Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 21, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Kimco Realty Corporation | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 413,310,301 | |
Amendment Flag | false | |
Entity Central Index Key | 879,101 | |
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 | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Assets: | |||
Operating real estate, net of accumulated depreciation of 2,092,375 and $1,955,406, respectively | $ 9,256,277 | $ 7,930,489 | |
Investments and advances in real estate joint ventures | 833,650 | 1,037,218 | |
Real estate under development | 157,970 | 132,331 | |
Other real estate investments | 214,253 | 266,157 | |
Mortgages and other financing receivables | 26,207 | 74,013 | |
Cash and cash equivalents | 180,913 | 187,322 | |
Marketable securities | [1] | 12,189 | 90,235 |
Accounts and notes receivable | 172,758 | 172,386 | |
Other assets | 559,767 | 371,249 | |
Total assets | 11,413,984 | 10,261,400 | |
Liabilities: | |||
Notes payable | [2] | 3,852,640 | 3,171,742 |
Mortgages payable | [3] | 1,645,946 | 1,424,228 |
Dividends payable | 111,480 | 111,143 | |
Other liabilities | 621,521 | 561,042 | |
Total liabilities | 6,231,587 | 5,268,155 | |
Redeemable noncontrolling interests | 92,739 | 91,480 | |
Stockholders' equity: | |||
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 413,222,609 and 411,819,818 shares, respectively | 4,132 | 4,118 | |
Paid-in capital | 5,770,970 | 5,732,021 | |
Cumulative distributions in excess of net income | (832,746) | (1,006,578) | |
Accumulated other comprehensive income | (14,744) | 45,122 | |
Total stockholders' equity | 4,927,714 | 4,774,785 | |
Noncontrolling interests | 161,944 | 126,980 | |
Total equity | 5,089,658 | 4,901,765 | |
Total liabilities and equity | $ 11,413,984 | $ 10,261,400 | |
[1] | As of September 30, 2015 and December 31, 2014, the Company determined that $10.5 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 $1.7 million and $2.3 million, respectively, were classified within Level 3 of the fair value hierarchy. | ||
[2] | The Company determined that its valuation of Notes payable was classified within Level 2 of the fair value hierarchy. | ||
[3] | The Company determined that its valuation of Mortgages payable was classified within Level 3 of the fair value hierarchy. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Operating real estate, accumulated depreciation (in Dollars) | $ 2,092,375 | $ 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 | 413,222,609 | 411,819,818 |
Common stock,shares outstanding | 413,222,609 | 411,819,818 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues | ||||
Revenues from rental properties | $ 283,387 | $ 246,555 | $ 847,973 | $ 703,139 |
Management and other fee income | 4,995 | 8,679 | 17,926 | 26,245 |
Total revenues | 288,382 | 255,234 | 865,899 | 729,384 |
Operating expenses | ||||
Rent | 2,913 | 3,559 | 9,479 | 10,362 |
Real estate taxes | 36,571 | 31,470 | 109,343 | 91,542 |
Operating and maintenance | 34,915 | 30,561 | 104,926 | 85,618 |
General and administrative expenses | 27,310 | 28,632 | 89,322 | 94,525 |
Provision for doubtful accounts | 1,920 | 901 | 5,324 | 4,094 |
Impairment charges | 27,989 | 107,034 | ||
Depreciation and amortization | 103,708 | 67,130 | 258,432 | 185,307 |
Total operating expenses | 213,395 | 164,844 | 604,734 | 499,836 |
Operating income | 74,987 | 90,390 | 261,165 | 229,548 |
Other income/(expense) | ||||
Mortgage financing income | 445 | 417 | 2,497 | 2,544 |
Interest, dividends and other investment income | 5,692 | 264 | 38,011 | 643 |
Other income/(expense), net | 615 | (1,397) | 100 | (4,307) |
Interest expense | (54,031) | (51,225) | (162,739) | (153,936) |
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 | 27,708 | 38,449 | 139,034 | 74,492 |
Provision for income taxes, net | (2,844) | (5,252) | (11,933) | (14,693) |
Equity in income of equity method investments, net | 130,808 | 150,073 | ||
Income from continuing operations | 53,419 | 105,451 | 435,288 | 310,049 |
Discontinued operations | ||||
Income/(loss) from discontinued operating properties, net of tax | 6,715 | (15) | 31,552 | |
Impairment/loss on operating properties, net of tax | (4,116) | (60) | (75,675) | |
Gain on disposition of operating properties, net of tax | 89,259 | 118,804 | ||
Income/(loss) from discontinued operations | 91,858 | (75) | 74,681 | |
Gain on sale of operating properties, net of tax | 27,665 | 86,219 | 389 | |
Net income | 81,084 | 197,309 | 521,432 | 385,119 |
Net income attributable to noncontrolling interests | (3,512) | (2,601) | (6,518) | (13,899) |
Net income attributable to the Company | 77,572 | 194,708 | 514,914 | 371,220 |
Preferred dividends | (14,573) | (14,573) | (43,719) | (43,720) |
Net income available to the Company's common shareholders | $ 62,999 | $ 180,135 | $ 471,195 | $ 327,500 |
Income from continuing operations: | ||||
-Basic (in Dollars per share) | $ 0.15 | $ 0.21 | $ 1.14 | $ 0.63 |
-Diluted (in Dollars per share) | 0.15 | 0.21 | 1.14 | 0.63 |
Net income attributable to the Company: | ||||
-Basic (in Dollars per share) | 0.15 | 0.44 | 1.14 | 0.80 |
-Diluted (in Dollars per share) | $ 0.15 | $ 0.44 | $ 1.14 | $ 0.80 |
Weighted average shares: | ||||
-Basic (in Shares) | 411,487 | 409,326 | 411,202 | 408,868 |
-Diluted (in Shares) | 412,686 | 411,101 | 413,262 | 410,687 |
Amounts attributable to the Company's common shareholders: | ||||
Income from continuing operations | $ 62,999 | $ 88,275 | $ 471,270 | $ 260,246 |
Income/(loss) from discontinued operations | 91,860 | (75) | 67,254 | |
Gain on change in control of interests, net | 6,342 | 14,431 | 146,143 | 83,773 |
Joint Ventures [Member] | ||||
Other income/(expense) | ||||
Equity in income of equity method investments, net | 10,894 | 51,787 | 130,808 | 150,073 |
Other Real Estate Investments [Member] | ||||
Other income/(expense) | ||||
Equity in income of equity method investments, net | 11,319 | 6,036 | 31,236 | 16,404 |
Continuing Operations [Member] | ||||
Operating expenses | ||||
Impairment charges | $ 6,058 | $ 2,591 | $ 27,908 | $ 28,388 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income | $ 81,084 | $ 197,309 | $ 521,432 | $ 385,119 |
Other comprehensive income: | ||||
Change in unrealized gain on marketable securities, net | (5,871) | 5,869 | (44,418) | 13,980 |
Change in unrealized loss on interest rate swaps | (475) | |||
Change in foreign currency translation adjustment, net | (6,437) | (14,912) | (14,973) | (17,807) |
Other comprehensive loss | (12,838) | (9,043) | (59,866) | (3,827) |
Comprehensive income | 68,246 | 188,266 | 461,566 | 381,292 |
Comprehensive income attributable to noncontrolling interests | (3,512) | (2,586) | (6,518) | (13,710) |
Comprehensive income attributable to the Company | 64,734 | $ 185,680 | 455,048 | $ 367,582 |
Interest Rate Swap [Member] | ||||
Other comprehensive income: | ||||
Change in unrealized loss on interest rate swaps | $ (530) | $ (475) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Series H Preferred Stock [Member] | Series I Preferred Stock [Member] | Series J Preferred Stock [Member] | Series K Preferred Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance at Dec. 31, 2013 | $ (996,058) | $ (64,982) | $ 102 | $ 4,097 | $ 5,689,258 | $ 4,632,417 | $ 137,109 | $ 4,769,526 | ||||
Beginning balance (in Shares) at Dec. 31, 2013 | 102,000 | 409,731,000 | ||||||||||
Contributions from noncontrolling interests | 3,098 | 3,098 | ||||||||||
Comprehensive income: | ||||||||||||
Net income | 371,220 | 371,220 | 13,899 | 385,119 | ||||||||
Change in unrealized gain on marketable securities | $ 13,980 | 13,980 | 13,980 | |||||||||
Change in foreign currency translation adjustment | (17,618) | (17,618) | (189) | (17,807) | ||||||||
Redeemable noncontrolling interests | (4,779) | (4,779) | ||||||||||
Class J Depositary Share. and $1.0547 per | ||||||||||||
Distributions to noncontrolling interests | (25,150) | (25,150) | ||||||||||
Issuance of common stock | $ 8 | 13,827 | 13,835 | 13,835 | ||||||||
Issuance of common stock (in Shares) | 805,000 | |||||||||||
Surrender of restricted stock | $ (2) | (3,979) | (3,981) | (3,981) | ||||||||
Surrender of restricted stock (in Shares) | (187,000) | |||||||||||
Exercise of common stock options | $ 10 | 16,077 | 16,087 | 16,087 | ||||||||
Exercise of common stock options (in Shares) | 989,000 | |||||||||||
Acquisition of noncontrolling interests | (53) | (53) | (766) | (819) | ||||||||
Amortization of equity awards | 7,699 | 7,699 | 7,699 | |||||||||
Ending balance at Sep. 30, 2014 | (945,949) | (68,620) | $ 102 | $ 4,113 | 5,722,829 | 4,712,475 | 123,222 | 4,835,697 | ||||
Ending balance (in Shares) at Sep. 30, 2014 | 102,000 | 411,338,000 | ||||||||||
Class J Depositary Share. and $1.0547 per | ||||||||||||
Dividends | (321,111) | (321,111) | (321,111) | |||||||||
Beginning balance at Dec. 31, 2014 | (1,006,578) | 45,122 | $ 102 | $ 4,118 | 5,732,021 | 4,774,785 | 126,980 | 4,901,765 | ||||
Beginning balance (in Shares) at Dec. 31, 2014 | 102,000 | 411,820,000 | ||||||||||
Contributions from noncontrolling interests | 66,163 | 66,163 | ||||||||||
Comprehensive income: | ||||||||||||
Net income | 514,914 | 514,914 | 6,518 | 521,432 | ||||||||
Change in unrealized gain on marketable securities | (44,418) | (44,418) | (44,418) | |||||||||
Change in unrealized loss on interest rate swaps | (475) | (475) | (475) | |||||||||
Change in foreign currency translation adjustment | (14,973) | (14,973) | (14,973) | |||||||||
Redeemable noncontrolling interests | (5,822) | (5,822) | ||||||||||
Class J Depositary Share. and $1.0547 per | ||||||||||||
Distributions to noncontrolling interests | (6,706) | (6,706) | ||||||||||
Issuance of common stock | $ 8 | 480 | 488 | 488 | ||||||||
Issuance of common stock (in Shares) | 784,000 | |||||||||||
Surrender of restricted stock | $ (2) | (5,602) | (5,604) | (5,604) | ||||||||
Surrender of restricted stock (in Shares) | (227,000) | |||||||||||
Exercise of common stock options | $ 8 | 15,559 | 15,567 | 15,567 | ||||||||
Exercise of common stock options (in Shares) | 846,000 | |||||||||||
Sale of interests in investments, net of tax of $16 million | 23,993 | 23,993 | 23,993 | |||||||||
Acquisition of noncontrolling interests | (6,437) | (6,437) | (25,189) | (31,626) | ||||||||
Amortization of equity awards | 10,956 | 10,956 | 10,956 | |||||||||
Ending balance at Sep. 30, 2015 | (832,746) | $ (14,744) | $ 102 | $ 4,132 | $ 5,770,970 | 4,927,714 | $ 161,944 | 5,089,658 | ||||
Ending balance (in Shares) at Sep. 30, 2015 | 70,000 | 16,000 | 9,000 | 7,000 | 102,000 | 413,223,000 | ||||||
Class J Depositary Share. and $1.0547 per | ||||||||||||
Dividends | $ (341,082) | $ (341,082) | $ (341,082) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Dividends per Common Share | $ 0.72 | $ 0.675 |
Series K Preferred Stock [Member] | ||
Dividends per Depositary share | $ 1.0547 | |
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 | $ 1.2938 | 1.2938 |
Series I Preferred Stock [Member] | ||
Dividends per Depositary share | 1.1250 | 1.1250 |
Series J Preferred Stock [Member] | ||
Dividends per Depositary share | $ 1.0313 | 1.0313 |
Series K Preferred Stock [Member] | ||
Dividends per Depositary share | $ 1.0547 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flow from operating activities: | ||
Net income | $ 521,432 | $ 385,119 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 258,432 | 199,914 |
Impairment charges | 27,989 | 107,034 |
Equity award expense | 15,312 | 14,465 |
Gain on sale of operating properties | (88,497) | (130,052) |
Gain on sale of marketable securities | (38,488) | |
Gains on change in control of interests | (146,143) | (83,773) |
Equity in income of joint ventures, net | (130,808) | (150,073) |
Equity in income from other real estate investments, net | (31,236) | (16,404) |
Distributions from joint ventures and other real estate investments | 149,141 | 186,629 |
Change in accounts and notes receivable | (372) | 3,168 |
Change in accounts payable and accrued expenses | 38,703 | 35,289 |
Change in other operating assets and liabilities | (58,181) | (41,311) |
Net cash flow provided by operating activities | 517,284 | 510,005 |
Cash flow from investing activities: | ||
Acquisition of operating real estate and other related net assets | (619,622) | (382,128) |
Improvements to operating real estate | (111,740) | (93,733) |
Acquisition of real estate under development | (3,074) | |
Improvements to real estate under development | (8,922) | (154) |
Investment in marketable securities | (257) | (4,556) |
Proceeds from sale of marketable securities | 71,562 | 3,780 |
Investments and advances to real estate joint ventures | (87,953) | (59,602) |
Reimbursements of investments and advances to real estate joint ventures | 98,741 | 144,359 |
Investment in other real estate investments | (545) | (3,851) |
Reimbursements of investments and advances to other real estate investments | 40,556 | 12,981 |
Collection of mortgage loans receivable | 52,963 | 7,707 |
Investment in other investments | (190,278) | |
Proceeds from sale of operating properties | 238,444 | 303,104 |
Net cash flow used for investing activities | (520,125) | (72,093) |
Cash flow from financing activities: | ||
Principal payments on debt, excluding normal amortization of rental property debt | (444,150) | (298,264) |
Principal payments on rental property debt | (22,452) | (17,098) |
Proceeds from mortgage loan financings | 15,700 | |
Proceeds under unsecured revolving credit facility, net | 325,000 | 55,646 |
Proceeds from issuance of unsecured term loan/notes | 1,000,000 | 500,000 |
Repayments under unsecured term loan/notes | (600,000) | (370,842) |
Financing origination costs | (9,132) | (11,911) |
Contributions from noncontrolling interests | 106,154 | 1,133 |
Redemption/distribution of noncontrolling interests | (33,810) | (2,192) |
Dividends paid | (340,745) | (320,749) |
Proceeds from issuance of stock | 15,567 | 16,087 |
Net cash flow provided by/(used for) financing activities | (3,568) | (432,490) |
Change in cash and cash equivalents | (6,409) | 5,422 |
Cash and cash equivalents, beginning of period | 187,322 | 148,768 |
Cash and cash equivalents, end of period | 180,913 | 154,190 |
Interest paid during the period (net of capitalized interest of $3,784 and $1,288, respectively) | 150,625 | 135,706 |
Income taxes paid during the period | $ 5,985 | $ 12,944 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash paid for capitalized interest | $ 3,784 | $ 1,288 |
Note 1 - Interim Financial Stat
Note 1 - Interim Financial Statements | 9 Months Ended |
Sep. 30, 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 include 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 (the “10-K”), as certain disclosures in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 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 condensed consolidated financial statements (see Footnotes 4, 9 and 12). 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 September 30, Nine Months Ended September 30, 2015 201 4 2015 2014 Computation of Basic Earnings Per Share: Income from continuing operations $ 53,419 $ 105,451 $ 435,288 $ 310,049 Gain on sale of operating properties, net of tax 27,665 - 86,219 389 Net income attributable to noncontrolling interests (3,512 ) (2,601 ) (6,518 ) (13,899 ) Discontinued operations attributable to noncontrolling interests - (2 ) - 7,427 Preferred stock dividends (14,573 ) (14,573 ) (43,719 ) (43,720 ) Income from continuing operations available to the common shareholders 62,999 88,275 471,270 260,246 Earnings attributable to participating securities (405 ) (431 ) (2,178 ) (1,292 ) Income from continuing operations attributable to common shareholders 62,594 87,844 469,092 258,954 Income/(loss) from discontinued operations attributable to the Company - 91,860 (75 ) 67,254 Net income attributable to the Company’s common shareholders for basic earnings per share $ 62,594 $ 179,704 $ 469,017 $ 326,208 Weighted average common shares outstanding 411,487 409,326 411,202 408,868 Basic Earnings Per Share Attributable to the Company’s Common Shareholders: Income from continuing operations $ 0.15 $ 0.21 $ 1.14 $ 0.63 Income from discontinued operations - 0.23 - 0.17 Net income attributable to the Company $ 0.15 $ 0.44 $ 1.14 $ 0.80 Computation of Diluted Earnings Per Share: Income from continuing operations attributable to common shareholders $ 62,594 $ 87,844 $ 469,092 $ 258,954 Income/(loss) from discontinued operations attributable to the Company - 91,860 (75 ) 67,254 Distributions on convertible units - 130 446 393 Net income attributable to the Company’s common shareholders for diluted earnings per share $ 62,594 $ 179,834 $ 469,463 $ 326,601 Weighted average common shares outstanding – basic 411,487 409,326 411,202 408,868 Effect of dilutive securities (a): Equity awards 1,199 1,052 1,337 1,092 Assumed conversion of convertible units - 723 723 727 Shares for diluted earnings per common share 412,686 411,101 413,262 410,687 Diluted Earnings Per Share Attributable to the Company’s Common Shareholders: Income from continuing operations $ 0.15 $ 0.21 $ 1.14 $ 0.63 Income from discontinued operations - 0.23 - 0.17 Net income attributable to the Company $ 0.15 $ 0.44 $ 1.14 $ 0.80 (a) For the three and nine months ended September 30, 2015 and 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 5,963,010 and 8, 839 ,578 stock options that were not dilutive at September 30, 2015 and 2014 , respectively. The Company's unvested restricted share awards and convertible units (the “Participating securities”) contain non-forfeitable rights to distributions or distribution equivalents. The impact of the Participating securities on earnings per share has been calculated using the two-class method whereby earnings are allocated to the Participating securities based on dividends declared and the Participating securities rights in undistributed earnings. New Accounting Pronouncements – In September 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-16: Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”), which eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. ASU 2015-16 is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. The Company elected to early adopt ASU 2015-16 beginning in its third quarter ended September 30, 2015 (see Footnote 2). The adoption of ASU 2015-16 did not have a material impact on the Company’s financial position or results of operations. In April 2015, the FASB issued 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). In August 2015, the FASB issued ASU 2015-15: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”) providing guidance regarding the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance on this matter, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on that line-of-credit arrangement. The adoption of ASU 2015-03 and ASU 2015-15 did not have a material impact on the Company’s financial position or results of operations. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 focuses to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity's voting rights; or (3) the exposure to a majority of the legal entity's economic benefits. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-02 will be effective for periods beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company is currently in the process of evaluating the impact the adoption of ASU 2015-02 will have 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 was anticipated to be effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption was not permitted. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU 2015-14”), which delayed the effective date of ASU 2014-09 by one year making it effective for the first interim period within annual reporting periods beginning after December 15, 2017. Early adoption is permitted as of the original effective date. 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 Act
Note 2 - Operating Property Activities | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 2. Operating Property Activities Acquisitions - During the nine months ended September 30, 2015, the Company acquired the following properties, in separate transactions (in thousands): Purchase Price Property Name Location Month Acquired Cash * Debt Assumed Other Total GLA* * Elmont Plaza Elmont, NY (1) Jan-15 $ 2,400 $ - $ 3,358 $ 5,758 13 Garden State Pavilion Parcel Cherry Hill, NJ Jan-15 16,300 - - 16,300 111 Kimstone Portfolio (39 properties) Various (2) Feb-15 513,513 637,976 236,011 1,387,500 5,631 Copperfield Village Houston, TX Feb-15 18,700 20,800 - 39,500 165 Snowden Square Parcel Columbia, MD Mar-15 4,868 - - 4,868 25 Dulles Town Crossing Parcel Sterling, VA Mar-15 4,830 - - 4,830 9 Flagler Park S.C. Miami, FL Mar-15 1,875 - - 1,875 5 West Farms Parcel New Britain, CT Apr-15 6,200 - - 6,200 24 Milleridge Inn Jericho, NY Apr-15 7,500 - - 7,500 - Woodgrove Festival Parcels Woodridge, IL Jun-15 5,611 - - 5,611 12 Montgomery Plaza Fort Worth , TX (3) Jul-15 34,522 29,311 9,044 72,877 291 125 Coulter Avenue Parcel Ardmore, PA Sep-15 1,925 - - 1,925 6 $ 618,244 $ 688,087 $ 248,413 $ 1,554,744 6,292 * The Company utilized $39.8 million associated with Internal Revenue Code §1031 sales proceeds. ** 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. (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 20.0% 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 $6.3 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 upon completion of the Company’s valuation studies. Accordingly, the fair value allocated to these assets and liabilities are subject to revision. The Company records allocation adjustments when purchase price allocations are finalized. The aggregate purchase price of the properties acquired during the nine months ended September 30, 2015, has been allocated as follows (in thousands): Preliminary Allocation Allocation Adjustments (*) Revised Allocation a s of September 30, 2015 Land $ 417,566 $ (37,799 ) $ 379,767 Buildings 876,329 78,622 954,951 Above Market Rents 32,025 (1,776 ) 30,249 Below Market Rents (67,356 ) 4,849 (62,507 ) In-Place Leases 156,177 (54,040 ) 102,137 Building Improvements 135,533 1,901 137,434 Tenant Improvements 23,733 8,243 31,976 Mortgage Fair Value Adjustment (22,124 ) - (22,124 ) Other Assets 3,027 - 3,027 Other Liabilities (166 ) - (166 ) $ 1,554,744 $ - $ 1,554,744 * In accordance with the Company’s adoption of ASU 2015-16, which eliminates the requirement to restate prior period financial statements for measurement period adjustments relating to purchase price allocations, the Company, during September 2015, adjusted the preliminary allocation amounts recorded for properties acquired during the nine months ended September 30, 2015. The impact of these allocation adjustments on the Company’s tangible and intangible assets and liabilities are reflected in the table above. In addition, these allocation adjustments resulted in an increase to Depreciation and amortization expense of $5.8 million and a reduction to Revenues from rental properties of $0.1 million for the three months ended September 30, 2015, which related to the six months ended June 30, 2015. During the nine months ended September 30, 2015, the Company acquired four land parcels, in separate transactions, for an aggregate purchase price of $37.5 million. During the three months ended September 30, 2015, the Company entered into an agreement to acquire the remaining 50.0% interest in a property previously held in a joint venture in which the Company had a noncontrolling interest for a gross purchase price of $23.0 million. Upon signing this contract, which is expected to close in January 2016, the Company effectively gained control of the entity and is entitled to all economics and risk of loss and as such, the Company now consolidates this property pursuant to the FASB’s Consolidation guidance. Additionally, as the Company is required to purchase the partners interest at a fixed and determinable price in January 2016, the Company has recognized $11.5 million within Other liabilities in the Company’s Condensed Consolidated Balance Sheets at September 30, 2015. Based upon the Company’s intent to redevelop a portion of the property, the Company allocated $8.4 million of the gross purchase price to Real estate under development on the Company’s Condensed Consolidated Balance Sheets and the remaining $14.6 million was allocated to Operating real estate on the Company’s Condensed Consolidated Balance Sheets. Additionally, during the nine months ended September 30, 2015, the Company acquired the remaining interest in a previously consolidated joint venture for $30.5 million. The Company continues to consolidate this entity as there was no change in control from this transaction. The purchase of the remaining interest resulted in a decrease in noncontrolling interest of $25.0 million and a decrease of $5.4 million to the Company’s Paid-in capital. Dispositions – During the nine months ended September 30, 2015, the Company disposed of 74 operating properties and six out parcels, in separate transactions, for an aggregate sales price of $276.3 million. These transactions resulted in an aggregate gain of $86.2 million, after income tax expense and aggregate impairment charges of $2.2 million. During the nine months ended September 30, 2015, the Company obtained a controlling ownership interest in a property that was held in a preferred equity investment in which the Company had a noncontrolling interest and as a result consolidated the property. The property was subsequently sold for $18.7 million, including $16.3 million in mortgage debt, at no gain or loss during the nine months ended September 30, 2015. At September 30, 2015, the Company had three properties classified as held-for-sale at a carrying amount of $23.4 million, net of accumulated depreciation of $10.0 million, which are 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. 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. Upon the adoption of ASU 2014-08 on January 1, 2015, operations of properties held-for-sale and operating properties sold are reported in income from continuing operations as they do not represent a strategic shift that has or will have a major effect on the Company’s operations and financial results. Impairment Charges - During the nine months ended September 30, 2015, the Company recognized aggregate impairment charges of $27.9 million which are included in Impairment charges under Operating expenses on the Company’s Condensed Consolidated Statements of Income. These impairment charges consist of (i) $2.2 million related to the sale of certain operating properties, as discussed above, (ii) $19.6 million related to adjustments to property carrying values for 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 periods for such properties, (iii) $5.3 million related to certain investments in other real estate investments and (iv) $0.8 million related to marketable debt securities investment. The Company’s estimated fair value on the properties pending disposition were determined based upon estimated sales price and appraisals. (See Footnote 11 for fair value disclosure). |
Note 3 - Discontinued Operation
Note 3 - Discontinued Operations | 9 Months Ended |
Sep. 30, 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 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 and nine months ended September 30, 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Discontinued operations: Revenues from rental property $ - $ 14,566 $ 124 $ 65,594 Rental property expenses - (3,824 ) (49 ) (16,724 ) Depreciation and amortization - (3,488 ) - (14,606 ) Provision for doubtful accounts, net - 38 (57 ) (708 ) Interest expense, net - (330 ) - (1,111 ) Other expense, net - 116 (12 ) (18 ) Income from discontinued operating properties, before income taxes - 7,078 6 32,427 Impairment of property carrying value, net, before income taxes - (4,490 ) (82 ) (78,645 ) Gain on disposition of operating properties, net, before income taxes - 99,145 - 129,435 (Provision)/benefit for income taxes, net - (9,875 ) 1 (8,536 ) Income/(loss) from discontinued operating properties - 91,858 (75 ) 74,681 Net income attributable to noncontrolling interests - 2 - (7,427 ) Income/(loss) from discontinued operations attributable to the Company $ - $ 91,860 $ (75 ) $ 67,254 |
Note 4 - Investment and Advance
Note 4 - Investment and Advances in Real Estate Joint Ventures | 9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 2014 (in millions, except number of properties): As of September 30, 2015 As of December 31, 2014 Venture Ownership Interest Number of Properties GLA Gross Real Estate The Company's Investment Ownership Interest Number of Properties GLA Gross Real Estate The Company's Investment Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) 15.0 % 55 9.9 $ 2,596.9 $ 176.4 15.0 % 60 10.6 $ 2,728.9 $ 178.6 Kimco Income Opportunity Portfolio (“KIR”) (2) 48.6 % 50 10.9 1,428.5 135.5 48.6 % 54 11.5 1,488.2 152.1 Kimstone (2) (3) - - - - - 33.3 % 39 5.6 1,098.7 98.1 BIG Shopping Centers (2) 50.1 % 5 0.9 121.9 - 50.1 % 6 1.0 151.6 - The Canada Pension Plan Investment Board (“CPP”) (2) 55.0 % 7 2.4 518.8 194.4 55.0 % 7 2.4 504.0 188.9 Other Institutional Programs (2) Various 53 1.8 414.2 18.9 Various 53 1.8 413.8 11.0 RioCan 50.0 % 41 8.5 955.2 121.3 50.0 % 45 9.3 1,205.8 159.8 Latin America Various 9 - 57.7 15.3 Various 13 0.1 91.2 24.4 Other Joint Venture Programs Various 53 8.7 1,180.6 171.9 Various 60 9.5 1,401.2 224.3 Total 273 43.1 $ 7,273.8 $ 833.7 337 51.8 $ 9,083.4 $ 1,037.2 (1) This venture represents four separate joint ventures, with four separate accounts managed by Prudential Real Estate Investors (“PREI”), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II. (2) The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees. (3) During the nine months ended September 30, 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. The table below presents the Company’s share of net income/(loss) for the above investments which is included in the Company’s Condensed Consolidated Statements of Income in Equity in income of joint ventures, net for the three and nine months ended September 30, 2015 and 2014 (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 KimPru and KimPru II (1) $ (0.2 ) $ 2.6 $ 3.3 $ 7.7 KIR (4) 8.5 6.5 31.6 19.4 Kimstone - 1.3 0.7 0.6 BIG Shopping Centers 0.2 1.0 0.4 2.6 CPP 2.2 2.1 7.1 5.2 Other Institutional Programs 0.1 2.6 0.4 4.0 RioCan 5.8 7.7 72.7 23.0 Latin America (0.2 ) 0.8 (1.3 ) 35.3 Other Joint Venture Programs (2) (3) (5) (5.5 ) 27.2 15.9 52.3 Total $ 10.9 $ 51.8 $ 130.8 $ 150.1 (1) During the nine months ended September 30, 2015, KimPru recognized aggregate impairment charges related to three properties which KimPru anticipates selling or being foreclosed on within the next year, therefore effectively shortening its anticipated hold period for these assets which resulted in the expected future cash flows being less than the carrying value. The Company’s share of these impairment charges was $2.8 million. (2) During September 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 nine months ended September 30, 2015. (3) During the nine months ended September 30, 2015, three joint ventures in which the Company holds noncontrolling interests recognized impairment charges relating to the pending sale of two properties and the pending foreclosure of one property. The Company’s share of these impairment charges was $9.8 million, before income tax benefit. (4) During the nine months ended September 30, 2014, KIR recognized aggregate impairment charges of $5.0 million, of which the Company’s share was $2.8 million, related to two properties which KIR anticipates selling within the next year, therefore effectively shortening its anticipated hold period for these assets which resulted in the expected future cash flows being less than the carrying value. (5) During the nine months ended September 30, 2014, the Company received a distribution of $15.4 million from a joint venture that was in excess of its carrying value and as such, the Company recognized this amount as equity in income. The following table provides a summary of properties and land parcels disposed of through the Company’s real estate joint ventures or transferred to joint venture partners during the nine months ended September 30, 2015 and 2014. These transactions resulted in an aggregate net gain to the Company of $61.7 million and $59.5 million, before income taxes, for the nine months ended September 30, 2015 and 2014, respectively, and is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income: Nine Months Ended September 30, 2015 Number of properties Number of land parcels Aggregate sales price (in millions) KimPru and KimPru II 5 1 $ 84.0 KIR 4 - $ 72.6 RioCan 4 - $ 204.2 Latin America 4 9 $ 16.2 Other Joint Venture Programs (1) 6 - $ 123.7 (1) The Company acquired the remaining interest in two of these properties. See Footnote 2 for the operating properties acquired by the Company during the nine months ended September 30, 2015. Nine Months Ended September 30, 2014 Number of properties Number of land parcels Aggregate sales price (in millions) KIR 2 - $ 17.7 Other Institutional Programs (1) 27 - $ 823.6 Latin America 10 - $ 202.1 Other Joint Venture Programs 14 - $ 158.5 (1) The Company acquired the remaining interest in 25 of these properties during the nine months ended September 30, 2014. Additionally, on October 6, 2015, the Company sold its ownership interests in 19 Canadian properties to its partner, RioCan, for a gross sales price of Canadian dollars (“CAD”) $477.3 million ($366.1 million U.S. dollars (“USD”)), including the assumption of CAD $126.5 million (USD $97.0 million) of mortgage debt, which was in excess of the carrying value at September 30, 2015. The Company received CAD $291.9 million (USD $224.0 million) in proceeds, net of its share of debt and withholding taxes. The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at September 30, 2015 and December 31, 2014 (dollars in millions): As of September 30, 2015 As of December 31, 201 4 Venture Mortgages and Notes Payable Weighted Average Interest Rate Weighted Average Remaining Term (months)* Mortgages and Notes Payable Weighted Average Interest Rate Weighted Average Remaining Term (months)* KimPru and KimPru II $ 822.1 5.54 % 15.5 $ 920.0 5.53 % 23.0 KIR 815.4 4.62 % 65.3 860.7 5.04 % 61.9 Kimstone - - - 701.3 4.45 % 28.7 BIG Shopping Centers 119.9 5.45 % 13.1 144.6 5.52 % 22.0 CPP 110.5 5.15 % 6.5 112.0 5.05 % 10.1 Other Institutional Programs 216.8 5.28 % 18.5 272.9 5.21 % 23.5 RioCan 499.1 4.09 % 37.0 640.5 4.29 % 39.9 Other Joint Venture Programs 808.1 5.30 % 49.0 921.9 5.31 % 58.6 Total $ 3,391.9 $ 4,573.9 * Average Remaining Term includes extension options. |
Note 5 - Other Real Estate Inve
Note 5 - Other Real Estate Investments and Other Assets | 9 Months Ended |
Sep. 30, 2015 | |
Other Real Estate Investments And Other Assets [Abstract] | |
Other Real Estate Investments And Other Assets [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 September 30, 2015, the Company’s net investment under the Preferred Equity Program was $198.1 million relating to 422 properties, including 383 net leased properties. During the nine months ended September 30, 2015, the Company earned $16.5 million from its preferred equity investments, including $9.2 million in profit participation earned from seven capital transactions. During the nine months ended September 30, 2014, the Company earned $17.5 million from its preferred equity investments, including $3.7 million in profit participation earned from three capital transactions. Kimsouth - Kimsouth Realty Inc. (“Kimsouth”) is a wholly-owned subsidiary of the Company. KRS AB Acquisition, LLC (the “ABS Venture”) was a wholly owned subsidiary of Kimsouth that has a noncontrolling interest in AB Acquisition, LLC (“AB Acquisition”), a joint venture which owns Albertsons Inc. (“Albertsons”) and NAI Group Holdings Inc. (“NAI”). The Company holds a controlling interest in the ABS Venture and consolidates this entity. During January 2015, two new noncontrolling members were admitted into the ABS Venture, including Colony Capital, Inc. and affiliates (“Colony”), after which the Company contributed $85.3 million and the two noncontrolling members contributed an aggregate $105.0 million, of which Colony contributed $100.0 million, to the ABS Venture, which was subsequently contributed to AB Acquisition to facilitate the acquisition of all of the outstanding shares 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 and Colony holds a 4.3% ownership interest. Richard B. Saltzman, a member of the Board of Directors of the Company, is the chief executive officer, president and a director of Colony Capital, Inc. The combined company of Albertsons, 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 accounts 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 nine months ended September 30, 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 Enti
Note 6 - Variable Interest Entities | 9 Months Ended |
Sep. 30, 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 September 30, 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 September 30, 2015, total assets of this ground-up development VIE were $78.1 million and total liabilities were $0.4 million. The classification of these assets is primarily within Real estate under development and the classification of liabilities 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 Redevelopment Investment Included in the Company’s joint venture investments at September 30, 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 September 30, 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 Fi
Note 7 - Mortgages and Other Financing Receivables | 9 Months Ended |
Sep. 30, 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 September 30, 2015, the Company had a total of 14 loans aggregating $26.2 million all of which were identified as performing loans. During the nine months ended September 30, 2015, the Company sold its remaining interest in a Canadian preferred equity for a sales price of CAD $8.0 million (USD $6.1 million). In conjunction with this sale the Company issued seller financing of CAD $7.5 million (USD $5.7 million) which bears interest at an annual rate of 5.0% and is scheduled to mature on July 31, 2017. Additionally, during the nine months ended September 30, 2015, the Company received full payment relating to three mortgage receivable loans which had an aggregate outstanding balance of $51.9 million. These loans bore interest at rates ranging from the London Interbank Offered Rate (“LIBOR”) plus 2.50% to 7.00% and had scheduled maturities ranging from August 2015 to March 2018. |
Note 8 - Marketable Securities
Note 8 - Marketable Securities and Other Investments | 9 Months Ended |
Sep. 30, 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 September 30, 2015, the Company’s investment in marketable securities was $12.2 million, which includes an aggregate unrealized gain of $1.8 million relating to marketable equity security investments. During the nine months ended September 30, 2015, the Company sold 7.7 million shares of its Supervalu Inc. common stock for an aggregate price of $70.3 million. As a result of this transaction, the Company realized a gain of $38.5 million during the nine months ended September 30, 2015, which is included in Interest, dividends and other investment income on the Company’s Condensed Consolidated Statements of Income (see Footnote 15). |
Note 9 - Notes and Mortgages Pa
Note 9 - Notes and Mortgages Payable | 9 Months Ended |
Sep. 30, 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 $25.9 million and $3.1 million are included in Notes Payable and Mortgages Payable, respectively, as of September 30, 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 95 basis points) to LIBOR or at the Company’s option at a base rate as defined per the agreement (1.15% at September 30, 2015). The proceeds from the Term Loan were used to repay the Company’s $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 September 30, 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. During October 2015, the Company issued $500.0 million of seven-year Senior Unsecured Notes at an interest rate of 3.400% payable semi-annually in arrears which are scheduled to mature in November 2022. Additionally, during the nine months ended September 30, 2015, the Company repaid (i) its $100.0 million 4.904% medium term notes, which matured in February 2015 and (ii) its $100.0 million 5.250% senior unsecured notes, which matured in September 2015. Mortgages Payable - During the nine months ended September 30, 2015, the Company (i) assumed $710.2 million of individual non-recourse mortgage debt relating to the acquisition of 35 operating properties, including an increase of $22.1 million associated with fair value debt adjustments and (ii) paid off $444.9 million of mortgage debt (including fair market value adjustment of $0.8 million) that encumbered 19 operating properties. |
Note 10 - Redeemable Noncontrol
Note 10 - Redeemable Noncontrolling Interests | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2015 and 2014 (amounts in thousands): 201 5 201 4 Balance at January 1, $ 91,480 $ 86,153 Issuance of redeemable partnership interests - 4,943 Redemption value adjustment, net 1,208 225 Other 51 92 Balance at September 30, $ 92,739 $ 91,413 |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 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): September 30, 2015 December 31, 201 4 Carrying Amounts Estimated Fair Value Carrying Amounts Estimated Fair Value Marketable securities (1) $ 12,189 $ 12,189 $ 90,235 $ 90,035 Notes payable (2) $ 3,852,640 $ 3,940,295 $ 3,171,742 $ 3,313,936 Mortgages payable (3) $ 1,645,946 $ 1,680,714 $ 1,424,228 $ 1,481,138 (1) As of September 30, 2015 and December 31, 2014, the Company determined that $10.5 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 $1.7 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 tables below present the Company’s financial assets measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): Balance at September 30, 2015 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 10,533 $ 10,533 $ - $ - Liabilities: Interest rate swaps (1) $ 1,879 $ - $ 1,879 $ - Balance at December 31, 2014 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 87,659 $ 87,659 $ - $ - Liabilities: Interest rate swaps (1) $ 1,404 $ - $ 1,404 $ - (1) Included in Other liabilities on the Company’s Condensed Consolidated Balance Sheets Assets measured at fair value on a non-recurring basis at September 30, 2015 and December 31, 2014, are as follows (in thousands): Balance at September 30, 201 5 Level 1 Level 2 Level 3 Real estate $ 23,838 $ - $ - $ 23,838 Balance at December 31, 2014 Level 1 Level 2 Level 3 Real estate $ 80,270 $ - $ - $ 80,270 During the nine months ended September 30, 2015, the Company recognized impairment charges of $28.0 million of which $0.1 million, before noncontrolling interests and income taxes, is included in discontinued operations. These impairment charges consist of (i) $21.9 million related to adjustments to property carrying values, (ii) $5.3 million related to certain investments in other real estate investments and (iii) $0.8 million related to marketable debt securities investment. During the nine months ended September 30, 2014, the Company recognized impairment charges of $107.0 million of which $78.6 million, before noncontrolling interests and income taxes, is included in discontinued operations. These impairment charges consist of (i) $102.2 million related to adjustments to property carrying values and (ii) $4.8 million related to a cost method investment. The Company’s estimated fair values, as they relate to property carrying values and investments in other real estate investments were primarily based upon estimated sales prices from third party offers based on signed contracts and 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 201 4 Series of Preferred Stock Shares Authorized Shares Issued and Outstanding Liquidation Preference (in thousands) Dividend Rate Annual Dividend per Depositary Share Par Value Series H 70,000 70,000 $ 175,000 6.90 % $ 1.72500 $ 1.00 Series I 18,400 16,000 400,000 6.00 % $ 1.50000 $ 1.00 Series J 9,000 9,000 225,000 5.50 % $ 1.37500 $ 1.00 Series K 8,050 7,000 175,000 5.625 % $ 1.40625 $ 1.00 105,450 102,000 $ 975,000 On October 26, 2015, the Company called for the redemption of all of its outstanding 7,000,000 depositary shares of the Company’s 6.90% Class H Cumulative Redeemable Preferred Stock, $1.00 par value per share (the “Class H Preferred Stock”). The aggregate redemption amount of $175.0 million plus accumulated and unpaid dividends of $1.3 million, will be paid on November 25, 2015. Upon redemption, the Company anticipates to record a non-cash charge of $5.8 million resulting from the difference between the redemption amount and the carrying amount of the Class H Preferred Stock on the Company’s Condensed Consolidated Balance Sheets in accordance with the FASB’s guidance on Distinguishing Liabilities from Equity. This charge will be subtracted from net income to arrive at net income available to common shareholders and used in the calculation of earnings per share for the period ending December 31, 2015. |
Note 13 - Supplemental Schedule
Note 13 - Supplemental Schedule of Non-cash Investing / Financing Activities | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2015 and 2014 (in thousands): 201 5 201 4 Acquisition of real estate interests by assumption of mortgage debt $ 20,800 $ 210,232 Acquisition of real estate interests by issuance of redeemable units/partnership interest $ - $ 6,122 Acquisition of real estate interests through proceeds held in escrow $ 39,849 $ 71,116 Proceeds held in escrow through sale of real estate interests $ 36,733 $ 147,728 Disposition of real estate interests by assignment of debt $ 15,744 $ - Issuance of restricted common stock $ 488 $ 13,835 Surrender of restricted common stock $ (5,604 ) $ (3,981 ) Declaration of dividends paid in succeeding period $ 111,480 $ 104,858 Consolidation of Joint Ventures: Increase in real estate and other assets $ 977,807 $ 509,839 Increase in mortgages payable and other liabilities $ 694,530 $ 373,879 |
Note 14 - Incentive Plans
Note 14 - Incentive Plans | 9 Months Ended |
Sep. 30, 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, four and five 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 $15.3 million and $14.5 million for the nine months ended September 30, 2015 and 2014, respectively. As of September 30, 2015, the Company had $31.1 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 2.5 years. |
Note 15 - Accumulated Other Com
Note 15 - Accumulated Other Comprehensive Income ("AOCI") | 9 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Income Loss Disclosure [Abstract] | |
Accumulated Other Comprehensive Income Loss Disclosure [Text Block] | 15. Accumulated Other Comprehensive Income (“AOCI”) The following tables display the change in the components of accumulated other comprehensive income for the nine months ended September 30, 2015 and 2014: Foreign Currency Translation Adjustments Unrealized Gains on Available-for- Sale Investments Unrealized Gain/(Loss) on Interest Rate Swaps Total Balance as of January 1, 2015 $ 329 $ 46,197 $ (1,404 ) $ 45,122 Other comprehensive income before reclassifications (14,973 ) (5,930 ) (475 ) (21,378 ) Amounts reclassified from AOCI (1) - (38,488 ) - (38,488 ) Net current-period other comprehensive income (14,973 ) (44,418 ) (475 ) (59,866 ) Balance as of September 30, 2015 $ (14,644 ) $ 1,779 $ (1,879 ) $ (14,744 ) Foreign Currency Translation Adjustments Unrealized Gains on Available-for-Sale Investments Total Balance as of January 1, 2014 $ (90,977 ) $ 25,995 $ (64,982 ) Other comprehensive income before reclassifications (17,618 ) 13,980 (3,638 ) Amounts reclassified from AOCI - - - Net current-period other comprehensive income (17,618 ) 13,980 (3,638 ) Balance as of September 30, 2014 $ (108,595 ) $ 39,975 $ (68,620 ) (1) Amounts reclassified to Interest, dividends and other investment income on the Company’s Condensed Consolidated Statements of Income. At September 30, 2015, the Company had a net $14.6 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 $3.7 million of unrealized gains relating to its Canadian investments and $18.3 million of unrealized loss 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. The Company may, in the near term, liquidate its 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 I
Note 16 - Pro Forma Financial Information | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2015. The pro forma financial information set forth below is based upon the Company’s historical Condensed Consolidated Statements of Income for the nine months ended September 30, 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). Nine Months Ended September 30, 201 5 201 4 Revenues from rental property $ 851.6 $ 846.7 Net income $ 504.9 $ 329.4 Net income available to the Company’s common shareholders $ 454.7 $ 278.4 Net income available to the Company’s common shareholders per common share: Basic $ 1.10 $ 0.68 Diluted $ 1.10 $ 0.68 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 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 include 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 (the “10-K”), as certain disclosures in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 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 condensed consolidated financial statements (see Footnotes 4, 9 and 12). |
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 September 30, Nine Months Ended September 30, 2015 201 4 2015 2014 Computation of Basic Earnings Per Share: Income from continuing operations $ 53,419 $ 105,451 $ 435,288 $ 310,049 Gain on sale of operating properties, net of tax 27,665 - 86,219 389 Net income attributable to noncontrolling interests (3,512 ) (2,601 ) (6,518 ) (13,899 ) Discontinued operations attributable to noncontrolling interests - (2 ) - 7,427 Preferred stock dividends (14,573 ) (14,573 ) (43,719 ) (43,720 ) Income from continuing operations available to the common shareholders 62,999 88,275 471,270 260,246 Earnings attributable to participating securities (405 ) (431 ) (2,178 ) (1,292 ) Income from continuing operations attributable to common shareholders 62,594 87,844 469,092 258,954 Income/(loss) from discontinued operations attributable to the Company - 91,860 (75 ) 67,254 Net income attributable to the Company’s common shareholders for basic earnings per share $ 62,594 $ 179,704 $ 469,017 $ 326,208 Weighted average common shares outstanding 411,487 409,326 411,202 408,868 Basic Earnings Per Share Attributable to the Company’s Common Shareholders: Income from continuing operations $ 0.15 $ 0.21 $ 1.14 $ 0.63 Income from discontinued operations - 0.23 - 0.17 Net income attributable to the Company $ 0.15 $ 0.44 $ 1.14 $ 0.80 Computation of Diluted Earnings Per Share: Income from continuing operations attributable to common shareholders $ 62,594 $ 87,844 $ 469,092 $ 258,954 Income/(loss) from discontinued operations attributable to the Company - 91,860 (75 ) 67,254 Distributions on convertible units - 130 446 393 Net income attributable to the Company’s common shareholders for diluted earnings per share $ 62,594 $ 179,834 $ 469,463 $ 326,601 Weighted average common shares outstanding – basic 411,487 409,326 411,202 408,868 Effect of dilutive securities (a): Equity awards 1,199 1,052 1,337 1,092 Assumed conversion of convertible units - 723 723 727 Shares for diluted earnings per common share 412,686 411,101 413,262 410,687 Diluted Earnings Per Share Attributable to the Company’s Common Shareholders: Income from continuing operations $ 0.15 $ 0.21 $ 1.14 $ 0.63 Income from discontinued operations - 0.23 - 0.17 Net income attributable to the Company $ 0.15 $ 0.44 $ 1.14 $ 0.80 (a) For the three and nine months ended September 30, 2015 and 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 5,963,010 and 8, 839 ,578 stock options that were not dilutive at September 30, 2015 and 2014 , respectively. The Company's unvested restricted share awards and convertible units (the “Participating securities”) contain non-forfeitable rights to distributions or distribution equivalents. The impact of the Participating securities on earnings per share has been calculated using the two-class method whereby earnings are allocated to the Participating securities based on dividends declared and the Participating securities rights in undistributed earnings. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements – In September 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-16: Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”), which eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. ASU 2015-16 is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. The Company elected to early adopt ASU 2015-16 beginning in its third quarter ended September 30, 2015 (see Footnote 2). The adoption of ASU 2015-16 did not have a material impact on the Company’s financial position or results of operations. In April 2015, the FASB issued 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). In August 2015, the FASB issued ASU 2015-15: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”) providing guidance regarding the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance on this matter, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on that line-of-credit arrangement. The adoption of ASU 2015-03 and ASU 2015-15 did not have a material impact on the Company’s financial position or results of operations. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 focuses to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity's voting rights; or (3) the exposure to a majority of the legal entity's economic benefits. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-02 will be effective for periods beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company is currently in the process of evaluating the impact the adoption of ASU 2015-02 will have 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 was anticipated to be effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption was not permitted. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU 2015-14”), which delayed the effective date of ASU 2014-09 by one year making it effective for the first interim period within annual reporting periods beginning after December 15, 2017. Early adoption is permitted as of the original effective date. 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 St27
Note 1 - Interim Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2015 201 4 2015 2014 Computation of Basic Earnings Per Share: Income from continuing operations $ 53,419 $ 105,451 $ 435,288 $ 310,049 Gain on sale of operating properties, net of tax 27,665 - 86,219 389 Net income attributable to noncontrolling interests (3,512 ) (2,601 ) (6,518 ) (13,899 ) Discontinued operations attributable to noncontrolling interests - (2 ) - 7,427 Preferred stock dividends (14,573 ) (14,573 ) (43,719 ) (43,720 ) Income from continuing operations available to the common shareholders 62,999 88,275 471,270 260,246 Earnings attributable to participating securities (405 ) (431 ) (2,178 ) (1,292 ) Income from continuing operations attributable to common shareholders 62,594 87,844 469,092 258,954 Income/(loss) from discontinued operations attributable to the Company - 91,860 (75 ) 67,254 Net income attributable to the Company’s common shareholders for basic earnings per share $ 62,594 $ 179,704 $ 469,017 $ 326,208 Weighted average common shares outstanding 411,487 409,326 411,202 408,868 Basic Earnings Per Share Attributable to the Company’s Common Shareholders: Income from continuing operations $ 0.15 $ 0.21 $ 1.14 $ 0.63 Income from discontinued operations - 0.23 - 0.17 Net income attributable to the Company $ 0.15 $ 0.44 $ 1.14 $ 0.80 Computation of Diluted Earnings Per Share: Income from continuing operations attributable to common shareholders $ 62,594 $ 87,844 $ 469,092 $ 258,954 Income/(loss) from discontinued operations attributable to the Company - 91,860 (75 ) 67,254 Distributions on convertible units - 130 446 393 Net income attributable to the Company’s common shareholders for diluted earnings per share $ 62,594 $ 179,834 $ 469,463 $ 326,601 Weighted average common shares outstanding – basic 411,487 409,326 411,202 408,868 Effect of dilutive securities (a): Equity awards 1,199 1,052 1,337 1,092 Assumed conversion of convertible units - 723 723 727 Shares for diluted earnings per common share 412,686 411,101 413,262 410,687 Diluted Earnings Per Share Attributable to the Company’s Common Shareholders: Income from continuing operations $ 0.15 $ 0.21 $ 1.14 $ 0.63 Income from discontinued operations - 0.23 - 0.17 Net income attributable to the Company $ 0.15 $ 0.44 $ 1.14 $ 0.80 |
Note 2 - Operating Property A28
Note 2 - Operating Property Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Purchase Price Property Name Location Month Acquired Cash * Debt Assumed Other Total GLA* * Elmont Plaza Elmont, NY (1) Jan-15 $ 2,400 $ - $ 3,358 $ 5,758 13 Garden State Pavilion Parcel Cherry Hill, NJ Jan-15 16,300 - - 16,300 111 Kimstone Portfolio (39 properties) Various (2) Feb-15 513,513 637,976 236,011 1,387,500 5,631 Copperfield Village Houston, TX Feb-15 18,700 20,800 - 39,500 165 Snowden Square Parcel Columbia, MD Mar-15 4,868 - - 4,868 25 Dulles Town Crossing Parcel Sterling, VA Mar-15 4,830 - - 4,830 9 Flagler Park S.C. Miami, FL Mar-15 1,875 - - 1,875 5 West Farms Parcel New Britain, CT Apr-15 6,200 - - 6,200 24 Milleridge Inn Jericho, NY Apr-15 7,500 - - 7,500 - Woodgrove Festival Parcels Woodridge, IL Jun-15 5,611 - - 5,611 12 Montgomery Plaza Fort Worth , TX (3) Jul-15 34,522 29,311 9,044 72,877 291 125 Coulter Avenue Parcel Ardmore, PA Sep-15 1,925 - - 1,925 6 $ 618,244 $ 688,087 $ 248,413 $ 1,554,744 6,292 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation Allocation Adjustments (*) Revised Allocation a s of September 30, 2015 Land $ 417,566 $ (37,799 ) $ 379,767 Buildings 876,329 78,622 954,951 Above Market Rents 32,025 (1,776 ) 30,249 Below Market Rents (67,356 ) 4,849 (62,507 ) In-Place Leases 156,177 (54,040 ) 102,137 Building Improvements 135,533 1,901 137,434 Tenant Improvements 23,733 8,243 31,976 Mortgage Fair Value Adjustment (22,124 ) - (22,124 ) Other Assets 3,027 - 3,027 Other Liabilities (166 ) - (166 ) $ 1,554,744 $ - $ 1,554,744 |
Note 3 - Discontinued Operati29
Note 3 - Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Discontinued operations: Revenues from rental property $ - $ 14,566 $ 124 $ 65,594 Rental property expenses - (3,824 ) (49 ) (16,724 ) Depreciation and amortization - (3,488 ) - (14,606 ) Provision for doubtful accounts, net - 38 (57 ) (708 ) Interest expense, net - (330 ) - (1,111 ) Other expense, net - 116 (12 ) (18 ) Income from discontinued operating properties, before income taxes - 7,078 6 32,427 Impairment of property carrying value, net, before income taxes - (4,490 ) (82 ) (78,645 ) Gain on disposition of operating properties, net, before income taxes - 99,145 - 129,435 (Provision)/benefit for income taxes, net - (9,875 ) 1 (8,536 ) Income/(loss) from discontinued operating properties - 91,858 (75 ) 74,681 Net income attributable to noncontrolling interests - 2 - (7,427 ) Income/(loss) from discontinued operations attributable to the Company $ - $ 91,860 $ (75 ) $ 67,254 |
Note 4 - Investment and Advan30
Note 4 - Investment and Advances in Real Estate Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Note 4 - Investment and Advances in Real Estate Joint Ventures (Tables) [Line Items] | |
Equity Method Investments [Table Text Block] | As of September 30, 2015 As of December 31, 2014 Venture Ownership Interest Number of Properties GLA Gross Real Estate The Company's Investment Ownership Interest Number of Properties GLA Gross Real Estate The Company's Investment Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) 15.0 % 55 9.9 $ 2,596.9 $ 176.4 15.0 % 60 10.6 $ 2,728.9 $ 178.6 Kimco Income Opportunity Portfolio (“KIR”) (2) 48.6 % 50 10.9 1,428.5 135.5 48.6 % 54 11.5 1,488.2 152.1 Kimstone (2) (3) - - - - - 33.3 % 39 5.6 1,098.7 98.1 BIG Shopping Centers (2) 50.1 % 5 0.9 121.9 - 50.1 % 6 1.0 151.6 - The Canada Pension Plan Investment Board (“CPP”) (2) 55.0 % 7 2.4 518.8 194.4 55.0 % 7 2.4 504.0 188.9 Other Institutional Programs (2) Various 53 1.8 414.2 18.9 Various 53 1.8 413.8 11.0 RioCan 50.0 % 41 8.5 955.2 121.3 50.0 % 45 9.3 1,205.8 159.8 Latin America Various 9 - 57.7 15.3 Various 13 0.1 91.2 24.4 Other Joint Venture Programs Various 53 8.7 1,180.6 171.9 Various 60 9.5 1,401.2 224.3 Total 273 43.1 $ 7,273.8 $ 833.7 337 51.8 $ 9,083.4 $ 1,037.2 |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | Nine Months Ended September 30, 2015 Number of properties Number of land parcels Aggregate sales price (in millions) KimPru and KimPru II 5 1 $ 84.0 KIR 4 - $ 72.6 RioCan 4 - $ 204.2 Latin America 4 9 $ 16.2 Other Joint Venture Programs (1) 6 - $ 123.7 Nine Months Ended September 30, 2014 Number of properties Number of land parcels Aggregate sales price (in millions) KIR 2 - $ 17.7 Other Institutional Programs (1) 27 - $ 823.6 Latin America 10 - $ 202.1 Other Joint Venture Programs 14 - $ 158.5 |
Joint Venture Investments Accounted for Under the Equity Method Debt Details [Table Text Block] | As of September 30, 2015 As of December 31, 201 4 Venture Mortgages and Notes Payable Weighted Average Interest Rate Weighted Average Remaining Term (months)* Mortgages and Notes Payable Weighted Average Interest Rate Weighted Average Remaining Term (months)* KimPru and KimPru II $ 822.1 5.54 % 15.5 $ 920.0 5.53 % 23.0 KIR 815.4 4.62 % 65.3 860.7 5.04 % 61.9 Kimstone - - - 701.3 4.45 % 28.7 BIG Shopping Centers 119.9 5.45 % 13.1 144.6 5.52 % 22.0 CPP 110.5 5.15 % 6.5 112.0 5.05 % 10.1 Other Institutional Programs 216.8 5.28 % 18.5 272.9 5.21 % 23.5 RioCan 499.1 4.09 % 37.0 640.5 4.29 % 39.9 Other Joint Venture Programs 808.1 5.30 % 49.0 921.9 5.31 % 58.6 Total $ 3,391.9 $ 4,573.9 |
Income [Member] | |
Note 4 - Investment and Advances in Real Estate Joint Ventures (Tables) [Line Items] | |
Equity Method Investments [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 KimPru and KimPru II (1) $ (0.2 ) $ 2.6 $ 3.3 $ 7.7 KIR (4) 8.5 6.5 31.6 19.4 Kimstone - 1.3 0.7 0.6 BIG Shopping Centers 0.2 1.0 0.4 2.6 CPP 2.2 2.1 7.1 5.2 Other Institutional Programs 0.1 2.6 0.4 4.0 RioCan 5.8 7.7 72.7 23.0 Latin America (0.2 ) 0.8 (1.3 ) 35.3 Other Joint Venture Programs (2) (3) (5) (5.5 ) 27.2 15.9 52.3 Total $ 10.9 $ 51.8 $ 130.8 $ 150.1 |
Note 10 - Redeemable Noncontr31
Note 10 - Redeemable Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | 201 5 201 4 Balance at January 1, $ 91,480 $ 86,153 Issuance of redeemable partnership interests - 4,943 Redemption value adjustment, net 1,208 225 Other 51 92 Balance at September 30, $ 92,739 $ 91,413 |
Note 11 - Fair Value Measurem32
Note 11 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2015 December 31, 201 4 Carrying Amounts Estimated Fair Value Carrying Amounts Estimated Fair Value Marketable securities (1) $ 12,189 $ 12,189 $ 90,235 $ 90,035 Notes payable (2) $ 3,852,640 $ 3,940,295 $ 3,171,742 $ 3,313,936 Mortgages payable (3) $ 1,645,946 $ 1,680,714 $ 1,424,228 $ 1,481,138 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Balance at September 30, 2015 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 10,533 $ 10,533 $ - $ - Liabilities: Interest rate swaps (1) $ 1,879 $ - $ 1,879 $ - Balance at December 31, 2014 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 87,659 $ 87,659 $ - $ - Liabilities: Interest rate swaps (1) $ 1,404 $ - $ 1,404 $ - Balance at September 30, 201 5 Level 1 Level 2 Level 3 Real estate $ 23,838 $ - $ - $ 23,838 Balance at December 31, 2014 Level 1 Level 2 Level 3 Real estate $ 80,270 $ - $ - $ 80,270 |
Note 12 - Preferred Stock (Tabl
Note 12 - Preferred Stock (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Outstanding Preferred Stock [Member] | |
Note 12 - Preferred Stock (Tables) [Line Items] | |
Schedule of Stockholders Equity [Table Text Block] | As of September 30, 2015 and December 31, 201 4 Series of Preferred Stock Shares Authorized Shares Issued and Outstanding Liquidation Preference (in thousands) Dividend Rate Annual Dividend per Depositary Share Par Value Series H 70,000 70,000 $ 175,000 6.90 % $ 1.72500 $ 1.00 Series I 18,400 16,000 400,000 6.00 % $ 1.50000 $ 1.00 Series J 9,000 9,000 225,000 5.50 % $ 1.37500 $ 1.00 Series K 8,050 7,000 175,000 5.625 % $ 1.40625 $ 1.00 105,450 102,000 $ 975,000 |
Note 13 - Supplemental Schedu34
Note 13 - Supplemental Schedule of Non-cash Investing / Financing Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 201 5 201 4 Acquisition of real estate interests by assumption of mortgage debt $ 20,800 $ 210,232 Acquisition of real estate interests by issuance of redeemable units/partnership interest $ - $ 6,122 Acquisition of real estate interests through proceeds held in escrow $ 39,849 $ 71,116 Proceeds held in escrow through sale of real estate interests $ 36,733 $ 147,728 Disposition of real estate interests by assignment of debt $ 15,744 $ - Issuance of restricted common stock $ 488 $ 13,835 Surrender of restricted common stock $ (5,604 ) $ (3,981 ) Declaration of dividends paid in succeeding period $ 111,480 $ 104,858 Consolidation of Joint Ventures: Increase in real estate and other assets $ 977,807 $ 509,839 Increase in mortgages payable and other liabilities $ 694,530 $ 373,879 |
Note 15 - Accumulated Other C35
Note 15 - Accumulated Other Comprehensive Income ("AOCI") (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Income Loss Disclosure [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation Adjustments Unrealized Gains on Available-for- Sale Investments Unrealized Gain/(Loss) on Interest Rate Swaps Total Balance as of January 1, 2015 $ 329 $ 46,197 $ (1,404 ) $ 45,122 Other comprehensive income before reclassifications (14,973 ) (5,930 ) (475 ) (21,378 ) Amounts reclassified from AOCI (1) - (38,488 ) - (38,488 ) Net current-period other comprehensive income (14,973 ) (44,418 ) (475 ) (59,866 ) Balance as of September 30, 2015 $ (14,644 ) $ 1,779 $ (1,879 ) $ (14,744 ) Foreign Currency Translation Adjustments Unrealized Gains on Available-for-Sale Investments Total Balance as of January 1, 2014 $ (90,977 ) $ 25,995 $ (64,982 ) Other comprehensive income before reclassifications (17,618 ) 13,980 (3,638 ) Amounts reclassified from AOCI - - - Net current-period other comprehensive income (17,618 ) 13,980 (3,638 ) Balance as of September 30, 2014 $ (108,595 ) $ 39,975 $ (68,620 ) |
Note 16 - Pro Forma Financial36
Note 16 - Pro Forma Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Pro Forma Financial Information Disclosure [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | Nine Months Ended September 30, 201 5 201 4 Revenues from rental property $ 851.6 $ 846.7 Net income $ 504.9 $ 329.4 Net income available to the Company’s common shareholders $ 454.7 $ 278.4 Net income available to the Company’s common shareholders per common share: Basic $ 1.10 $ 0.68 Diluted $ 1.10 $ 0.68 |
Note 1 - Interim Financial St37
Note 1 - Interim Financial Statements (Details) - shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Accounting Policies [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,963,010 | 8,839,578 |
Note 1 - Interim Financial St38
Note 1 - Interim Financial Statements (Details) - Reconciliation of Earnings/(Loss) and the Weighted Average Number of Shares - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Computation of Basic Earnings Per Share: | |||||
Income from continuing operations | $ 53,419 | $ 105,451 | $ 435,288 | $ 310,049 | |
Gain on sale of operating properties, net of tax | 27,665 | 86,219 | 389 | ||
Net income attributable to noncontrolling interests | (3,512) | (2,601) | (6,518) | (13,899) | |
Discontinued operations attributable to noncontrolling interests | (2) | 7,427 | |||
Preferred stock dividends | (14,573) | (14,573) | (43,719) | (43,720) | |
Income from continuing operations available to the common shareholders | 62,999 | 88,275 | 471,270 | 260,246 | |
Earnings attributable to participating securities | (405) | (431) | (2,178) | (1,292) | |
Income from continuing operations attributable to common shareholders | 62,594 | 87,844 | 469,092 | 258,954 | |
Income/(loss) from discontinued operations attributable to the Company | 91,860 | (75) | 67,254 | ||
Net income attributable to the Company’s common shareholders for basic earnings per share | $ 62,594 | $ 179,704 | $ 469,017 | $ 326,208 | |
Weighted average common shares outstanding (in Shares) | 411,487 | 409,326 | 411,202 | 408,868 | |
Basic Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||
Effect of dilutive securities (a): Equity awards (in Shares) | [1] | 1,199 | 1,052 | 1,337 | 1,092 |
Assumed conversion of convertible units (in Shares) | 723 | 723 | 727 | ||
Income from continuing operations (in Dollars per share) | $ 0.15 | $ 0.21 | $ 1.14 | $ 0.63 | |
Income from discontinued operations (in Dollars per share) | 0.23 | 0.17 | |||
Net income attributable to the Company (in Dollars per share) | $ 0.15 | $ 0.44 | $ 1.14 | $ 0.80 | |
Computation of Diluted Earnings Per Share: | |||||
Income from continuing operations attributable to common shareholders | $ 62,594 | $ 87,844 | $ 469,092 | $ 258,954 | |
Income/(loss) from discontinued operations attributable to the Company | 91,860 | (75) | 67,254 | ||
Distributions on convertible units | 130 | 446 | 393 | ||
Net income attributable to the Company’s common shareholders for diluted earnings per share | $ 62,594 | $ 179,834 | $ 469,463 | $ 326,601 | |
Weighted average common shares outstanding – basic (in Shares) | 411,487 | 409,326 | 411,202 | 408,868 | |
Shares for diluted earnings per common share (in Shares) | 412,686 | 411,101 | 413,262 | 410,687 | |
Diluted Earnings Per Share Attributable to the Company’s Common Shareholders: | |||||
Income from continuing operations (in Dollars per share) | $ 0.15 | $ 0.21 | $ 1.14 | $ 0.63 | |
Income from discontinued operations (in Dollars per share) | 0.23 | 0.17 | |||
Net income attributable to the Company (in Dollars per share) | $ 0.15 | $ 0.44 | $ 1.14 | $ 0.80 | |
[1] | For the three and nine months ended September 30, 2015 and 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 5,963,010 and 8,839,578 stock options that were not dilutive at September 30, 2015 and 2014, respectively. |
Note 2 - Operating Property A39
Note 2 - Operating Property Activities (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Feb. 28, 2015 | Dec. 31, 2014USD ($) | ||
Note 2 - Operating Property Activities (Details) [Line Items] | |||||||
Proceeds from Delayed Tax Exempt Exchange | $ 39,800 | ||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 6,342 | $ 14,431 | 146,143 | $ 83,773 | |||
Payments to Acquire Real Estate | 619,622 | $ 382,128 | |||||
Business Combination, Consideration Transferred | 1,554,744 | ||||||
Payments to Acquire Additional Interest in Subsidiaries | 30,500 | ||||||
Proceeds from Sale of Real Estate | 276,300 | ||||||
Gains (Losses) on Sales of Investment Real Estate | 86,200 | ||||||
Impairment of Real Estate | 2,200 | ||||||
Real Estate Investment Property, Accumulated Depreciation | $ 2,092,375 | 2,092,375 | $ 1,955,406 | ||||
Operating Expense [Member] | |||||||
Note 2 - Operating Property Activities (Details) [Line Items] | |||||||
Impairment of Real Estate | 27,900 | ||||||
Operating Expense [Member] | Real Estate, Operating Properties [Member] | |||||||
Note 2 - Operating Property Activities (Details) [Line Items] | |||||||
Impairment of Real Estate | 2,200 | ||||||
Operating Expense [Member] | Real Estate, Carrying Value Adjustment [Member] | |||||||
Note 2 - Operating Property Activities (Details) [Line Items] | |||||||
Impairment of Real Estate | 19,600 | ||||||
Operating Expense [Member] | Other Real Estate Investments [Member] | |||||||
Note 2 - Operating Property Activities (Details) [Line Items] | |||||||
Impairment of Real Estate | 5,300 | ||||||
Operating Expense [Member] | Certain Marketable Securities [Member] | |||||||
Note 2 - Operating Property Activities (Details) [Line Items] | |||||||
Impairment of Real Estate | $ 800 | ||||||
Acquired Land [Member] | |||||||
Note 2 - Operating Property Activities (Details) [Line Items] | |||||||
Number of Real Estate Properties | 4 | 4 | |||||
Payments to Acquire Real Estate | $ 37,500 | ||||||
Sold [Member] | Operating Properties [Member] | |||||||
Note 2 - Operating Property Activities (Details) [Line Items] | |||||||
Number of Real Estate Properties | 74 | 74 | |||||
Sold [Member] | Other Property [Member] | |||||||
Note 2 - Operating Property Activities (Details) [Line Items] | |||||||
Number of Real Estate Properties | 6 | 6 | |||||
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 | ||||||
Business Combination, Consideration Transferred | [1] | $ 5,758 | |||||
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 | 39 | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 140,000 | ||||||
Business Combination, Consideration Transferred | [2] | 1,387,500 | |||||
Montgomery Plaza [Member] | |||||||
Note 2 - Operating Property Activities (Details) [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 20.00% | ||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 6,300 | ||||||
Business Combination, Consideration Transferred | [3] | $ 72,877 | |||||
Enclosed Mall in Owings Mills, MD [Member] | |||||||
Note 2 - Operating Property Activities (Details) [Line Items] | |||||||
Business Acquisition, Percentage of Remaining Interests Acquired | 50.00% | 50.00% | |||||
Business Combination, Consideration Transferred | $ 23,000 | ||||||
Remaining Interest In Joint Ventures [Member] | |||||||
Note 2 - Operating Property Activities (Details) [Line Items] | |||||||
Noncontrolling Interest, Period Increase (Decrease) | $ (25,000) | ||||||
Adjustments to Additional Paid in Capital, Other | 5,400 | ||||||
Other Liabilities [Member] | Enclosed Mall in Owings Mills, MD [Member] | |||||||
Note 2 - Operating Property Activities (Details) [Line Items] | |||||||
Liability to Purchase Partners Interest | 11,500 | $ 11,500 | |||||
Real Estate under Development [Member] | Enclosed Mall in Owings Mills, MD [Member] | |||||||
Note 2 - Operating Property Activities (Details) [Line Items] | |||||||
Business Combination, Consideration Transferred | 8,400 | ||||||
Operating Real Estate [Member] | Enclosed Mall in Owings Mills, MD [Member] | |||||||
Note 2 - Operating Property Activities (Details) [Line Items] | |||||||
Business Combination, Consideration Transferred | $ 14,600 | ||||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | |||||||
Note 2 - Operating Property Activities (Details) [Line Items] | |||||||
Number of Real Estate Properties | 3 | 3 | |||||
Real Estate Held-for-sale | $ 23,400 | $ 23,400 | |||||
Real Estate Investment Property, Accumulated Depreciation | 10,000 | 10,000 | |||||
Adjustments for New Accounting Pronouncement [Member] | |||||||
Note 2 - Operating Property Activities (Details) [Line Items] | |||||||
Depreciation and Amortization Expense Adjustments | 5,800 | ||||||
Rental Income Adjustments | (100) | ||||||
Preferred Equity Investment [Member] | |||||||
Note 2 - Operating Property Activities (Details) [Line Items] | |||||||
Proceeds from Sale of Real Estate | 18,700 | ||||||
Gains (Losses) on Sales of Investment Real Estate | 0 | ||||||
Preferred Equity Investment [Member] | Mortgage Debt [Member] | |||||||
Note 2 - Operating Property Activities (Details) [Line Items] | |||||||
Non-Recourse Debt | $ 16,300 | $ 16,300 | |||||
[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. | ||||||
[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 20.0%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 $6.3 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 A40
Note 2 - Operating Property Activities (Details) - Acquisition of Operating Properties $ in Thousands | 9 Months Ended | |
Sep. 30, 2015USD ($)ft² | ||
Business Acquisition [Line Items] | ||
Cash | $ 618,244 | [1] |
Debt Assumed | 688,087 | |
Other | 248,413 | |
Total | $ 1,554,744 | |
GLA (in Square Feet) | ft² | 6,292 | [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 (in Square Feet) | ft² | 13 | [2],[3] |
Garden State Pavilions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | $ 16,300 | [1] |
Total | $ 16,300 | |
GLA (in Square Feet) | ft² | 111 | [2] |
Kimstone [Member] | ||
Business Acquisition [Line Items] | ||
Cash | $ 513,513 | [1],[4] |
Debt Assumed | 637,976 | [4] |
Other | 236,011 | [4] |
Total | $ 1,387,500 | [4] |
GLA (in Square Feet) | ft² | 5,631 | [2],[4] |
Copperfield Village [Member] | ||
Business Acquisition [Line Items] | ||
Cash | $ 18,700 | [1] |
Debt Assumed | 20,800 | |
Total | $ 39,500 | |
GLA (in Square Feet) | ft² | 165 | [2] |
Snowden Square [Member] | ||
Business Acquisition [Line Items] | ||
Cash | $ 4,868 | [1] |
Total | $ 4,868 | |
GLA (in Square Feet) | ft² | 25 | [2] |
Dulles Town Crossing [Member] | ||
Business Acquisition [Line Items] | ||
Cash | $ 4,830 | [1] |
Total | $ 4,830 | |
GLA (in Square Feet) | ft² | 9 | [2] |
Flagler Park [Member] | ||
Business Acquisition [Line Items] | ||
Cash | $ 1,875 | [1] |
Total | $ 1,875 | |
GLA (in Square Feet) | ft² | 5 | [2] |
West Farms Parcel [Member] | ||
Business Acquisition [Line Items] | ||
Cash | $ 6,200 | [1] |
Total | $ 6,200 | |
GLA (in Square Feet) | ft² | 24 | [2] |
Milleridge Inn [Member] | ||
Business Acquisition [Line Items] | ||
Cash | $ 7,500 | [1] |
Total | $ 7,500 | |
GLA (in Square Feet) | ft² | [2] | |
Woodgrove Festival Parcels [Member] | ||
Business Acquisition [Line Items] | ||
Cash | $ 5,611 | [1] |
Total | $ 5,611 | |
GLA (in Square Feet) | ft² | 12 | [2] |
Montgomery Plaza [Member] | ||
Business Acquisition [Line Items] | ||
Cash | $ 34,522 | [1],[5] |
Debt Assumed | 29,311 | [5] |
Other | 9,044 | [5] |
Total | $ 72,877 | [5] |
GLA (in Square Feet) | ft² | 291 | [2],[5] |
The 125 Coulter Avenue Parcel [Member] | ||
Business Acquisition [Line Items] | ||
Cash | $ 1,925 | [1] |
Total | $ 1,925 | |
GLA (in Square Feet) | ft² | 6 | [2] |
[1] | The Company utilized $39.8 million associated with Internal Revenue Code 1031 sales proceeds. | |
[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. | |
[5] | 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 20.0%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 $6.3 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 A41
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation $ in Thousands | Sep. 30, 2015USD ($) | |
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ||
Mortgage Fair Value Adjustment | $ (22,124) | |
Other Assets | 3,027 | |
Other Liabilities | (166) | |
1,554,744 | ||
Above Market Rents | 30,249 | |
Below Market Rents | (62,507) | |
In-Place Leases | 102,137 | |
Scenario, Previously Reported [Member] | ||
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ||
Mortgage Fair Value Adjustment | (22,124) | |
Other Assets | 3,027 | |
Other Liabilities | (166) | |
1,554,744 | ||
Above Market Rents | 32,025 | |
Below Market Rents | (67,356) | |
In-Place Leases | $ 156,177 | |
Purchase Price Allocation Adjustment [Member] | ||
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ||
Mortgage Fair Value Adjustment | [1] | |
Other Assets | [1] | |
Other Liabilities | [1] | |
[1] | ||
Above Market Rents | $ (1,776) | [1] |
Below Market Rents | 4,849 | [1] |
In-Place Leases | (54,040) | [1] |
Land [Member] | ||
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ||
Property, Plant, and Equipment | 379,767 | |
Land [Member] | Scenario, Previously Reported [Member] | ||
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ||
Property, Plant, and Equipment | 417,566 | |
Land [Member] | Purchase Price Allocation Adjustment [Member] | ||
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ||
Property, Plant, and Equipment | (37,799) | [1] |
Building [Member] | ||
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ||
Property, Plant, and Equipment | 954,951 | |
Building [Member] | Scenario, Previously Reported [Member] | ||
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ||
Property, Plant, and Equipment | 876,329 | |
Building [Member] | Purchase Price Allocation Adjustment [Member] | ||
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ||
Property, Plant, and Equipment | 78,622 | [1] |
Building Improvements [Member] | ||
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ||
Property, Plant, and Equipment | 137,434 | |
Building Improvements [Member] | Scenario, Previously Reported [Member] | ||
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ||
Property, Plant, and Equipment | 135,533 | |
Building Improvements [Member] | Purchase Price Allocation Adjustment [Member] | ||
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ||
Property, Plant, and Equipment | 1,901 | [1] |
Leasehold Improvements [Member] | ||
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ||
Property, Plant, and Equipment | 31,976 | |
Leasehold Improvements [Member] | Scenario, Previously Reported [Member] | ||
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ||
Property, Plant, and Equipment | 23,733 | |
Leasehold Improvements [Member] | Purchase Price Allocation Adjustment [Member] | ||
Note 2 - Operating Property Activities (Details) - Purchase Price Allocation [Line Items] | ||
Property, Plant, and Equipment | $ 8,243 | [1] |
[1] | In accordance with the Company's adoption of ASU 2015-16, which eliminates the requirement to restate prior period financial statements for measurement period adjustments relating to purchase price allocations, the Company, during September 2015, adjusted the preliminary allocation amounts recorded for properties acquired during the nine months ended September 30, 2015. The impact of these allocation adjustments on the Company's tangible and intangible assets and liabilities arereflected in the table above. In addition, these allocation adjustments resulted in an increase to Depreciation and amortization expense of $5.8 million and a reduction toRevenues from rental properties of $0.1 million for the three months ended September 30, 2015, which related to the six months ended June 30, 2015. |
Note 3 - Discontinued Operati42
Note 3 - Discontinued Operations (Details) - Income from Discontinued Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Discontinued operations: | |||
Revenues from rental property | $ 14,566 | $ 124 | $ 65,594 |
Rental property expenses | (3,824) | (49) | (16,724) |
Depreciation and amortization | (3,488) | (14,606) | |
Provision for doubtful accounts, net | 38 | (57) | (708) |
Interest expense, net | (330) | (1,111) | |
Other expense, net | 116 | (12) | (18) |
Income from discontinued operating properties, before income taxes | 7,078 | 6 | 32,427 |
Impairment of property carrying value, net, before income taxes | (4,490) | (82) | (78,645) |
Gain on disposition of operating properties, net, before income taxes | 99,145 | 129,435 | |
(Provision)/benefit for income taxes, net | (9,875) | 1 | (8,536) |
Income/(loss) from discontinued operating properties | 91,858 | (75) | 74,681 |
Net income attributable to noncontrolling interests | 2 | (7,427) | |
Income/(loss) from discontinued operations attributable to the Company | $ 91,860 | $ (75) | $ 67,254 |
Note 4 - Investment and Advan43
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) $ in Thousands, CAD in Millions | Oct. 06, 2015USD ($) | Oct. 06, 2015CAD | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Feb. 28, 2015 | Dec. 31, 2014 | Sep. 30, 2013USD ($) | |
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Business Combination, Consideration Transferred | $ 1,554,744 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 166 | 166 | ||||||||
Gains (Losses) on Sales of Investment Real Estate | 86,200 | |||||||||
Impairment of Real Estate | 2,200 | |||||||||
Income (Loss) from Equity Method Investments | 130,808 | $ 150,073 | ||||||||
Proceeds from Sale of Real Estate | 276,300 | |||||||||
Operating Properties [Member] | ||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Income (Loss) from Equity Method Investments | $ 15,400 | |||||||||
Subsequent Event [Member] | ||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Sales of Real Estate | $ 366,100 | |||||||||
Sales [Member] | Subsequent Event [Member] | ||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Sales of Real Estate | CAD | CAD 477.3 | |||||||||
KimPru and KimPru II [Member] | ||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Joint Ventures | 4 | 4 | ||||||||
Number of Accounts | 4 | 4 | ||||||||
Number of Real Estate Properties | [1],[2] | 55 | 55 | 60 | ||||||
Income (Loss) from Equity Method Investments | [3] | $ (200) | $ 2,600 | $ 3,300 | 7,700 | |||||
KimPru [Member] | ||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Joint Ventures | 3 | 3 | ||||||||
Intown [Member] | ||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Deferred Gain on Sale of Property | $ 21,700 | |||||||||
Gains (Losses) on Sales of Investment Real Estate | $ 21,700 | |||||||||
Other Joint Venture Programs [Member] | ||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 53 | 53 | 60 | |||||||
Income (Loss) from Equity Method Investments | [4],[5],[6] | $ (5,500) | 27,200 | $ 15,900 | 52,300 | |||||
Other Joint Venture Programs [Member] | Partially Owned Properties [Member] | ||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Impairment of Real Estate | 9,800 | |||||||||
KIR [Member] | ||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Income (Loss) from Equity Method Investments | [7] | $ 8,500 | 6,500 | $ 31,600 | 19,400 | |||||
Other Institutional Programs [Member] | ||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | [1] | 53 | 53 | 53 | ||||||
Income (Loss) from Equity Method Investments | $ 100 | $ 2,600 | $ 400 | 4,000 | ||||||
Other Institutional Programs [Member] | Acquired [Member] | ||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 25 | 25 | ||||||||
Properties and Land Parcels, Joint Ventures [Member] | ||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Gains (Losses) on Sales of Investment Real Estate | $ 61,700 | $ 59,500 | ||||||||
Canadian Properties [Member] | Subsequent Event [Member] | ||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 19 | 19 | ||||||||
Sales of Real Estate | $ 97,000 | CAD 126.5 | ||||||||
Proceeds from Sale of Real Estate | $ 224,000 | CAD 291.9 | ||||||||
Kimstone [Member] | ||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 66.70% | 66.70% | ||||||||
Number of Real Estate Properties | 39 | 39 | 39 | |||||||
Business Combination, Consideration Transferred | [8] | $ 1,387,500 | ||||||||
Kimstone [Member] | Mortgages [Member] | ||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 638,000 | $ 638,000 | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | KIR [Member] | ||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 2 | 2 | ||||||||
Impairment of Real Estate | $ 2,800 | |||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | KIR [Member] | ||||||||||
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Impairment of Real Estate | $ 5,000 | |||||||||
[1] | The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, assetmanagement fees and construction management fees. | |||||||||
[2] | This venture represents four separate joint ventures, with four separate accounts managed by Prudential Real Estate Investors ("PREI"), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II. | |||||||||
[3] | During the nine months ended September 30, 2015, KimPru recognized aggregate impairment charges related to three properties which KimPru anticipates selling or being foreclosed on within the next year, therefore effectively shortening its anticipated hold period for these assets which resulted in the expected future cash flows being less than the carrying value. The Company's share of these impairment charges was $2.8 million. | |||||||||
[4] | During September 2013, the Intown portfolio was sold and the Company maintained its guarantee on a portion of debt that was assumed by the buyer atclosing. 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 thedebt. 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 nine months ended September 30, 2015. | |||||||||
[5] | During the nine months ended September 30, 2014, the Company received a distribution of $15.4 million from a joint venture that was in excess of its carrying value and as such, the Company recognized this amount as equity in income. | |||||||||
[6] | During the nine months ended September 30, 2015, three joint ventures in which the Company holds noncontrolling interests recognized impairment charges relating to the pending sale of two properties and the pending foreclosure of one property. The Company's share of these impairment charges was $9.8 million, before income tax benefit. | |||||||||
[7] | During the nine months ended September 30, 2014, KIR recognized aggregate impairment charges of $5.0 million, of which the Company's share was $2.8 million, related to two properties which KIR anticipates selling within the next year, therefore effectively shortening its anticipated hold period for these assets which resulted in the expected future cash flows being less than the carrying value. | |||||||||
[8] | 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 Advan44
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for under the Equity Method - Investment Details $ in Millions | Sep. 30, 2015USD ($)ft² | Dec. 31, 2014USD ($)ft² | |
Schedule of Equity Method Investments [Line Items] | |||
Total GLA (in Square Feet) | ft² | [1] | 6,292 | |
KimPru and KimPru II [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Average Ownership Interest | [2],[3] | 15.00% | 15.00% |
Number of Properties | [2],[3] | 55 | 60 |
Total GLA (in Square Feet) | ft² | [2],[3] | 9,900,000 | 10,600,000 |
Gross Investment In Real Estate | [2],[3] | $ 2,596.9 | $ 2,728.9 |
The Company's Investment | [2],[3] | $ 176.4 | $ 178.6 |
Kimco Income Fund [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Average Ownership Interest | [2] | 48.60% | 48.60% |
Number of Properties | [2] | 50 | 54 |
Total GLA (in Square Feet) | ft² | [2] | 10,900,000 | 11,500,000 |
Gross Investment In Real Estate | [2] | $ 1,428.5 | $ 1,488.2 |
The Company's Investment | [2] | $ 135.5 | $ 152.1 |
Kimstone [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Average Ownership Interest | [2],[4] | 33.30% | |
Number of Properties | [2],[4] | 39 | |
Total GLA (in Square Feet) | ft² | [2],[4] | 5,600,000 | |
Gross Investment In Real Estate | [2],[4] | $ 1,098.7 | |
The Company's Investment | [2],[4] | $ 98.1 | |
BIG Shopping Centers [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Average Ownership Interest | [2] | 50.10% | 50.10% |
Number of Properties | [2] | 5 | 6 |
Total GLA (in Square Feet) | ft² | [2] | 900,000 | 1,000,000 |
Gross Investment In Real Estate | [2] | $ 121.9 | $ 151.6 |
The Company's Investment | [2] | ||
CPP [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Average Ownership Interest | [2] | 55.00% | 55.00% |
Number of Properties | [2] | 7 | 7 |
Total GLA (in Square Feet) | ft² | [2] | 2,400,000 | 2,400,000 |
Gross Investment In Real Estate | [2] | $ 518.8 | $ 504 |
The Company's Investment | [2] | $ 194.4 | $ 188.9 |
Other Institutional Programs [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Average Ownership Interest | [2] | ||
Number of Properties | [2] | 53 | 53 |
Total GLA (in Square Feet) | ft² | [2] | 1,800,000 | 1,800,000 |
Gross Investment In Real Estate | [2] | $ 414.2 | $ 413.8 |
The Company's Investment | [2] | $ 18.9 | $ 11 |
RioCan [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Average Ownership Interest | 50.00% | 50.00% | |
Number of Properties | 41 | 45 | |
Total GLA (in Square Feet) | ft² | 8,500,000 | 9,300,000 | |
Gross Investment In Real Estate | $ 955.2 | $ 1,205.8 | |
The Company's Investment | $ 121.3 | $ 159.8 | |
Latin America Portfolio [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Properties | 9 | 13 | |
Total GLA (in Square Feet) | ft² | 100,000 | ||
Gross Investment In Real Estate | $ 57.7 | $ 91.2 | |
The Company's Investment | $ 15.3 | $ 24.4 | |
Other Joint Venture Programs [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Properties | 53 | 60 | |
Total GLA (in Square Feet) | ft² | 8,700,000 | 9,500,000 | |
Gross Investment In Real Estate | $ 1,180.6 | $ 1,401.2 | |
The Company's Investment | $ 171.9 | $ 224.3 | |
All Equity Method Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Properties | 273 | 337 | |
Total GLA (in Square Feet) | ft² | 43,100,000 | 51,800,000 | |
Gross Investment In Real Estate | $ 7,273.8 | $ 9,083.4 | |
The Company's Investment | $ 833.7 | $ 1,037.2 | |
[1] | Gross leasable area ("GLA") | ||
[2] | The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, assetmanagement fees and construction management fees. | ||
[3] | This venture represents four separate joint ventures, with four separate accounts managed by Prudential Real Estate Investors ("PREI"), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II. | ||
[4] | During the nine months ended September 30, 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 $638.0 million in mortgage debt. |
Note 4 - Investment and Advan45
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) - The Company’s Share of Net Income/(Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Incomе from othеr rеal еstatе invеstmеnts | $ 130,808 | $ 150,073 | |||
KimPru and KimPru II [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Incomе from othеr rеal еstatе invеstmеnts | [1] | $ (200) | $ 2,600 | 3,300 | 7,700 |
KIR [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Incomе from othеr rеal еstatе invеstmеnts | [2] | 8,500 | 6,500 | 31,600 | 19,400 |
Kimstone [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Incomе from othеr rеal еstatе invеstmеnts | 1,300 | 700 | 600 | ||
BIG Shopping Centers [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Incomе from othеr rеal еstatе invеstmеnts | 200 | 1,000 | 400 | 2,600 | |
CPP [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Incomе from othеr rеal еstatе invеstmеnts | 2,200 | 2,100 | 7,100 | 5,200 | |
Other Institutional Programs [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Incomе from othеr rеal еstatе invеstmеnts | 100 | 2,600 | 400 | 4,000 | |
RioCan [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Incomе from othеr rеal еstatе invеstmеnts | 5,800 | 7,700 | 72,700 | 23,000 | |
Latin America Portfolio [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Incomе from othеr rеal еstatе invеstmеnts | (200) | 800 | (1,300) | 35,300 | |
Other Joint Venture Programs [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Incomе from othеr rеal еstatе invеstmеnts | [3],[4],[5] | (5,500) | 27,200 | 15,900 | 52,300 |
All Equity Method Investments [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Incomе from othеr rеal еstatе invеstmеnts | $ 10,900 | $ 51,800 | $ 130,800 | $ 150,100 | |
[1] | During the nine months ended September 30, 2015, KimPru recognized aggregate impairment charges related to three properties which KimPru anticipates selling or being foreclosed on within the next year, therefore effectively shortening its anticipated hold period for these assets which resulted in the expected future cash flows being less than the carrying value. The Company's share of these impairment charges was $2.8 million. | ||||
[2] | During the nine months ended September 30, 2014, KIR recognized aggregate impairment charges of $5.0 million, of which the Company's share was $2.8 million, related to two properties which KIR anticipates selling within the next year, therefore effectively shortening its anticipated hold period for these assets which resulted in the expected future cash flows being less than the carrying value. | ||||
[3] | During September 2013, the Intown portfolio was sold and the Company maintained its guarantee on a portion of debt that was assumed by the buyer atclosing. 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 thedebt. 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 nine months ended September 30, 2015. | ||||
[4] | During the nine months ended September 30, 2014, the Company received a distribution of $15.4 million from a joint venture that was in excess of its carrying value and as such, the Company recognized this amount as equity in income. | ||||
[5] | During the nine months ended September 30, 2015, three joint ventures in which the Company holds noncontrolling interests recognized impairment charges relating to the pending sale of two properties and the pending foreclosure of one property. The Company's share of these impairment charges was $9.8 million, before income tax benefit. |
Note 4 - Investment and Advan46
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) - Summary of Properties and Land Parcels Disposed of - Real Estate Joint Ventures $ in Millions | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |||
KimPru and KimPru II [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Number of properties | 5 | |||
Number of land parcels | 1 | |||
Aggregate sales price (in millions) (in Dollars) | $ 84 | |||
KIR [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Number of properties | 4 | 2 | ||
Aggregate sales price (in millions) (in Dollars) | $ 72.6 | $ 17.7 | ||
RioCan [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Number of properties | 4 | |||
Aggregate sales price (in millions) (in Dollars) | $ 204.2 | |||
Latin America Portfolio [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Number of properties | 4 | 10 | ||
Number of land parcels | 9 | |||
Aggregate sales price (in millions) (in Dollars) | $ 16.2 | $ 202.1 | ||
Other Joint Venture Programs [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Number of properties | 6 | [1] | 14 | |
Number of land parcels | [1] | |||
Aggregate sales price (in millions) (in Dollars) | $ 123.7 | [1] | $ 158.5 | |
Other Institutional Programs [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Number of properties | [2] | 27 | ||
Number of land parcels | [2] | |||
Aggregate sales price (in millions) (in Dollars) | [2] | $ 823.6 | ||
[1] | The Company acquired the remaining interest in two of these properties. See Footnote 2 for the operating properties acquired by the Company during thenine months ended September 30, 2015. | |||
[2] | The Company acquired the remaining interest in 25 of these properties during the nine months ended September 30, 2014. |
Note 4 - Investment and Advan47
Note 4 - Investment and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for under the Equity Method - Debt Details - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 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 | $ 822.1 | $ 920 | |
Average Interest Rate | 5.54% | 5.53% | |
Average Remaining Term | [1] | 15 months 15 days | 23 months |
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 | $ 815.4 | $ 860.7 | |
Average Interest Rate | 4.62% | 5.04% | |
Average Remaining Term | [1] | 65 months 9 days | 61 months 27 days |
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 | [1] | 28 months 21 days | |
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 | $ 119.9 | $ 144.6 | |
Average Interest Rate | 5.45% | 5.52% | |
Average Remaining Term | [1] | 13 months 3 days | 22 months |
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 | $ 110.5 | $ 112 | |
Average Interest Rate | 5.15% | 5.05% | |
Average Remaining Term | [1] | 6 months 15 days | 10 months 3 days |
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 | $ 216.8 | $ 272.9 | |
Average Interest Rate | 5.28% | 5.21% | |
Average Remaining Term | [1] | 18 months 15 days | 23 months 15 days |
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 | $ 499.1 | $ 640.5 | |
Average Interest Rate | 4.09% | 4.29% | |
Average Remaining Term | [1] | 37 months | 39 months 27 days |
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 | $ 808.1 | $ 921.9 | |
Average Interest Rate | 5.30% | 5.31% | |
Average Remaining Term | [1] | 49 months | 58 months 18 days |
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 | $ 3,391.9 | $ 4,573.9 | |
[1] | Average Remaining Term includes extension options. |
Note 5 - Other Real Estate In48
Note 5 - Other Real Estate Investments and Other Assets (Details) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | ||
Note 5 - Other Real Estate Investments and Other Assets (Details) [Line Items] | ||||
Equity Method Investments | $ 833,650 | $ 1,037,218 | ||
Income (Loss) from Equity Method Investments | 130,808 | $ 150,073 | ||
Payments to Acquire Additional Interest in Subsidiaries | 30,500 | |||
Payments to Acquire Interest in Joint Venture | 87,953 | 59,602 | ||
Secured Debt | [1] | $ 1,645,946 | $ 1,424,228 | |
Albertson's, NAI and Safeway [Member] | ||||
Note 5 - Other Real Estate Investments and Other Assets (Details) [Line Items] | ||||
Number of Stores | 2,230 | |||
Number of States in which Entity Operates | 34 | |||
Preferred Equity Investments [Member] | ||||
Note 5 - Other Real Estate Investments and Other Assets (Details) [Line Items] | ||||
Equity Method Investments | $ 198,100 | |||
Number of Real Estate Properties | 422 | |||
Income (Loss) from Equity Method Investments | $ 16,500 | 17,500 | ||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 9,200 | $ 3,700 | ||
Number of Capital Transactions | 7 | 3 | ||
Preferred Equity Investments [Member] | Leased Properties [Member] | ||||
Note 5 - Other Real Estate Investments and Other Assets (Details) [Line Items] | ||||
Number of Real Estate Properties | 383 | |||
ABS Venture [Member] | ||||
Note 5 - Other Real Estate Investments and Other Assets (Details) [Line Items] | ||||
Payments to Acquire Additional Interest in Subsidiaries | $ 85,300 | |||
ABS Venture [Member] | Two Partners [Member] | ||||
Note 5 - Other Real Estate Investments and Other Assets (Details) [Line Items] | ||||
Payments to Acquire Interest in Joint Venture | 105,000 | |||
ABS Venture [Member] | Colony [Member] | ||||
Note 5 - Other Real Estate Investments and Other Assets (Details) [Line Items] | ||||
Payments to Acquire Interest in Joint Venture | $ 100,000 | |||
AB Acquisition [Member] | Colony [Member] | ||||
Note 5 - Other Real Estate Investments and Other Assets (Details) [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 4.30% | |||
AB Acquisition [Member] | ABS Venture [Member] | ||||
Note 5 - Other Real Estate Investments and Other Assets (Details) [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 14.35% | |||
AB Acquisition [Member] | Kimco [Member] | ||||
Note 5 - Other Real Estate Investments and Other Assets (Details) [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 9.80% | |||
Safeway [Member] | ||||
Note 5 - Other Real Estate Investments and Other Assets (Details) [Line Items] | ||||
Noncontrolling Interest Liability | $ 65,000 | |||
Cost Method Investments, Increase (Decrease) in Additional Paid-in Capital | 24,000 | |||
Cost Method Investment, Deferred Tax Effect | 16,000 | |||
Safeway [Member] | Other Assets [Member] | ||||
Note 5 - Other Real Estate Investments and Other Assets (Details) [Line Items] | ||||
Cost Method Investments | $ 190,300 | |||
Leveraged Lease [Member] | ||||
Note 5 - Other Real Estate Investments and Other Assets (Details) [Line Items] | ||||
Number of Real Estate Properties | 11 | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 2,100 | |||
Equity Method Investment, Ownership Percentage | 90.00% | |||
Secured Debt | $ 11,200 | |||
Proceeds from Sale of Equity Method Investments | $ 22,000 | |||
[1] | The Company determined that its valuation of Mortgages payable was classified within Level 3 of the fair value hierarchy. |
Note 6 - Variable Interest En49
Note 6 - Variable Interest Entities (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Ground Up Developments [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Note 6 - Variable Interest Entities (Details) [Line Items] | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 78.1 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 0.4 |
Variable Interest Entity, Financial or Other Support, Amount | 32.8 |
Redevelopment [Member] | Variable Interest Entity, Not Primary Beneficiary [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 | $ 7.4 |
Note 7 - Mortgages and Other 50
Note 7 - Mortgages and Other Financing Receivables (Details) CAD in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2015CAD | Sep. 30, 2015CAD | |
Note 7 - Mortgages and Other Financing Receivables (Details) [Line Items] | |||
Mortgage Loans on Real Estate, Number of Loans | 14 | 14 | |
Mortgage Loans on Real Estate | $ 26.2 | ||
Proceeds from Sale and Collection of Mortgage Notes Receivable | 51.9 | ||
In Connection in Sale of Investment [Member] | |||
Note 7 - Mortgages and Other Financing Receivables (Details) [Line Items] | |||
Financing Receivable, Gross | $ 5.7 | CAD 7.5 | |
Mortgage Loans on Real Estate, Interest Rate | 5.00% | 5.00% | |
Canadian Preferred Equity [Member] | |||
Note 7 - Mortgages and Other Financing Receivables (Details) [Line Items] | |||
Proceeds from Sale of Equity Method Investments | $ 6.1 | CAD 8 | |
Minimum [Member] | |||
Note 7 - Mortgages and Other Financing Receivables (Details) [Line Items] | |||
Loans Receivable, Basis Spread on Variable Rate | 2.50% | 2.50% | |
Maximum [Member] | |||
Note 7 - Mortgages and Other Financing Receivables (Details) [Line Items] | |||
Loans Receivable, Basis Spread on Variable Rate | 7.00% | 7.00% |
Note 8 - Marketable Securitie51
Note 8 - Marketable Securities and Other Investments (Details) - USD ($) $ in Thousands, shares in Millions | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Note 8 - Marketable Securities and Other Investments (Details) [Line Items] | ||||
Marketable Securities | [1] | $ 12,189 | $ 90,235 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,800 | |||
Proceeds from Sale and Maturity of Marketable Securities | $ 71,562 | $ 3,780 | ||
Supervalu Inc. [Member] | ||||
Note 8 - Marketable Securities and Other Investments (Details) [Line Items] | ||||
Marketable Securities, Number of Shares Sold (in Shares) | 7.7 | |||
Proceeds from Sale and Maturity of Marketable Securities | $ 70,300 | |||
Marketable Securities, Realized Gain (Loss) | $ 38,500 | |||
[1] | As of September 30, 2015 and December 31, 2014, the Company determined that $10.5 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 $1.7 million and $2.3 million, respectively, were classified within Level 3 of the fair value hierarchy. |
Note 9 - Notes and Mortgages 52
Note 9 - Notes and Mortgages Payable (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |||||
Oct. 31, 2015 | Mar. 31, 2015 | Jan. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | |||||||
Repayments of Unsecured Debt | $ 600,000 | $ 370,842 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 166 | ||||||
Long-term Debt, Fair Value | [1] | $ 1,680,714 | $ 1,481,138 | ||||
Acquired [Member] | Operating Properties [Member] | |||||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | |||||||
Number of Real Estate Properties | 35 | ||||||
Business Acquisition, Purchase Price Allocation, Fair Value Debt Adjustments | $ 22,100 | ||||||
Adjustments for New Accounting Principle, Early Adoption [Member] | Notes Payable [Member] | |||||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | |||||||
Unamortized Debt Issuance Expense | 25,900 | 20,400 | |||||
Adjustments for New Accounting Principle, Early Adoption [Member] | Mortgages Payable [Member] | |||||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | |||||||
Unamortized Debt Issuance Expense | $ 3,100 | $ 3,900 | |||||
Term Loan [Member] | |||||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | |||||||
Unsecured Debt | $ 650,000 | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.05% | ||||||
Line of Credit Facility, Interest Rate at Period End | 1.15% | ||||||
Repayments of Long-term Debt | $ 400,000 | ||||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.95% | ||||||
Senior Notes [Member] | |||||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | |||||||
Unsecured Debt | $ 350,000 | ||||||
Debt Instrument, Term | 30 years | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||||
Proceeds from Issuance of Senior Long-term Debt | $ 342,700 | ||||||
Unsecured Debt [Member] | Subsequent Event [Member] | |||||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | |||||||
Debt Instrument, Term | 7 years | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.40% | ||||||
Debt Instrument, Face Amount | $ 500,000 | ||||||
MediumrTermrNotesr[Member] | |||||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.904% | ||||||
Repayments of Unsecured Debt | $ 100,000 | ||||||
The 5.25% Senior Unsecured Notes [Member] | |||||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||||||
Repayments of Unsecured Debt | $ 100,000 | ||||||
Mortgages [Member] | |||||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | |||||||
Repayments of Long-term Debt | $ 444,900 | ||||||
Number of Real Estate Properties | 19 | ||||||
Mortgages [Member] | Operating Properties [Member] | |||||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 710,200 | ||||||
Mortgages [Member] | Fair Market Value Adjustment Amount [Member] | |||||||
Note 9 - Notes and Mortgages Payable (Details) [Line Items] | |||||||
Long-term Debt, Fair Value | $ 800 | ||||||
[1] | The Company determined that its valuation of Mortgages payable was classified within Level 3 of the fair value hierarchy. |
Note 10 - Redeemable Noncontr53
Note 10 - Redeemable Noncontrolling Interests (Details) - Redemption Value of the Redeemable Noncontrolling Interests - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Redemption Value of the Redeemable Noncontrolling Interests [Abstract] | ||
Balance at January 1, | $ 91,480 | $ 86,153 |
Balance at September 30, | 92,739 | 91,413 |
Issuance of redeemable partnership interests | 4,943 | |
Redemption value adjustment, net | 1,208 | 225 |
Other | $ 51 | $ 92 |
Note 11 - Fair Value Measurem54
Note 11 - Fair Value Measurements (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Note 11 - Fair Value Measurements (Details) [Line Items] | ||||
Marketable Securities | [1] | $ 12,189 | $ 90,235 | |
Asset Impairment Charges | 27,989 | $ 107,034 | 107,000 | |
Impairment of Real Estate | 2,200 | |||
Cost-method Investments, Other than Temporary Impairment | 4,800 | |||
Discontinued Operations [Member] | ||||
Note 11 - Fair Value Measurements (Details) [Line Items] | ||||
Asset Impairment Charges | 100 | 78,600 | ||
Fair Value, Estimate Not Practicable, Carrying (Reported) Amount [Member] | ||||
Note 11 - Fair Value Measurements (Details) [Line Items] | ||||
Impairment of Real Estate | 21,900 | 102,200 | ||
Other Real Estate Investments [Member] | ||||
Note 11 - Fair Value Measurements (Details) [Line Items] | ||||
Asset Impairment Charges | 5,300 | |||
Certain Marketable Securities [Member] | ||||
Note 11 - Fair Value Measurements (Details) [Line Items] | ||||
Asset Impairment Charges | 800 | |||
Fair Value, Inputs, Level 1 [Member] | ||||
Note 11 - Fair Value Measurements (Details) [Line Items] | ||||
Marketable Securities | 10,500 | 87,700 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Note 11 - Fair Value Measurements (Details) [Line Items] | ||||
Marketable Securities | $ 1,700 | $ 2,300 | ||
[1] | As of September 30, 2015 and December 31, 2014, the Company determined that $10.5 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 $1.7 million and $2.3 million, respectively, were classified within Level 3 of the fair value hierarchy. |
Note 11 - Fair Value Measurem55
Note 11 - Fair Value Measurements (Details) - Financial Instruments: Estimate of Fair Value Differs from Carrying Amounts - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Financial Instruments: Estimate of Fair Value Differs from Carrying Amounts [Abstract] | |||
Marketable securities (1) | [1] | $ 12,189 | $ 90,235 |
Marketable securities (1) | [1] | 12,189 | 90,035 |
Notes payable (2) | [2] | 3,852,640 | 3,171,742 |
Notes payable (2) | [2] | 3,940,295 | 3,313,936 |
Mortgages payable (3) | [3] | 1,645,946 | 1,424,228 |
Mortgages payable (3) | [3] | $ 1,680,714 | $ 1,481,138 |
[1] | As of September 30, 2015 and December 31, 2014, the Company determined that $10.5 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 $1.7 million and $2.3 million, respectively, were classified within Level 3 of the fair value hierarchy. | ||
[2] | The Company determined that its valuation of Notes payable was classified within Level 2 of the fair value hierarchy. | ||
[3] | The Company determined that its valuation of Mortgages payable was classified within Level 3 of the fair value hierarchy. |
Note 11 - Fair Value Measurem56
Note 11 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Marketable equity securities | $ 10,533 | $ 87,659 | |
Liabilities: | |||
Interest rate swaps | [1] | 1,879 | 1,404 |
Fair Value, Measurements, Nonrecurring [Member] | |||
Liabilities: | |||
Real estate | 23,838 | 80,270 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Marketable equity securities | $ 10,533 | $ 87,659 | |
Liabilities: | |||
Interest rate swaps | [1] | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities: | |||
Interest rate swaps | [1] | $ 1,879 | $ 1,404 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities: | |||
Interest rate swaps | [1] | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Liabilities: | |||
Real estate | $ 23,838 | $ 80,270 | |
[1] | Included in Other liabilities on the Company's Condensed Consolidated Balance Sheets |
Note 12 - Preferred Stock (Deta
Note 12 - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 25, 2015 | Oct. 26, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Note 12 - Preferred Stock (Details) [Line Items] | ||||
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ 1 | $ 1 | ||
Preferred Stock, Liquidation Preference, Value | $ 975,000 | $ 975,000 | ||
Scenario, Forecast [Member] | Redeemable Series H Preferred Stock [Member] | ||||
Note 12 - Preferred Stock (Details) [Line Items] | ||||
Preferred Stock, Redemption Amount | $ 175,000 | |||
Preferred Stock, Amount of Preferred Dividends in Arrears | 1,300 | |||
Subsequent Event [Member] | Redeemable Series H Preferred Stock [Member] | ||||
Note 12 - Preferred Stock (Details) [Line Items] | ||||
Stock Redeemed or Called During Period, Shares (in Shares) | 7,000,000 | |||
Preferred Stock, Dividend Rate, Percentage | 6.90% | |||
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ 1 | |||
Scenario, Forecast [Member] | Redeemable Series H Preferred Stock [Member] | ||||
Note 12 - Preferred Stock (Details) [Line Items] | ||||
Preferred Stock, Liquidation Preference, Value | $ 5,800 |
Note 12 - Preferred Stock (De58
Note 12 - Preferred Stock (Details) - Outstanding Preferred Stock - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 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) | $ 1.72500 | |
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) | $ 1.50000 | |
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) | $ 1.37500 | |
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 | 5.625% | |
Dividend Payout (in Dollars per share) | $ 1.40625 | |
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 Schedu59
Note 13 - Supplemental Schedule of Non-cash Investing / Financing Activities (Details) - Non-Cash Investing and Financing Activities - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 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 | $ 210,232 | |
Acquisition of real estate interests by issuance of redeemable units/partnership interest | 6,122 | ||
Acquisition of real estate interests through proceeds held in escrow | 39,849 | 71,116 | |
Proceeds held in escrow through sale of real estate interests | 36,733 | 147,728 | |
Disposition of real estate interests by assignment of debt | 15,744 | ||
Declaration of dividends paid in succeeding period | 111,480 | 104,858 | $ 111,143 |
Consolidation of Joint Ventures: | |||
Increase in real estate and other assets | 977,807 | 509,839 | |
Increase in mortgages payable and other liabilities | 694,530 | 373,879 | |
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 | 488 | 13,835 | |
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 | $ (5,604) | $ (3,981) |
Note 14 - Incentive Plans (Deta
Note 14 - Incentive Plans (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Note 14 - Incentive Plans (Details) [Line Items] | ||
Share-based Compensation (in Dollars) | $ 15,312 | $ 14,465 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $ 31,100 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 6 months | |
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] | ||
Note 14 - Incentive Plans (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 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] | Vesting Ratably, First Vesting [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] | Vesting Ratably, Second Vesting [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] | Vesting Ratably, Third Vesting [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] | 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% | |
Minimum [Member] | Employee Stock Option [Member] | ||
Note 14 - Incentive Plans (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Minimum [Member] | Performance Shares [Member] | ||
Note 14 - Incentive Plans (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |
Maximum [Member] | Employee Stock Option [Member] | ||
Note 14 - Incentive Plans (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Maximum [Member] | Performance Shares [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 C61
Note 15 - Accumulated Other Comprehensive Income ("AOCI") (Details) $ in Millions | Sep. 30, 2015USD ($) |
Note 15 - Accumulated Other Comprehensive Income ("AOCI") (Details) [Line Items] | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ 14.6 |
CANADA | |
Note 15 - Accumulated Other Comprehensive Income ("AOCI") (Details) [Line Items] | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 3.7 |
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 | $ (18.3) |
Note 15 - Accumulated Other C62
Note 15 - Accumulated Other Comprehensive Income ("AOCI") (Details) - Components of Accumulated Other Comprehensive Income - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of January 1, 2015 | $ 45,122 | $ (64,982) | |
Other comprehensive income before reclassifications | (21,378) | (3,638) | |
Amounts reclassified from AOCI (1) | [1] | (38,488) | |
Net current-period other comprehensive income | (59,866) | (3,638) | |
Balance as of September 30, 2015 | (14,744) | (68,620) | |
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 | $ (14,973) | (17,618) | |
Amounts reclassified from AOCI (1) | [1] | ||
Net current-period other comprehensive income | $ (14,973) | (17,618) | |
Balance as of September 30, 2015 | (14,644) | (108,595) | |
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 | (5,930) | 13,980 | |
Amounts reclassified from AOCI (1) | [1] | (38,488) | |
Net current-period other comprehensive income | (44,418) | 13,980 | |
Balance as of September 30, 2015 | 1,779 | $ 39,975 | |
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 | $ (475) | ||
Amounts reclassified from AOCI (1) | [1] | ||
Net current-period other comprehensive income | $ (475) | ||
Balance as of September 30, 2015 | $ (1,879) | ||
[1] | Amounts reclassified to Interest, dividends and other investment income on the Company's Condensed Consolidated Statements of Income. |
Note 16 - Pro Forma Financial63
Note 16 - Pro Forma Financial Information (Details) - Pro Forma Financial Information - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Pro Forma Financial Information [Abstract] | ||
Revenues from rental property | $ 851.6 | $ 846.7 |
Net income | 504.9 | 329.4 |
Net income available to the Company’s common shareholders | $ 454.7 | $ 278.4 |
Net income available to the Company’s common shareholders per common share: | ||
Basic (in Dollars per share) | $ 1.10 | $ 0.68 |
Diluted (in Dollars per share) | $ 1.10 | $ 0.68 |