Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 22, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Kimco Realty Corporation | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 412,752,614 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 879101 | |
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 | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ||||
Operating real estate, net of accumulated depreciation of $2,007,594 and $1,955,406, respectively | $9,357,990 | $7,930,489 | ||
Investments and advances in real estate joint ventures | 886,328 | 1,037,218 | ||
Real estate under development | 133,894 | 132,331 | ||
Other real estate investments | 248,099 | 266,157 | ||
Mortgages and other financing receivables | 73,418 | 74,013 | ||
Cash and cash equivalents | 220,977 | 187,322 | ||
Marketable securities | 105,253 | [1] | 90,235 | [1] |
Accounts and notes receivable | 178,367 | 172,386 | ||
Other assets | 529,562 | 371,249 | ||
Total assets | 11,733,888 | 10,261,400 | ||
Liabilities: | ||||
Notes payable | 3,679,237 | [2] | 3,171,742 | [2] |
Mortgages payable | 2,042,014 | [3] | 1,424,228 | [3] |
Dividends payable | 111,357 | 111,143 | ||
Other liabilities | 602,821 | 561,042 | ||
Total liabilities | 6,435,429 | 5,268,155 | ||
Redeemable noncontrolling interests | 91,527 | 91,480 | ||
Preferred stock, $1.00 par value, authorized 5,959,100 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 412,709,199 and 411,819,818 shares, respectively | 4,127 | 4,118 | ||
Paid-in capital | 5,767,838 | 5,732,021 | ||
Cumulative distributions in excess of net income | -809,849 | -1,006,578 | ||
Accumulated other comprehensive income | 50,956 | 45,122 | ||
Total stockholders' equity | 5,013,174 | 4,774,785 | ||
Noncontrolling interests | 193,758 | 126,980 | ||
Total equity | 5,206,932 | 4,901,765 | ||
Total liabilities and equity | $11,733,888 | $10,261,400 | ||
[1] | As of March 31, 2015 and December 31, 2014, the Company determined that $102.7 million and $87.7 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $2.4 million and $2.3 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 (Current Period Unaudited) (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Operating real estate, accumulated depreciation (in Dollars) | $2,007,594 | $1,955,406 |
Preferred stock, par value (in Dollars per share) | $1 | $1 |
Preferred stock, shares authorized | 5,959,100 | 5,959,100 |
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 | 412,709,199 | 411,819,818 |
Common stock,shares outstanding | 412,709,199 | 411,819,818 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | ||
Revenues from rental properties | $275,506 | $219,152 |
Management and other fee income | 7,950 | 9,041 |
Total revenues | 283,456 | 228,193 |
Operating expenses | ||
Rent | 3,554 | 3,305 |
Real estate taxes | 36,072 | 29,350 |
Operating and maintenance | 33,902 | 26,076 |
General and administrative expenses | 32,705 | 37,121 |
Provision for doubtful accounts | 2,297 | 1,452 |
Impairment charges | 6,473 | 6,893 |
Depreciation and amortization | 74,569 | 56,060 |
Total operating expenses | 189,490 | 153,525 |
Operating income | 93,966 | 74,668 |
Other income/(expense) | ||
Mortgage financing income | 1,136 | 1,699 |
Interest, dividends and other investment income | 217 | 53 |
Other expense, net | -985 | -2,424 |
Interest expense | -52,578 | -50,243 |
Income 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 | 41,756 | 23,753 |
Provision for income taxes, net | -12,717 | -8,515 |
Equity in income of equity method investments, net | 97,550 | 53,261 |
Income from continuing operations | 280,759 | 75,596 |
Discontinued operations | ||
(Loss)/income from discontinued operating properties, net of tax | -15 | 16,435 |
Impairment/loss on operating properties, net of tax | -60 | -5,508 |
Gain on disposition of operating properties, net of tax | 9,337 | |
(Loss)/income from discontinued operations | -75 | 20,264 |
Gain on sale of operating properties | 32,055 | |
Net income | 312,739 | 95,860 |
Net income attributable to noncontrolling interests | -2,397 | -8,860 |
Net income attributable to the Company | 310,342 | 87,000 |
Preferred dividends | -14,573 | -14,573 |
Net income available to the Company's common shareholders | 295,769 | 72,427 |
Per common share: | ||
-Basic (in Dollars per share) | $0.72 | $0.14 |
-Diluted (in Dollars per share) | $0.71 | $0.14 |
-Basic (in Dollars per share) | $0.72 | $0.18 |
-Diluted (in Dollars per share) | $0.71 | $0.18 |
-Basic (in Shares) | 410,433 | 408,367 |
-Diluted (in Shares) | 415,396 | 409,444 |
Amounts attributable to the Company's common shareholders: | ||
Income from continuing operations | 295,844 | 58,776 |
(Loss)/income from discontinued operations | -75 | 13,651 |
Gain on change in control of interests, net | 139,801 | 3,744 |
Joint Ventures [Member] | ||
Other income/(expense) | ||
Equity in income of equity method investments, net | 97,550 | 53,261 |
Other Real Estate Investments [Member] | ||
Other income/(expense) | ||
Equity in income of equity method investments, net | 14,369 | 3,353 |
Continuing Operations [Member] | ||
Operating expenses | ||
Impairment charges | $6,391 | $161 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $312,739 | $95,860 |
Other comprehensive income: | ||
Change in unrealized gain/(loss) on marketable securities, net | 15,718 | -3,678 |
Change in unrealized loss on interest rate swaps | -352 | |
Change in foreign currency translation adjustment, net | -9,532 | -8,388 |
Other comprehensive income/(loss) | 5,834 | -12,066 |
Comprehensive income | 318,573 | 83,794 |
Comprehensive income attributable to noncontrolling interests | -2,397 | -8,682 |
Comprehensive income attributable to the Company | 316,176 | 75,112 |
Interest Rate Swap [Member] | ||
Other comprehensive income: | ||
Change in unrealized loss on interest rate swaps | ($352) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Changes in Equity (Unaudited) (USD $) | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Parent [Member] | Noncontrolling Interest [Member] | Series H Preferred Stock [Member] | Series I Preferred Stock [Member] | Series J Preferred Stock [Member] | Series K Preferred Stock [Member] | Total |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
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 | ||||||||||
Net income | 87,000 | 87,000 | 8,860 | 95,860 | ||||||||
Change in unrealized gain on marketable securities | -3,678 | -3,678 | -3,678 | |||||||||
Change in foreign currency translation adjustment | -8,210 | -8,210 | -178 | -8,388 | ||||||||
Redeemable noncontrolling interests | -1,693 | -1,693 | ||||||||||
Dividends | -106,937 | -106,937 | -106,937 | |||||||||
Distributions to noncontrolling interests | -18,979 | -18,979 | ||||||||||
Issuance of common stock | 7 | 11,444 | 11,451 | 11,451 | ||||||||
Issuance of common stock (in Shares) | 697,000 | |||||||||||
Surrender of restricted stock | -1 | -2,838 | -2,839 | -2,839 | ||||||||
Surrender of restricted stock (in Shares) | -123,000 | |||||||||||
Exercise of common stock options | 2 | 3,301 | 3,303 | 3,303 | ||||||||
Exercise of common stock options (in Shares) | 201,000 | |||||||||||
Amortization of equity awards | 4,704 | 4,704 | 4,704 | |||||||||
Balance at Mar. 31, 2014 | -1,015,995 | -76,870 | 102 | 4,105 | 5,705,869 | 4,617,211 | 125,119 | 4,742,330 | ||||
Balance (in Shares) at Mar. 31, 2014 | 102,000 | 410,506,000 | ||||||||||
Balance at Dec. 31, 2014 | -1,006,578 | 45,122 | 102 | 4,118 | 5,732,021 | 4,774,785 | 126,980 | 4,901,765 | ||||
Balance (in Shares) at Dec. 31, 2014 | 102,000 | 411,820,000 | ||||||||||
Contributions from noncontrolling interests | 66,163 | 66,163 | ||||||||||
Net income | 310,342 | 310,342 | 2,397 | 312,739 | ||||||||
Change in unrealized gain on marketable securities | 15,718 | 15,718 | 15,718 | |||||||||
Change in unrealized loss on interest rate swaps | -352 | -352 | -352 | |||||||||
Change in foreign currency translation adjustment | -9,532 | -9,532 | -9,532 | |||||||||
Redeemable noncontrolling interests | -1,522 | -1,522 | ||||||||||
Dividends | -113,613 | -113,613 | -113,613 | |||||||||
Distributions to noncontrolling interests | -260 | -260 | ||||||||||
Issuance of common stock | 5 | 2,975 | 2,980 | 2,980 | ||||||||
Issuance of common stock (in Shares) | 539,000 | |||||||||||
Surrender of restricted stock | -2 | -5,170 | -5,172 | -5,172 | ||||||||
Surrender of restricted stock (in Shares) | -204,000 | |||||||||||
Exercise of common stock options | 6 | 10,252 | 10,258 | 10,258 | ||||||||
Exercise of common stock options (in Shares) | 554,000 | |||||||||||
Sale of interests in investments, net of tax of $16 million | 23,336 | 23,336 | 23,336 | |||||||||
Amortization of equity awards | 4,424 | 4,424 | 4,424 | |||||||||
Balance at Mar. 31, 2015 | ($809,849) | $50,956 | $102 | $4,127 | $5,767,838 | $5,013,174 | $193,758 | $5,206,932 | ||||
Balance (in Shares) at Mar. 31, 2015 | 102,000 | 412,709,000 | 70,000 | 16,000 | 9,000 | 7,000 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Dividends per Common Share | $0.24 | $0.23 |
Additional Paid-in Capital [Member] | ||
Sale of interests in investments, tax (in Dollars) | $16,000,000 | |
Series H Preferred Stock [Member] | ||
Dividends per Depositary share | $0.43 | $0.43 |
Series I Preferred Stock [Member] | ||
Dividends per Depositary share | $0.38 | $0.38 |
Series J Preferred Stock [Member] | ||
Dividends per Depositary share | $0.34 | $0.34 |
Series K Preferred Stock [Member] | ||
Dividends per Depositary share | $0.35 | $0.35 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flow from operating activities: | ||
Net income | $312,739 | $95,860 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 74,569 | 61,666 |
Impairment charges | 6,473 | 6,893 |
Equity award expense | 8,394 | 8,139 |
Gain on sale of operating properties | -32,055 | -9,337 |
Gains on change in control of interests | -139,801 | -3,744 |
Equity in income of joint ventures, net | -97,550 | -53,261 |
Equity in income from other real estate investments, net | -14,369 | -3,353 |
Distributions from joint ventures and other real estate investments | 93,560 | 68,691 |
Change in accounts and notes receivable | -5,981 | 5,799 |
Change in accounts payable and accrued expenses | 11,985 | 12,340 |
Change in other operating assets and liabilities | -1,424 | -8,180 |
Net cash flow provided by operating activities | 216,540 | 181,513 |
Cash flow from investing activities: | ||
Acquisition of operating real estate and other related net assets | -537,223 | -95,321 |
Improvements to operating real estate | -29,888 | -21,990 |
Improvements to real estate under development | -2,021 | -62 |
Investment in marketable securities | -4,556 | |
Proceeds from sale of marketable securities | 700 | 219 |
Investments and advances to real estate joint ventures | -29,720 | -18,988 |
Reimbursements of investments and advances to real estate joint ventures | 28,488 | 53,660 |
Investment in other real estate investments | -239 | -318 |
Reimbursements of investments and advances to other real estate investments | 17,946 | 3,245 |
Collection of mortgage loans receivable | 292 | 6,949 |
Investment in other investments | -190,278 | |
Proceeds from sale of operating properties | 81,037 | 71,336 |
Net cash flow used for investing activities | -660,906 | -5,826 |
Cash flow from financing activities: | ||
Principal payments on debt, excluding normal amortization of rental property debt | -49,286 | -72,839 |
Principal payments on rental property debt | -7,155 | -5,690 |
Proceeds under unsecured revolving credit facility, net | 40,000 | 132,288 |
Proceeds from issuance of unsecured term loan/notes | 1,000,000 | |
Repayments under unsecured term loan/notes | -500,000 | |
Financing origination costs | -7,894 | -5,844 |
Contributions from noncontrolling interests, net | 105,498 | |
Dividends paid | -113,400 | -106,762 |
Proceeds from issuance of stock | 10,258 | 3,303 |
Net cash flow provided by/(used for) financing activities | 478,021 | -55,544 |
Change in cash and cash equivalents | 33,655 | 120,143 |
Cash and cash equivalents, beginning of period | 187,322 | 148,768 |
Cash and cash equivalents, end of period | 220,977 | 268,911 |
Interest paid during the period (net of capitalized interest of $1,134 and $297, respectively) | 37,564 | 30,979 |
Income taxes paid during the period | $4,055 | $9,567 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash paid for capitalized interest | $1,134 | $297 |
Note_1_Interim_Financial_State
Note 1 - Interim Financial Statements | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 presented 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 2014 Annual Report on Form 10-K for the year ended December 31, 2014 (“10-K”), as certain disclosures in this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015, 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 8). | |||||||||
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 | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Computation of Basic Earnings Per Share: | |||||||||
Income from continuing operations | $ | 280,759 | $ | 75,596 | |||||
Gain on sale of operating properties | 32,055 | - | |||||||
Net income attributable to noncontrolling interests | (2,397 | ) | (8,860 | ) | |||||
Discontinued operations attributable to noncontrolling interests | - | 6,613 | |||||||
Preferred stock dividends | (14,573 | ) | (14,573 | ) | |||||
Income from continuing operations available to the common shareholders | 295,844 | 58,776 | |||||||
Earnings attributable to unvested restricted shares | (1,341 | ) | (422 | ) | |||||
Income from continuing operations attributable to common shareholders | 294,503 | 58,354 | |||||||
(Loss)/income from discontinued operations attributable to the Company | (75 | ) | 13,651 | ||||||
Net income attributable to the Company’s common shareholders for basic earnings per share | $ | 294,428 | $ | 72,005 | |||||
Weighted average common shares outstanding | 410,433 | 408,367 | |||||||
Basic Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||||||
Income from continuing operations | $ | 0.72 | $ | 0.14 | |||||
Income from discontinued operations | - | 0.04 | |||||||
Net income | $ | 0.72 | $ | 0.18 | |||||
Computation of Diluted Earnings Per Share: | |||||||||
Income from continuing operations attributable to common shareholders | $ | 294,503 | $ | 58,354 | |||||
(Loss)/income from discontinued operations attributable to the Company | (75 | ) | 13,651 | ||||||
Distributions on convertible units | 817 | - | |||||||
Net income attributable to the Company’s common shareholders for diluted earnings per share | $ | 295,245 | $ | 72,005 | |||||
Weighted average common shares outstanding – basic | 410,433 | 408,367 | |||||||
Effect of dilutive securities (a): | |||||||||
Equity awards | 3,393 | 1,077 | |||||||
Assumed conversion of convertible units | 1,570 | - | |||||||
Shares for diluted earnings per common share | 415,396 | 409,444 | |||||||
Diluted Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||||||
Income from continuing operations | $ | 0.71 | $ | 0.14 | |||||
Income from discontinued operations | - | 0.04 | |||||||
Net income | $ | 0.71 | $ | 0.18 | |||||
(a) | For the three months ended March 31, 2014, 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 6,857,810 and 10,905,076 stock options that were not dilutive at March 31, 2015 and 2014, 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 April 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-03, Interest - Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). The amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. The amendments in ASU 2015-03 are effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company elected to early adopt ASU 2015-03 beginning in its fiscal year 2015 (see Footnote 9). The adoption of ASU 2015-03 did not have a material impact on the Company’s financial position or results of operations. | |||||||||
In August 2014, the FASB issued 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 does not expect the adoption of ASU 2014-15 to have a material effect on the Company’s 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. The Company adopted ASU 2014-08 beginning January 1, 2015 and appropriately applied the guidance prospectively to disposals of its operating properties. Prior to January 1, 2015, properties identified as held-for-sale and/or disposed of were presented in discontinued operations for all periods presented. The adoption and implementation of this ASU resulted in the operations of certain current period dispositions in the ordinary course of business to be classified within continuing operations on the Company’s Condensed Consolidated Statements of Income. The adoption did not have an impact on the Company’s financial position or cash flows. The disclosures required by this ASU have been incorporated in the notes included herein. |
Note_2_Operating_Property_Acti
Note 2 - Operating Property Activities | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | 2. Operating Property Activities | ||||||||||||||||||||||||||||
Acquisitions - | |||||||||||||||||||||||||||||
During the three months ended March 31, 2015, the Company acquired the following properties, in separate transactions (in thousands): | |||||||||||||||||||||||||||||
Purchase Price | |||||||||||||||||||||||||||||
Property Name | Location | Month | Cash* | Debt Assumed | Other | Total | GLA** | ||||||||||||||||||||||
Acquired | |||||||||||||||||||||||||||||
Elmont Plaza | Elmont, NY (1) | 15-Jan | $ | 2,400 | $ | - | $ | 3,358 | $ | 5,758 | 13 | ||||||||||||||||||
Garden State Pavilion Parcel | Cherry Hill, NJ | 15-Jan | 16,300 | - | - | 16,300 | 111 | ||||||||||||||||||||||
Kimstone Portfolio (39 properties) | Various (2) | 15-Feb | 513,513 | 637,976 | 236,011 | 1,387,500 | 5,631 | ||||||||||||||||||||||
Copperfield Village | Houston, TX | 15-Feb | 18,700 | 20,800 | - | 39,500 | 165 | ||||||||||||||||||||||
Snowden Square Parcel | Columbia, MD | 15-Mar | 4,868 | - | - | 4,868 | 25 | ||||||||||||||||||||||
Dulles Town Crossing Parcel | Sterling, VA | 15-Mar | 4,830 | - | - | 4,830 | 9 | ||||||||||||||||||||||
Flagler Park S.C. | Miami, FL | 15-Mar | 1,875 | - | - | 1,875 | 5 | ||||||||||||||||||||||
$ | 562,486 | $ | 658,776 | $ | 239,369 | $ | 1,460,631 | 5,959 | |||||||||||||||||||||
* Includes 1031 sales proceeds of $31.7 million | |||||||||||||||||||||||||||||
** Gross leasable area ("GLA") | |||||||||||||||||||||||||||||
-1 | The Company acquired from its partner the remaining ownership interest in a property that was held in a joint venture in which the Company had a 50.0% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, recognized a loss on change in control of interest of $0.2 million resulting from the fair value adjustment associated with the Company’s previously held equity interest, which is reflected in the purchase price above in Other. | ||||||||||||||||||||||||||||
-2 | The Company acquired from its partner the remaining ownership interest in 39 properties that were held in a joint venture in which the Company had a 33.3% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain on change in control of interest of $140.0 million resulting from the fair value adjustment associated with the Company’s previously held equity interest, which is reflected in the purchase price above in Other. | ||||||||||||||||||||||||||||
The purchase price for these acquisitions has been preliminarily allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price allocations and related accounting will be finalized after the Company’s valuation studies are complete. The aggregate purchase price of the properties acquired during the three months ended March 31, 2015, has been preliminarily allocated as follows (in thousands): | |||||||||||||||||||||||||||||
Land | $ | 395,363 | |||||||||||||||||||||||||||
Buildings | 830,647 | ||||||||||||||||||||||||||||
Above Market Rents | 31,620 | ||||||||||||||||||||||||||||
Below Market Rents | (65,711 | ) | |||||||||||||||||||||||||||
In-Place Leases | 147,483 | ||||||||||||||||||||||||||||
Building Improvements | 118,563 | ||||||||||||||||||||||||||||
Tenant Improvements | 21,602 | ||||||||||||||||||||||||||||
Mortgage Fair Value Adjustment | (21,573 | ) | |||||||||||||||||||||||||||
Other Assets | 2,637 | ||||||||||||||||||||||||||||
$ | 1,460,631 | ||||||||||||||||||||||||||||
Dispositions – | |||||||||||||||||||||||||||||
During the three months ended March 31, 2015, the Company disposed of 39 operating properties and three land parcels, in separate transactions, for an aggregate sales price of $96.5 million. These transactions resulted in an aggregate gain of $32.1 million, and aggregate impairment charges of $0.6 million. | |||||||||||||||||||||||||||||
During the three months ended March 31, 2015, the Company classified as held-for-sale five operating properties. The aggregate book value of these properties was $7.6 million, net of accumulated depreciation of $0.4 million, which is included in Other assets on the Company’s Condensed Consolidated Balance Sheets. The book value of these 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 was based upon executed contracts of sale with third parties. | |||||||||||||||||||||||||||||
Upon the adoption of ASU 2014-08 on January 1, 2015, operations of properties held for sale and operating properties sold during the current period that were not previously classified as held for sale and/or reported as discontinued operations are reported in income from continuing operations as they do not represent a strategic shift that has or will have a major effect on our operations and financial results. Prior to the adoption of ASU 2014-08, the Company reported the operations and financial results of properties held for sale and operating properties sold as Discontinued operations in the Company’s Condensed Consolidated Statements of Income. | |||||||||||||||||||||||||||||
Impairment Charges - | |||||||||||||||||||||||||||||
During the three months ended March 31, 2015, the Company recognized aggregate impairment charges of $6.4 million which are included in Impairment charges under Operating expenses on the Company’s Condensed Consolidated Statements of Income. These impairment charges consist of (i) $0.5 million related to the sale of certain operating properties, as discussed above, and (ii) $5.9 million related to an adjustment to the carrying value of one property which the Company has decided to market for sale as part of its active capital recycling program and as such has adjusted the anticipated hold period for such property. The Company’s estimated fair value on this property was determined based upon an estimated sales price. (See Footnote 11 for fair value disclosure). |
Note_3_Discontinued_Operations
Note 3 - Discontinued Operations | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3. Discontinued Operations | ||||||||
During 2014 and prior to the Company’s adoption of ASU 2014-08 on January 1, 2015, as further discussed in Note 2, operations of properties held-for-sale and assets sold during the period were classified as discontinued operations. 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 2014 financial statement amounts. Since adoption of ASU 2014-08 individual property dispositions including dispositions during the current period will no longer qualify as a discontinued operation under the new guidance. | |||||||||
The components of income and expense relating to discontinued operations for the three months ended March 31, 2015 and 2014 are shown below. These include the results of operations through the date of each respective sale for properties sold during 2014 and the operations for the applicable period for assets classified as held-for-sale as of December 31, 2014 (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Discontinued operations: | |||||||||
Revenues from rental property | $ | 124 | $ | 30,549 | |||||
Rental property expenses | (49 | ) | (6,939 | ) | |||||
Depreciation and amortization | - | (5,606 | ) | ||||||
Provision for doubtful accounts, net | (57 | ) | (537 | ) | |||||
Interest expense, net | - | (393 | ) | ||||||
Other expense, net | (12 | ) | (184 | ) | |||||
Income from discontinued operating properties, before income taxes | 6 | 16,890 | |||||||
Impairment of property carrying value, net, before income taxes | (82 | ) | (6,732 | ) | |||||
Gain on disposition of operating properties, net, before income taxes | - | 9,337 | |||||||
Benefit for income taxes, net | 1 | 769 | |||||||
(Loss)/income from discontinued operating properties | (75 | ) | 20,264 | ||||||
Net income attributable to noncontrolling interests | - | (6,613 | ) | ||||||
(Loss)/income from discontinued operations attributable to the Company | $ | (75 | ) | $ | 13,651 | ||||
Note_4_Investment_and_Advances
Note 4 - Investment and Advances in Real Estate Joint Ventures | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 (in millions, except number of properties): | |||||||||||||||||||||||||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Venture | Ownership Interest | Number | GLA | Gross | The | Ownership Interest | Number | GLA | Gross | The | |||||||||||||||||||||||||||||||
of | Real | Company's | of | Real | Company's | ||||||||||||||||||||||||||||||||||||
Properties | Estate | Investment | Properties | Estate | Investment | ||||||||||||||||||||||||||||||||||||
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) (3) | 15 | % | 59 | 10.3 | $ | 2,695.70 | $ | 173.7 | 15 | % | 60 | 10.6 | $ | 2,728.90 | $ | 178.6 | |||||||||||||||||||||||||
Kimco Income Opportunity Portfolio (“KIR”) (2) | 48.6 | % | 54 | 11.5 | 1,491.20 | 151.4 | 48.6 | % | 54 | 11.5 | 1,488.20 | 152.1 | |||||||||||||||||||||||||||||
Kimstone (2) (4) | - | - | - | - | - | 33.3 | % | 39 | 5.6 | 1,098.70 | 98.1 | ||||||||||||||||||||||||||||||
BIG Shopping Centers (2) | 50.1 | % | 6 | 1 | 151.6 | - | 50.1 | % | 6 | 1 | 151.6 | - | |||||||||||||||||||||||||||||
The Canada Pension Plan Investment Board (“CPP”) (2) | 55 | % | 7 | 2.4 | 508.8 | 191.2 | 55 | % | 7 | 2.4 | 504 | 188.9 | |||||||||||||||||||||||||||||
SEB Immobilien (2) | 15 | % | 3 | 0.4 | 85.9 | 2.4 | 15 | % | 3 | 0.4 | 86 | 2.5 | |||||||||||||||||||||||||||||
Other Institutional Programs (2) | Various | 50 | 1.4 | 327.8 | 8.4 | Various | 50 | 1.4 | 327.8 | 8.5 | |||||||||||||||||||||||||||||||
RioCan (5) | 50 | % | 42 | 8.8 | 1,017.60 | 124.2 | 50 | % | 45 | 9.3 | 1,205.80 | 159.8 | |||||||||||||||||||||||||||||
Latin America | Various | 11 | 0.1 | 83.6 | 23.3 | Various | 13 | 0.1 | 91.2 | 24.4 | |||||||||||||||||||||||||||||||
Other Joint Venture Programs (6) | Various | 58 | 9.5 | 1,353.70 | 211.7 | Various | 60 | 9.5 | 1,401.20 | 224.3 | |||||||||||||||||||||||||||||||
Total | 290 | 45.4 | $ | 7,715.90 | $ | 886.3 | 337 | 51.8 | $ | 9,083.40 | $ | 1,037.20 | |||||||||||||||||||||||||||||
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 months ended March 31, 2015 and 2014 (in millions): | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||
KimPru and KimPru II (3) | $ | 1.2 | $ | 2.6 | |||||||||||||||||||||||||||||||||||||
KIR | 7.5 | 6.8 | |||||||||||||||||||||||||||||||||||||||
Kimstone (4) | 0.7 | (1.5 | ) | ||||||||||||||||||||||||||||||||||||||
BIG Shopping Centers | 0.1 | 0.7 | |||||||||||||||||||||||||||||||||||||||
CPP | 2.5 | 1.5 | |||||||||||||||||||||||||||||||||||||||
SEB Immobilien | 0.1 | 0.3 | |||||||||||||||||||||||||||||||||||||||
Other Institutional Programs | 0.1 | 0.9 | |||||||||||||||||||||||||||||||||||||||
RioCan (5) | 60.6 | 7.8 | |||||||||||||||||||||||||||||||||||||||
Latin America (8) (9) | (1.0 | ) | 30.6 | ||||||||||||||||||||||||||||||||||||||
Other Joint Venture Programs (7) | 25.8 | 3.6 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 97.6 | $ | 53.3 | |||||||||||||||||||||||||||||||||||||
-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 three months ended March 31, 2015, KimPru II sold an operating property in North Lauderdale, FL for a sales price of $23.2 million and recognized a loss of $0.6 million. The Company’s share of this loss was $0.1 million. | ||||||||||||||||||||||||||||||||||||||||
-4 | During the three months ended March 31, 2015, the Company purchased the remaining 66.7% interest in the 39-property Kimstone portfolio from Blackstone for a gross purchase price of $1.4 billion, including the assumption of $638.0 million in mortgage debt. | ||||||||||||||||||||||||||||||||||||||||
-5 | During the three months ended March 31, 2015, the Company sold its noncontrolling interest in three properties and a land parcel to its partner, RioCan, for a total sales price of CAD $238.1 million (USD $190.7 million). The Company recognized a gain of $53.5 million, before income taxes, associated with the transaction. | ||||||||||||||||||||||||||||||||||||||||
-6 | During the three months ended March 31, 2015, the Company acquired one property from a joint venture in which the Company had a noncontrolling interest for a total sales price of $5.8 million. | ||||||||||||||||||||||||||||||||||||||||
-7 | During June 2013, the Intown portfolio was sold and the Company maintained its guarantee on a portion of debt that was assumed by the buyer at closing. The transaction resulted in a deferred gain to the Company of $21.7 million due to the Company’s continued involvement through its guarantee of the debt. On February 24, 2015, the outstanding debt balance was fully repaid by the buyer and as such, the Company was relieved of its related commitments and guarantee. As a result, the Company recognized the deferred gain of $21.7 million during the three months ended March 31, 2015. | ||||||||||||||||||||||||||||||||||||||||
-8 | During the three months ended March 31, 2015, a joint venture in which the Company holds a noncontrolling interest recognized aggregate impairment charges of $2.6 million relating to the pending sale of various land parcels. The Company’s share of these impairment charges was $1.3 million. | ||||||||||||||||||||||||||||||||||||||||
-9 | During the three months ended March 31, 2014, the Company sold its noncontrolling interest in six operating properties located throughout Mexico for a sales price of $106.7 million. The Company recognized a gain of $28.4 million, before income taxes, associated with the transaction. | ||||||||||||||||||||||||||||||||||||||||
The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at March 31, 2015 and December 31, 2014 (dollars in millions): | |||||||||||||||||||||||||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
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 | $ | 919.2 | 5.53 | % | 20.1 | $ | 920 | 5.53 | % | 23 | |||||||||||||||||||||||||||||||
KIR | 862.6 | 4.92 | % | 66.9 | 860.7 | 5.04 | % | 61.9 | |||||||||||||||||||||||||||||||||
Kimstone | - | - | - | 701.3 | 4.45 | % | 28.7 | ||||||||||||||||||||||||||||||||||
BIG Shopping Centers | 144.8 | 5.51 | % | 19.1 | 144.6 | 5.52 | % | 22 | |||||||||||||||||||||||||||||||||
CPP | 111.5 | 5.07 | % | 12.5 | 112 | 5.05 | % | 10.1 | |||||||||||||||||||||||||||||||||
SEB Immobilien | 50 | 4.07 | % | 32.7 | 50 | 4.06 | % | 35.7 | |||||||||||||||||||||||||||||||||
Other Institutional Programs | 222.6 | 5.47 | % | 17.8 | 222.9 | 5.47 | % | 20.8 | |||||||||||||||||||||||||||||||||
RioCan | 545.9 | 4.23 | % | 36.9 | 640.5 | 4.29 | % | 39.9 | |||||||||||||||||||||||||||||||||
Other Joint Venture Programs | 888.7 | 5.37 | % | 55.2 | 921.9 | 5.31 | % | 58.6 | |||||||||||||||||||||||||||||||||
Total | $ | 3,745.30 | $ | 4,573.90 | |||||||||||||||||||||||||||||||||||||
* Average Remaining Term includes extension options. |
Note_5_Other_Real_Estate_Inves
Note 5 - Other Real Estate Investments | 3 Months Ended |
Mar. 31, 2015 | |
Other Real Estate Investments [Abstract] | |
Other Real Estate Investments [Text Block] | 5. Other Real Estate Investments and Other Assets |
Preferred Equity Capital - | |
The Company has provided capital to owners and developers of real estate properties through its Preferred Equity Program. As of March 31, 2015, the Company’s net investment under the Preferred Equity Program was $227.2 million relating to 443 properties, including 385 net leased properties. During the three months ended March 31, 2015, the Company earned $5.6 million from its preferred equity investments. During the three months ended March 31, 2014, the Company earned $7.8 million from its preferred equity investments, including $2.2 million in profit participation earned from one capital transaction. | |
Kimsouth - | |
Kimsouth Realty Inc. (“Kimsouth”) is a wholly-owned subsidiary of the Company. KRS AB Acquisition, LLC (the “ABS Venture”) is a wholly owned subsidiary of Kimsouth that has a noncontrolling interest in AB Acquisition, LLC (“AB Acquisition”) a joint venture which owns Albertson’s Inc. (“Albertson’s”) and NAI Group Holdings Inc. (“NAI”). During January 2015, two new noncontrolling members were admitted into the ABS Venture. Although the Company admitted these new members, the Company continues to hold a controlling interest in the ABS Venture and thus will continue to consolidate this entity. Shortly thereafter, the Company contributed $85.3 million and the two members contributed an aggregate $105.0 million to the ABS Venture which was subsequently contributed to AB Acquisition to facilitate the acquisition of Safeway Inc. (“Safeway”). As a result of this transaction the ABS Venture now holds a combined 14.35% interest in AB Acquisition of which the Company holds a combined 9.8% ownership interest. The combined company of Albertson’s, NAI and Safeway operates 2,230 grocery stores across 34 states. | |
The Company continues to consolidate the ABS Venture as there was no change in control following the admission of the members described above. As such, the Company recorded (i) the gross investment in Safeway of $190.3 million in Other assets on the Company’s Condensed Consolidated Balance Sheets and will account for this investment under the cost method of accounting (ii) a noncontrolling interest of $65.0 million and (iii) an increase in Paid-in capital of $24.0 million, net of a deferred tax effect of $16.0 million, representing the amount contributed by the newly admitted members in excess of their proportionate share of the historic book value of the net assets of ABS Venture. | |
Leveraged Lease – | |
The Company held a 90% equity participation interest in a leverage lease of 11 properties which were encumbered by third-party non-recourse debt of $11.2 million. During the three months ended March 31, 2015, the Company sold its leveraged lease interest for a gross sales price of $22.0 million and recognized a gain of $2.1 million in connection with the transaction, which is included in Equity in income of other real estate investments, net on the Company’s Condensed Consolidated Statements of Income. |
Note_6_Variable_Interest_Entit
Note 6 - Variable Interest Entities | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 6. Variable Interest Entities (‘VIE”) |
Consolidated Ground-Up Development Projects | |
Included within the Company’s ground-up development projects at March 31, 2015, is an entity that is a VIE, for which the Company is the primary beneficiary. This entity was established to develop real estate property to hold as a long-term investment. The Company’s involvement with this entity is through its majority ownership and management of the property. This entity was deemed a VIE primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to this entity 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 this VIE as a result of its controlling financial interest. | |
At March 31, 2015, total assets of this ground-up development VIE were $77.8 million and total liabilities were $0.2 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 this ground-up development VIE, aggregating $32.8 million, will be funded with capital contributions from the Company and by the outside partners, when contractually obligated. The Company has not provided financial support to these VIEs that it was not previously contractually required to provide. | |
Unconsolidated Ground-Up Development | |
Also included within the Company’s ground-up development projects at March 31, 2015, is an unconsolidated joint venture, which holds a VIE for which the Company is not the primary beneficiary. This entity 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 partner and therefore does not have a controlling financial interest. | |
The Company’s investment in this VIE was $37.4 million as of March 31, 2015, which is included in Investments and advances in real estate joint ventures in the Company’s Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its involvement with this VIE is estimated to be $37.4 million, which primarily represents the Company’s current investment. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. All future costs of development will be funded with capital contributions from the Company and the outside partner in accordance with their respective ownership percentages. | |
Unconsolidated Redevelopment Investment | |
Included in the Company’s joint venture investments at March 31, 2015, is an 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 March 31, 2015, the Company’s investment in this VIE was a negative $7.4 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 $7.4 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 | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015, the Company had a total of 16 loans aggregating $73.4 million all of which were identified as performing loans. |
Note_8_Marketable_Securities_a
Note 8 - Marketable Securities and Other Investments | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015, the Company’s investment in marketable securities was $105.3 million, which includes an aggregate unrealized gain of $61.9 million relating to marketable equity security investments. During April 2015, the Company sold 6.4 million shares of its Supervalu Inc. common stock for an aggregate price of $58.6 million. As a result of this transaction, the Company will recognize a realized gain of approximately $32.4 million during the second quarter ended June 30, 2015. |
Note_9_Notes_and_Mortgages_Pay
Note 9 - Notes and Mortgages Payable | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 9. Notes and Mortgages Payable |
In April 2015, the FASB issued ASU 2015-03, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Beginning in its fiscal year 2015, the Company elected to early adopt ASU 2015-03 and appropriately retrospectively applied the guidance to its Notes Payable and Mortgages Payable to all periods presented. Unamortized debt issuance costs of $27.8 million and $3.8 million are included in Notes Payable and Mortgages Payable, respectively, as of March 31, 2015, and $20.4 million and $3.9 million of unamortized debt issuance costs are included in Notes Payable and Mortgages Payable, respectively, as of December 31, 2014 (previously included in Other assets on the Company’s Condensed Consolidated Balance Sheets). | |
Notes Payable - | |
During January 2015, the Company entered into a new $650.0 million unsecured term loan (“Term Loan”) which is scheduled to mature in January 2017 (with three one-year extension options at the Company’s discretion) and accrues interest at a spread (currently 0.95%) to LIBOR or at the Company’s option at a base rate as defined per the agreement (1.13% at March 31, 2015). The proceeds from the Term Loan were used to repay the prior $400.0 million term loan, which was scheduled to mature in April 2015 (with two additional one-year extension options) and bore interest at LIBOR plus 105 basis points, and for general corporate purposes. Pursuant to the terms of the credit agreement for the Term Loan, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum indebtedness ratios and (ii) minimum interest and fixed charge coverage ratios. The Company was in compliance with all of the covenants as of March 31, 2015. | |
During March 2015, the Company issued $350.0 million of 30-year Senior Unsecured Notes at an interest rate of 4.25% payable semi-annually in arrears which are scheduled to mature in April 2045. The Company used the net proceeds from the issuance of $342.7 million, after the underwriting discount and related offering costs, for general corporate purposes including to pre-fund near-term debt maturities and partially reduce borrowings under the Company’s revolving credit facility. | |
Additionally, during the three months ended March 31, 2015, the Company repaid its $100 million 4.904% senior unsecured notes, which matured in February 2015. | |
Mortgages Payable - | |
During the three months ended March 31, 2015, the Company (i) assumed $680.4 million of individual non-recourse mortgage debt relating to the acquisition of 34 operating properties, including an increase of $21.6 million associated with fair value debt adjustments and (ii) paid off $49.4 million of mortgage debt that encumbered five operating properties. |
Note_10_Redeemable_Noncontroll
Note 10 - Redeemable Noncontrolling Interests | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Noncontrolling Interest [Abstract] | |||||||||
Noncontrolling Interest Disclosure [Text Block] | 10. Redeemable Noncontrolling Interests | ||||||||
Redeemable noncontrolling interests 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 three months ended March 31, 2015 and 2014 (amounts in thousands): | |||||||||
2015 | 2014 | ||||||||
Balance at January 1, | $ | 91,480 | $ | 86,153 | |||||
Issuance of redeemable partnership interests | - | 4,943 | |||||||
Fair market value adjustment, net | - | 225 | |||||||
Other | 47 | (2 | ) | ||||||
Balance at March 31, | $ | 91,527 | $ | 91,319 | |||||
Note_11_Fair_Value_Measurement
Note 11 - Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Disclosures [Text Block] | 11. 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): | |||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amounts | Fair Value | Amounts | Fair Value | ||||||||||||||
Marketable securities (1) | $ | 105,253 | $ | 105,108 | $ | 90,235 | $ | 90,035 | |||||||||
Notes payable (2) | $ | 3,679,237 | $ | 3,836,369 | $ | 3,171,742 | $ | 3,313,936 | |||||||||
Mortgages payable (3) | $ | 2,042,014 | $ | 2,103,356 | $ | 1,424,228 | $ | 1,481,138 | |||||||||
-1 | As of March 31, 2015 and December 31, 2014, the Company determined that $102.7 million and $87.7 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $2.4 million and $2.3 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 March 31, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): | |||||||||||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
31-Mar-15 | |||||||||||||||||
Assets: | |||||||||||||||||
Marketable equity securities | $ | 102,732 | $ | 102,732 | $ | - | $ | - | |||||||||
Liabilities: | |||||||||||||||||
Interest rate swaps | $ | 1,756 | $ | - | $ | 1,756 | $ | - | |||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
31-Dec-14 | |||||||||||||||||
Assets: | |||||||||||||||||
Marketable equity securities | $ | 87,659 | $ | 87,659 | $ | - | $ | - | |||||||||
Liabilities: | |||||||||||||||||
Interest rate swaps | $ | 1,404 | $ | - | $ | 1,404 | $ | - | |||||||||
Assets measured at fair value on a non-recurring basis at March 31, 2015 and December 31, 2014, are as follows (in thousands): | |||||||||||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
31-Mar-15 | |||||||||||||||||
Real estate | $ | 11,000 | $ | - | $ | - | $ | 11,000 | |||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
31-Dec-14 | |||||||||||||||||
Real estate | $ | 80,270 | $ | - | $ | - | $ | 80,270 | |||||||||
During the three months ended March 31, 2015, the Company recognized impairment charges related to adjustments to property carrying values of $6.5 million of which $0.1 million, before noncontrolling interests and income taxes, is included in discontinued operations. During the three months ended March 31, 2014, the Company recognized impairment charges of $6.9 million of which $6.7 million, before noncontrolling interests and income taxes, is included in discontinued operations. These impairment charges consist of $6.8 million related to adjustments to property carrying values and $0.1 million related to other investments. | |||||||||||||||||
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, appraisals or letters of intent for which the Company does not have access to the unobservable inputs used to determine these estimated fair values. | |||||||||||||||||
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_12_Preferred_Stock
Note 12 - Preferred Stock | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | 12. Preferred Stock | ||||||||||||||||||||||||
The Company’s outstanding Preferred Stock is detailed below: | |||||||||||||||||||||||||
As of March 31, 2015 and December 31, 2014 | |||||||||||||||||||||||||
Series of Preferred Stock | Shares Authorized | Shares Issued and Outstanding | Liquidation | Dividend Rate | Annual | Par Value | |||||||||||||||||||
Preference | Dividend per | ||||||||||||||||||||||||
(in thousands) | Depositary Share | ||||||||||||||||||||||||
Series H | 70,000 | 70,000 | $ | 175,000 | 6.9 | % | $ | 1.725 | $ | 1 | |||||||||||||||
Series I | 18,400 | 16,000 | 400,000 | 6 | % | $ | 1.5 | $ | 1 | ||||||||||||||||
Series J | 9,000 | 9,000 | 225,000 | 5.5 | % | $ | 1.375 | $ | 1 | ||||||||||||||||
Series K | 8,050 | 7,000 | 175,000 | 5.625 | % | $ | 1.40625 | $ | 1 | ||||||||||||||||
105,450 | 102,000 | $ | 975,000 | ||||||||||||||||||||||
Note_13_Supplemental_Schedule_
Note 13 - Supplemental Schedule of Non-cash Investing / Financing Activities | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||
Cash Flow, Supplemental Disclosures [Text Block] | 13. Supplemental Schedule of Non-Cash Investing / Financing Activities | ||||||||
The following schedule summarizes the non-cash investing and financing activities of the Company for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||||
2015 | 2014 | ||||||||
Acquisition of real estate interests by assumption of mortgage debt | $ | 20,800 | $ | 89,718 | |||||
Acquisition of real estate interests by issuance of redeemable units/partnership interest | $ | - | $ | 4,943 | |||||
Acquisition of real estate interests through proceeds held in escrow | $ | 31,738 | $ | - | |||||
Proceeds held in escrow through sale of real estate interests | $ | 13,855 | $ | 14,885 | |||||
Issuance of restricted common stock | $ | 2,980 | $ | 11,451 | |||||
Surrender of restricted common stock | $ | (5,172 | ) | $ | (2,839 | ) | |||
Declaration of dividends paid in succeeding period | $ | 111,357 | $ | 104,670 | |||||
Consolidation of Joint Ventures: | |||||||||
Increase in real estate and other assets | $ | 897,476 | $ | 30,912 | |||||
Increase in mortgages payable | $ | 637,976 | $ | 23,269 | |||||
Note_14_Incentive_Plans
Note 14 - Incentive Plans | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 14. 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 $8.4 million and $8.1 million for the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015, the Company had $32.2 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 3.4 years. |
Note_15_Accumulated_Other_Comp
Note 15 - Accumulated Other Comprehensive Income ("AOCI") | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Accumulated Other Comprehensive Income Loss Disclosure [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Income Loss Disclosure [Text Block] | 15. Accumulated Other Comprehensive Income (“AOCI”) | ||||||||||||||||
The following table displays the change in the components of accumulated other comprehensive income for the three months ended March 31, 2015 and 2014: | |||||||||||||||||
Foreign | Unrealized | Unrealized | Total | ||||||||||||||
Currency | Gains on | Gain/(Loss) | |||||||||||||||
Translation Adjustments | Available-for- | on Interest | |||||||||||||||
Sale | Rate Swaps | ||||||||||||||||
Investments | |||||||||||||||||
Balance as of January 1, 2015 | $ | 329 | $ | 46,197 | $ | (1,404 | ) | $ | 45,122 | ||||||||
Other comprehensive income before reclassifications | (9,532 | ) | 15,718 | (352 | ) | 5,834 | |||||||||||
Amounts reclassified from AOCI | - | - | - | - | |||||||||||||
Net current-period other comprehensive income | (9,532 | ) | 15,718 | (352 | ) | 5,834 | |||||||||||
Balance as of March 31, 2015 | $ | (9,203 | ) | $ | 61,915 | $ | (1,756 | ) | $ | 50,956 | |||||||
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 | (8,210 | ) | (3,678 | ) | (11,888 | ) | |||||||||||
Amounts reclassified from AOCI | - | - | - | ||||||||||||||
Net current-period other comprehensive income | (8,210 | ) | (3,678 | ) | (11,888 | ) | |||||||||||
Balance as of March 31, 2014 | $ | (99,187 | ) | $ | 22,317 | $ | (76,870 | ) | |||||||||
At March 31, 2015, the Company had a net $9.2 million, of unrealized cumulative foreign currency translation adjustment (“CTA”) losses relating to its foreign entity investments in Canada and Chile. The CTA is comprised of $6.5 million of unrealized gains relating to its Canadian investments and $15.7 million of unrealized losses relating to its Chilean investment. CTA results from currency fluctuations between local currency and the U.S. dollar during the period in which the Company held its investment. CTA amounts are subject to future changes resulting from ongoing fluctuations in the respective foreign currency exchange rates. Under generally accepted accounting principles in the United States (“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 and as such, the Company may, in the near term, substantially liquidate its remaining investment in Chile, which will require the then unrealized loss on foreign currency translation to be recognized as a charge against earnings. |
Note_16_Pro_Forma_Financial_In
Note 16 - Pro Forma Financial Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Pro Forma Financial Information Disclosure [Abstract] | |||||||||
Pro Forma Financial Information Disclosure [Text Block] | 16. 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 three months ended March 31, 2015. The pro forma financial information set forth below is based upon the Company’s historical Condensed Consolidated Statements of Income for the three months ended March 31, 2015 and 2014, adjusted to give effect to these transactions at the beginning of 2014 and 2013, 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 2014 and 2013, respectively, nor does it purport to represent the results of income for future periods. (Amounts presented in millions, except per share figures). | |||||||||
Three Months | |||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues from rental property | $ | 283.4 | $ | 301.1 | |||||
Net income | $ | 148.4 | $ | 134.2 | |||||
Net income available to the Company’s common shareholders | $ | 131.4 | $ | 117.4 | |||||
Net income available to the Company’s common shareholders per common share: | |||||||||
Basic | $ | 0.32 | $ | 0.29 | |||||
Diluted | $ | 0.31 | $ | 0.28 | |||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation - | ||||||||
The accompanying Condensed Consolidated Financial Statements include the accounts of Kimco Realty Corporation and Subsidiaries, (the “Company”). The Company’s Subsidiaries includes subsidiaries which are wholly-owned, and all entities in which the Company has a controlling financial interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) or meets certain criteria of a sole general partner or managing member in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation. The information presented 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 2014 Annual Report on Form 10-K for the year ended December 31, 2014 (“10-K”), as certain disclosures in this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015, 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 8). | |||||||||
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. | |||||||||
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 | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Computation of Basic Earnings Per Share: | |||||||||
Income from continuing operations | $ | 280,759 | $ | 75,596 | |||||
Gain on sale of operating properties | 32,055 | - | |||||||
Net income attributable to noncontrolling interests | (2,397 | ) | (8,860 | ) | |||||
Discontinued operations attributable to noncontrolling interests | - | 6,613 | |||||||
Preferred stock dividends | (14,573 | ) | (14,573 | ) | |||||
Income from continuing operations available to the common shareholders | 295,844 | 58,776 | |||||||
Earnings attributable to unvested restricted shares | (1,341 | ) | (422 | ) | |||||
Income from continuing operations attributable to common shareholders | 294,503 | 58,354 | |||||||
(Loss)/income from discontinued operations attributable to the Company | (75 | ) | 13,651 | ||||||
Net income attributable to the Company’s common shareholders for basic earnings per share | $ | 294,428 | $ | 72,005 | |||||
Weighted average common shares outstanding | 410,433 | 408,367 | |||||||
Basic Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||||||
Income from continuing operations | $ | 0.72 | $ | 0.14 | |||||
Income from discontinued operations | - | 0.04 | |||||||
Net income | $ | 0.72 | $ | 0.18 | |||||
Computation of Diluted Earnings Per Share: | |||||||||
Income from continuing operations attributable to common shareholders | $ | 294,503 | $ | 58,354 | |||||
(Loss)/income from discontinued operations attributable to the Company | (75 | ) | 13,651 | ||||||
Distributions on convertible units | 817 | - | |||||||
Net income attributable to the Company’s common shareholders for diluted earnings per share | $ | 295,245 | $ | 72,005 | |||||
Weighted average common shares outstanding – basic | 410,433 | 408,367 | |||||||
Effect of dilutive securities (a): | |||||||||
Equity awards | 3,393 | 1,077 | |||||||
Assumed conversion of convertible units | 1,570 | - | |||||||
Shares for diluted earnings per common share | 415,396 | 409,444 | |||||||
Diluted Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||||||
Income from continuing operations | $ | 0.71 | $ | 0.14 | |||||
Income from discontinued operations | - | 0.04 | |||||||
Net income | $ | 0.71 | $ | 0.18 | |||||
(a) | For the three months ended March 31, 2014, 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 6,857,810 and 10,905,076 stock options that were not dilutive at March 31, 2015 and 2014, respectively. | ||||||||
The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings. | |||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements – | ||||||||
In April 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-03, Interest - Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). The amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. The amendments in ASU 2015-03 are effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company elected to early adopt ASU 2015-03 beginning in its fiscal year 2015 (see Footnote 9). The adoption of ASU 2015-03 did not have a material impact on the Company’s financial position or results of operations. | |||||||||
In August 2014, the FASB issued 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 does not expect the adoption of ASU 2014-15 to have a material effect on the Company’s 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. The Company adopted ASU 2014-08 beginning January 1, 2015 and appropriately applied the guidance prospectively to disposals of its operating properties. Prior to January 1, 2015, properties identified as held-for-sale and/or disposed of were presented in discontinued operations for all periods presented. The adoption and implementation of this ASU resulted in the operations of certain current period dispositions in the ordinary course of business to be classified within continuing operations on the Company’s Condensed Consolidated Statements of Income. The adoption did not have an impact on the Company’s financial position or cash flows. The disclosures required by this ASU have been incorporated in the notes included herein. |
Note_1_Interim_Financial_State1
Note 1 - Interim Financial Statements (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Computation of Basic Earnings Per Share: | |||||||||
Income from continuing operations | $ | 280,759 | $ | 75,596 | |||||
Gain on sale of operating properties | 32,055 | - | |||||||
Net income attributable to noncontrolling interests | (2,397 | ) | (8,860 | ) | |||||
Discontinued operations attributable to noncontrolling interests | - | 6,613 | |||||||
Preferred stock dividends | (14,573 | ) | (14,573 | ) | |||||
Income from continuing operations available to the common shareholders | 295,844 | 58,776 | |||||||
Earnings attributable to unvested restricted shares | (1,341 | ) | (422 | ) | |||||
Income from continuing operations attributable to common shareholders | 294,503 | 58,354 | |||||||
(Loss)/income from discontinued operations attributable to the Company | (75 | ) | 13,651 | ||||||
Net income attributable to the Company’s common shareholders for basic earnings per share | $ | 294,428 | $ | 72,005 | |||||
Weighted average common shares outstanding | 410,433 | 408,367 | |||||||
Basic Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||||||
Income from continuing operations | $ | 0.72 | $ | 0.14 | |||||
Income from discontinued operations | - | 0.04 | |||||||
Net income | $ | 0.72 | $ | 0.18 | |||||
Computation of Diluted Earnings Per Share: | |||||||||
Income from continuing operations attributable to common shareholders | $ | 294,503 | $ | 58,354 | |||||
(Loss)/income from discontinued operations attributable to the Company | (75 | ) | 13,651 | ||||||
Distributions on convertible units | 817 | - | |||||||
Net income attributable to the Company’s common shareholders for diluted earnings per share | $ | 295,245 | $ | 72,005 | |||||
Weighted average common shares outstanding – basic | 410,433 | 408,367 | |||||||
Effect of dilutive securities (a): | |||||||||
Equity awards | 3,393 | 1,077 | |||||||
Assumed conversion of convertible units | 1,570 | - | |||||||
Shares for diluted earnings per common share | 415,396 | 409,444 | |||||||
Diluted Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||||||
Income from continuing operations | $ | 0.71 | $ | 0.14 | |||||
Income from discontinued operations | - | 0.04 | |||||||
Net income | $ | 0.71 | $ | 0.18 |
Note_2_Operating_Property_Acti1
Note 2 - Operating Property Activities (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Purchase Price | ||||||||||||||||||||||||||||
Property Name | Location | Month | Cash* | Debt Assumed | Other | Total | GLA** | ||||||||||||||||||||||
Acquired | |||||||||||||||||||||||||||||
Elmont Plaza | Elmont, NY (1) | 15-Jan | $ | 2,400 | $ | - | $ | 3,358 | $ | 5,758 | 13 | ||||||||||||||||||
Garden State Pavilion Parcel | Cherry Hill, NJ | 15-Jan | 16,300 | - | - | 16,300 | 111 | ||||||||||||||||||||||
Kimstone Portfolio (39 properties) | Various (2) | 15-Feb | 513,513 | 637,976 | 236,011 | 1,387,500 | 5,631 | ||||||||||||||||||||||
Copperfield Village | Houston, TX | 15-Feb | 18,700 | 20,800 | - | 39,500 | 165 | ||||||||||||||||||||||
Snowden Square Parcel | Columbia, MD | 15-Mar | 4,868 | - | - | 4,868 | 25 | ||||||||||||||||||||||
Dulles Town Crossing Parcel | Sterling, VA | 15-Mar | 4,830 | - | - | 4,830 | 9 | ||||||||||||||||||||||
Flagler Park S.C. | Miami, FL | 15-Mar | 1,875 | - | - | 1,875 | 5 | ||||||||||||||||||||||
$ | 562,486 | $ | 658,776 | $ | 239,369 | $ | 1,460,631 | 5,959 | |||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Land | $ | 395,363 | ||||||||||||||||||||||||||
Buildings | 830,647 | ||||||||||||||||||||||||||||
Above Market Rents | 31,620 | ||||||||||||||||||||||||||||
Below Market Rents | (65,711 | ) | |||||||||||||||||||||||||||
In-Place Leases | 147,483 | ||||||||||||||||||||||||||||
Building Improvements | 118,563 | ||||||||||||||||||||||||||||
Tenant Improvements | 21,602 | ||||||||||||||||||||||||||||
Mortgage Fair Value Adjustment | (21,573 | ) | |||||||||||||||||||||||||||
Other Assets | 2,637 | ||||||||||||||||||||||||||||
$ | 1,460,631 |
Note_3_Discontinued_Operations1
Note 3 - Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Discontinued operations: | |||||||||
Revenues from rental property | $ | 124 | $ | 30,549 | |||||
Rental property expenses | (49 | ) | (6,939 | ) | |||||
Depreciation and amortization | - | (5,606 | ) | ||||||
Provision for doubtful accounts, net | (57 | ) | (537 | ) | |||||
Interest expense, net | - | (393 | ) | ||||||
Other expense, net | (12 | ) | (184 | ) | |||||
Income from discontinued operating properties, before income taxes | 6 | 16,890 | |||||||
Impairment of property carrying value, net, before income taxes | (82 | ) | (6,732 | ) | |||||
Gain on disposition of operating properties, net, before income taxes | - | 9,337 | |||||||
Benefit for income taxes, net | 1 | 769 | |||||||
(Loss)/income from discontinued operating properties | (75 | ) | 20,264 | ||||||
Net income attributable to noncontrolling interests | - | (6,613 | ) | ||||||
(Loss)/income from discontinued operations attributable to the Company | $ | (75 | ) | $ | 13,651 |
Note_4_Investment_and_Advances1
Note 4 - Investment and Advances in Real Estate Joint Ventures (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Tables) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Equity Method Investments [Table Text Block] | As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Venture | Ownership Interest | Number | GLA | Gross | The | Ownership Interest | Number | GLA | Gross | The | |||||||||||||||||||||||||||||||
of | Real | Company's | of | Real | Company's | ||||||||||||||||||||||||||||||||||||
Properties | Estate | Investment | Properties | Estate | Investment | ||||||||||||||||||||||||||||||||||||
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) (3) | 15 | % | 59 | 10.3 | $ | 2,695.70 | $ | 173.7 | 15 | % | 60 | 10.6 | $ | 2,728.90 | $ | 178.6 | |||||||||||||||||||||||||
Kimco Income Opportunity Portfolio (“KIR”) (2) | 48.6 | % | 54 | 11.5 | 1,491.20 | 151.4 | 48.6 | % | 54 | 11.5 | 1,488.20 | 152.1 | |||||||||||||||||||||||||||||
Kimstone (2) (4) | - | - | - | - | - | 33.3 | % | 39 | 5.6 | 1,098.70 | 98.1 | ||||||||||||||||||||||||||||||
BIG Shopping Centers (2) | 50.1 | % | 6 | 1 | 151.6 | - | 50.1 | % | 6 | 1 | 151.6 | - | |||||||||||||||||||||||||||||
The Canada Pension Plan Investment Board (“CPP”) (2) | 55 | % | 7 | 2.4 | 508.8 | 191.2 | 55 | % | 7 | 2.4 | 504 | 188.9 | |||||||||||||||||||||||||||||
SEB Immobilien (2) | 15 | % | 3 | 0.4 | 85.9 | 2.4 | 15 | % | 3 | 0.4 | 86 | 2.5 | |||||||||||||||||||||||||||||
Other Institutional Programs (2) | Various | 50 | 1.4 | 327.8 | 8.4 | Various | 50 | 1.4 | 327.8 | 8.5 | |||||||||||||||||||||||||||||||
RioCan (5) | 50 | % | 42 | 8.8 | 1,017.60 | 124.2 | 50 | % | 45 | 9.3 | 1,205.80 | 159.8 | |||||||||||||||||||||||||||||
Latin America | Various | 11 | 0.1 | 83.6 | 23.3 | Various | 13 | 0.1 | 91.2 | 24.4 | |||||||||||||||||||||||||||||||
Other Joint Venture Programs (6) | Various | 58 | 9.5 | 1,353.70 | 211.7 | Various | 60 | 9.5 | 1,401.20 | 224.3 | |||||||||||||||||||||||||||||||
Total | 290 | 45.4 | $ | 7,715.90 | $ | 886.3 | 337 | 51.8 | $ | 9,083.40 | $ | 1,037.20 | |||||||||||||||||||||||||||||
Joint Venture Investments Accounted for Under the Equity Method Debt Details [Table Text Block] | As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||||
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 | $ | 919.2 | 5.53 | % | 20.1 | $ | 920 | 5.53 | % | 23 | |||||||||||||||||||||||||||||||
KIR | 862.6 | 4.92 | % | 66.9 | 860.7 | 5.04 | % | 61.9 | |||||||||||||||||||||||||||||||||
Kimstone | - | - | - | 701.3 | 4.45 | % | 28.7 | ||||||||||||||||||||||||||||||||||
BIG Shopping Centers | 144.8 | 5.51 | % | 19.1 | 144.6 | 5.52 | % | 22 | |||||||||||||||||||||||||||||||||
CPP | 111.5 | 5.07 | % | 12.5 | 112 | 5.05 | % | 10.1 | |||||||||||||||||||||||||||||||||
SEB Immobilien | 50 | 4.07 | % | 32.7 | 50 | 4.06 | % | 35.7 | |||||||||||||||||||||||||||||||||
Other Institutional Programs | 222.6 | 5.47 | % | 17.8 | 222.9 | 5.47 | % | 20.8 | |||||||||||||||||||||||||||||||||
RioCan | 545.9 | 4.23 | % | 36.9 | 640.5 | 4.29 | % | 39.9 | |||||||||||||||||||||||||||||||||
Other Joint Venture Programs | 888.7 | 5.37 | % | 55.2 | 921.9 | 5.31 | % | 58.6 | |||||||||||||||||||||||||||||||||
Total | $ | 3,745.30 | $ | 4,573.90 | |||||||||||||||||||||||||||||||||||||
Income [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Tables) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Equity Method Investments [Table Text Block] | Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||
KimPru and KimPru II (3) | $ | 1.2 | $ | 2.6 | |||||||||||||||||||||||||||||||||||||
KIR | 7.5 | 6.8 | |||||||||||||||||||||||||||||||||||||||
Kimstone (4) | 0.7 | (1.5 | ) | ||||||||||||||||||||||||||||||||||||||
BIG Shopping Centers | 0.1 | 0.7 | |||||||||||||||||||||||||||||||||||||||
CPP | 2.5 | 1.5 | |||||||||||||||||||||||||||||||||||||||
SEB Immobilien | 0.1 | 0.3 | |||||||||||||||||||||||||||||||||||||||
Other Institutional Programs | 0.1 | 0.9 | |||||||||||||||||||||||||||||||||||||||
RioCan (5) | 60.6 | 7.8 | |||||||||||||||||||||||||||||||||||||||
Latin America (8) (9) | (1.0 | ) | 30.6 | ||||||||||||||||||||||||||||||||||||||
Other Joint Venture Programs (7) | 25.8 | 3.6 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 97.6 | $ | 53.3 |
Note_10_Redeemable_Noncontroll1
Note 10 - Redeemable Noncontrolling Interests (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Noncontrolling Interest [Abstract] | |||||||||
Redeemable Noncontrolling Interest [Table Text Block] | 2015 | 2014 | |||||||
Balance at January 1, | $ | 91,480 | $ | 86,153 | |||||
Issuance of redeemable partnership interests | - | 4,943 | |||||||
Fair market value adjustment, net | - | 225 | |||||||
Other | 47 | (2 | ) | ||||||
Balance at March 31, | $ | 91,527 | $ | 91,319 |
Note_11_Fair_Value_Measurement1
Note 11 - Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | 31-Mar-15 | 31-Dec-14 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amounts | Fair Value | Amounts | Fair Value | ||||||||||||||
Marketable securities (1) | $ | 105,253 | $ | 105,108 | $ | 90,235 | $ | 90,035 | |||||||||
Notes payable (2) | $ | 3,679,237 | $ | 3,836,369 | $ | 3,171,742 | $ | 3,313,936 | |||||||||
Mortgages payable (3) | $ | 2,042,014 | $ | 2,103,356 | $ | 1,424,228 | $ | 1,481,138 | |||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Balance at | Level 1 | Level 2 | Level 3 | |||||||||||||
31-Mar-15 | |||||||||||||||||
Assets: | |||||||||||||||||
Marketable equity securities | $ | 102,732 | $ | 102,732 | $ | - | $ | - | |||||||||
Liabilities: | |||||||||||||||||
Interest rate swaps | $ | 1,756 | $ | - | $ | 1,756 | $ | - | |||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
31-Dec-14 | |||||||||||||||||
Assets: | |||||||||||||||||
Marketable equity securities | $ | 87,659 | $ | 87,659 | $ | - | $ | - | |||||||||
Liabilities: | |||||||||||||||||
Interest rate swaps | $ | 1,404 | $ | - | $ | 1,404 | $ | - | |||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
31-Mar-15 | |||||||||||||||||
Real estate | $ | 11,000 | $ | - | $ | - | $ | 11,000 | |||||||||
Balance at | Level 1 | Level 2 | Level 3 | ||||||||||||||
31-Dec-14 | |||||||||||||||||
Real estate | $ | 80,270 | $ | - | $ | - | $ | 80,270 |
Note_12_Preferred_Stock_Tables
Note 12 - Preferred Stock (Tables) (Outstanding Preferred Stock [Member]) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Outstanding Preferred Stock [Member] | |||||||||||||||||||||||||
Note 12 - Preferred Stock (Tables) [Line Items] | |||||||||||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | As of March 31, 2015 and December 31, 2014 | ||||||||||||||||||||||||
Series of Preferred Stock | Shares Authorized | Shares Issued and Outstanding | Liquidation | Dividend Rate | Annual | Par Value | |||||||||||||||||||
Preference | Dividend per | ||||||||||||||||||||||||
(in thousands) | Depositary Share | ||||||||||||||||||||||||
Series H | 70,000 | 70,000 | $ | 175,000 | 6.9 | % | $ | 1.725 | $ | 1 | |||||||||||||||
Series I | 18,400 | 16,000 | 400,000 | 6 | % | $ | 1.5 | $ | 1 | ||||||||||||||||
Series J | 9,000 | 9,000 | 225,000 | 5.5 | % | $ | 1.375 | $ | 1 | ||||||||||||||||
Series K | 8,050 | 7,000 | 175,000 | 5.625 | % | $ | 1.40625 | $ | 1 | ||||||||||||||||
105,450 | 102,000 | $ | 975,000 |
Note_13_Supplemental_Schedule_1
Note 13 - Supplemental Schedule of Non-cash Investing / Financing Activities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 2015 | 2014 | |||||||
Acquisition of real estate interests by assumption of mortgage debt | $ | 20,800 | $ | 89,718 | |||||
Acquisition of real estate interests by issuance of redeemable units/partnership interest | $ | - | $ | 4,943 | |||||
Acquisition of real estate interests through proceeds held in escrow | $ | 31,738 | $ | - | |||||
Proceeds held in escrow through sale of real estate interests | $ | 13,855 | $ | 14,885 | |||||
Issuance of restricted common stock | $ | 2,980 | $ | 11,451 | |||||
Surrender of restricted common stock | $ | (5,172 | ) | $ | (2,839 | ) | |||
Declaration of dividends paid in succeeding period | $ | 111,357 | $ | 104,670 | |||||
Consolidation of Joint Ventures: | |||||||||
Increase in real estate and other assets | $ | 897,476 | $ | 30,912 | |||||
Increase in mortgages payable | $ | 637,976 | $ | 23,269 |
Note_15_Accumulated_Other_Comp1
Note 15 - Accumulated Other Comprehensive Income ("AOCI") (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Accumulated Other Comprehensive Income Loss Disclosure [Abstract] | |||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign | Unrealized | Unrealized | Total | |||||||||||||
Currency | Gains on | Gain/(Loss) | |||||||||||||||
Translation Adjustments | Available-for- | on Interest | |||||||||||||||
Sale | Rate Swaps | ||||||||||||||||
Investments | |||||||||||||||||
Balance as of January 1, 2015 | $ | 329 | $ | 46,197 | $ | (1,404 | ) | $ | 45,122 | ||||||||
Other comprehensive income before reclassifications | (9,532 | ) | 15,718 | (352 | ) | 5,834 | |||||||||||
Amounts reclassified from AOCI | - | - | - | - | |||||||||||||
Net current-period other comprehensive income | (9,532 | ) | 15,718 | (352 | ) | 5,834 | |||||||||||
Balance as of March 31, 2015 | $ | (9,203 | ) | $ | 61,915 | $ | (1,756 | ) | $ | 50,956 | |||||||
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 | (8,210 | ) | (3,678 | ) | (11,888 | ) | |||||||||||
Amounts reclassified from AOCI | - | - | - | ||||||||||||||
Net current-period other comprehensive income | (8,210 | ) | (3,678 | ) | (11,888 | ) | |||||||||||
Balance as of March 31, 2014 | $ | (99,187 | ) | $ | 22,317 | $ | (76,870 | ) |
Note_16_Pro_Forma_Financial_In1
Note 16 - Pro Forma Financial Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Pro Forma Financial Information Disclosure [Abstract] | |||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months | ||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues from rental property | $ | 283.4 | $ | 301.1 | |||||
Net income | $ | 148.4 | $ | 134.2 | |||||
Net income available to the Company’s common shareholders | $ | 131.4 | $ | 117.4 | |||||
Net income available to the Company’s common shareholders per common share: | |||||||||
Basic | $ | 0.32 | $ | 0.29 | |||||
Diluted | $ | 0.31 | $ | 0.28 |
Note_1_Interim_Financial_State2
Note 1 - Interim Financial Statements (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Accounting Policies [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,857,810 | 10,905,076 |
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 | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Reconciliation of Earnings/(Loss) and the Weighted Average Number of Shares [Abstract] | ||||
Income from continuing operations | $280,759 | $75,596 | ||
Gain on sale of operating properties | 32,055 | |||
Net income attributable to noncontrolling interests | -2,397 | -8,860 | ||
Discontinued operations attributable to noncontrolling interests | 6,613 | |||
Preferred stock dividends | -14,573 | -14,573 | ||
Income from continuing operations available to the common shareholders | 295,844 | 58,776 | ||
Earnings attributable to unvested restricted shares | -1,341 | -422 | ||
Income from continuing operations attributable to common shareholders | 294,503 | 58,354 | ||
(Loss)/income from discontinued operations attributable to the Company | -75 | 13,651 | ||
Net income attributable to the Companybs common shareholders for basic earnings per share | 294,428 | 72,005 | ||
Weighted average common shares outstanding (in Shares) | 410,433 | 408,367 | ||
Effect of dilutive securities (a): | ||||
Equity awards (in Shares) | 3,393 | [1] | 1,077 | [1] |
Assumed conversion of convertible units (in Shares) | 1,570 | |||
Income from continuing operations (in Dollars per share) | $0.72 | $0.14 | ||
Income from discontinued operations (in Dollars per share) | $0.04 | |||
Net income (in Dollars per share) | $0.72 | $0.18 | ||
Computation of Diluted Earnings Per Share: | ||||
Income from continuing operations attributable to common shareholders | 294,503 | 58,354 | ||
(Loss)/income from discontinued operations attributable to the Company | -75 | 13,651 | ||
Distributions on convertible units | 817 | |||
Net income attributable to the Companybs common shareholders for diluted earnings per share | $295,245 | $72,005 | ||
Weighted average common shares outstanding b basic (in Shares) | 410,433 | 408,367 | ||
Effect of dilutive securities (a): | ||||
Equity awards (in Shares) | 3,393 | [1] | 1,077 | [1] |
Assumed conversion of convertible units (in Shares) | 1,570 | |||
Shares for diluted earnings per common share (in Shares) | 415,396 | 409,444 | ||
Income from continuing operations (in Dollars per share) | $0.71 | $0.14 | ||
Income from discontinued operations (in Dollars per share) | $0.04 | |||
Net income (in Dollars per share) | $0.71 | $0.18 | ||
[1] | For the three months ended March 31, 2014, 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 6,857,810 and 10,905,076 stock options that were not dilutive at March 31, 2015 and 2014, respectively. |
Note_2_Operating_Property_Acti2
Note 2 - Operating Property Activities (Details) (USD $) | 3 Months Ended | 1 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Jan. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2014 | Feb. 02, 2015 | |
Note 2 - Operating Property Activities (Details) [Line Items] | ||||||
Proceeds from Delayed Tax Exempt Exchange | $31,700,000 | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 139,801,000 | 3,744,000 | ||||
Proceeds from Sale of Real Estate | 96,500,000 | |||||
Gains (Losses) on Sales of Investment Real Estate | 32,100,000 | |||||
Impairment of Real Estate | 600,000 | |||||
Other Property [Member] | Sold [Member] | ||||||
Note 2 - Operating Property Activities (Details) [Line Items] | ||||||
Number of Real Estate Properties | 3 | |||||
Sold [Member] | Operating Properties [Member] | ||||||
Note 2 - Operating Property Activities (Details) [Line Items] | ||||||
Number of Real Estate Properties | 39 | |||||
Operating Expense [Member] | Real Estate, Operating Properties [Member] | ||||||
Note 2 - Operating Property Activities (Details) [Line Items] | ||||||
Impairment of Real Estate | 500,000 | |||||
Operating Expense [Member] | Real Estate, Carrying Value Adjustment [Member] | ||||||
Note 2 - Operating Property Activities (Details) [Line Items] | ||||||
Impairment of Real Estate | 5,900,000 | |||||
Operating Expense [Member] | ||||||
Note 2 - Operating Property Activities (Details) [Line Items] | ||||||
Impairment of Real Estate | 6,400,000 | |||||
Other Assets [Member] | ||||||
Note 2 - Operating Property Activities (Details) [Line Items] | ||||||
Real Estate Held-for-sale | 7,600,000 | |||||
Real Estate Owned, Accumulated Depreciation | 400,000 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
Note 2 - Operating Property Activities (Details) [Line Items] | ||||||
Number of Real Estate Properties | 5 | |||||
Elmont Plaza [Member] | ||||||
Note 2 - Operating Property Activities (Details) [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss | 200,000 | |||||
Kimstone [Member] | ||||||
Note 2 - Operating Property Activities (Details) [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 33.30% | |||||
Number of Real Estate Properties | 39 | 39 | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $140,000,000 |
Note_2_Operating_Property_Acti3
Note 2 - Operating Property Activities (Details) - Acquisition of Operating Properties (USD $) | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Jan. 31, 2015 | Feb. 02, 2015 | Feb. 28, 2015 | |||
Business Acquisition [Line Items] | |||||||
Cash | $562,486 | [1] | |||||
Debt Assumed | 658,776 | ||||||
Other | 239,369 | ||||||
Total | 1,460,631 | ||||||
GLA | 5,959 | [2] | |||||
Elmont Plaza [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | 2,400 | [1],[3] | |||||
Debt Assumed | [3] | ||||||
Other | 3,358 | [3] | |||||
Total | 5,758 | [3] | |||||
GLA | 13 | [2],[3] | |||||
Garden State Pavilions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | 16,300 | [1] | |||||
Total | 16,300 | ||||||
GLA | 111 | [2] | |||||
Kimstone [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | 513,513 | [1],[4] | |||||
Debt Assumed | 637,976 | [4] | |||||
Other | 236,011 | [4] | |||||
Total | 1,400,000 | 1,387,500 | [4] | ||||
GLA | 5,631 | [2],[4] | |||||
Copperfield Village [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | 18,700 | [1] | |||||
Debt Assumed | 20,800 | ||||||
Total | 39,500 | ||||||
GLA | 165 | [2] | |||||
Snowden Square [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | 4,868 | [1] | |||||
Total | 4,868 | ||||||
GLA | 25 | [2] | |||||
Dulles Town Crossing [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | 4,830 | [1] | |||||
Total | 4,830 | ||||||
GLA | 9 | [2] | |||||
Flagler Park [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | 1,875 | [1] | |||||
Total | $1,875 | ||||||
GLA | 5 | [2] | |||||
[1] | Includes 1031 sales proceeds of $31.7 million | ||||||
[2] | Gross leasable area ("GLA") | ||||||
[3] | The Company acquired from its partner the remaining ownership interest in a property that was held in a joint venture in which the Company had a 50.0% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as a result, recognized a loss on change in control of interest of $0.2 million resulting from the fair value adjustment associated with the Company's previously held equity interest, which is reflected in the purchase price above in Other. | ||||||
[4] | The Company acquired from its partner the remaining ownership interest in 39 properties that were held in a joint venture in which the Company had a 33.3% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as a result, recognized a gain on change in control of interest of $140.0 million resulting from the fair value adjustment associated with the Company's previously held equity interest, 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 $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | |
Mortgage Fair Value Adjustment | ($21,573) |
Other Assets | 2,637 |
1,460,631 | |
Above Market Rents | 31,620 |
Below Market Rents | -65,711 |
In-Place Leases | 147,483 |
Land [Member] | |
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | |
Property, Plant, and Equipment | 395,363 |
Building [Member] | |
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | |
Property, Plant, and Equipment | 830,647 |
Building Improvements [Member] | |
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | |
Property, Plant, and Equipment | 118,563 |
Leasehold Improvements [Member] | |
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | |
Property, Plant, and Equipment | $21,602 |
Note_3_Discontinued_Operations2
Note 3 - Discontinued Operations (Details) - Income from Discontinued Operations (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income from Discontinued Operations [Abstract] | ||
Revenues from rental property | $124 | $30,549 |
Rental property expenses | -49 | -6,939 |
Depreciation and amortization | -5,606 | |
Provision for doubtful accounts, net | -57 | -537 |
Interest expense, net | -393 | |
Other expense, net | -12 | -184 |
Income from discontinued operating properties, before income taxes | 6 | 16,890 |
Impairment of property carrying value, net, before income taxes | -82 | -6,732 |
Gain on disposition of operating properties, net, before income taxes | 9,337 | |
Benefit for income taxes, net | 1 | 769 |
(Loss)/income from discontinued operating properties | -75 | 20,264 |
Net income attributable to noncontrolling interests | -6,613 | |
(Loss)/income from discontinued operations attributable to the Company | ($75) | $13,651 |
Note_4_Investment_and_Advances2
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) | 1 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Feb. 02, 2015 | Feb. 02, 2015 | Feb. 28, 2015 | ||||||||
USD ($) | USD ($) | USD ($) | KimPru and KimPru II [Member] | KimPru and KimPru II [Member] | KimPru [Member] | KimPru II [Member] | KimPru II [Member] | RioCan [Member] | RioCan [Member] | RioCan [Member] | RioCan [Member] | RioCan [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] | Intown [Member] | Intown [Member] | Latin America Portfolio [Member] | Latin America Portfolio [Member] | Latin America Portfolio [Member] | Latin America Portfolio [Member] | Sold [Member] | Acquired [Member] | Mortgages [Member] | Kimstone [Member] | Kimstone [Member] | ||||||||
Sold [Member] | Sold [Member] | Sold [Member] | Partially Owned Properties [Member] | Partially Owned Properties [Member] | Acquired [Member] | Partially Owned Properties [Member] | Partially Owned Properties [Member] | USD ($) | USD ($) | Sold [Member] | MEXICO | Operating Properties [Member] | Operating Properties [Member] | Kimstone [Member] | USD ($) | USD ($) | ||||||||||||||||||||
Parent Company [Member] | USD ($) | Partially Owned Properties [Member] | USD ($) | CAD | USD ($) | Parent Company [Member] | USD ($) | MEXICO | Operating Properties [Member] | USD ($) | ||||||||||||||||||||||||||
USD ($) | USD ($) | Operating Properties [Member] | USD ($) | |||||||||||||||||||||||||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of Joint Ventures | 4 | 3 | ||||||||||||||||||||||||||||||||||
Number of Accounts | 4 | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | $23,200,000 | $190,700,000 | 238,100,000 | $106,700,000 | ||||||||||||||||||||||||||||||||
Gains (Losses) on Sales of Investment Real Estate | 32,100,000 | 100,000 | 600,000 | 53,500,000 | 21,700,000 | 28,400,000 | ||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 66.70% | |||||||||||||||||||||||||||||||||||
Number of Real Estate Properties | 59 | [1],[2],[3] | 60 | [1],[2],[3] | 3 | 42 | [4] | 45 | [4] | 1 | 58 | [5] | 60 | [5] | 6 | 11 | 13 | 39 | 34 | 39 | 39 | |||||||||||||||
Business Combination, Consideration Transferred | 1,460,631,000 | 1,400,000,000 | 1,387,500,000 | [6] | ||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 638,000,000 | |||||||||||||||||||||||||||||||||||
Payments to Acquire Real Estate | 537,223,000 | 95,321,000 | 5,800,000 | |||||||||||||||||||||||||||||||||
Deferred Gain on Sale of Property | 21,700,000 | |||||||||||||||||||||||||||||||||||
Impairment of Real Estate | $600,000 | $1,300,000 | $2,600,000 | |||||||||||||||||||||||||||||||||
[1] | This venture represents four separate joint ventures, with four separate accounts managed by Prudential Real Estate Investors ("PREI"), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II. | |||||||||||||||||||||||||||||||||||
[2] | The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees. | |||||||||||||||||||||||||||||||||||
[3] | During the three months ended March 31, 2015, KimPru II sold an operating property in North Lauderdale, FL for a sales price of $23.2 million and recognized a loss of $0.6 million. The Company's share of this loss was $0.1 million. | |||||||||||||||||||||||||||||||||||
[4] | During the three months ended March 31, 2015, the Company sold its noncontrolling interest in three properties and a land parcel to its partner, RioCan, for a total sales price of CAD $238.1 million (USD $190.7 million). The Company recognized a gain of $53.5 million, before income taxes, associated with the transaction. | |||||||||||||||||||||||||||||||||||
[5] | During the three months ended March 31, 2015, the Company acquired one property from a joint venture in which the Company had a noncontrolling interest for a total sales price of $5.8 million. | |||||||||||||||||||||||||||||||||||
[6] | The Company acquired from its partner the remaining ownership interest in 39 properties that were held in a joint venture in which the Company had a 33.3% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as a result, recognized a gain on change in control of interest of $140.0 million resulting from the fair value adjustment associated with the Company's previously held equity interest, which is reflected in the purchase price above in Other. |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total GLA | 5,959 | [1] | ||
KimPru and KimPru II [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Average Ownership Interest | 15.00% | [2],[3],[4] | 15.00% | [2],[3],[4] |
Number of Properties | 59 | [2],[3],[4] | 60 | [2],[3],[4] |
Total GLA | 10,300,000 | [2],[3],[4] | 10,600,000 | [2],[3],[4] |
Gross Investment In Real Estate (in Dollars) | $2,695.70 | [2],[3],[4] | $2,728.90 | [2],[3],[4] |
The Company's Investment (in Dollars) | 173.7 | [2],[3],[4] | 178.6 | [2],[3],[4] |
Kimco Income Fund [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Average Ownership Interest | 48.60% | [2] | 48.60% | [2] |
Number of Properties | 54 | [2] | 54 | [2] |
Total GLA | 11,500,000 | [2] | 11,500,000 | [2] |
Gross Investment In Real Estate (in Dollars) | 1,491.20 | [2] | 1,488.20 | [2] |
The Company's Investment (in Dollars) | 151.4 | [2] | 152.1 | [2] |
Kimstone [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Average Ownership Interest | [2],[5] | 33.30% | [2],[5] | |
Number of Properties | [2],[5] | 39 | [2],[5] | |
Total GLA | [2],[5] | 5,600,000 | [2],[5] | |
Gross Investment In Real Estate (in Dollars) | [2],[5] | 1,098.70 | [2],[5] | |
The Company's Investment (in Dollars) | [2],[5] | 98.1 | [2],[5] | |
BIG Shopping Centers [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Average Ownership Interest | 50.10% | [2] | 50.10% | [2] |
Number of Properties | 6 | [2] | 6 | [2] |
Total GLA | 1,000,000 | [2] | 1,000,000 | [2] |
Gross Investment In Real Estate (in Dollars) | 151.6 | [2] | 151.6 | [2] |
The Company's Investment (in Dollars) | [2] | [2] | ||
CPP [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Average Ownership Interest | 55.00% | [2] | 55.00% | [2] |
Number of Properties | 7 | [2] | 7 | [2] |
Total GLA | 2,400,000 | [2] | 2,400,000 | [2] |
Gross Investment In Real Estate (in Dollars) | 508.8 | [2] | 504 | [2] |
The Company's Investment (in Dollars) | 191.2 | [2] | 188.9 | [2] |
SEB Immobilien [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Average Ownership Interest | 15.00% | [2] | 15.00% | [2] |
Number of Properties | 3 | [2] | 3 | [2] |
Total GLA | 400,000 | [2] | 400,000 | [2] |
Gross Investment In Real Estate (in Dollars) | 85.9 | [2] | 86 | [2] |
The Company's Investment (in Dollars) | 2.4 | [2] | 2.5 | [2] |
Other Institutional Programs [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Average Ownership Interest | [2] | [2] | ||
Number of Properties | 50 | [2] | 50 | [2] |
Total GLA | 1,400,000 | [2] | 1,400,000 | [2] |
Gross Investment In Real Estate (in Dollars) | 327.8 | [2] | 327.8 | [2] |
The Company's Investment (in Dollars) | 8.4 | [2] | 8.5 | [2] |
RioCan [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Average Ownership Interest | 50.00% | [6] | 50.00% | [6] |
Number of Properties | 42 | [6] | 45 | [6] |
Total GLA | 8,800,000 | [6] | 9,300,000 | [6] |
Gross Investment In Real Estate (in Dollars) | 1,017.60 | [6] | 1,205.80 | [6] |
The Company's Investment (in Dollars) | 124.2 | [6] | 159.8 | [6] |
Latin America Portfolio [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Properties | 11 | 13 | ||
Total GLA | 100,000 | 100,000 | ||
Gross Investment In Real Estate (in Dollars) | 83.6 | 91.2 | ||
The Company's Investment (in Dollars) | 23.3 | 24.4 | ||
Other Joint Venture Programs [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Average Ownership Interest | [7] | [7] | ||
Number of Properties | 58 | [7] | 60 | [7] |
Total GLA | 9,500,000 | [7] | 9,500,000 | [7] |
Gross Investment In Real Estate (in Dollars) | 1,353.70 | [7] | 1,401.20 | [7] |
The Company's Investment (in Dollars) | 211.7 | [7] | 224.3 | [7] |
All Equity Method Investments [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Properties | 290 | 337 | ||
Total GLA | 45,400,000 | 51,800,000 | ||
Gross Investment In Real Estate (in Dollars) | 7,715.90 | 9,083.40 | ||
The Company's Investment (in Dollars) | $886.30 | $1,037.20 | ||
[1] | Gross leasable area ("GLA") | |||
[2] | The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees. | |||
[3] | This venture represents four separate joint ventures, with four separate accounts managed by Prudential Real Estate Investors ("PREI"), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II. | |||
[4] | During the three months ended March 31, 2015, KimPru II sold an operating property in North Lauderdale, FL for a sales price of $23.2 million and recognized a loss of $0.6 million. The Company's share of this loss was $0.1 million. | |||
[5] | During the three months ended March 31, 2015, the Company purchased the remaining 66.7% interest in the 39-property Kimstone portfolio from Blackstone for a gross purchase price of $1.4 billion, including the assumption of $638.0 million in mortgage debt. | |||
[6] | During the three months ended March 31, 2015, the Company sold its noncontrolling interest in three properties and a land parcel to its partner, RioCan, for a total sales price of CAD $238.1 million (USD $190.7 million). The Company recognized a gain of $53.5 million, before income taxes, associated with the transaction. | |||
[7] | During the three months ended March 31, 2015, the Company acquired one property from a joint venture in which the Company had a noncontrolling interest for a total sales price of $5.8 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 | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Schedule of Equity Method Investments [Line Items] | ||||
IncomP5 from othP5r rP5al P5statP5 invP5stmP5nts | $97,550 | $53,261 | ||
KimPru and KimPru II [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
IncomP5 from othP5r rP5al P5statP5 invP5stmP5nts | 1,200 | [1] | 2,600 | [1] |
KIR [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
IncomP5 from othP5r rP5al P5statP5 invP5stmP5nts | 7,500 | 6,800 | ||
Kimstone [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
IncomP5 from othP5r rP5al P5statP5 invP5stmP5nts | 700 | [2] | -1,500 | [2] |
BIG Shopping Centers [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
IncomP5 from othP5r rP5al P5statP5 invP5stmP5nts | 100 | 700 | ||
CPP [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
IncomP5 from othP5r rP5al P5statP5 invP5stmP5nts | 2,500 | 1,500 | ||
SEB Immobilien [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
IncomP5 from othP5r rP5al P5statP5 invP5stmP5nts | 100 | [3] | 300 | [3] |
Other Institutional Programs [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
IncomP5 from othP5r rP5al P5statP5 invP5stmP5nts | 100 | 900 | ||
RioCan [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
IncomP5 from othP5r rP5al P5statP5 invP5stmP5nts | 60,600 | [4] | 7,800 | [4] |
Latin America Portfolio [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
IncomP5 from othP5r rP5al P5statP5 invP5stmP5nts | -1,000 | [3],[5] | 30,600 | [3],[5] |
Other Joint Venture Programs [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
IncomP5 from othP5r rP5al P5statP5 invP5stmP5nts | 25,800 | [6] | 3,600 | [6] |
All Equity Method Investments [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
IncomP5 from othP5r rP5al P5statP5 invP5stmP5nts | $97,600 | $53,300 | ||
[1] | During the three months ended March 31, 2015, KimPru II sold an operating property in North Lauderdale, FL for a sales price of $23.2 million and recognized a loss of $0.6 million. The Company's share of this loss was $0.1 million. | |||
[2] | During the three months ended March 31, 2015, the Company purchased the remaining 66.7% interest in the 39-property Kimstone portfolio from Blackstone for a gross purchase price of $1.4 billion, including the assumption of $638.0 million in mortgage debt. | |||
[3] | During the three months ended March 31, 2014, the Company sold its noncontrolling interest in six operating properties located throughout Mexico for a sales price of $106.7 million. The Company recognized a gain of $28.4 million, before income taxes, associated with the transaction. | |||
[4] | During the three months ended March 31, 2015, the Company sold its noncontrolling interest in three properties and a land parcel to its partner, RioCan, for a total sales price of CAD $238.1 million (USD $190.7 million). The Company recognized a gain of $53.5 million, before income taxes, associated with the transaction. | |||
[5] | During the three months ended March 31, 2015, a joint venture in which the Company holds a noncontrolling interest recognized aggregate impairment charges of $2.6 million relating to the pending sale of various land parcels. The Company's share of these impairment charges was $1.3 million. | |||
[6] | During June 2013, the Intown portfolio was sold and the Company maintained its guarantee on a portion of debt that was assumed by the buyer at closing. The transaction resulted in a deferred gain to the Company of $21.7 million due to the Company's continued involvement through its guarantee of the debt. On February 24, 2015, the outstanding debt balance was fully repaid by the buyer and as such, the Company was relieved of its related commitments and guarantee. As a result, the Company recognized the deferred gain of $21.7 million during the three months ended March 31, 2015. |
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 $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
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 | $919.20 | $920 | ||
Average Interest Rate | 5.53% | 5.53% | ||
Average Remaining Term | 20 months 3 days | [1] | 23 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 | 862.6 | 860.7 | ||
Average Interest Rate | 4.92% | 5.04% | ||
Average Remaining Term | 66 months 27 days | [1] | 61 months 27 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 | 701.3 | |||
Average Interest Rate | 4.45% | |||
Average Remaining Term | 28 months 21 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 | 144.8 | 144.6 | ||
Average Interest Rate | 5.51% | 5.52% | ||
Average Remaining Term | 19 months 3 days | [1] | 22 months | [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 | 111.5 | 112 | ||
Average Interest Rate | 5.07% | 5.05% | ||
Average Remaining Term | 12 months 15 days | [1] | 10 months 3 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 | 50 | ||
Average Interest Rate | 4.07% | 4.06% | ||
Average Remaining Term | 32 months 21 days | [1] | 35 months 21 days | [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 | 222.6 | 222.9 | ||
Average Interest Rate | 5.47% | 5.47% | ||
Average Remaining Term | 17 months 24 days | [1] | 20 months 24 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 | 545.9 | 640.5 | ||
Average Interest Rate | 4.23% | 4.29% | ||
Average Remaining Term | 36 months 27 days | [1] | 39 months 27 days | [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 | 888.7 | 921.9 | ||
Average Interest Rate | 5.37% | 5.31% | ||
Average Remaining Term | 55 months 6 days | [1] | 58 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 | $3,745.30 | $4,573.90 | ||
[1] | Average Remaining Term includes extension options. |
Note_5_Other_Real_Estate_Inves1
Note 5 - Other Real Estate Investments (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
Note 5 - Other Real Estate Investments (Details) [Line Items] | |||||
Equity Method Investments | $886,328,000 | $1,037,218,000 | |||
Income (Loss) from Equity Method Investments | 97,550,000 | 53,261,000 | |||
Payments to Acquire Interest in Joint Venture | 29,720,000 | 18,988,000 | |||
Secured Debt | 2,042,014,000 | [1] | 1,424,228,000 | [1] | |
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 | 227,200,000 | ||||
Number of Real Estate Properties | 443 | ||||
Income (Loss) from Equity Method Investments | 5,600,000 | 7,800,000 | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | 2,200,000 | ||||
Number of Capital Transactions | 1 | ||||
ABS Venture [Member] | Two Partners [Member] | |||||
Note 5 - Other Real Estate Investments (Details) [Line Items] | |||||
Payments to Acquire Interest in Joint Venture | 105,000,000 | ||||
ABS Venture [Member] | |||||
Note 5 - Other Real Estate Investments (Details) [Line Items] | |||||
Payments to Acquire Additional Interest in Subsidiaries | 85,300,000 | ||||
AB Acquisition [Member] | ABS Venture [Member] | |||||
Note 5 - Other Real Estate Investments (Details) [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 14.35% | ||||
AB Acquisition [Member] | |||||
Note 5 - Other Real Estate Investments (Details) [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 9.80% | ||||
Safeway [Member] | Other Assets [Member] | |||||
Note 5 - Other Real Estate Investments (Details) [Line Items] | |||||
Cost Method Investments | 190,300,000 | ||||
Safeway [Member] | |||||
Note 5 - Other Real Estate Investments (Details) [Line Items] | |||||
Noncontrolling Interest Liability | 65,000,000 | ||||
Cost Method Investments, Increase (Decrease) in Additional Paid-in Capital | 24,000,000 | ||||
Cost Method Investment, Deferred Tax Effect | 16,000,000 | ||||
Leveraged Lease [Member] | |||||
Note 5 - Other Real Estate Investments (Details) [Line Items] | |||||
Number of Real Estate Properties | 11 | ||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 2,100,000 | ||||
Equity Method Investment, Ownership Percentage | 90.00% | ||||
Secured Debt | 11,200,000 | ||||
Proceeds from Sale of Equity Method Investments | $22,000,000 | ||||
Albertson's, NAI and Safeway [Member] | |||||
Note 5 - Other Real Estate Investments (Details) [Line Items] | |||||
Number of Stores | 2,230 | ||||
Number of States in which Entity Operates | 34 | ||||
[1] | The Company determined that its valuation of Mortgages payable was classified within Level 3 of the fair value hierarchy. |
Note_6_Variable_Interest_Entit1
Note 6 - Variable Interest Entities (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Variable Interest Entity, Primary Beneficiary [Member] | Ground Up Developments [Member] | |
Note 6 - Variable Interest Entities (Details) [Line Items] | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $77.80 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 0.2 |
Variable Interest Entity, Financial or Other Support, Amount | 32.8 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Ground Up Developments [Member] | |
Note 6 - Variable Interest Entities (Details) [Line Items] | |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 37.4 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 37.4 |
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 | -7.4 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $7.40 |
Note_7_Mortgages_and_Other_Fin1
Note 7 - Mortgages and Other Financing Receivables (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Receivables [Abstract] | |
Mortgage Loans on Real Estate, Number of Loans | 16 |
Mortgage Loans on Real Estate | $73.40 |
Note_8_Marketable_Securities_a1
Note 8 - Marketable Securities and Other Investments (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||||
Share data in Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Apr. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | ||
Note 8 - Marketable Securities and Other Investments (Details) [Line Items] | |||||||
Marketable Securities | $105,253,000 | [1] | $90,235,000 | [1] | |||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 61,900,000 | ||||||
Proceeds from Sale and Maturity of Marketable Securities | 700,000 | 219,000 | |||||
Subsequent Event [Member] | Supervalu Inc. [Member] | |||||||
Note 8 - Marketable Securities and Other Investments (Details) [Line Items] | |||||||
Marketable Securities, Number of Shares Sold (in Shares) | 6.4 | ||||||
Proceeds from Sale and Maturity of Marketable Securities | 58,600,000 | ||||||
Marketable Securities, Realized Gain (Loss) | $32,400,000 | ||||||
[1] | As of March 31, 2015 and December 31, 2014, the Company determined that $102.7 million and $87.7 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $2.4 million and $2.3 million, respectively, were classified within Level 3 of the fair value hierarchy. |
Note_9_Notes_and_Mortgages_Pay1
Note 9 - Notes and Mortgages Payable (Details) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended |
Mar. 31, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | |
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | ||||
Repayments of Unsecured Debt | $500,000,000 | |||
Adjustments for New Accounting Principle, Early Adoption [Member] | Notes Payable [Member] | ||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | ||||
Unamortized Debt Issuance Expense | 27,800,000 | 20,400,000 | 27,800,000 | |
Adjustments for New Accounting Principle, Early Adoption [Member] | Mortgages Payable [Member] | ||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | ||||
Unamortized Debt Issuance Expense | 3,800,000 | 3,900,000 | 3,800,000 | |
Acquired [Member] | Operating Properties [Member] | ||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | ||||
Number of Real Estate Properties | 34 | 34 | ||
Business Acquisition, Purchase Price Allocation, Fair Value Debt Adjustments | 21,600,000 | |||
Operating Properties [Member] | Mortgages [Member] | ||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 680,400,000 | 680,400,000 | ||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | ||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.95% | |||
Term Loan [Member] | ||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | ||||
Unsecured Debt | 650,000,000 | |||
Debt Instrument, Basis Spread on Variable Rate | 1.05% | |||
Line of Credit Facility, Interest Rate at Period End | 1.13% | |||
Repayments of Long-term Debt | 400,000,000 | |||
Senior Notes [Member] | ||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | ||||
Unsecured Debt | 350,000,000 | 350,000,000 | ||
Debt Instrument, Term | 30 years | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.90% | 4.25% | |
Proceeds from Issuance of Senior Long-term Debt | 342,700,000 | |||
Repayments of Unsecured Debt | 100,000,000 | |||
Mortgages [Member] | ||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | ||||
Repayments of Long-term Debt | $49,400,000 | |||
Number of Real Estate Properties | 5 | 5 |
Note_10_Redeemable_Noncontroll2
Note 10 - Redeemable Noncontrolling Interests (Details) - Redemption Value of the Redeemable Noncontrolling Interests (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Redemption Value of the Redeemable Noncontrolling Interests [Abstract] | ||
Balance at January 1, | $91,480 | $86,153 |
Balance at March 31, | 91,527 | 91,319 |
Issuance of redeemable partnership interests | 4,943 | |
Fair market value adjustment, net | 225 | |
Other | $47 | ($2) |
Note_11_Fair_Value_Measurement2
Note 11 - Fair Value Measurements (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
Note 11 - Fair Value Measurements (Details) [Line Items] | |||||
Marketable Securities | $105,253,000 | [1] | $90,235,000 | [1] | |
Asset Impairment Charges | 6,473,000 | 6,893,000 | |||
Impairment of Real Estate | 600,000 | ||||
Fair Value, Estimate Not Practicable, Carrying (Reported) Amount [Member] | |||||
Note 11 - Fair Value Measurements (Details) [Line Items] | |||||
Impairment of Real Estate | 6,800,000 | ||||
Discontinued Operations [Member] | |||||
Note 11 - Fair Value Measurements (Details) [Line Items] | |||||
Asset Impairment Charges | 100,000 | 6,700,000 | |||
Other Real Estate Investments [Member] | |||||
Note 11 - Fair Value Measurements (Details) [Line Items] | |||||
Asset Impairment Charges | 100,000 | ||||
Fair Value, Inputs, Level 1 [Member] | |||||
Note 11 - Fair Value Measurements (Details) [Line Items] | |||||
Marketable Securities | 102,700,000 | 87,700,000 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Note 11 - Fair Value Measurements (Details) [Line Items] | |||||
Marketable Securities | $2,400,000 | $2,300,000 | |||
[1] | As of March 31, 2015 and December 31, 2014, the Company determined that $102.7 million and $87.7 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $2.4 million and $2.3 million, respectively, were classified within Level 3 of the fair value hierarchy. |
Note_11_Fair_Value_Measurement3
Note 11 - Fair Value Measurements (Details) - Financial Instruments: Estimate of Fair Value Differs from Carrying Amounts (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Financial Instruments: Estimate of Fair Value Differs from Carrying Amounts [Abstract] | ||||
Marketable securities (1) | $105,253 | [1] | $90,235 | [1] |
Marketable securities (1) | 105,108 | [1] | 90,035 | [1] |
Notes payable (2) | 3,679,237 | [2] | 3,171,742 | [2] |
Notes payable (2) | 3,836,369 | [2] | 3,313,936 | [2] |
Mortgages payable (3) | 2,042,014 | [3] | 1,424,228 | [3] |
Mortgages payable (3) | $2,103,356 | [3] | $1,481,138 | [3] |
[1] | As of March 31, 2015 and December 31, 2014, the Company determined that $102.7 million and $87.7 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $2.4 million and $2.3 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_11_Fair_Value_Measurement4
Note 11 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Marketable equity securities | $102,732 | $87,659 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities: | ||
Interest rate swaps | 1,756 | 1,404 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Marketable equity securities | 102,732 | 87,659 |
Liabilities: | ||
Interest rate swaps | 1,756 | 1,404 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities: | ||
Real estate | 11,000 | 80,270 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Liabilities: | ||
Real estate | $11,000 | $80,270 |
Note_12_Preferred_Stock_Detail
Note 12 - Preferred Stock (Details) - Outstanding Preferred Stock (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Note 12 - Preferred Stock (Details) - Outstanding Preferred Stock [Line Items] | ||
Shares Authorized | 5,959,100 | 5,959,100 |
Liquidation Preference (in Dollars) | $975,000 | $975,000 |
Par Value (in Dollars per share) | $1 | $1 |
Series H Preferred Stock [Member] | ||
Note 12 - Preferred Stock (Details) - Outstanding Preferred Stock [Line Items] | ||
Shares Authorized | 70,000 | |
Shares Outstanding | 70,000 | |
Liquidation Preference (in Dollars) | 175,000 | |
Dividend Rate | 6.90% | |
Dividend Payout (in Dollars per share) | $1.73 | |
Par Value (in Dollars per share) | $1 | |
Series I Preferred Stock [Member] | ||
Note 12 - Preferred Stock (Details) - Outstanding Preferred Stock [Line Items] | ||
Shares Authorized | 18,400 | |
Shares Outstanding | 16,000 | |
Liquidation Preference (in Dollars) | 400,000 | |
Dividend Rate | 6.00% | |
Dividend Payout (in Dollars per share) | $1.50 | |
Par Value (in Dollars per share) | $1 | |
Series J Preferred Stock [Member] | ||
Note 12 - Preferred Stock (Details) - Outstanding Preferred Stock [Line Items] | ||
Shares Authorized | 9,000 | |
Shares Outstanding | 9,000 | |
Liquidation Preference (in Dollars) | 225,000 | |
Dividend Rate | 5.50% | |
Dividend Payout (in Dollars per share) | $1.38 | |
Par Value (in Dollars per share) | $1 | |
Series K Preferred Stock [Member] | ||
Note 12 - Preferred Stock (Details) - Outstanding Preferred Stock [Line Items] | ||
Shares Authorized | 8,050 | |
Shares Outstanding | 7,000 | |
Liquidation Preference (in Dollars) | 175,000 | |
Dividend Rate | 5.63% | |
Dividend Payout (in Dollars per share) | $1.41 | |
Par Value (in Dollars per share) | $1 | |
Total [Member] | ||
Note 12 - Preferred Stock (Details) - Outstanding Preferred Stock [Line Items] | ||
Shares Authorized | 105,450 | |
Shares Outstanding | 102,000 | |
Liquidation Preference (in Dollars) | $975,000 |
Note_13_Supplemental_Schedule_2
Note 13 - Supplemental Schedule of Non-cash Investing / Financing Activities (Details) - Non-Cash Investing and Financing Activities (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Note 13 - 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 | $20,800 | $89,718 | |
Acquisition of real estate interests by issuance of redeemable units/partnership interest | 4,943 | ||
Acquisition of real estate interests through proceeds held in escrow | 31,738 | ||
Proceeds held in escrow through sale of real estate interests | 13,855 | 14,885 | |
Declaration of dividends paid in succeeding period | 111,357 | 104,670 | 111,143 |
Consolidation of Joint Ventures: | |||
Increase in real estate and other assets | 897,476 | 30,912 | |
Increase in mortgages payable | 637,976 | 23,269 | |
Restricted Stock [Member] | Non-cash [Member] | |||
Note 13 - Supplemental Schedule of Non-cash Investing / Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items] | |||
Surrender of restricted common stock | -5,172 | -2,839 | |
Restricted Stock [Member] | |||
Note 13 - Supplemental Schedule of Non-cash Investing / Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items] | |||
Issuance of restricted common stock | $2,980 | $11,451 |
Note_14_Incentive_Plans_Detail
Note 14 - Incentive Plans (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Note 14 - Incentive Plans (Details) [Line Items] | ||
Share-based Compensation (in Dollars) | $8,394,000 | $8,139,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $32,200,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 146 days | |
Prior Plan [Member] | ||
Note 14 - 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 14 - 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 14 - 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 14 - Incentive Plans (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Restricted Stock [Member] | Minimum [Member] | ii [Member] | ||
Note 14 - Incentive Plans (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Restricted Stock [Member] | Maximum [Member] | ii [Member] | ||
Note 14 - Incentive Plans (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Restricted Stock [Member] | i [Member] | ||
Note 14 - Incentive Plans (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Percent Vested | 100.00% | |
Restricted Stock [Member] | iv [Member] | ||
Note 14 - 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 14 - 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 14 - Incentive Plans (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Note_15_Accumulated_Other_Comp2
Note 15 - Accumulated Other Comprehensive Income ("AOCI") (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Note 15 - Accumulated Other Comprehensive Income ("AOCI") (Details) [Line Items] | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $9.20 |
CANADA | |
Note 15 - Accumulated Other Comprehensive Income ("AOCI") (Details) [Line Items] | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 6.5 |
Latin America [Member] | |
Note 15 - Accumulated Other Comprehensive Income ("AOCI") (Details) [Line Items] | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | ($15.70) |
Note_15_Accumulated_Other_Comp3
Note 15 - Accumulated Other Comprehensive Income ("AOCI") (Details) - Components of Accumulated Other Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance as of January 1, 2015 | $45,122 | ($64,982) |
Other comprehensive income before reclassifications | 5,834 | -11,888 |
Net current-period other comprehensive income | 5,834 | -11,888 |
Balance as of March 31, 2015 | 50,956 | -76,870 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance as of January 1, 2015 | 329 | -90,977 |
Other comprehensive income before reclassifications | -9,532 | -8,210 |
Net current-period other comprehensive income | -9,532 | -8,210 |
Balance as of March 31, 2015 | -9,203 | -99,187 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance as of January 1, 2015 | 46,197 | 25,995 |
Other comprehensive income before reclassifications | 15,718 | -3,678 |
Net current-period other comprehensive income | 15,718 | -3,678 |
Balance as of March 31, 2015 | 61,915 | 22,317 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance as of January 1, 2015 | -1,404 | |
Other comprehensive income before reclassifications | -352 | |
Net current-period other comprehensive income | -352 | |
Balance as of March 31, 2015 | ($1,756) |
Note_16_Pro_Forma_Financial_In2
Note 16 - Pro Forma Financial Information (Details) - Pro Forma Financial Information (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pro Forma Financial Information [Abstract] | ||
Revenues from rental property | $283.40 | $301.10 |
Net income | 148.4 | 134.2 |
Net income available to the Companybs common shareholders | $131.40 | $117.40 |
Net income available to the Companybs common shareholders per common share: | ||
Basic (in Dollars per share) | $0.32 | $0.29 |
Diluted (in Dollars per share) | $0.31 | $0.28 |