Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 23, 2013 | |
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 | ' | 409,690,237 |
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 | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ||
Operating real estate, net of accumulated depreciation of $1,864,904 and $1,745,462, respectively | $7,086,534 | $7,104,562 | ||
Investments and advances in real estate joint ventures | 1,308,184 | 1,428,155 | ||
Real estate under development | 97,033 | 97,263 | ||
Other real estate investments | 288,364 | 317,557 | ||
Mortgages and other financing receivables | 45,708 | 70,704 | ||
Cash and cash equivalents | 401,730 | 141,875 | ||
Marketable securities | 88,656 | [1] | 36,541 | [1] |
Accounts and notes receivable | 160,126 | 171,540 | ||
Other assets | 476,744 | 383,037 | ||
Total assets | 9,953,079 | 9,751,234 | ||
Liabilities: | ' | ' | ||
Notes payable | 3,254,881 | [2] | 3,192,127 | [2] |
Mortgages payable | 1,125,771 | [3] | 1,003,190 | [3] |
Dividends payable | 98,334 | 96,518 | ||
Other liabilities | 548,038 | 445,843 | ||
Total liabilities | 5,027,024 | 4,737,678 | ||
Redeemable noncontrolling interests | 85,903 | 81,076 | ||
Stockholders' equity: | ' | ' | ||
Preferred stock, $1.00 par value, authorized 5,961,200 shares, 102,000 shares issued and outstanding (in series); Aggregate liquidation preference $975,000 | 102 | 102 | ||
Common stock, $.01 par value, authorized 750,000,000 shares issued and outstanding 409,656,477 and 407,782,102 shares, respectively | 4,097 | 4,078 | ||
Paid-in capital | 5,688,421 | 5,651,170 | ||
Cumulative distributions in excess of net income | -950,905 | -824,008 | ||
Accumulated other comprehensive income | -44,128 | -66,182 | ||
Total stockholders' equity | 4,697,587 | 4,765,160 | ||
Noncontrolling interests | 142,565 | 167,320 | ||
Total equity | 4,840,152 | 4,932,480 | ||
Total liabilities and equity | $9,953,079 | $9,751,234 | ||
[1] | As of September 30, 2013 and December 31, 2012, the Company determined that $85.6 million and $33.4 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $3.3 million and $3.4 million, respectively, were classified within Level 3 of the fair value hierarchy. | |||
[2] | The Company determined that its valuation of Notes payable was classified within Level 2 of the fair value hierarchy. | |||
[3] | The Company determined that its valuation of Mortgages payable was classified within Level 3 of the fair value hierarchy. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Operating real estate, accumulated depreciation (in Dollars) | $1,864,904 | $1,745,462 |
Preferred stock, par value (in Dollars per share) | $1 | $1 |
Preferred stock, shares authorized | 5,961,200 | 5,961,200 |
Preferred stock, shares issued | 102,000 | 102,000 |
Preferred stock, shares outstanding | 102,000 | 102,000 |
Aggregate liquidation preference (in Dollars) | $975,000 | $975,000 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 409,656,477 | 407,782,102 |
Common stock, shares outstanding | 409,656,477 | 407,782,102 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Revenues from rental properties | $232,074 | $213,946 | $689,678 | $637,378 |
Management and other fee income | 9,423 | 8,917 | 26,865 | 27,053 |
Total revenues | 241,497 | 222,863 | 716,543 | 664,431 |
Operating expenses | ' | ' | ' | ' |
Rent | 3,319 | 3,270 | 10,024 | 9,457 |
Real estate taxes | 30,900 | 28,823 | 88,770 | 84,131 |
Operating and maintenance | 27,547 | 25,333 | 84,563 | 76,020 |
General and administrative expenses | 30,961 | 29,880 | 96,456 | 95,157 |
Provision for doubtful accounts | 2,118 | 888 | 7,190 | 6,397 |
Impairment charges | ' | ' | 109,000 | ' |
Depreciation and amortization | 63,158 | 63,854 | 186,345 | 180,647 |
Total operating expenses | 232,768 | 152,048 | 582,394 | 452,135 |
Operating income | 8,729 | 70,815 | 134,149 | 212,296 |
Other income/(expense) | ' | ' | ' | ' |
Mortgage financing income | 925 | 2,092 | 3,341 | 6,083 |
Interest, dividends and other investment income | 481 | 595 | 9,648 | 1,094 |
Other income/(expense), net | 2,878 | -3,073 | -3,070 | -6,126 |
Interest expense | -53,991 | -56,467 | -162,594 | -170,224 |
Income from other real estate investments | 670 | 545 | 1,628 | 1,688 |
Income/(loss) from continuing operations before income taxes, equity in income of joint ventures, gain on change in control of interests and equity in income from other real estate investments | -40,308 | 14,507 | -16,898 | 44,811 |
Provision for income taxes, net | -24,238 | -5,520 | -28,110 | -13,581 |
Equity in income of investment | 96,200 | 24,500 | 179,791 | 89,587 |
Income from continuing operations | 42,176 | 43,724 | 186,404 | 170,314 |
Gain on change in control of interests, net | ' | ' | 21,711 | 14,156 |
Discontinued operations | ' | ' | ' | ' |
Income from discontinued operating properties, net of tax | 1,887 | 5,222 | 8,693 | 9,924 |
Impairment/loss on operating properties sold, net of tax | -10,813 | -3,191 | -42,971 | -30,248 |
Gain on disposition of operating properties, net of tax | 23,398 | 11,329 | 27,762 | 34,571 |
Income/(loss) from discontinued operations | 14,472 | 13,360 | -6,516 | 14,247 |
Gain on sale of operating properties, net of tax | 540 | ' | 1,080 | 4,059 |
Net income | 57,188 | 57,084 | 180,968 | 188,620 |
Net income attributable to noncontrolling interests | -1,425 | -2,143 | -6,296 | -10,928 |
Net income attributable to the Company | 55,763 | 54,941 | 174,672 | 177,692 |
Preferred stock redemption costs | ' | -6,213 | ' | -6,213 |
Preferred dividends | -14,573 | -21,622 | -43,720 | -58,037 |
Net income available to the Company's common shareholders | 41,190 | 27,106 | 130,952 | 113,442 |
Income from continuing operations: | ' | ' | ' | ' |
-Basic (in Dollars per share) | $0.06 | $0.03 | $0.33 | $0.25 |
-Diluted (in Dollars per share) | $0.06 | $0.03 | $0.33 | $0.25 |
Net income attributable to the Company: | ' | ' | ' | ' |
-Basic (in Dollars per share) | $0.10 | $0.07 | $0.32 | $0.28 |
-Diluted (in Dollars per share) | $0.10 | $0.07 | $0.32 | $0.28 |
Weighted average shares: | ' | ' | ' | ' |
-Basic (in Shares) | 408,060 | 405,810 | 407,459 | 405,880 |
-Diluted (in Shares) | 408,866 | 406,747 | 408,510 | 406,650 |
Amounts attributable to the Company's common shareholders: | ' | ' | ' | ' |
Income from continuing operations | 26,729 | 12,932 | 137,507 | 100,781 |
Income/(loss) from discontinued operations | 14,461 | 14,174 | -6,555 | 12,661 |
Equity In Income Of Joint Ventures, Net [Member] | ' | ' | ' | ' |
Other income/(expense) | ' | ' | ' | ' |
Equity in income of investment | 96,175 | 24,498 | 179,791 | 89,588 |
Equity In Income From Other Real Estate Investments, Net [Member] | ' | ' | ' | ' |
Other income/(expense) | ' | ' | ' | ' |
Equity in income of investment | 10,547 | 10,239 | 29,910 | 35,340 |
Income from continuing operations | 42,176 | 43,724 | 186,404 | 170,314 |
Continuing Operations [Member] | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' |
Impairment charges | $74,765 | ' | $109,046 | $326 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $57,188 | $57,084 | $180,968 | $188,620 |
Other comprehensive income: | ' | ' | ' | ' |
Change in unrealized gain on marketable securities, net | 17,660 | 1,382 | 23,888 | 2,311 |
Change in foreign currency translation adjustment, net | 305 | 42,807 | -2,199 | 52,378 |
Other comprehensive income | 17,965 | 44,220 | 21,689 | 55,092 |
Comprehensive income | 75,153 | 101,304 | 202,657 | 243,712 |
Comprehensive income attributable to noncontrolling interests | -1,720 | -3,259 | -5,931 | -15,145 |
Comprehensive income attributable to the Company | 73,433 | 98,045 | 196,726 | 228,567 |
Interest Rate Swap [Member] | ' | ' | ' | ' |
Other comprehensive income: | ' | ' | ' | ' |
Change in unrealized gain on interest rate swaps, net | ' | $31 | ' | $403 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Changes in Equity (Unaudited) (USD $) | Accumulated Distributions in Excess of Net Income [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Interest Rate Swap [Member] | Common Stock [Member] | Preferred Stock [Member] | Total |
In Thousands | Interest Rate Swap [Member] | Common Stock [Member] | Preferred Stock [Member] | Interest Rate Swap [Member] | Common Stock [Member] | Preferred Stock [Member] | |||||||||||||
Balance at Dec. 31, 2011 | ($702,999) | ' | ($107,660) | ' | $954 | ' | $4,069 | ' | ' | $5,492,022 | ' | ' | ' | $4,686,386 | $193,757 | ' | ' | ' | $4,880,143 |
Balance (in Shares) at Dec. 31, 2011 | ' | ' | ' | ' | 954 | ' | 406,938 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions from noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,343 | ' | ' | ' | 1,343 |
Net income | 177,692 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 177,692 | 10,928 | ' | ' | ' | 188,620 |
Change in unrealized gain on marketable securities | ' | ' | 2,311 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,311 | ' | ' | ' | ' | 2,311 |
Change in unrealized gain on interest rate swaps | ' | 403 | ' | ' | ' | ' | ' | ' | ' | ' | 403 | ' | ' | ' | ' | 403 | ' | ' | ' |
Change in foreign currency translation adjustment | ' | ' | 48,161 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,161 | 4,217 | ' | ' | ' | 52,378 |
Redeemable noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,745 | ' | ' | ' | -4,745 |
Dividends | -287,790 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -287,790 | ' | ' | ' | ' | -287,790 |
Distributions to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,874 | ' | ' | ' | -11,874 |
Issuance of stock | ' | ' | ' | 25 | ' | 11 | ' | 18,055 | 605,046 | ' | ' | 18,066 | 605,071 | ' | ' | ' | 18,066 | 605,071 | 18,066 |
Issuance of stock (in Shares) | ' | ' | ' | 25 | ' | 1,093 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Surrender of restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,073 |
Exercise of common stock options | ' | ' | ' | ' | ' | ' | 13 | ' | ' | 20,018 | ' | ' | ' | 20,031 | ' | ' | ' | ' | 20,031 |
Exercise of common stock options (in Shares) | ' | ' | ' | ' | ' | ' | 1,325 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | 296 | ' | ' | ' | 296 | -23,164 | ' | ' | ' | -22,868 |
Amortization of equity awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,109 | ' | ' | ' | 10,109 | ' | ' | ' | ' | 10,109 |
Redemption of preferred stock | ' | ' | ' | ' | -700 | ' | ' | ' | ' | -174,300 | ' | ' | ' | -175,000 | ' | ' | ' | ' | -175,000 |
Redemption of preferred stock (in Shares) | ' | ' | ' | ' | -700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Surrender of common stock | ' | ' | ' | ' | ' | ' | -1 | ' | ' | -2,072 | ' | ' | ' | -2,073 | ' | ' | ' | ' | -2,073 |
Surrender of common stock (in Shares) | ' | ' | ' | ' | ' | ' | -111 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock | ' | ' | ' | ' | ' | ' | -16 | ' | ' | -30,930 | ' | ' | ' | -30,946 | ' | ' | ' | ' | -30,946 |
Repurchase of common stock (in Shares) | ' | ' | ' | ' | ' | ' | -1,636 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2012 | -813,097 | ' | -56,785 | ' | 279 | ' | 4,076 | ' | ' | 5,938,244 | ' | ' | ' | 5,072,717 | 170,462 | ' | ' | ' | 5,243,179 |
Balance (in Shares) at Sep. 30, 2012 | ' | ' | ' | ' | 279 | ' | 407,609 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | -824,008 | ' | -66,182 | ' | 102 | ' | 4,078 | ' | ' | 5,651,170 | ' | ' | ' | 4,765,160 | 167,320 | ' | ' | ' | 4,932,480 |
Balance (in Shares) at Dec. 31, 2012 | ' | ' | ' | ' | 102 | ' | 407,782 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions from noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 937 | ' | ' | ' | 937 |
Net income | 174,672 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 174,672 | 6,296 | ' | ' | ' | 180,968 |
Change in unrealized gain on marketable securities | ' | ' | 23,888 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,888 | ' | ' | ' | ' | 23,888 |
Change in foreign currency translation adjustment | ' | ' | -1,834 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,834 | -365 | ' | ' | ' | -2,199 |
Redeemable noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,140 | ' | ' | ' | -5,140 |
Dividends | -301,569 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -301,569 | ' | ' | ' | ' | -301,569 |
Distributions to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,387 | ' | ' | ' | -6,387 |
Issuance of stock | ' | ' | ' | ' | ' | 5 | ' | 9,208 | ' | ' | ' | 9,213 | ' | ' | ' | ' | 9,213 | ' | 9,213 |
Issuance of stock (in Shares) | ' | ' | ' | ' | ' | 560 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Surrender of restricted stock | ' | ' | ' | ' | ' | ' | -2 | ' | ' | -3,849 | ' | ' | ' | -3,851 | ' | ' | ' | ' | -3,851 |
Surrender of restricted stock (in Shares) | ' | ' | ' | ' | ' | ' | -245 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of common stock options | ' | ' | ' | ' | ' | ' | 16 | ' | ' | 29,028 | ' | ' | ' | 29,044 | ' | ' | ' | ' | 29,044 |
Exercise of common stock options (in Shares) | ' | ' | ' | ' | ' | ' | 1,559 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,992 | ' | ' | ' | -5,992 | -20,096 | ' | ' | ' | -26,088 |
Amortization of equity awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,856 | ' | ' | ' | 8,856 | ' | ' | ' | ' | 8,856 |
Balance at Sep. 30, 2013 | ($950,905) | ' | ($44,128) | ' | $102 | ' | $4,097 | ' | ' | $5,688,421 | ' | ' | ' | $4,697,587 | $142,565 | ' | ' | ' | $4,840,152 |
Balance (in Shares) at Sep. 30, 2013 | ' | ' | ' | ' | 102 | ' | 409,656 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Common Stock [Member] | ' | ' |
Class Depositary Share | $0.63 | $0.57 |
Series F Preferred Stock [Member] | ' | ' |
Class Depositary Share | ' | $1.03 |
Series G Preferred Stock [Member] | ' | ' |
Class Depositary Share | ' | $1.45 |
Series H Preferred Stock [Member] | ' | ' |
Class Depositary Share | $1.29 | $1.29 |
Series I Preferred Stock [Member] | ' | ' |
Class Depositary Share | $1.13 | $0.80 |
Series J Preferred Stock [Member] | ' | ' |
Class Depositary Share | $1.03 | $0.25 |
Series K Preferred Stock [Member] | ' | ' |
Class Depositary Share | $1.05 | ' |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $180,968 | $188,620 |
Depreciation and amortization | 191,420 | 197,964 |
Impairment charges | 109,000 | ' |
Gain on sale of operating properties | -29,859 | -44,596 |
Equity in income of joint ventures, net | -179,791 | -89,587 |
Gains on change in control of interests | -21,711 | -14,156 |
Equity in income from other real estate investments, net | -29,910 | -35,340 |
Distributions from joint ventures and other real estate investments | 211,362 | 150,721 |
Change in accounts and notes receivable | 11,414 | 11,249 |
Change in accounts payable and accrued expenses | 69,053 | 34,915 |
Change in other operating assets and liabilities | -36,258 | -29,940 |
Net cash flow provided by operating activities | 533,841 | 407,590 |
Acquisition of operating real estate | -182,423 | -338,959 |
Investment in marketable securities | -33,588 | ' |
Proceeds from sale/repayments of marketable securities | 10,800 | 156 |
Investments and advances to real estate joint ventures | -289,494 | -159,121 |
Reimbursements of investments and advances to real estate joint ventures | 409,748 | 135,987 |
Investment in other real estate investments | -23,488 | -4,215 |
Reimbursements of investments and advances to other real estate investments | 19,557 | 26,637 |
Investment in mortgage loans receivable | -11,469 | -15,623 |
Collection of mortgage loans receivable | 13,900 | 24,613 |
Investment in other investments | -21,366 | -924 |
Reimbursements of other investments | 9,175 | 9,538 |
Proceeds from sale of operating properties | 247,965 | 277,174 |
Net cash flow provided by (used for) investing activities | 70,286 | -130,050 |
Principal payments on debt, excluding normal amortization of rental property debt | -132,492 | -212,105 |
Principal payments on rental property debt | -18,264 | -17,585 |
Principal payments on construction loan financings | ' | -213 |
Proceeds from mortgage/construction loan financings | 35,974 | 6,276 |
Repayments under unsecured revolving credit facility, net | -99,076 | -226,558 |
Borrowings under unsecured term loan/notes | 621,562 | 400,000 |
Repayments under unsecured term loan/notes | -446,717 | -17,000 |
Financing origination costs | -7,365 | -1,904 |
Redemption of/distributions to noncontrolling interests | -27,184 | -25,868 |
Dividends paid | -299,754 | -285,092 |
Proceeds from issuance of stock | 29,044 | 625,102 |
Redemption of preferred stock | ' | -175,000 |
Repurchase of common stock | ' | -30,946 |
Net cash flow (used for) provided by financing activities | -344,272 | 39,107 |
Change in cash and cash equivalents | 259,855 | 316,647 |
Cash and cash equivalents, beginning of period | 141,875 | 112,882 |
Cash and cash equivalents, end of period | 401,730 | 429,529 |
Interest paid during the period (net of capitalized interest of $888 and $1,273, respectively) | 142,805 | 149,976 |
Income taxes paid during the period | 1,240 | 1,970 |
Operating Real Estate [Member] | ' | ' |
Improvements to real estate | -78,490 | -82,890 |
Real Estate Under Development [Member] | ' | ' |
Improvements to real estate | -541 | -2,423 |
Impairment Charges [Member] | ' | ' |
Impairment charges | $167,153 | $37,740 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Capitalized interest | $888 | $1,273 |
Note_1_Interim_Financial_State
Note 1 - Interim Financial Statements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [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 and Subsidiaries, (the “Company”). The Company’s Subsidiaries includes subsidiaries 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 in the accompanying Condensed Consolidated Financial Statements 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 2012 Annual Report on Form 10-K for the year ended December 31, 2012 ("10-K"), as certain disclosures in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013, that would duplicate those included in the 10-K are not included in these Condensed Consolidated Financial Statements. | |||||||||||||||||
Subsequent Events - | |||||||||||||||||
The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements (see Footnote 9). | |||||||||||||||||
Income Taxes - | |||||||||||||||||
The Company elected status as a Real Estate Investment Trust (a “REIT”) for federal income tax purposes beginning in its taxable year ended December 31, 1991 and operates in a manner that enables the Company to maintain its status as a REIT. As a REIT, the Company must distribute at least 90 percent of its taxable income and will not pay federal income taxes on the amount distributed to its shareholders. Therefore, the Company is not subject to federal income taxes if it distributes 100 percent of its taxable income. Most states, where the Company holds investments in real estate, conform to the federal rules recognizing REITs. Certain subsidiaries have made a joint election with the Company to be treated as taxable REIT subsidiaries (“TRS”), which permit the Company to engage in certain business activities in which the REIT may not conduct directly. A TRS is subject to federal and state income taxes on the income from these activities and the Company includes a provision for taxes in its condensed consolidated financial statements. The Company is subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. | |||||||||||||||||
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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Computation of Basic Earnings Per Share: | |||||||||||||||||
Income from continuing operations | $ | 42,176 | $ | 43,724 | $ | 186,404 | $ | 170,314 | |||||||||
Gain on sale of operating properties, net of tax | 540 | - | 1,080 | 4,059 | |||||||||||||
Net income attributable to noncontrolling interests | (1,425 | ) | (2,143 | ) | (6,296 | ) | (10,928 | ) | |||||||||
Discontinued operations attributable to noncontrolling interests | 11 | (814 | ) | 39 | 1,586 | ||||||||||||
Preferred stock redemption costs | - | (6,213 | ) | - | (6,213 | ) | |||||||||||
Preferred stock dividends | (14,573 | ) | (21,622 | ) | (43,720 | ) | (58,037 | ) | |||||||||
Income from continuing operations available to the common shareholders | 26,729 | 12,932 | 137,507 | 100,781 | |||||||||||||
Earnings attributable to unvested restricted shares | (337 | ) | (298 | ) | (1,011 | ) | (893 | ) | |||||||||
Income from continuing operations attributable to common shareholders | 26,392 | 12,634 | 136,496 | 99,888 | |||||||||||||
Income/(loss) from discontinued operations attributable to the Company | 14,461 | 14,174 | (6,555 | ) | 12,661 | ||||||||||||
Net income attributable to the Company’s common shareholders for basic earnings per share | $ | 40,853 | 26,808 | 129,941 | 112,549 | ||||||||||||
Weighted average common shares outstanding | 408,060 | 405,810 | 407,459 | 405,880 | |||||||||||||
Basic Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.03 | $ | 0.33 | $ | 0.25 | |||||||||
Income/(loss) from discontinued operations | 0.04 | 0.04 | (0.01 | ) | 0.03 | ||||||||||||
Net income | $ | 0.1 | $ | 0.07 | $ | 0.32 | $ | 0.28 | |||||||||
Computation of Diluted Earnings Per Share: | |||||||||||||||||
Income from continuing operations attributable to common shareholders | $ | 26,392 | $ | 12,634 | $ | 136,496 | $ | 99,888 | |||||||||
Income/(loss) from discontinued operations attributable to the Company | 14,461 | 14,174 | (6,555 | ) | 12,661 | ||||||||||||
Net income attributable to the Company’s common shareholders for diluted earnings per share | $ | 40,853 | $ | 26,808 | $ | 129,941 | $ | 112,549 | |||||||||
Weighted average common shares outstanding – basic | 408,060 | 405,810 | 407,459 | 405,880 | |||||||||||||
Effect of dilutive securities (a): | |||||||||||||||||
Equity awards | 806 | 937 | 1,051 | 770 | |||||||||||||
Shares for diluted earnings per common share | 408,866 | 406,747 | 408,510 | 406,650 | |||||||||||||
Diluted Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.03 | $ | 0.33 | $ | 0.25 | |||||||||
Income/(loss) from discontinued operations | 0.04 | 0.04 | (0.01 | ) | 0.03 | ||||||||||||
Net income | $ | 0.1 | $ | 0.07 | $ | 0.32 | $ | 0.28 | |||||||||
(a) | For the three and nine months ended September 30, 2013 and 2012, the effect of certain convertible units would have an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations. Additionally, there were 10,983,598 and 11,205,056 stock options that were not dilutive at September 30, 2013 and 2012, respectively. | ||||||||||||||||
The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings. | |||||||||||||||||
New Accounting Pronouncements – | |||||||||||||||||
In July 2013, the FASB released ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force) (“ASU 2013-11”). This update requires that an unrecognized tax benefit, or portion of an unrecognized tax benefit, be presented as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. If an applicable deferred tax asset is not available or a company does not expect to use the applicable deferred tax asset, the unrecognized tax benefit should be presented as a liability in the financial statements and should not be combined with an unrelated deferred tax asset. The amendments in ASU 2013-11 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, with early adoption permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date, however retrospective application is permitted. The Company is in the process of evaluating ASU 2013-11 and does not expect that it will have a material impact on the Company’s financial position or results of operations. | |||||||||||||||||
Additionally, during July 2013, the FASB released ASU 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (“ASU 2013-10”). The update permits the Fed Funds Effective Swap Rate (“OIS”) to be used as a U.S. benchmark interest rate for hedge accounting purposes. In addition, the amendments remove the restriction on using different benchmark rates for similar hedges. The provisions of ASU 2013-10 are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of ASU 2013-10 did not have a material impact on the Company’s financial position or results of operations. | |||||||||||||||||
In February 2013, the FASB issued new guidance regarding liabilities, Accounting Standards Update ("ASU") 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (“ASU 2013-04”), effective retrospectively for fiscal years beginning after December 15, 2013 and interim periods within those years. The amendments require an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. In addition, the amendments require an entity to disclose the nature and amount of the obligation, as well as other information about the obligations. The adoption of ASU 2013-04 is not expected to have a material impact on the Company’s financial position or results of operations. | |||||||||||||||||
In January 2013, the FASB released ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). This guidance is the culmination of the board’s redeliberation on reporting reclassification adjustments from accumulated other comprehensive income. The standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source (e.g., the release due to cash flow hedges from interest rate contracts) and the income statement line items affected by the reclassification (e.g., interest income or interest expense). If a component is not required to be reclassified to net income in its entirety (e.g., the net periodic pension cost), companies would instead cross reference to the related footnote for additional information (e.g., the pension footnote). The new requirements were effective for public companies in interim and annual reporting periods beginning after December 15, 2012. The adoption of ASU 2013-02 did not have a material impact on the Company’s financial statement presentation or disclosures. | |||||||||||||||||
In December 2011, the FASB released ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires companies to provide new disclosures about offsetting and related arrangements for financial instruments and derivatives. The provisions of ASU 2011-11 are effective for reporting periods beginning on or after January 1, 2013, and are required to be applied retrospectively. The adoption of ASU 2011-11 did not have a material impact on the Company’s financial statement disclosures. | |||||||||||||||||
Reclassifications – | |||||||||||||||||
Certain reclassifications have been made to previously recorded amounts to conform to the current year presentation, Specifically, the Company is presenting on its Condensed Consolidated Statements of Income its Provision for doubtful accounts as a separate line item included in Operating expenses, which during 2012 was included in Revenues from rental properties. Additionally, the Company made certain other immaterial reclassifications to the Company’s Condensed Consolidated Balance Sheets as of December 31, 2012, to conform to the current year presentation. |
Note_2_Operating_Property_Acti
Note 2 - Operating Property Activities | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||||||||||||||||
2. Operating Property Activities | |||||||||||||||||||||||
Acquisitions - | |||||||||||||||||||||||
During the nine months ended September 30, 2013, the Company acquired the following properties, in separate transactions (in thousands): | |||||||||||||||||||||||
Purchase Price | |||||||||||||||||||||||
Property Name | Location | Month | Cash | Debt Assumed | Other | Total | GLA* | ||||||||||||||||
Acquired | |||||||||||||||||||||||
Santee Trolley Square(1) | Santee, CA | 13-Jan | $ | 26,863 | $ | 48,456 | $ | 22,681 | $ | 98,000 | 311 | ||||||||||||
Shops at Kildeer (2) | Kildeer, IL | 13-Jan | - | 32,724 | - | 32,724 | 168 | ||||||||||||||||
Village Commons S.C. | Tallahassee, FL | 13-Jan | 7,100 | - | - | 7,100 | 125 | ||||||||||||||||
Putty Hill Plaza (3) | Baltimore, MD | 13-Jan | 4,592 | 9,115 | 489 | 14,196 | 91 | ||||||||||||||||
Columbia Crossing II S.C. | Columbia, MD | 13-Jan | 21,800 | - | - | 21,800 | 101 | ||||||||||||||||
Roseville Plaza (Parcel) | Roseville, MN | 13-Jan | 5,143 | - | - | 5,143 | 80 | ||||||||||||||||
Wilton River Park (4) | Wilton, CT | 13-Mar | 777 | 36,000 | 5,223 | 42,000 | 187 | ||||||||||||||||
Canyon Square (5) | Santa Clarita, CA | 13-Apr | 1,950 | 13,800 | - | 15,750 | 97 | ||||||||||||||||
JTS Portfolio (6) | Baton Rouge, LA | 13-Apr | - | 43,267 | 11,733 | 55,000 | 520 | ||||||||||||||||
Factoria Mall (7) | Bellevue, WA | 13-May | 37,283 | 56,000 | 37,467 | 130,750 | 510 | ||||||||||||||||
6 Out-parcels | Various | 13-Jun | 13,053 | - | - | 13,053 | 97 | ||||||||||||||||
Highlands Ranch II | Highlands Ranch, CO | 13-Jul | 14,600 | - | - | 14,600 | 44 | ||||||||||||||||
Elmsford | Elmsford, NY | 13-Aug | 23,000 | - | - | 23,000 | 143 | ||||||||||||||||
$ | 156,161 | $ | 239,362 | $ | 77,593 | $ | 473,116 | 2,474 | |||||||||||||||
* Gross leasable area ("GLA") | |||||||||||||||||||||||
-1 | This property was acquired from a joint venture in which the Company had a 45% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $22.7 million, before income tax, from the fair value adjustment associated with the Company’s original ownership due to a change in control, which is reflected in the purchase price above in Other. | ||||||||||||||||||||||
-2 | This property was acquired from a joint venture in which the Company had a 19% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized. | ||||||||||||||||||||||
-3 | The Company acquired the remaining 80% interest in an operating property from an unconsolidated joint venture in which the Company had a 20% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $0.5 million from the fair value adjustment associated with the Company’s original ownership due to a change in control, which is reflected in the purchase price above in Other. | ||||||||||||||||||||||
-4 | The acquisition of this property included the issuance of $5.2 million of redeemable units, which are redeemable at the option of the holder after one year and earn a yield of 6% per annum, which is included in the purchase price above in Other. In connection with this transaction, the Company provided the sellers a $5.2 million loan at a rate of 6.5%, which is secured by the redeemable units. | ||||||||||||||||||||||
-5 | This property was acquired from a joint venture in which the Company has a 15% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized. | ||||||||||||||||||||||
-6 | The Company acquired the remaining interest in a portfolio of office properties from a preferred equity investment in which the Company held a noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a change in control loss of $9.6 million from the fair value adjustment associated with the Company’s original ownership, which is reflected in the purchase price above in Other. The debt assumed in connection with this transaction of $43.3 million was repaid in April 2013. | ||||||||||||||||||||||
-7 | The Company acquired an additional 49% interest in this operating property from an unconsolidated joint venture in which the Company had a 50% noncontrolling interest. As such the Company now consolidates this investment. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain of $8.2 million from the fair value adjustment associated with the Company’s original ownership due to a change in control, which is reflected in the purchase price above in Other. | ||||||||||||||||||||||
The aggregate purchase price of the properties acquired during the nine months ended September 30, 2013 has been allocated as follows (in thousands): | |||||||||||||||||||||||
Land | $ | 136,969 | |||||||||||||||||||||
Buildings | 244,194 | ||||||||||||||||||||||
Above Market Rents | 10,787 | ||||||||||||||||||||||
Below Market Rents | (15,075 | ) | |||||||||||||||||||||
In-Place Leases | 21,532 | ||||||||||||||||||||||
Building Improvements | 65,274 | ||||||||||||||||||||||
Tenant Improvements | 12,851 | ||||||||||||||||||||||
Mortgage Fair Value Adjustment | (3,884 | ) | |||||||||||||||||||||
Other Assets | 867 | ||||||||||||||||||||||
Other Liabilities | (399 | ) | |||||||||||||||||||||
$ | 473,116 | ||||||||||||||||||||||
During the nine months ended September 30, 2013, the Company acquired the remaining ownership interest in FNC Realty Corporation (“FNC”) of 17.3% for $20.3 million. As a result of this transaction the Company now owns 100% of FNC. The Company had previously and continues to consolidate FNC. Since there was no change in control from this transaction, the purchase of the additional interest resulted in a decrease in noncontrolling interest of $19.6 million and a decrease in the Company’s Paid-in capital of $0.7 million during 2013. | |||||||||||||||||||||||
Additionally, during the nine months ended September 30, 2013, the Company acquired the remaining interest in three previously consolidated joint ventures for $6.5 million. The Company continues to consolidate these entities as there was no change in control from these transactions. The purchase of the remaining partnership interests resulted in an aggregate decrease in noncontrolling interest of $0.4 million and an aggregate decrease of $4.8 million, after income taxes, to the Company’s Paid-in capital, during the nine months ended September 30, 2013. | |||||||||||||||||||||||
Dispositions – | |||||||||||||||||||||||
During the nine months ended September 30, 2013, the Company disposed of 22 operating properties and three out-parcels in separate transactions, for an aggregate sales price of $153.3 million. These transactions, which are included in Discontinued Operations, resulted in an aggregate gain of $9.5 million and impairment charges of $31.7 million, after income taxes. | |||||||||||||||||||||||
Additionally, during the nine months ended September 30, 2013, the Company sold four properties in its Mexico portfolio for an aggregate sales price of 84.0 million. These transactions, which are included in Discontinued Operations, resulted in an aggregate gain of $18.3 million, after income taxes, and impairment charges of $6.0 million. | |||||||||||||||||||||||
Impairment Charges - | |||||||||||||||||||||||
During the nine months ended September 30, 2013, the Company recognized aggregate impairment charges of $109.0 million, which are included in Impairment charges under Operating expenses on the Company’s Condensed Consolidated Statements of Income, as follows (in millions): | |||||||||||||||||||||||
Mexico operating properties (1) | $ | 66.9 | |||||||||||||||||||||
Land parcels (2) | 17.4 | ||||||||||||||||||||||
Operating properties (2) | 10.5 | ||||||||||||||||||||||
Cost method investment (3) | 10 | ||||||||||||||||||||||
Preferred equity investment (4) | 3.2 | ||||||||||||||||||||||
Joint venture investments (2) | 1 | ||||||||||||||||||||||
Total | $ | 109 | |||||||||||||||||||||
(1) Impairments resulted from the Company currently being in advanced negotiations to sell 27 operating properties within its Mexico portfolio. Based upon the allocation of the estimated selling prices, the Company determined that for 14 of these properties the estimated fair values are below the current carrying value. As such, the Company has recorded impairment charges of $76.7 million, after noncontrolling interests of $3.1 million ($66.9 million of which relates to eight consolidated properties and $12.9 million relates to six properties within the Company’s joint venture investments). These impairments resulted from the Company’s efforts to market certain assets within the Company’s Latin American portfolio and management’s assessment as to the likelihood and timing of such potential transactions. The above amounts are subject to change based upon finalization of contract terms, closing costs, additional cash amounts received as earn outs and fluctuations in the Mexican Peso exchange rate (see Footnote 17). | |||||||||||||||||||||||
(2) Impairments are based upon purchase prices or purchase price offers. These impairments resulted from the Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions. | |||||||||||||||||||||||
(3) The Company reviewed the underlying cause of the decline in value of this asset, as well as the severity and the duration of the decline and determined that the decline was other-than-temporary. Based upon the calculation of an estimated fair value of $5.0 million using a discounted cash flow model (see Footnote 12) impairment charges were recognized. | |||||||||||||||||||||||
(4) Based upon a review of the debt maturity status and the likelihood of foreclosure of the underlying property within this preferred equity investment, the Company believes it will not recover its investment and as such recorded a full impairment of its investment. |
Note_3_Discontinued_Operations
Note 3 - Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||||||||
3. Discontinued Operations | |||||||||||||||||
The Company reports as discontinued operations, properties held-for-sale as of the end of the current period and assets sold during the period. The results of these discontinued operations are included as 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 2012 financial statement amounts. | |||||||||||||||||
The components of income and expense relating to discontinued operations for the three and nine months ended September 30, 2013 and 2012 are shown below. These include the results of operations through the date of each respective sale for properties sold during 2013 and 2012 and the operations for the applicable period for those assets classified as held-for-sale as of September 30, 2013 (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Discontinued operations: | |||||||||||||||||
Revenues from rental property | $ | 6,093 | $ | 13,941 | $ | 21,329 | $ | 46,587 | |||||||||
Rental property expenses | (2,465 | ) | (4,630 | ) | (7,575 | ) | (17,289 | ) | |||||||||
Depreciation and amortization | (1,220 | ) | (2,920 | ) | (5,076 | ) | (17,317 | ) | |||||||||
Provision for doubtful accounts | (389 | ) | (514 | ) | (815 | ) | (1,551 | ) | |||||||||
Interest (expense)/income | - | (848 | ) | 300 | (1,997 | ) | |||||||||||
Other expense, net | (65 | ) | (122 | ) | (173 | ) | (353 | ) | |||||||||
Income from discontinued operating properties, before income taxes | 1,954 | 4,907 | 7,990 | 8,080 | |||||||||||||
Impairment of property carrying value, net, before income taxes | (10,842 | ) | (3,169 | ) | (58,107 | ) | (37,414 | ) | |||||||||
Gain on disposition of operating properties, net | 28,244 | 13,278 | 32,608 | 36,520 | |||||||||||||
(Provision)/benefit for income taxes, net | (4,884 | ) | (1,656 | ) | 10,993 | 7,061 | |||||||||||
Income/(loss) from discontinued operating properties | 14,472 | 13,360 | (6,516 | ) | 14,247 | ||||||||||||
Net (income)/loss attributable to noncontrolling interests | (11 | ) | 814 | (39 | ) | (1,586 | ) | ||||||||||
Income/(loss )from discontinued operations attributable to the Company | $ | 14,461 | $ | 14,174 | $ | (6,555 | ) | $ | 12,661 | ||||||||
During the nine months ended September 30, 2013, the Company classified as held-for-sale eight operating properties, comprising 850,997 square feet of GLA. The aggregate book value of these properties was $108.0 million, net of accumulated depreciation of $11.1 million. The Company recognized impairment charges of $15.2 million, after income taxes, on five of these properties. The book value of the other properties did not exceed their estimated fair value, less costs to sell, and as such no impairment charges were recognized. The Company’s determination of the fair value of these properties, aggregating $93.0 million, was based upon executed contracts of sale with third parties (see Footnote 12). In addition, the Company completed the sale of six held-for-sale operating properties during the nine months ended September 30, 2013, one of which was classified as held-for-sale during 2012 (these dispositions are included in Footnote 2 above). At September 30, 2013, the Company had three remaining operating properties classified as held-for-sale at a carrying amount of $64.6 million, net of accumulated depreciation of $5.7 million, which are included in Other assets on the Company’s Condensed Consolidated Balance Sheets. |
Note_4_Investments_and_Advance
Note 4 - Investments and Advances in Real Estate Joint Ventures | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Investments And Advances In Real Estate Joint Ventures [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Investments And Advances In Real Estate Joint Ventures [Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
4. Investments and Advances in Real Estate Joint Ventures | |||||||||||||||||||||||||||||||||||||||||
The Company and its subsidiaries have investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting. The table below presents joint venture investments for which the Company held an ownership interest at September 30, 2013 and December 31, 2012 (in millions, except number of properties): | |||||||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||
Venture | Average | Number of | GLA | Gross | The | Average | Number | GLA | Gross | The | |||||||||||||||||||||||||||||||
Ownership Interest | Properties | Real | Company's | Ownership Interest | of | Real | Company's | ||||||||||||||||||||||||||||||||||
Estate | Investment | Properties | Estate | Investment | |||||||||||||||||||||||||||||||||||||
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) (10) | 15 | % | 60 | 10.6 | $ | 2,719.40 | $ | 179.5 | 15 | % | 61 | 10.7 | $ | 2,744.90 | $ | 170.1 | |||||||||||||||||||||||||
Kimco Income Opportunity Portfolio (“KIR”) (2) (13) (15) | 48.6 | % | 57 | 12 | 1,515.20 | 176.4 | 45 | % | 58 | 12.4 | 1,543.20 | 140.3 | |||||||||||||||||||||||||||||
UBS Programs (“UBS”) (2) (7) (14)* | - | % | - | - | - | 1.1 | 17.9 | % | 40 | 5.7 | 1,260.10 | 58.4 | |||||||||||||||||||||||||||||
Kimstone (2) (14) | 33.3 | % | 39 | 5.6 | 1,086.80 | 106.3 | - | % | - | - | - | - | |||||||||||||||||||||||||||||
BIG Shopping Centers (2) (9)* | 37.9 | % | 21 | 3.4 | 519.6 | 30.7 | 37.7 | % | 22 | 3.6 | 547.7 | 31.3 | |||||||||||||||||||||||||||||
The Canada Pension Plan Investment Board (“CPP”) (2) | 55 | % | 6 | 2.4 | 436.5 | 146.7 | 55 | % | 6 | 2.4 | 436.1 | 149.5 | |||||||||||||||||||||||||||||
Kimco Income Fund (2)(6) | 39.5 | % | 12 | 1.5 | 288.1 | 51.1 | 15.2 | % | 12 | 1.5 | 287 | 12.3 | |||||||||||||||||||||||||||||
SEB Immobilien (2) | 15 | % | 13 | 1.8 | 361.4 | 1.1 | 15 | % | 13 | 1.8 | 361.2 | 1.5 | |||||||||||||||||||||||||||||
Other Institutional Programs (2) (8) | Various | 56 | 2.1 | 453.2 | 16.9 | Various | 58 | 2.6 | 499.2 | 21.3 | |||||||||||||||||||||||||||||||
RioCan | 50 | % | 45 | 9.3 | 1,335.50 | 161.8 | 50 | % | 45 | 9.3 | 1,379.30 | 111 | |||||||||||||||||||||||||||||
Intown (3) | - | - | - | - | - | - | 138 | N/A | 841 | 86.9 | |||||||||||||||||||||||||||||||
Latin America (12) (16) (17) (18) | Various | 29 | 3.9 | 332.3 | 162.4 | Various | 131 | 18 | 1,198.10 | 334.2 | |||||||||||||||||||||||||||||||
Other Joint Venture Programs (4) (5) (11) | Various | 81 | 12.4 | 1,657.00 | 274.2 | Various | 87 | 13.2 | 1,846.70 | 311.4 | |||||||||||||||||||||||||||||||
Total | 419 | 65 | $ | 10,705.00 | $ | 1,308.20 | 671 | 81.2 | $ | 12,944.50 | $ | 1,428.20 | |||||||||||||||||||||||||||||
* Ownership % is a blended rate | |||||||||||||||||||||||||||||||||||||||||
The table below presents the Company’s share of net income/(loss) for the above investments which is included in the Company’s Condensed Consolidated Statements of Income in Equity in income of joint ventures, net for the nine months ended September 30, 2013 and 2012 (in millions): | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
KimPru and KimPru II (10) | $ | 2.4 | $ | 1.5 | $ | 6.6 | $ | 5.6 | |||||||||||||||||||||||||||||||||
KIR (15) | 9 | 5.3 | 23.5 | 17.2 | |||||||||||||||||||||||||||||||||||||
UBS Programs (14) | 0.2 | (0.7 | ) | 1.7 | (0.3 | ) | |||||||||||||||||||||||||||||||||||
Kimstone (14) | 1.8 | - | 1.8 | - | |||||||||||||||||||||||||||||||||||||
BIG Shopping Centers (9) | 0.9 | (0.6 | ) | 2.3 | (2.1 | ) | |||||||||||||||||||||||||||||||||||
CPP | 1.5 | 1.5 | 4.5 | 4 | |||||||||||||||||||||||||||||||||||||
Kimco Income Fund | 0.9 | 0.3 | 2.5 | 1.4 | |||||||||||||||||||||||||||||||||||||
SEB Immobilien | 0.3 | 0.2 | 0.8 | 0.5 | |||||||||||||||||||||||||||||||||||||
Other Institutional Programs (20) (22) | 0.2 | 0.4 | 1.1 | 4.6 | |||||||||||||||||||||||||||||||||||||
RioCan (21) | 7.3 | 6.4 | 20 | 24.2 | |||||||||||||||||||||||||||||||||||||
Intown | - | 1.5 | 1.4 | 2.4 | |||||||||||||||||||||||||||||||||||||
Latin America (12) (16) (17) (18) | 69.3 | 4.5 | 101.4 | 11.1 | |||||||||||||||||||||||||||||||||||||
Other Joint Venture Programs (11) (19) | 2.4 | 4.2 | 12.2 | 21 | |||||||||||||||||||||||||||||||||||||
Total | $ | 96.2 | $ | 24.5 | $ | 179.8 | $ | 89.6 | |||||||||||||||||||||||||||||||||
-1 | This venture represents four separate joint ventures, with four separate accounts managed by Prudential Real Estate Investors (“PREI”), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II. | ||||||||||||||||||||||||||||||||||||||||
-2 | The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees. | ||||||||||||||||||||||||||||||||||||||||
-3 | The Company’s share of this investment was subject to fluctuation and dependent upon property cash flows. During June 2013, the Intown portfolio was sold for a sales price of $735.0 million which included the assignment of $609.2 million in debt. This transaction resulted in a deferred gain to the Company of $21.7 million. The Company continues to maintain its guarantee of $145.2 million of outstanding debt assumed by the buyer. The guarantee is collateralized by the buyer’s ownership interest in the portfolio. The Company is entitled to a guarantee fee, for the initial term of the loan, which is scheduled to mature in December 2015. The guarantee fee is calculated based upon the difference between LIBOR plus 1.15% and 5.0% per annum multiplied by the outstanding amount of the loan. Additionally, the Company has entered into a commitment to provide financing up to $145.2 million for five years past the date of maturity. This commitment can be in the form of extensions with the current lender, loans from a new lender or financing directly from the Company to the buyer. Due to this continued involvement, the Company deferred its gain until such time that the guarantee and commitment expire. | ||||||||||||||||||||||||||||||||||||||||
-4 | During the nine months ended September 30, 2013, the Company amended one of its Canadian preferred equity investment agreements to restructure the investment as a pari passu joint venture in which the Company holds a noncontrolling interest. As a result of this transaction, the Company continues to account for its investment in this joint venture under the equity method of accounting and includes this investment in Investments and advances to real estate joint ventures within the Company’s Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||||||
-5 | During the nine months ended September 30, 2013, two joint ventures in which the Company held noncontrolling interests sold two operating properties to the Company, in separate transactions, for an aggregate sales price of $228.8 million. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance. As such, the Company recognized an aggregate gain of $30.9 million, before income tax, from the fair value adjustment associated with its original ownership due to a change in control and now consolidates these operating properties. | ||||||||||||||||||||||||||||||||||||||||
-6 | During the nine months ended September 30, 2013, the Company purchased an additional 24.24% interest in Kimco Income Fund for $38.3 million. | ||||||||||||||||||||||||||||||||||||||||
-7 | During the nine months ended September 30, 2013, UBS sold an operating property to the Company for a sales price of $32.7 million, which was equal to the remaining debt balance. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. As such the Company recognized no gain or loss from a change in control and now consolidates this operating property. | ||||||||||||||||||||||||||||||||||||||||
-8 | During the nine months ended September 30, 2013, a joint venture in which the Company held a noncontrolling interest sold an operating property to the Company for a sales price of $14.2 million. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. As such the Company recognized a gain of $0.5 million from the fair value adjustment associated with the Company’s original ownership due to a change in control and now consolidates this operating property. | ||||||||||||||||||||||||||||||||||||||||
-9 | During the nine months ended September 30, 2013, BIG recognized a gain on early extinguishment of debt of $13.7 million related to a property that was foreclosed on by a third party lender. The Company’s share of this gain was $2.4 million. | ||||||||||||||||||||||||||||||||||||||||
-10 | During the nine months ended September 30, 2013, the Company purchased the remaining interest in an operating property for a purchase price of $15.8 million. As a result of this transaction, KimPru recognized an impairment charge of $4.0 million, of which the Company’s share was $0.6 million. | ||||||||||||||||||||||||||||||||||||||||
-11 | During the nine months ended September 30, 2013, a joint venture in which the Company has a noncontrolling interest sold an operating property for a sales price of $7.6 million and recognized an impairment charge of $2.0 million. The Company’s share of this impairment charge was $1.0 million. | ||||||||||||||||||||||||||||||||||||||||
-12 | During the nine months ended September 30, 2013, joint ventures in which the Company held noncontrolling interests sold ten operating properties located throughout Mexico for $315.5 million. These transactions resulted in an aggregate net gain to the Company of $21.8 million, after tax. | ||||||||||||||||||||||||||||||||||||||||
-13 | During the nine months ended September 30, 2013, the Company purchased an additional 3.57% interest in KIR for $48.4 million. | ||||||||||||||||||||||||||||||||||||||||
-14 | During June 2013, the Company increased its ownership interest in the UBS Programs to 33.3% and simultaneously UBS transferred its remaining 66.7% ownership interest in the UBS Programs to affiliates of Blackstone Real Estate Partners VII (“Blackstone”). Both of these transactions were based on a gross purchase price of $1.1 billion. Upon completion of these transactions, Blackstone and the Company entered into a new joint venture (Kimstone) in which the Company owns a 33.3% noncontrolling interest. | ||||||||||||||||||||||||||||||||||||||||
-15 | During the nine months ended September 30, 2013, KIR sold an operating property in Cincinnati, OH for a sales price of $30.0 million and recognized a gain of $6.1 million. The Company’s share of this gain was $3.0 million. | ||||||||||||||||||||||||||||||||||||||||
-16 | During the nine months ended September 30, 2013, the Company and its joint venture partner sold their noncontrolling ownership interest in a joint venture which held interests in 84 operating properties located throughout Mexico for $603.5 million (including debt of $301.2 million). This transaction resulted in a net gain to the Company of $78.2 million, before income taxes of $25.1 million. | ||||||||||||||||||||||||||||||||||||||||
-17 | During the nine months ended September 30, 2013, a joint venture in which the Company held a noncontrolling interest sold nine operating properties located throughout Chile for net proceeds of $17.6 million. This transaction resulted in a net gain to the Company of $4.0 million. | ||||||||||||||||||||||||||||||||||||||||
-18 | The Company is currently in advanced negotiations to sell 11 operating properties located throughout Mexico, which are held in unconsolidated joint ventures in which the Company holds noncontrolling interests. Based upon the allocation of the selling price, the Company has recorded impairment charges of $12.9 million on six of these properties. (see Footnote 2 – Impairment Charges). | ||||||||||||||||||||||||||||||||||||||||
-19 | During the nine months ended September 30, 2012, three joint ventures in which the Company holds noncontrolling interests sold three properties, in separate transactions, for an aggregate sales price of $180.0 million. The Company’s share of the aggregate gain related to these transactions was $8.3 million. | ||||||||||||||||||||||||||||||||||||||||
-20 | During the nine months ended September 30, 2012, a joint venture in which the Company holds a noncontrolling interest sold two encumbered operating properties to the Company for an aggregate sales price of $75.5 million. As a result of this transaction, the Company recognized promote income of $2.6 million. Additionally, the Company evaluated these transactions pursuant to the FASB’s Consolidation guidance. As such, the Company recognized a gain of $2.0 million from the fair value adjustment associated with its original ownership due to a change in control and now consolidates these operating properties. | ||||||||||||||||||||||||||||||||||||||||
-21 | During the nine months ended September 30, 2012, the Company recognized income of $7.5 million, before taxes of $1.5 million, from the sale of certain air rights at one of the properties in the RioCan portfolio. | ||||||||||||||||||||||||||||||||||||||||
-22 | During the nine months ended September 30, 2012, a joint venture in which the Company held a noncontrolling interest sold an operating property to the Company for a sales price of $127.0 million. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $12.1 million from the fair value adjustment associated with its original ownership due to a change in control. In addition, the Company recognized promote income of $1.1 million in connection with this transaction. | ||||||||||||||||||||||||||||||||||||||||
The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at September 30, 2013 and December 31, 2012 (dollars in millions): | |||||||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||
Venture | Mortgages | Weighted | Weighted Average | Mortgages | Weighted | Weighted Average | |||||||||||||||||||||||||||||||||||
and Notes | Average | Remaining Term | and Notes | Average | Remaining Term | ||||||||||||||||||||||||||||||||||||
Payable | Interest Rate | (months)** | Payable | Interest Rate | (months)** | ||||||||||||||||||||||||||||||||||||
KimPru and KimPru II | $ | 924.2 | 5.53 | % | 38 | $ | 1,010.20 | 5.54 | % | 44.5 | |||||||||||||||||||||||||||||||
KIR | 893.1 | 5.05 | % | 78.2 | 914.6 | 5.22 | % | 78.6 | |||||||||||||||||||||||||||||||||
UBS Programs | - | - | % | - | 691.9 | 5.4 | % | 39.1 | |||||||||||||||||||||||||||||||||
Kimstone | 725.8 | 4.99 | % | 37.7 | - | - | % | - | |||||||||||||||||||||||||||||||||
BIG Shopping Centers | 406.4 | 5.39 | % | 43.2 | 443.8 | 5.52 | % | 45.5 | |||||||||||||||||||||||||||||||||
CPP | 139.3 | 5.17 | % | 22 | 141.5 | 5.19 | % | 31 | |||||||||||||||||||||||||||||||||
Kimco Income Fund | 158.8 | 5.45 | % | 11.8 | 161.4 | 5.45 | % | 20.7 | |||||||||||||||||||||||||||||||||
SEB Immobilien | 243.8 | 5.11 | % | 46.3 | 243.8 | 5.11 | % | 55.3 | |||||||||||||||||||||||||||||||||
RioCan | 770.2 | 4.79 | % | 47 | 923.2 | 5.16 | % | 41.2 | |||||||||||||||||||||||||||||||||
Intown | - | - | % | - | 614.4 | 4.46 | % | 46.1 | |||||||||||||||||||||||||||||||||
Other Institutional Programs | 273.4 | 5.32 | % | 34.1 | 310.5 | 5.24 | % | 39 | |||||||||||||||||||||||||||||||||
Other Joint Venture Programs | 1,144.90 | 5.47 | % | 61.8 | 1,612.20 | 5.7 | % | 57.8 | |||||||||||||||||||||||||||||||||
Total | $ | 5,679.90 | $ | 7,067.50 | |||||||||||||||||||||||||||||||||||||
** Average Remaining Term includes extension options |
Note_5_Other_Real_Estate_Inves
Note 5 - Other Real Estate Investments | 9 Months Ended |
Sep. 30, 2013 | |
Other Real Estate Investments [Abstract] | ' |
Other Real Estate Investments [Text Block] | ' |
5. Other Real Estate Investments | |
Preferred Equity Capital - | |
The Company has provided capital to owners and developers of real estate properties through its Preferred Equity program. As of September 30, 2013, the Company’s net investment under the Preferred Equity program was $246.5 million relating to 483 properties, including 391 net leased properties. During the nine months ended September 30, 2013, the Company earned $37.9 million from its preferred equity investments, including $20.3 million in profit participation earned from nine capital transactions. During the nine months ended September 30, 2012, the Company earned $26.0 million from its preferred equity investments, including $6.6 million in profit participation earned from 17 capital transactions. | |
During the nine months ended September 30, 2013, the Company amended one of its Canadian preferred equity agreements to restructure its investment, into a pari passu joint venture investment in which the Company holds a noncontrolling interest. As a result of the amendment, the Company continues to account for this investment under the equity method of accounting and from the date of the amendment will include this investment in Investments and advances to real estate joint ventures within the Company’s Condensed Consolidated Balance Sheets. | |
During the nine months ended September 30, 2013, a preferred equity investment in a portfolio of properties was acquired by the Company. As a result of this transaction, the Company now consolidates this investment. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a change in control loss of $9.6 million, from the fair value adjustment associated with the Company’s original ownership. | |
Other – | |
During the nine months ended September 30, 2013, the Company funded an aggregate $70.8 million as its participation in a transaction with Supervalu, Inc. (“SVU”) through a consortium led by Cerberus Capital Management, L.P. This investment included a contribution of $22.3 million to acquire 414 Albertsons locations from SVU through the Company’s existing joint venture in Albertsons in which the Company now holds a 13.6% noncontrolling ownership interest. The Company recorded this additional investment in Other real estate investments on the Company’s Condensed Consolidated Balance Sheets and will continue to account for its investment in this joint venture under the equity method of accounting. During the nine months ended September 30, 2013, the Company recorded $11.3 million in equity losses from operations. As such, the Company’s investment as of September 30, 2013, was $11.0 million. Also included in this aggregate funding is the Company’s contribution of $14.9 million to fund its 15% noncontrolling investment in NAI Group Holdings Inc., a C-corporation, to acquire four grocery banners (Shaw’s, Jewel-Osco, Acme and Star Market) totaling 456 locations from SVU. The Company recorded this investment in Other assets on the Company’s Condensed Consolidated Balance Sheets and will account for its investment under the cost method of accounting. Additionally, as part of this overall funding, the Company acquired 8.2 million shares of SVU common stock for $33.6 million, which is recorded in Marketable securities on the Company’s Condensed Consolidated Balance Sheets. |
Note_6_Variable_Interest_Entit
Note 6 - Variable Interest Entities | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
6. Variable Interest Entities | |
Consolidated Ground-Up Development Projects | |
Included within the Company’s ground-up development projects at September 30, 2013, are two entities that are VIEs, for which the Company is the primary beneficiary. These entities were established to develop real estate property to hold as long-term investments. The Company’s 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 September 30, 2013, total assets of these ground-up development VIEs were $85.5 million and total liabilities were $0.4 million. The classification of these assets is primarily within Real estate under development and the classification of liabilities are primarily within accounts payable and accrued expenses, which is included in Other liabilities in the Company’s Condensed Consolidated Balance Sheets. | |
Substantially all of the projected development costs to be funded for these ground-up development VIEs, aggregating $33.1 million, will be funded with capital contributions from the Company and by the outside partners, when contractually obligated. The Company has not provided financial support to these VIEs that it was not previously contractually required to provide. | |
Unconsolidated Ground-Up Development | |
Also included within the Company’s ground-up development projects at September 30, 2013, is an unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture is primarily established to develop real estate property for long-term investment and was deemed a VIE primarily based on the fact that the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to this entity 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 not the primary beneficiary of this VIE based on the fact that the Company has shared control of this entity along with the entity’s partners and therefore does not have a controlling financial interest. | |
The Company’s investment in this VIE was $17.4 million as of September 30, 2013, which is included in Real estate under development in the Company’s Condensed Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its involvement with this VIE is estimated to be $35.8 million, which primarily represents the Company’s current investment and estimated future funding commitments of $18.4 million. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. All future costs of development will be funded with capital contributions from the Company and the outside partner in accordance with their respective ownership percentages. | |
Unconsolidated Redevelopment Investment | |
Included in the Company’s joint venture investments at September 30, 2013, is one unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture was primarily established to develop real estate property for long-term investment and was deemed a VIE primarily based on the fact that the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to this entity 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 not the primary beneficiary of this VIE based on the fact that the Company has shared control of this entity along with the entity’s partners and therefore does not have a controlling financial interest. | |
As of September 30, 2013, the Company’s investment in this VIE was a negative $11.2 million, due to the fact that the Company had a remaining capital commitment obligation, which is included in Other liabilities in the Company’s Condensed Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its involvement with this VIE is estimated to be $11.2 million, which is the remaining capital commitment obligation. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. All future costs of development will be funded with capital contributions from the Company and the outside partner in accordance with their respective ownership percentages. |
Note_7_Mortgages_and_Other_Fin
Note 7 - Mortgages and Other Financing Receivables | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||
7. Mortgages and Other Financing Receivables: | |||||||||
The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company. The Company reviews payment status to identify performing versus non-performing loans. Interest income on performing loans is accrued as earned. A non-performing loan is placed on non-accrual status when it is probable that the borrower may be unable to meet interest payments as they become due. Generally, loans 90 days or more past due are placed on non-accrual status unless there is sufficient collateral to assure collectability of principal and interest. Upon the designation of non-accrual status, all unpaid accrued interest is reserved against through current income. Interest income on non-performing loans is generally recognized on a cash basis. The following table presents performing and non-performing loans as of September 30, 2013 (in thousands): | |||||||||
Number of Loans | Amount | ||||||||
Performing Loans | 23 | $ | 45,708 | ||||||
Non-Performing Loans | - | - | |||||||
Total | 23 | $ | 45,708 | ||||||
During the nine months ended September 30, 2013, the Company foreclosed on two non-performing loans, in separate transactions, for an aggregate $25.6 million. As such, the Company acquired 59.24 acres of undeveloped land located in Westbrook, Maine and 427 acres of undeveloped land located in Brantford, Ontario, which was the collateral under each of the respective loans. The carrying values of the mortgage receivables did not exceed the fair values of the underlying collateral upon foreclosure. |
Note_8_Marketable_Securities_a
Note 8 - Marketable Securities and Other Investments | 9 Months Ended |
Sep. 30, 2013 | |
Table Text Block [Abstract] | ' |
Marketable Securities [Table Text Block] | ' |
8. Marketable Securities and Other Investments | |
At September 30, 2013, the Company’s investment in marketable securities was $88.7 million which includes an aggregate unrealized gain of $43.1 million relating to marketable equity security investments. | |
During the nine months ended September 30, 2013, the Company received $10.8 million in proceeds from the sale of certain marketable equity securities. In connection with this transaction, the Company recognized a gain of $5.3 million, which is recorded in Interest, dividends and other investment income on the Company’s Condensed Consolidated Statements of Income. |
Note_9_Notes_Payable
Note 9 - Notes Payable | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block [Abstract] | ' |
Long-term Debt [Text Block] | ' |
9. Notes Payable | |
During March 2013, the Company entered into a new five year 1.0 billion Mexican peso (“MXN”) term loan which matures in March 2018. This term loan bears interest at a rate equal to TIIE (Equilibrium Interbank Interest Rate) plus 1.35% (5.65% as of September 30, 2013). The Company has the option to swap this rate to a fixed rate at any time during the term of the loan. The Company used these proceeds to repay its 1.0 billion MXN term loan, which matured in March 2013 and bore interest at a fixed rate of 8.58%. As of September 30, 2013, the outstanding balance on this new term loan was MXN 1.0 billion (USD $76.9 million). | |
During May 2013, the Company issued $350.0 million of 10-year Senior Unsecured Notes at an interest rate of 3.125% payable semi-annually in arrears which are scheduled to mature in June 2023. Net proceeds from the issuance were $344.7 million, after related transaction costs of $0.5 million. The proceeds from this issuance were used for general corporate purposes including the partial reduction of borrowings under the Company’s revolving credit facility and the repayment of $75.0 million senior unsecured notes which matured in June 2013. | |
During July 2013, a wholly-owned subsidiary of the Company issued $200.0 million Canadian denominated (“CAD”) Series 4 unsecured notes on a private placement basis in Canada. The notes bear interest at 3.855% and are scheduled to mature on August 4, 2020. Proceeds from the notes were used to repay the Company’s CAD $200.0 million 5.180% unsecured notes, which matured on August 16, 2013. | |
During the nine months ended September 30, 2013, the Company also repaid (i) its $100.0 million 6.125% senior unsecured notes, which matured in January 2013 and (ii) its $75.0 million 4.70% senior unsecured notes, which matured in June 2013. Subsequently, during October 2013, the Company repaid its $100.0 million 5.190% senior unsecured notes which matured on October 1, 2013. |
Note_10_Mortgages_Payable
Note 10 - Mortgages Payable | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
10. Mortgages Payable | |
During the nine months ended September 30, 2013, the Company (i) assumed $243.3 million of individual non-recourse mortgage debt relating to the acquisition of seven operating properties, including an increase of $3.9 million associated with fair value debt adjustments (ii) obtained $36.0 million of individual non-recourse mortgage debt relating to three operating properties and (iii) paid off $132.5 million of mortgage debt that encumbered nine properties. |
Note_11_Noncontrolling_Interes
Note 11 - Noncontrolling Interests | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||
Noncontrolling Interest Disclosure [Text Block] | ' | ||||||||
11. Noncontrolling Interests | |||||||||
Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates as a result of having a controlling financial interest in accordance with the provisions of the FASB’s Consolidation guidance. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Condensed Consolidated Balance Sheets. Noncontrolling interests also includes amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. Partnership units which are determined to be mandatorily redeemable under the FASB’s Distinguishing Liabilities from Equity guidance are classified as Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and Stockholder’s equity on the Company’s Condensed Consolidated Balance Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented on the Company’s Condensed Consolidated Statements of Income. | |||||||||
The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the nine months ended September 30, 2013 and September 30, 2012 (amounts in thousands): | |||||||||
2013 | 2012 | ||||||||
Balance at January 1, | $ | 81,076 | $ | 95,074 | |||||
Issuance of redeemable units | 5,223 | - | |||||||
Fair market value adjustment, net | (484 | ) | - | ||||||
Other | 88 | (15 | ) | ||||||
Balance at September 30, | $ | 85,903 | $ | 95,059 | |||||
Note_12_Fair_Value_Measurement
Note 12 - Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [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 management’s estimation based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values except those listed below, for which fair values are disclosed. The valuation method used to estimate fair value for fixed-rate and variable-rate debt is based on discounted cash flow analyses, with assumptions that include credit spreads, market yield curves, trading activity, loan amounts and debt maturities. The fair values for marketable securities are based on published values, securities dealers’ estimated market values or comparable market sales. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition. | |||||||||||||||||
As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). | |||||||||||||||||
The following are financial instruments for which the Company’s estimate of fair value differs from the carrying amounts (in thousands): | |||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amounts | Fair Value | Amounts | Fair Value | ||||||||||||||
Marketable securities (1) | $ | 88,656 | $ | 88,939 | $ | 36,541 | $ | 36,825 | |||||||||
Notes payable (2) | $ | 3,254,881 | $ | 3,430,921 | $ | 3,192,127 | $ | 3,408,632 | |||||||||
Mortgages payable (3) | $ | 1,125,771 | $ | 1,181,135 | $ | 1,003,190 | $ | 1,068,616 | |||||||||
(1) As of September 30, 2013 and December 31, 2012, the Company determined that $85.6 million and $33.4 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $3.3 million and $3.4 million, respectively, were classified within Level 3 of the fair value hierarchy. | |||||||||||||||||
(2) The Company determined that its valuation of Notes payable was classified within Level 2 of the fair value hierarchy. | |||||||||||||||||
(3) The Company determined that its valuation of Mortgages payable was classified within Level 3 of the fair value hierarchy. | |||||||||||||||||
The Company has certain financial instruments that must be measured under the FASB’s Fair Value Measurements and Disclosures guidance, including available for sale securities. 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. | |||||||||||||||||
The table below presents the Company’s financial assets measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): | |||||||||||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
30-Sep-13 | |||||||||||||||||
Marketable equity securities | $ | 85,640 | $ | 85,640 | $ | - | $ | - | |||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
31-Dec-12 | |||||||||||||||||
Marketable equity securities | $ | 33,428 | $ | 33,428 | $ | - | $ | - | |||||||||
Assets measured at fair value on a non-recurring basis at September 30, 2013 and December 31, 2012, are as follows (in thousands): | |||||||||||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
30-Sep-13 | |||||||||||||||||
Real estate | $ | 302,702 | $ | - | $ | - | $ | 302,702 | |||||||||
Joint venture investments | $ | 1,395 | $ | - | $ | - | $ | 1,395 | |||||||||
Cost method investment | $ | 4,992 | $ | - | $ | - | $ | 4,992 | |||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
31-Dec-12 | |||||||||||||||||
Real estate | $ | 52,505 | $ | - | $ | - | $ | 52,505 | |||||||||
During the nine months ended September 30, 2013, the Company recognized impairment charges of $167.2 million ($58.1 million, before income taxes is included in discontinued operations) of which $153.0 million related to adjustments to property carrying values, $10.0 million related to a cost method investment, $1.0 million related to certain joint venture investments and $3.2 million related to a preferred equity investment. During the nine months ended September 30, 2012, the Company recognized impairment charges of $37.7 million ($37.4 million, before income taxes, of which is included in discontinued operations) relating to adjustments to property carrying values. The Company’s estimated fair values relating to these assets were primarily based upon (i) estimated sales prices from third party offers relating to property carrying values and joint venture investments and (ii) a discounted cash flow model relating to the Company’s cost method investment. The Company does not have access to the unobservable inputs used by the third parties to determine these estimated fair values. The discounted cash flows model includes all estimated cash inflows and outflows over a specified holding period. These cash flows were comprised of unobservable inputs which include forecasted revenues and expenses based upon market conditions and expectations for growth. The capitalization rate of 6.0% and discount rate of 9.5% which were utilized in this model were based upon observable rates that the Company believes to be within a reasonable range of current market rates for the respective investments. Based on these inputs the Company determined that its valuation of these investments was classified within Level 3 of the fair value hierarchy. |
Note_13_Preferred_Stock
Note 13 - Preferred Stock | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||||||
Preferred Stock [Text Block] | ' | ||||||||||||||||||||||||
13. Preferred Stock | |||||||||||||||||||||||||
The Company’s outstanding Preferred Stock is detailed below (in thousands, except share information and par values): | |||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012 | |||||||||||||||||||||||||
Series of Preferred Stock | Shares Authorized | Shares Issued and Outstanding | Liquidation Preference | Dividend Rate | Annual Dividend | Par Value | |||||||||||||||||||
per Depositary Share | |||||||||||||||||||||||||
Series H | 70,000 | 70,000 | $ | 175,000 | 6.9 | % | $ | 1.725 | $ | 1 | |||||||||||||||
Series I | 18,400 | 16,000 | 400,000 | 6 | % | $ | 1.5 | $ | 1 | ||||||||||||||||
Series J | 9,000 | 9,000 | 225,000 | 5.5 | % | $ | 1.375 | $ | 1 | ||||||||||||||||
Series K | 8,050 | 7,000 | 175,000 | 5.625 | % | $ | 1.40625 | $ | 1 | ||||||||||||||||
105,450 | 102,000 | $ | 975,000 | ||||||||||||||||||||||
Note_14_Supplemental_Schedule_
Note 14 - Supplemental Schedule of Non-Cash Investing / Financing Activities | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Cash Flow Elements [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, 2013 and 2012 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Acquisition of real estate interests by assumption of mortgage debt | $ | 36,716 | $ | 159,198 | |||||
Acquisition of real estate interests by issuance of redeemable units | $ | 3,985 | $ | - | |||||
Acquisition of real estate interests through mortgage receivable foreclosure | $ | 24,322 | - | ||||||
Issuance of restricted common stock | $ | 9,213 | $ | 18,066 | |||||
Surrender of restricted common stock | $ | (3,851 | ) | $ | (2,073 | ) | |||
Disposition of real estate interests by assignment of debt | $ | - | $ | 13,655 | |||||
Disposition of real estate through the issuance of an unsecured obligation | $ | 3,513 | $ | 1,750 | |||||
Declaration of dividends paid in succeeding period | $ | 98,334 | $ | 94,856 | |||||
Consolidation of Joint Ventures: | |||||||||
Increase in real estate and other assets | $ | 228,200 | $ | - | |||||
Increase in mortgages payable | $ | 206,489 | $ | - | |||||
Note_15_Incentive_Plans
Note 15 - Incentive Plans | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' |
15. 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 Company’s common stock to be issued for qualified and non-qualified stock options and restricted stock grants. Effective May 1, 2012, the 2010 Plan provides for a maximum of 10,000,000 shares of the Company’s common stock to be issued for qualified and non-qualified stock 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, stock 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 generally vest (i) 100% on the fourth or fifth anniversary of the grant, (ii) ratably over three or four years, (iii) over three years, at 50% after two years and 50% after the third year or (iv) over ten years at 20% per year commencing after the fifth year. Performance share awards may provide a right to receive shares of restricted stock based on the Company’s performance relative to its peers, as defined, or based on other performance criteria as determined by the Board of Directors. In addition, the Plans provide for the granting of certain stock options and restricted stock to each of the Company’s 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 expenses associated with its equity awards of $15.1 million for both the nine months ended September 30, 2013 and 2012. As of September 30, 2013, the Company had $33.0 million of total unrecognized compensation cost related to unvested stock compensation granted under the Plans. That cost is expected to be recognized over a weighted average period of approximately 3.6 years. |
Note_16_Taxable_REIT_Subsidiar
Note 16 - Taxable REIT Subsidiaries ("TRS") | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Income Tax Disclosure [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 wholly owned subsidiaries of the Company, Kimco Realty Services ("KRS"), which due to a merger on April 1, 2013 includes FNC Realty Corporation (“FNC”), and the consolidated entity Blue Ridge Real Estate Company/Big Boulder Corporation. On April 2, 2013, the Company contributed its interest in FNC to KRS and KRS acquired all of the outstanding stock of FNC in a reverse cash merger. The Company is also subject to local non-U.S. taxes on certain investments located outside the U.S. | |||||||||
Income taxes have been provided for on the asset and liability method as required by the FASB’s 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 taxable assets and liabilities. | |||||||||
The Company’s deferred tax assets and liabilities, which are included in the caption Other assets and Other liabilities on the accompanying Condensed Consolidated Balance Sheets, at September 30, 2013 and December 31, 2012, were as follows (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Deferred tax assets: | |||||||||
Tax/GAAP basis differences | $ | 53,231 | $ | 68,623 | |||||
Net operating losses | 75,924 | 43,483 | |||||||
Related party deferred loss | 6,214 | 6,214 | |||||||
Tax credit carryforwards | 3,773 | 3,815 | |||||||
Capital loss carryforwards | - | 647 | |||||||
Charitable contribution carryforward | - | 3 | |||||||
Non-U.S. tax/GAAP basis differences | 56,991 | 62,548 | |||||||
Valuation allowance – U.S. | (25,045 | ) | (33,783 | ) | |||||
Valuation allowance – Non-U.S. | (33,755 | ) | (38,129 | ) | |||||
Total deferred tax assets | 137,333 | 113,421 | |||||||
Deferred tax liabilities – U.S. | (19,057 | ) | (9,933 | ) | |||||
Deferred tax liabilities – Non-U.S. | (9,453 | ) | (13,263 | ) | |||||
Net deferred tax assets | $ | 108,823 | $ | 90,225 | |||||
As of September 30, 2013, the Company had net deferred tax assets of $108.8 million comprised of (i) $95.0 million primarily related to KRS (including $19.7 million related to FNC) and (ii) $13.8 million related to its foreign investments. During the nine months ended September 30, 2013, the Company determined that a reduction of $8.7 million of the valuation allowance against FNC’s deferred tax assets was deemed appropriate based on expected future taxable income. In addition, the Company determined that no additional valuation allowance was needed against the remaining net deferred tax asset as future earnings are anticipated to be sufficient to more likely than not realize its net deferred tax asset. The Company based its determination on an analysis of both positive and negative evidence. If future income projections do not occur as forecasted and future taxable earnings are insufficient, the Company will reevaluate the need for an additional valuation allowance. | |||||||||
Uncertain Tax Positions: | |||||||||
The Company is subject to income tax in certain jurisdictions outside the U.S., principally Canada and Mexico. The statute of limitations on assessment of tax varies from three to seven years depending on the jurisdiction and tax issue. Tax returns filed in each jurisdiction are subject to examination by local tax authorities. The Company is currently under audit by the Canadian Revenue Agency, Mexican Tax Authority and the U.S. Internal Revenue Service (“IRS”). In October 2011, the IRS issued a notice of proposed adjustment, which proposes pursuant to Section 482 of the Code, to disallow a capital loss claimed by KRS on the disposition of common shares of Valad Property Ltd., an Australian publicly listed company. Because the adjustment is being made pursuant to Section 482 of the Code, the IRS may assert a 100 percent “penalty” tax pursuant to Section 857(b)(7) of the Code in lieu of disallowing the capital loss deduction. The notice of proposed adjustment indicates the IRS’ intention to impose the 100 percent penalty tax on the Company in the amount of $40.9 million and disallowing the capital loss claimed by KRS. The Company strongly disagrees with the IRS’ position on the application of Section 482 of the Code to the disposition of the shares, the imposition of the 100 percent penalty tax and the simultaneous assertion of the penalty tax and disallowance of the capital loss deduction. The Company received a Notice of Proposed Assessment and filed a written protest and requested an IRS Appeals Office conference, which has yet to be scheduled. The Company intends to vigorously defend its position in this matter and believes it will prevail. Resolutions of the above mentioned audits in the U.S., Canada and Mexico are not expected to have a material effect on the Company’s financial statements. |
Note_17_Accumulated_Other_Comp
Note 17 - Accumulated Other Comprehensive Income ("AOCI") | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accumulated Other Comprehensive Income Loss Disclosure [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income Loss Disclosure [Text Block] | ' | ||||||||||||
17. Accumulated Other Comprehensive Income (“AOCI”) | |||||||||||||
The following table displays the change in the components of accumulated other comprehensive income for the nine months ended September 30, 2013: | |||||||||||||
Foreign Currency Translation Adjustments | Unrealized Gains on | Total | |||||||||||
Available-for-Sale Investments | |||||||||||||
Balance as of December 31, 2012 | $ | (85,404 | ) | $ | 19,222 | $ | (66,182 | ) | |||||
Other comprehensive income before reclassifications | (1,834 | ) | 31,082 | 29,248 | |||||||||
Amounts reclassified from AOCI (1) | - | (7,194 | ) | (7,194 | ) | ||||||||
Net current-period other comprehensive income | (1,834 | ) | 23,888 | 22,054 | |||||||||
Balance as of September 30, 2013 | $ | (87,238 | ) | $ | 43,110 | $ | (44,128 | ) | |||||
-1 | Amounts were reclassified to Interest, dividends and other investment income on the Company’s Condensed Consolidated Statements of Income. | ||||||||||||
At September 30, 2013, the Company had a net $87.2 million, after noncontrolling interests of $7.3 million, of unrealized cumulative translation adjustment (“CTA”) losses relating to its investments in foreign entities. The CTA is comprised of $25.9 million of unrealized gains relating to its Canadian investments and $113.1 million of unrealized losses relating to its Latin American investments. CTA results from currency fluctuations between local currency and the U.S. dollar during the period in which the Company held its investment. CTA amounts are subject to future changes resulting from ongoing fluctuations in the respective foreign currency exchange rates. Under U.S. GAAP, the Company is required to release CTA balances into earnings when the Company has substantially liquidated its investment in a foreign entity. During 2013, the Company began selling properties within its Latin American portfolio. The Company may, in the near term, substantially liquidate all of its investments in this portfolio which will require the then unrealized loss on foreign currency translation to be recognized as a charge against earnings. |
Note_18_Pro_Forma_Financial_In
Note 18 - Pro Forma Financial Information | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Pro Forma Financial Information [Abstract] | ' | ||||||||
Pro Forma Financial Information [Text Block] | ' | ||||||||
18. Pro Forma Financial Information | |||||||||
As discussed in Note 2, the Company and certain of its affiliates acquired and disposed of interests in certain operating properties during the nine months ended September 30, 2013. The pro forma financial information set forth below is based upon the Company’s historical Condensed Consolidated Statements of Income for the nine months ended September 30, 2013 and 2012, adjusted to give effect to these transactions at the beginning of 2012. | |||||||||
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, | |||||||||
2013 | 2012 | ||||||||
Revenues from rental property | $ | 696.8 | $ | 663.7 | |||||
Net income | $ | 186 | $ | 179.5 | |||||
Net income available to the Company’s common shareholders | $ | 136.7 | 104.3 | ||||||
Net income available to the Company’s common shareholders per common share: | |||||||||
Basic | $ | 0.34 | $ | 0.26 | |||||
Diluted | $ | 0.33 | $ | 0.26 | |||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||||||
Principles of Consolidation - | |||||||||||||||||
The accompanying Condensed Consolidated Financial Statements include the accounts of Kimco Realty Corporation and Subsidiaries, (the “Company”). The Company’s Subsidiaries includes subsidiaries 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 in the accompanying Condensed Consolidated Financial Statements 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 2012 Annual Report on Form 10-K for the year ended December 31, 2012 ("10-K"), as certain disclosures in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013, that would duplicate those included in the 10-K are not included in these Condensed Consolidated Financial Statements. | |||||||||||||||||
Subsequent Events, Policy [Policy Text Block] | ' | ||||||||||||||||
Subsequent Events - | |||||||||||||||||
The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements (see Footnote 9). | |||||||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||||||
Income Taxes - | |||||||||||||||||
The Company elected status as a Real Estate Investment Trust (a “REIT”) for federal income tax purposes beginning in its taxable year ended December 31, 1991 and operates in a manner that enables the Company to maintain its status as a REIT. As a REIT, the Company must distribute at least 90 percent of its taxable income and will not pay federal income taxes on the amount distributed to its shareholders. Therefore, the Company is not subject to federal income taxes if it distributes 100 percent of its taxable income. Most states, where the Company holds investments in real estate, conform to the federal rules recognizing REITs. Certain subsidiaries have made a joint election with the Company to be treated as taxable REIT subsidiaries (“TRS”), which permit the Company to engage in certain business activities in which the REIT may not conduct directly. A TRS is subject to federal and state income taxes on the income from these activities and the Company includes a provision for taxes in its condensed consolidated financial statements. The Company is subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. | |||||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||||||
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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Computation of Basic Earnings Per Share: | |||||||||||||||||
Income from continuing operations | $ | 42,176 | $ | 43,724 | $ | 186,404 | $ | 170,314 | |||||||||
Gain on sale of operating properties, net of tax | 540 | - | 1,080 | 4,059 | |||||||||||||
Net income attributable to noncontrolling interests | (1,425 | ) | (2,143 | ) | (6,296 | ) | (10,928 | ) | |||||||||
Discontinued operations attributable to noncontrolling interests | 11 | (814 | ) | 39 | 1,586 | ||||||||||||
Preferred stock redemption costs | - | (6,213 | ) | - | (6,213 | ) | |||||||||||
Preferred stock dividends | (14,573 | ) | (21,622 | ) | (43,720 | ) | (58,037 | ) | |||||||||
Income from continuing operations available to the common shareholders | 26,729 | 12,932 | 137,507 | 100,781 | |||||||||||||
Earnings attributable to unvested restricted shares | (337 | ) | (298 | ) | (1,011 | ) | (893 | ) | |||||||||
Income from continuing operations attributable to common shareholders | 26,392 | 12,634 | 136,496 | 99,888 | |||||||||||||
Income/(loss) from discontinued operations attributable to the Company | 14,461 | 14,174 | (6,555 | ) | 12,661 | ||||||||||||
Net income attributable to the Company’s common shareholders for basic earnings per share | $ | 40,853 | 26,808 | 129,941 | 112,549 | ||||||||||||
Weighted average common shares outstanding | 408,060 | 405,810 | 407,459 | 405,880 | |||||||||||||
Basic Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.03 | $ | 0.33 | $ | 0.25 | |||||||||
Income/(loss) from discontinued operations | 0.04 | 0.04 | (0.01 | ) | 0.03 | ||||||||||||
Net income | $ | 0.1 | $ | 0.07 | $ | 0.32 | $ | 0.28 | |||||||||
Computation of Diluted Earnings Per Share: | |||||||||||||||||
Income from continuing operations attributable to common shareholders | $ | 26,392 | $ | 12,634 | $ | 136,496 | $ | 99,888 | |||||||||
Income/(loss) from discontinued operations attributable to the Company | 14,461 | 14,174 | (6,555 | ) | 12,661 | ||||||||||||
Net income attributable to the Company’s common shareholders for diluted earnings per share | $ | 40,853 | $ | 26,808 | $ | 129,941 | $ | 112,549 | |||||||||
Weighted average common shares outstanding – basic | 408,060 | 405,810 | 407,459 | 405,880 | |||||||||||||
Effect of dilutive securities (a): | |||||||||||||||||
Equity awards | 806 | 937 | 1,051 | 770 | |||||||||||||
Shares for diluted earnings per common share | 408,866 | 406,747 | 408,510 | 406,650 | |||||||||||||
Diluted Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.03 | $ | 0.33 | $ | 0.25 | |||||||||
Income/(loss) from discontinued operations | 0.04 | 0.04 | (0.01 | ) | 0.03 | ||||||||||||
Net income | $ | 0.1 | $ | 0.07 | $ | 0.32 | $ | 0.28 | |||||||||
(a) | For the three and nine months ended September 30, 2013 and 2012, the effect of certain convertible units would have an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations. Additionally, there were 10,983,598 and 11,205,056 stock options that were not dilutive at September 30, 2013 and 2012, respectively. | ||||||||||||||||
The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings. | |||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||||||
New Accounting Pronouncements – | |||||||||||||||||
In July 2013, the FASB released ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force) (“ASU 2013-11”). This update requires that an unrecognized tax benefit, or portion of an unrecognized tax benefit, be presented as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. If an applicable deferred tax asset is not available or a company does not expect to use the applicable deferred tax asset, the unrecognized tax benefit should be presented as a liability in the financial statements and should not be combined with an unrelated deferred tax asset. The amendments in ASU 2013-11 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, with early adoption permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date, however retrospective application is permitted. The Company is in the process of evaluating ASU 2013-11 and does not expect that it will have a material impact on the Company’s financial position or results of operations. | |||||||||||||||||
Additionally, during July 2013, the FASB released ASU 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (“ASU 2013-10”). The update permits the Fed Funds Effective Swap Rate (“OIS”) to be used as a U.S. benchmark interest rate for hedge accounting purposes. In addition, the amendments remove the restriction on using different benchmark rates for similar hedges. The provisions of ASU 2013-10 are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of ASU 2013-10 did not have a material impact on the Company’s financial position or results of operations. | |||||||||||||||||
In February 2013, the FASB issued new guidance regarding liabilities, Accounting Standards Update ("ASU") 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (“ASU 2013-04”), effective retrospectively for fiscal years beginning after December 15, 2013 and interim periods within those years. The amendments require an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. In addition, the amendments require an entity to disclose the nature and amount of the obligation, as well as other information about the obligations. The adoption of ASU 2013-04 is not expected to have a material impact on the Company’s financial position or results of operations. | |||||||||||||||||
In January 2013, the FASB released ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). This guidance is the culmination of the board’s redeliberation on reporting reclassification adjustments from accumulated other comprehensive income. The standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source (e.g., the release due to cash flow hedges from interest rate contracts) and the income statement line items affected by the reclassification (e.g., interest income or interest expense). If a component is not required to be reclassified to net income in its entirety (e.g., the net periodic pension cost), companies would instead cross reference to the related footnote for additional information (e.g., the pension footnote). The new requirements were effective for public companies in interim and annual reporting periods beginning after December 15, 2012. The adoption of ASU 2013-02 did not have a material impact on the Company’s financial statement presentation or disclosures. | |||||||||||||||||
In December 2011, the FASB released ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires companies to provide new disclosures about offsetting and related arrangements for financial instruments and derivatives. The provisions of ASU 2011-11 are effective for reporting periods beginning on or after January 1, 2013, and are required to be applied retrospectively. The adoption of ASU 2011-11 did not have a material impact on the Company’s financial statement disclosures. | |||||||||||||||||
Reclassification, Policy [Policy Text Block] | ' | ||||||||||||||||
Reclassifications – | |||||||||||||||||
Certain reclassifications have been made to previously recorded amounts to conform to the current year presentation, Specifically, the Company is presenting on its Condensed Consolidated Statements of Income its Provision for doubtful accounts as a separate line item included in Operating expenses, which during 2012 was included in Revenues from rental properties. Additionally, the Company made certain other immaterial reclassifications to the Company’s Condensed Consolidated Balance Sheets as of December 31, 2012, to conform to the current year presentation. |
Note_1_Interim_Financial_State1
Note 1 - Interim Financial Statements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Computation of Basic Earnings Per Share: | |||||||||||||||||
Income from continuing operations | $ | 42,176 | $ | 43,724 | $ | 186,404 | $ | 170,314 | |||||||||
Gain on sale of operating properties, net of tax | 540 | - | 1,080 | 4,059 | |||||||||||||
Net income attributable to noncontrolling interests | (1,425 | ) | (2,143 | ) | (6,296 | ) | (10,928 | ) | |||||||||
Discontinued operations attributable to noncontrolling interests | 11 | (814 | ) | 39 | 1,586 | ||||||||||||
Preferred stock redemption costs | - | (6,213 | ) | - | (6,213 | ) | |||||||||||
Preferred stock dividends | (14,573 | ) | (21,622 | ) | (43,720 | ) | (58,037 | ) | |||||||||
Income from continuing operations available to the common shareholders | 26,729 | 12,932 | 137,507 | 100,781 | |||||||||||||
Earnings attributable to unvested restricted shares | (337 | ) | (298 | ) | (1,011 | ) | (893 | ) | |||||||||
Income from continuing operations attributable to common shareholders | 26,392 | 12,634 | 136,496 | 99,888 | |||||||||||||
Income/(loss) from discontinued operations attributable to the Company | 14,461 | 14,174 | (6,555 | ) | 12,661 | ||||||||||||
Net income attributable to the Company’s common shareholders for basic earnings per share | $ | 40,853 | 26,808 | 129,941 | 112,549 | ||||||||||||
Weighted average common shares outstanding | 408,060 | 405,810 | 407,459 | 405,880 | |||||||||||||
Basic Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.03 | $ | 0.33 | $ | 0.25 | |||||||||
Income/(loss) from discontinued operations | 0.04 | 0.04 | (0.01 | ) | 0.03 | ||||||||||||
Net income | $ | 0.1 | $ | 0.07 | $ | 0.32 | $ | 0.28 | |||||||||
Computation of Diluted Earnings Per Share: | |||||||||||||||||
Income from continuing operations attributable to common shareholders | $ | 26,392 | $ | 12,634 | $ | 136,496 | $ | 99,888 | |||||||||
Income/(loss) from discontinued operations attributable to the Company | 14,461 | 14,174 | (6,555 | ) | 12,661 | ||||||||||||
Net income attributable to the Company’s common shareholders for diluted earnings per share | $ | 40,853 | $ | 26,808 | $ | 129,941 | $ | 112,549 | |||||||||
Weighted average common shares outstanding – basic | 408,060 | 405,810 | 407,459 | 405,880 | |||||||||||||
Effect of dilutive securities (a): | |||||||||||||||||
Equity awards | 806 | 937 | 1,051 | 770 | |||||||||||||
Shares for diluted earnings per common share | 408,866 | 406,747 | 408,510 | 406,650 | |||||||||||||
Diluted Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.03 | $ | 0.33 | $ | 0.25 | |||||||||
Income/(loss) from discontinued operations | 0.04 | 0.04 | (0.01 | ) | 0.03 | ||||||||||||
Net income | $ | 0.1 | $ | 0.07 | $ | 0.32 | $ | 0.28 |
Note_2_Operating_Property_Acti1
Note 2 - Operating Property Activities (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ||||||||||||||||||||||
Purchase Price | |||||||||||||||||||||||
Property Name | Location | Month | Cash | Debt Assumed | Other | Total | GLA* | ||||||||||||||||
Acquired | |||||||||||||||||||||||
Santee Trolley Square(1) | Santee, CA | 13-Jan | $ | 26,863 | $ | 48,456 | $ | 22,681 | $ | 98,000 | 311 | ||||||||||||
Shops at Kildeer (2) | Kildeer, IL | 13-Jan | - | 32,724 | - | 32,724 | 168 | ||||||||||||||||
Village Commons S.C. | Tallahassee, FL | 13-Jan | 7,100 | - | - | 7,100 | 125 | ||||||||||||||||
Putty Hill Plaza (3) | Baltimore, MD | 13-Jan | 4,592 | 9,115 | 489 | 14,196 | 91 | ||||||||||||||||
Columbia Crossing II S.C. | Columbia, MD | 13-Jan | 21,800 | - | - | 21,800 | 101 | ||||||||||||||||
Roseville Plaza (Parcel) | Roseville, MN | 13-Jan | 5,143 | - | - | 5,143 | 80 | ||||||||||||||||
Wilton River Park (4) | Wilton, CT | 13-Mar | 777 | 36,000 | 5,223 | 42,000 | 187 | ||||||||||||||||
Canyon Square (5) | Santa Clarita, CA | 13-Apr | 1,950 | 13,800 | - | 15,750 | 97 | ||||||||||||||||
JTS Portfolio (6) | Baton Rouge, LA | 13-Apr | - | 43,267 | 11,733 | 55,000 | 520 | ||||||||||||||||
Factoria Mall (7) | Bellevue, WA | 13-May | 37,283 | 56,000 | 37,467 | 130,750 | 510 | ||||||||||||||||
6 Out-parcels | Various | 13-Jun | 13,053 | - | - | 13,053 | 97 | ||||||||||||||||
Highlands Ranch II | Highlands Ranch, CO | 13-Jul | 14,600 | - | - | 14,600 | 44 | ||||||||||||||||
Elmsford | Elmsford, NY | 13-Aug | 23,000 | - | - | 23,000 | 143 | ||||||||||||||||
$ | 156,161 | $ | 239,362 | $ | 77,593 | $ | 473,116 | 2,474 | |||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||||||||||||||||
Land | $ | 136,969 | |||||||||||||||||||||
Buildings | 244,194 | ||||||||||||||||||||||
Above Market Rents | 10,787 | ||||||||||||||||||||||
Below Market Rents | (15,075 | ) | |||||||||||||||||||||
In-Place Leases | 21,532 | ||||||||||||||||||||||
Building Improvements | 65,274 | ||||||||||||||||||||||
Tenant Improvements | 12,851 | ||||||||||||||||||||||
Mortgage Fair Value Adjustment | (3,884 | ) | |||||||||||||||||||||
Other Assets | 867 | ||||||||||||||||||||||
Other Liabilities | (399 | ) | |||||||||||||||||||||
$ | 473,116 | ||||||||||||||||||||||
Schedule Of Impairment Charges | ' | ||||||||||||||||||||||
Mexico operating properties (1) | $ | 66.9 | |||||||||||||||||||||
Land parcels (2) | 17.4 | ||||||||||||||||||||||
Operating properties (2) | 10.5 | ||||||||||||||||||||||
Cost method investment (3) | 10 | ||||||||||||||||||||||
Preferred equity investment (4) | 3.2 | ||||||||||||||||||||||
Joint venture investments (2) | 1 | ||||||||||||||||||||||
Total | $ | 109 |
Note_3_Discontinued_Operations1
Note 3 - Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Discontinued operations: | |||||||||||||||||
Revenues from rental property | $ | 6,093 | $ | 13,941 | $ | 21,329 | $ | 46,587 | |||||||||
Rental property expenses | (2,465 | ) | (4,630 | ) | (7,575 | ) | (17,289 | ) | |||||||||
Depreciation and amortization | (1,220 | ) | (2,920 | ) | (5,076 | ) | (17,317 | ) | |||||||||
Provision for doubtful accounts | (389 | ) | (514 | ) | (815 | ) | (1,551 | ) | |||||||||
Interest (expense)/income | - | (848 | ) | 300 | (1,997 | ) | |||||||||||
Other expense, net | (65 | ) | (122 | ) | (173 | ) | (353 | ) | |||||||||
Income from discontinued operating properties, before income taxes | 1,954 | 4,907 | 7,990 | 8,080 | |||||||||||||
Impairment of property carrying value, net, before income taxes | (10,842 | ) | (3,169 | ) | (58,107 | ) | (37,414 | ) | |||||||||
Gain on disposition of operating properties, net | 28,244 | 13,278 | 32,608 | 36,520 | |||||||||||||
(Provision)/benefit for income taxes, net | (4,884 | ) | (1,656 | ) | 10,993 | 7,061 | |||||||||||
Income/(loss) from discontinued operating properties | 14,472 | 13,360 | (6,516 | ) | 14,247 | ||||||||||||
Net (income)/loss attributable to noncontrolling interests | (11 | ) | 814 | (39 | ) | (1,586 | ) | ||||||||||
Income/(loss )from discontinued operations attributable to the Company | $ | 14,461 | $ | 14,174 | $ | (6,555 | ) | $ | 12,661 |
Note_4_Investments_and_Advance1
Note 4 - Investments and Advances in Real Estate Joint Ventures (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Note 4 - Investments and Advances in Real Estate Joint Ventures (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||||||||||
Joint Venture Investments Accounted For Under The Equity Method, Debt Details [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||
Venture | Mortgages | Weighted | Weighted Average | Mortgages | Weighted | Weighted Average | |||||||||||||||||||||||||||||||||||
and Notes | Average | Remaining Term | and Notes | Average | Remaining Term | ||||||||||||||||||||||||||||||||||||
Payable | Interest Rate | (months)** | Payable | Interest Rate | (months)** | ||||||||||||||||||||||||||||||||||||
KimPru and KimPru II | $ | 924.2 | 5.53 | % | 38 | $ | 1,010.20 | 5.54 | % | 44.5 | |||||||||||||||||||||||||||||||
KIR | 893.1 | 5.05 | % | 78.2 | 914.6 | 5.22 | % | 78.6 | |||||||||||||||||||||||||||||||||
UBS Programs | - | - | % | - | 691.9 | 5.4 | % | 39.1 | |||||||||||||||||||||||||||||||||
Kimstone | 725.8 | 4.99 | % | 37.7 | - | - | % | - | |||||||||||||||||||||||||||||||||
BIG Shopping Centers | 406.4 | 5.39 | % | 43.2 | 443.8 | 5.52 | % | 45.5 | |||||||||||||||||||||||||||||||||
CPP | 139.3 | 5.17 | % | 22 | 141.5 | 5.19 | % | 31 | |||||||||||||||||||||||||||||||||
Kimco Income Fund | 158.8 | 5.45 | % | 11.8 | 161.4 | 5.45 | % | 20.7 | |||||||||||||||||||||||||||||||||
SEB Immobilien | 243.8 | 5.11 | % | 46.3 | 243.8 | 5.11 | % | 55.3 | |||||||||||||||||||||||||||||||||
RioCan | 770.2 | 4.79 | % | 47 | 923.2 | 5.16 | % | 41.2 | |||||||||||||||||||||||||||||||||
Intown | - | - | % | - | 614.4 | 4.46 | % | 46.1 | |||||||||||||||||||||||||||||||||
Other Institutional Programs | 273.4 | 5.32 | % | 34.1 | 310.5 | 5.24 | % | 39 | |||||||||||||||||||||||||||||||||
Other Joint Venture Programs | 1,144.90 | 5.47 | % | 61.8 | 1,612.20 | 5.7 | % | 57.8 | |||||||||||||||||||||||||||||||||
Total | $ | 5,679.90 | $ | 7,067.50 | |||||||||||||||||||||||||||||||||||||
Investment Details [Member] | ' | ||||||||||||||||||||||||||||||||||||||||
Note 4 - Investments and Advances in Real Estate Joint Ventures (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||||||||||
Equity Method Investments [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||
Venture | Average | Number of | GLA | Gross | The | Average | Number | GLA | Gross | The | |||||||||||||||||||||||||||||||
Ownership Interest | Properties | Real | Company's | Ownership Interest | of | Real | Company's | ||||||||||||||||||||||||||||||||||
Estate | Investment | Properties | Estate | Investment | |||||||||||||||||||||||||||||||||||||
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) (10) | 15 | % | 60 | 10.6 | $ | 2,719.40 | $ | 179.5 | 15 | % | 61 | 10.7 | $ | 2,744.90 | $ | 170.1 | |||||||||||||||||||||||||
Kimco Income Opportunity Portfolio (“KIR”) (2) (13) (15) | 48.6 | % | 57 | 12 | 1,515.20 | 176.4 | 45 | % | 58 | 12.4 | 1,543.20 | 140.3 | |||||||||||||||||||||||||||||
UBS Programs (“UBS”) (2) (7) (14)* | - | % | - | - | - | 1.1 | 17.9 | % | 40 | 5.7 | 1,260.10 | 58.4 | |||||||||||||||||||||||||||||
Kimstone (2) (14) | 33.3 | % | 39 | 5.6 | 1,086.80 | 106.3 | - | % | - | - | - | - | |||||||||||||||||||||||||||||
BIG Shopping Centers (2) (9)* | 37.9 | % | 21 | 3.4 | 519.6 | 30.7 | 37.7 | % | 22 | 3.6 | 547.7 | 31.3 | |||||||||||||||||||||||||||||
The Canada Pension Plan Investment Board (“CPP”) (2) | 55 | % | 6 | 2.4 | 436.5 | 146.7 | 55 | % | 6 | 2.4 | 436.1 | 149.5 | |||||||||||||||||||||||||||||
Kimco Income Fund (2)(6) | 39.5 | % | 12 | 1.5 | 288.1 | 51.1 | 15.2 | % | 12 | 1.5 | 287 | 12.3 | |||||||||||||||||||||||||||||
SEB Immobilien (2) | 15 | % | 13 | 1.8 | 361.4 | 1.1 | 15 | % | 13 | 1.8 | 361.2 | 1.5 | |||||||||||||||||||||||||||||
Other Institutional Programs (2) (8) | Various | 56 | 2.1 | 453.2 | 16.9 | Various | 58 | 2.6 | 499.2 | 21.3 | |||||||||||||||||||||||||||||||
RioCan | 50 | % | 45 | 9.3 | 1,335.50 | 161.8 | 50 | % | 45 | 9.3 | 1,379.30 | 111 | |||||||||||||||||||||||||||||
Intown (3) | - | - | - | - | - | - | 138 | N/A | 841 | 86.9 | |||||||||||||||||||||||||||||||
Latin America (12) (16) (17) (18) | Various | 29 | 3.9 | 332.3 | 162.4 | Various | 131 | 18 | 1,198.10 | 334.2 | |||||||||||||||||||||||||||||||
Other Joint Venture Programs (4) (5) (11) | Various | 81 | 12.4 | 1,657.00 | 274.2 | Various | 87 | 13.2 | 1,846.70 | 311.4 | |||||||||||||||||||||||||||||||
Total | 419 | 65 | $ | 10,705.00 | $ | 1,308.20 | 671 | 81.2 | $ | 12,944.50 | $ | 1,428.20 | |||||||||||||||||||||||||||||
Equity In Income Of Joint Ventures, Net [Member] | ' | ||||||||||||||||||||||||||||||||||||||||
Note 4 - Investments and Advances in Real Estate Joint Ventures (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||||||||||
Equity Method Investments [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
KimPru and KimPru II (10) | $ | 2.4 | $ | 1.5 | $ | 6.6 | $ | 5.6 | |||||||||||||||||||||||||||||||||
KIR (15) | 9 | 5.3 | 23.5 | 17.2 | |||||||||||||||||||||||||||||||||||||
UBS Programs (14) | 0.2 | (0.7 | ) | 1.7 | (0.3 | ) | |||||||||||||||||||||||||||||||||||
Kimstone (14) | 1.8 | - | 1.8 | - | |||||||||||||||||||||||||||||||||||||
BIG Shopping Centers (9) | 0.9 | (0.6 | ) | 2.3 | (2.1 | ) | |||||||||||||||||||||||||||||||||||
CPP | 1.5 | 1.5 | 4.5 | 4 | |||||||||||||||||||||||||||||||||||||
Kimco Income Fund | 0.9 | 0.3 | 2.5 | 1.4 | |||||||||||||||||||||||||||||||||||||
SEB Immobilien | 0.3 | 0.2 | 0.8 | 0.5 | |||||||||||||||||||||||||||||||||||||
Other Institutional Programs (20) (22) | 0.2 | 0.4 | 1.1 | 4.6 | |||||||||||||||||||||||||||||||||||||
RioCan (21) | 7.3 | 6.4 | 20 | 24.2 | |||||||||||||||||||||||||||||||||||||
Intown | - | 1.5 | 1.4 | 2.4 | |||||||||||||||||||||||||||||||||||||
Latin America (12) (16) (17) (18) | 69.3 | 4.5 | 101.4 | 11.1 | |||||||||||||||||||||||||||||||||||||
Other Joint Venture Programs (11) (19) | 2.4 | 4.2 | 12.2 | 21 | |||||||||||||||||||||||||||||||||||||
Total | $ | 96.2 | $ | 24.5 | $ | 179.8 | $ | 89.6 |
Note_11_Noncontrolling_Interes1
Note 11 - Noncontrolling Interests (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||
Redeemable Noncontrolling Interest [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Balance at January 1, | $ | 81,076 | $ | 95,074 | |||||
Issuance of redeemable units | 5,223 | - | |||||||
Fair market value adjustment, net | (484 | ) | - | ||||||
Other | 88 | (15 | ) | ||||||
Balance at September 30, | $ | 85,903 | $ | 95,059 |
Note_12_Fair_Value_Measurement1
Note 12 - Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amounts | Fair Value | Amounts | Fair Value | ||||||||||||||
Marketable securities (1) | $ | 88,656 | $ | 88,939 | $ | 36,541 | $ | 36,825 | |||||||||
Notes payable (2) | $ | 3,254,881 | $ | 3,430,921 | $ | 3,192,127 | $ | 3,408,632 | |||||||||
Mortgages payable (3) | $ | 1,125,771 | $ | 1,181,135 | $ | 1,003,190 | $ | 1,068,616 | |||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | ' | ||||||||||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
30-Sep-13 | |||||||||||||||||
Marketable equity securities | $ | 85,640 | $ | 85,640 | $ | - | $ | - | |||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
31-Dec-12 | |||||||||||||||||
Marketable equity securities | $ | 33,428 | $ | 33,428 | $ | - | $ | - | |||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
30-Sep-13 | |||||||||||||||||
Real estate | $ | 302,702 | $ | - | $ | - | $ | 302,702 | |||||||||
Joint venture investments | $ | 1,395 | $ | - | $ | - | $ | 1,395 | |||||||||
Cost method investment | $ | 4,992 | $ | - | $ | - | $ | 4,992 | |||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
31-Dec-12 | |||||||||||||||||
Real estate | $ | 52,505 | $ | - | $ | - | $ | 52,505 |
Note_13_Preferred_Stock_Tables
Note 13 - Preferred Stock (Tables) (Preferred Stock [Member]) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Preferred Stock [Member] | ' | ||||||||||||||||||||||||
Note 13 - Preferred Stock (Tables) [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Stock by Class [Table Text Block] | ' | ||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012 | |||||||||||||||||||||||||
Series of Preferred Stock | Shares Authorized | Shares Issued and Outstanding | Liquidation Preference | Dividend Rate | Annual Dividend | Par Value | |||||||||||||||||||
per Depositary Share | |||||||||||||||||||||||||
Series H | 70,000 | 70,000 | $ | 175,000 | 6.9 | % | $ | 1.725 | $ | 1 | |||||||||||||||
Series I | 18,400 | 16,000 | 400,000 | 6 | % | $ | 1.5 | $ | 1 | ||||||||||||||||
Series J | 9,000 | 9,000 | 225,000 | 5.5 | % | $ | 1.375 | $ | 1 | ||||||||||||||||
Series K | 8,050 | 7,000 | 175,000 | 5.625 | % | $ | 1.40625 | $ | 1 | ||||||||||||||||
105,450 | 102,000 | $ | 975,000 |
Note_14_Supplemental_Schedule_1
Note 14 - Supplemental Schedule of Non-Cash Investing / Financing Activities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Acquisition of real estate interests by assumption of mortgage debt | $ | 36,716 | $ | 159,198 | |||||
Acquisition of real estate interests by issuance of redeemable units | $ | 3,985 | $ | - | |||||
Acquisition of real estate interests through mortgage receivable foreclosure | $ | 24,322 | - | ||||||
Issuance of restricted common stock | $ | 9,213 | $ | 18,066 | |||||
Surrender of restricted common stock | $ | (3,851 | ) | $ | (2,073 | ) | |||
Disposition of real estate interests by assignment of debt | $ | - | $ | 13,655 | |||||
Disposition of real estate through the issuance of an unsecured obligation | $ | 3,513 | $ | 1,750 | |||||
Declaration of dividends paid in succeeding period | $ | 98,334 | $ | 94,856 | |||||
Consolidation of Joint Ventures: | |||||||||
Increase in real estate and other assets | $ | 228,200 | $ | - | |||||
Increase in mortgages payable | $ | 206,489 | $ | - |
Note_16_Taxable_REIT_Subsidiar1
Note 16 - Taxable REIT Subsidiaries ("TRS") (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Deferred tax assets: | |||||||||
Tax/GAAP basis differences | $ | 53,231 | $ | 68,623 | |||||
Net operating losses | 75,924 | 43,483 | |||||||
Related party deferred loss | 6,214 | 6,214 | |||||||
Tax credit carryforwards | 3,773 | 3,815 | |||||||
Capital loss carryforwards | - | 647 | |||||||
Charitable contribution carryforward | - | 3 | |||||||
Non-U.S. tax/GAAP basis differences | 56,991 | 62,548 | |||||||
Valuation allowance – U.S. | (25,045 | ) | (33,783 | ) | |||||
Valuation allowance – Non-U.S. | (33,755 | ) | (38,129 | ) | |||||
Total deferred tax assets | 137,333 | 113,421 | |||||||
Deferred tax liabilities – U.S. | (19,057 | ) | (9,933 | ) | |||||
Deferred tax liabilities – Non-U.S. | (9,453 | ) | (13,263 | ) | |||||
Net deferred tax assets | $ | 108,823 | $ | 90,225 |
Note_17_Accumulated_Other_Comp1
Note 17 - Accumulated Other Comprehensive Income ("AOCI") (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accumulated Other Comprehensive Income Loss Disclosure [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
Foreign Currency Translation Adjustments | Unrealized Gains on | Total | |||||||||||
Available-for-Sale Investments | |||||||||||||
Balance as of December 31, 2012 | $ | (85,404 | ) | $ | 19,222 | $ | (66,182 | ) | |||||
Other comprehensive income before reclassifications | (1,834 | ) | 31,082 | 29,248 | |||||||||
Amounts reclassified from AOCI (1) | - | (7,194 | ) | (7,194 | ) | ||||||||
Net current-period other comprehensive income | (1,834 | ) | 23,888 | 22,054 | |||||||||
Balance as of September 30, 2013 | $ | (87,238 | ) | $ | 43,110 | $ | (44,128 | ) |
Note_18_Pro_Forma_Financial_In1
Note 18 - Pro Forma Financial Information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Pro Forma Financial Information [Abstract] | ' | ||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||
Nine Months | |||||||||
Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Revenues from rental property | $ | 696.8 | $ | 663.7 | |||||
Net income | $ | 186 | $ | 179.5 | |||||
Net income available to the Company’s common shareholders | $ | 136.7 | 104.3 | ||||||
Net income available to the Company’s common shareholders per common share: | |||||||||
Basic | $ | 0.34 | $ | 0.26 | |||||
Diluted | $ | 0.33 | $ | 0.26 |
Note_1_Interim_Financial_State2
Note 1 - Interim Financial Statements (Details) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Accounting Policies [Abstract] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 10,983,598 | 11,205,056 |
Note_1_Interim_Financial_State3
Note 1 - Interim Financial Statements (Details) - Earnings Per Share (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ||||
Income from continuing operations | $42,176 | $43,724 | $186,404 | $170,314 | ||||
Gain on sale of operating properties, net of tax | 540 | ' | 1,080 | 4,059 | ||||
Net income attributable to noncontrolling interests | -1,425 | -2,143 | -6,296 | -10,928 | ||||
Discontinued operations attributable to noncontrolling interests | 11 | -814 | 39 | 1,586 | ||||
Preferred stock redemption costs | ' | -6,213 | ' | -6,213 | ||||
Preferred stock dividends | -14,573 | -21,622 | -43,720 | -58,037 | ||||
Income from continuing operations available to the common shareholders | 26,729 | 12,932 | 137,507 | 100,781 | ||||
Earnings attributable to unvested restricted shares | -337 | -298 | -1,011 | -893 | ||||
Income from continuing operations attributable to common shareholders | 26,392 | 12,634 | 136,496 | 99,888 | ||||
Income/(loss) from discontinued operations attributable to the Company | 14,461 | 14,174 | -6,555 | 12,661 | ||||
Net income attributable to the Companybs common shareholders for basic earnings per share | 40,853 | 26,808 | 129,941 | 112,549 | ||||
Weighted average common shares outstanding (in Shares) | 408,060 | 405,810 | 407,459 | 405,880 | ||||
Effect of dilutive securities (a): | ' | ' | ' | ' | ||||
Equity awards (in Shares) | 806 | [1] | 937 | [1] | 1,051 | [1] | 770 | [1] |
Income from continuing operations (in Dollars per share) | $0.06 | $0.03 | $0.33 | $0.25 | ||||
Income/(loss) from discontinued operations (in Dollars per share) | $0.04 | $0.04 | ($0.01) | $0.03 | ||||
Net income (in Dollars per share) | $0.10 | $0.07 | $0.32 | $0.28 | ||||
Computation of Diluted Earnings Per Share: | ' | ' | ' | ' | ||||
Income from continuing operations attributable to common shareholders | 26,392 | 12,634 | 136,496 | 99,888 | ||||
Income/(loss) from discontinued operations attributable to the Company | 14,461 | 14,174 | -6,555 | 12,661 | ||||
Net income attributable to the Companybs common shareholders for diluted earnings per share | $40,853 | $26,808 | $129,941 | $112,549 | ||||
Weighted average common shares outstanding b basic (in Shares) | 408,060 | 405,810 | 407,459 | 405,880 | ||||
Effect of dilutive securities (a): | ' | ' | ' | ' | ||||
Equity awards (in Shares) | 806 | [1] | 937 | [1] | 1,051 | [1] | 770 | [1] |
Shares for diluted earnings per common share (in Shares) | 408,866 | 406,747 | 408,510 | 406,650 | ||||
Income from continuing operations (in Dollars per share) | $0.06 | $0.03 | $0.33 | $0.25 | ||||
Income/(loss) from discontinued operations (in Dollars per share) | $0.04 | $0.04 | ($0.01) | $0.03 | ||||
Net income (in Dollars per share) | $0.10 | $0.07 | $0.32 | $0.28 | ||||
[1] | For the three and nine months ended September 30, 2013 and 2012, the effect of certain convertible units would have an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations. Additionally, there were 10,983,598 and 11,205,056 stock options that were not dilutive at September 30, 2013 and 2012, respectively. |
Note_2_Operating_Property_Acti2
Note 2 - Operating Property Activities (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||||||||
After Noncontrolling Interests [Member] | Operating Properties [Member] | Losses Expected [Member] | Operating Properties [Member] | Two Land Parcels [Member] | Noncontrolling Interest [Member] | Acquisitions [Member] | Acquisitions [Member] | Acquisitions [Member] | Acquisitions [Member] | Consolidated Properties [Member] | Unconsolidated Joint Ventures [Member] | Santee Trolley Square [Member] | Shops at Kildeer [Member] | Putty Hill Plaza [Member] | Wilton River Park [Member] | Wilton River Park [Member] | Canyon Square [Member] | JTS Portfolio [Member] | JTS Portfolio [Member] | Factoria Mall [Member] | Factoria Mall [Member] | FNC Realty Corporation [Member] | Three Joint Ventures [Member] | Property, Plant and Equipment [Member] | Convertible Debt [Member] | ||||||||||||||
Santee Trolley Square [Member] | Shops at Kildeer [Member] | Putty Hill Plaza [Member] | Convertible Debt [Member] | ||||||||||||||||||||||||||||||||||||
Note 2 - Operating Property Activities (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | 19.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | ' | ' | ' | $21,711,000 | $14,156,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22,700,000 | ' | $500,000 | ' | ' | ' | ' | ' | $8,200,000 | ' | ' | ' | ' | ' | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | ' | ' | ' | 239,362,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,456,000 | [1] | 32,724,000 | [2] | 9,115,000 | [3] | 5,200,000 | 36,000,000 | [4] | 13,800,000 | [5] | ' | 43,267,000 | [6] | 56,000,000 | [7] | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | |||||||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 3.86% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | |||||||
Loans Receivable, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,600,000 | ' | ' | ' | ' | ' | ' | |||||||
Repayments of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,300,000 | ' | ' | ' | ' | ' | ' | ' | |||||||
Additional Interest Acquired, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | ' | 17.30% | ' | ' | ' | |||||||
Payments to Acquire Businesses, Gross | ' | ' | ' | 156,161,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,863,000 | [1] | ' | [2] | 4,592,000 | [3] | ' | 777,000 | [4] | 1,950,000 | [5] | ' | ' | [6] | 37,283,000 | [7] | ' | 20,300,000 | 6,500,000 | ' | ' |
Noncontrolling Interest, Period Increase (Decrease) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19,600,000 | -400,000 | ' | ' | |||||||
Adjustments to Additional Paid in Capital, Other | ' | ' | ' | -4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -700,000 | ' | ' | ' | |||||||
Number of Real Estate Properties | 22 | ' | ' | 22 | ' | ' | ' | 27 | 14 | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Sales of Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 153,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 23,398,000 | 11,329,000 | ' | 27,762,000 | 34,571,000 | ' | ' | ' | ' | 9,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Impairment of Real Estate | ' | ' | ' | ' | 37,700,000 | ' | ' | ' | ' | 31,700,000 | 18,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Proceeds from Sale of Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Asset Impairment Charges | ' | ' | 109,000,000 | 109,000,000 | ' | ' | 76,700,000 | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | |||||||
Gain (Loss) on Sale of Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -66,900,000 | -12,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Cost Method Investments, Fair Value Disclosure | $5,000,000 | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
[1] | This property was acquired from a joint venture in which the Company had a 45% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as such recognized a gain of $22.7 million, before income tax, from the fair value adjustment associated with the Company's original ownership due to a change in control, which is reflected in the purchase price above in Other. | ||||||||||||||||||||||||||||||||||||||
[2] | This property was acquired from a joint venture in which the Company had a 19% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized. | ||||||||||||||||||||||||||||||||||||||
[3] | The Company acquired the remaining 80% interest in an operating property from an unconsolidated joint venture in which the Company had a 20% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as such recognized a gain of $0.5 million from the fair value adjustment associated with the Company's original ownership due to a change in control, which is reflected in the purchase price above in Other. | ||||||||||||||||||||||||||||||||||||||
[4] | The acquisition of this property included the issuance of $5.2 million of redeemable units, which are redeemable at the option of the holder after one year and earn a yield of 6% per annum, which is included in the purchase price above in Other. In connection with this transaction, the Company provided the sellers a $5.2 million loan at a rate of 6.5%, which is secured by the redeemable units. | ||||||||||||||||||||||||||||||||||||||
[5] | This property was acquired from a joint venture in which the Company has a 15% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized. | ||||||||||||||||||||||||||||||||||||||
[6] | The Company acquired the remaining interest in a portfolio of office properties from a preferred equity investment in which the Company held a noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as such recognized a change in control loss of $9.6 million from the fair value adjustment associated with the Company's original ownership, which is reflected in the purchase price above in Other. The debt assumed in connection with this transaction of $43.3 million was repaid in April 2013. | ||||||||||||||||||||||||||||||||||||||
[7] | The Company acquired an additional 49% interest in this operating property from an unconsolidated joint venture in which the Company had a 50% noncontrolling interest. As such the Company now consolidates this investment. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as a result, recognized a gain of $8.2 million from the fair value adjustment associated with the Company's original ownership due to a change in control, which is reflected in the purchase price above in Other. |
Note_2_Operating_Property_Acti3
Note 2 - Operating Property Activities (Details) - Acquisitions (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | |
sqft | ||
Business Acquisition [Line Items] | ' | |
Purchase Price (Cash) | $156,161 | |
Purchase Price (Debt Assumed) | 239,362 | |
Purchase Price (Other) | 77,593 | |
Purchase Price (Total) | 473,116 | |
GLA (in Square Feet) | 2,474,000 | [1] |
Santee Trolley Square [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Purchase Price (Cash) | 26,863 | [2] |
Purchase Price (Debt Assumed) | 48,456 | [2] |
Purchase Price (Other) | 22,681 | [2] |
Purchase Price (Total) | 98,000 | [2] |
GLA (in Square Feet) | 311,000 | [1],[2] |
Shops at Kildeer [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Purchase Price (Cash) | ' | [3] |
Purchase Price (Debt Assumed) | 32,724 | [3] |
Purchase Price (Other) | ' | [3] |
Purchase Price (Total) | 32,724 | [3] |
GLA (in Square Feet) | 168,000 | [1],[3] |
Village Commons S.C. [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Purchase Price (Cash) | 7,100 | |
Purchase Price (Total) | 7,100 | |
GLA (in Square Feet) | 125,000 | [1] |
Putty Hill Plaza [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Purchase Price (Cash) | 4,592 | [4] |
Purchase Price (Debt Assumed) | 9,115 | [4] |
Purchase Price (Other) | 489 | [4] |
Purchase Price (Total) | 14,196 | [4] |
GLA (in Square Feet) | 91,000 | [1],[4] |
Columbia Crossing II S.C. [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Purchase Price (Cash) | 21,800 | |
Purchase Price (Total) | 21,800 | |
GLA (in Square Feet) | 101,000 | [1] |
Roseville Plaza [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Purchase Price (Cash) | 5,143 | |
Purchase Price (Total) | 5,143 | |
GLA (in Square Feet) | 80,000 | [1] |
Wilton River Park [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Purchase Price (Cash) | 777 | [5] |
Purchase Price (Debt Assumed) | 36,000 | [5] |
Purchase Price (Other) | 5,223 | [5] |
Purchase Price (Total) | 42,000 | [5] |
GLA (in Square Feet) | 187,000 | [1],[5] |
Canyon Square [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Purchase Price (Cash) | 1,950 | [6] |
Purchase Price (Debt Assumed) | 13,800 | [6] |
Purchase Price (Other) | ' | [6] |
Purchase Price (Total) | 15,750 | [6] |
GLA (in Square Feet) | 97,000 | [1],[6] |
JTS Portfolio [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Purchase Price (Cash) | ' | [7] |
Purchase Price (Debt Assumed) | 43,267 | [7] |
Purchase Price (Other) | 11,733 | [7] |
Purchase Price (Total) | 55,000 | [7] |
GLA (in Square Feet) | 520,000 | [1],[7] |
Factoria Mall [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Purchase Price (Cash) | 37,283 | [8] |
Purchase Price (Debt Assumed) | 56,000 | [8] |
Purchase Price (Other) | 37,467 | [8] |
Purchase Price (Total) | 130,750 | [8] |
GLA (in Square Feet) | 510,000 | [1],[8] |
6 Out-parcels [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Purchase Price (Cash) | 13,053 | |
Purchase Price (Total) | 13,053 | |
GLA (in Square Feet) | 97,000 | [1] |
Highlands Ranch II [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Purchase Price (Cash) | 14,600 | |
Purchase Price (Total) | 14,600 | |
GLA (in Square Feet) | 44,000 | |
Elmsford [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Purchase Price (Cash) | 23,000 | |
Purchase Price (Total) | $23,000 | |
GLA (in Square Feet) | 143,000 | |
[1] | Gross leasable area ("GLA") | |
[2] | This property was acquired from a joint venture in which the Company had a 45% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as such recognized a gain of $22.7 million, before income tax, from the fair value adjustment associated with the Company's original ownership due to a change in control, which is reflected in the purchase price above in Other. | |
[3] | This property was acquired from a joint venture in which the Company had a 19% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized. | |
[4] | The Company acquired the remaining 80% interest in an operating property from an unconsolidated joint venture in which the Company had a 20% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as such recognized a gain of $0.5 million from the fair value adjustment associated with the Company's original ownership due to a change in control, which is reflected in the purchase price above in Other. | |
[5] | The acquisition of this property included the issuance of $5.2 million of redeemable units, which are redeemable at the option of the holder after one year and earn a yield of 6% per annum, which is included in the purchase price above in Other. In connection with this transaction, the Company provided the sellers a $5.2 million loan at a rate of 6.5%, which is secured by the redeemable units. | |
[6] | This property was acquired from a joint venture in which the Company has a 15% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. This transaction resulted in a change in control with no gain or loss recognized. | |
[7] | The Company acquired the remaining interest in a portfolio of office properties from a preferred equity investment in which the Company held a noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as such recognized a change in control loss of $9.6 million from the fair value adjustment associated with the Company's original ownership, which is reflected in the purchase price above in Other. The debt assumed in connection with this transaction of $43.3 million was repaid in April 2013. | |
[8] | The Company acquired an additional 49% interest in this operating property from an unconsolidated joint venture in which the Company had a 50% noncontrolling interest. As such the Company now consolidates this investment. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as a result, recognized a gain of $8.2 million from the fair value adjustment associated with the Company's original ownership due to a change in control, which is reflected in the purchase price above in Other. |
Note_2_Operating_Property_Acti4
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ' |
Mortgage Fair Value Adjustment | ($3,884) |
Other Assets | 867 |
Other Liabilities | -399 |
473,116 | |
Above Market Rents | 10,787 |
Below Market Rents | -15,075 |
In-Place Leases | 21,532 |
Land [Member] | ' |
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ' |
Property | 136,969 |
Building [Member] | ' |
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ' |
Property | 244,194 |
Building Improvements [Member] | ' |
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ' |
Property | 65,274 |
Tenant Improvements [Member] | ' |
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ' |
Property | $12,851 |
Note_2_Operating_Property_Acti5
Note 2 - Operating Property Activities (Details) - Impairment Charges (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | |
Note 2 - Operating Property Activities (Details) - Impairment Charges [Line Items] | ' | ' | |
Impairment Charges | $109,000 | $109,000 | |
Impairment Charges - Mexico Operating Properties [Member] | ' | ' | |
Note 2 - Operating Property Activities (Details) - Impairment Charges [Line Items] | ' | ' | |
Impairment Charges | 66,900 | [1] | ' |
Impairment Charges - Land Parcels [Member] | ' | ' | |
Note 2 - Operating Property Activities (Details) - Impairment Charges [Line Items] | ' | ' | |
Impairment Charges | 17,400 | [2] | ' |
Impairment Charges - Operating Properties [Member] | ' | ' | |
Note 2 - Operating Property Activities (Details) - Impairment Charges [Line Items] | ' | ' | |
Impairment Charges | 10,500 | [2] | ' |
Impairment Charges - Cost Method Investment [Member] | ' | ' | |
Note 2 - Operating Property Activities (Details) - Impairment Charges [Line Items] | ' | ' | |
Impairment Charges | 10,000 | [3] | ' |
Impairment Charges - Preferred Equity Investment [Member] | ' | ' | |
Note 2 - Operating Property Activities (Details) - Impairment Charges [Line Items] | ' | ' | |
Impairment Charges | 3,200 | [4] | ' |
Impairment Charges - Joint Venture Investments [Member] | ' | ' | |
Note 2 - Operating Property Activities (Details) - Impairment Charges [Line Items] | ' | ' | |
Impairment Charges | $1,000 | [2] | ' |
[1] | Impairments resulted from the Company currently being in advanced negotiations to sell 27 operating properties within its Mexico portfolio. Based upon the allocation of the estimated selling prices, the Company determined that for 14 of these properties the estimated fair values are below the current carrying value. As such, the Company has recorded impairment charges of $76.7 million, after noncontrolling interests of $3.1 million ($66.9 million of which relates to eight consolidated properties and $12.9 million relates to six properties within the Company's joint venture investments). These impairments resulted from the Company's efforts to market certain assets within the Company's Latin American portfolio and management's assessment as to the likelihood and timing of such potential transactions. The above amounts are subject to change based upon finalization of contract terms, closing costs, additional cash amounts received as earn outs and fluctuations in the Mexican Peso exchange rate (see Footnote 17). | ||
[2] | Impairments are based upon purchase prices or purchase price offers. These impairments resulted from the Company's efforts to market certain assets and management's assessment as to the likelihood and timing of such potential transactions. | ||
[3] | The Company reviewed the underlying cause of the decline in value of this asset, as well as the severity and the duration of the decline and determined that the decline was other-than-temporary. Based upon the calculation of an estimated fair value of $5.0 million using a discounted cash flow model (see Footnote 12) impairment charges were recognized. | ||
[4] | Based upon a review of the debt maturity status and the likelihood of foreclosure of the underlying property within this preferred equity investment, the Company believes it will not recover its investment and as such recorded a full impairment of its investment. |
Note_3_Discontinued_Operations2
Note 3 - Discontinued Operations (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | ||
sqft | Assets Held-for-sale [Member] | Assets Held-for-sale [Member] | Assets Held-for-sale [Member] | Assets Held-for-sale [Member] | Operating Properties [Member] | Operating Properties [Member] | ||||
Operating Properties [Member] | Three Operating Properties [Member] | Remaining [Member] | sqft | Sold [Member] | ||||||
Note 3 - Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of Real Estate Properties | ' | 22 | ' | 8 | ' | ' | 3 | 1 | ' | |
(in Square Feet) | ' | 2,474,000 | [1] | ' | ' | ' | ' | 850,997 | ' | ' |
Real Estate Held-for-sale | ' | $64,600,000 | ' | ' | ' | $108,000,000 | ' | ' | ' | |
Real Estate Investment Property, Accumulated Depreciation | ' | 1,864,904,000 | 1,745,462,000 | ' | ' | 11,100,000 | 5,700,000 | ' | ' | |
Impairment of Real Estate | 37,700,000 | ' | ' | ' | 15,200,000 | ' | ' | ' | 31,700,000 | |
Fair Value Of Real Estate | ' | $302,702,000 | $52,505,000 | ' | $93,000,000 | ' | ' | ' | ' | |
[1] | Gross leasable area ("GLA") |
Note_3_Discontinued_Operations3
Note 3 - Discontinued Operations (Details) - Discontinued Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Income/(loss) from discontinued operating properties | $14,472 | $13,360 | ($6,516) | $14,247 |
Net (income)/loss attributable to noncontrolling interests | 11 | -814 | 39 | 1,586 |
Income/(loss )from discontinued operations attributable to the Company | 14,461 | 14,174 | -6,555 | 12,661 |
Discontinued Operations [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Revenues from rental property | 6,093 | 13,941 | 21,329 | 46,587 |
Rental property expenses | -2,465 | -4,630 | -7,575 | -17,289 |
Depreciation and amortization | -1,220 | -2,920 | -5,076 | -17,317 |
Provision for doubtful accounts | -389 | -514 | -815 | -1,551 |
Interest (expense)/income | 0 | -848 | 300 | -1,997 |
Other expense, net | -65 | -122 | -173 | -353 |
Income from discontinued operating properties, before income taxes | 1,954 | 4,907 | 7,990 | 8,080 |
Impairment of property carrying value, net, before income taxes | -10,842 | -3,169 | -58,107 | -37,414 |
Gain on disposition of operating properties, net | 28,244 | 13,278 | 32,608 | 36,520 |
(Provision)/benefit for income taxes, net | -4,884 | -1,656 | 10,993 | 7,061 |
Income/(loss) from discontinued operating properties | 14,472 | 13,360 | -6,516 | 14,247 |
Net (income)/loss attributable to noncontrolling interests | -11 | 814 | -39 | -1,586 |
Income/(loss )from discontinued operations attributable to the Company | $14,461 | $14,174 | ($6,555) | $12,661 |
Note_4_Investments_and_Advance2
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |||||||||||||||||
Company Share [Member] | KimPru and KimPru II [Member] | KimPru and KimPru II [Member] | KimPru and KimPru II [Member] | KimPru [Member] | Intown [Member] | Intown [Member] | Intown [Member] | Intown [Member] | Intown [Member] | Other Joint Venture Programs [Member] | Other Joint Venture Programs [Member] | Other Joint Venture Programs [Member] | Other Joint Venture Programs [Member] | Other Joint Venture Programs [Member] | Other Joint Venture Programs [Member] | Other Joint Venture Programs [Member] | Other Joint Venture Programs [Member] | Other Joint Venture Programs [Member] | Other Joint Venture Programs [Member] | Other Joint Venture Programs [Member] | Other Joint Venture Programs [Member] | Kimco Income Fund [Member] | Kimco Income Fund [Member] | Kimco Income Fund [Member] | UBS Programs [Member] | UBS Programs [Member] | UBS Programs [Member] | UBS Programs [Member] | Other Institutional Programs [Member] | Other Institutional Programs [Member] | Other Institutional Programs [Member] | Other Institutional Programs [Member] | Other Institutional Programs [Member] | Other Institutional Programs [Member] | BIG Shopping Centers [Member] | BIG Shopping Centers [Member] | BIG Shopping Centers [Member] | Latin America [Member] | Latin America [Member] | KIR [Member] | Kimstone [Member] | Kimstone [Member] | Kimstone [Member] | Operating Properties [Member] | Operating Properties [Member] | RioCan [Member] | KIR [Member] | |||||||||||||||||||||
Other Joint Venture Programs [Member] | Operating Properties [Member] | Minimum [Member] | Maximum [Member] | Operating Properties [Member] | Operating Properties [Member] | Operating Properties [Member] | Sold [Member] | Sold [Member] | Sold [Member] | Sold [Member] | Mexico Portfolio [Member] | Additional [Member] | Operating Properties [Member] | Operating Properties [Member] | Operating Properties [Member] | Sold [Member] | Pending Sale [Member] | Company's Share [Member] | UBS Programs [Member] | Sold [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Mexico Portfolio [Member] | Chili [Member] | Additional [Member] | Mexico Portfolio [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Number of Joint Ventures | ' | ' | ' | ' | ' | ' | 4 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Number of Accounts | 4 | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Sales of Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | $735,000,000 | ' | ' | ' | ' | $228,800,000 | $603,500,000 | $17,600,000 | ' | ' | ' | ' | ' | ' | ' | $180,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $75,500,000 | $127,000,000 | ' | ' | ' | ' | ' | $315,500,000 | ' | ' | ' | ' | ' | ' | $153,300,000 | ' | $30,000,000 | ||||||||||||||||
Transfer Mortgage Payable | ' | ' | ' | 13,655,000 | ' | ' | ' | ' | ' | 609,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Deferred Gain on Sale of Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Guarantor Obligations, Current Carrying Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.15% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Debt Instrument, Convertible, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Number of Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Number of Real Estate Properties | 22 | ' | 22 | ' | ' | ' | 60 | [1],[2],[3] | 61 | [1],[2],[3] | ' | ' | 0 | [4] | 138 | [4] | ' | ' | ' | 11 | 9 | ' | 2 | 10 | ' | 2 | 84 | 81 | [5],[6],[7] | ' | 87 | [5],[6],[7] | ' | 12 | [2],[8] | 12 | [2],[8] | ' | ' | ' | [10],[11],[2],[9] | 40 | [10],[11],[2],[9] | ' | ' | ' | ' | 56 | [12],[2] | 58 | [12],[2] | ' | 21 | [13],[2],[9] | 22 | [13],[2],[9] | 29 | [14],[15],[16],[17] | 131 | [14],[15],[16],[17] | ' | ' | ' | ' | 1 | ' | ' | ' |
Gains (Losses) on Sales of Investment Real Estate | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,100,000 | 8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,100,000 | ' | ' | ' | ' | ' | ' | ' | 21,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | 15.00% | [1],[2],[3] | 15.00% | [1],[2],[3] | ' | ' | 0.00% | [4] | ' | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | [5],[6],[7] | ' | ' | [5],[6],[7] | 24.24% | 39.50% | [2],[8] | 15.20% | [2],[8] | ' | ' | ' | [10],[11],[2],[9] | 17.90% | [10],[11],[2],[9] | ' | ' | ' | ' | ' | [12],[2] | ' | [12],[2] | ' | 37.90% | [13],[2],[9] | 37.70% | [13],[2],[9] | ' | [14],[15],[16],[17] | ' | [14],[15],[16],[17] | 3.57% | 66.70% | 33.30% | ' | ' | ' | ' | ' |
Payments to Acquire Equity Method Investments | ' | ' | ' | ' | ' | ' | 15,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,300,000 | ' | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,400,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Payments to Acquire Real Estate | ' | ' | 182,423,000 | 338,959,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,700,000 | ' | ' | ' | 14,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | ' | ' | 21,711,000 | 14,156,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Gains (Losses) on Extinguishment of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | 13,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Impairment of Real Estate | ' | ' | ' | 37,700,000 | ' | 600,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 12,900,000 | ' | 1,000,000 | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,700,000 | ' | ' | ||||||||||||||||
Gain (Loss) on Sale of Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.30% | ' | ' | ' | ' | ||||||||||||||||
Release of Liability of Debt from Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 301,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Gain (Loss) on Sale of Properties, before Applicable Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,200,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Income Tax Expense (Benefit) | 24,238,000 | 5,520,000 | 28,110,000 | 13,581,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Real Estate Partnership Investment Subsidiaries, Net Income (Loss) before Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ||||||||||||||||
Real Estate Tax Expense | $30,900,000 | $28,823,000 | $88,770,000 | $84,131,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,500,000 | ' | ||||||||||||||||
[1] | This venture represents four separate joint ventures, with four separate accounts managed by Prudential Real Estate Investors ("PREI"), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | During the nine months ended September 30, 2013, the Company purchased the remaining interest in an operating property for a purchase price of $15.8 million. As a result of this transaction, KimPru recognized an impairment charge of $4.0 million, of which the Company's share was $0.6 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | The Company's share of this investment was subject to fluctuation and dependent upon property cash flows. During June 2013, the Intown portfolio was sold for a sales price of $735.0 million which included the assignment of $609.2 million in debt. This transaction resulted in a deferred gain to the Company of $21.7 million. The Company continues to maintain its guarantee of $145.2 million of outstanding debt assumed by the buyer. The guarantee is collateralized by the buyer's ownership interest in the portfolio. The Company is entitled to a guarantee fee, for the initial term of the loan, which is scheduled to mature in December 2015. The guarantee fee is calculated based upon the difference between LIBOR plus 1.15% and 5.0% per annum multiplied by the outstanding amount of the loan. Additionally, the Company has entered into a commitment to provide financing up to $145.2 million for five years past the date of maturity. This commitment can be in the form of extensions with the current lender, loans from a new lender or financing directly from the Company to the buyer. Due to this continued involvement, the Company deferred its gain until such time that the guarantee and commitment expire. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | During the nine months ended September 30, 2013, the Company amended one of its Canadian preferred equity investment agreements to restructure the investment as a pari passu joint venture in which the Company holds a noncontrolling interest. As a result of this transaction, the Company continues to account for its investment in this joint venture under the equity method of accounting and includes this investment in Investments and advances to real estate joint ventures within the Company's Condensed Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | During the nine months ended September 30, 2013, a joint venture in which the Company has a noncontrolling interest sold an operating property for a sales price of $7.6 million and recognized an impairment charge of $2.0 million. The Company's share of this impairment charge was $1.0 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | During the nine months ended September 30, 2013, two joint ventures in which the Company held noncontrolling interests sold two operating properties to the Company, in separate transactions, for an aggregate sales price of $228.8 million. The Company evaluated these transactions pursuant to the FASB's Consolidation guidance. As such, the Company recognized an aggregate gain of $30.9 million, before income tax, from the fair value adjustment associated with its original ownership due to a change in control and now consolidates these operating properties. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | During the nine months ended September 30, 2013, the Company purchased an additional 24.24% interest in Kimco Income Fund for $38.3 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | Ownership % is a blended rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | During the nine months ended September 30, 2013, UBS sold an operating property to the Company for a sales price of $32.7 million, which was equal to the remaining debt balance. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. As such the Company recognized no gain or loss from a change in control and now consolidates this operating property. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | During June 2013, the Company increased its ownership interest in the UBS Programs to 33.3% and simultaneously UBS transferred its remaining 66.7% ownership interest in the UBS Programs to affiliates of Blackstone Real Estate Partners VII ("Blackstone"). Both of these transactions were based on a gross purchase price of $1.1 billion. Upon completion of these transactions, Blackstone and the Company entered into a new joint venture (Kimstone) in which the Company owns a 33.3% noncontrolling interest. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | During the nine months ended September 30, 2013, a joint venture in which the Company held a noncontrolling interest sold an operating property to the Company for a sales price of $14.2 million. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. As such the Company recognized a gain of $0.5 million from the fair value adjustment associated with the Company's original ownership due to a change in control and now consolidates this operating property. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[13] | During the nine months ended September 30, 2013, BIG recognized a gain on early extinguishment of debt of $13.7 million related to a property that was foreclosed on by a third party lender. The Company's share of this gain was $2.4 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[14] | During the nine months ended September 30, 2013, joint ventures in which the Company held noncontrolling interests sold ten operating properties located throughout Mexico for $315.5 million. These transactions resulted in an aggregate net gain to the Company of $21.8 million, after tax. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[15] | During the nine months ended September 30, 2013, the Company and its joint venture partner sold their noncontrolling ownership interest in a joint venture which held interests in 84 operating properties located throughout Mexico for $603.5 million (including debt of $301.2 million). This transaction resulted in a net gain to the Company of $78.2 million, before income taxes of $25.1 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[16] | During the nine months ended September 30, 2013, a joint venture in which the Company held a noncontrolling interest sold nine operating properties located throughout Chile for net proceeds of $17.6 million. This transaction resulted in a net gain to the Company of $4.0 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[17] | The Company is currently in advanced negotiations to sell 11 operating properties located throughout Mexico, which are held in unconsolidated joint ventures in which the Company holds noncontrolling interests. Based upon the allocation of the selling price, the Company has recorded impairment charges of $12.9 million on six of these properties. (see Footnote 2 - Impairment Charges). |
Note_4_Investments_and_Advance3
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Investment Details (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | sqft | sqft | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Number of Properties | 22 | ' | ||
Total GLA (in Square Feet) | 2,474,000 | [1] | ' | |
KimPru and KimPru II [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Average Ownership Interest | 15.00% | [2],[3],[4] | 15.00% | [2],[3],[4] |
Number of Properties | 60 | [2],[3],[4] | 61 | [2],[3],[4] |
Total GLA (in Square Feet) | 10,600,000 | [2],[3],[4] | 10,700,000 | [2],[3],[4] |
Gross Investment In Real Estate | $2,719.40 | [2],[3],[4] | $2,744.90 | [2],[3],[4] |
The Company's Investment | 179.5 | [2],[3],[4] | 170.1 | [2],[3],[4] |
Kimco Income Opportunity Portfolio (bKIRb) [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Average Ownership Interest | 48.60% | [2],[5],[6] | 45.00% | [2],[5],[6] |
Number of Properties | 57 | [2],[5],[6] | 58 | [2],[5],[6] |
Total GLA (in Square Feet) | 12,000,000 | [2],[5],[6] | 12,400,000 | [2],[5],[6] |
Gross Investment In Real Estate | 1,515.20 | [2],[5],[6] | 1,543.20 | [2],[5],[6] |
The Company's Investment | 176.4 | [2],[5],[6] | 140.3 | [2],[5],[6] |
UBS Programs [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Average Ownership Interest | ' | [2],[7],[8],[9] | 17.90% | [2],[7],[8],[9] |
Number of Properties | ' | [2],[7],[8],[9] | 40 | [2],[7],[8],[9] |
Total GLA (in Square Feet) | ' | [2],[7],[8],[9] | 5,700,000 | [2],[7],[8],[9] |
Gross Investment In Real Estate | ' | [2],[7],[8],[9] | 1,260.10 | [2],[7],[8],[9] |
The Company's Investment | 1.1 | [2],[7],[8],[9] | 58.4 | [2],[7],[8],[9] |
BIG Shopping Centers [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Average Ownership Interest | 37.90% | [10],[2],[7] | 37.70% | [10],[2],[7] |
Number of Properties | 21 | [10],[2],[7] | 22 | [10],[2],[7] |
Total GLA (in Square Feet) | 3,400,000 | [10],[2],[7] | 3,600,000 | [10],[2],[7] |
Gross Investment In Real Estate | 519.6 | [10],[2],[7] | 547.7 | [10],[2],[7] |
The Company's Investment | 30.7 | [10],[2],[7] | 31.3 | [10],[2],[7] |
The Canada Pension Plan Investment Board (bCPPb) [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Average Ownership Interest | 55.00% | [2] | 55.00% | [2] |
Number of Properties | 6 | [2] | 6 | [2] |
Total GLA (in Square Feet) | 2,400,000 | [2] | 2,400,000 | [2] |
Gross Investment In Real Estate | 436.5 | [2] | 436.1 | [2] |
The Company's Investment | 146.7 | [2] | 149.5 | [2] |
Kimco Income Fund [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Average Ownership Interest | 39.50% | [11],[2] | 15.20% | [11],[2] |
Number of Properties | 12 | [11],[2] | 12 | [11],[2] |
Total GLA (in Square Feet) | 1,500,000 | [11],[2] | 1,500,000 | [11],[2] |
Gross Investment In Real Estate | 288.1 | [11],[2] | 287 | [11],[2] |
The Company's Investment | 51.1 | [11],[2] | 12.3 | [11],[2] |
SEB Immobilien [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Average Ownership Interest | 15.00% | [2] | 15.00% | [2] |
Number of Properties | 13 | [2] | 13 | [2] |
Total GLA (in Square Feet) | 1,800,000 | [2] | 1,800,000 | [2] |
Gross Investment In Real Estate | 361.4 | [2] | 361.2 | [2] |
The Company's Investment | 1.1 | [2] | 1.5 | [2] |
Other Institutional Programs [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Average Ownership Interest | ' | [12],[2] | ' | [12],[2] |
Number of Properties | 56 | [12],[2] | 58 | [12],[2] |
Total GLA (in Square Feet) | 2,100,000 | [12],[2] | 2,600,000 | [12],[2] |
Gross Investment In Real Estate | 453.2 | [12],[2] | 499.2 | [12],[2] |
The Company's Investment | 16.9 | [12],[2] | 21.3 | [12],[2] |
RioCan [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Average Ownership Interest | 50.00% | 50.00% | ||
Number of Properties | 45 | 45 | ||
Total GLA (in Square Feet) | 9,300,000 | 9,300,000 | ||
Gross Investment In Real Estate | 1,335.50 | 1,379.30 | ||
The Company's Investment | 161.8 | 111 | ||
Intown [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Average Ownership Interest | 0.00% | [13] | ' | [13] |
Number of Properties | 0 | [13] | 138 | [13] |
Total GLA (in Square Feet) | 0 | [13] | ' | [13] |
Gross Investment In Real Estate | 0 | [13] | 841 | [13] |
The Company's Investment | 0 | [13] | 86.9 | [13] |
Latin America [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Average Ownership Interest | ' | [14],[15],[16],[17] | ' | [14],[15],[16],[17] |
Number of Properties | 29 | [14],[15],[16],[17] | 131 | [14],[15],[16],[17] |
Total GLA (in Square Feet) | 3,900,000 | [14],[15],[16],[17] | 18,000,000 | [14],[15],[16],[17] |
Gross Investment In Real Estate | 332.3 | [14],[15],[16],[17] | 1,198.10 | [14],[15],[16],[17] |
The Company's Investment | 162.4 | [14],[15],[16],[17] | 334.2 | [14],[15],[16],[17] |
Other Joint Venture Programs [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Average Ownership Interest | ' | [18],[19],[20] | ' | [18],[19],[20] |
Number of Properties | 81 | [18],[19],[20] | 87 | [18],[19],[20] |
Total GLA (in Square Feet) | 12,400,000 | [18],[19],[20] | 13,200,000 | [18],[19],[20] |
Gross Investment In Real Estate | 1,657 | [18],[19],[20] | 1,846.70 | [18],[19],[20] |
The Company's Investment | 274.2 | [18],[19],[20] | 311.4 | [18],[19],[20] |
Total [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Number of Properties | 419 | 671 | ||
Total GLA (in Square Feet) | 65,000,000 | 81,200,000 | ||
Gross Investment In Real Estate | 10,705 | 12,944.50 | ||
The Company's Investment | 1,308.20 | 1,428.20 | ||
Kimstone [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Average Ownership Interest | 33.30% | [2],[8] | ' | [2],[8] |
Number of Properties | 39 | [2],[8] | ' | [2],[8] |
Total GLA (in Square Feet) | 5,600,000 | [2],[8] | ' | [2],[8] |
Gross Investment In Real Estate | 1,086.80 | [2],[8] | ' | [2],[8] |
The Company's Investment | $106.30 | [2],[8] | ' | [2],[8] |
[1] | Gross leasable area ("GLA") | |||
[2] | The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees. | |||
[3] | This venture represents four separate joint ventures, with four separate accounts managed by Prudential Real Estate Investors ("PREI"), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II. | |||
[4] | During the nine months ended September 30, 2013, the Company purchased the remaining interest in an operating property for a purchase price of $15.8 million. As a result of this transaction, KimPru recognized an impairment charge of $4.0 million, of which the Company's share was $0.6 million. | |||
[5] | During the nine months ended September 30, 2013, the Company purchased an additional 3.57% interest in KIR for $48.4 million. | |||
[6] | During the nine months ended September 30, 2013, KIR sold an operating property in Cincinnati, OH for a sales price of $30.0 million and recognized a gain of $6.1 million. The Company's share of this gain was $3.0 million. | |||
[7] | Ownership % is a blended rate | |||
[8] | During June 2013, the Company increased its ownership interest in the UBS Programs to 33.3% and simultaneously UBS transferred its remaining 66.7% ownership interest in the UBS Programs to affiliates of Blackstone Real Estate Partners VII ("Blackstone"). Both of these transactions were based on a gross purchase price of $1.1 billion. Upon completion of these transactions, Blackstone and the Company entered into a new joint venture (Kimstone) in which the Company owns a 33.3% noncontrolling interest. | |||
[9] | During the nine months ended September 30, 2013, UBS sold an operating property to the Company for a sales price of $32.7 million, which was equal to the remaining debt balance. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. As such the Company recognized no gain or loss from a change in control and now consolidates this operating property. | |||
[10] | During the nine months ended September 30, 2013, BIG recognized a gain on early extinguishment of debt of $13.7 million related to a property that was foreclosed on by a third party lender. The Company's share of this gain was $2.4 million. | |||
[11] | During the nine months ended September 30, 2013, the Company purchased an additional 24.24% interest in Kimco Income Fund for $38.3 million. | |||
[12] | During the nine months ended September 30, 2013, a joint venture in which the Company held a noncontrolling interest sold an operating property to the Company for a sales price of $14.2 million. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. As such the Company recognized a gain of $0.5 million from the fair value adjustment associated with the Company's original ownership due to a change in control and now consolidates this operating property. | |||
[13] | The Company's share of this investment was subject to fluctuation and dependent upon property cash flows. During June 2013, the Intown portfolio was sold for a sales price of $735.0 million which included the assignment of $609.2 million in debt. This transaction resulted in a deferred gain to the Company of $21.7 million. The Company continues to maintain its guarantee of $145.2 million of outstanding debt assumed by the buyer. The guarantee is collateralized by the buyer's ownership interest in the portfolio. The Company is entitled to a guarantee fee, for the initial term of the loan, which is scheduled to mature in December 2015. The guarantee fee is calculated based upon the difference between LIBOR plus 1.15% and 5.0% per annum multiplied by the outstanding amount of the loan. Additionally, the Company has entered into a commitment to provide financing up to $145.2 million for five years past the date of maturity. This commitment can be in the form of extensions with the current lender, loans from a new lender or financing directly from the Company to the buyer. Due to this continued involvement, the Company deferred its gain until such time that the guarantee and commitment expire. | |||
[14] | During the nine months ended September 30, 2013, joint ventures in which the Company held noncontrolling interests sold ten operating properties located throughout Mexico for $315.5 million. These transactions resulted in an aggregate net gain to the Company of $21.8 million, after tax. | |||
[15] | During the nine months ended September 30, 2013, the Company and its joint venture partner sold their noncontrolling ownership interest in a joint venture which held interests in 84 operating properties located throughout Mexico for $603.5 million (including debt of $301.2 million). This transaction resulted in a net gain to the Company of $78.2 million, before income taxes of $25.1 million. | |||
[16] | During the nine months ended September 30, 2013, a joint venture in which the Company held a noncontrolling interest sold nine operating properties located throughout Chile for net proceeds of $17.6 million. This transaction resulted in a net gain to the Company of $4.0 million. | |||
[17] | The Company is currently in advanced negotiations to sell 11 operating properties located throughout Mexico, which are held in unconsolidated joint ventures in which the Company holds noncontrolling interests. Based upon the allocation of the selling price, the Company has recorded impairment charges of $12.9 million on six of these properties. (see Footnote 2 - Impairment Charges). | |||
[18] | During the nine months ended September 30, 2013, the Company amended one of its Canadian preferred equity investment agreements to restructure the investment as a pari passu joint venture in which the Company holds a noncontrolling interest. As a result of this transaction, the Company continues to account for its investment in this joint venture under the equity method of accounting and includes this investment in Investments and advances to real estate joint ventures within the Company's Condensed Consolidated Balance Sheets. | |||
[19] | During the nine months ended September 30, 2013, a joint venture in which the Company has a noncontrolling interest sold an operating property for a sales price of $7.6 million and recognized an impairment charge of $2.0 million. The Company's share of this impairment charge was $1.0 million. | |||
[20] | During the nine months ended September 30, 2013, two joint ventures in which the Company held noncontrolling interests sold two operating properties to the Company, in separate transactions, for an aggregate sales price of $228.8 million. The Company evaluated these transactions pursuant to the FASB's Consolidation guidance. As such, the Company recognized an aggregate gain of $30.9 million, before income tax, from the fair value adjustment associated with its original ownership due to a change in control and now consolidates these operating properties. |
Note_4_Investments_and_Advance4
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Equity in Income of Joint Ventures (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in income of joint ventures | $96,200 | $24,500 | $179,791 | $89,587 | ||||
KimPru and KimPru II [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in income of joint ventures | 2,400 | [1] | 1,500 | [1] | 6,600 | [1] | 5,600 | [1] |
KIR [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in income of joint ventures | 9,000 | [2] | 5,300 | [2] | 23,500 | [2] | 17,200 | [2] |
UBS Programs [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in income of joint ventures | 200 | [3] | -700 | [3] | 1,700 | [3] | -300 | [3] |
Kimstone [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in income of joint ventures | 1,800 | [3] | ' | [3] | 1,800 | [3] | ' | [3] |
BIG Shopping Centers [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in income of joint ventures | 900 | [4] | -600 | [4] | 2,300 | [4] | -2,100 | [4] |
CPP [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in income of joint ventures | 1,500 | 1,500 | 4,500 | 4,000 | ||||
Kimco Income Fund [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in income of joint ventures | 900 | 300 | 2,500 | 1,400 | ||||
SEB Immobilien [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in income of joint ventures | 300 | 200 | 800 | 500 | ||||
Other Institutional Programs [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in income of joint ventures | 200 | [5],[6] | 400 | [5],[6] | 1,100 | [5],[6] | 4,600 | [5],[6] |
RioCan [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in income of joint ventures | 7,300 | [7] | 6,400 | [7] | 20,000 | [7] | 24,200 | [7] |
Intown [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in income of joint ventures | ' | 1,500 | 1,400 | 2,400 | ||||
Latin America [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in income of joint ventures | 69,300 | [10],[11],[8],[9] | 4,500 | [10],[11],[8],[9] | 101,400 | [10],[11],[8],[9] | 11,100 | [10],[11],[8],[9] |
Other Joint Venture Programs [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in income of joint ventures | $2,400 | [12],[13] | $4,200 | [12],[13] | $12,200 | [12],[13] | $21,000 | [12],[13] |
[1] | During the nine months ended September 30, 2013, the Company purchased the remaining interest in an operating property for a purchase price of $15.8 million. As a result of this transaction, KimPru recognized an impairment charge of $4.0 million, of which the Company's share was $0.6 million. | |||||||
[2] | During the nine months ended September 30, 2013, KIR sold an operating property in Cincinnati, OH for a sales price of $30.0 million and recognized a gain of $6.1 million. The Company's share of this gain was $3.0 million. | |||||||
[3] | During June 2013, the Company increased its ownership interest in the UBS Programs to 33.3% and simultaneously UBS transferred its remaining 66.7% ownership interest in the UBS Programs to affiliates of Blackstone Real Estate Partners VII ("Blackstone"). Both of these transactions were based on a gross purchase price of $1.1 billion. Upon completion of these transactions, Blackstone and the Company entered into a new joint venture (Kimstone) in which the Company owns a 33.3% noncontrolling interest. | |||||||
[4] | During the nine months ended September 30, 2013, BIG recognized a gain on early extinguishment of debt of $13.7 million related to a property that was foreclosed on by a third party lender. The Company's share of this gain was $2.4 million. | |||||||
[5] | During the nine months ended September 30, 2012, a joint venture in which the Company holds a noncontrolling interest sold two encumbered operating properties to the Company for an aggregate sales price of $75.5 million. As a result of this transaction, the Company recognized promote income of $2.6 million. Additionally, the Company evaluated these transactions pursuant to the FASB's Consolidation guidance. As such, the Company recognized a gain of $2.0 million from the fair value adjustment associated with its original ownership due to a change in control and now consolidates these operating properties. | |||||||
[6] | During the nine months ended September 30, 2012, a joint venture in which the Company held a noncontrolling interest sold an operating property to the Company for a sales price of $127.0 million. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as such recognized a gain of $12.1 million from the fair value adjustment associated with its original ownership due to a change in control. In addition, the Company recognized promote income of $1.1 million in connection with this transaction. | |||||||
[7] | During the nine months ended September 30, 2012, the Company recognized income of $7.5 million, before taxes of $1.5 million, from the sale of certain air rights at one of the properties in the RioCan portfolio. | |||||||
[8] | During the nine months ended September 30, 2013, joint ventures in which the Company held noncontrolling interests sold ten operating properties located throughout Mexico for $315.5 million. These transactions resulted in an aggregate net gain to the Company of $21.8 million, after tax. | |||||||
[9] | During the nine months ended September 30, 2013, the Company and its joint venture partner sold their noncontrolling ownership interest in a joint venture which held interests in 84 operating properties located throughout Mexico for $603.5 million (including debt of $301.2 million). This transaction resulted in a net gain to the Company of $78.2 million, before income taxes of $25.1 million. | |||||||
[10] | During the nine months ended September 30, 2013, a joint venture in which the Company held a noncontrolling interest sold nine operating properties located throughout Chile for net proceeds of $17.6 million. This transaction resulted in a net gain to the Company of $4.0 million. | |||||||
[11] | The Company is currently in advanced negotiations to sell 11 operating properties located throughout Mexico, which are held in unconsolidated joint ventures in which the Company holds noncontrolling interests. Based upon the allocation of the selling price, the Company has recorded impairment charges of $12.9 million on six of these properties. (see Footnote 2 - Impairment Charges). | |||||||
[12] | During the nine months ended September 30, 2013, a joint venture in which the Company has a noncontrolling interest sold an operating property for a sales price of $7.6 million and recognized an impairment charge of $2.0 million. The Company's share of this impairment charge was $1.0 million. | |||||||
[13] | During the nine months ended September 30, 2012, three joint ventures in which the Company holds noncontrolling interests sold three properties, in separate transactions, for an aggregate sales price of $180.0 million. The Company's share of the aggregate gain related to these transactions was $8.3 million. |
Note_4_Investments_and_Advance5
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items] | ' | ' | ||
Mortgages and Notes Payable | $5,679.90 | $7,067.50 | ||
KimPru and KimPru II [Member] | ' | ' | ||
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items] | ' | ' | ||
Mortgages and Notes Payable | 924.2 | 1,010.20 | ||
Weighted Average Interest Rate | 5.53% | 5.54% | ||
Weighted Average Remaining Term | '38 months | [1] | '44 months 15 days | [1] |
KIR [Member] | ' | ' | ||
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items] | ' | ' | ||
Mortgages and Notes Payable | 893.1 | 914.6 | ||
Weighted Average Interest Rate | 5.05% | 5.22% | ||
Weighted Average Remaining Term | '78 months 6 days | [1] | '78 months 18 days | [1] |
UBS Programs [Member] | ' | ' | ||
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items] | ' | ' | ||
Mortgages and Notes Payable | 0 | 691.9 | ||
Weighted Average Interest Rate | 0.00% | 5.40% | ||
Weighted Average Remaining Term | '0 years | [1] | '39 months 3 days | [1] |
Kimstone [Member] | ' | ' | ||
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items] | ' | ' | ||
Mortgages and Notes Payable | 725.8 | 0 | ||
Weighted Average Interest Rate | 4.99% | 0.00% | ||
Weighted Average Remaining Term | '37 months 21 days | '0 years | ||
BIG Shopping Centers [Member] | ' | ' | ||
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items] | ' | ' | ||
Mortgages and Notes Payable | 406.4 | 443.8 | ||
Weighted Average Interest Rate | 5.39% | 5.52% | ||
Weighted Average Remaining Term | '43 months 6 days | [1] | '45 months 15 days | [1] |
CPP [Member] | ' | ' | ||
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items] | ' | ' | ||
Mortgages and Notes Payable | 139.3 | 141.5 | ||
Weighted Average Interest Rate | 5.17% | 5.19% | ||
Weighted Average Remaining Term | '22 months | [1] | '31 months | [1] |
Kimco Income Fund [Member] | ' | ' | ||
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items] | ' | ' | ||
Mortgages and Notes Payable | 158.8 | 161.4 | ||
Weighted Average Interest Rate | 5.45% | 5.45% | ||
Weighted Average Remaining Term | '11 months 24 days | [1] | '20 months 21 days | [1] |
SEB Immobilien [Member] | ' | ' | ||
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items] | ' | ' | ||
Mortgages and Notes Payable | 243.8 | 243.8 | ||
Weighted Average Interest Rate | 5.11% | 5.11% | ||
Weighted Average Remaining Term | '46 months 9 days | [1] | '55 months 9 days | [1] |
RioCan [Member] | ' | ' | ||
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items] | ' | ' | ||
Mortgages and Notes Payable | 770.2 | 923.2 | ||
Weighted Average Interest Rate | 4.79% | 5.16% | ||
Weighted Average Remaining Term | '47 months | [1] | '41 months 6 days | [1] |
Intown [Member] | ' | ' | ||
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items] | ' | ' | ||
Mortgages and Notes Payable | 0 | 614.4 | ||
Weighted Average Interest Rate | 0.00% | 4.46% | ||
Weighted Average Remaining Term | '0 years | [1] | '46 months 3 days | [1] |
Other Institutional Programs [Member] | ' | ' | ||
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items] | ' | ' | ||
Mortgages and Notes Payable | 273.4 | 310.5 | ||
Weighted Average Interest Rate | 5.32% | 5.24% | ||
Weighted Average Remaining Term | '34 months 3 days | [1] | '39 months | [1] |
Other Joint Venture Programs [Member] | ' | ' | ||
Note 4 - Investments and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for Under the Equity Method - Debt Details [Line Items] | ' | ' | ||
Mortgages and Notes Payable | $1,144.90 | $1,612.20 | ||
Weighted Average Interest Rate | 5.47% | 5.70% | ||
Weighted Average Remaining Term | '61 months 24 days | [1] | '57 months 24 days | [1] |
[1] | Average Remaining Term includes extension options |
Note_5_Other_Real_Estate_Inves1
Note 5 - Other Real Estate Investments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Share data in Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||
Note 5 - Other Real Estate Investments (Details) [Line Items] | ' | ' | ' | ' | ' | |||
Equity Method Investments | $1,308,184,000 | ' | $1,308,184,000 | ' | $1,428,155,000 | |||
Number of Real Estate Properties | 22 | ' | 22 | ' | ' | |||
Income (Loss) from Equity Method Investments | 96,200,000 | 24,500,000 | 179,791,000 | 89,587,000 | ' | |||
Cost Method Investments | 4,992,000 | ' | 4,992,000 | ' | ' | |||
Marketable Securities | 88,656,000 | [1] | ' | 88,656,000 | [1] | ' | 36,541,000 | [1] |
Albertsons [Member] | Supervalu Transaction [Member] | ' | ' | ' | ' | ' | |||
Note 5 - Other Real Estate Investments (Details) [Line Items] | ' | ' | ' | ' | ' | |||
Number of Real Estate Properties | 414 | ' | 414 | ' | ' | |||
Payments to Acquire Equity Method Investments | ' | ' | 22,300,000 | ' | ' | |||
Sale of Stock, Percentage of Ownership after Transaction | ' | ' | 13.60% | ' | ' | |||
Supervalu [Member] | ' | ' | ' | ' | ' | |||
Note 5 - Other Real Estate Investments (Details) [Line Items] | ' | ' | ' | ' | ' | |||
Equity Method Investments | 11,000,000 | ' | 11,000,000 | ' | ' | |||
Income (Loss) from Equity Method Investments | ' | ' | 11,300,000 | ' | ' | |||
NAI Group Holdings [Member] | Supervalu Transaction [Member] | ' | ' | ' | ' | ' | |||
Note 5 - Other Real Estate Investments (Details) [Line Items] | ' | ' | ' | ' | ' | |||
Number of Real Estate Properties | 456 | ' | 456 | ' | ' | |||
Cost Method Investments | 14,900,000 | ' | 14,900,000 | ' | ' | |||
Cost Method Investment, Ownership Percentage | 15.00% | ' | 15.00% | ' | ' | |||
Number of Grocery Banners | 4 | ' | 4 | ' | ' | |||
Supervalu [Member] | ' | ' | ' | ' | ' | |||
Note 5 - Other Real Estate Investments (Details) [Line Items] | ' | ' | ' | ' | ' | |||
Investment Owned, Balance, Shares (in Shares) | 8.2 | ' | 8.2 | ' | ' | |||
Supervalu Transaction [Member] | ' | ' | ' | ' | ' | |||
Note 5 - Other Real Estate Investments (Details) [Line Items] | ' | ' | ' | ' | ' | |||
Marketable Securities | 33,600,000 | ' | 33,600,000 | ' | ' | |||
Net Leased Properties [Member] | Preferred Equity Capital [Member] | ' | ' | ' | ' | ' | |||
Note 5 - Other Real Estate Investments (Details) [Line Items] | ' | ' | ' | ' | ' | |||
Number of Real Estate Properties | 391 | ' | 391 | ' | ' | |||
Supervalu Transaction [Member] | ' | ' | ' | ' | ' | |||
Note 5 - Other Real Estate Investments (Details) [Line Items] | ' | ' | ' | ' | ' | |||
Investment Owned, at Cost | 70,800,000 | ' | 70,800,000 | ' | ' | |||
Preferred Equity Capital [Member] | ' | ' | ' | ' | ' | |||
Note 5 - Other Real Estate Investments (Details) [Line Items] | ' | ' | ' | ' | ' | |||
Equity Method Investments | 246,500,000 | ' | 246,500,000 | ' | ' | |||
Number of Real Estate Properties | 483 | ' | 483 | ' | ' | |||
Income (Loss) from Equity Method Investments | ' | ' | 37,900,000 | 26,000,000 | ' | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | ' | ' | 20,300,000 | 6,600,000 | ' | |||
Number of Capital Transactions | 9 | 17 | 9 | 17 | ' | |||
Number of Agreements | ' | 1 | ' | 1 | ' | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss | ' | ' | $9,600,000 | ' | ' | |||
[1] | As of September 30, 2013 and December 31, 2012, the Company determined that $85.6 million and $33.4 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $3.3 million and $3.4 million, respectively, were classified within Level 3 of the fair value hierarchy. |
Note_6_Variable_Interest_Entit1
Note 6 - Variable Interest Entities (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Consolidated Ground-Up Development Projects [Member] | ' |
Note 6 - Variable Interest Entities (Details) [Line Items] | ' |
Number of Consolidated Entities | 2 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $85.50 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 0.4 |
Variable Interest Entity, Financial or Other Support, Amount | 33.1 |
Unconsolidated Ground-Up Development [Member] | ' |
Note 6 - Variable Interest Entities (Details) [Line Items] | ' |
Variable Interest Entity, Financial or Other Support, Amount | 18.4 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 17.4 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 35.8 |
Unconsolidated Redevelopment Investment [Member] | ' |
Note 6 - Variable Interest Entities (Details) [Line Items] | ' |
Variable Interest Entity, Financial or Other Support, Amount | 11.2 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ($11.20) |
Number of Unconsolidated Entities | 1 |
Note_7_Mortgages_and_Other_Fin1
Note 7 - Mortgages and Other Financing Receivables (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Note 7 - Mortgages and Other Financing Receivables (Details) [Line Items] | ' |
Number of Days Past Due | 90 |
Mortgage Loans on Real Estate, Number of Loans | 23 |
In Default [Member] | ' |
Note 7 - Mortgages and Other Financing Receivables (Details) [Line Items] | ' |
Mortgage Loans on Real Estate, Number of Loans | 2 |
Mortgage Loans on Real Estate (in Dollars) | 25.6 |
Area of Real Estate Property (in Acres) | 427 |
Foreclosed [Member] | ' |
Note 7 - Mortgages and Other Financing Receivables (Details) [Line Items] | ' |
Area of Real Estate Property (in Acres) | 59.24 |
Note_7_Mortgages_and_Other_Fin2
Note 7 - Mortgages and Other Financing Receivables (Details) - Performing and Non-Performing Loans (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of Loans | 23 | ' |
Amount (in Dollars) | $45,708 | $70,704 |
Performing [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of Loans | 23 | ' |
Amount (in Dollars) | $45,708 | ' |
Note_8_Marketable_Securities_a1
Note 8 - Marketable Securities and Other Investments (Details) (USD $) | 9 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2012 | |||
Table Text Block [Abstract] | ' | ' | ||
Marketable Securities | $88,656,000 | [1] | $36,541,000 | [1] |
Available-for-sale Securities, Gross Unrealized Gain | 43,100,000 | ' | ||
Proceeds from Sale of Available-for-sale Securities | 10,800,000 | ' | ||
Available-for-sale Securities, Gross Realized Gains | $5,300,000 | ' | ||
[1] | As of September 30, 2013 and December 31, 2012, the Company determined that $85.6 million and $33.4 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $3.3 million and $3.4 million, respectively, were classified within Level 3 of the fair value hierarchy. |
Note_9_Notes_Payable_Details
Note 9 - Notes Payable (Details) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 6 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | |||||
31-May-13 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2013 | Oct. 23, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 31-May-13 | |
USD ($) | USD ($) | USD ($) | CAD | Subsequent Event [Member] | Scenario, Plan [Member] | Matured January 2013 [Member] | Matured June 2013 [Member] | Medium-term Notes [Member] | Medium-term Notes [Member] | Medium-term Notes [Member] | Unsecured Debt [Member] | |
Matured October 1 [Member] | CAD | USD ($) | USD ($) | MXN | USD ($) | MXN | USD ($) | |||||
USD ($) | ||||||||||||
Note 9 - Notes Payable (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | '10 years |
Proceeds from Issuance of Unsecured Debt (in Pesos) | ' | $621,562,000 | $400,000,000 | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | 1.35% | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 5.65% | ' | ' | ' |
Repayments of Notes Payable (in Pesos) | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 3.86% | 5.19% | 5.18% | 6.13% | 4.70% | 8.58% | ' | ' | 3.13% |
Long-term Debt (in Pesos) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76,900,000 | 1,000,000,000 | ' |
Long-term Debt (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76,900,000 | 1,000,000,000 | ' |
Debt Instrument, Face Amount (in Dollars and Dollars) | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | 350,000,000 |
Proceeds from Notes Payable (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 344,700,000 |
Debt Issuance Cost (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 |
Repayments of Senior Debt (in Dollars) | 75,000,000 | ' | ' | ' | 100,000,000 | ' | 100,000,000 | 75,000,000 | ' | ' | ' | ' |
Repayments of Medium-term Notes (in Dollars) | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' |
Note_10_Mortgages_Payable_Deta
Note 10 - Mortgages Payable (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Note 10 - Mortgages Payable (Details) [Line Items] | ' |
Number of Real Estate Properties | 22 |
Mortgage Loans on Real Estate, Period Increase (Decrease) | $36 |
Repayments of Secured Debt | 132.5 |
Acquisitions [Member] | ' |
Note 10 - Mortgages Payable (Details) [Line Items] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 243.3 |
Number of Real Estate Properties | 7 |
Unamortized Fair Value Debt Adjustments | $3.90 |
Repayment of Debt [Member] | ' |
Note 10 - Mortgages Payable (Details) [Line Items] | ' |
Number of Real Estate Properties | 9 |
Note_11_Noncontrolling_Interes2
Note 11 - Noncontrolling Interests (Details) - Change in the Redemption Value of the Redeemable Noncontrolling Interests (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Change in the Redemption Value of the Redeemable Noncontrolling Interests [Abstract] | ' | ' |
Balance | $81,076 | $95,074 |
Issuance of redeemable units | 5,223 | ' |
Fair market value adjustment, net | -484 | ' |
Other | 88 | -15 |
Balance | $85,903 | $95,059 |
Note_12_Fair_Value_Measurement2
Note 12 - Fair Value Measurements (Details) (USD $) | 9 Months Ended | |||||
Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||
Note 12 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ' | ||
Marketable Securities | ' | $88,656,000 | [1] | ' | $36,541,000 | [1] |
Asset Impairment Charges | 109,000,000 | 109,000,000 | ' | ' | ||
Impairment of Real Estate | ' | ' | 37,700,000 | ' | ||
Fair Value Inputs, Cap Rate | ' | 6.00% | ' | ' | ||
Fair Value Inputs, Discount Rate | ' | 9.50% | ' | ' | ||
Before Tax [Member] | ' | ' | ' | ' | ||
Note 12 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ' | ||
Asset Impairment Charges | ' | 167,200,000 | ' | ' | ||
Cost-method Investments [Member] | ' | ' | ' | ' | ||
Note 12 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ' | ||
Asset Impairment Charges | ' | 10,000,000 | ' | ' | ||
Other Joint Venture Programs [Member] | ' | ' | ' | ' | ||
Note 12 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ' | ||
Equity Method Investment, Other than Temporary Impairment | ' | 1,000,000 | ' | ' | ||
Preferred Equity Capital [Member] | ' | ' | ' | ' | ||
Note 12 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ' | ||
Equity Method Investment, Other than Temporary Impairment | ' | 3,200,000 | ' | ' | ||
Fair Value, Estimate Not Practicable, Carrying (Reported) Amount [Member] | ' | ' | ' | ' | ||
Note 12 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ' | ||
Impairment of Real Estate | ' | 153,000,000 | ' | ' | ||
Discontinued Operations [Member] | ' | ' | ' | ' | ||
Note 12 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ' | ||
Impairment of Real Estate | ' | 58,100,000 | 37,400,000 | ' | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' | ||
Note 12 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ' | ||
Marketable Securities | ' | 85,600,000 | ' | 33,400,000 | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ||
Note 12 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ' | ||
Marketable Securities | ' | $3,300,000 | ' | $3,400,000 | ||
[1] | As of September 30, 2013 and December 31, 2012, the Company determined that $85.6 million and $33.4 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $3.3 million and $3.4 million, respectively, were classified within Level 3 of the fair value hierarchy. |
Note_12_Fair_Value_Measurement3
Note 12 - Fair Value Measurements (Details) - Estimate of Fair Value Differs from Carrying Amounts (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Estimate of Fair Value Differs from Carrying Amounts [Abstract] | ' | ' | ||
Marketable securities (1) | $88,656 | [1] | $36,541 | [1] |
Marketable securities (1) | 88,939 | [1] | 36,825 | [1] |
Notes payable (2) | 3,254,881 | [2] | 3,192,127 | [2] |
Notes payable (2) | 3,430,921 | [2] | 3,408,632 | [2] |
Mortgages payable (3) | 1,125,771 | [3] | 1,003,190 | [3] |
Mortgages payable (3) | $1,181,135 | [3] | $1,068,616 | [3] |
[1] | As of September 30, 2013 and December 31, 2012, the Company determined that $85.6 million and $33.4 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $3.3 million and $3.4 million, respectively, were classified within Level 3 of the fair value hierarchy. | |||
[2] | The Company determined that its valuation of Notes payable was classified within Level 2 of the fair value hierarchy. | |||
[3] | The Company determined that its valuation of Mortgages payable was classified within Level 3 of the fair value hierarchy. |
Note_12_Fair_Value_Measurement4
Note 12 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable equity Securities | $85,640 | $33,428 |
Real estate | 302,702 | 52,505 |
Joint venture investments | 1,395 | ' |
Cost method investment | 4,992 | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable equity Securities | 85,640 | 33,428 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Real estate | 302,702 | 52,505 |
Joint venture investments | 1,395 | ' |
Cost method investment | $4,992 | ' |
Note_13_Preferred_Stock_Detail
Note 13 - Preferred Stock (Details) - Outstanding Preferred Stock (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | Series H, I, J & K Preferred Stock [Member] | Series H, I, J & K Preferred Stock [Member] | Series H, I, J & K Preferred Stock [Member] | Series H, I, J & K Preferred Stock [Member] | Series H, I, J & K Preferred Stock [Member] | Series H Preferred Stock [Member] | Series I Preferred Stock [Member] | Series J Preferred Stock [Member] | Series K Preferred Stock [Member] | ||
Series H Preferred Stock [Member] | Series I Preferred Stock [Member] | Series J Preferred Stock [Member] | Series K Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Authorized | 5,961,200 | 5,961,200 | 70,000 | 18,400 | 9,000 | 8,050 | 105,450 | ' | ' | ' | ' |
Shares Issued and Outstanding | 102,000 | 102,000 | ' | ' | ' | ' | ' | 70,000 | 16,000 | 9,000 | 7,000 |
Liquidation Preference (in Dollars) | $975,000 | $975,000 | ' | ' | ' | ' | ' | $175,000 | $400,000 | $225,000 | $175,000 |
Dividend Rate | ' | ' | ' | ' | ' | ' | ' | 6.90% | 6.00% | 5.50% | 5.63% |
Annual Dividend per Depositary Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | $1.73 | $1.50 | $1.38 | $1.41 |
Par Value (in Dollars per share) | $1 | $1 | ' | ' | ' | ' | ' | $1 | $1 | $1 | $1 |
Note_14_Supplemental_Schedule_2
Note 14 - Supplemental Schedule of Non-Cash Investing / Financing Activities (Details) - Non-Cash Investing and Financing Activities (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Note 14 - Supplemental Schedule of Non-Cash Investing / Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items] | ' | ' | ' |
Acquisition of real estate interests by assumption of mortgage debt | $36,716 | $159,198 | ' |
Acquisition of real estate interests by issuance of redeemable units | 77,593 | ' | ' |
Acquisition of real estate interests through mortgage receivable foreclosure | 24,322 | ' | ' |
Issuance of restricted common stock | 9,213 | 18,066 | ' |
Surrender of restricted common stock | -3,851 | -2,073 | ' |
Disposition of real estate interests by assignment of debt | ' | 13,655 | ' |
Disposition of real estate through the issuance of an unsecured obligation | 3,513 | 1,750 | ' |
Declaration of dividends paid in succeeding period | 98,334 | 94,856 | 96,518 |
Consolidation of Joint Ventures: | ' | ' | ' |
Increase in real estate and other assets | 228,200 | ' | ' |
Increase in mortgages payable | 206,489 | ' | ' |
Noncash [Member] | ' | ' | ' |
Note 14 - Supplemental Schedule of Non-Cash Investing / Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items] | ' | ' | ' |
Acquisition of real estate interests by issuance of redeemable units | $3,985 | ' | ' |
Note_15_Incentive_Plans_Detail
Note 15 - Incentive Plans (Details) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Note 15 - Incentive Plans (Details) [Line Items] | ' | ' |
Number of Equity Participation Plans | 2 | ' |
Share-based Compensation (in Dollars) | $15.10 | $15.10 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $33 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '3 years 219 days | ' |
The Prior Plan [Member] | ' | ' |
Note 15 - Incentive Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 47,000,000 | ' |
The 2010 Plan [Member] | ' | ' |
Note 15 - Incentive Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 10,000,000 | ' |
Employee Stock Option [Member] | ' | ' |
Note 15 - Incentive Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' |
Employee Stock Option [Member] | Minimum [Member] | ' | ' |
Note 15 - Incentive Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' |
Employee Stock Option [Member] | Maximum [Member] | ' | ' |
Note 15 - Incentive Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' |
Restricted Stock [Member] | First Half [Member] | iii [Member] | ' | ' |
Note 15 - Incentive Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' |
Share Based Compensation, Arrangement by Share Based Payment Award, Percent Vested | 50.00% | ' |
Restricted Stock [Member] | Second Half [Member] | iii [Member] | ' | ' |
Note 15 - Incentive Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '2 years | ' |
Share Based Compensation, Arrangement by Share Based Payment Award, Percent Vested | 50.00% | ' |
Restricted Stock [Member] | i [Member] | ' | ' |
Note 15 - Incentive Plans (Details) [Line Items] | ' | ' |
Share Based Compensation, Arrangement by Share Based Payment Award, Percent Vested | 100.00% | ' |
Restricted Stock [Member] | ii [Member] | Minimum [Member] | ' | ' |
Note 15 - Incentive Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' |
Restricted Stock [Member] | ii [Member] | Maximum [Member] | ' | ' |
Note 15 - Incentive Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 years | ' |
Restricted Stock [Member] | iv [Member] | ' | ' |
Note 15 - Incentive Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '10 years | ' |
Restricted Stock [Member] | iv [Member] | ' | ' |
Note 15 - Incentive Plans (Details) [Line Items] | ' | ' |
Share Based Compensation, Arrangement by Share Based Payment Award, Percent Vested | 20.00% | ' |
Note_16_Taxable_REIT_Subsidiar2
Note 16 - Taxable REIT Subsidiaries ("TRS") (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Note 16 - Taxable REIT Subsidiaries ("TRS") (Details) [Line Items] | ' | ' |
Deferred Tax Assets, Net | $108,823,000 | $90,225,000 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | -8,700,000 | ' |
Income Tax Examination, Penalties Expense | 40,900,000 | ' |
KRS [Member] | ' | ' |
Note 16 - Taxable REIT Subsidiaries ("TRS") (Details) [Line Items] | ' | ' |
Deferred Tax Assets, Net | 95,000,000 | ' |
FNC Realty Corporation [Member] | ' | ' |
Note 16 - Taxable REIT Subsidiaries ("TRS") (Details) [Line Items] | ' | ' |
Deferred Tax Assets, Net | 19,700,000 | ' |
Foreign Investments [Member] | ' | ' |
Note 16 - Taxable REIT Subsidiaries ("TRS") (Details) [Line Items] | ' | ' |
Deferred Tax Assets, Net | $13,800,000 | ' |
Minimum [Member] | ' | ' |
Note 16 - Taxable REIT Subsidiaries ("TRS") (Details) [Line Items] | ' | ' |
Statute of Limitations, Term | 3 | ' |
Maximum [Member] | ' | ' |
Note 16 - Taxable REIT Subsidiaries ("TRS") (Details) [Line Items] | ' | ' |
Statute of Limitations, Term | 7 | ' |
Note_16_Taxable_REIT_Subsidiar3
Note 16 - Taxable REIT Subsidiaries ("TRS") (Details) - Deferred Tax Assets and Liabilities (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Total deferred tax assets | $137,333 | $113,421 |
Net operating losses | 75,924 | 43,483 |
Related party deferred loss | 6,214 | 6,214 |
Tax credit carryforwards | 3,773 | 3,815 |
Capital loss carryforwards | ' | 647 |
Charitable contribution carryforward | ' | 3 |
Net deferred tax assets | 108,823 | 90,225 |
Domestic Tax Authority [Member] | ' | ' |
Deferred tax assets: | ' | ' |
Tax/GAAP basis differences | 53,231 | 68,623 |
Valuation allowance | -25,045 | -33,783 |
Deferred tax liabilities | -19,057 | -9,933 |
Foreign Tax Authority [Member] | ' | ' |
Deferred tax assets: | ' | ' |
Tax/GAAP basis differences | 56,991 | 62,548 |
Valuation allowance | -33,755 | -38,129 |
Deferred tax liabilities | ($9,453) | ($13,263) |
Note_17_Accumulated_Other_Comp2
Note 17 - Accumulated Other Comprehensive Income ("AOCI") (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Note 17 - Accumulated Other Comprehensive Income ("AOCI") (Details) [Line Items] | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $87.20 |
Attributable to Noncontrolling Interests [Member] | ' |
Note 17 - Accumulated Other Comprehensive Income ("AOCI") (Details) [Line Items] | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 7.3 |
Canada [Member] | ' |
Note 17 - Accumulated Other Comprehensive Income ("AOCI") (Details) [Line Items] | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 25.9 |
Latin America [Member] | ' |
Note 17 - Accumulated Other Comprehensive Income ("AOCI") (Details) [Line Items] | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | ($113.10) |
Note_17_Accumulated_Other_Comp3
Note 17 - Accumulated Other Comprehensive Income ("AOCI") (Details) - Accumulated Other Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | |
Balance | ($44,128) | ' | ($44,128) | ' | ($66,182) | |
Other comprehensive income before reclassifications | ' | ' | 29,248 | ' | ' | |
Amounts reclassified from AOCI (1) | ' | ' | -7,194 | [1] | ' | ' |
Net current-period other comprehensive income | 17,965 | 44,220 | 21,689 | 55,092 | ' | |
Accumulated Translation Adjustment [Member] | Current Period [Member] | ' | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | |
Net current-period other comprehensive income | ' | ' | -1,834 | ' | ' | |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | |
Balance | -87,238 | ' | -87,238 | ' | -85,404 | |
Other comprehensive income before reclassifications | ' | ' | -1,834 | ' | ' | |
Amounts reclassified from AOCI (1) | ' | ' | ' | [1] | ' | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Current Period [Member] | ' | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | |
Net current-period other comprehensive income | ' | ' | 23,888 | ' | ' | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | |
Balance | 43,110 | ' | 43,110 | ' | 19,222 | |
Other comprehensive income before reclassifications | ' | ' | 31,082 | ' | ' | |
Amounts reclassified from AOCI (1) | ' | ' | -7,194 | [1] | ' | ' |
Current Period [Member] | ' | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | |
Net current-period other comprehensive income | ' | ' | $22,054 | ' | ' | |
[1] | Amounts were reclassified to Interest, dividends and other investment income on the Company's Condensed Consolidated Statements of Income. |
Note_18_Pro_Forma_Financial_In2
Note 18 - Pro Forma Financial Information (Details) - Pro Forma Financial Information (USD $) | 9 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
ProFormaFinancialInformationAbstract | ' | ' |
Revenues from rental property | $696.80 | $663.70 |
Net income | 186 | 179.5 |
Net income available to the Companybs common shareholders | $136.70 | $104.30 |
Net income available to the Companybs common shareholders per common share: | ' | ' |
Basic (in Dollars per share) | $0.34 | $0.26 |
Diluted (in Dollars per share) | $0.33 | $0.26 |