Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 22, 2014 | |
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 | ' | 411,425,014 |
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-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ||
Operating real estate, net of accumulated depreciation of $1,937,463 and $1,878,681, respectively | $7,883,798 | $7,146,845 | ||
Investments and advances in real estate joint ventures | 1,087,425 | 1,257,010 | ||
Real estate under development | 79,203 | 97,818 | ||
Other real estate investments | 268,183 | 274,641 | ||
Mortgages and other financing receivables | 22,724 | 30,243 | ||
Cash and cash equivalents | 154,190 | 148,768 | ||
Marketable securities | 77,123 | [1] | 62,766 | [1] |
Accounts and notes receivable | 161,158 | 164,326 | ||
Other assets | 559,407 | 481,213 | ||
Total assets | 10,293,211 | 9,663,630 | ||
Liabilities: | ' | ' | ||
Notes payable | 3,353,458 | [2] | 3,186,047 | [2] |
Mortgages payable | 1,343,859 | [3] | 1,035,354 | [3] |
Dividends payable | 104,858 | 104,496 | ||
Other liabilities | 563,926 | 482,054 | ||
Total liabilities | 5,366,101 | 4,807,951 | ||
Redeemable noncontrolling interests | 91,413 | 86,153 | ||
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 411,338,211 and 409,731,058 shares, respectively | 4,113 | 4,097 | ||
Paid-in capital | 5,722,829 | 5,689,258 | ||
Cumulative distributions in excess of net income | -945,949 | -996,058 | ||
Accumulated other comprehensive income | -68,620 | -64,982 | ||
Total stockholders' equity | 4,712,475 | 4,632,417 | ||
Noncontrolling interests | 123,222 | 137,109 | ||
Total equity | 4,835,697 | 4,769,526 | ||
Total liabilities and equity | $10,293,211 | $9,663,630 | ||
[1] | As of September 30, 2014 and December 31, 2013, the Company determined that $74.5 million and $59.7 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $2.8 million and $3.1 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, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Operating real estate, accumulated depreciation (in Dollars) | $1,937,463 | $1,878,681 |
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 |
Preferred stock, 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 | 411,338,211 | 409,731,058 |
Common stock,shares outstanding | 411,338,211 | 409,731,058 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues | ' | ' | ' | ' |
Revenues from rental properties | $253,367 | $212,153 | $723,891 | $629,691 |
Management and other fee income | 8,679 | 9,310 | 26,245 | 26,752 |
Total revenues | 262,046 | 221,463 | 750,136 | 656,443 |
Operating expenses | ' | ' | ' | ' |
Rent | 3,559 | 3,315 | 10,362 | 10,012 |
Real estate taxes | 31,553 | 28,156 | 92,413 | 81,345 |
Operating and maintenance | 32,143 | 23,767 | 90,190 | 73,721 |
General and administrative expenses | 28,674 | 30,828 | 94,682 | 96,148 |
Provision for doubtful accounts | 992 | 2,102 | 4,612 | 6,917 |
Impairment charges | ' | ' | 107,034 | 167,153 |
Depreciation and amortization | 69,188 | 57,933 | 191,423 | 170,827 |
Total operating expenses | 172,250 | 204,751 | 529,373 | 522,857 |
Operating income | 89,796 | 16,712 | 220,763 | 133,586 |
Other income/(expense) | ' | ' | ' | ' |
Mortgage financing income | 417 | 925 | 2,544 | 3,341 |
Interest, dividends and other investment income | 269 | 416 | 712 | 9,464 |
Other (expense)/income, net | -1,238 | 3,527 | -3,796 | -1,292 |
Interest expense | -51,578 | -53,949 | -154,998 | -162,404 |
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 | 37,666 | -32,369 | 65,225 | -17,305 |
Provision for income taxes, net | -5,366 | -23,763 | -14,651 | -26,584 |
Equity in income of equity method investments, net | ' | ' | 150,073 | 179,791 |
Income from continuing operations | 104,554 | 50,590 | 300,824 | 187,523 |
Discontinued operations | ' | ' | ' | ' |
Income from discontinued operating properties, net of tax | 4,062 | 9,588 | 23,475 | 32,733 |
Impairment/loss on operating properties, net of tax | -566 | -26,928 | -58,373 | -68,130 |
Gain on disposition of operating properties, net of tax | 89,259 | 23,398 | 118,804 | 27,762 |
Income/(loss) from discontinued operations | 92,755 | 6,058 | 83,906 | -7,635 |
Gain on sale of operating properties, net of tax | ' | 540 | 389 | 1,080 |
Net income | 197,309 | 57,188 | 385,119 | 180,968 |
Net income attributable to noncontrolling interests | -2,601 | -1,425 | -13,899 | -6,296 |
Net income attributable to the Company | 194,708 | 55,763 | 371,220 | 174,672 |
Preferred dividends | -14,573 | -14,573 | -43,720 | -43,720 |
Net income available to the Company's common shareholders | 180,135 | 41,190 | 327,500 | 130,952 |
Income from continuing operations: | ' | ' | ' | ' |
-Basic (in Dollars per share) | $0.21 | $0.08 | $0.61 | $0.33 |
-Diluted (in Dollars per share) | $0.21 | $0.08 | $0.61 | $0.33 |
Net income attributable to the Company: | ' | ' | ' | ' |
-Basic (in Dollars per share) | $0.44 | $0.10 | $0.80 | $0.32 |
-Diluted (in Dollars per share) | $0.44 | $0.10 | $0.79 | $0.32 |
Weighted average shares: | ' | ' | ' | ' |
-Basic (in Shares) | 409,326 | 408,060 | 408,868 | 407,459 |
-Diluted (in Shares) | 411,101 | 408,866 | 410,683 | 408,510 |
Amounts attributable to the Company's common shareholders: | ' | ' | ' | ' |
Income from continuing operations | 87,376 | 32,353 | 250,990 | 136,743 |
Income/(loss) from discontinued operations | 92,759 | 8,837 | 76,510 | -5,791 |
Gain on change in control of interests, net | 14,431 | ' | 83,773 | 21,711 |
Joint Ventures [Member] | ' | ' | ' | ' |
Other income/(expense) | ' | ' | ' | ' |
Equity in income of equity method investments, net | 51,787 | 96,175 | 150,073 | 179,791 |
Other Real Estate Investments [Member] | ' | ' | ' | ' |
Other income/(expense) | ' | ' | ' | ' |
Equity in income of equity method investments, net | 6,036 | 10,547 | 16,404 | 29,910 |
Continuing Operations [Member] | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' |
Impairment charges | $6,141 | $58,650 | $45,691 | $83,887 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income | $197,309 | $57,188 | $385,119 | $180,968 |
Other comprehensive income: | ' | ' | ' | ' |
Change in unrealized gain on marketable securities, net | 5,869 | 17,660 | 13,980 | 23,888 |
Change in foreign currency translation adjustment, net | -14,912 | 305 | -17,807 | -2,199 |
Other comprehensive(loss)/ income | -9,043 | 17,965 | -3,827 | 21,689 |
Comprehensive income | 188,266 | 75,153 | 381,292 | 202,657 |
Comprehensive income attributable to noncontrolling interests | -2,586 | -1,720 | -13,710 | -5,931 |
Comprehensive income attributable to the Company | $185,680 | $73,433 | $367,582 | $196,726 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Changes in Equity (Unaudited) (USD $) | Series H Preferred Stock [Member] | Series I Preferred Stock [Member] | Series J Preferred Stock [Member] | Series K Preferred Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
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 | ' | ' | ' | ' | ' | ' | 102,000 | 407,782,000 | ' | ' | ' | ' |
Contributions from noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 937 | 937 |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | 174,672 | ' | ' | ' | ' | 174,672 | 6,296 | 180,968 |
Other comprehensive income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 |
Issuance of stock (in Shares) | ' | ' | ' | ' | ' | ' | ' | 560,000 | ' | ' | ' | ' |
Surrender of restricted stock | ' | ' | ' | ' | ' | ' | ' | -2 | -3,849 | -3,851 | ' | -3,851 |
Surrender of restricted stock (in Shares) | ' | ' | ' | ' | ' | ' | ' | -245,000 | ' | ' | ' | ' |
Exercise of common stock options | ' | ' | ' | ' | ' | ' | ' | 16 | 29,028 | 29,044 | ' | 29,044 |
Exercise of common stock options (in Shares) | ' | ' | ' | ' | ' | ' | ' | 1,559,000 | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | 102,000 | 409,656,000 | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | ' | ' | ' | ' | -996,058 | -64,982 | 102 | 4,097 | 5,689,258 | 4,632,417 | 137,109 | 4,769,526 |
Balance (in Shares) at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | 102,000 | 409,731,000 | ' | ' | ' | ' |
Contributions from noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,098 | 3,098 |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | 371,220 | ' | ' | ' | ' | 371,220 | 13,899 | 385,119 |
Other comprehensive income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in unrealized gain on marketable securities | ' | ' | ' | ' | ' | 13,980 | ' | ' | ' | 13,980 | ' | 13,980 |
Change in foreign currency translation adjustment | ' | ' | ' | ' | ' | -17,618 | ' | ' | ' | -17,618 | -189 | -17,807 |
Redeemable noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,779 | -4,779 |
Dividends | ' | ' | ' | ' | -321,111 | ' | ' | ' | ' | -321,111 | ' | -321,111 |
Distributions to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -25,150 | -25,150 |
Issuance of stock | ' | ' | ' | ' | ' | ' | ' | 8 | 13,827 | 13,835 | ' | 13,835 |
Issuance of stock (in Shares) | ' | ' | ' | ' | ' | ' | ' | 805,000 | ' | ' | ' | ' |
Surrender of restricted stock | ' | ' | ' | ' | ' | ' | ' | -2 | -3,979 | -3,981 | ' | -3,981 |
Surrender of restricted stock (in Shares) | ' | ' | ' | ' | ' | ' | ' | -187,000 | ' | ' | ' | ' |
Exercise of common stock options | ' | ' | ' | ' | ' | ' | ' | 10 | 16,077 | 16,087 | ' | 16,087 |
Exercise of common stock options (in Shares) | ' | ' | ' | ' | ' | ' | ' | 989,000 | ' | ' | ' | ' |
Acquisition of noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -53 | -53 | -766 | -819 |
Amortization of equity awards | ' | ' | ' | ' | ' | ' | ' | ' | 7,699 | 7,699 | ' | 7,699 |
Balance at Sep. 30, 2014 | ' | ' | ' | ' | ($945,949) | ($68,620) | $102 | $4,113 | $5,722,829 | $4,712,475 | $123,222 | $4,835,697 |
Balance (in Shares) at Sep. 30, 2014 | 70,000 | 16,000 | 9,000 | 7,000 | ' | ' | 102,000 | 411,338,000 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Dividends per Common share | $0.68 | $0.63 |
Series H Preferred Stock [Member] | ' | ' |
Dividends per Depositary share | $1.29 | $1.29 |
Series I Preferred Stock [Member] | ' | ' |
Dividends per Depositary share | $1.13 | $1.13 |
Series J Preferred Stock [Member] | ' | ' |
Dividends per Depositary share | $1.03 | $1.03 |
Series K Preferred Stock [Member] | ' | ' |
Dividends per Depositary share | $1.05 | $1.05 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flow from operating activities: | ' | ' |
Net income | $385,119 | $180,968 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 199,914 | 191,420 |
Impairment charges | 107,034 | 167,153 |
Gain on sale of operating properties | -130,052 | -29,859 |
Equity in income of joint ventures, net | -150,073 | -179,791 |
Gains on change in control of interests | -83,773 | -21,711 |
Equity in income from other real estate investments, net | -16,404 | -29,910 |
Distributions from joint ventures and other real estate investments | 186,629 | 211,362 |
Change in accounts and notes receivable | 3,168 | 11,414 |
Change in accounts payable and accrued expenses | 35,289 | 69,053 |
Change in other operating assets and liabilities | -26,846 | -36,258 |
Net cash flow provided by operating activities | 510,005 | 533,841 |
Cash flow from investing activities: | ' | ' |
Acquisition of operating real estate | -382,128 | -182,423 |
Improvements to operating real estate | -93,733 | -78,490 |
Improvements to real estate under development | -154 | -541 |
Investment in marketable securities | -4,556 | -33,588 |
Proceeds from sale/repayments of marketable securities | 3,780 | 10,800 |
Investments and advances to real estate joint ventures | -59,602 | -289,494 |
Reimbursements of investments and advances to real estate joint ventures | 144,359 | 409,748 |
Investment in other real estate investments | -3,851 | -23,488 |
Reimbursements of investments and advances to other real estate investments | 12,981 | 19,557 |
Investment in mortgage loans receivable | ' | -11,469 |
Collection of mortgage loans receivable | 7,707 | 13,900 |
Investment in other investments | ' | -21,366 |
Reimbursements of other investments | ' | 9,175 |
Proceeds from sale of operating properties | 303,104 | 247,965 |
Net cash flow (used for)/provided by investing activities | -72,093 | 70,286 |
Cash flow from financing activities: | ' | ' |
Principal payments on debt, excluding normal amortization of rental property debt | -298,264 | -132,492 |
Principal payments on rental property debt | -17,098 | -18,264 |
Proceeds from mortgage loan financings | 15,700 | 35,974 |
Proceeds/(repayments) under unsecured revolving credit facility, net | 55,646 | -99,076 |
Proceeds from issuance of unsecured term loan/notes | 500,000 | 621,562 |
Repayments under unsecured term loan/notes | -370,842 | -446,717 |
Financing origination costs | -11,911 | -7,364 |
Redemption of/distributions to noncontrolling interests, net | -1,059 | -27,184 |
Dividends paid | -320,749 | -299,754 |
Proceeds from issuance of stock | 16,087 | 29,043 |
Net cash flow used for financing activities | -432,490 | -344,272 |
Change in cash and cash equivalents | 5,422 | 259,855 |
Cash and cash equivalents, beginning of period | 148,768 | 141,875 |
Cash and cash equivalents, end of period | 154,190 | 401,730 |
Interest paid during the period (net of capitalized interest of $1,288 and $888, respectively) | 135,706 | 142,805 |
Income taxes paid during the period | $12,944 | $1,240 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash paid for capitalized interest | $1,288 | $888 |
Note_1_Interim_Financial_State
Note 1 - Interim Financial Statements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 2013 Annual Report on Form 10-K for the year ended December 31, 2013 (“10-K”), as certain disclosures in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2014, 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 4). | |||||||||||||||||
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. These investments are held by the Company at the REIT level and not in the Company’s taxable REIT subsidiary. Accordingly, the Company does not expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries. | |||||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Computation of Basic Earnings Per Share: | |||||||||||||||||
Income from continuing operations | $ | 104,554 | $ | 50,590 | $ | 300,824 | $ | 187,523 | |||||||||
Gain on sale of operating properties, net of tax | - | 540 | 389 | 1,080 | |||||||||||||
Net income attributable to noncontrolling interests | (2,601 | ) | (1,425 | ) | (13,899 | ) | (6,296 | ) | |||||||||
Discontinued operations attributable to noncontrolling interests | (4 | ) | (2,779 | ) | 7,396 | (1,844 | ) | ||||||||||
Preferred stock dividends | (14,573 | ) | (14,573 | ) | (43,720 | ) | (43,720 | ) | |||||||||
Income from continuing operations available to the common shareholders | 87,376 | 32,353 | 250,990 | 136,743 | |||||||||||||
Earnings attributable to unvested restricted shares | (431 | ) | (337 | ) | (1,292 | ) | (1,011 | ) | |||||||||
Income from continuing operations attributable to common shareholders | 86,945 | 32,016 | 249,698 | 135,732 | |||||||||||||
Income/(loss) from discontinued operations attributable to the Company | 92,759 | 8,837 | 76,510 | (5,791 | ) | ||||||||||||
Net income attributable to the Company’s common shareholders for basic earnings per share | $ | 179,704 | $ | 40,853 | $ | 326,208 | $ | 129,941 | |||||||||
Weighted average common shares outstanding | 409,326 | 408,060 | 408,868 | 407,459 | |||||||||||||
Basic Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||||||||||||||
Income from continuing operations | $ | 0.21 | $ | 0.08 | $ | 0.61 | $ | 0.33 | |||||||||
Income/(loss) from discontinued operations | 0.23 | 0.02 | 0.19 | (0.01 | ) | ||||||||||||
Net income | $ | 0.44 | $ | 0.1 | $ | 0.8 | $ | 0.32 | |||||||||
Computation of Diluted Earnings Per Share: | |||||||||||||||||
Income from continuing operations attributable to common shareholders | $ | 86,945 | $ | 32,016 | $ | 249,698 | $ | 135,732 | |||||||||
Income/(loss) from discontinued operations attributable to the Company | 92,759 | 8,837 | 76,510 | (5,791 | ) | ||||||||||||
Distributions on convertible units | 130 | - | 390 | - | |||||||||||||
Net income attributable to the Company’s common shareholders for diluted earnings per share | $ | 179,834 | $ | 40,853 | $ | 326,598 | $ | 129,941 | |||||||||
Weighted average common shares outstanding – basic | 409,326 | 408,060 | 408,868 | 407,459 | |||||||||||||
Effect of dilutive securities (a): | |||||||||||||||||
Equity awards | 1,052 | 806 | 1,092 | 1,051 | |||||||||||||
Assumed conversion of convertible units | 723 | - | 723 | - | |||||||||||||
Shares for diluted earnings per common share | 411,101 | 408,866 | 410,683 | 408,510 | |||||||||||||
Diluted Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||||||||||||||
Income from continuing operations | $ | 0.21 | $ | 0.08 | $ | 0.61 | $ | 0.33 | |||||||||
Income/(loss) from discontinued operations | 0.23 | 0.02 | 0.18 | (0.01 | ) | ||||||||||||
Net income | $ | 0.44 | $ | 0.1 | $ | 0.79 | $ | 0.32 | |||||||||
(a) | For the three and nine months ended September 30, 2014 and 2013, 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 8,839,578 and 10,983,598 stock options that were not dilutive at September 30, 2014 and 2013, 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 August 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter, early adoption is permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-15 will have on the Company’s condensed consolidated financial statements. | |||||||||||||||||
In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations. | |||||||||||||||||
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). The amendments in ASU 2014-08 change the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. The amendments in ASU 2014-08 are effective for fiscal years beginning after December 15, 2014. Early adoption is permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-08 will have on future disposals. | |||||||||||||||||
In February 2013, the FASB issued new guidance regarding liabilities, 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 did not have a material impact on the Company’s financial position or results of operations. |
Note_2_Operating_Property_Acti
Note 2 - Operating Property Activities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||||||||||||||||||
2. Operating Property Activities | |||||||||||||||||||||||||
Acquisitions - | |||||||||||||||||||||||||
During the nine months ended September 30, 2014, the Company acquired the following properties, in separate transactions (in thousands): | |||||||||||||||||||||||||
Purchase Price | |||||||||||||||||||||||||
Property Name | Location | Month | Cash* | Debt Assumed | Other | Total | GLA** | ||||||||||||||||||
Acquired | |||||||||||||||||||||||||
North Valley Leasehold | Peoria, AZ | 14-Jan | $ | 3,000 | $ | - | $ | - | $ | 3,000 | - | ||||||||||||||
LaSalle Properties (3 properties) | Various (1) | 14-Jan | 62,239 | 23,269 | 7,642 | 93,150 | 316 | ||||||||||||||||||
Harrisburg Land Parcel | Harrisburg, PA | 14-Jan | 2,550 | - | - | 2,550 | - | ||||||||||||||||||
Crossroads Plaza | Cary, NC | 14-Feb | 18,691 | 72,309 | - | 91,000 | 489 | ||||||||||||||||||
Quail Corners | Charlotte, NC (2) | 14-Mar | 9,398 | 17,409 | 4,943 | 31,750 | 110 | ||||||||||||||||||
KIF 1 Portfolio (12 properties) | Various (3) | 14-Apr | 128,699 | 157,010 | 122,291 | 408,000 | 1,589 | ||||||||||||||||||
Fountain at Arbor Lakes (2 Land Parcels) | Maple Grove, MN | 14-Apr | 900 | - | - | 900 | - | ||||||||||||||||||
Boston Portfolio (24 properties) | Various | 14-Apr | 149,486 | 120,514 | - | 270,000 | 1,426 | ||||||||||||||||||
Vinnin Square | Swampscott, MA | 14-May | 2,550 | - | - | 2,550 | 6 | ||||||||||||||||||
SEB Portfolio (10 Properties) | Various (4) | 14-Jul | 69,261 | 193,600 | 12,911 | 275,772 | 1,415 | ||||||||||||||||||
Highlands Ranch Parcel | Highlands Ranch, CO | 14-Sep | 3,800 | - | - | 3,800 | 10 | ||||||||||||||||||
$ | 450,574 | $ | 584,111 | $ | 147,787 | $ | 1,182,472 | 5,361 | |||||||||||||||||
* Includes 1031 sales proceeds | |||||||||||||||||||||||||
** Gross leasable area ("GLA") | |||||||||||||||||||||||||
-1 | The Company acquired three properties from a joint venture in which the Company has an 11% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $3.7 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. | ||||||||||||||||||||||||
-2 | The Company acquired a 65.4% controlling ownership interest in this property and the seller retained a 34.6% noncontrolling interest in the property. The partner has the ability to put its partnership interest to the Company. As such, the Company has recorded the partners’ share of the property’s fair value of $4.9 million as Redeemable noncontrolling interests on the Company’s Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||
-3 | The Company acquired from its partners the remaining ownership interest in a joint venture which holds 12 encumbered properties for which the Company had a 39.1% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain of $65.6 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. Subsequently, the Company repaid $128.4 million in debt encumbering ten of the properties. Additionally, during June 2014, the Company sold one of the properties to a third party. | ||||||||||||||||||||||||
-4 | The Company acquired from its partner the remaining ownership interest in 10 properties that were held in a joint venture in which the Company has a 15% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain of $14.4 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, 2014, has been preliminarily allocated as follows (in thousands): | |||||||||||||||||||||||||
Land | $ | 335,891 | |||||||||||||||||||||||
Buildings | 561,601 | ||||||||||||||||||||||||
Above Market Rents | 24,995 | ||||||||||||||||||||||||
Below Market Rents | (67,101 | ) | |||||||||||||||||||||||
In-Place Leases | 93,617 | ||||||||||||||||||||||||
Building Improvements | 239,897 | ||||||||||||||||||||||||
Tenant Improvements | 21,885 | ||||||||||||||||||||||||
Mortgage Fair Value Adjustment | (34,154 | ) | |||||||||||||||||||||||
Other Assets | 5,841 | ||||||||||||||||||||||||
$ | 1,182,472 | ||||||||||||||||||||||||
Dispositions – | |||||||||||||||||||||||||
During the nine months ended September 30, 2014, the Company disposed of 37 operating properties, in separate transactions, for an aggregate sales price of $458.1 million, including seven operating properties in Mexico. These transactions, which are included in Discontinued Operations on the Company’s Condensed Consolidated Statements of Income, resulted in an aggregate gain of $129.4 million, before income taxes and noncontrolling interests and aggregate impairment charges of $12.1 million, before income taxes and noncontrolling interests. | |||||||||||||||||||||||||
Impairment Charges - | |||||||||||||||||||||||||
During the nine months ended September 30, 2014, the Company recognized aggregate impairment charges of $45.7 million, which are included in Impairment charges under Operating expenses on the Company’s Condensed Consolidated Statements of Income. These impairment charges consist of $40.9 million related to adjustments to property carrying values and $4.8 million related to a cost method investment. The adjustments to property carrying values were recognized in connection with the Company’s efforts to market certain properties and management’s assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties. During the second quarter of 2014, the Company implemented a plan to accelerate its disposition of certain U.S. properties and in accordance with this strategy the Company identified approximately 150 operating properties to sell within the next 18 months. This plan effectively shortened the Company’s anticipated hold period for these properties and as a result the Company recognized impairment charges on certain consolidated operating properties. (See Footnote 12 for fair value disclosure). | |||||||||||||||||||||||||
During the nine months ended September 30, 2013, the Company recognized aggregate impairment charges of $83.9 million, which are included in Impairment charges under Operating expenses on the Company’s Condensed Consolidated Statements of Income. These impairment charges consist of $73.9 million related to adjustments to property carrying values and $10.0 million relating to a cost method investment. | |||||||||||||||||||||||||
The Company’s estimated fair values as it relates to property carrying values were primarily based upon estimated sales prices from third party offers based on signed contracts or letters of intent. The impairment of the cost method investment was based upon a review of the underlying cause of the decline in value, as well as the severity and duration of the decline. As a result of such review, the Company determined that the decline was deemed to be other-than-temporary. (See Footnote 12 for fair value disclosure). |
Note_3_Discontinued_Operations
Note 3 - Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 2013 financial statement amounts. | |||||||||||||||||
The components of income and expense relating to discontinued operations for the three and nine months ended September 30, 2014 and 2013 are shown below. These include the results of operations through the date of each respective sale for properties sold during 2014 and 2013 and the operations for the applicable period for those assets classified as held-for-sale as of September 30, 2014 (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Discontinued operations: | |||||||||||||||||
Revenues from rental property | $ | 7,754 | $ | 26,127 | $ | 44,842 | $ | 81,429 | |||||||||
Rental property expenses | (2,160 | ) | (8,994 | ) | (11,281 | ) | (25,854 | ) | |||||||||
Depreciation and amortization | (1,430 | ) | (6,444 | ) | (8,491 | ) | (20,594 | ) | |||||||||
Provision for doubtful accounts, net | 128 | (406 | ) | (191 | ) | (1,088 | ) | ||||||||||
Interest income/(expense), net | 23 | (42 | ) | (50 | ) | 110 | |||||||||||
Other expense, net | (3 | ) | (112 | ) | (437 | ) | (448 | ) | |||||||||
Income from discontinued operating properties, before income taxes | 4,312 | 10,129 | 24,392 | 33,555 | |||||||||||||
Impairment of property carrying value, net, before income taxes | (940 | ) | (26,957 | ) | (61,343 | ) | (83,267 | ) | |||||||||
Gain on disposition of operating properties, net, before income taxes | 99,144 | 23,400 | 129,435 | 27,764 | |||||||||||||
(Provision)/benefit for income taxes, net | (9,761 | ) | (514 | ) | (8,578 | ) | 14,313 | ||||||||||
Income/(loss) from discontinued operating properties | 92,755 | 6,058 | 83,906 | (7,635 | ) | ||||||||||||
Net loss/(income) attributable to noncontrolling interests | 4 | 2,779 | (7,396 | ) | 1,844 | ||||||||||||
Income/(loss) from discontinued operations attributable to the Company | $ | 92,759 | $ | 8,837 | $ | 76,510 | $ | (5,791 | ) | ||||||||
During the nine months ended September 30, 2014, the Company classified as held-for-sale 35 operating properties. The aggregate book value of these properties was $239.9 million, net of accumulated depreciation of $76.5 million. The Company recognized impairment charges on 11 of these properties aggregating $56.2 million, of which $7.1 million related to three properties that were sold during the nine months ended September 30, 2014. The book value of the other 24 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 $316.5 million, was based upon executed contracts of sale with third parties (see Footnote 12). The Company completed the sale of 15 held-for-sale operating properties during the nine months ended September 30, 2014 (these dispositions are included in Footnote 2 above). At September 30, 2014, the Company had 20 operating properties classified as held-for-sale at a carrying amount of $95.2 million, net of accumulated depreciation of $43.4 million, which are included in Other assets on the Company’s Condensed Consolidated Balance Sheets. |
Note_4_Investment_and_Advances
Note 4 - Investment and Advances in Real Estate Joint Ventures | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
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, 2014 and December 31, 2013 (in millions, except number of properties): | |||||||||||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
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) (9) | 15 | % | 60 | 10.6 | $ | 2,747.70 | $ | 180.7 | 15 | % | 60 | 10.6 | $ | 2,724.00 | $ | 179.7 | |||||||||||||||||||||||||
Kimco Income Opportunity Portfolio (“KIR”) (2) (3) | 48.6 | % | 55 | 11.6 | 1,486.00 | 153.8 | 48.6 | % | 57 | 12 | 1,496.00 | 163.6 | |||||||||||||||||||||||||||||
Kimstone (2) | 33.3 | % | 39 | 5.6 | 1,096.50 | 93.3 | 33.3 | % | 39 | 5.6 | 1,095.30 | 100.3 | |||||||||||||||||||||||||||||
BIG Shopping Centers (2) (21)* | 37.9 | % | 21 | 3.4 | 522.1 | 31.3 | 37.9 | % | 21 | 3.4 | 520.1 | 29.5 | |||||||||||||||||||||||||||||
The Canada Pension Plan Investment Board (“CPP”) (2) | 55 | % | 6 | 2.4 | 438.8 | 155.6 | 55 | % | 6 | 2.4 | 437.4 | 144.8 | |||||||||||||||||||||||||||||
Kimco Income Fund (“KIF”) (2) (8) | - | - | - | - | - | 39.5 | % | 12 | 1.5 | 288.7 | 50.6 | ||||||||||||||||||||||||||||||
SEB Immobilien (2) (12) | 15 | % | 3 | 0.4 | 85.8 | 2.5 | 15 | % | 13 | 1.8 | 361.9 | 0.9 | |||||||||||||||||||||||||||||
Other Institutional Programs (2) (4) (5) | Various | 51 | 1.5 | 344.4 | 10.1 | Various | 56 | 2.1 | 385.3 | 17.9 | |||||||||||||||||||||||||||||||
RioCan | 50 | % | 45 | 9.3 | 1,256.90 | 162.6 | 50 | % | 45 | 9.3 | 1,314.30 | 156.3 | |||||||||||||||||||||||||||||
Latin America (6) | Various | 17 | 1 | 95.9 | 52.6 | Various | 28 | 3.7 | 313.2 | 156.7 | |||||||||||||||||||||||||||||||
Other Joint Venture Programs (7) | Various | 61 | 9.8 | 1,447.70 | 244.9 | Various | 75 | 11.5 | 1,548.90 | 256.7 | |||||||||||||||||||||||||||||||
Total | 358 | 55.6 | $ | 9,521.80 | $ | 1,087.40 | 412 | 63.9 | $ | 10,485.10 | $ | 1,257.00 | |||||||||||||||||||||||||||||
* 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 three and nine months ended September 30, 2014 and 2013 (in millions): | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||
KimPru and KimPru II | $ | 2.6 | $ | 2.4 | $ | 7.7 | $ | 6.6 | |||||||||||||||||||||||||||||||||
KIR (3) (11) (20) | 6.5 | 9 | 19.4 | 23.5 | |||||||||||||||||||||||||||||||||||||
Kimstone (10) | 1.3 | 1.8 | 0.6 | 1.7 | |||||||||||||||||||||||||||||||||||||
BIG Shopping Centers (21) | 1 | 0.9 | 2.6 | 2.3 | |||||||||||||||||||||||||||||||||||||
CPP | 2.1 | 1.5 | 5.2 | 4.5 | |||||||||||||||||||||||||||||||||||||
KIF (8) | - | 0.9 | 0.9 | 2.5 | |||||||||||||||||||||||||||||||||||||
SEB Immobilien (12) | 0.2 | 0.3 | 0.7 | 0.8 | |||||||||||||||||||||||||||||||||||||
Other Institutional Programs (5) | 2.4 | 0.4 | 2.4 | 2.8 | |||||||||||||||||||||||||||||||||||||
RioCan | 7.7 | 7.3 | 23 | 20 | |||||||||||||||||||||||||||||||||||||
Latin America (6) (14) (15) (16) (17) | 0.8 | 69.3 | 35.3 | 101.4 | |||||||||||||||||||||||||||||||||||||
Other Joint Venture Programs (7) (13) (18) (19) | 27.2 | 2.4 | 52.3 | 13.7 | |||||||||||||||||||||||||||||||||||||
Total | $ | 51.8 | $ | 96.2 | $ | 150.1 | $ | 179.8 | |||||||||||||||||||||||||||||||||
-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, 2014, KIR sold two operating properties for a sales price of $17.7 million. In connection with the two dispositions, the Company recognized its share of an aggregate net gain of $1.1 million. | ||||||||||||||||||||||||||||||||||||||||
-4 | During the nine months ended September 30, 2014, the Company acquired three properties from a joint venture in which the Company has a noncontrolling interest for a total sales price of $93.2 million. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. As such, the Company recognized a gain of $3.7 million from the fair value adjustment associated with the Company’s original ownership due to a change in control and now consolidates these operating properties. | ||||||||||||||||||||||||||||||||||||||||
-5 | During the nine months ended September 30, 2014, two joint ventures in which the Company holds a noncontrolling interest sold two operating properties for an aggregate sales price of $46.6 million and recognized an aggregate gain of $11.1 million. The Company’s share of this gain was $2.2 million. | ||||||||||||||||||||||||||||||||||||||||
-6 | During the nine months ended September 30, 2014, the Company sold its noncontrolling interest in 10 operating properties located throughout Mexico based on a gross aggregate sales price of $202.1 million. The Company recognized a net gain of $30.0 million, before income taxes, associated with these transactions. | ||||||||||||||||||||||||||||||||||||||||
-7 | During the nine months ended September 30, 2014, a joint venture in which the Company holds a noncontrolling interest sold 14 operating properties for an aggregate sales price of $158.5 million and recognized an aggregate gain of $51.9 million. The Company’s share of this gain was $26.2 million. | ||||||||||||||||||||||||||||||||||||||||
-8 | During the nine months ended September 30, 2014, the Company purchased the remaining interest in KIF based on a gross purchase price of $408.0 million. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. As such, the Company recognized a gain of $65.6 million from the fair value adjustment associated with the Company’s original ownership due to a change in control and now consolidates these operating properties. | ||||||||||||||||||||||||||||||||||||||||
-9 | During the nine months ended September 30, 2014, KimPru acquired an additional parcel within one of its existing operating properties in Elk Grove, CA for a purchase price of $10.5 million. The Company’s capital contribution for this acquisition was $1.6 million. | ||||||||||||||||||||||||||||||||||||||||
-10 | During June 2013, Blackstone Real Estate Partners VII and the Company entered into a new joint venture (Kimstone) in which the Company owns a 33.3% noncontrolling interest. | ||||||||||||||||||||||||||||||||||||||||
-11 | During the nine months ended September 30, 2014, KIR recognized aggregate impairment charges of $5.0 million related to two properties which KIR anticipates selling within the next 18 months. KIR effectively shortened its anticipated hold period for these assets which resulted in the expected future cash flows being less than the carrying value. The Company’s share of these impairment charges was $2.8 million. | ||||||||||||||||||||||||||||||||||||||||
-12 | During the nine months ended September 30, 2014, the Company purchased the remaining 85% interest in 10 SEB properties based on a gross purchase price of $275.8 million including the assumption of $193.6 million of mortgage debt. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance. As such, the Company recognized a gain of $14.4 million from the fair value adjustment associated with the Company’s original ownership due to a change in control and now consolidates these operating properties. | ||||||||||||||||||||||||||||||||||||||||
-13 | During the nine months ended September 30, 2014, the Company received a distribution of $15.4 million from a joint venture that was in excess of its carrying value and as such, the Company recognized this amount as equity in income. | ||||||||||||||||||||||||||||||||||||||||
-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 | During the nine months ended September 30, 2013, the Company recorded impairment charges of $12.9 million on six properties that were in advanced negotiations to sell located throughout Mexico based upon the anticipated selling prices. | ||||||||||||||||||||||||||||||||||||||||
-18 | During the nine months ended September 30, 2013, a joint venture in which the Company has a noncontrolling interest sold on 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. | ||||||||||||||||||||||||||||||||||||||||
-19 | 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. | ||||||||||||||||||||||||||||||||||||||||
-20 | 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. | ||||||||||||||||||||||||||||||||||||||||
-21 | During October 2014, the Company and their joint venture partner BIG divided 15 of the 21 properties in the BIG Shopping Centers venture with the Company receiving a 99% ownership interest in seven operating properties and BIG receiving a 99% ownership interest in eight operating properties. As a result of this transaction, the Company will consolidate these seven properties. Subsequent to this transaction the BIG Shopping Centers venture holds six operating properties. | ||||||||||||||||||||||||||||||||||||||||
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, 2014 and December 31, 2013 (dollars in millions): | |||||||||||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Venture | Mortgages | Weighted | Weighted | Mortgages | Weighted | Weighted | |||||||||||||||||||||||||||||||||||
and | Average | Average | and | Average | Average | ||||||||||||||||||||||||||||||||||||
Notes | Interest Rate | Remaining | Notes | Interest Rate | Remaining | ||||||||||||||||||||||||||||||||||||
Payable | Term | Payable | Term | ||||||||||||||||||||||||||||||||||||||
(months)** | (months)** | ||||||||||||||||||||||||||||||||||||||||
KimPru and KimPru II | $ | 921.2 | 5.53 | % | 26 | $ | 923.4 | 5.53 | % | 35 | |||||||||||||||||||||||||||||||
KIR | 870.6 | 5.04 | % | 64.9 | 889.1 | 5.05 | % | 75.1 | |||||||||||||||||||||||||||||||||
Kimstone | 729.5 | 4.46 | % | 30.8 | 749.9 | 4.62 | % | 39.3 | |||||||||||||||||||||||||||||||||
BIG Shopping Centers | 406.3 | 5.41 | % | 34.2 | 406.5 | 5.39 | % | 40.1 | |||||||||||||||||||||||||||||||||
CPP | 112.6 | 5.03 | % | 13.1 | 138.6 | 5.23 | % | 19 | |||||||||||||||||||||||||||||||||
Kimco Income Fund | - | - | - | 158 | 5.45 | % | 8.7 | ||||||||||||||||||||||||||||||||||
SEB Immobilien | 50.2 | 4.06 | % | 38.7 | 243.8 | 5.11 | % | 43.3 | |||||||||||||||||||||||||||||||||
RioCan | 679 | 4.46 | % | 40.5 | 743.7 | 4.59 | % | 48 | |||||||||||||||||||||||||||||||||
Other Institutional Programs | 223.4 | 5.47 | % | 23.8 | 272.9 | 5.32 | % | 31 | |||||||||||||||||||||||||||||||||
Other Joint Venture Programs | 952.5 | 5.33 | % | 59.5 | 1,063.10 | 5.53 | % | 60.6 | |||||||||||||||||||||||||||||||||
Total | $ | 4,945.30 | $ | 5,589.00 | |||||||||||||||||||||||||||||||||||||
** Average Remaining Term includes extension options. |
Note_5_Other_Real_Estate_Inves
Note 5 - Other Real Estate Investments | 9 Months Ended |
Sep. 30, 2014 | |
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, 2014, the Company’s net investment under the Preferred Equity Program was $232.3 million relating to 446 properties, including 385 net leased properties. During the nine months ended September 30, 2014, the Company earned $17.5 million from its preferred equity investments, including $3.7 million in profit participation earned from three capital transactions. 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. |
Note_6_Variable_Interest_Entit
Note 6 - Variable Interest Entities | 9 Months Ended |
Sep. 30, 2014 | |
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, 2014, 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, 2014, total assets of these ground-up development VIEs were $88.2 million and total liabilities were $0.5 million. The classification of these assets is primarily within Real estate under development and the classification of liabilities is 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 $35.6 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 Redevelopment Investment | |
Included in the Company’s joint venture investments at September 30, 2014, 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, 2014, the Company’s investment in this VIE was a negative $11.0 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 $11.0 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, 2014 | |
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. As of September 30, 2014, the Company had a total of 13 loans aggregating $22.7 million all of which were identified as performing loans. | |
During the nine months ended September 30, 2014, the Company received full payment relating to three mortgage receivable loans which had an aggregate outstanding balance of $6.9 million. These loans bore interest at rates ranging between 7.97% and 10.0% and had scheduled maturities ranging from March 2014 to June 2019. |
Note_8_Marketable_Securities_a
Note 8 - Marketable Securities and Other Investments | 9 Months Ended |
Sep. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ' |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' |
8. Marketable Securities and Other Investments | |
At September 30, 2014, the Company’s investment in marketable securities was $77.1 million which includes an aggregate unrealized gain of $40.0 million relating to marketable equity security investments. |
Note_9_Notes_Payable
Note 9 - Notes Payable | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
9. Notes Payable | |
During March 2014, the Company established a new $1.75 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks, which is scheduled to expire in March 2018 with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2019. This Credit Facility replaced the Company’s existing $1.75 billion unsecured revolving credit facility which was scheduled to mature in October 2015. The Credit Facility, which can be increased to $2.25 billion through an accordion feature, accrues interest at a rate of LIBOR plus 92.5 basis points on drawn funds. In addition, the Credit Facility includes a $500 million sub-limit which provides the Company the opportunity to borrow in alternative currencies including Canadian dollars, British Pounds Sterling, Japanese Yen or euros. Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum leverage ratios on both unsecured and secured debt and (ii) minimum interest and fixed coverage ratios. As of September 30, 2014, the Credit Facility had a balance of $250.0 million outstanding and $1.1 million appropriated for letters of credit. | |
During April 2014, the Company issued $500.0 million of 7-year Senior Unsecured Notes at an interest rate of 3.20% payable semi-annually in arrears which are scheduled to mature in May 1, 2021. The Company used the net proceeds from the offering of $495.4 million after deducting the underwriting discount and offering expenses, for general corporate purposes including reducing borrowings under the Credit Facility and repayment of maturing debt. In connection with this issuance, the Company entered into a seventh supplemental indenture which, among other things, revised, for all securities created on or after the date of the seventh supplemental indenture, the definition of Unencumbered Total Asset Value, used to determine compliance with certain covenants within the indenture. | |
During the nine months ended September 30, 2014, the Company repaid (i) its $100.0 million 5.95% senior unsecured notes, which matured in June 2014 and (ii) its remaining $194.6 million 4.82% senior unsecured notes, which also matured in June 2014. | |
The Company had a 1.0 billion Mexican peso (“MXN”) term loan which was scheduled to mature in March 2018 and bore interest at a rate equal to TIIE (Equilibrium Interbank Interest Rate) plus 1.35%. This 1.0 billion MXN term loan (USD $76.3 million) was repaid during September 2014. |
Note_10_Mortgages_Payable
Note 10 - Mortgages Payable | 9 Months Ended |
Sep. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Mortgage Notes Payable Disclosure [Text Block] | ' |
10. Mortgages Payable | |
During the nine months ended September 30, 2014, the Company (i) assumed $618.3 million of individual non-recourse mortgage debt relating to the acquisition of 48 operating properties, including an increase of $34.2 million associated with fair value debt adjustments, (ii) paid off $298.3 million of mortgage debt that encumbered 18 properties and (iii) entered into a new non-recourse mortgage for $15.7 million encumbering one property. |
Note_11_Noncontrolling_Interes
Note 11 - Noncontrolling Interests | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
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, 2014 and September 30, 2013 (amounts in thousands): | |||||||||
2014 | 2013 | ||||||||
Balance at January 1, | $ | 86,153 | $ | 81,076 | |||||
Issuance of redeemable units/partnership interest | 4,943 | 5,223 | |||||||
Fair market value adjustment, net | 225 | (484 | ) | ||||||
Other | 92 | 88 | |||||||
Balance at September 30, | $ | 91,413 | $ | 85,903 | |||||
Note_12_Fair_Value_Measurement
Note 12 - Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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-14 | 31-Dec-13 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amounts | Fair Value | Amounts | Fair Value | ||||||||||||||
Marketable securities (1) | $ | 77,123 | $ | 77,253 | $ | 62,766 | $ | 62,824 | |||||||||
Notes payable (2) | $ | 3,353,458 | $ | 3,513,711 | $ | 3,186,047 | $ | 3,333,614 | |||||||||
Mortgages payable (3) | $ | 1,343,859 | $ | 1,399,124 | $ | 1,035,354 | $ | 1,083,801 | |||||||||
-1 | As of September 30, 2014 and December 31, 2013, the Company determined that $74.5 million and $59.7 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $2.8 million and $3.1 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, 2014 and December 31, 2013, 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-14 | |||||||||||||||||
Marketable equity securities | $ | 74,547 | $ | 74,547 | $ | - | $ | - | |||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
31-Dec-13 | |||||||||||||||||
Marketable equity securities | $ | 59,723 | $ | 59,723 | $ | - | $ | - | |||||||||
Assets measured at fair value on a non-recurring basis at September 30, 2014 and December 31, 2013, are as follows (in thousands): | |||||||||||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
30-Sep-14 | |||||||||||||||||
Real estate | $ | 228,798 | $ | - | $ | - | $ | 228,798 | |||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
31-Dec-13 | |||||||||||||||||
Real estate | $ | 217,529 | $ | - | $ | - | $ | 217,529 | |||||||||
Joint venture investments | $ | 59,693 | $ | - | $ | - | $ | 59,693 | |||||||||
Other real estate investments | $ | 2,050 | $ | - | $ | - | $ | 2,050 | |||||||||
Cost method investment | $ | 4,670 | $ | - | $ | - | $ | 4,670 | |||||||||
During the nine months ended September 30, 2014, the Company recognized impairment charges of $107.0 million of which $61.3 million, before noncontrolling interests and income taxes, is included in discontinued operations. These impairment charges consist of (i) $102.2 million related to adjustments to property carrying values and (ii) $4.8 million related to a cost method investment. During the nine months ended September 30, 2013, the Company recognized impairment charges of $167.2 million of which $83.3 million, before noncontrolling interests and income taxes, is included in discontinued operations. These impairment charges consist of (i) $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. | |||||||||||||||||
The Company’s estimated fair values, as it relates to property carrying values were primarily based upon (i) estimated sales prices from third party offers based on signed contracts or letters of intent (this method was used to determine $80.5 million of the $102.2 million in impairments recognized during the nine months ended September 30, 2014), for which the Company does not have access to the unobservable inputs used to determine these estimated fair values, and (ii) discounted cash flow models (this method was used to determine $21.7 million of the $102.2 million in impairments recognized during the nine months ended September 30, 2014). The discounted cash flow models include 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 rates primarily ranging from 5.0% to 15.0% and discount rates primarily ranging from 6.0% to 16.0% which were utilized in the models were based upon observable rates that the Company believes to be within a reasonable range of current market rates for each respective investments. | |||||||||||||||||
The Company’s estimated fair value as it relates to the cost method investment, was based upon a discounted cash flow model. The discounted cash flow 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 9.1% 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 investment. | |||||||||||||||||
Based on these inputs the Company determined that its valuation of these investments was classified within Level 3 of the fair value hierarchy. (See Footnote 2 for additional discussion regarding impairment charges). |
Note_13_Preferred_Stock
Note 13 - Preferred Stock | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||||||||||||||
13. Preferred Stock | |||||||||||||||||||||||||
The Company’s outstanding Preferred Stock is detailed below: | |||||||||||||||||||||||||
As of September 30, 2014 and December 31, 2013 | |||||||||||||||||||||||||
Series of | Shares Authorized | Shares Issued and Outstanding | Liquidation Preference | Dividend | Annual Dividend per Depositary Share | Par Value | |||||||||||||||||||
Preferred Stock | (in thousands) | Rate | |||||||||||||||||||||||
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, 2014 | |||||||||
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, 2014 and 2013 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Acquisition of real estate interests by assumption of mortgage debt | $ | 210,232 | $ | 36,716 | |||||
Acquisition of real estate interests by issuance of redeemable units/partnership interest | $ | 6,122 | $ | 3,985 | |||||
Acquisition of real estate interests through proceeds held in escrow | $ | 71,116 | $ | - | |||||
Acquisition of real estate interests through mortgage receivable foreclosure | $ | - | $ | 24,322 | |||||
Proceeds held in escrow through sale of real estate interests | $ | 147,728 | $ | - | |||||
Issuance of restricted common stock | $ | 13,835 | $ | 9,213 | |||||
Surrender of restricted common stock | $ | (3,981 | ) | $ | (3,851 | ) | |||
Disposition of real estate through the issuance of an unsecured obligation | $ | - | $ | 3,513 | |||||
Declaration of dividends paid in succeeding period | $ | 104,858 | $ | 98,334 | |||||
Consolidation of Joint Ventures: | |||||||||
Increase in real estate and other assets | $ | 509,839 | $ | 228,200 | |||||
Increase in mortgages payable | $ | 373,879 | $ | 206,489 | |||||
Note_15_Incentive_Plans
Note 15 - Incentive Plans | 9 Months Ended |
Sep. 30, 2014 | |
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 or (iii) over ten years at 20% per year commencing after the fifth year. Performance share awards, which vest over a period of one to three years, may provide a right to receive shares of the Company’s common stock or 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 permit 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 $14.5 million and $15.1 million for the nine months ended September 30, 2014 and 2013, respectively. As of September 30, 2014, the Company had $28.8 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 3.1 years. |
Note_16_Accumulated_Other_Comp
Note 16 - Accumulated Other Comprehensive Income ("AOCI") | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Accumulated Other Comprehensive Income Loss Disclosure [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income Loss Disclosure [Text Block] | ' | ||||||||||||
16. 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 and 2014: | |||||||||||||
Foreign Currency Translation Adjustments | Unrealized Gains on Available-for-Sale Investments | Total | |||||||||||
Balance as of January 1, 2013 | $ | (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 | ) | ||||||||
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. | |||||||||||||
Foreign Currency Translation Adjustments | Unrealized Gains on Available-for-Sale Investments | Total | |||||||||||
Balance as of January 1, 2014 | $ | (90,977 | ) | $ | 25,995 | $ | (64,982 | ) | |||||
Other comprehensive income before reclassifications | (17,618 | ) | 13,980 | (3,638 | ) | ||||||||
Amounts reclassified from AOCI | - | - | - | ||||||||||
Net current-period other comprehensive income | (17,618 | ) | 13,980 | (3,638 | ) | ||||||||
Balance as of September 30, 2014 | $ | (108,595 | ) | $ | 39,975 | $ | (68,620 | ) | |||||
At September 30, 2014, the Company had net unrealized cumulative translation adjustment (“CTA”) losses relating to its investments in foreign entities of $108.6 million, after noncontrolling interests of $5.8 million. The CTA losses are comprised of $127.0 million of unrealized losses relating to its Latin American investments, $113.4 million of which is related to Mexico, partially offset by, $18.4 million of unrealized gains relating to its Canadian investments. The CTA losses result 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 anticipates it will, 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_17_Pro_Forma_Financial_In
Note 17 - Pro Forma Financial Information | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Pro Forma Financial Information Disclosure [Abstract] | ' | ||||||||
Pro Forma Financial Information Disclosure [Text Block] | ' | ||||||||
17. 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, 2014. 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, 2014 and 2013, adjusted to give effect to these transactions at the beginning of 2013 and 2012, respectively. | |||||||||
The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been had the transactions occurred at the beginning of 2013 and 2012, respectively, nor does it purport to represent the results of income for future periods. (Amounts presented in millions, except per share figures). | |||||||||
Nine Months | |||||||||
Ended September 30, | |||||||||
2014 | 2013 | ||||||||
Revenues from rental property | $ | 756.8 | $ | 689.5 | |||||
Net income | $ | 267.7 | $ | 238.1 | |||||
Net income available to the Company’s common shareholders | $ | 217.5 | $ | 186.2 | |||||
Net income available to the Company’s common shareholders per common share: | |||||||||
Basic | $ | 0.53 | $ | 0.46 | |||||
Diluted | $ | 0.53 | $ | 0.45 | |||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Computation of Basic Earnings Per Share: | |||||||||||||||||
Income from continuing operations | $ | 104,554 | $ | 50,590 | $ | 300,824 | $ | 187,523 | |||||||||
Gain on sale of operating properties, net of tax | - | 540 | 389 | 1,080 | |||||||||||||
Net income attributable to noncontrolling interests | (2,601 | ) | (1,425 | ) | (13,899 | ) | (6,296 | ) | |||||||||
Discontinued operations attributable to noncontrolling interests | (4 | ) | (2,779 | ) | 7,396 | (1,844 | ) | ||||||||||
Preferred stock dividends | (14,573 | ) | (14,573 | ) | (43,720 | ) | (43,720 | ) | |||||||||
Income from continuing operations available to the common shareholders | 87,376 | 32,353 | 250,990 | 136,743 | |||||||||||||
Earnings attributable to unvested restricted shares | (431 | ) | (337 | ) | (1,292 | ) | (1,011 | ) | |||||||||
Income from continuing operations attributable to common shareholders | 86,945 | 32,016 | 249,698 | 135,732 | |||||||||||||
Income/(loss) from discontinued operations attributable to the Company | 92,759 | 8,837 | 76,510 | (5,791 | ) | ||||||||||||
Net income attributable to the Company’s common shareholders for basic earnings per share | $ | 179,704 | $ | 40,853 | $ | 326,208 | $ | 129,941 | |||||||||
Weighted average common shares outstanding | 409,326 | 408,060 | 408,868 | 407,459 | |||||||||||||
Basic Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||||||||||||||
Income from continuing operations | $ | 0.21 | $ | 0.08 | $ | 0.61 | $ | 0.33 | |||||||||
Income/(loss) from discontinued operations | 0.23 | 0.02 | 0.19 | (0.01 | ) | ||||||||||||
Net income | $ | 0.44 | $ | 0.1 | $ | 0.8 | $ | 0.32 | |||||||||
Computation of Diluted Earnings Per Share: | |||||||||||||||||
Income from continuing operations attributable to common shareholders | $ | 86,945 | $ | 32,016 | $ | 249,698 | $ | 135,732 | |||||||||
Income/(loss) from discontinued operations attributable to the Company | 92,759 | 8,837 | 76,510 | (5,791 | ) | ||||||||||||
Distributions on convertible units | 130 | - | 390 | - | |||||||||||||
Net income attributable to the Company’s common shareholders for diluted earnings per share | $ | 179,834 | $ | 40,853 | $ | 326,598 | $ | 129,941 | |||||||||
Weighted average common shares outstanding – basic | 409,326 | 408,060 | 408,868 | 407,459 | |||||||||||||
Effect of dilutive securities (a): | |||||||||||||||||
Equity awards | 1,052 | 806 | 1,092 | 1,051 | |||||||||||||
Assumed conversion of convertible units | 723 | - | 723 | - | |||||||||||||
Shares for diluted earnings per common share | 411,101 | 408,866 | 410,683 | 408,510 | |||||||||||||
Diluted Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||||||||||||||
Income from continuing operations | $ | 0.21 | $ | 0.08 | $ | 0.61 | $ | 0.33 | |||||||||
Income/(loss) from discontinued operations | 0.23 | 0.02 | 0.18 | (0.01 | ) | ||||||||||||
Net income | $ | 0.44 | $ | 0.1 | $ | 0.79 | $ | 0.32 | |||||||||
(a) | For the three and nine months ended September 30, 2014 and 2013, 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 8,839,578 and 10,983,598 stock options that were not dilutive at September 30, 2014 and 2013, 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. | |||||||||||||||||
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 2013 Annual Report on Form 10-K for the year ended December 31, 2013 (“10-K”), as certain disclosures in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2014, 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 4). | |||||||||||||||||
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. These investments are held by the Company at the REIT level and not in the Company’s taxable REIT subsidiary. Accordingly, the Company does not expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries. | |||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||||||
New Accounting Pronouncements – | |||||||||||||||||
In August 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter, early adoption is permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-15 will have on the Company’s condensed consolidated financial statements. | |||||||||||||||||
In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations. | |||||||||||||||||
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). The amendments in ASU 2014-08 change the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. The amendments in ASU 2014-08 are effective for fiscal years beginning after December 15, 2014. Early adoption is permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-08 will have on future disposals. | |||||||||||||||||
In February 2013, the FASB issued new guidance regarding liabilities, 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 did not have a material impact on the Company’s financial position or results of operations. |
Note_1_Interim_Financial_State1
Note 1 - Interim Financial Statements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Computation of Basic Earnings Per Share: | |||||||||||||||||
Income from continuing operations | $ | 104,554 | $ | 50,590 | $ | 300,824 | $ | 187,523 | |||||||||
Gain on sale of operating properties, net of tax | - | 540 | 389 | 1,080 | |||||||||||||
Net income attributable to noncontrolling interests | (2,601 | ) | (1,425 | ) | (13,899 | ) | (6,296 | ) | |||||||||
Discontinued operations attributable to noncontrolling interests | (4 | ) | (2,779 | ) | 7,396 | (1,844 | ) | ||||||||||
Preferred stock dividends | (14,573 | ) | (14,573 | ) | (43,720 | ) | (43,720 | ) | |||||||||
Income from continuing operations available to the common shareholders | 87,376 | 32,353 | 250,990 | 136,743 | |||||||||||||
Earnings attributable to unvested restricted shares | (431 | ) | (337 | ) | (1,292 | ) | (1,011 | ) | |||||||||
Income from continuing operations attributable to common shareholders | 86,945 | 32,016 | 249,698 | 135,732 | |||||||||||||
Income/(loss) from discontinued operations attributable to the Company | 92,759 | 8,837 | 76,510 | (5,791 | ) | ||||||||||||
Net income attributable to the Company’s common shareholders for basic earnings per share | $ | 179,704 | $ | 40,853 | $ | 326,208 | $ | 129,941 | |||||||||
Weighted average common shares outstanding | 409,326 | 408,060 | 408,868 | 407,459 | |||||||||||||
Basic Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||||||||||||||
Income from continuing operations | $ | 0.21 | $ | 0.08 | $ | 0.61 | $ | 0.33 | |||||||||
Income/(loss) from discontinued operations | 0.23 | 0.02 | 0.19 | (0.01 | ) | ||||||||||||
Net income | $ | 0.44 | $ | 0.1 | $ | 0.8 | $ | 0.32 | |||||||||
Computation of Diluted Earnings Per Share: | |||||||||||||||||
Income from continuing operations attributable to common shareholders | $ | 86,945 | $ | 32,016 | $ | 249,698 | $ | 135,732 | |||||||||
Income/(loss) from discontinued operations attributable to the Company | 92,759 | 8,837 | 76,510 | (5,791 | ) | ||||||||||||
Distributions on convertible units | 130 | - | 390 | - | |||||||||||||
Net income attributable to the Company’s common shareholders for diluted earnings per share | $ | 179,834 | $ | 40,853 | $ | 326,598 | $ | 129,941 | |||||||||
Weighted average common shares outstanding – basic | 409,326 | 408,060 | 408,868 | 407,459 | |||||||||||||
Effect of dilutive securities (a): | |||||||||||||||||
Equity awards | 1,052 | 806 | 1,092 | 1,051 | |||||||||||||
Assumed conversion of convertible units | 723 | - | 723 | - | |||||||||||||
Shares for diluted earnings per common share | 411,101 | 408,866 | 410,683 | 408,510 | |||||||||||||
Diluted Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||||||||||||||
Income from continuing operations | $ | 0.21 | $ | 0.08 | $ | 0.61 | $ | 0.33 | |||||||||
Income/(loss) from discontinued operations | 0.23 | 0.02 | 0.18 | (0.01 | ) | ||||||||||||
Net income | $ | 0.44 | $ | 0.1 | $ | 0.79 | $ | 0.32 |
Note_2_Operating_Property_Acti1
Note 2 - Operating Property Activities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||||||
Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals [Table Text Block] | ' | ||||||||||||||||||||||||
Purchase Price | |||||||||||||||||||||||||
Property Name | Location | Month | Cash* | Debt Assumed | Other | Total | GLA** | ||||||||||||||||||
Acquired | |||||||||||||||||||||||||
North Valley Leasehold | Peoria, AZ | 14-Jan | $ | 3,000 | $ | - | $ | - | $ | 3,000 | - | ||||||||||||||
LaSalle Properties (3 properties) | Various (1) | 14-Jan | 62,239 | 23,269 | 7,642 | 93,150 | 316 | ||||||||||||||||||
Harrisburg Land Parcel | Harrisburg, PA | 14-Jan | 2,550 | - | - | 2,550 | - | ||||||||||||||||||
Crossroads Plaza | Cary, NC | 14-Feb | 18,691 | 72,309 | - | 91,000 | 489 | ||||||||||||||||||
Quail Corners | Charlotte, NC (2) | 14-Mar | 9,398 | 17,409 | 4,943 | 31,750 | 110 | ||||||||||||||||||
KIF 1 Portfolio (12 properties) | Various (3) | 14-Apr | 128,699 | 157,010 | 122,291 | 408,000 | 1,589 | ||||||||||||||||||
Fountain at Arbor Lakes (2 Land Parcels) | Maple Grove, MN | 14-Apr | 900 | - | - | 900 | - | ||||||||||||||||||
Boston Portfolio (24 properties) | Various | 14-Apr | 149,486 | 120,514 | - | 270,000 | 1,426 | ||||||||||||||||||
Vinnin Square | Swampscott, MA | 14-May | 2,550 | - | - | 2,550 | 6 | ||||||||||||||||||
SEB Portfolio (10 Properties) | Various (4) | 14-Jul | 69,261 | 193,600 | 12,911 | 275,772 | 1,415 | ||||||||||||||||||
Highlands Ranch Parcel | Highlands Ranch, CO | 14-Sep | 3,800 | - | - | 3,800 | 10 | ||||||||||||||||||
$ | 450,574 | $ | 584,111 | $ | 147,787 | $ | 1,182,472 | 5,361 | |||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||||||||||||||||||
Land | $ | 335,891 | |||||||||||||||||||||||
Buildings | 561,601 | ||||||||||||||||||||||||
Above Market Rents | 24,995 | ||||||||||||||||||||||||
Below Market Rents | (67,101 | ) | |||||||||||||||||||||||
In-Place Leases | 93,617 | ||||||||||||||||||||||||
Building Improvements | 239,897 | ||||||||||||||||||||||||
Tenant Improvements | 21,885 | ||||||||||||||||||||||||
Mortgage Fair Value Adjustment | (34,154 | ) | |||||||||||||||||||||||
Other Assets | 5,841 | ||||||||||||||||||||||||
$ | 1,182,472 |
Note_3_Discontinued_Operations1
Note 3 - Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Discontinued operations: | |||||||||||||||||
Revenues from rental property | $ | 7,754 | $ | 26,127 | $ | 44,842 | $ | 81,429 | |||||||||
Rental property expenses | (2,160 | ) | (8,994 | ) | (11,281 | ) | (25,854 | ) | |||||||||
Depreciation and amortization | (1,430 | ) | (6,444 | ) | (8,491 | ) | (20,594 | ) | |||||||||
Provision for doubtful accounts, net | 128 | (406 | ) | (191 | ) | (1,088 | ) | ||||||||||
Interest income/(expense), net | 23 | (42 | ) | (50 | ) | 110 | |||||||||||
Other expense, net | (3 | ) | (112 | ) | (437 | ) | (448 | ) | |||||||||
Income from discontinued operating properties, before income taxes | 4,312 | 10,129 | 24,392 | 33,555 | |||||||||||||
Impairment of property carrying value, net, before income taxes | (940 | ) | (26,957 | ) | (61,343 | ) | (83,267 | ) | |||||||||
Gain on disposition of operating properties, net, before income taxes | 99,144 | 23,400 | 129,435 | 27,764 | |||||||||||||
(Provision)/benefit for income taxes, net | (9,761 | ) | (514 | ) | (8,578 | ) | 14,313 | ||||||||||
Income/(loss) from discontinued operating properties | 92,755 | 6,058 | 83,906 | (7,635 | ) | ||||||||||||
Net loss/(income) attributable to noncontrolling interests | 4 | 2,779 | (7,396 | ) | 1,844 | ||||||||||||
Income/(loss) from discontinued operations attributable to the Company | $ | 92,759 | $ | 8,837 | $ | 76,510 | $ | (5,791 | ) |
Note_4_Investment_and_Advances1
Note 4 - Investment and Advances in Real Estate Joint Ventures (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||||||||||
Equity Method Investments [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
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) (9) | 15 | % | 60 | 10.6 | $ | 2,747.70 | $ | 180.7 | 15 | % | 60 | 10.6 | $ | 2,724.00 | $ | 179.7 | |||||||||||||||||||||||||
Kimco Income Opportunity Portfolio (“KIR”) (2) (3) | 48.6 | % | 55 | 11.6 | 1,486.00 | 153.8 | 48.6 | % | 57 | 12 | 1,496.00 | 163.6 | |||||||||||||||||||||||||||||
Kimstone (2) | 33.3 | % | 39 | 5.6 | 1,096.50 | 93.3 | 33.3 | % | 39 | 5.6 | 1,095.30 | 100.3 | |||||||||||||||||||||||||||||
BIG Shopping Centers (2) (21)* | 37.9 | % | 21 | 3.4 | 522.1 | 31.3 | 37.9 | % | 21 | 3.4 | 520.1 | 29.5 | |||||||||||||||||||||||||||||
The Canada Pension Plan Investment Board (“CPP”) (2) | 55 | % | 6 | 2.4 | 438.8 | 155.6 | 55 | % | 6 | 2.4 | 437.4 | 144.8 | |||||||||||||||||||||||||||||
Kimco Income Fund (“KIF”) (2) (8) | - | - | - | - | - | 39.5 | % | 12 | 1.5 | 288.7 | 50.6 | ||||||||||||||||||||||||||||||
SEB Immobilien (2) (12) | 15 | % | 3 | 0.4 | 85.8 | 2.5 | 15 | % | 13 | 1.8 | 361.9 | 0.9 | |||||||||||||||||||||||||||||
Other Institutional Programs (2) (4) (5) | Various | 51 | 1.5 | 344.4 | 10.1 | Various | 56 | 2.1 | 385.3 | 17.9 | |||||||||||||||||||||||||||||||
RioCan | 50 | % | 45 | 9.3 | 1,256.90 | 162.6 | 50 | % | 45 | 9.3 | 1,314.30 | 156.3 | |||||||||||||||||||||||||||||
Latin America (6) | Various | 17 | 1 | 95.9 | 52.6 | Various | 28 | 3.7 | 313.2 | 156.7 | |||||||||||||||||||||||||||||||
Other Joint Venture Programs (7) | Various | 61 | 9.8 | 1,447.70 | 244.9 | Various | 75 | 11.5 | 1,548.90 | 256.7 | |||||||||||||||||||||||||||||||
Total | 358 | 55.6 | $ | 9,521.80 | $ | 1,087.40 | 412 | 63.9 | $ | 10,485.10 | $ | 1,257.00 | |||||||||||||||||||||||||||||
Joint Venture Investments Accounted for Under the Equity Method Debt Details [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Venture | Mortgages | Weighted | Weighted | Mortgages | Weighted | Weighted | |||||||||||||||||||||||||||||||||||
and | Average | Average | and | Average | Average | ||||||||||||||||||||||||||||||||||||
Notes | Interest Rate | Remaining | Notes | Interest Rate | Remaining | ||||||||||||||||||||||||||||||||||||
Payable | Term | Payable | Term | ||||||||||||||||||||||||||||||||||||||
(months)** | (months)** | ||||||||||||||||||||||||||||||||||||||||
KimPru and KimPru II | $ | 921.2 | 5.53 | % | 26 | $ | 923.4 | 5.53 | % | 35 | |||||||||||||||||||||||||||||||
KIR | 870.6 | 5.04 | % | 64.9 | 889.1 | 5.05 | % | 75.1 | |||||||||||||||||||||||||||||||||
Kimstone | 729.5 | 4.46 | % | 30.8 | 749.9 | 4.62 | % | 39.3 | |||||||||||||||||||||||||||||||||
BIG Shopping Centers | 406.3 | 5.41 | % | 34.2 | 406.5 | 5.39 | % | 40.1 | |||||||||||||||||||||||||||||||||
CPP | 112.6 | 5.03 | % | 13.1 | 138.6 | 5.23 | % | 19 | |||||||||||||||||||||||||||||||||
Kimco Income Fund | - | - | - | 158 | 5.45 | % | 8.7 | ||||||||||||||||||||||||||||||||||
SEB Immobilien | 50.2 | 4.06 | % | 38.7 | 243.8 | 5.11 | % | 43.3 | |||||||||||||||||||||||||||||||||
RioCan | 679 | 4.46 | % | 40.5 | 743.7 | 4.59 | % | 48 | |||||||||||||||||||||||||||||||||
Other Institutional Programs | 223.4 | 5.47 | % | 23.8 | 272.9 | 5.32 | % | 31 | |||||||||||||||||||||||||||||||||
Other Joint Venture Programs | 952.5 | 5.33 | % | 59.5 | 1,063.10 | 5.53 | % | 60.6 | |||||||||||||||||||||||||||||||||
Total | $ | 4,945.30 | $ | 5,589.00 | |||||||||||||||||||||||||||||||||||||
Income [Member] | ' | ||||||||||||||||||||||||||||||||||||||||
Note 4 - Investment 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, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||
KimPru and KimPru II | $ | 2.6 | $ | 2.4 | $ | 7.7 | $ | 6.6 | |||||||||||||||||||||||||||||||||
KIR (3) (11) (20) | 6.5 | 9 | 19.4 | 23.5 | |||||||||||||||||||||||||||||||||||||
Kimstone (10) | 1.3 | 1.8 | 0.6 | 1.7 | |||||||||||||||||||||||||||||||||||||
BIG Shopping Centers (21) | 1 | 0.9 | 2.6 | 2.3 | |||||||||||||||||||||||||||||||||||||
CPP | 2.1 | 1.5 | 5.2 | 4.5 | |||||||||||||||||||||||||||||||||||||
KIF (8) | - | 0.9 | 0.9 | 2.5 | |||||||||||||||||||||||||||||||||||||
SEB Immobilien (12) | 0.2 | 0.3 | 0.7 | 0.8 | |||||||||||||||||||||||||||||||||||||
Other Institutional Programs (5) | 2.4 | 0.4 | 2.4 | 2.8 | |||||||||||||||||||||||||||||||||||||
RioCan | 7.7 | 7.3 | 23 | 20 | |||||||||||||||||||||||||||||||||||||
Latin America (6) (14) (15) (16) (17) | 0.8 | 69.3 | 35.3 | 101.4 | |||||||||||||||||||||||||||||||||||||
Other Joint Venture Programs (7) (13) (18) (19) | 27.2 | 2.4 | 52.3 | 13.7 | |||||||||||||||||||||||||||||||||||||
Total | $ | 51.8 | $ | 96.2 | $ | 150.1 | $ | 179.8 |
Note_11_Noncontrolling_Interes1
Note 11 - Noncontrolling Interests (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||
Redeemable Noncontrolling Interest [Table Text Block] | ' | ||||||||
2014 | 2013 | ||||||||
Balance at January 1, | $ | 86,153 | $ | 81,076 | |||||
Issuance of redeemable units/partnership interest | 4,943 | 5,223 | |||||||
Fair market value adjustment, net | 225 | (484 | ) | ||||||
Other | 92 | 88 | |||||||
Balance at September 30, | $ | 91,413 | $ | 85,903 |
Note_12_Fair_Value_Measurement1
Note 12 - Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amounts | Fair Value | Amounts | Fair Value | ||||||||||||||
Marketable securities (1) | $ | 77,123 | $ | 77,253 | $ | 62,766 | $ | 62,824 | |||||||||
Notes payable (2) | $ | 3,353,458 | $ | 3,513,711 | $ | 3,186,047 | $ | 3,333,614 | |||||||||
Mortgages payable (3) | $ | 1,343,859 | $ | 1,399,124 | $ | 1,035,354 | $ | 1,083,801 | |||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | ' | ||||||||||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
30-Sep-14 | |||||||||||||||||
Marketable equity securities | $ | 74,547 | $ | 74,547 | $ | - | $ | - | |||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
31-Dec-13 | |||||||||||||||||
Marketable equity securities | $ | 59,723 | $ | 59,723 | $ | - | $ | - | |||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
30-Sep-14 | |||||||||||||||||
Real estate | $ | 228,798 | $ | - | $ | - | $ | 228,798 | |||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
31-Dec-13 | |||||||||||||||||
Real estate | $ | 217,529 | $ | - | $ | - | $ | 217,529 | |||||||||
Joint venture investments | $ | 59,693 | $ | - | $ | - | $ | 59,693 | |||||||||
Other real estate investments | $ | 2,050 | $ | - | $ | - | $ | 2,050 | |||||||||
Cost method investment | $ | 4,670 | $ | - | $ | - | $ | 4,670 |
Note_13_Preferred_Stock_Tables
Note 13 - Preferred Stock (Tables) (Outstanding Preferred Stock [Member]) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Outstanding Preferred Stock [Member] | ' | ||||||||||||||||||||||||
Note 13 - Preferred Stock (Tables) [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | ' | ||||||||||||||||||||||||
As of September 30, 2014 and December 31, 2013 | |||||||||||||||||||||||||
Series of | Shares Authorized | Shares Issued and Outstanding | Liquidation Preference | Dividend | Annual Dividend per Depositary Share | Par Value | |||||||||||||||||||
Preferred Stock | (in thousands) | Rate | |||||||||||||||||||||||
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, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||||||
2014 | 2013 | ||||||||
Acquisition of real estate interests by assumption of mortgage debt | $ | 210,232 | $ | 36,716 | |||||
Acquisition of real estate interests by issuance of redeemable units/partnership interest | $ | 6,122 | $ | 3,985 | |||||
Acquisition of real estate interests through proceeds held in escrow | $ | 71,116 | $ | - | |||||
Acquisition of real estate interests through mortgage receivable foreclosure | $ | - | $ | 24,322 | |||||
Proceeds held in escrow through sale of real estate interests | $ | 147,728 | $ | - | |||||
Issuance of restricted common stock | $ | 13,835 | $ | 9,213 | |||||
Surrender of restricted common stock | $ | (3,981 | ) | $ | (3,851 | ) | |||
Disposition of real estate through the issuance of an unsecured obligation | $ | - | $ | 3,513 | |||||
Declaration of dividends paid in succeeding period | $ | 104,858 | $ | 98,334 | |||||
Consolidation of Joint Ventures: | |||||||||
Increase in real estate and other assets | $ | 509,839 | $ | 228,200 | |||||
Increase in mortgages payable | $ | 373,879 | $ | 206,489 |
Note_16_Accumulated_Other_Comp1
Note 16 - Accumulated Other Comprehensive Income ("AOCI") (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Accumulated Other Comprehensive Income Loss Disclosure [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
Foreign Currency Translation Adjustments | Unrealized Gains on Available-for-Sale Investments | Total | |||||||||||
Balance as of January 1, 2013 | $ | (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 | ) | ||||||||
Other comprehensive income | (1,834 | ) | 23,888 | 22,054 | |||||||||
Balance as of September 30, 2013 | $ | (87,238 | ) | $ | 43,110 | $ | (44,128 | ) | |||||
Foreign Currency Translation Adjustments | Unrealized Gains on Available-for-Sale Investments | Total | |||||||||||
Balance as of January 1, 2014 | $ | (90,977 | ) | $ | 25,995 | $ | (64,982 | ) | |||||
Other comprehensive income before reclassifications | (17,618 | ) | 13,980 | (3,638 | ) | ||||||||
Amounts reclassified from AOCI | - | - | - | ||||||||||
Net current-period other comprehensive income | (17,618 | ) | 13,980 | (3,638 | ) | ||||||||
Balance as of September 30, 2014 | $ | (108,595 | ) | $ | 39,975 | $ | (68,620 | ) |
Note_17_Pro_Forma_Financial_In1
Note 17 - Pro Forma Financial Information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Pro Forma Financial Information Disclosure [Abstract] | ' | ||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||
Nine Months | |||||||||
Ended September 30, | |||||||||
2014 | 2013 | ||||||||
Revenues from rental property | $ | 756.8 | $ | 689.5 | |||||
Net income | $ | 267.7 | $ | 238.1 | |||||
Net income available to the Company’s common shareholders | $ | 217.5 | $ | 186.2 | |||||
Net income available to the Company’s common shareholders per common share: | |||||||||
Basic | $ | 0.53 | $ | 0.46 | |||||
Diluted | $ | 0.53 | $ | 0.45 |
Note_1_Interim_Financial_State2
Note 1 - Interim Financial Statements (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8,839,578 | 10,983,598 | 8,839,578 | 10,983,598 |
Note_1_Interim_Financial_State3
Note 1 - Interim Financial Statements (Details) - Reconciliation of Earnings/(Loss) and the Weighted Average Number of Shares (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Reconciliation of Earnings/(Loss) and the Weighted Average Number of Shares [Abstract] | ' | ' | ' | ' | ||||
Income from continuing operations | $104,554 | $50,590 | $300,824 | $187,523 | ||||
Gain on sale of operating properties, net of tax | ' | 540 | 389 | 1,080 | ||||
Net income attributable to noncontrolling interests | -2,601 | -1,425 | -13,899 | -6,296 | ||||
Discontinued operations attributable to noncontrolling interests | -4 | -2,779 | 7,396 | -1,844 | ||||
Preferred stock dividends | -14,573 | -14,573 | -43,720 | -43,720 | ||||
Income from continuing operations available to the common shareholders | 87,376 | 32,353 | 250,990 | 136,743 | ||||
Earnings attributable to unvested restricted shares | -431 | -337 | -1,292 | -1,011 | ||||
Income from continuing operations attributable to common shareholders | 86,945 | 32,016 | 249,698 | 135,732 | ||||
Income/(loss) from discontinued operations attributable to the Company | 92,759 | 8,837 | 76,510 | -5,791 | ||||
Net income attributable to the Companybs common shareholders for basic earnings per share | 179,704 | 40,853 | 326,208 | 129,941 | ||||
Weighted average common shares outstanding (in Shares) | 409,326 | 408,060 | 408,868 | 407,459 | ||||
Income from continuing operations (in Dollars per share) | $0.21 | $0.08 | $0.61 | $0.33 | ||||
Income/(loss) from discontinued operations (in Dollars per share) | $0.23 | $0.02 | $0.19 | ($0.01) | ||||
Net income (in Dollars per share) | $0.44 | $0.10 | $0.80 | $0.32 | ||||
Income from continuing operations attributable to common shareholders | 86,945 | 32,016 | 249,698 | 135,732 | ||||
Income/(loss) from discontinued operations attributable to the Company | 92,759 | 8,837 | 76,510 | -5,791 | ||||
Distributions on convertible units | 130 | ' | 390 | ' | ||||
Net income attributable to the Companybs common shareholders for diluted earnings per share | $179,834 | $40,853 | $326,598 | $129,941 | ||||
Weighted average common shares outstanding b basic (in Shares) | 409,326 | 408,060 | 408,868 | 407,459 | ||||
Effect of dilutive securities (a): | ' | ' | ' | ' | ||||
Equity awards (in Shares) | 1,052 | [1] | 806 | [1] | 1,092 | [1] | 1,051 | [1] |
Assumed conversion of convertible units (in Shares) | 723 | [1] | ' | [1] | 723 | [1] | ' | [1] |
Shares for diluted earnings per common share (in Shares) | 411,101 | 408,866 | 410,683 | 408,510 | ||||
Income from continuing operations (in Dollars per share) | $0.21 | $0.08 | $0.61 | $0.33 | ||||
Income/(loss) from discontinued operations (in Dollars per share) | $0.23 | $0.02 | $0.18 | ($0.01) | ||||
Net income (in Dollars per share) | $0.44 | $0.10 | $0.79 | $0.32 | ||||
[1] | For the three and nine months ended September 30, 2014 and 2013, 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 8,839,578 and 10,983,598 stock options that were not dilutive at September 30, 2014 and 2013, respectively. |
Note_2_Operating_Property_Acti2
Note 2 - Operating Property Activities (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Apr. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 30, 2014 | Jul. 31, 2014 | |
Operating Expense [Member] | Operating Expense [Member] | Disposals [Member] | Initial Dispositions [Member] | Initial Dispositions [Member] | Initial Dispositions [Member] | Corporate Joint Venture [Member] | Property with Assumed Debt [Member] | Assets Held-for-sale [Member] | Quail Corners [Member] | Quail Corners [Member] | Quail Corners [Member] | KIF [Member] | SEB [Member] | |||||
KIF [Member] | Operating Properties [Member] | Operating Properties [Member] | LaSalle Properties [Member] | KIF [Member] | Operating Properties [Member] | Redeemable Noncontrolling Interests [Member] | Kimco Realty Corporation [Member] | Quail Corners' Seller [Member] | ||||||||||
Mexico [Member] | ||||||||||||||||||
Note 2 - Operating Property Activities (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties | ' | ' | ' | ' | ' | ' | 1 | 7 | 37 | ' | 3 | 10 | 150 | ' | ' | ' | 12 | 10 |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' | ' | 39.10% | 15.00% |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $14,431,000 | ' | $83,773,000 | $21,711,000 | ' | ' | ' | ' | ' | ' | $3,700,000 | ' | ' | ' | ' | ' | $65,600,000 | $14,400,000 |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.40% | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34.60% | ' | ' |
Redeemable Noncontrolling Interest, Equity, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,900,000 | ' | ' | ' | ' |
Repayments of Secured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128,400,000 | ' | ' | ' | ' | ' | ' |
Sales of Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | 458,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued Operation, Provision for Loss (Gain) on Disposal, before Income Tax | -99,144,000 | -23,400,000 | -129,435,000 | -27,764,000 | ' | ' | ' | ' | ' | -129,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Real Estate | ' | ' | ' | ' | 40,900,000 | 73,900,000 | ' | ' | ' | 12,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Impairment Charges | ' | ' | 107,034,000 | 167,153,000 | 45,700,000 | 83,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost-method Investments, Other than Temporary Impairment | ' | ' | $4,800,000 | $10,000,000 | $4,800,000 | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_2_Operating_Property_Acti3
Note 2 - Operating Property Activities (Details) - Acquisition of Operating Properties (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | |
Significant Acquisitions and Disposals [Line Items] | ' | |
Purchase Price Cash | $450,574 | [1] |
Purchase Price Debt Assumed | 584,111 | |
Purchase Price Other | 147,787 | |
Purchase Price Total | 1,182,472 | |
Purchase Price GLA | 5,361 | [2],[3] |
North Valley Leasehold [Member] | ' | |
Significant Acquisitions and Disposals [Line Items] | ' | |
Purchase Price Cash | 3,000 | [1] |
Purchase Price Total | 3,000 | |
Purchase Price GLA | ' | [3] |
LaSalle Properties [Member] | ' | |
Significant Acquisitions and Disposals [Line Items] | ' | |
Purchase Price Cash | 62,239 | [1],[4] |
Purchase Price Debt Assumed | 23,269 | [4] |
Purchase Price Other | 7,642 | [4] |
Purchase Price Total | 93,150 | [4] |
Purchase Price GLA | 316 | [3],[4] |
Harrisburg Land Parcel [Member] | ' | |
Significant Acquisitions and Disposals [Line Items] | ' | |
Purchase Price Cash | 2,550 | [1] |
Purchase Price Total | 2,550 | |
Purchase Price GLA | ' | [3] |
Crossroads Plaza [Member] | ' | |
Significant Acquisitions and Disposals [Line Items] | ' | |
Purchase Price Cash | 18,691 | [1] |
Purchase Price Debt Assumed | 72,309 | |
Purchase Price Total | 91,000 | |
Purchase Price GLA | 489 | [3] |
Quail Corners [Member] | ' | |
Significant Acquisitions and Disposals [Line Items] | ' | |
Purchase Price Cash | 9,398 | [1],[5] |
Purchase Price Debt Assumed | 17,409 | [5] |
Purchase Price Other | 4,943 | [5] |
Purchase Price Total | 31,750 | [5] |
Purchase Price GLA | 110 | [3],[5] |
KIF [Member] | ' | |
Significant Acquisitions and Disposals [Line Items] | ' | |
Purchase Price Cash | 128,699 | [1],[2] |
Purchase Price Debt Assumed | 157,010 | [2] |
Purchase Price Other | 122,291 | [2] |
Purchase Price Total | 408,000 | [2] |
Purchase Price GLA | 1,589 | [2],[3] |
Fountain at Arbor Lakes [Member] | ' | |
Significant Acquisitions and Disposals [Line Items] | ' | |
Purchase Price Cash | 900 | [1] |
Purchase Price Total | 900 | |
Purchase Price GLA | ' | [3] |
Boston Portfolio [Member] | ' | |
Significant Acquisitions and Disposals [Line Items] | ' | |
Purchase Price Cash | 149,486 | [1] |
Purchase Price Debt Assumed | 120,514 | |
Purchase Price Total | 270,000 | |
Purchase Price GLA | 1,426 | [3] |
Vinnin Square [Member] | ' | |
Significant Acquisitions and Disposals [Line Items] | ' | |
Purchase Price Cash | 2,550 | [1] |
Purchase Price Total | 2,550 | |
Purchase Price GLA | 6 | [3] |
SEB [Member] | ' | |
Significant Acquisitions and Disposals [Line Items] | ' | |
Purchase Price Cash | 69,261 | [1],[6] |
Purchase Price Debt Assumed | 193,600 | [6] |
Purchase Price Other | 12,911 | [6] |
Purchase Price Total | 275,772 | [6] |
Purchase Price GLA | 1,415 | [3],[6] |
Highlands Ranch Parcel [Member] | ' | |
Significant Acquisitions and Disposals [Line Items] | ' | |
Purchase Price Cash | 3,800 | [1] |
Purchase Price Total | $3,800 | |
Purchase Price GLA | 10 | [3] |
[1] | Includes 1031 sales proceeds | |
[2] | The Company acquired from its partners the remaining ownership interest in a joint venture which holds 12 encumbered properties for which the Company had a 39.1% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as a result, recognized a gain of $65.6 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. Subsequently, the Company repaid $128.4 million in debt encumbering ten of the properties. Additionally, during June 2014, the Company sold one of the properties to a third party. | |
[3] | Gross leasable area ("GLA") | |
[4] | The Company acquired three properties from a joint venture in which the Company has an 11% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as such recognized a gain of $3.7 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 Company acquired a 65.4% controlling ownership interest in this property and the seller retained a 34.6% noncontrolling interest in the property. The partner has the ability to put its partnership interest to the Company. As such, the Company has recorded the partners' share of the property's fair value of $4.9 million as Redeemable noncontrolling interests on the Company's Condensed Consolidated Balance Sheets. | |
[6] | The Company acquired from its partner the remaining ownership interest in 10 properties that were held in a joint venture in which the Company has a 15% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as a result, recognized a gain of $14.4 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, 2014 |
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ' |
Mortgage Fair Value Adjustment | ($34,154) |
Other Assets | 5,841 |
1,182,472 | |
Above Market Rents | 24,995 |
Below Market Rents | -67,101 |
In-Place Leases | 93,617 |
Land [Member] | ' |
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ' |
Property | 335,891 |
Building [Member] | ' |
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ' |
Property | 561,601 |
Building Improvements [Member] | ' |
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ' |
Property | 239,897 |
Leasehold Improvements [Member] | ' |
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ' |
Property | $21,885 |
Note_3_Discontinued_Operations2
Note 3 - Discontinued Operations (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Sold [Member] | Sold [Member] | Operating Properties [Member] | Operating Properties [Member] | Non-Impaired Operating Properties [Member] | Assets Held-for-sale [Member] | Assets Held-for-sale [Member] | Assets Held-for-sale [Member] | |||
Operating Properties [Member] | Assets Held-for-sale [Member] | Initial [Member] | Assets Held-for-sale [Member] | Assets Held-for-sale [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Operating Properties [Member] | |||
Discontinued Operations [Member] | Assets Held-for-sale [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Operating Properties [Member] | Impaired Operating Properties [Member] | |||||
Impaired Operating Properties [Member] | Discontinued Operations [Member] | Other Assets [Member] | ||||||||
Note 3 - Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties | ' | ' | 15 | 3 | 35 | 20 | 24 | ' | 11 | 150 |
Real Estate Held-for-sale | ' | ' | ' | ' | ' | $95,200,000 | ' | $239,900,000 | ' | ' |
Real Estate Investment Property, Accumulated Depreciation | 1,937,463,000 | 1,878,681,000 | ' | ' | ' | 43,400,000 | ' | 76,500,000 | ' | ' |
Impairment of Real Estate | ' | ' | ' | 7,100,000 | ' | ' | ' | ' | 56,200,000 | ' |
Fair Value of Real Estate | $228,798,000 | $217,529,000 | ' | ' | ' | ' | ' | $316,500,000 | ' | ' |
Note_3_Discontinued_Operations3
Note 3 - Discontinued Operations (Details) - Income from Discontinued Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income from Discontinued Operations [Abstract] | ' | ' | ' | ' |
Revenues from rental property | $7,754 | $26,127 | $44,842 | $81,429 |
Rental property expenses | -2,160 | -8,994 | -11,281 | -25,854 |
Depreciation and amortization | -1,430 | -6,444 | -8,491 | -20,594 |
Provision for doubtful accounts, net | 128 | -406 | -191 | -1,088 |
Interest income/(expense), net | 23 | -42 | -50 | 110 |
Other expense, net | -3 | -112 | -437 | -448 |
Income from discontinued operating properties, before income taxes | 4,312 | 10,129 | 24,392 | 33,555 |
Impairment of property carrying value, net, before income taxes | -940 | -26,957 | -61,343 | -83,267 |
Gain on disposition of operating properties, net, before income taxes | 99,144 | 23,400 | 129,435 | 27,764 |
(Provision)/benefit for income taxes, net | -9,761 | -514 | -8,578 | 14,313 |
Income/(loss) from discontinued operating properties | 92,755 | 6,058 | 83,906 | -7,635 |
Net loss/(income) attributable to noncontrolling interests | 4 | 2,779 | -7,396 | 1,844 |
Income/(loss) from discontinued operations attributable to the Company | $92,759 | $8,837 | $76,510 | ($5,791) |
Note_4_Investment_and_Advances2
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Sold [Member] | Sold [Member] | Sold [Member] | Sold [Member] | Sold [Member] | Sold [Member] | Sold [Member] | Sold [Member] | Sold [Member] | Sold [Member] | Sold [Member] | Sold [Member] | Sold [Member] | Acquired [Member] | Acquired [Member] | Acquired [Member] | Acquired [Member] | In Advanced Negotiations to Sell [Member] | In Advanced Negotiations to Sell [Member] | In Advanced Negotiations to Sell [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Assets Held-for-sale [Member] | Assets Held-for-sale [Member] | Assets Held-for-sale [Member] | KimPru and KimPru II [Member] | KimPru and KimPru II [Member] | KimPru and KimPru II [Member] | KimPru and KimPru II [Member] | KimPru and KimPru II [Member] | KimPru [Member] | KIR [Member] | KIR [Member] | KIR [Member] | KIR [Member] | KIR [Member] | Other Institutional Programs [Member] | Other Institutional Programs [Member] | Other Institutional Programs [Member] | Other Institutional Programs [Member] | Other Institutional Programs [Member] | Latin America Portfolio [Member] | Latin America Portfolio [Member] | Latin America Portfolio [Member] | Latin America Portfolio [Member] | Latin America Portfolio [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] | Kimco Income Fund [Member] | Kimco Income Fund [Member] | Kimstone [Member] | Kimstone [Member] | Kimstone [Member] | Kimstone [Member] | Kimstone [Member] | Kimstone [Member] | Intown [Member] | BIG Shopping Centers [Member] | BIG Shopping Centers [Member] | BIG Shopping Centers [Member] | BIG Shopping Centers [Member] | BIG Shopping Centers [Member] | |||||||||||||||||||||||||||||||||||||||||||
Joint Venture 1 [Member] | Joint Venture 2 [Member] | KIR [Member] | KIR [Member] | KIR [Member] | KIR [Member] | KIR [Member] | Other Institutional Programs [Member] | Other Institutional Programs [Member] | Latin America Portfolio [Member] | Latin America Portfolio [Member] | Other Joint Venture Programs [Member] | Other Joint Venture Programs [Member] | KimPru and KimPru II [Member] | KimPru and KimPru II [Member] | Other Institutional Programs [Member] | SEB Immobilien [Member] | Other Joint Venture Programs [Member] | Other Joint Venture Programs [Member] | Other Joint Venture Programs [Member] | Properties Divided [Member] | BIG Shopping Centers [Member] | BIG Shopping Centers [Member] | BIG Shopping Centers [Member] | KIR [Member] | KIR [Member] | Operating Properties [Member] | Operating Properties [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Latin America Portfolio [Member] | Latin America Portfolio [Member] | Operating Properties [Member] | Operating Properties [Member] | Operating Properties [Member] | Parent Company [Member] | Operating Properties [Member] | Operating Properties [Member] | Operating Properties [Member] | Operating Properties [Member] | Operating Properties [Member] | Operating Properties [Member] | Operating Properties [Member] | Operating Properties [Member] | Operating Properties [Member] | Operating Properties [Member] | Parent Company [Member] | BIG Shopping Centers [Member] | Operating Properties [Member] | Operating Properties [Member] | Operating Properties [Member] | Parent Company [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Properties [Member] | Operating Properties [Member] | Parent Company [Member] | Parent Company [Member] | MEXICO | CHILE | Parent Company [Member] | Parent Company [Member] | MEXICO | Operating Properties [Member] | Parent Company [Member] | BIG [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MEXICO | MEXICO | Parent Company [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||
Number of Joint Ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | 4 | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||
Number of Accounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||
Number of Real Estate Properties | ' | ' | ' | ' | 10 | 84 | ' | ' | 2 | ' | ' | ' | 2 | 10 | 9 | ' | 14 | ' | 1 | 3 | 10 | 6 | ' | ' | 15 | 7 | 8 | 21 | ' | 2 | 150 | 60 | [1],[2],[3] | ' | 60 | [1],[2],[3] | ' | 60 | [1],[2],[3] | ' | 55 | [3],[4] | ' | 55 | [3],[4] | ' | 57 | [3],[4] | 51 | [3],[5],[6] | ' | 51 | [3],[5],[6] | ' | 56 | [3],[5],[6] | 17 | [7] | ' | 17 | [7] | ' | 28 | [7] | ' | 61 | [8] | ' | 61 | [8] | ' | 75 | [8] | ' | [3],[9] | ' | ' | [3],[9] | ' | 12 | [3],[9] | 39 | [3] | ' | 39 | [3] | ' | 39 | [3] | ' | ' | 21 | [10],[11],[3] | ' | 21 | [10],[11],[3] | ' | 21 | [10],[11],[3] | ||||||||||||||
Sales of Real Estate | ' | ' | ' | ' | $315,500,000 | $603,500,000 | ' | $30,000,000 | ' | ' | $17,700,000 | ' | $46,600,000 | $202,100,000 | $17,600,000 | ' | $158,500,000 | ' | ' | ' | ' | ' | ' | $7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $735,000,000 | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||
Gains (Losses) on Sales of Investment Real Estate | ' | ' | ' | ' | 21,800,000 | ' | 3,000,000 | 6,100,000 | ' | 1,100,000 | ' | 2,200,000 | 11,100,000 | 30,000,000 | 4,000,000 | 26,200,000 | 51,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||
Payments to Acquire Real Estate | ' | ' | 382,128,000 | 182,423,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | 10,500,000 | 93,200,000 | 275,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 14,431,000 | ' | 83,773,000 | 21,711,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | 14,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||
Payments to Acquire Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 408,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | 99.00% | 99.00% | ' | ' | ' | ' | 15.00% | [1],[2],[3] | ' | 15.00% | [1],[2],[3] | ' | 15.00% | [1],[2],[3] | ' | 48.60% | [3],[4] | ' | 48.60% | [3],[4] | ' | 48.60% | [3],[4] | ' | [3],[5],[6] | ' | ' | [3],[5],[6] | ' | ' | [3],[5],[6] | ' | [7] | ' | ' | [7] | ' | ' | [7] | ' | ' | [8] | ' | ' | [8] | ' | ' | [8] | ' | [3],[9] | ' | ' | [3],[9] | ' | 39.50% | [3],[9] | 33.30% | [3] | ' | 33.30% | [3] | ' | 33.30% | [3] | 33.30% | ' | 37.90% | [10],[11],[3] | ' | 37.90% | [10],[11],[3] | ' | 37.90% | [10],[11],[3] | ||||||||||||||
Impairment of Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,900,000 | 1,000,000 | 2,000,000 | ' | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 193,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||
Income (Loss) from Equity Method Investments | ' | ' | 150,073,000 | 179,791,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | 2,400,000 | 7,700,000 | 6,600,000 | ' | ' | 6,500,000 | [12],[13],[4] | 9,000,000 | [12],[13],[4] | 19,400,000 | [12],[13],[4] | 23,500,000 | [12],[13],[4] | ' | 2,400,000 | [6] | 400,000 | [6] | 2,400,000 | [6] | 2,800,000 | [6] | ' | 800,000 | [14],[15],[16],[17],[7] | 69,300,000 | [14],[15],[16],[17],[7] | 35,300,000 | [14],[15],[16],[17],[7] | 101,400,000 | [14],[15],[16],[17],[7] | ' | 15,400,000 | 27,200,000 | [18],[19],[20],[8] | 2,400,000 | [18],[19],[20],[8] | 52,300,000 | [18],[19],[20],[8] | 13,700,000 | [18],[19],[20],[8] | ' | ' | [9] | 900,000 | [9] | 900,000 | [9] | 2,500,000 | [9] | ' | 1,300,000 | [21] | 1,800,000 | [21] | 600,000 | [21] | 1,700,000 | [21] | ' | ' | ' | 1,000,000 | [10] | 900,000 | [10] | 2,600,000 | [10] | 2,300,000 | [10] | ' | ||||||||||
Transfer Mortgage Payable | ' | ' | ' | ' | ' | 301,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 609,200,000 | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Sale of Properties, before Applicable Income Taxes | ' | ' | ' | ' | ' | 78,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||
Income Tax Expense (Benefit) | 5,366,000 | 23,763,000 | 14,651,000 | 26,584,000 | ' | 25,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||
Deferred Gain on Sale of Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21,700,000 | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||
[1] | During the nine months ended September 30, 2014, KimPru acquired an additional parcel within one of its existing operating properties in Elk Grove, CA for a purchase price of $10.5 million. The Company's capital contribution for this acquisition was $1.6 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | During the nine months ended September 30, 2014, KIR sold two operating properties for a sales price of $17.7 million. In connection with the two dispositions, the Company recognized its share of an aggregate net gain of $1.1 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | During the nine months ended September 30, 2014, the Company acquired three properties from a joint venture in which the Company has a noncontrolling interest for a total sales price of $93.2 million. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. As such, the Company recognized a gain of $3.7 million from the fair value adjustment associated with the Company's original ownership due to a change in control and now consolidates these operating properties. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | During the nine months ended September 30, 2014, two joint ventures in which the Company holds a noncontrolling interest sold two operating properties for an aggregate sales price of $46.6 million and recognized an aggregate gain of $11.1 million. The Company's share of this gain was $2.2 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | During the nine months ended September 30, 2014, the Company sold its noncontrolling interest in 10 operating properties located throughout Mexico based on a gross aggregate sales price of $202.1 million. The Company recognized a net gain of $30.0 million, before income taxes, associated with these transactions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | During the nine months ended September 30, 2014, a joint venture in which the Company holds a noncontrolling interest sold 14 operating properties for an aggregate sales price of $158.5 million and recognized an aggregate gain of $51.9 million. The Company's share of this gain was $26.2 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | During the nine months ended September 30, 2014, the Company purchased the remaining interest in KIF based on a gross purchase price of $408.0 million. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. As such, the Company recognized a gain of $65.6 million from the fair value adjustment associated with the Company's original ownership due to a change in control and now consolidates these operating properties. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | During October 2014, the Company and their joint venture partner BIG divided 15 of the 21 properties in the BIG Shopping Centers venture with the Company receiving a 99% ownership interest in seven operating properties and BIG receiving a 99% ownership interest in eight operating properties. As a result of this transaction, the Company will consolidate these seven properties. Subsequent to this transaction the BIG Shopping Centers venture holds six operating properties. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | Ownership % is a blended rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | During the nine months ended September 30, 2014, KIR recognized aggregate impairment charges of $5.0 million related to two properties which KIR anticipates selling within the next 18 months. KIR effectively shortened its anticipated hold period for these assets which resulted in the expected future cash flows being less than the carrying value. The Company's share of these impairment charges was $2.8 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[13] | 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[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] | During the nine months ended September 30, 2013, the Company recorded impairment charges of $12.9 million on six properties that were in advanced negotiations to sell located throughout Mexico based upon the anticipated selling prices. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[18] | During the nine months ended September 30, 2014, the Company received a distribution of $15.4 million from a joint venture that was in excess of its carrying value and as such, the Company recognized this amount as equity in income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[19] | During the nine months ended September 30, 2013, a joint venture in which the Company has a noncontrolling interest sold on 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 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[21] | During June 2013, Blackstone Real Estate Partners VII and the Company entered into a new joint venture (Kimstone) in which the Company owns a 33.3% noncontrolling interest. |
Note_4_Investment_and_Advances3
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for under the Equity Method - Investment Details (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | ||
In Millions, unless otherwise specified | |||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Total GLA | 5,361 | [1],[2] | ' | ' | |
KimPru and KimPru II [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Average Ownership Interest | 15.00% | [3],[4],[5] | 15.00% | [3],[4],[5] | ' |
Number of Properties | 60 | [3],[4],[5] | 60 | [3],[4],[5] | ' |
Total GLA | 10,600,000 | [3],[4],[5] | 10,600,000 | [3],[4],[5] | ' |
Gross Investment In Real Estate (in Dollars) | $2,747.70 | [3],[4],[5] | $2,724 | [3],[4],[5] | ' |
The Company's Investment (in Dollars) | 180.7 | [3],[4],[5] | 179.7 | [3],[4],[5] | ' |
KIR [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Average Ownership Interest | 48.60% | [3],[6] | 48.60% | [3],[6] | ' |
Number of Properties | 55 | [3],[6] | 57 | [3],[6] | ' |
Total GLA | 11,600,000 | [3],[6] | 12,000,000 | [3],[6] | ' |
Gross Investment In Real Estate (in Dollars) | 1,486 | [3],[6] | 1,496 | [3],[6] | ' |
The Company's Investment (in Dollars) | 153.8 | [3],[6] | 163.6 | [3],[6] | ' |
Kimstone [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Average Ownership Interest | 33.30% | [3] | 33.30% | [3] | 33.30% |
Number of Properties | 39 | [3] | 39 | [3] | ' |
Total GLA | 5,600,000 | [3] | 5,600,000 | [3] | ' |
Gross Investment In Real Estate (in Dollars) | 1,096.50 | [3] | 1,095.30 | [3] | ' |
The Company's Investment (in Dollars) | 93.3 | [3] | 100.3 | [3] | ' |
BIG Shopping Centers [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Average Ownership Interest | 37.90% | [3],[7],[8] | 37.90% | [3],[7],[8] | ' |
Number of Properties | 21 | [3],[7],[8] | 21 | [3],[7],[8] | ' |
Total GLA | 3,400,000 | [3],[7],[8] | 3,400,000 | [3],[7],[8] | ' |
Gross Investment In Real Estate (in Dollars) | 522.1 | [3],[7],[8] | 520.1 | [3],[7],[8] | ' |
The Company's Investment (in Dollars) | 31.3 | [3],[7],[8] | 29.5 | [3],[7],[8] | ' |
CPP [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Average Ownership Interest | 55.00% | [3] | 55.00% | [3] | ' |
Number of Properties | 6 | [3] | 6 | [3] | ' |
Total GLA | 2,400,000 | [3] | 2,400,000 | [3] | ' |
Gross Investment In Real Estate (in Dollars) | 438.8 | [3] | 437.4 | [3] | ' |
The Company's Investment (in Dollars) | 155.6 | [3] | 144.8 | [3] | ' |
Kimco Income Fund [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Average Ownership Interest | ' | [3],[9] | 39.50% | [3],[9] | ' |
Number of Properties | ' | [3],[9] | 12 | [3],[9] | ' |
Total GLA | ' | [3],[9] | 1,500,000 | [3],[9] | ' |
Gross Investment In Real Estate (in Dollars) | ' | [3],[9] | 288.7 | [3],[9] | ' |
The Company's Investment (in Dollars) | ' | [3],[9] | 50.6 | [3],[9] | ' |
SEB Immobilien [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Average Ownership Interest | 15.00% | [10],[3] | 15.00% | [10],[3] | ' |
Number of Properties | 3 | [10],[3] | 13 | [10],[3] | ' |
Total GLA | 400,000 | [10],[3] | 1,800,000 | [10],[3] | ' |
Gross Investment In Real Estate (in Dollars) | 85.8 | [10],[3] | 361.9 | [10],[3] | ' |
The Company's Investment (in Dollars) | 2.5 | [10],[3] | 0.9 | [10],[3] | ' |
Other Institutional Programs [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Average Ownership Interest | ' | [11],[12],[3] | ' | [11],[12],[3] | ' |
Number of Properties | 51 | [11],[12],[3] | 56 | [11],[12],[3] | ' |
Total GLA | 1,500,000 | [11],[12],[3] | 2,100,000 | [11],[12],[3] | ' |
Gross Investment In Real Estate (in Dollars) | 344.4 | [11],[12],[3] | 385.3 | [11],[12],[3] | ' |
The Company's Investment (in Dollars) | 10.1 | [11],[12],[3] | 17.9 | [11],[12],[3] | ' |
RioCan [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Average Ownership Interest | 50.00% | 50.00% | ' | ||
Number of Properties | 45 | 45 | ' | ||
Total GLA | 9,300,000 | 9,300,000 | ' | ||
Gross Investment In Real Estate (in Dollars) | 1,256.90 | 1,314.30 | ' | ||
The Company's Investment (in Dollars) | 162.6 | 156.3 | ' | ||
Latin America Portfolio [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Average Ownership Interest | ' | [13] | ' | [13] | ' |
Number of Properties | 17 | [13] | 28 | [13] | ' |
Total GLA | 1,000,000 | [13] | 3,700,000 | [13] | ' |
Gross Investment In Real Estate (in Dollars) | 95.9 | [13] | 313.2 | [13] | ' |
The Company's Investment (in Dollars) | 52.6 | [13] | 156.7 | [13] | ' |
Other Joint Venture Programs [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Average Ownership Interest | ' | [14] | ' | [14] | ' |
Number of Properties | 61 | [14] | 75 | [14] | ' |
Total GLA | 9,800,000 | [14] | 11,500,000 | [14] | ' |
Gross Investment In Real Estate (in Dollars) | 1,447.70 | [14] | 1,548.90 | [14] | ' |
The Company's Investment (in Dollars) | 244.9 | [14] | 256.7 | [14] | ' |
All Equity Method Investments [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Number of Properties | 358 | 412 | ' | ||
Total GLA | 55,600,000 | 63,900,000 | ' | ||
Gross Investment In Real Estate (in Dollars) | 9,521.80 | 10,485.10 | ' | ||
The Company's Investment (in Dollars) | $1,087.40 | $1,257 | ' | ||
[1] | The Company acquired from its partners the remaining ownership interest in a joint venture which holds 12 encumbered properties for which the Company had a 39.1% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as a result, recognized a gain of $65.6 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. Subsequently, the Company repaid $128.4 million in debt encumbering ten of the properties. Additionally, during June 2014, the Company sold one of the properties to a third party. | ||||
[2] | Gross leasable area ("GLA") | ||||
[3] | 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. | ||||
[4] | During the nine months ended September 30, 2014, KimPru acquired an additional parcel within one of its existing operating properties in Elk Grove, CA for a purchase price of $10.5 million. The Company's capital contribution for this acquisition was $1.6 million. | ||||
[5] | 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. | ||||
[6] | During the nine months ended September 30, 2014, KIR sold two operating properties for a sales price of $17.7 million. In connection with the two dispositions, the Company recognized its share of an aggregate net gain of $1.1 million. | ||||
[7] | During October 2014, the Company and their joint venture partner BIG divided 15 of the 21 properties in the BIG Shopping Centers venture with the Company receiving a 99% ownership interest in seven operating properties and BIG receiving a 99% ownership interest in eight operating properties. As a result of this transaction, the Company will consolidate these seven properties. Subsequent to this transaction the BIG Shopping Centers venture holds six operating properties. | ||||
[8] | Ownership % is a blended rate | ||||
[9] | During the nine months ended September 30, 2014, the Company purchased the remaining interest in KIF based on a gross purchase price of $408.0 million. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. As such, the Company recognized a gain of $65.6 million from the fair value adjustment associated with the Company's original ownership due to a change in control and now consolidates these operating properties. | ||||
[10] | During the nine months ended September 30, 2014, the Company purchased the remaining 85% interest in 10 SEB properties based on a gross purchase price of $275.8 million including the assumption of $193.6 million of mortgage debt. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. As such, the Company recognized a gain of $14.4 million from the fair value adjustment associated with the Company's original ownership due to a change in control and now consolidates these operating properties. | ||||
[11] | During the nine months ended September 30, 2014, the Company acquired three properties from a joint venture in which the Company has a noncontrolling interest for a total sales price of $93.2 million. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. As such, the Company recognized a gain of $3.7 million from the fair value adjustment associated with the Company's original ownership due to a change in control and now consolidates these operating properties. | ||||
[12] | During the nine months ended September 30, 2014, two joint ventures in which the Company holds a noncontrolling interest sold two operating properties for an aggregate sales price of $46.6 million and recognized an aggregate gain of $11.1 million. The Company's share of this gain was $2.2 million. | ||||
[13] | During the nine months ended September 30, 2014, the Company sold its noncontrolling interest in 10 operating properties located throughout Mexico based on a gross aggregate sales price of $202.1 million. The Company recognized a net gain of $30.0 million, before income taxes, associated with these transactions. | ||||
[14] | During the nine months ended September 30, 2014, a joint venture in which the Company holds a noncontrolling interest sold 14 operating properties for an aggregate sales price of $158.5 million and recognized an aggregate gain of $51.9 million. The Company's share of this gain was $26.2 million. |
Note_4_Investment_and_Advances4
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) - The Companybs Share of Net Income/(Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in Income of Joint Ventures and Gains on Change in Control | ' | ' | $150,073 | $179,791 | ||||
KimPru and KimPru II [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in Income of Joint Ventures and Gains on Change in Control | 2,600 | 2,400 | 7,700 | 6,600 | ||||
KIR [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in Income of Joint Ventures and Gains on Change in Control | 6,500 | [1],[2],[3] | 9,000 | [1],[2],[3] | 19,400 | [1],[2],[3] | 23,500 | [1],[2],[3] |
Kimstone [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in Income of Joint Ventures and Gains on Change in Control | 1,300 | [4] | 1,800 | [4] | 600 | [4] | 1,700 | [4] |
BIG Shopping Centers [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in Income of Joint Ventures and Gains on Change in Control | 1,000 | [5] | 900 | [5] | 2,600 | [5] | 2,300 | [5] |
CPP [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in Income of Joint Ventures and Gains on Change in Control | 2,100 | 1,500 | 5,200 | 4,500 | ||||
Kimco Income Fund [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in Income of Joint Ventures and Gains on Change in Control | ' | [6] | 900 | [6] | 900 | [6] | 2,500 | [6] |
SEB Immobilien [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in Income of Joint Ventures and Gains on Change in Control | 200 | [7] | 300 | [7] | 700 | [7] | 800 | [7] |
Other Institutional Programs [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in Income of Joint Ventures and Gains on Change in Control | 2,400 | [8] | 400 | [8] | 2,400 | [8] | 2,800 | [8] |
RioCan [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in Income of Joint Ventures and Gains on Change in Control | 7,700 | 7,300 | 23,000 | 20,000 | ||||
Latin America Portfolio [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in Income of Joint Ventures and Gains on Change in Control | 800 | [10],[11],[12],[13],[9] | 69,300 | [10],[11],[12],[13],[9] | 35,300 | [10],[11],[12],[13],[9] | 101,400 | [10],[11],[12],[13],[9] |
Other Joint Venture Programs [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in Income of Joint Ventures and Gains on Change in Control | 27,200 | [14],[15],[16],[17] | 2,400 | [14],[15],[16],[17] | 52,300 | [14],[15],[16],[17] | 13,700 | [14],[15],[16],[17] |
All Equity Method Investments [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in Income of Joint Ventures and Gains on Change in Control | $51,800 | $96,200 | $150,100 | $179,800 | ||||
[1] | During the nine months ended September 30, 2014, KIR recognized aggregate impairment charges of $5.0 million related to two properties which KIR anticipates selling within the next 18 months. KIR effectively shortened its anticipated hold period for these assets which resulted in the expected future cash flows being less than the carrying value. The Company's share of these impairment charges was $2.8 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 the nine months ended September 30, 2014, KIR sold two operating properties for a sales price of $17.7 million. In connection with the two dispositions, the Company recognized its share of an aggregate net gain of $1.1 million. | |||||||
[4] | During June 2013, Blackstone Real Estate Partners VII and the Company entered into a new joint venture (Kimstone) in which the Company owns a 33.3% noncontrolling interest. | |||||||
[5] | During October 2014, the Company and their joint venture partner BIG divided 15 of the 21 properties in the BIG Shopping Centers venture with the Company receiving a 99% ownership interest in seven operating properties and BIG receiving a 99% ownership interest in eight operating properties. As a result of this transaction, the Company will consolidate these seven properties. Subsequent to this transaction the BIG Shopping Centers venture holds six operating properties. | |||||||
[6] | During the nine months ended September 30, 2014, the Company purchased the remaining interest in KIF based on a gross purchase price of $408.0 million. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. As such, the Company recognized a gain of $65.6 million from the fair value adjustment associated with the Company's original ownership due to a change in control and now consolidates these operating properties. | |||||||
[7] | During the nine months ended September 30, 2014, the Company purchased the remaining 85% interest in 10 SEB properties based on a gross purchase price of $275.8 million including the assumption of $193.6 million of mortgage debt. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance. As such, the Company recognized a gain of $14.4 million from the fair value adjustment associated with the Company's original ownership due to a change in control and now consolidates these operating properties. | |||||||
[8] | During the nine months ended September 30, 2014, two joint ventures in which the Company holds a noncontrolling interest sold two operating properties for an aggregate sales price of $46.6 million and recognized an aggregate gain of $11.1 million. The Company's share of this gain was $2.2 million. | |||||||
[9] | During the nine months ended September 30, 2014, the Company sold its noncontrolling interest in 10 operating properties located throughout Mexico based on a gross aggregate sales price of $202.1 million. The Company recognized a net gain of $30.0 million, before income taxes, associated with these transactions. | |||||||
[10] | 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. | |||||||
[11] | 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. | |||||||
[12] | 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. | |||||||
[13] | During the nine months ended September 30, 2013, the Company recorded impairment charges of $12.9 million on six properties that were in advanced negotiations to sell located throughout Mexico based upon the anticipated selling prices. | |||||||
[14] | During the nine months ended September 30, 2014, a joint venture in which the Company holds a noncontrolling interest sold 14 operating properties for an aggregate sales price of $158.5 million and recognized an aggregate gain of $51.9 million. The Company's share of this gain was $26.2 million. | |||||||
[15] | During the nine months ended September 30, 2014, the Company received a distribution of $15.4 million from a joint venture that was in excess of its carrying value and as such, the Company recognized this amount as equity in income. | |||||||
[16] | During the nine months ended September 30, 2013, a joint venture in which the Company has a noncontrolling interest sold on 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. | |||||||
[17] | 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. |
Note_4_Investment_and_Advances5
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for under the Equity Method - Debt Details (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
KimPru and KimPru II [Member] | ' | ' | ||
Note 4 - Investment 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 | $921.20 | $923.40 | ||
Average Interest Rate | 5.53% | 5.53% | ||
Average Remaining Term | '26 months | [1] | '35 months | [1] |
KIR [Member] | ' | ' | ||
Note 4 - Investment 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 | 870.6 | 889.1 | ||
Average Interest Rate | 5.04% | 5.05% | ||
Average Remaining Term | '64 months 27 days | [1] | '75 months 3 days | [1] |
Kimstone [Member] | ' | ' | ||
Note 4 - Investment 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 | 729.5 | 749.9 | ||
Average Interest Rate | 4.46% | 4.62% | ||
Average Remaining Term | '30 months 24 days | [1] | '39 months 9 days | [1] |
BIG Shopping Centers [Member] | ' | ' | ||
Note 4 - Investment 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 | 406.3 | 406.5 | ||
Average Interest Rate | 5.41% | 5.39% | ||
Average Remaining Term | '34 months 6 days | [1] | '40 months 3 days | [1] |
CPP [Member] | ' | ' | ||
Note 4 - Investment 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 | 112.6 | 138.6 | ||
Average Interest Rate | 5.03% | 5.23% | ||
Average Remaining Term | '13 months 3 days | [1] | '19 months | [1] |
Kimco Income Fund [Member] | ' | ' | ||
Note 4 - Investment 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 | ||
Average Interest Rate | ' | 5.45% | ||
Average Remaining Term | ' | '8 months 21 days | [1] | |
SEB Immobilien [Member] | ' | ' | ||
Note 4 - Investment 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 | 50.2 | 243.8 | ||
Average Interest Rate | 4.06% | 5.11% | ||
Average Remaining Term | '38 months 21 days | [1] | '43 months 9 days | [1] |
RioCan [Member] | ' | ' | ||
Note 4 - Investment 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 | 679 | 743.7 | ||
Average Interest Rate | 4.46% | 4.59% | ||
Average Remaining Term | '40 months 15 days | [1] | '48 months | [1] |
Other Institutional Programs [Member] | ' | ' | ||
Note 4 - Investment 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 | 223.4 | 272.9 | ||
Average Interest Rate | 5.47% | 5.32% | ||
Average Remaining Term | '23 months 24 days | [1] | '31 months | [1] |
Other Joint Venture Programs [Member] | ' | ' | ||
Note 4 - Investment 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 | 952.5 | 1,063.10 | ||
Average Interest Rate | 5.33% | 5.53% | ||
Average Remaining Term | '59 months 15 days | [1] | '60 months 18 days | [1] |
All Equity Method Investments [Member] | ' | ' | ||
Note 4 - Investment 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 | $4,945.30 | $5,589 | ||
[1] | Average Remaining Term includes extension options |
Note_5_Other_Real_Estate_Inves1
Note 5 - Other Real Estate Investments (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Note 5 - Other Real Estate Investments (Details) [Line Items] | ' | ' | ' |
Equity Method Investments | $1,087,425,000 | ' | $1,257,010,000 |
Income (Loss) from Equity Method Investments | 150,073,000 | 179,791,000 | ' |
Preferred Equity Investments [Member] | Leased Properties [Member] | ' | ' | ' |
Note 5 - Other Real Estate Investments (Details) [Line Items] | ' | ' | ' |
Number of Real Estate Properties | 385 | ' | ' |
Preferred Equity Investments [Member] | ' | ' | ' |
Note 5 - Other Real Estate Investments (Details) [Line Items] | ' | ' | ' |
Equity Method Investments | 232,300,000 | ' | ' |
Number of Real Estate Properties | 446 | ' | ' |
Income (Loss) from Equity Method Investments | 17,500,000 | 37,900,000 | ' |
Equity Method Investment, Realized Gain (Loss) on Disposal | $3,700,000 | $20,300,000 | ' |
Number of Capital Transactions | 3 | 9 | ' |
Note_6_Variable_Interest_Entit1
Note 6 - Variable Interest Entities (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Variable Interest Entity, Primary Beneficiary [Member] | Ground Up Developments [Member] | ' |
Note 6 - Variable Interest Entities (Details) [Line Items] | ' |
Number of Consolidated Entities | 2 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $88.20 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 0.5 |
Variable Interest Entity, Financial or Other Support, Amount | 35.6 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Preferred Equity Investments [Member] | ' |
Note 6 - Variable Interest Entities (Details) [Line Items] | ' |
Number of Consolidated Entities | 1 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Redevelopment [Member] | ' |
Note 6 - Variable Interest Entities (Details) [Line Items] | ' |
Variable Interest Entity, Financial or Other Support, Amount | -11 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $11 |
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, 2014 |
Note 7 - Mortgages and Other Financing Receivables (Details) [Line Items] | ' |
Mortgage Loans on Real Estate, Number of Loans | 13 |
Mortgage Loans on Real Estate (in Dollars) | $22.70 |
Paid Off [Member] | ' |
Note 7 - Mortgages and Other Financing Receivables (Details) [Line Items] | ' |
Mortgage Loans on Real Estate, Number of Loans | 3 |
Mortgage Loans on Real Estate (in Dollars) | $6.90 |
Minimum [Member] | ' |
Note 7 - Mortgages and Other Financing Receivables (Details) [Line Items] | ' |
Mortgage Loans on Real Estate, Interest Rate | 7.97% |
Maximum [Member] | ' |
Note 7 - Mortgages and Other Financing Receivables (Details) [Line Items] | ' |
Mortgage Loans on Real Estate, Interest Rate | 10.00% |
Note_8_Marketable_Securities_a1
Note 8 - Marketable Securities and Other Investments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' | ||
Marketable Securities | $77,123,000 | [1] | $62,766,000 | [1] |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | $40,000,000 | ' | ||
[1] | As of September 30, 2014 and December 31, 2013, the Company determined that $74.5 million and $59.7 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $2.8 million and $3.1 million, respectively, were classified within Level 3 of the fair value hierarchy. |
Note_9_Notes_Payable_Details
Note 9 - Notes Payable (Details) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||
Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
USD ($) | USD ($) | 5.95% Senior Notes [Member] | 4.82% Senior Notes [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Unsecured Debt [Member] | Previous Credit Facility [Member] | Including Accordion Feature [Member] | Letter of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Unsecured Debt [Member] | Unsecured Debt [Member] | Equilibrium Interbank Interest Rate [Member] | USD ($) | MXN | USD ($) | USD ($) | USD ($) | USD ($) | |||||
USD ($) | USD ($) | ||||||||||||
Note 9 - Notes Payable (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | $1,750,000,000 | ' | ' | ' | ' | ' | ' | ' | $1,750,000,000 | $2,250,000,000 | ' | ' |
Number of Options to Extend Maturity of Credit Facility | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Length of Extension for Each Option | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | 1.35% | ' | ' | ' | ' | ' | ' | 0.93% |
Line of Credit Facility, Sub Limit | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Line of Credit | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | 500,000,000 | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 5.95% | 4.82% | ' | ' | ' | 3.20% | ' | ' | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | 495,400,000 | ' | ' | ' | ' |
Repayments of Unsecured Debt | ' | 370,842,000 | 446,717,000 | 100,000,000 | 194,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | $76,300,000 | 1,000,000,000 | ' | ' | ' | ' | ' |
Note_10_Mortgages_Payable_Deta
Note 10 - Mortgages Payable (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Note 10 - Mortgages Payable (Details) [Line Items] | ' |
Mortgage Loans on Real Estate, New Mortgage Loans | $15.70 |
Acquisitions [Member] | Mortgages [Member] | ' |
Note 10 - Mortgages Payable (Details) [Line Items] | ' |
Number of Real Estate Properties | 48 |
Repayment of Debt [Member] | Mortgages [Member] | ' |
Note 10 - Mortgages Payable (Details) [Line Items] | ' |
Number of Real Estate Properties | 18 |
New Mortgages [Member] | Mortgages [Member] | ' |
Note 10 - Mortgages Payable (Details) [Line Items] | ' |
Number of Real Estate Properties | 1 |
Mortgages [Member] | ' |
Note 10 - Mortgages Payable (Details) [Line Items] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 618.3 |
Unamortized Fair Value Adjustments During Period | 34.2 |
Repayments of Secured Debt | $298.30 |
Note_11_Noncontrolling_Interes2
Note 11 - Noncontrolling Interests (Details) - Redemption Value of the Redeemable Noncontrolling Interests (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Redemption Value of the Redeemable Noncontrolling Interests [Abstract] | ' | ' |
Balance at January 1, | $86,153 | $81,076 |
Issuance of redeemable units/partnership interest | 4,943 | 5,223 |
Fair market value adjustment, net | 225 | -484 |
Other | 92 | 88 |
Balance at September 30, | $91,413 | $85,903 |
Note_12_Fair_Value_Measurement2
Note 12 - Fair Value Measurements (Details) (USD $) | 9 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |||
Note 12 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ||
Marketable Securities | $77,123,000 | [1] | ' | $62,766,000 | [1] |
Asset Impairment Charges | 107,034,000 | 167,153,000 | ' | ||
Cost-method Investments, Other than Temporary Impairment | 4,800,000 | 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 Investments [Member] | ' | ' | ' | ||
Note 12 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ||
Equity Method Investment, Other than Temporary Impairment | ' | 3,200,000 | ' | ||
Cost-method Investments [Member] | ' | ' | ' | ||
Note 12 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ||
Fair Value Inputs, Cap Rate | 6.00% | ' | ' | ||
Fair Value Inputs, Discount Rate | 9.10% | ' | ' | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ||
Note 12 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ||
Marketable Securities | 74.5 | ' | 59,700,000 | ||
Impairment of Real Estate | 80,500,000 | ' | ' | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ||
Note 12 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ||
Marketable Securities | 2,800,000 | ' | 3,100,000 | ||
Impairment of Real Estate | 21,700,000 | ' | ' | ||
Discontinued Operations [Member] | ' | ' | ' | ||
Note 12 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ||
Asset Impairment Charges | 61,300,000 | 83,300,000 | ' | ||
Minimum [Member] | ' | ' | ' | ||
Note 12 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ||
Fair Value Inputs, Cap Rate | 5.00% | ' | ' | ||
Fair Value Inputs, Discount Rate | 6.00% | ' | ' | ||
Maximum [Member] | ' | ' | ' | ||
Note 12 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ||
Fair Value Inputs, Cap Rate | 15.00% | ' | ' | ||
Fair Value Inputs, Discount Rate | 16.00% | ' | ' | ||
Fair Value, Estimate Not Practicable, Carrying (Reported) Amount [Member] | ' | ' | ' | ||
Note 12 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ||
Impairment of Real Estate | $102,200,000 | $153,000,000 | ' | ||
[1] | As of September 30, 2014 and December 31, 2013, the Company determined that $74.5 million and $59.7 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $2.8 million and $3.1 million, respectively, were classified within Level 3 of the fair value hierarchy. |
Note_12_Fair_Value_Measurement3
Note 12 - Fair Value Measurements (Details) - Financial Instruments: Estimate of Fair Value Differs from Carrying Amounts (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financial Instruments: Estimate of Fair Value Differs from Carrying Amounts [Abstract] | ' | ' | ||
Marketable securities (1) | $77,123 | [1] | $62,766 | [1] |
Marketable securities (1) | 77,253 | [1] | 62,824 | [1] |
Notes payable (2) | 3,353,458 | [2] | 3,186,047 | [2] |
Notes payable (2) | 3,513,711 | [2] | 3,333,614 | [2] |
Mortgages payable (3) | 1,343,859 | [3] | 1,035,354 | [3] |
Mortgages payable (3) | $1,399,124 | [3] | $1,083,801 | [3] |
[1] | As of September 30, 2014 and December 31, 2013, the Company determined that $74.5 million and $59.7 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $2.8 million and $3.1 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 and Nonrecurring Basis (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable equity securities | $74,547 | $59,723 |
Real estate | 228,798 | 217,529 |
Joint venture investments | ' | 59,693 |
Other real estate investments | ' | 2,050 |
Cost method investment | ' | 4,670 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable equity securities | 74,547 | 59,723 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Real estate | 228,798 | 217,529 |
Joint venture investments | ' | 59,693 |
Other real estate investments | ' | 2,050 |
Cost method investment | ' | $4,670 |
Note_13_Preferred_Stock_Detail
Note 13 - Preferred Stock (Details) - Outstanding Preferred Stock (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | Series H Preferred Stock [Member] | Series I Preferred Stock [Member] | Series J Preferred Stock [Member] | Series K Preferred Stock [Member] | Total [Member] | ||
Note 13 - Preferred Stock (Details) - Outstanding Preferred Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Shares Authorized | 5,961,200 | 5,961,200 | 70,000 | 18,400 | 9,000 | 8,050 | 105,450 |
Shares Outstanding | ' | ' | 70,000 | 16,000 | 9,000 | 7,000 | 102,000 |
Liquidation Preference (in Dollars) | $975,000 | $975,000 | $175,000 | $400,000 | $225,000 | $175,000 | $975,000 |
Dividend Rate | ' | ' | 6.90% | 6.00% | 5.50% | 5.63% | ' |
Dividend Payout (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, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
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 | $210,232 | $36,716 | ' |
Acquisition of real estate interests by issuance of redeemable units/partnership interest | 6,122 | 3,985 | ' |
Acquisition of real estate interests through proceeds held in escrow | 71,116 | ' | ' |
Acquisition of real estate interests through mortgage receivable foreclosure | ' | 24,322 | ' |
Proceeds held in escrow through sale of real estate interests | 147,728 | ' | ' |
Issuance of restricted common stock | 13,835 | 9,213 | ' |
Disposition of real estate through the issuance of an unsecured obligation | ' | 3,513 | ' |
Declaration of dividends paid in succeeding period | 104,858 | 98,334 | 104,496 |
Consolidation of Joint Ventures: | ' | ' | ' |
Increase in real estate and other assets | 509,839 | 228,200 | ' |
Increase in mortgages payable | 373,879 | 206,489 | ' |
Non-cash [Member] | ' | ' | ' |
Note 14 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items] | ' | ' | ' |
Surrender of restricted common stock | ($3,981) | ($3,851) | ' |
Note_15_Incentive_Plans_Detail
Note 15 - Incentive Plans (Details) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Note 15 - Incentive Plans (Details) [Line Items] | ' | ' |
Share-based Compensation (in Dollars) | $14.50 | $15.10 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $28.80 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '3 years 36 days | ' |
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] | 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 | ' |
Employee Stock Option [Member] | ' | ' |
Note 15 - Incentive Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' |
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] | iii [Member] | ' | ' |
Note 15 - Incentive Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '10 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Percent Vested | 20.00% | ' |
Performance Shares [Member] | Minimum [Member] | ' | ' |
Note 15 - Incentive Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '1 year | ' |
Performance Shares [Member] | Maximum [Member] | ' | ' |
Note 15 - Incentive Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' |
Note_16_Accumulated_Other_Comp2
Note 16 - Accumulated Other Comprehensive Income ("AOCI") (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Note 16 - Accumulated Other Comprehensive Income ("AOCI") (Details) [Line Items] | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $108.60 |
Attributable To Noncontrolling Interests [Member] | ' |
Note 16 - Accumulated Other Comprehensive Income ("AOCI") (Details) [Line Items] | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 5.8 |
CANADA | ' |
Note 16 - Accumulated Other Comprehensive Income ("AOCI") (Details) [Line Items] | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 127 |
Latin America [Member] | ' |
Note 16 - Accumulated Other Comprehensive Income ("AOCI") (Details) [Line Items] | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 113.4 |
MEXICO | ' |
Note 16 - Accumulated Other Comprehensive Income ("AOCI") (Details) [Line Items] | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $18.40 |
Note_16_Accumulated_Other_Comp3
Note 16 - Accumulated Other Comprehensive Income ("AOCI") (Details) - Components of Accumulated Other Comprehensive Income (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Balance | ($64,982) | ($66,182) | |
Other comprehensive income before reclassifications | -3,638 | 29,248 | |
Amounts reclassified from AOCI | ' | -7,194 | [1] |
Other comprehensive income | -3,638 | 22,054 | |
Balance | -68,620 | -44,128 | |
Accumulated Translation Adjustment [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Balance | -90,977 | -85,404 | |
Other comprehensive income before reclassifications | -17,618 | -1,834 | |
Amounts reclassified from AOCI | ' | ' | [1] |
Other comprehensive income | -17,618 | -1,834 | |
Balance | -108,595 | -87,238 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Balance | 25,995 | 19,222 | |
Other comprehensive income before reclassifications | 13,980 | 31,082 | |
Amounts reclassified from AOCI | ' | -7,194 | [1] |
Other comprehensive income | 13,980 | 23,888 | |
Balance | $39,975 | $43,110 | |
[1] | Amounts were reclassified to Interest, dividends and other investment income on the Company's Condensed Consolidated Statements of Income. |
Note_17_Pro_Forma_Financial_In2
Note 17 - Pro Forma Financial Information (Details) - Pro Forma Financial Information (USD $) | 9 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Pro Forma Financial Information [Abstract] | ' | ' |
Revenues from rental property | $756.80 | $689.50 |
Net income | 267.7 | 238.1 |
Net income available to the Companybs common shareholders | $217.50 | $186.20 |
Net income available to the Companybs common shareholders per common share: | ' | ' |
Basic (in Dollars per share) | $0.53 | $0.46 |
Diluted (in Dollars per share) | $0.53 | $0.45 |