,382 |
Real estate under development | 759,964 | 968,975 |
Other real estate investments | 553,799 | 566,324 |
Mortgages and other financing receivables | 153,750 | 181,992 |
Cash and cash equivalents | 140,757 | 136,177 |
Marketable securities | 218,627 | 258,174 |
Accounts and notes receivable | 106,840 | 97,702 |
Other assets | 350,801 | 336,144 |
Total assets | 9,288,041 | 9,397,147 |
Liabilities: | ||
Notes payable | 2,854,958 | 3,440,818 |
Mortgages payable | 1,073,648 | 847,491 |
Construction loans payable | 43,540 | 268,337 |
Dividends payable | 34,425 | 131,097 |
Other liabilities | 416,072 | 388,818 |
Total liabilities | 4,422,643 | 5,076,561 |
Redeemable noncontrolling interests | 101,328 | 115,853 |
Stockholders' equity: | ||
Common stock, $.01 par value, authorized 750,000,000, issued and outstanding 376,720,376 and 271,080,525 shares, respectively | 3,767 | 2,711 |
Paid-in capital | 4,946,357 | 4,217,806 |
Cumulative distributions in excess of net income | (314,208) | (58,162) |
[TotalStockholdersEquityExcludingAccumulatedOtherComprehensiveIncome] | 4,636,800 | 4,163,239 |
Accumulated other comprehensive income | (98,711) | (179,541) |
Total stockholders' equity | 4,538,089 | 3,983,698 |
Noncontrolling interests | 225,981 | 221,035 |
Total equity | 4,764,070 | 4,204,733 |
Total liabilities and equity | 9,288,041 | 9,397,147 |
Series F Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock | 700 | 700 |
[TotalStockholdersEquityExcludingAccumulatedOtherComprehensiveIncome] | 700 | 700 |
Series G Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock | 184 | 184 |
[TotalStockholdersEquityExcludingAccumulatedOtherComprehensiveIncome] | $184 | $184 |
1_Condensed Consolidated Balanc
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | ||
In Thousands, except Share data | Sep. 30, 2009
| Dec. 31, 2008
|
Condensed Consolidated Balance Sheets (Parentheticals) | ||
Real Estate Investment Property, Accumulated Depreciation (in dollars) | $1,292,319 | $1,159,664 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $1 | $1 |
Preferred Stock, Shares Authorized | 3,232,000 | 3,232,000 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | 0.01 | 0.01 |
Common Stock, Shares Authorized | 750,000,000 | 750,000,000 |
Common Stock, Shares, Issued | 376,720,376 | 271,080,525 |
Common Stock, Shares, Outstanding | 376,720,376 | 271,080,525 |
Series F Preferred Stock [Member] | ||
Condensed Consolidated Balance Sheets (Parentheticals) | ||
Preferred Stock, Par or Stated Value Per Share (in dollars 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 (in dollars) | 175,000 | 175,000 |
Series G Preferred Stock [Member] | ||
Condensed Consolidated Balance Sheets (Parentheticals) | ||
Preferred Stock, Par or Stated Value Per Share (in dollars 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 (in dollars) | $460,000 | $460,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations (USD $) | ||||
In Thousands, except Per Share data | 3 Months Ended
Sep. 30, 2009 | 3 Months Ended
Sep. 30, 2008 | 9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2008 |
Condensed Consolidated Statements Of Operations | ||||
Revenues from rental property | $191,886 | $189,952 | $575,065 | $561,715 |
Rental property expenses: | ||||
Rent | (3,669) | (3,320) | (10,308) | (9,804) |
Real estate taxes | (28,983) | (23,991) | (80,841) | (70,760) |
Operating and maintenance | (25,572) | (26,798) | (80,799) | (77,635) |
Impairment of property carrying values | (50,000) | |||
Mortgage and other financing income | 3,747 | 5,136 | 11,619 | 13,602 |
Management and other fee income | 10,173 | 12,959 | 30,397 | 35,816 |
Depreciation and amortization | (55,596) | (53,013) | (168,006) | (152,903) |
General and administrative expenses | (27,965) | (30,591) | (83,449) | (80,225) |
Interest, dividends and other investment income | 9,236 | 7,092 | 22,370 | 48,605 |
Other income/(expense), net | 4,383 | (1,643) | 468 | (1,869) |
Interest expense | (54,551) | (52,775) | (152,023) | (160,335) |
Income from continuing operations before income taxes, income from other real estate investments, equity in income of joint ventures, gain on sale of development properties and impairments | 23,089 | 23,008 | 14,493 | 106,207 |
Benefit/(provision) for income taxes | 1,148 | (12,336) | 3,483 | (20,608) |
Income from other real estate investments | 9,249 | 24,032 | 26,973 | 77,443 |
Equity in income of joint ventures, net | 8,946 | 78,469 | 3,317 | 138,016 |
Gain on sale of development properties, net of tax of $429, $1,863, $1,390 and $13,699, respectively | 644 | 2,795 | 2,086 | 20,549 |
Impairments: | ||||
Real estate under development | (2,100) | |||
Investments in other real estate investments | (40,602) | |||
Marketable securities and other investments | (5,902) | (29,573) | (9,710) | |
Investments in real estate joint ventures | (26,896) | |||
Income/(loss) from continuing operations | 43,076 | 110,066 | (48,819) | 311,897 |
Discontinued operations: | ||||
Income/(loss) from discontinued operating properties | 62 | 527 | (22) | 5,840 |
Loss on operating properties held for sale/sold, net of tax | (80) | |||
Gain on disposition of operating properties, net of tax | 18 | 8,809 | 421 | 9,531 |
Income from discontinued operations | 80 | 9,336 | 319 | 15,371 |
Gain on transfer of operating properties | 1,188 | 26 | 1,188 | |
Loss on sale of operating properties | (111) | (111) | ||
Gain on sale of operating properties, net of tax | 600 | 2,155 | 587 | |
Total net gain on transfer or sale of operating properties, net of tax | 489 | 1,188 | 2,070 | 1,775 |
Net income/(loss) | 43,645 | 120,590 | (46,430) | 329,043 |
Net income attributable to noncontrolling interests | (3,537) | (12,006) | (9,689) | (27,618) |
Net income/(loss) attributable to the Company | 40,108 | 108,584 | (56,119) | 301,425 |
Preferred stock dividends | (11,822) | (11,822) | (35,466) | (35,466) |
Net income/(loss) available to the Company's common shareholders | 28,286 | 96,762 | (91,585) | 265,959 |
Income/(loss) from continuing operations: | ||||
-Basic (in dollars per share) | 0.07 | 0.34 | -0.27 | 0.99 |
-Diluted (in dollars per share) | 0.07 | 0.34 | -0.27 | 0.98 |
Net income/(loss) : | ||||
-Basic (in dollars per share) | 0.07 | 0.38 | -0.27 | 1.05 |
-Diluted (in dollars per share) | 0.07 | 0.37 | -0.27 | 1.03 |
Weighted average shares: | ||||
-Basic (in shares) | 376,559 | 256,164 | 339,018 | 254,286 |
-Diluted (in shares) | 378,127 | 258,933 | 339,018 | 257,376 |
Amounts attributable to the Company's common shareholders: | ||||
Income/(loss) from continuing operations, net of tax | 28,206 | 87,574 | (91,904) | 251,869 |
Income from discontinued operations | 80 | 9,188 | 319 | 14,090 |
Net income/(loss) | $28,286 | $96,762 | ($91,585) | $265,959 |
2_Condensed Consolidated Statem
Condensed Consolidated Statements Of Operations (Parenthetical) (USD $) | ||||
In Thousands | 3 Months Ended
Sep. 30, 2009 | 3 Months Ended
Sep. 30, 2008 | 9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2008 |
Condensed Consolidated Statements Of Operations (Parentheticals) | ||||
Gain (Loss) on Sale of Properties, Applicable Income Taxes | $429 | $1,863 | $1,390 | $13,699 |
3_Condensed Consolidated Statem
Condensed Consolidated Statements Of Comprehensive Income (USD $) | ||||
In Thousands | 3 Months Ended
Sep. 30, 2009 | 3 Months Ended
Sep. 30, 2008 | 9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2008 |
Condensed Consolidated Statements Of Comprehensive Income | ||||
Net income /(loss) | $43,645 | $120,590 | ($46,430) | $329,043 |
Other comprehensive income: | ||||
Change in unrealized gain/(loss) on marketable securities | 23,973 | (38,848) | 48,724 | (70,763) |
Change in unrealized gain/(loss) on interest rate swaps | 162 | 376 | 44 | (318) |
Change in foreign currency translation adjustment | 44,574 | 21,345 | 18,702 | 24,944 |
Other comprehensive income/(loss) | 68,709 | (17,127) | 67,470 | (46,137) |
Comprehensive income | 112,354 | 103,463 | 21,040 | 282,906 |
Comprehensive loss/(income) attributable to noncontrolling interests | 1,261 | (13,358) | 3,672 | (29,131) |
Comprehensive income attributable to the Company | $113,615 | $90,105 | $24,712 | $253,775 |
4_Condensed Consolidated Statem
Condensed Consolidated Statements Of Changes In Equity (USD $) | ||
In Thousands | 9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2008 |
Stockholders' Equity, Beginning Balance | $4,204,733 | $4,169,141 |
Contributions from noncontrolling interests | 19,737 | 89,629 |
Comprehensive income: | ||
Net income (loss) | (46,430) | 329,043 |
Other comprehensive income, net of tax: | ||
Change in unrealized gain (loss) on marketable securities | 48,724 | (70,763) |
Change in unrealized loss on interest rate swaps | 44 | (318) |
Change in foreign currency translation adjustment | 18,702 | 24,944 |
Comprehensive income | 282,906 | |
Redeemable noncontrolling interest | (4,772) | (7,430) |
Dividends | (199,927) | (356,972) |
Distributions to noncontrolling interests | (6,128) | (17,938) |
Issuance of units | 126 | 796 |
Issuance of common stock | 717,260 | 409,365 |
Exercise of common stock options | 4,499 | 43,497 |
Amortization of stock option expense | 7,848 | 9,552 |
Stockholders' Equity, Ending Balance | 4,764,070 | 4,622,546 |
Unit redemptions | (346) | |
Retained Earnings [Member] | ||
Stockholders' Equity, Beginning Balance | (58,162) | 180,005 |
Comprehensive income: | ||
Net income (loss) | (56,119) | 301,425 |
Other comprehensive income, net of tax: | ||
Dividends | (199,927) | (356,972) |
Stockholders' Equity, Ending Balance | (314,208) | 124,458 |
Accumulated Other Comprehensive Income [Member] | ||
Stockholders' Equity, Beginning Balance | (179,541) | 33,299 |
Other comprehensive income, net of tax: | ||
Change in unrealized gain (loss) on marketable securities | 48,724 | (70,763) |
Change in unrealized loss on interest rate swaps | 44 | (318) |
Change in foreign currency translation adjustment | 32,062 | 23,431 |
Stockholders' Equity, Ending Balance | (98,711) | (14,351) |
Preferred Stock [Member] | ||
Stockholders' Equity, Beginning Balance | 884 | 884 |
Common Stock [Member] | ||
Stockholders' Equity, Beginning Balance | 2,711 | 2,528 |
Other comprehensive income, net of tax: | ||
Issuance of common stock | 1,052 | 115 |
Exercise of common stock options | 4 | 19 |
Stockholders' Equity, Ending Balance | 3,767 | 2,662 |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity, Beginning Balance | 4,217,806 | 3,677,509 |
Other comprehensive income, net of tax: | ||
Issuance of common stock | 716,208 | 409,250 |
Exercise of common stock options | 4,495 | 43,478 |
Amortization of stock option expense | 7,848 | 9,552 |
Stockholders' Equity, Ending Balance | 4,946,357 | 4,139,789 |
Parent [Member] | ||
Stockholders' Equity, Beginning Balance | 3,983,698 | 3,894,225 |
Comprehensive income: | ||
Net income (loss) | (56,119) | 301,425 |
Other comprehensive income, net of tax: | ||
Change in unrealized gain (loss) on marketable securities | 48,724 | (70,763) |
Change in unrealized loss on interest rate swaps | 44 | (318) |
Change in foreign currency translation adjustment | 32,062 | 23,431 |
Dividends | (199,927) | (356,972) |
Issuance of common stock | 717,260 | 409,365 |
Exercise of common stock options | 4,499 | 43,497 |
Amortization of stock option expense | 7,848 | 9,552 |
Stockholders' Equity, Ending Balance | 4,538,089 | 4,253,442 |
Noncontrolling Interest [Member] | ||
Stockholders' Equity, Beginning Balance | 221,035 | 274,916 |
Contributions from noncontrolling interests | 19,737 | 89,629 |
Comprehensive income: | ||
Net income (loss) | 9,689 | 27,618 |
Other comprehensive income, net of tax: | ||
Change in foreign currency translation adjustment | (13,360) | 1,513 |
Redeemable noncontrolling interest | (4,772) | (7,430) |
Distributions to noncontrolling interests | (6,128) | (17,938) |
Issuance of units | 126 | 796 |
Stockholders' Equity, Ending Balance | 225,981 | 369,104 |
Unit redemptions | (346) | |
Comprehensive Income [Member] | ||
Comprehensive income: | ||
Net income (loss) | (46,430) | 329,043 |
Other comprehensive income, net of tax: | ||
Change in unrealized gain (loss) on marketable securities | 48,724 | (70,763) |
Change in unrealized loss on interest rate swaps | 44 | (318) |
Change in foreign currency translation adjustment | 18,702 | 24,944 |
Comprehensive income | $21,040 | $282,906 |
5_Condensed Consolidated Statem
Condensed Consolidated Statements Of Changes In Equity (Parenthetical) (USD $) | ||
9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2008 | |
Condensed Consolidated Statements Of Changes In Equity (Parentheticals) | ||
Dividends, Common Stock, Cash | 0.56 | 1.24 |
Series F Preferred Stock [Member] | ||
Condensed Consolidated Statements Of Changes In Equity (Parentheticals) | ||
Dividends, Preferred Stock, Cash | 1.2468 | 1.2468 |
Series G Preferred Stock [Member] | ||
Condensed Consolidated Statements Of Changes In Equity (Parentheticals) | ||
Dividends, Preferred Stock, Cash | 1.4532 | 1.4532 |
6_Condensed Consolidated Statem
Condensed Consolidated Statements Of Cash Flows (USD $) | ||
In Thousands | 9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2008 |
Cash flow from operating activities: | ||
Net (loss) income | ($46,430) | $329,043 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 168,053 | 153,603 |
Loss on operating properties held for sale/sold/transferred | 224 | |
Impairment charges | 149,171 | 9,710 |
Gain on sale of development properties | (3,476) | (34,248) |
Gain on sale/transfer of operating properties | (2,870) | (11,306) |
Equity in loss/income of joint ventures, net | (3,317) | (138,016) |
Income from other real estate investments | (13,223) | (71,209) |
Distributions from joint ventures | 90,265 | 208,044 |
Cash retained from excess tax benefits | (1,928) | |
Change in accounts and notes receivable | (9,129) | (16,710) |
Change in accounts payable and accrued expenses | 37,387 | 45,513 |
Change in other operating assets and liabilities | (44,707) | 6,807 |
Net cash flow provided by operating activities | 321,948 | 479,303 |
Cash flow from investing activities: | ||
Acquisition of and improvements to operating real estate | (78,073) | (202,807) |
Acquisition of and improvements to real estate under development | (116,358) | (311,065) |
Investment in marketable securities | (263,947) | |
Proceeds from sale of marketable securities | 70,585 | 52,212 |
Proceeds from transferred operating/development properties | 32,400 | |
Investments and advances to real estate joint ventures | (92,186) | (131,436) |
Reimbursements of advances to real estate joint ventures | 79,985 | 85,815 |
Other real estate investments | (7,051) | (57,860) |
Reimbursements of advances to other real estate investments | 9,177 | 65,256 |
Investment in mortgage loans receivable | (4,547) | (68,525) |
Collection of mortgage loans receivable | 36,592 | 37,914 |
Other investments | (3,900) | (19,466) |
Reimbursements of other investments | 4,935 | 17,189 |
Proceeds from sale of operating properties | 26,820 | 74,185 |
Proceeds from sale of development properties | 19,059 | 47,811 |
Net cash flow used for investing activities | (54,962) | (642,324) |
Cash flow from financing activities: | ||
Principal payments on debt, excluding normal amortization of rental property debt | (167,838) | (61,004) |
Principal payments on rental property debt | (12,178) | (10,763) |
Principal payments on construction loan financings | (255,386) | (23,473) |
Proceeds from mortgage/construction loan financings | 403,815 | 66,438 |
Borrowings under unsecured revolving credit facilities | 211,858 | 536,443 |
Repayment of borrowings under unsecured revolving credit facilities | (927,647) | (272,886) |
Proceeds from issuance of unsecured term loan/notes | 520,000 | |
Repayment of unsecured term loan/notes | (428,701) | (125,000) |
Financing origination costs | (12,947) | (2,848) |
Redemption of noncontrolling interests | (15,320) | (14,020) |
Dividends paid | (296,599) | (340,060) |
Cash retained from excess tax benefits | 1,928 | |
Proceeds from issuance of stock | 718,537 | 444,858 |
Net cash flow (used for) provided by financing activities | (262,406) | 199,613 |
Change in cash and cash equivalents | 4,580 | 36,592 |
Cash and cash equivalents, beginning of period | 136,177 | 87,499 |
Cash and cash equivalents, end of period | 140,757 | 124,091 |
Interest paid during the period (net of capitalized interest of $16,628, and $22,343, respectively) | 131,234 | 141,675 |
Income taxes paid during the period | $4,265 | $10,906 |
7_Condensed Consolidated Statem
Condensed Consolidated Statements Of Cash Flows (Parenthetical) (USD $) | ||
In Thousands | 9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2008 |
Condensed Consolidated Statements Of Cash Flows (Parentheticals) | ||
Cash Paid for Capitalized Interest | $16,628 | $22,343 |
Interim Financial Statements
Interim Financial Statements | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Significant Accounting Policies [Text Block] (abstract) | |
Significant Accounting Policies [Text Block] | 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) or meets certain criteria of a sole general partner or managing member in accordance with the Consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Certification (ASC). 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 November 4, 2009, the day the financial statements were issued (see Note 19). 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 at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the estimated fair value to the applicable assets and liabilities. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If, up to one year from the acquisition date, informa |
Impairments
Impairments | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Details of Impairment of Long-Lived Assets Held and Used by Asset [Text Block] (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 first half of 2009, economic conditions had 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 contributed to further declines 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 June 2009, aggregating approximately $176.5 million. Details of these non-cash impairment charges are as follows (in thousands): Impairment of property carrying values $ 50,000 Impairments included in Equity in 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 Additionally, during the third quarter 2009, various joint ventures recognized non-cash impairment charges aggregating approximately $13.4 million relating to 13 operating properties. The Companys share of these charges were approximately $2.0 million and are included in Equity in income of joint ventures, net on the Companys Condensed Consolidated Statements of Operations. During the nine months ended September 30, 2008, the Company recognized a non-cash impairment charge of $9.7 million due to the decline in value of certain marketable equity security investments that were 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 | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Business Combination Disclosure [Text Block] (abstract) | |
Business Combination Disclosure [Text Block] | 3. Operating Property Activities Acquisitions - During the nine months ended September 30, 2009, the Company acquired the remaining ownership interest in an operating property located in Novato, CA from a joint venture in which the Company held a 10% noncontrolling interest for a sales price of approximately $23.6 million, including the assumption of a $13.5 million non-recourse mortgage. The Company evaluated this transaction pursuant to the guidance relating to the FASBs Consolidation guidance and as such recorded a gain of $0.3 million from the fair value adjustment associated with its original 10% ownership. The aggregate purchase price of this property has been allocated to the tangible and intangible assets and liabilities of the property at the date of acquisition, based on evaluation of information and estimates available at such date. As final information regarding the fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments will be made to the purchase price allocation. The allocations are finalized no later than twelve months from the acquisition date. The total aggregate purchase price was allocated as follows (in thousands): Land $ 7,028 Buildings 10,073 Above Market Rents 398 Below Market Rents (1,499) In-Place Leases 1,124 Other Intangibles 445 Building Improvements 4,685 Tenant Improvements 1,171 Mortgage Fair Value Adjustment 119 $ 23,544 Additionally, during the nine months ended September 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. Due to future commitments from the partners to fund construction costs throughout the construction period the Company has determined 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. Dispositions - During the nine months ended September 30, 2009, the Company disposed of, in separate transactions, portions of five operating properties for an aggregate sales price of approximately $20.2 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 FASBs Property, Plant and Equipment guidance. These five transactions resulted in the Companys recognition of an aggregate net gain of approximately $2.4 million, net of income tax of $0.2 million. Additionally, during the nine months ended September 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 tran |
Discontinued Operations
Discontinued Operations | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] (abstract) | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 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 nine months ended September 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 September 30, 2009 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2009 2008 2009 2008 Discontinued operations: Revenues from rental property $ 18 $ 1,219 $ 45 $ 5,362 Rental property expenses 32 (290) (36) (1,090) Depreciation and amortization - (406) (47) (1,913) Interest expense - 6 - (116) (Loss)/income from other real estate investments - - (9) 3,451 Other income/(expense), net 12 (2) 25 146 Income/(loss) from discontinued operating Properties 62 527 (22) 5,840 Provision for income taxes - - (235) - Loss on operating properties held for sale/sold - - (112) - Gain on disposition of operating Properties 18 8,809 688 9,531 Income from discontinued operating Properties 80 9,336 319 15,371 Net income attributable to noncontrolling interests - (148) - (1,281) Income from discontinued operations attributable to the Company $ 80 $ 9,188 $ 319 $ 14,090 |
Ground-Up Development
Ground-Up Development | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Real Estate Owned [Text Block] (abstract) | |
Real Estate Owned [Text Block] | 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 September 30, 2009, the Company had a total of 28 ground-up development projects, consisting of (i) five merchant building projects, (ii) one U.S. ground-up development project, (iii) 15 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 nine months ended September 30, 2009, the Company sold, in separate transactions, six out-parcels, two land parcels and one ground lease for aggregate proceeds of approximately $15.9 million. These transactions for the nine months ended September 30, 2009, resulted in gains on sale of development properties of approximately $2.1 million, net of income taxes of $1.4 million. During the nine months ended September 30, 2009 the Company fully repaid nine construction loans aggregating approximately $212.2 million. As of September 30, 2009, total loan commitments on the Companys four remaining construction loans aggregated approximately $67.7 million of which approximately $43.5 million has been funded. These loans have scheduled maturities ranging from 14 months to 59 months (excluding any extension options which may be available to the Company) and bear interest at rates ranging from 2.15% to 4.50% at September 30, 2009. Impairments During June 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 its estimated cost. This was 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 was 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 the model were based upon rates that the Company believes to be within a reasonable range of current market rates for the project. |
Investments and Advances in Rea
Investments and Advances in Real Estate Joint Ventures | |
9 Months Ended
Sep. 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 bears interest at a rate of LIBOR plus 1.25% and was initially scheduled to mature in August 2009. This facility included an option to extend the maturity date for one year, subject to certain requirements including a reduction of the outstanding balance to $485.0 million. During August 2009, KimPru exercised the one-year extension option and made an additional payment to reduce the balance to $485.0 million; as such the credit facility is scheduled to mature in August 2010. 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%. 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 September 30, 2009, the outstanding balance on the credit facility was $467.5 million. During the nine months ended September 30, 2009 KimPru sold eight operating properties and its interest in an unconsolidated joint venture, in separate transactions, for an aggregate sales price of approximately $70.0 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. During March 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. In addition, during the nine months ended September 30, 2009, KimPru refinanced an aggregate $46.5 |
Other Real Estate Investments
Other Real Estate Investments | |
9 Months Ended
Sep. 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 nine months ended September 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 September 30, 2009, the Companys net investment under the Preferred Equity program was approximately $521.7 million relating to 626 properties, including 402 net leased properties. During the nine months ended September 30, 2009, the Company earned approximately $22.2 million from its preferred equity investments, including $0.8 million in profit participation earned from two capital transactions. During the nine months ended September 30, 2008, the Company earned approximately $58.9 million from its preferred equity investments, including $24.4 million in profit participation earned from eight capital transactions. During June 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. The Companys estimated fair values relating to the impairment assessments above were 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 were 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 | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] (abstract) | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 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 collateralized by all assets of the borrower. As of September 30, 2009, there was no outstanding balance on this facility. During the nine months ended September 30, 2009, the Company sold a portion of its participation in two mortgage receivables, at par, aggregating approximately $6.8 million to an unaffiliated third party. No gain or loss was recognized in connection with these transactions. During June 2009, the Company recognized a non-cash impairment charge of $3.5 million, against the carrying value of a mortgage receivable that was in default. The Company began foreclosure proceedings on the underlying property and anticipates this process to be completed in the fourth quarter 2009. This impairment charge reflects the decrease in the estimated fair value, based on the estimated sales price, of the collateral. |
Marketable Securities and Other
Marketable Securities and Other Investments | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Marketable Securities [Text Block] (abstract) | |
Marketable Securities [Text Block] | 9. Marketable Securities and Other Investments During the nine months ended September 30, 2009, the Company received approximately $70.0 million in proceeds from the sale of certain marketable securities. The Company recognized gross realizable gains of approximately $3.9 million and gross realizable losses of approximately $3.3 million from sales of marketable securities during the nine months ended September 30, 2009. At September 30, 2009, the Companys investment in marketable securities was approximately $218.6 million which includes an aggregate unrealized gain of approximately $11.4 million relating to marketable equity security investments and an unrealized loss of approximately $23.1 million, which includes approximately $4.0 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 the FASBs Investments-Debt and Equity Securities guidance, 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 Company forecasted recovery occurs) and whether it does not expect to recover the securitys entire amortized cost basis even if the entity does not intend to sell. During June 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 September 30, 2009, marketable equity securities with unrealized loss positions for (i) less than twelve months had an aggregate unrealized loss of approximately $0.4 million and (ii) more than twelve months had an aggregate unrealized loss of less than $0.1 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 | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Long-term Debt [Text Block] (abstract) | |
Long-term Debt [Text Block] | 10. Notes Payable During September 2009, the Company issued $300.0 million of 10-year Senior Unsecured Notes at an interest rate of 6.875% payable semi-annually in arrears. These notes were sold at 99.84% of par value. Net proceeds from the issuance were approximately $297.3 million, after related transaction costs of approximately $0.3 million. The proceeds from this issuance were primarily used to repay the Companys $220.0 million unsecured term loan described below. The remaining proceeds were used to repay certain construction loans that were scheduled to mature in 2010 (see Note 5). During April 2009, the Company obtained a two-year $220.0 million unsecured term loan with a consortium of banks, which accrued interest at a spread of 4.65% to LIBOR (subject to a 2% LIBOR floor) or at the Companys option, at a spread of 3.65% to the ABR, as defined in the Credit Agreement. The term loan was scheduled to mature in April 2011. The Company utilized proceeds from this term loan to partially repay the outstanding balance under the Companys U.S. revolving credit facility and for general corporate purposes. During September 2009, the Company fully repaid the $220.0 million outstanding balance on this loan. During the nine months ended September 30, 2009, the Company repaid (i) its $130.0 million 6.875% senior notes, which matured on February 10, 2009, (ii) its $20.0 million 7.56% Medium Term Note, which matured in May 2009 and (iii) its $25.0 million 7.06% Medium Term Note, which matured in July 2009. Additionally during the nine months ended September 30, 2009, the Company repurchased in aggregate approximately $36.1 million in face value of its Medium Term Notes and Fixed Rate Bonds for an aggregate discounted purchase price of approximately $33.7 million. These transactions resulted in an aggregate gain of approximately $2.4 million. |
Mortgages Payable
Mortgages Payable | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Schedule of Participating Mortgage Loans [Text Block] (abstract) | |
Schedule of Participating Mortgage Loans [Text Block] | 11. Mortgages Payable During the nine months ended September 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 2031. Interest rates range from approximately 1.65% to 10.50% (weighted-average interest rate of 6.30% as of September 30, 2009). The scheduled principal payments of all mortgages payable, excluding unamortized fair value debt adjustments of approximately $4.8 million, as of September 30, 2009, were approximately as follows (in millions): 2009, $4.5; 2010, $67.3; 2011, $75.6; 2012, $125.9; 2013, $187.8; and thereafter, $607.7. |
Fair Value Measurements
Fair Value Measurements | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Fair Value Disclosures [Text Block] (abstract) | |
Fair Value Disclosures [Text Block] | 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): September 30, 2009 Carrying Amounts Estimated Fair Value Marketable Securities $ 218,627 $ 212,575 Notes Payable $ 2,854,958 $ 2,906,842 Mortgages Payable $ 1,073,648 $ 1,086,324 Construction Loans Payable $ 43,540 $ 58,778 Mandatorily Redeemable Noncontrolling Interests (termination dates ranging from 2019 2027) $ 2,721 $ 5,468 The Company has certain financial instruments that must be measured under the FASBs Fair Value Measurements and Disclosures guidance, 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, the FASBs 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 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 September 30, 2009 and December 31, 2008, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): Balance at September 30, 2009 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 36,114 $ 36,114 $ - $ - Convertible notes $ 138,187 $ - $ 138,187 $ - Conversion option $ 9,039 $ - $ 9,039 $ - Liabilities: Interest rate swaps $ 536 $ - $ |
Common Stock Transactions
Common Stock Transactions | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Schedule of Stock by Class [Text Block] (abstract) | |
Schedule of Stock by Class [Text Block] | 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 | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Cash Flow, Supplemental Disclosures [Text Block] (abstract) | |
Cash Flow, Supplemental Disclosures [Text Block] | 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 nine months ended September 30, 2009 and 2008 (in thousands): 2009 2008 Acquisition of real estate interests by assumption of mortgage debt $ - $ 96,226 Disposition of real estate through the issuance of an unsecured obligation $ 1,366 $ 27,175 Issuance of restricted common stock $ 3,415 $ 1,405 Proceeds held in escrow through sale of real estate interests $ - $ 11,195 Consolidation of Joint Ventures: Increase in real estate and other assets $ 47,368 $ - Increase in mortgage payables $ 35,104 $ - Declaration of dividends paid in succeeding period $ 34,425 $ 128,964 |
Incentive Plans
Incentive Plans | |
9 Months Ended
Sep. 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 or ratably over four years. 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 $7.8 million and $9.1 million for the nine months ended September 30, 2009 and 2008, respectively. The $7.8 million expense for the nine months ended September 30, 2009, includes incremental expense related to the modification of stock awards in connection with the terminations of employees discussed below. As of September 30, 2009, the Company had approximately $26.3 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 2.4 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 nine months ended September 30, 2009. |
Taxable REIT Subsidiaries
Taxable REIT Subsidiaries (TRS) | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Income Tax Disclosure [Text Block] (abstract) | |
Income Tax Disclosure [Text Block] | 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 the FASBs Income Taxes guidance. 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 September 30, 2009 and December 31, 2008, were as follows (in thousands): September 30, 2009 December 31, 2008 Deferred tax assets: Operating losses $ 47,431 $ 48,863 Other timing differences 96,030 71,747 Valuation allowance (68,583) (33,783) Total deferred tax assets 74,878 86,827 Deferred tax liabilities (13,444) (2,656) Net deferred tax assets $ 61,434 $ 84,171 Deferred tax assets and deferred tax liabilities are included in the captions Other assets and Other liabilities on the accompanying Condensed Consolidated Balance Sheets. The valuation allowances are primarily due to (i) a $34.8 million valuation allowance 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 $74.9 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. |
Commitments and Contingencies
Commitments and Contingencies | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Commitments and Contingencies Disclosure [Text Block] (abstract) | |
Commitments and Contingencies Disclosure [Text Block] | 17. Commitments and Contingencies During August 2009, the Company became obligated to issue a letter of credit for approximately CAD $66.0 million (approximately USD $61.7 million) relating to a tax assessment dispute with the Canada Revenue Agency (CRA). The letter of credit has been issued under the Companys CAD $250 million credit facility. The dispute is in regards to three of the Companys wholly-owned subsidiaries which hold a 50% co-ownership interest in Canadian real estate. However, applicable Canadian law requires that a non-resident corporation post sufficient collateral to cover a claim for taxes assessed. As such, the Company issued its letter of credit as required by the governing law. The Company strongly believes that it has a justifiable defense against the dispute which will release the Company from any and all liability. |
Pro Forma Financial Information
Pro Forma Financial Information | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Pro Forma Financial Information (abstract) | |
Pro Forma Financial Information | 18. Pro Forma Financial Information As discussed in Note 3, the Company and certain of its affiliates acquired and disposed of interests in certain operating properties during the nine months ended September 30, 2009. The pro forma financial information set forth below is based upon the Companys historical Condensed Consolidated Statements of Operations for the nine months ended September 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.) Nine Months ended September 30, 2009 2008 Revenues from rental property $ 576.5 $ 563.6 Net (loss)/income $ (48.5) $ 312.7 Net (loss)/income attributable to the Companys common shareholders $ (93.7) $ 250.8 Net (loss)/income attributable to the Companys common shareholders per common share: Basic $ (0.28) $ 0.99 Diluted $ (0.28) $ 0.97 |
Subsequent Event
Subsequent Event | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Schedule of Subsequent Events [Text Block] (abstract) | |
Schedule of Subsequent Events [Text Block] | 19. Subsequent Event On November 4, 2009, the Company, through a wholly-owned subsidiary, entered into an Entity Purchase and Sale Agreement, (the Agreement) with DRA PL Retail Real Estate Investment Trust, pursuant to which the Company purchased the remaining 85% interest in PL Retail LLC, an entity that indirectly owns through wholly-owned subsidiaries 21 shopping centers in which the Company held a 15% non-controlling interest prior to this transaction. The 21 shopping centers comprising approximately 5.2 million square feet of GLA are located in California (8 assets; 27% of GLA), Florida (6 assets; 42% of GLA), the Phoenix, Arizona metro area (2 assets; 7.3% of GLA), New Jersey (2), Long Island, New York (1), Arlington, Virginia, near metro Washington, D.C. (1) and Greenville, South Carolina (1). Pursuant to the terms of the Agreement, the Company paid a purchase price equal to approximately $175.0 million, after customary adjustments and closing prorations, which is equivalent to 85% of PL Retail LLCs gross asset value, as defined in the Agreement, which currently equals approximately $825 million, less assumption of $564 million of non-recourse mortgage debt and $50 million of perpetual preferred stock.The purchase price includes approximately $20 million for the purchase of development rights for the Pentagon Centre shopping center in Arlington, Virginia. The Company funded the purchase using the Companys $1.5 billion unsecured revolving credit facility. As of November 4, 2009, the Company had $205.0 million outstanding on this credit facility. Indebtedness assumed by the Company in connection with the acquisition matures on various dates between January 1, 2010 through February 1, 2017, and bears interest at annual rates ranging from approximately 2.2% to 9.0%. The Company is currently determining the fair value of assets acquired and liabilities assumed in this transaction in accordance with the FASBs Business Combinations and Fair Value Measurements and Disclosure guidance to determine the appropriate purchase price allocation. Additionally, the Company is currently determining, in accordance with the FASBs Consolidations guidance, the fair value of the 15% equity interest held by the Company immediately prior to the acquisition to determine the amount of any gain or loss to be recognized as a result of remeasuring the equity interest to fair value. |
Document Information
Document Information | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | 2009-09-30 |
Entity Information
Entity Information (USD $) | |||
9 Months Ended
Sep. 30, 2009 | Oct. 22, 2009
| Jun. 30, 2009
| |
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 | $3,700,000,000 | ||
Entity Listings [Line Items] | |||
Entity Common Stock, Shares Outstanding | 376,724,704 |