Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (USD $) | ||
In Thousands | Mar. 31, 2010
| Dec. 31, 2009
|
Assets: | ||
Operating real estate, net of accumulated depreciation of $1,401,438 and $1,343,148, respectively | $7,131,401 | $7,073,408 |
Investments and advances in real estate joint ventures | 1,117,376 | 1,103,625 |
Real estate under development | 458,980 | 465,785 |
Other real estate investments | 550,951 | 553,244 |
Mortgages and other financing receivables | 132,426 | 131,332 |
Cash and cash equivalents | 137,437 | 122,058 |
Marketable securities | 214,785 | 209,593 |
Accounts and notes receivable | 114,397 | 113,610 |
Other assets | 404,710 | 389,550 |
Total assets | 10,262,463 | 10,162,205 |
Liabilities: | ||
Notes payable | 3,053,342 | 3,000,303 |
Mortgages payable | 1,453,654 | 1,388,259 |
Construction loans payable | 17,470 | 45,821 |
Dividends payable | 76,731 | 76,707 |
Other liabilities | 452,219 | 432,833 |
Total liabilities | 5,053,416 | 4,943,923 |
Redeemable noncontrolling interests | 99,276 | 100,304 |
Stockholders' equity: | ||
Common stock, $.01 par value, authorized 750,000,000 Issued and outstanding 405,684,970 and 405,532,566 shares, respectively | 4,057 | 4,055 |
Paid-in capital | 5,280,633 | 5,283,204 |
Cumulative distributions in excess of net income | (364,633) | (338,738) |
[TotalStockholdersEquityExcludingAccumulatedOtherComprehensiveIncome] | 4,920,941 | 4,949,405 |
Accumulated other comprehensive income | (89,394) | (96,432) |
Total stockholders' equity | 4,831,547 | 4,852,973 |
Noncontrolling interests | 278,224 | 265,005 |
Total equity | 5,109,771 | 5,117,978 |
Total liabilities and equity | 10,262,463 | 10,162,205 |
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 $) | ||
In Thousands, except Share data | Mar. 31, 2010
| Dec. 31, 2009
|
Real Estate Investment Property, Accumulated Depreciation | $1,401,438 | $1,343,148 |
Preferred Stock, Shares Authorized (in shares) | 3,232,000 | 3,232,000 |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $1 | $1 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | 0.01 | 0.01 |
Common Stock, Shares Authorized (in shares) | 750,000,000 | 750,000,000 |
Common Stock, Shares, Issued (in shares) | 405,684,970 | 405,532,566 |
Common Stock, Shares, Outstanding (in shares) | 405,684,970 | 405,532,566 |
Series F Preferred Stock [Member] | ||
Preferred Stock, Shares Authorized (in shares) | 700,000 | 700,000 |
Preferred Stock, Shares Issued (in shares) | 700,000 | 700,000 |
Preferred Stock, Shares Outstanding (in shares) | 700,000 | 700,000 |
Aggregate liquidation preference | 175,000 | 175,000 |
Series G Preferred Stock [Member] | ||
Preferred Stock, Shares Authorized (in shares) | 184,000 | 184,000 |
Preferred Stock, Shares Issued (in shares) | 184,000 | 184,000 |
Preferred Stock, Shares Outstanding (in shares) | 184,000 | 184,000 |
Aggregate liquidation preference | $460,000 | $460,000 |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $1 | $1 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income (USD $) | ||
In Thousands, except Per Share data | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
Condensed Consolidated Statements Of Income [Abstract] | ||
Revenues from rental property | $227,004 | $193,626 |
Rental property expenses: | ||
Rent | (3,698) | (3,286) |
Real estate taxes | (30,183) | (24,261) |
Operating and maintenance | (33,991) | (31,073) |
Mortgage and other financing income | 2,670 | 4,125 |
Management and other fee income | 9,844 | 9,925 |
Depreciation and amortization | (61,577) | (56,694) |
General and administrative expenses | (28,184) | (29,354) |
Interest, dividends and other investment income | 6,096 | 7,921 |
Other expense, net | (3,374) | (4,215) |
Interest expense | (58,737) | (46,516) |
Income from other real estate investments | 8,972 | 8,386 |
Gain on sale of development properties | 1,793 | 2,428 |
Impairments: | ||
Investments in other real estate investments | (3,882) | |
Marketable securities and other investments | (506) | |
Income from continuing operations before income taxes and equity in income of joint ventures | 32,247 | 31,012 |
Benefit for income taxes | 1,915 | 682 |
Equity in income of joint ventures, net | 21,001 | 9,642 |
Income from continuing operations | 55,163 | 41,336 |
Discontinued operations: | ||
Income from discontinued operating properties, net of tax | 37 | 83 |
Impairment/loss on operating properties held for sale/sold, net of tax | (482) | (56) |
Gain on disposition of operating properties, net of tax | 403 | |
(Loss)/income from discontinued operations | (445) | 430 |
Gain on transfer of operating properties | 26 | |
Loss on sale of operating properties | (8) | |
Total net (loss)/gain on transfer or sale of operating properties | (8) | 26 |
Net income | 54,710 | 41,792 |
Net income attributable to noncontrolling interests | (3,874) | (3,368) |
Net income attributable to the Company | 50,836 | 38,424 |
Preferred stock dividends | (11,822) | (11,822) |
Net income available to the Company's common shareholders | 39,014 | 26,602 |
Income from continuing operations: | ||
-Basic (in dollars per share) | 0.1 | 0.1 |
-Diluted (in dollars per share) | 0.1 | 0.1 |
Net income: | ||
-Basic (in dollars per share) | 0.1 | 0.1 |
-Diluted (in dollars per share) | 0.1 | 0.1 |
Weighted average shares: | ||
-Basic (in shares) | 405,564 | 271,083 |
-Diluted (in shares) | 405,713 | 271,158 |
Amounts attributable to the Company's common shareholders: | ||
Income from continuing operations, net of tax | 39,459 | 26,172 |
(Loss)/income from discontinued operations | (445) | 430 |
Net income | $39,014 | $26,602 |
2_Condensed Consolidated Statem
Condensed Consolidated Statements Of Comprehensive Income (USD $) | ||
In Thousands | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net income | $54,710 | $41,792 |
Other comprehensive income: | ||
Change in unrealized gain on marketable securities | 8,665 | 1,093 |
Change in unrealized loss on interest rate swaps | (227) | (431) |
Change in foreign currency translation adjustment, net | 12,306 | (41,513) |
Other comprehensive income/(loss) | 20,744 | (40,851) |
Comprehensive income | 75,454 | 941 |
Comprehensive (income)/loss attributable to noncontrolling interests | (17,579) | 6,361 |
Comprehensive income attributable to the Company | $57,875 | $7,302 |
3_Condensed Consolidated Statem
Condensed Consolidated Statements Of Changes In Equity (USD $) | |||||||||
In Thousands | Accumulated Distributions in Excess of Net Income [Member]
| Accumulated Other Comprehensive Income [Member]
| Preferred Stock [Member]
| Common Stock [Member]
| Additional Paid-in Capital [Member]
| Parent [Member]
| Noncontrolling Interest [Member]
| Comprehensive Income [Member]
| Total
|
Balance at Dec. 31, 2008 | ($58,162) | ($179,541) | $884 | $2,711 | $4,217,806 | $3,983,698 | $221,035 | $4,204,733 | |
Contributions from noncontrolling interests | 12,678 | 12,678 | |||||||
Comprehensive income: | |||||||||
Net income (loss) | 38,424 | 38,424 | 3,368 | 41,792 | 41,792 | ||||
Other comprehensive income, net of tax: | |||||||||
Change in unrealized gain (loss) on marketable securities | 1,093 | 1,093 | 1,093 | 1,093 | |||||
Change in unrealized loss on interest rate swaps | (431) | (431) | (431) | (431) | |||||
Change in foreign currency translation adjustment | (31,784) | (31,784) | (9,729) | (41,513) | (41,513) | ||||
Comprehensive income | 941 | 941 | |||||||
Redeemable noncontrolling interest | (1,804) | (1,804) | |||||||
Dividends | (131,098) | (131,098) | (131,098) | ||||||
Distributions to noncontrolling interests | (1,205) | (1,205) | |||||||
Unit redemptions | (346) | (346) | |||||||
Issuance of common stock | 4 | 4 | 4 | ||||||
Exercise of common stock options | (112) | (112) | (112) | ||||||
Amortization | 2,225 | 2,225 | 2,225 | ||||||
Balance at Mar. 31, 2009 | (150,836) | (210,663) | 884 | 2,711 | 4,219,923 | 3,862,019 | 223,997 | 4,086,016 | |
Balance at Dec. 31, 2009 | (338,738) | (96,432) | 884 | 4,055 | 5,283,204 | 4,852,973 | 265,005 | 5,117,978 | |
Contributions from noncontrolling interests | 1,283 | 1,283 | |||||||
Comprehensive income: | |||||||||
Net income (loss) | 50,836 | 50,836 | 3,874 | 54,710 | 54,710 | ||||
Other comprehensive income, net of tax: | |||||||||
Change in unrealized gain (loss) on marketable securities | 8,665 | 8,665 | 8,665 | 8,665 | |||||
Change in unrealized loss on interest rate swaps | (227) | (227) | (227) | (227) | |||||
Change in foreign currency translation adjustment | (1,400) | (1,400) | 13,706 | 12,306 | 12,306 | ||||
Comprehensive income | 75,454 | 75,454 | |||||||
Redeemable noncontrolling interest | (1,622) | (1,622) | |||||||
Dividends | (76,731) | (76,731) | (76,731) | ||||||
Distributions to noncontrolling interests | (260) | (260) | |||||||
Issuance of common stock | 194 | 194 | 194 | ||||||
Exercise of common stock options | 2 | 2,159 | 2,161 | 2,161 | |||||
Acquisition of noncontrolling interests | (8,028) | (8,028) | (3,762) | (11,790) | |||||
Amortization | 3,104 | 3,104 | 3,104 | ||||||
Balance at Mar. 31, 2010 | ($364,633) | ($89,394) | $884 | $4,057 | $5,280,633 | $4,831,547 | $278,224 | $5,109,771 |
4_Condensed Consolidated Statem
Condensed Consolidated Statements Of Changes In Equity (Parenthetical) (USD $) | ||
3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 | |
Dividends, Common Stock, Cash (in dollars per share) | 0.16 | 0.44 |
Series F Preferred Stock [Member] | ||
Dividends, Preferred Stock, Cash (in dollars per share) | 0.4156 | 0.4156 |
Series G Preferred Stock [Member] | ||
Dividends, Preferred Stock, Cash (in dollars per share) | 0.4844 | 0.4844 |
5_Condensed Consolidated Statem
Condensed Consolidated Statements Of Cash Flows (USD $) | ||
In Thousands | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
Cash flow from operating activities: | ||
Net income | $54,710 | $41,792 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 61,590 | 56,140 |
Loss on operating properties held for sale/sold/transferred | 8 | 89 |
Impairment charges | 5,189 | |
Gain on sale of development properties | (1,793) | (2,428) |
Gain on sale/transfer of operating properties | (697) | |
Equity in income of joint ventures, net | (21,001) | (9,642) |
Income from other real estate investments | (7,930) | (4,118) |
Distributions from joint ventures | 30,483 | 30,403 |
Change in accounts and notes receivable | (777) | (11,439) |
Change in accounts payable and accrued expenses | 36,148 | 25,018 |
Change in other operating assets and liabilities | (13,441) | (10,213) |
Net cash flow provided by operating activities | 143,186 | 114,905 |
Cash flow from investing activities: | ||
Acquisition of and improvements to operating real estate | (26,915) | (30,798) |
Acquisition of and improvements to real estate under development | (14,376) | (38,367) |
Proceeds from sale of marketable securities | 4,453 | 7,512 |
Investments and advances to real estate joint ventures | (20,879) | (40,438) |
Reimbursements of advances to real estate joint ventures | 10,581 | 75 |
Investments and advances to other real estate investments | (1,614) | (3,309) |
Reimbursements of advances to other real estate investments | 2,699 | 3,481 |
Investment in mortgage loans receivable | (2,511) | (182) |
Collection of mortgage loans receivable | 4,272 | 5,277 |
Other investments | (122) | (2,836) |
Reimbursements of other investments | 13 | 1,060 |
Proceeds from sale of operating properties | 6,631 | 6,569 |
Proceeds from sale of development properties | 6,276 | 12,132 |
Net cash flow used for investing activities | (31,492) | (79,824) |
Principal payments on debt, excluding | ||
normal amortization of rental property debt | (12,000) | |
Principal payments on rental property debt | (6,344) | (3,775) |
Principal payments on construction loan financings | (30,256) | (10,059) |
Proceeds from mortgage/construction loan financings | 1,905 | 43,474 |
Borrowings under revolving unsecured credit facilities | 40,720 | 211,858 |
Repayment of borrowings under unsecured revolving credit facilities | (573) | (356) |
Repayment of unsecured term loan/notes | (130,000) | |
Financing origination costs | (62) | (1,019) |
Redemption of noncontrolling interests | (13,210) | (346) |
Dividends paid | (76,706) | (131,097) |
Proceeds from issuance of stock | 211 | 44 |
Net cash flow used for financing activities | (96,315) | (21,276) |
Change in cash and cash equivalents | 15,379 | 13,805 |
Cash and cash equivalents, beginning of period | 122,058 | 136,177 |
Cash and cash equivalents, end of period | 137,437 | 149,982 |
Interest paid during the period (net of capitalized interest of $4,987, and $5,635, respectively) | 30,210 | 26,569 |
Income taxes paid during the period | $74 | $33 |
6_Condensed Consolidated Statem
Condensed Consolidated Statements Of Cash Flows (Parenthetical) (USD $) | ||
In Thousands | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
Condensed Consolidated Statements Of Cash Flows (Parentheticals) [Abstract] | ||
Cash Paid for Capitalized Interest | $4,987 | $5,635 |
1. Interim Financial Statements
1. Interim Financial Statements | |
3 Months Ended
Mar. 31, 2010 | |
Significant Accounting Policies [Text Block] (abstract) | |
Significant Accounting Policies [Text Block] | 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 financial 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 Codification (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 2009 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 (see Note 18). 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. Earnings Per Share - The following table sets forth the reconciliation of earnings and the weighted average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands except per share data): Three Months Ended March 31, 2010 2009 Computation of Basic Earnings Per Share: Income from continuing operations $ 55,163 $ 41,336 Total net (loss)/gain on transfer or sale of operating properties (8) 26 Net income attributable to noncontrolling interests (3,874) (3,368) Discontinued operations attributable to noncontrolling interests - - Preferred stock dividends (11,822) (11,822) Income from continuing operations available to common shareholders 39,459 26,172 (Loss)/income from discontinued operations attributable to the Company (445) 430 Net income attributable to the Comp |
2. Operating Property Activitie
2. Operating Property Activities | |
3 Months Ended
Mar. 31, 2010 | |
Business Combination Disclosure [Text Block] (abstract) | |
Business Combination Disclosure [Text Block] | Operating Property Activities Acquisitions - During the three months ended March 31, 2010, the Company acquired the remaining ownership interest in an operating property, located in Tucson, AZ from a preferred equity investment in which the Company held a non-controlling interest for a purchase price of approximately $90.0 million, including the assumption of $77.2 million in non-recourse mortgage debt. The non-recourse mortgage debt includes a decrease of approximately $3.8 million associated with a fair value debt adjustment. In addition, during the three months ended March 31, 2010, the Company acquired an ownership interest in a joint venture which owns an operating property, located in Los Angeles, CA from a joint venture investment in which the Company holds a 15% non-controlling interest for a purchase price of approximately $8.6 million. As a result of this transaction the Company now holds a 75% controlling interest and consolidates this entity. The aggregate purchase price of these properties has been allocated to the tangible and intangible assets and liabilities of the properties 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 $ 14,435 Buildings 67,887 Above Market Rents 3,272 Below Market Rents (1,046) In-Place Leases 9,073 Building Improvements 5,010 Tenant Improvements 2,851 Mortgage Fair Value Adjustment (3,838) Noncontrolling Interest (2,855) $ 94,789 Dispositions - During the three months ended March 31, 2010, the Company disposed of an operating property for a sales price of approximately $6.3 million which approximated the propertys carrying value. Additionally, during the three months ended March 31, 2010, the Company disposed of, in separate transactions, three undeveloped land parcels for an aggregate sales price of approximately $4.9 million which resulted in an aggregate gain of approximately $1.7 million. This gain is included in Other expense, net in the Companys Condensed Consolidated Statements of Income. During the three months ended March 31, 2010, FNC Realty Corporation (FNC), a consolidated entity in which the Company holds a 53% controlling ownership interest, disposed of a property for a sales price of approximately $2.4 million which resulted in a pre-tax profit of approximately $0.3 million, before noncontrolling interest of $0.1 million. This income has been recorded as Income from other real estate investments in the Companys Condensed Consolidated Statements of Income. |
3. Discontinued Operations
3. Discontinued Operations | |
3 Months Ended
Mar. 31, 2010 | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] (abstract) | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 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 Income under the caption Discontinued operations. This reporting has resulted in certain reclassifications of 2009 financial statement amounts. The components of income and expense relating to discontinued operations for the three months ended March 31, 2010 and 2009 are shown below. These include the results of operations through the date of each respective sale for properties sold during 2010 and 2009 and the operations for the applicable period for those assets classified as held-for-sale as of March 31, 2010 (in thousands): Three Months Ended March 31, 2010 2009 Discontinued operations: Revenues from rental property $ 302 $ 295 Rental property expenses (192) (215) Depreciation and amortization (13) - Other income, net 1 3 Income from discontinued operating properties 98 83 Loss on operating properties held for sale/sold (4) (89) Impairment of property carrying value (800) - Gain on disposition of operating properties - 671 Benefit/(provision) for income taxes 261 (235) (Loss)/income from discontinued operating properties (445) 430 Net income attributable to noncontrolling interests - - (Loss)/income from discontinued operations attributable to the Company $ (445) $ 430 During the three months ended March 31, 2010, the Company classified as held-for-sale three properties comprising approximately 27,000 square feet of GLA. The book value of these properties aggregated approximately $21.3 million. The Company recognized an impairment charge of approximately $0.8 million on one of these properties. The book value of the two remaining properties did not exceed each of their estimated fair values. The Companys determination of the fair value for these properties, aggregating approximately $22.2 million, is based upon executed contracts of sale with third parties. These properties are included in Other Assets on the Companys Condensed Consolidated Balance Sheets. |
4. Ground-Up Development
4. Ground-Up Development | |
3 Months Ended
Mar. 31, 2010 | |
Real Estate Owned [Text Block] (abstract) | |
Real Estate Owned [Text Block] | Ground-Up Development The Company is engaged in ground-up development projects which consist of (i) U.S. ground-up development projects which will be held as long-term investments by the Company and (ii) various ground-up development projects located in Latin America for long-term investment. During 2009, the Company changed its merchant building business strategy from a sale upon completion strategy to a long-term hold strategy. Those properties previously considered merchant building have been either placed in service as long-term investment properties or included in U.S. ground-up development projects. The ground-up development projects generally have significant pre-leasing prior to the commencement of construction. As of March 31, 2010, the Company had in progress a total of nine ground-up development projects, consisting of (i) five ground-up development projects located throughout Mexico, (ii) two U.S. ground-up development projects, (iii) one ground-up development project located in Chile, and (iv) one ground-up development project located in Brazil. During the three months ended March 31, 2010, the Company expended approximately $11.8 million to purchase the noncontrolling partnership interests in four of its former merchant building projects. Since there was no change in control, these transfers of noncontrolling interest transactions resulted in an adjustment to the Companys Paid-in capital of approximately $8.0 million. |
5. Investments and Advances in
5. Investments and Advances in Real Estate Joint Ventures | |
3 Months Ended
Mar. 31, 2010 | |
Investmentsand Advancesin Real Estate Joint Ventures (abstract) | |
InvestmentsandAdvancesinRealEstateJointVentures | Investments and Advances in Real Estate Joint Ventures Kimco Prudential Joint Venture (KimPru) - The Company holds a 15% noncontrolling ownership interest in each of three joint ventures, with three separate accounts managed by Prudential Real Estate Investors (PREI), 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. KimPru has a term loan facility which bears interest at a rate of LIBOR plus 1.25% and is scheduled to mature in August 2010. 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 March 31, 2010, the outstanding balance on the credit facility was $311.2 million. This outstanding balance is anticipated to be repaid with proceeds from property sales and partner capital contributions on the maturity date. During March 2010, KimPru recognized impairment charges of approximately $27.2 million relating to three properties that were classified as held-for-sale where the aggregate net book value of the properties exceeded the aggregate estimated selling price. The Company had previously taken other-than-temporary impairment charges on its investment in KimPru and had allocated these impairment charges to the underlying assets of the KimPru joint ventures including a portion to these three operating properties. As a result the Companys share of the $27.2 million impairment loss is approximately $2.3 million which is included in Equity in income of joint ventures, net on the Companys Condensed Consolidated Statements of Income. During March 2010, KimPru sold these three operating properties, for an aggregate sales price of approximately $85.7 million including the assignment of approximately $80.2 million in non-recourse mortgage debt encumbering the properties to a joint venture in which the Company holds a 15% noncontrolling interest. Proceeds from these property sales were used to repay a portion of the outstanding balance on the term loan facility. Also during the three months ended March 31, 2010, KimPru sold its interest in a joint venture which owns an operating property to the Company for a sales price of approximately $8.5 million which resulted in a gain of approximately $1.6 million. In addition to the impairment charges above, KimPru recognized an impairment charge of approximately $2.6 million based on an estimated sales price for a property held-for-sale. The Companys share of this impairment charge was approximately $0.4 million excluding an income tax benefit of approximately $0.2 million. The $0.4 million impairment charge is included in Equity in income of joint ventures, net on the Companys Condensed Consolidated Statements of Income. As of March 31, 2010, the KimPru portfolio was comprised of 92 shopping center properties aggregating approximately 15.5 million square feet of GLA located in 12 states. Kimco Income REIT (KIR) - The Company holds a 45% noncontrolling limited partnership intere |
6. Other Real Estate Investment
6. Other Real Estate Investments | |
3 Months Ended
Mar. 31, 2010 | |
Other Real Estate Investments (abstract) | |
OtherRealEstateInvestments | Other Real Estate Investments Preferred Equity Capital - The Company maintains a preferred equity program, which provides capital to developers and owners of real estate. As of March 31, 2010, the Companys net investment under the preferred equity program was approximately $518.6 million relating to 610 properties, including 401 net leased properties. During the three months ended March 31, 2010, the Company earned approximately $7.5 million from its preferred equity investments, including $0.2 million in profit participation earned from two capital transactions. During the three months ended March 31, 2009, the Company earned approximately $7.3 million from its preferred equity investments, including $0.7 million in profit participation earned from one capital transaction. During the three months ended March 31, 2010, the Company recognized an impairment charge of approximately $3.8 million against the carrying value of its preferred equity investment in an operating property located in Tucson, AZ based on its estimated sales price. During the three months ended March 31, 2010, the Company acquired the remaining ownership interest in this operating property for a purchase price of approximately $90.0 million, including the assumption of $81.0 million in non-recourse mortgage debt, excluding a $3.8 million decrease associated with the fair value debt adjustment, which bears interest at a rate of 6.08% and is scheduled to mature in 2016. |
7. Mortgages and Other Financin
7. Mortgages and Other Financing Receivables | |
3 Months Ended
Mar. 31, 2010 | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] (abstract) | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Mortgages and Other Financing Receivables During the three months ended March 31, 2010, the Company sold its remaining portion of its participation in a mortgage receivable, at par, for approximately $1.7 million to an unaffiliated third party. No gain or loss was recognized in connection with this transaction. |
8. Variable Interest Entities
8. Variable Interest Entities | |
3 Months Ended
Mar. 31, 2010 | |
Schedule of Variable Interest Entities [Text Block] (abstract) | |
Schedule of Variable Interest Entities [Text Block] | 8. Variable Interest Entities Included within the Companys consolidated operating properties at March 31, 2010 are six consolidated entities that are VIEs and for which the Company is the primary beneficiary. All of these entities have been established to own and operate real estate property. The Companys involvement with these entities is through its majority ownership and management of the properties. These entities were deemed VIEs primarily based on the fact that the voting rights of the equity investors is not proportional to their obligation to absorb expected losses or receive the expected residual returns of the entity and substantially all of the entity's activities are conducted on behalf of the investor which has disproportionately fewer voting rights. The Company determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest. At March 31, 2010, total assets of these VIEs were approximately $53.0 million and total liabilities were approximately $23.5 million, including $14.7 million of non-recourse mortgage debt. The classification of these assets is primarily within real estate and the classification of liabilities are primarily within mortgages payable and noncontrolling interests in the Companys Condensed Consolidated Balance Sheets. The majority of the operations of these VIEs are funded with cash flows generated from the properties. One of the VIEs is encumbered by third party non-recourse mortgage debt aggregating approximately $14.7 million. The Company has not provided financial support to any of these VIEs that it was not previously contractually required to provide, which consists primarily of funding any capital expenditures, including tenant improvements, which are deemed necessary to continue to operate the entity and any operating cash shortfalls that the entity may experience. Consolidated Ground-Up Development Projects Included within the Companys ground-up development projects at March 31, 2010 are four consolidated entities that are VIEs, which the Company is the primary beneficiary. These entities were established to develop real estate property to hold as long-term investments. The Companys involvement with these entities is through its majority ownership and management of the properties. These entities were deemed VIEs 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 these entities was 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 these VIEs as a result of its controlling financial interest. At March 31, 2010, total assets of these ground-up development VIEs were approximately $219.5 million and total liabilities were approximately $2.4 million. The classification of these assets is primarily within real estate and the classification of liabilities are primarily within accounts payable and accrued expenses in the Companys Condensed Consolidated Ba |
9. Marketable Securities and Ot
9. Marketable Securities and Other Investments | |
3 Months Ended
Mar. 31, 2010 | |
Marketable Securities [Text Block] (abstract) | |
Marketable Securities [Text Block] | 9. During the three months ended March 31, 2010, the Company received approximately $4.3 million in proceeds from the sale of certain marketable securities which resulted in gross realizable gains of approximately $0.6 million. At March 31, 2010, the Companys investment in marketable securities was approximately $214.8 million which includes an aggregate unrealized gain of approximately $8.4 million relating to marketable equity security investments and an unrealized loss of approximately $16.4 million relating to the Companys investment in Valad Property Group (Valad) convertible notes. The Company does not have the intent and does not believe it will be required to sell the Valad notes before their anticipated recovery and fully expects to recover the entire cost basis. During the three months ended March 31, 2010, the Company recorded impairment charges of approximately $0.5 million due to the decline in value of a marketable security that was deemed to be other-than-temporary. The Company does not believe that the declines in value of any of its remaining securities with unrealized losses are other-than-temporary at March 31, 2010. 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. |
10. Mortgages Payable
10. Mortgages Payable | |
3 Months Ended
Mar. 31, 2010 | |
Schedule of Participating Mortgage Loans [Text Block] (abstract) | |
Schedule of Participating Mortgage Loans [Text Block] | Mortgages Payable During the three months ended March 31, 2010, the Company (i) assumed approximately $83.2 million of individual non-recourse mortgage debt relating to the acquisition of two operating properties, including a decrease of approximately $3.8 million associated with fair value debt adjustments and (ii) paid off approximately $12.0 million of mortgage debt that encumbered one operating property. 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 1.63% to 9.75% (weighted-average interest rate of 5.66% as of March 31, 2010). The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments of approximately $1.0 million, as of March 31, 2010, were approximately as follows (in millions): 2010, $136.2; 2011, $77.7; 2012, $242.2; 2013, $189.7; 2014, $249.4; and thereafter, $559.4. |
11. Construction Loans
11. Construction Loans | |
3 Months Ended
Mar. 31, 2010 | |
Construction Loans (abstract) | |
ConstructionLoans | Construction Loans During the three months ended March 31, 2010, the Company fully repaid two construction loans aggregating approximately $30.2 million. As of March 31, 2010, total loan commitments on the Companys two remaining construction loans aggregated approximately $34.2 million of which approximately $17.5 million has been funded. These loans are scheduled to mature in 2012 and 2014 and bear interest at rates of 2.13% and 2.23% at March 31, 2010. These construction loans are collateralized by the respective projects and associated tenants leases. |
12. Noncontrolling Interests
12. Noncontrolling Interests | |
3 Months Ended
Mar. 31, 2010 | |
Noncontrolling Interests (abstract) | |
NoncontrollingInterests | Noncontrolling Interests Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. Noncontrolling interests also includes partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. These units have a stated redemption value (classified as mezzanine equity) or a redemption amount based upon the Adjusted Current Trading Price, as defined, of the Companys common stock ("Common Stock") and provide the unit holders various rates of return during the holding period. The unit holders generally have the right to redeem their units for cash at any time after one year from issuance. The Company typically has the option to settle redemption amounts in cash or Common Stock for the issuance of convertible units. The Company evaluates the terms of the partnership units issued and determines if the units are mandatorily redeemable in accordance with the Distinguishing Liabilities from Equity guidance of the FASBs ASC. The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance issued by the FASB. The Company identifies its noncontrolling interests separately within the equity section on the Companys Condensed Consolidated Balance Sheets. Redeemable units are classified as Redeemable noncontrolling interests and presented between Total liabilities and Stockholders equity on the Companys Condensed Consolidated Balance Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented on the Companys Condensed Consolidated Statements of Income. When a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary is initially measured at fair value. Any gain or loss on the deconsolidation of a subsidiary is measured using the fair value of the noncontrolling equity investment rather than the carrying amount of that retained investment. The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the three months ended March 31, 2010 and March 31, 2009 (amounts in thousands): 2010 2009 Balance at January 1, $ 100,304 $ 115,853 Unit redemptions (1,000) - Fair market value amortization (22) (109) Other (6) - Balance at March 31, $ 99,276 $ 115,744 |
13. Fair Value Measurements
13. Fair Value Measurements | |
3 Months Ended
Mar. 31, 2010 | |
Fair Value Disclosures [Text Block] (abstract) | |
Fair Value Disclosures [Text Block] | 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): March 31, 2010 December 31, 2009 Carrying Amounts Estimated Fair Value Carrying Amounts Estimated Fair Value Marketable Securities $ 214,785 $ 211,276 $ 209,593 $ 204,006 Notes Payable $ 3,053,342 $ 3,199,680 $ 3,000,303 $ 3,099,139 Mortgages Payable $ 1,453,654 $ 1,567,428 $ 1,388,259 $ 1,377,224 Construction Loans Payable $ 17,470 $ 16,403 $ 45,821 $ 44,725 Mandatorily Redeemable Noncontrolling Interests (termination dates ranging from 2019 2027) $ 2,605 $ 5,921 $ 2,768 $ 5,256 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 March 31, 2010 and December 31, 2009, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): Balance at March 31, 2010 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 25,221 $ 25,221 $ - $ - Convertible notes $ |
14. Supplemental Schedule of No
14. Supplemental Schedule of Non-Cash Investing / Financing Activities | |
3 Months Ended
Mar. 31, 2010 | |
Cash Flow, Supplemental Disclosures [Text Block] (abstract) | |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Schedule of Non-Cash Investing / Financing Activities The following schedule summarizes the non-cash investing and financing activities of the Company for the three months ended March 31, 2010 and 2009 (in thousands): 2010 2009 Acquisition of real estate interests by assumption of mortgage debt $ 670 $ - Disposition of real estate through the issuance of an unsecured obligation $ - $ 1,366 Issuance of restricted common stock $ 2,134 $ - Consolidation of Joint Ventures: Increase in real estate and other assets $ 97,643 $ - Increase in mortgage payables $ 83,212 $ - Declaration of dividends paid in succeeding period $ 76,731 $ 131,097 |
15. Incentive Plans
15. Incentive Plans | |
3 Months Ended
Mar. 31, 2010 | |
Incentive Plans (abstract) | |
IncentivePlans | Incentive Plans The Company maintains two equity participation plans, the Second Amended and Restated 1998 Equity Participation Plan (the Prior Plan) and the 2010 Equity Participation Plan (the 2010 Plan) (collectively, the Plans). The Prior Plan provides for a maximum of 47,000,000 shares of the Companys common stock to be issued for qualified and non-qualified options and restricted stock grants. The 2010 Plan provides for a maximum of 5,000,000 shares of the Companys common stock to be issued for qualified and non-qualified options and other awards, plus the number of shares of common stock which are or become available for issuance under the Prior Plan and which are not thereafter issued under the Prior Plan, subject to certain conditions. Unless otherwise determined by the Board of Directors at its sole discretion, options granted under the Plans 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 Plans provide 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 expense associated with its equity awards of approximately $3.1 million and $2.2 million for the three months ended March 31, 2010 and 2009, respectively. The $2.2 million expense for the three months ended March 31, 2009, includes incremental expense related to the modification of stock awards in connection with severance costs associated with the terminations of employees during the three months ended March 31, 2009. As of March 31, 2010, the Company had approximately $25.8 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 2.2 years. Equity in income of real estate joint ventures, net increased $11.4 million for the three months ended March 31, 2010, as compared to the corresponding period in 2009. This increase is primarily the result of (i) an increase in income related to the recognition of approximately $8.0 million in income resulting from cash distributions received in excess of the Companys carrying value of its investment in an unconsolidated limited liability partnership, (ii) the recognition of approximately $6.1 million of equity in income from the Albertsons joint venture during the three months ended March 31, 2010, as compared to $1.0 million of equity in income recognized during the three months ended March 31, 2009 primarily resulting from the sale of a distribution center in the joint venture, and (iii) an increase in equity in income from the KIR joint venture of approximately $1.6 million primarily resulting from the sale of an operating property, partially offset by (iv) the recognition of impairment charges of approximately $2.3 million recorded during 2010 |
16. Taxable REIT Subsidiaries
16. Taxable REIT Subsidiaries (TRS) | |
3 Months Ended
Mar. 31, 2010 | |
Income Tax Disclosure [Text Block] (abstract) | |
Income Tax Disclosure [Text Block] | 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) 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 March 31, 2010 and December 31, 2009, were as follows (in thousands): March 31, 2010 December 31, 2009 Deferred tax assets: Operating losses $ 53,124 $ 55,613 Tax/GAAP basis differences 70,717 72,023 Tax credit carryforwards 8,179 6,319 Valuation allowance (33,783) (33,783) Total deferred tax assets 98,237 100,172 Deferred tax liabilities (12,696) (13,833) Net deferred tax assets $ 85,541 $ 86,339 Deferred tax assets and deferred tax liabilities are included in the captions Other assets and Other liabilities on the accompanying Condensed Consolidated Balance Sheets. As of March 31, 2010, the Company had total deferred tax assets of approximately $98.2 million. This total deferred tax asset includes approximately $11.1 million for the tax effect of net operating losses, after the impact of a valuation allowance of $33.8 million, relating to FNC, a consolidated entity in which the Company has a 53% ownership interest. The partial valuation allowance on the FNC deferred tax asset primarily results from current projected taxable income, being more likely than not, insufficient to utilize the full amount of the deferred tax asset. The remaining deferred tax asset of approximately $87.1 million primarily relates to KRS and consists primarily of differences in the timing of the recognition of income/(loss) between the GAAP and tax basis of accounting for (i) real estate assets (ii) real estate joint ventures, (iii) other real estate investments, (iv) other deductible temporary differences and (v) timing differences related to asset impairment charges recorded for book purposes but not yet recognized for tax purposes. As of March 31, 2010, the Company had determined that no additional valuation allowance was needed against the $87.1 million remaining deferred tax asset associated with KRS. This was based upon the Companys projected future income within KRS which utilized assumptionsforcore earnings and reductions in interest expense due to debt maturities and recapitalization of certain intercompany loans the Company has with KRS. As a result of this projection, the Company has determined that it is more likely than not that sufficient future taxable income will be generated to fully realize the $87.1 million deferred tax asset. If future income projections do not occur as forecasted or the Company incurs a |
17. Pro Forma Financial Informa
17. Pro Forma Financial Information | |
3 Months Ended
Mar. 31, 2010 | |
Pro Forma Financial Information (abstract) | |
ProFormaFinancialInformation | 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 three months ended March 31, 2010. The pro forma financial information set forth below is based upon the Companys historical Condensed Consolidated Statements of Income for the three months ended March 31, 2010 and 2009, 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.) Three Months ended March 31, 2010 2009 Revenues from rental property $ 228.7 $ 197.7 Net income $ 54.6 $ 41.6 Net income attributable to the Companys common shareholders $ 38.9 $ 26.3 Net income attributable to the Companys common shareholders per common share: Basic $ 0.10 $ 0.10 Diluted $ 0.10 $ 0.10 |
18. Subsequent Event
18. Subsequent Event | |
3 Months Ended
Mar. 31, 2010 | |
Schedule of Subsequent Events [Text Block] (abstract) | |
Schedule of Subsequent Events [Text Block] | 18. During April 2010, the Company issued $150.0 million Canadian denominated (CAD) unsecured notes to a group of private investors at a rate of 5.99% scheduled to mature on April 13, 2018. Proceeds from these notes were used to repay the Companys CAD $150 million 4.45% Series 1 unsecured notes which matured in April 2010. |
Document And Entity Information
Document And Entity Information (USD $) | ||
3 Months Ended
Mar. 31, 2010 | Apr. 29, 2010
| |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Kimco Realty Corporation | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 405,619,595 | |
Entity Public Float | $6,300,000,000 | |
Amendment Flag | false | |
Entity Central Index Key | 0000879101 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Well-known Seasoned Issuer | Yes | |
Document Period End Date | 2010-03-31 | |
Document Fiscal Year Focus | 2,010 | |
Document Fiscal Period Focus | Q1 |