Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 11, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Kimco Realty Corporation | ||
Trading Symbol | kim | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 413,710,579 | ||
Entity Public Float | $ 9,000,000,000 | ||
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 | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Rental property | |||
Land | $ 2,728,257,000 | $ 2,365,800,000 | |
Building and improvements | 8,661,362,000 | 7,520,095,000 | |
11,389,619,000 | 9,885,895,000 | ||
Less: accumulated depreciation and amortization | [1] | (2,115,320,000) | (1,955,406,000) |
9,274,299,000 | 7,930,489,000 | ||
Real estate under development | 179,190,000 | 132,331,000 | |
Real estate, net | 9,453,489,238 | 8,062,820,000 | |
Investments and advances in real estate joint ventures | 742,559,000 | 1,037,218,000 | |
Other real estate investments | 215,836,000 | 266,157,000 | |
Mortgages and other financing receivables | 23,824,000 | 74,013,000 | |
Cash and cash equivalents | 189,534,000 | 187,322,000 | |
Marketable securities | [2] | 7,565,000 | 90,235,000 |
Accounts and notes receivable, net | 175,252,000 | 172,386,000 | |
Deferred charges and prepaid expenses | 152,349,000 | 158,302,000 | |
Other assets | 383,763,000 | 212,947,000 | |
Total assets | 11,344,171,000 | 10,261,400,000 | |
Liabilities: | |||
Notes payable | [3] | 3,761,328,000 | 3,171,742,000 |
Mortgages payable | [4] | 1,614,982,000 | 1,424,228,000 |
Accounts payable and accrued expenses | 150,059,000 | 129,509,000 | |
Dividends payable | 115,182,000 | 111,143,000 | |
Other liabilities | 433,960,000 | 431,533,000 | |
Total liabilities | 6,075,511,000 | 5,268,155,000 | |
Redeemable noncontrolling interests | $ 86,709,000 | $ 91,480,000 | |
Commitments and Contingencies | |||
Stockholders' equity: | |||
Preferred stock, $1.00 par value, authorized 6,029,100 and 5,959,100 shares, respectively, 32,000 and 102,000 shares issued and outstanding (in series), respectively Aggregate liquidation preference $800,000 and $975,000, respectively | $ 32,000 | $ 102,000 | |
Common stock, $.01 par value, authorized 750,000,000 shares issued and outstanding 413,430,756 and 411,819,818 shares, respectively | 4,134,000 | 4,118,000 | |
Paid-in capital | 5,608,881,000 | 5,732,021,000 | |
Cumulative distributions in excess of net income | (572,335,000) | (1,006,578,000) | |
Accumulated other comprehensive income | 5,588,000 | 45,122,000 | |
Total stockholders' equity | 5,046,300,000 | 4,774,785,000 | |
Noncontrolling interests | 135,651,000 | 126,980,000 | |
Total equity | 5,181,951,000 | 4,901,765,000 | |
Total liabilities and equity | $ 11,344,171,000 | $ 10,261,400,000 | |
[1] | At December 31, 2015 and 2014, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $357,581 and $290,748, respectively. | ||
[2] | As of December 31, 2015 and 2014, the Company determined that $5.9 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 $2.3 million, respectively, were classified within Level 3 of the fair value hierarchy. | ||
[3] | The Company determined that its valuation of these Notes Payable was classified within Level 2 of the fair value hierarchy. | ||
[4] | The Company determined that its valuation of these Mortgages Payable was classified within Level 3 of the fair value hierarchy. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred Stock, Par Value (in Dollars per share) | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 6,029,100 | 5,959,100 |
Preferred Stock, Shares issued | 32,000 | 102,000 |
Preferred Stock, Shares Outstanding | 32,000 | 102,000 |
Preferred Stock, Aggregate Liquidation Preference (in Dollars) | $ 800,000 | $ 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 | 413,430,756 | 411,819,818 |
Common Stock, Shares Outstanding | 413,430,756 | 411,819,818 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||
Revenues from rental properties | $ 1,144,474 | $ 958,888 | $ 825,210 |
Management and other fee income | 22,295 | 35,009 | 36,317 |
Total revenues | 1,166,769 | 993,897 | 861,527 |
Operating expenses | |||
Rent | 12,347 | 14,250 | 13,347 |
Real estate taxes | 147,150 | 124,670 | 108,746 |
Operating and maintenance | 144,980 | 119,697 | 99,405 |
General and administrative expenses | 122,735 | 122,201 | 127,470 |
Provision for doubtful accounts | 6,075 | 4,882 | 6,133 |
Impairment charges | 45,464 | 217,858 | 190,218 |
Depreciation and amortization | 344,527 | 258,074 | 224,713 |
Total operating expenses | 823,197 | 683,582 | 612,061 |
Operating income | 343,572 | 310,315 | 249,466 |
Other income/(expense) | |||
Mortgage financing income | 2,940 | 3,129 | 4,304 |
Interest, dividends and other investment income | 39,061 | 966 | 16,847 |
Other income/(expense), net | 2,234 | (8,544) | 1,195 |
Interest expense | (218,891) | (203,759) | (212,240) |
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 | 168,916 | 102,107 | 59,572 |
Provision for income taxes, net | (60,230) | (22,438) | (32,654) |
Equity in income of equity method investments, net | 480,395 | 159,560 | 208,689 |
Income from continuing operations | 774,405 | 384,506 | 288,454 |
Gain on change in control of interests, net | 149,234 | 107,235 | 21,711 |
Discontinued operations | |||
(Loss)/income from discontinued operating properties, net of tax | (15) | 36,780 | 50,610 |
Impairment/loss on operating properties, net of tax | (60) | (176,315) | (143,057) |
Gain on disposition of operating properties, net of tax | 190,520 | 43,914 | |
(Loss)/income from discontinued operations | (75) | 50,985 | (48,533) |
Gain on sale of operating properties, net, net of tax | 125,813 | 389 | 1,432 |
Net income | 900,143 | 435,880 | 241,353 |
Net income attributable to noncontrolling interests | (6,028) | (11,879) | (5,072) |
Net income attributable to the Company | 894,115 | 424,001 | 236,281 |
Preferred stock redemption costs | (5,816) | ||
Preferred dividends | (57,084) | (58,294) | (58,294) |
Net income available to the Company's common shareholders | $ 831,215 | $ 365,707 | $ 177,987 |
Income from continuing operations: | |||
-Basic (in Dollars per share) | $ 2.01 | $ 0.77 | $ 0.53 |
-Diluted (in Dollars per share) | 2 | 0.77 | 0.53 |
Net income attributable to the Company: | |||
-Basic (in Dollars per share) | 2.01 | 0.89 | 0.43 |
-Diluted (in Dollars per share) | $ 2 | $ 0.89 | $ 0.43 |
Weighted average shares: | |||
-Basic (in Shares) | 411,319 | 409,088 | 407,631 |
-Diluted (in Shares) | 412,851 | 411,038 | 408,614 |
Amounts available to the Company's common shareholders: | |||
Income from continuing operations | $ 831,290 | $ 316,839 | $ 218,590 |
(Loss)/income from discontinued operations | (75) | 48,868 | (40,603) |
Joint Ventures [Member] | |||
Other income/(expense) | |||
Equity in income of equity method investments, net | 480,395 | 159,560 | 208,689 |
Other Real Estate Investments [Member] | |||
Other income/(expense) | |||
Equity in income of equity method investments, net | 36,090 | 38,042 | 31,136 |
Continuing Operations [Member] | |||
Operating expenses | |||
Impairment charges | $ 45,383 | $ 39,808 | $ 32,247 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 900,143 | $ 435,880 | $ 241,353 |
Other comprehensive income: | |||
Change in unrealized gain on marketable securities | (45,799) | 20,202 | 6,773 |
Change in unrealized loss on interest rate swaps | (22) | (1,404) | |
Change in foreign currency translation adjustment | 6,287 | 96,895 | (4,208) |
Other comprehensive (loss)/income | (39,534) | 115,693 | 2,565 |
Comprehensive income | 860,609 | 551,573 | 243,918 |
Comprehensive income attributable to noncontrolling interests | (6,028) | (17,468) | (6,436) |
Comprehensive income attributable to the Company | 854,581 | 534,105 | $ 237,482 |
Interest Rate Swap [Member] | |||
Other comprehensive income: | |||
Change in unrealized loss on interest rate swaps | $ (22) | $ (1,404) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - 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 | ||||
Balance at Dec. 31, 2012 | $ (824,008) | $ (66,182) | $ 102 | $ 4,078 | $ 5,651,170 | $ 4,765,160 | $ 167,320 | $ 4,932,480 | ||||||||
Balance (in Shares) at Dec. 31, 2012 | 102,000 | 407,782,000 | ||||||||||||||
Contributions from noncontrolling interests | 1,026 | 1,026 | ||||||||||||||
Comprehensive income: | ||||||||||||||||
Net income | 236,281 | 236,281 | 5,072 | 241,353 | ||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||
Change in unrealized gain on marketable securities | 6,773 | 6,773 | 6,773 | |||||||||||||
Change in foreign currency translation adjustment | (5,573) | (5,573) | 1,365 | (4,208) | ||||||||||||
Redeemable noncontrolling interests income | (6,892) | (6,892) | ||||||||||||||
Class J Depositary Share, and $1.40625 per | ||||||||||||||||
Dividends | (408,331) | (408,331) | (408,331) | |||||||||||||
Distributions to noncontrolling interests | (10,686) | (10,686) | ||||||||||||||
Issuance of stock | $ 5 | 9,208 | 9,213 | 9,213 | ||||||||||||
Issuance of stock (in Shares) | 560,000 | |||||||||||||||
Surrender of common stock | $ (2) | (3,889) | (3,891) | (3,891) | ||||||||||||
Surrender of common stock (in Shares) | (247,000) | |||||||||||||||
Exercise of common stock options | $ 16 | 30,193 | 30,209 | $ 30,209 | ||||||||||||
Exercise of common stock options (in Shares) | 1,636,000 | 1,636,300 | ||||||||||||||
Acquisition of noncontrolling interests | (8,894) | (8,894) | (20,096) | $ (28,990) | ||||||||||||
Amortization of equity awards | 11,470 | 11,470 | 11,470 | |||||||||||||
Balance at Dec. 31, 2013 | (996,058) | (64,982) | $ 102 | $ 4,097 | 5,689,258 | 4,632,417 | 137,109 | 4,769,526 | ||||||||
Balance (in Shares) at Dec. 31, 2013 | 102,000 | 409,731,000 | ||||||||||||||
Contributions from noncontrolling interests | 6,259 | 6,259 | ||||||||||||||
Comprehensive income: | ||||||||||||||||
Net income | 424,001 | 424,001 | 11,879 | 435,880 | ||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||
Change in unrealized gain on marketable securities | 20,202 | 20,202 | 20,202 | |||||||||||||
Change in unrealized gain on interest rate swaps | (1,404) | (1,404) | (1,404) | |||||||||||||
Change in foreign currency translation adjustment | 91,306 | 91,306 | 5,589 | 96,895 | ||||||||||||
Redeemable noncontrolling interests income | (6,335) | (6,335) | ||||||||||||||
Class J Depositary Share, and $1.40625 per | ||||||||||||||||
Dividends | (434,521) | (434,521) | (434,521) | |||||||||||||
Distributions to noncontrolling interests | (26,755) | (26,755) | ||||||||||||||
Issuance of stock | $ 169,200 | [1] | $ 387,200 | [2] | $ 217,800 | [3] | $ 169,100 | [3] | $ 8 | 14,039 | 14,047 | 14,047 | ||||
Issuance of stock (in Shares) | 7,000,000 | [1] | 16,000,000 | [2] | 9,000,000 | [3] | 7,000,000 | [3] | 805,000 | |||||||
Surrender of common stock | $ (2) | (4,049) | (4,051) | (4,051) | ||||||||||||
Surrender of common stock (in Shares) | (190,000) | |||||||||||||||
Exercise of common stock options | $ 15 | 23,859 | 23,874 | $ 23,874 | ||||||||||||
Exercise of common stock options (in Shares) | 1,474,000 | 1,474,432 | ||||||||||||||
Acquisition of noncontrolling interests | (294) | (294) | (766) | $ (1,060) | ||||||||||||
Amortization of equity awards | 9,208 | 9,208 | 9,208 | |||||||||||||
Balance at Dec. 31, 2014 | (1,006,578) | 45,122 | $ 102 | $ 4,118 | 5,732,021 | 4,774,785 | 126,980 | 4,901,765 | ||||||||
Balance (in Shares) at Dec. 31, 2014 | 70,000 | 16,000 | 9,000 | 7,000 | 102,000 | 411,820,000 | ||||||||||
Contributions from noncontrolling interests | 66,163 | 66,163 | ||||||||||||||
Comprehensive income: | ||||||||||||||||
Net income | 894,115 | 894,115 | 6,028 | 900,143 | ||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||
Change in unrealized gain on marketable securities | (45,799) | (45,799) | (45,799) | |||||||||||||
Change in unrealized gain on interest rate swaps | (22) | (22) | (22) | |||||||||||||
Change in foreign currency translation adjustment | 6,287 | 6,287 | 6,287 | |||||||||||||
Redeemable noncontrolling interests income | (7,061) | (7,061) | ||||||||||||||
Class J Depositary Share, and $1.40625 per | ||||||||||||||||
Dividends | (459,872) | (459,872) | (459,872) | |||||||||||||
Distributions to noncontrolling interests | (8,539) | (8,539) | ||||||||||||||
Issuance of stock | $ 387,200 | [2] | $ 217,800 | [3] | $ 169,100 | [3] | $ 8 | 485 | 493 | 493 | ||||||
Issuance of stock (in Shares) | 16,000,000 | [2] | 9,000,000 | [3] | 7,000,000 | [3] | 824,000 | |||||||||
Surrender of common stock | $ (2) | (5,680) | (5,682) | (5,682) | ||||||||||||
Surrender of common stock (in Shares) | (232,000) | |||||||||||||||
Exercise of common stock options | $ 10 | 18,698 | 18,708 | $ 18,708 | ||||||||||||
Exercise of common stock options (in Shares) | 1,019,000 | 1,019,240 | ||||||||||||||
Sale of interests in investments, net of tax of $16.0 million | 23,993 | 23,993 | $ 23,993 | |||||||||||||
Acquisition of noncontrolling interests | 262 | 262 | (47,920) | (47,658) | ||||||||||||
Amortization of equity awards | 14,032 | 14,032 | 14,032 | |||||||||||||
Redemption of preferred stock | $ (70) | (174,930) | (175,000) | (175,000) | ||||||||||||
Redemption of preferred stock (in Shares) | (7,000,000) | (70,000) | ||||||||||||||
Balance at Dec. 31, 2015 | $ (572,335) | $ 5,588 | $ 32 | $ 4,134 | $ 5,608,881 | $ 5,046,300 | $ 135,651 | $ 5,181,951 | ||||||||
Balance (in Shares) at Dec. 31, 2015 | 16,000 | 9,000 | 7,000 | 32,000 | 413,431,000 | |||||||||||
[1] | The net proceeds received from this offering were used for general corporate purposes, including the reduction of borrowings outstanding under the Company's revolving credit facility and the redemption of shares of the Company's preferred stock. | |||||||||||||||
[2] | The net proceeds received from this offering were used for the redemption of all the outstanding depositary shares representing the Company's Class F preferred stock, which redemption occurred on August 15, 2012 with the remaining proceeds used towards the redemption of outstanding depositary shares representing the Company's Class G preferred stock, which redemption occurred on October 10, 2012 and general corporate purposes. | |||||||||||||||
[3] | The net proceeds received from this offering were used for general corporate purposes, including funding towards the repayment of maturing Senior Unsecured Notes. |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends per Common Share | $ 0.975 | $ 0.915 | $ 0.855 |
Series H Preferred Stock [Member] | |||
Dividends per Depositary share | 1.485 | 1.725 | 1.725 |
Series I Preferred Stock [Member] | |||
Dividends per Depositary share | 1.5000 | 1.5000 | 1.5000 |
Series J Preferred Stock [Member] | |||
Dividends per Depositary share | 1.3750 | 1.3750 | 1.3750 |
Series K Preferred Stock [Member] | |||
Dividends per Depositary share | $ 1.40625 | $ 1.40625 | $ 1.40625 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flow from operating activities: | |||
Net income | $ 900,143 | $ 435,880 | $ 241,353 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 344,527 | 273,093 | 257,855 |
Impairment charges | 45,464 | 217,858 | 190,218 |
Equity award expense | 18,465 | 17,879 | 18,897 |
Gain on sale of operating properties | (132,907) | (203,889) | (51,529) |
Gain on sale of marketable securities | (39,852) | (12,135) | |
Gain on change in control of interests, net | (149,234) | (107,235) | (21,711) |
Equity in income of joint ventures, net | (480,395) | (159,560) | (208,689) |
Equity in income from other real estate investments, net | (36,090) | (38,042) | (31,136) |
Distributions from joint ventures and other real estate investments | 126,263 | 255,532 | 258,050 |
Change in accounts and notes receivable | (2,867) | (8,060) | 7,213 |
Change in accounts payable and accrued expenses | 164 | (1,095) | 10,166 |
Change in other operating assets and liabilities | (99,980) | (53,018) | (88,517) |
Net cash flow provided by operating activities | 493,701 | 629,343 | 570,035 |
Cash flow from investing activities: | |||
Acquisition of operating real estate and other related net assets | (661,423) | (384,828) | (354,287) |
Improvements to operating real estate | (166,670) | (131,795) | (107,277) |
Acquisition of real estate under development | (16,355) | (65,724) | |
Improvements to real estate under development | (16,861) | (418) | (591) |
Investment in marketable securities | (257) | (11,445) | (33,588) |
Proceeds from sale/repayments of marketable securities | 76,170 | 3,780 | 26,406 |
Investments and advances to real estate joint ventures | (91,609) | (93,845) | (296,550) |
Reimbursements of investments and advances to real estate joint ventures | 94,053 | 222,590 | 440,161 |
Distributions from liquidation of real estate joint ventures | 373,833 | ||
Return of investment from liquidation of real estate joint ventures | 88,672 | ||
Investment in other real estate investments | (641) | (4,338) | (23,566) |
Reimbursements of investments and advances to other real estate investments | 40,556 | 16,312 | 30,151 |
Investment in mortgage loans receivable | (50,000) | (11,469) | |
Collection of mortgage loans receivable | 55,145 | 8,302 | 29,192 |
Investment in other investments | (190,278) | (21,366) | |
Reimbursements of other investments | 9,175 | ||
Proceeds from sale of operating properties | 437,030 | 612,748 | 385,844 |
Proceeds from sale of development properties | 5,366 | ||
Net cash flow provided by investing activities | 21,365 | 126,705 | 72,235 |
Cash flow from financing activities: | |||
Principal payments on debt, excluding normal amortization and including debt defeasance of rental property debt | (555,627) | (327,963) | (256,346) |
Principal payments on rental property debt | (28,632) | (22,841) | (23,804) |
Proceeds from mortgage loan financings | 15,700 | 35,974 | |
Repayments under the unsecured revolving credit facility, net | (100,000) | (94,354) | (57,775) |
Proceeds from issuance of unsecured term loan/notes | 1,500,030 | 500,000 | 621,562 |
Repayments under unsecured term loan/notes | (750,000) | (370,842) | (546,717) |
Financing origination costs | (16,901) | (11,911) | (8,041) |
Contribution of noncontrolling interests | 106,154 | 1,917 | |
Conversion/redemption of noncontrolling interests | (55,753) | (3,201) | (30,086) |
Dividends paid | (455,833) | (427,873) | (400,354) |
Proceeds from issuance of stock | 18,708 | 23,874 | 30,210 |
Redemption of preferred stock | (175,000) | ||
Net cash flow used for financing activities | (512,854) | (717,494) | (635,377) |
Change in cash and cash equivalents | 2,212 | 38,554 | 6,893 |
Cash and cash equivalents, beginning of year | 187,322 | 148,768 | 141,875 |
Cash and cash equivalents, end of year | 189,534 | 187,322 | 148,768 |
Interest paid during the year (net of capitalized interest of $5,618, $2,383, $1,263, respectively) | 232,950 | 207,632 | 216,258 |
Income taxes paid during the year | $ 100,366 | $ 23,292 | $ 33,838 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash paid for capitalized interest | $ 5,618 | $ 2,383 | $ 1,263 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies: Business Kimco Realty Corporation and subsidiaries (the "Company" or "Kimco"), affiliates and related real estate joint ventures are engaged principally in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by discount department stores, supermarkets or drugstores. Additionally, the Company provides complementary services that capitalize on the Company’s established retail real estate expertise. The Company evaluates performance on a property specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Additionally, in connection with the Tax Relief Extension Act of 1999 (the "RMA"), which became effective January 1, 2001, the Company is permitted to participate in activities which it was precluded from previously in order to maintain its qualification as a Real Estate Investment Trust ("REIT"), so long as these activities are conducted in entities which elect to be treated as taxable subsidiaries under the Internal Revenue Code, as amended (the "Code"), subject to certain limitations. As such, the Company, through its wholly-owned taxable REIT subsidiaries (“TRS”), has been engaged in various retail real estate related opportunities including retail real estate management and disposition services which primarily focuses on leasing and disposition strategies of retail real estate controlled by both healthy and distressed and/or bankrupt retailers. The Company may consider other investments through its TRS should suitable opportunities arise. Principles of Consolidation and Estimates The accompanying Consolidated Financial Statements include the accounts of Kimco Realty Corporation and subsidiaries (the “Company”). The Company’s subsidiaries includes subsidiaries which are wholly-owned and all entities in which the Company has a controlling 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. GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and related intangible assets and liabilities, equity method investments, marketable securities and other investments, including the assessment of impairments, as well as, depreciable lives, revenue recognition, the collectability of trade accounts receivable, realizability of deferred tax assets and the assessment of uncertain tax positions. Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a result, actual results could differ from these estimates. Subsequent Events The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its consolidated financial statements. Real Estate Real estate assets are stated at cost, less accumulated depreciation and amortization. Upon acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships, where applicable), assumed debt and redeemable units issued at the date of acquisition, based on evaluation of information and estimates available at that date. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments, are recognized in the reporting period in which the adjustment is identified. The Company expenses transaction costs associated with business combinations in the period incurred. In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the present value of the difference between the contractual amounts, including fixed rate below-market lease renewal options, to be paid pursuant to the leases and management’s estimate of the market lease rates and other lease provisions (i.e., expense recapture, base rental changes, etc.) measured over a period equal to the estimated remaining term of the lease. The capitalized above-market or below-market intangible is amortized to rental income over the estimated remaining term of the respective leases, which includes the expected renewal option period. Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument. In determining the value of in-place leases, management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses, estimates of lost rental revenue during the expected lease-up periods and costs to execute similar leases including leasing commissions, legal and other related costs based on current market demand. The value assigned to in-place leases and tenant relationships is amortized over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs relating to that lease would be written off. Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows: Buildings and building improvements 15 to 50 years Fixtures, leasehold and tenant improvements (including certain identified intangible assets) Terms of leases or useful lives, whichever is shorter The Company periodically assesses the useful lives of its depreciable real estate assets, including those expected to be redeveloped in future periods, and accounts for any revisions prospectively. Expenditures for maintenance, repairs and demolition costs are charged to operations as incurred. Significant renovations and replacements, which improve or extend the life of the asset, are capitalized. The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life. When a real estate asset is identified by management as held-for-sale, the Company ceases depreciation of the asset and estimates the sales price, net of selling costs. If the net sales price of the asset is less than the net book value of the asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property, less estimated costs of sale. On a continuous basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated holding period and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired. A property value is considered impaired only if management’s estimate of current and projected operating cash flows (undiscounted and unleveraged) of the property over its remaining hold period is less than the net carrying value of the property. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the carrying value of the property would be adjusted to an amount to reflect the estimated fair value of the property. Real Estate Under Development Real estate under development represents the ground-up development of open-air shopping center projects which the Company plans to hold as long-term investments. These properties are carried at cost. The cost of land and buildings under development includes specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs of personnel directly involved and other costs incurred during the period of development. The Company ceases cost capitalization when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity. If, in management’s opinion, the current and projected undiscounted cash flows of these assets to be held as long-term investments is less than the net carrying value, the carrying value would be adjusted to an amount that reflects the estimated fair value of the property. Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting as the Company exercises significant influence, but does not control these entities. These investments are recorded initially at cost and subsequently adjusted for cash contributions, distributions and our share of earnings and losses. Earnings or losses for each investment are recognized in accordance with each respective investment agreement and where applicable, based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period. The Company’s joint ventures and other real estate investments primarily consist of co-investments with institutional and other joint venture partners in neighborhood and community shopping center properties, consistent with its core business. These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting the Company’s exposure to losses primarily to the amount of its equity investment; and due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. The Company, on a limited selective basis, has obtained unsecured financing for certain joint ventures. These unsecured financings may be guaranteed by the Company with guarantees from the joint venture partners for their proportionate amounts of any guaranty payment the Company is obligated to make. To recognize the character of distributions from equity investees within its consolidated statements of cash flows, all distributions received are presumed to be returns on investment and classified as cash inflows from operating activities unless the Company’s cumulative distributions received less distributions received in prior periods that were determined to be returns of investment exceed its cumulative equity in earnings recognized by the investor (as adjusted for amortization of basis differences). When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and classified as cash inflows from investing. On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Company’s estimated fair values are based upon a discounted cash flow model for each joint venture that includes all estimated cash inflows and outflows over a specified holding period. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates. Other Real Estate Investments Other real estate investments primarily consist of preferred equity investments for which the Company provides capital to owners and developers of real estate. The Company typically accounts for its preferred equity investments on the equity method of accounting, whereby earnings for each investment are recognized in accordance with each respective investment agreement and based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period. On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company’s Other real estate investments may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Company’s estimated fair values are based upon a discounted cash flow model for each investment that includes all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates. Mortgages and Other Financing Receivables Mortgages and other financing receivables consist of loans acquired and loans originated by the Company. Borrowers of these loans are primarily experienced owners, operators or developers of commercial real estate. The Company’s loans are primarily mortgage loans that are collateralized by real estate. Mortgages and other financing receivables are recorded at stated principal amounts, net of any discount or premium or deferred loan origination costs or fees. The related discounts or premiums on mortgages and other loans purchased are amortized or accreted over the life of the related loan receivable. The Company defers certain loan origination and commitment fees, net of certain origination costs and amortizes them as an adjustment of the loan’s yield over the term of the related loan. The Company reviews on a quarterly basis credit quality indicators such as (i) payment status to identify performing versus non-performing loans, (ii) changes affecting the underlying real estate collateral and (iii) national and regional economic factors. Interest income on performing loans is accrued as earned. A non-performing loan is placed on non-accrual status when it is probable that the borrower may be unable to meet interest payments as they become due. Generally, loans 90 days or more past due are placed on non-accrual status unless there is sufficient collateral to assure collectability of principal and interest. Upon the designation of non-accrual status, all unpaid accrued interest is reserved and charged against current income. Interest income on non-performing loans is generally recognized on a cash basis. Recognition of interest income on non-performing loans on an accrual basis is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms. The Company has determined that it has one portfolio segment, primarily represented by loans collateralized by real estate, whereby it determines, as needed, reserves for loan losses on an asset-specific basis. The reserve for loan losses reflects management's estimate of loan losses as of the balance sheet date. The reserve is increased through loan loss expense and is decreased by charge-offs when losses are confirmed through the receipt of assets such as cash or via ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased. The Company considers a loan to be impaired when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due under the existing contractual terms. A reserve allowance is established for an impaired loan when the estimated fair value of the underlying collateral (for collateralized loans) or the present value of expected future cash flows is lower than the carrying value of the loan. An internal valuation is performed generally using the income approach to estimate the fair value of the collateral at the time a loan is determined to be impaired. The model is updated if circumstances indicate a significant change in value has occurred. The Company does not provide for an additional allowance for loan losses based on the grouping of loans as the Company believes the characteristics of the loans are not sufficiently similar to allow an evaluation of these loans as a group for a possible loan loss allowance. As such, all of the Company’s loans are evaluated individually for impairment purposes. Cash and Cash Equivalents Cash and cash equivalents include demand deposits in banks, commercial paper and certificates of deposit with original maturities of three months or less. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured up to applicable account limits. Recoverability of investments is dependent upon the performance of the issuers. Marketable Securities The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB’s Investments-Debt and Equity Securities guidance. These securities are carried at fair market value with unrealized gains and losses reported in stockholders’ equity as a component of Accumulated other comprehensive income ("AOCI"). Gains or losses on securities sold are based on the specific identification method and are recognized in Interest, dividends and other investment income on the Company’s Consolidated Statements of Income. All debt securities are generally classified as held-to-maturity because the Company has the positive intent and ability to hold the securities to maturity. It is more likely than not that the Company will not be required to sell the debt security before its anticipated recovery and the Company expects to recover the security’s entire amortized cost basis even if the entity does not intend to sell. Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity. Debt securities which contain conversion features generally are classified as available-for-sale. On a continuous basis, management assesses whether there are any indicators that the value of the Company’s marketable securities may be impaired, which includes reviewing the underlying cause of any decline in value and the estimated recovery period, as well as the severity and duration of the decline. In the Company’s evaluation, the Company considers its ability and intent to hold these investments for a reasonable period of time sufficient for the Company to recover its cost basis. A marketable security is impaired if the fair value of the security is less than the carrying value of the security and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the security over the estimated fair value in the security. Deferred Leasing Costs Costs incurred in obtaining tenant leases, included in deferred charges and prepaid expenses in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, over the terms of the related leases, as applicable. Such capitalized costs include salaries, lease incentives and related costs of personnel directly involved in successful leasing efforts. Software Development Costs Expenditures for major software purchases and software developed for internal use are capitalized and amortized on a straight-line basis generally over a 3 to 5 year period. The Company’s policy provides for the capitalization of external direct costs of materials and services associated with developing or obtaining internal use computer software. In addition, the Company also capitalizes certain payroll and payroll-related costs for employees who are directly associated with internal use computer software projects. The amount of capitalizable payroll costs with respect to these employees is limited to the time directly spent on such projects. Costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred. As of December 31, 2015 and 2014, the Company had unamortized software development costs of $16.1 million and $24.0 million, respectively, which is included in Other assets on the Company’s Consolidated Balance Sheets. The Company expensed $10.7 million, $9.2 million and $7.6 million in amortization of software development costs during the years ended December 31, 2015, 2014 and 2013, respectively. Deferred Financing Costs Costs incurred in obtaining long-term financing, included in Notes Payable and Mortgages Payable in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements, as applicable. Revenue and Gain Recognition and Accounts Receivable Base rental revenues from rental property are recognized on a straight-line basis over the terms of the related leases. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. These percentage rents are recognized once the required sales level is achieved. Rental income may also include payments received in connection with lease termination agreements. In addition, leases typically provide for reimbursement to the Company of common area maintenance costs, real estate taxes and other operating expenses. Operating expense reimbursements are recognized as earned. Management and other fee income consists of property management fees, leasing fees, property acquisition and disposition fees, development fees and asset management fees. These fees arise from contractual agreements with third parties or with entities in which the Company has a noncontrolling interest. Management and other fee income, including acquisition and disposition fees, are recognized as earned under the respective agreements. Management and other fee income related to partially owned entities are recognized to the extent attributable to the unaffiliated interest. Gains and losses from the sale of depreciated operating property and ground-up development projects are recognized using the full accrual method in accordance with the FASB’s real estate sales guidance, provided that various criteria relating to the terms of sale and subsequent involvement by the Company with the properties are met. Gains and losses on transfers of operating properties result from the sale of a partial interest in properties to unconsolidated joint ventures and are recognized using the partial sale provisions of the FASB’s real estate sales guidance. The Company makes estimates of the uncollectability of its accounts receivable related to base rents, straight-line rent, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net earnings are directly affected by management’s estimate of the collectability of accounts receivable. Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of $13.9 million and $10.4 million of billed accounts receivable at December 31, 2015 and 2014, respectively. Additionally, Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of $17.9 million and $22.9 million of straight-line rent receivable at December 31, 2015 and 2014, respectively. Income Taxes The Company has made an election to qualify, and believes it is operating so as to qualify, as a REIT for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under Section 856 through 860 of the Code. In connection with the RMA, which became effective January 1, 2001, the Company is permitted to participate in certain activities which it was previously precluded from in order to maintain its qualification as a REIT, so long as these activities are conducted by entities which elect to be treated as taxable REIT subsidiaries under the Code. As such, the Company is subject to federal and state income taxes on the income from these activities. The Company is also subject to local taxes on certain non-U.S. investments. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. The Company reviews the need to establish a valuation allowance against deferred tax assets on a quarterly basis. The review includes an analysis of various factors, such as future reversals of existing taxable temporary differences, the capacity for the carryback or carryforward of any losses, the expected occurrence of future income or loss and available tax planning strategies. The Company applies the FASB’s guidance relating to uncertainty in income taxes recognized in a Company’s financial statements. Under this guidance the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. Foreign Currency Translation and Transactions Assets and liabilities of the Company’s foreign operations are translated using year-end exchange rates, and revenues and expenses are translated using exchange rates as determined throughout the year. Gains or losses resulting from translation are included in AOCI, as a separate component of the Company’s stockholders’ equity. Gains or losses resulting from foreign currency transactions are translated to local currency at the rates of exchange prevailing at the dates of the transactions. The effect of the transactions gain or loss is included in the caption Other income/(expense), net in the Consolidated Statements of Income. The Company is required to release cumulative translation adjustment (“CTA”) balances into earnings when the Company has substantially liquidated its investment in a foreign entity. Derivative/Financial Instruments The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risk through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may use derivatives to manage exposures that arise from changes in interest rates, foreign currency exchange rate fluctuations and market value fluctuations of equity securities. The Company limits these risks by following established risk management policies and procedures including the use of derivatives. The Company measures its derivative instruments at fair value and records them in the Consolidated Balance Sheet as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. The accounting for changes in the fair value of the derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting under the Derivatives and Hedging guidance issued by the FASB. The effective portion of the changes in fair value of derivatives designated and that qualify as cash flow hedges is recorded in AOCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Any ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During 2015, 2014 and 2013, the Company had no hedge ineffectiveness. Noncontrolling Interests The Company accounts for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. The Company identifies its noncontrolling interests separately |
Note 2 - Real Estate
Note 2 - Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | 2. Real Estate: The Company’s components of Rental property consist of the following (in thousands): December 31, 2015 2014 Land $ 2,660,722 $ 2,291,338 Undeveloped land 67,535 74,462 Buildings and improvements: Buildings 5,643,629 4,909,152 Building improvements 1,559,652 1,349,028 Tenant improvements 727,036 658,868 Fixtures and leasehold improvements 47,055 61,122 Above market leases 155,451 121,774 In-place leases 509,435 399,293 Tenant relationships 19,104 20,858 11,389,619 9,885,895 Accumulated depreciation and amortization (1) (2,115,320 ) (1,955,406 ) Total $ 9,274,299 $ 7,930,489 (1) At December 31, 2015 and 2014, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $357,581 and $290,748, respectively. In addition, at December 31, 2015 and 2014, the Company had intangible liabilities relating to below-market leases from property acquisitions of $291.7 million and $255.4 million, respectively, net of accumulated amortization of $193.7 million and $169.8 million, respectively. These amounts are included in the caption Other liabilities on the Company’s Consolidated Balance Sheets. The Company’s amortization associated with above and below market leases for the years ended December 31, 2015, 2014 and 2013, resulted in net increases to revenue of $18.5 million, $13.5 million and $11.5 million, respectively. The Company’s amortization expense associated with leases in place and tenant relationships, which is included in depreciation and amortization, for the years ended December 31, 2015, 2014 and 2013 was $68.3 million, $41.2 million and $31.1 million, respectively. The estimated net amortization income/(expense) associated with the Company’s above and below market leases, tenant relationships and leases in place for the next five years are as follows (in millions): 2016 2017 2018 2019 2020 Above and below market leases amortization, net $ 10.3 $ 9.9 $ 9.9 $ 10.5 $ 10.8 Tenant relationships and leases in place amortization $ (53.1 ) $ (39.0 ) $ (28.5 ) $ (22.1 ) $ (16.3 ) |
Note 3 - Property Acquisitions,
Note 3 - Property Acquisitions, Developments and Other Investments | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 3. Property Acquisitions, Developments and Other Investments: Acquisition of Operating Properties During the year ended December 31, 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 (1) 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 (2 Parcels) Woodridge, IL Jun-15 5,611 - - 5,611 12 Montgomery Plaza Fort Worth , TX (1) Jul-15 34,522 29,311 9,044 72,877 291 125 Coulter Avenue Parcel Ardmore, PA Sep-15 1,925 - - 1,925 6 Conroe Marketplace Conroe, TX (1) Oct-15 18,546 42,350 3,104 64,000 289 Laurel Plaza Laurel , MD Oct-15 1,200 - - 1,200 4 District Heights District Heights, MD (1) Nov-15 13,140 13,255 950 27,345 91 Village on the Park Aurora , CO Nov-15 824 - - 824 10 Christown Mall Phoenix , AZ Nov-15 51,351 63,899 - 115,250 833 Washington St. Plaza Parcels Brighton, MA Dec-15 8,750 - - 8,750 - $ 712,055 $ 807,591 $ 252,467 $ 1,772,113 7,519 * The Company utilized $89.5 million associated with Internal Revenue Code §1031 sales proceeds. ** Gross leasable area ("GLA") *** Includes the Company’s previously held equity interest investment. (1) The Company acquired from its partners the remaining ownership interest in these properties that were held in joint ventures in which the Company had a noncontrolling interest. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain on change in control of interest, net resulting from the fair value adjustment associated with the Company’s previously held equity interest, which is included in the purchase price above in Other. The Company’s previous ownership interest and gain on change in control of interests, net recognized as a result of these transactions are as follows: Property Name Previous Ownership Interest Gain on change in control of interests, net Elmont Plaza 50.0 % $ (0.2 ) Kimstone Portfolio (39 properties) 33.3 % 140.0 Montgomery Plaza 20.0 % 6.3 Conroe Marketplace 15.0 % 2.4 District Heights 15.0 % 0.7 $ 149.2 During the year ended December 31, 2014, the Company acquired the following properties, in separate transactions (in thousands): Purchase Price Property Name Location Month Acquired Cash* Debt Other *** Total GLA** North Valley Leasehold Peoria, AZ Jan-14 $ 3,000 $ - $ - $ 3,000 - LaSalle Properties (3 properties) Various (1) Jan-14 62,239 23,269 7,642 93,150 316 Harrisburg Land Parcel Harrisburg, PA Jan-14 2,550 - - 2,550 - Crossroads Plaza Cary, NC Feb-14 18,691 72,309 - 91,000 489 Quail Corners Charlotte, NC (2) Mar-14 9,398 17,409 4,943 31,750 110 KIF 1 Portfolio (12 properties) Various (1) Apr-14 128,699 157,010 122,291 408,000 1,589 Fountain at Arbor Lakes (2 Parcels) Maple Grove, MN Apr-14 900 - - 900 - Boston Portfolio (24 properties) Various Apr-14 149,486 120,514 - 270,000 1,426 Vinnin Square Swampscott, MA May-14 2,550 - - 2,550 6 SEB Portfolio (10 properties) Various (1) Jul-14 69,261 193,600 12,911 275,772 1,415 Highlands Ranch Parcel Highlands Ranch, CO Sep-14 3,800 - - 3,800 10 BIG Portfolios (7 properties) Various (1) Oct-14 - 118,439 76,511 194,950 1,148 Springfield S.C. Springfield, MO Nov-14 8,800 - - 8,800 210 North Quincy Plaza Quincy, MA (1) Dec-14 20,470 - 2,530 23,000 81 Belmart Plaza West Palm Beach, FL (1) Dec-14 3,208 - 2,807 6,015 77 Braelinn Village Peachtree City, GA Dec-14 27,000 - - 27,000 227 $ 510,052 $ 702,550 $ 229,635 $ 1,442,237 7,104 * Includes 1031 sales proceeds of $126.8 million ** Gross leasable area ("GLA") *** Includes the Company’s previously held equity interest investment. (1) The Company acquired from its partners the remaining ownership interest in these properties that were held in joint ventures in which the Company had a noncontrolling interest. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain on change in control of interest, net resulting from the fair value adjustment associated with the Company’s previously held equity interest, which is included in the purchase price above in Other. The Company’s previous ownership interest and gain on change in control of interests, net recognized as a result of these transactions are as follows: Property Name Previous Ownership Interest Gain on change in control of interests, net LaSalle Properties (3 properties) 11.0 % $ 3.7 KIF 1 Portfolio (12 properties) 39.1 % 65.6 SEB Portfolio (10 properties) 15.0 % 14.4 BIG Portfolios (7 properties) 50.1 % 19.5 North Quincy Plaza 11.0 % 2.2 Belmart Plaza 21.5 % 1.8 $ 107.2 (2) The Company acquired a 65.4% controlling ownership interest in this property and the seller retained a 34.6% noncontrolling interest in the property. The partner has the ability to put its partnership interest to the Company. As such, the Company has recorded the partners’ share of the property’s fair value of $4.9 million as Redeemable noncontrolling interests on the Company’s Consolidated Balance Sheets. During 2015, the Company acquired the partners’ noncontrolling interest and now fully owns the property. 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 year ended December 31, 2015, has been allocated as follows (in thousands): Preliminary Allocation Allocation Adjustments (1) Revised Allocation a s of December 31 , 2015 Weighted-Average Amortization Period (in Years) Land $ 482,422 $ (37,796 ) $ 444,626 - Buildings 973,747 89,377 1,063,124 50.0 Above market leases 35,948 (1,766 ) 34,182 7.2 Below market leases (79,868 ) 4,871 (74,997 ) 17.7 In-place leases 180,069 (54,076 ) 125,993 4.7 Building improvements 177,944 (8,828 ) 169,116 45.0 Tenant improvements 26,596 8,218 34,814 6.1 Mortgage fair value adjustment (27,615 ) - (27,615 ) 3.0 Other assets 3,058 - 3,058 - Other liabilities (188 ) - (188 ) - Net assets acquired $ 1,772,113 $ - $ 1,772,113 (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 adjusted the preliminary allocation amounts recorded for properties acquired during 2015. The impact of these allocation adjustments on the Company’s tangible and intangible assets and liabilities are reflected in the table above. The aggregate purchase price of the properties acquired during the year ended December 31, 2014, has been allocated as follows (in thousands): Land $ 414,879 Buildings 679,753 Above market leases 30,307 Below market leases (81,362 ) In-place leases 113,513 Building improvements 290,882 Tenant improvements 26,536 Mortgage fair value adjustment (39,368 ) Other assets 7,097 Other liabilities - Net assets acquired $ 1,442,237 In addition, during the year ended December 31, 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 closed 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 consolidated this property pursuant to the FASB’s Consolidation guidance. Additionally, as the Company was 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 Consolidated Balance Sheets at December 31, 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 Consolidated Balance Sheets and the remaining $14.6 million was allocated to Operating real estate on the Company’s Consolidated Balance Sheets. During the year ended December 31, 2015, the Company acquired three land parcels, in separate transactions, for an aggregate purchase price of $30.0 million. Ground-Up Development The Company is engaged in ground-up development projects, which will be held as long-term investments by the Company. As of December 31, 2015, the Company had in progress a total of five ground-up development projects located in the U.S. These land parcels will be developed into open-air shopping centers aggregating 1.9 million square feet of GLA with a total estimated aggregate project cost of $446.5 million. During 2015, the Company acquired, in separate transactions, two additional land parcels adjacent to existing development projects for an aggregate purchase price of $20.7 million. During 2014, the Company acquired, in separate transactions, three land parcels located in various cities throughout the U.S., for an aggregate purchase price of $53.5 million. During the fourth quarter 2014, the Company purchased land parcels in Dania, Florida for an aggregate purchase price of $62.8 million. The Company then contributed the land to an unconsolidated joint venture to be used for a ground-up development project and as such is not included in the five ground-up development projects referred to above. |
Note 4 - Dispositions of Real E
Note 4 - Dispositions of Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 4. Dispositions of Real Estate Operating Real Estate During 2015, the Company disposed of 89 consolidated operating properties and eight out-parcels, in separate transactions, for an aggregate sales price of $492.5 million. These transactions resulted in an aggregate gain of $143.6 million, after income tax expense, and aggregate impairment charges of $10.2 million, before income tax expense of $2.3 million. Additionally, during 2015, the Company disposed of its remaining operating property in Chile for a sales price of $51.3 million. This transaction resulted in the release of a cumulative foreign currency translation loss of $19.6 million due to the Company’s liquidation of its investment in Chile offset by a gain on sale of $1.8 million, after income tax expense. During 2014, the Company disposed of 90 consolidated operating properties, in separate transactions, for an aggregate sales price of $833.5 million, including 27 operating properties in Latin America. These transactions, which are included in Discontinued operations on the Company’s Consolidated Statements of Income, resulted in an aggregate gain of $203.3 million, before income taxes and noncontrolling interests and aggregate impairment charges of $178.0 million, before income taxes and noncontrolling interests, including $92.9 million related to the release of a cumulative foreign currency translation loss due to the Company’s substantial liquidation of its investment in Mexico. The Company provided financing aggregating $52.7 million on three of these transactions which bore interest at rates ranging from LIBOR plus 250 basis points to 7% per annum, which matured and were repaid in full during 2015. The Company evaluated these transactions pursuant to the FASB’s real estate guidance to determine sale and gain recognition. During 2013, the Company disposed of 36 consolidated operating properties and three out-parcels in separate transactions, for an aggregate sales price of $279.5 million. These transactions, which are included in Discontinued operations in the Company’s Consolidated Statements of Income, resulted in an aggregate gain of $25.4 million and impairment charges of $61.9 million, before income taxes. Additionally, during 2013, the Company sold eight consolidated properties in its Latin American portfolio for an aggregate sales price of $115.4 million. These transactions, which are included in Discontinued operations in the Company’s Consolidated Statements of Income, resulted in an aggregate gain of $23.3 million, before income taxes, and aggregate impairment charges of $26.9 million (including the release of the cumulative foreign currency translation loss of $7.8 million associated with the sale of the Company’s interest in two properties within Brazil, which represented a full liquidation of the Company’s investment in Brazil), before income taxes and noncontrolling interests. Land Sales During 2015, 2014 and 2013, the Company sold 13, three and nine land parcels, respectively, for an aggregate sales price of $31.5 million, $5.1 million and $18.2 million, respectively. These transactions resulted in an aggregate gain of $4.3 million, $3.5 million and $11.5 million, before income taxes expense and noncontrolling interest for the years ended December 31, 2015, 2014 and 2013, respectively. The gains from these transactions are recorded as other income, which is included in Other income/(expense), net, in the Company’s Consolidated Statements of Income. |
Note 5 - Discontinued Operation
Note 5 - Discontinued Operations and Assets Held-for-sale | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 5. Discontinued Operations and Assets Held - for - Sale: Prior to the Company’s adoption of ASU 2014-08 on January 1, 2015, as further discussed in Footnote 1, 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 Consolidated Statements of Income under the caption “Discontinued operations”. This reporting has resulted in certain reclassifications of 2014 and 2013 financial statement amounts. Since adoption of ASU 2014-08 individual property dispositions no longer qualify as a discontinued operation under the new guidance unless the asset disposal represents a significant strategic shift. The components of Income from discontinued operations for each of the three years in the period ended December 31, 2015, are shown below. These include the results of income through the date of each respective sale for properties sold during 2014 and 2013, and the operations for the applicable periods for those assets classified as held-for-sale as of December 31, 2014 and 2013 (in thousands): 2015 2014 2013 Discontinued operations: Revenues from rental property $ 124 $ 71,906 $ 129,315 Rental property expenses (49 ) (16,657 ) (39,425 ) Depreciation and amortization - (15,019 ) (33,142 ) Provision for doubtful accounts (57 ) (719 ) (2,971 ) Interest expense - (1,823 ) (1,371 ) Income from other real estate investments - 680 720 Other expense, net (12 ) (756 ) (880 ) Income from discontinued operating properties, before income taxes 6 37,612 52,246 Impairment of property carrying value, before income taxes (1) (82 ) (178,048 ) (157,972 ) Gain on disposition of operating properties, before income taxes - 203,271 48,731 Benefit/(provision) for income taxes 1 (11,850 ) 8,462 (Loss)/income from discontinued operating properties (75 ) 50,985 (48,533 ) Net (income)/loss attributable to noncontrolling interests - (2,117 ) 7,930 (Loss)/income from discontinued operations attributable to the Company $ (75 ) $ 48,868 $ (40,603 ) (1) The year ended December 31, 2014, includes $92.9 million related to the release of a cumulative foreign currency translation loss due to the Company’s substantial liquidation of its investment in Mexico. During 2014, the Company classified as held-for-sale 35 operating properties. The aggregate book value of these properties was $239.9 million, net of accumulated depreciation of $76.5 million. The Company recognized impairment charges on 11 of these properties aggregating $56.2 million. The book value of the remaining other 24 properties did not exceed their estimated fair value, less costs to sell, and as such no impairment charges were recognized. The Company’s determination of the fair value for each property, aggregating $316.5 million, was based upon executed contracts of sale with third parties (see Footnote 15). The Company completed the sale of the 35 held-for-sale operating properties during 2014 (these dispositions are included in Footnote 4 above). At December 31, 2014, the Company had no operating properties classified as held-for-sale. During 2013, the Company classified as held-for-sale 19 operating properties. The aggregate book value of these properties was $178.4 million, net of accumulated depreciation of $19.2 million. The Company recognized impairment charges of $25.2 million, after income taxes, on eight of these properties. The book value of the other properties did not exceed their estimated fair value, less costs to sell, and as such no impairment charges were recognized. The Company’s determination of the fair value for each property, aggregating $158.6 million, was based upon executed contracts of sale with third parties (see Footnote 15). In addition, the Company completed the sale of 15 held-for-sale operating properties during the year ended December 31, 2013, one of which was classified as held-for-sale during 2012 (these dispositions are included in Footnote 4 above). At December 31, 2013, the Company had five remaining operating properties classified as held-for-sale at a carrying amount of $70.3 million, net of accumulated depreciation of $8.1 million, which were included in Other assets on the Company’s Consolidated Balance Sheets. The Company completed the sale of the five remaining properties during 2014. |
Note 6 - Impairments
Note 6 - Impairments | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Asset Impairment Charges [Text Block] | 6. Impairments: Management assesses on a continuous basis whether there are any indicators, including property operating performance, changes in anticipated holding period and general market conditions, that the value of the Company’s assets (including any related amortizable intangible assets or liabilities) may be impaired. To the extent impairment has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset. During 2013, the Company began selling properties within its Latin American portfolio as part of its overall strategy to exit these markets and during 2014 the Company substantially liquidated its investment in Mexico, which resulted in the release of a cumulative foreign currency translation loss. Additionally, during 2014, the Company implemented a plan to accelerate the disposition of certain U.S. properties. These disposition plans effectively shortened the Company’s anticipated hold period for these properties and as a result the Company recognized impairment charges on various consolidated operating properties (See Footnote 15 for fair value disclosure). The Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions and/or the property hold period caused the Company to recognize impairment charges for the years ended December 31, 2015, 2014 and 2013 as follows (in millions): 201 5 201 4 201 3 Impairment of property carrying values* (1) (2) (3) $ 30.3 $ 33.3 $ 18.6 Investments in other real estate investments* (4) 5.3 1.7 2.9 Marketable securities and other investments* (5) 9.8 4.8 10.7 Total Impairment charges included in operating expenses 45.4 39.8 32.2 Cumulative foreign currency translation loss included in discontinued operations (6) - 92.9 5.1 Impairment of property carrying values included in discontinued operations** 0.1 85.1 152.9 Total gross impairment charges 45.5 217.8 190.2 Noncontrolling interests (5.6 ) (0.4 ) (10.6 ) Income tax benefit included in discontinued operations - (1.7 ) (14.8 ) Income tax benefit (9.0 ) (6.1 ) (7.6 ) Total net impairment charges $ 30.9 $ 209.6 $ 157.2 * See Footnote 15 for additional disclosure on fair value **See Footnotes 4 & 5 above for additional disclosure (1) During 2015, the Company recognized aggregate impairment charges of $30.3 million, before an income tax benefit of $5.4 million and noncontrolling interests of $5.6 million, primarily related to sale of certain operating properties and adjustments to property carrying values in connection with the Company’s efforts to market certain properties and management’s assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties. (2) During 2014, the Company recognized aggregate impairment charges of $33.3 million, before an income tax benefit of $6.1 million and noncontrolling interests of $0.3 million, primarily related to adjustments to property carrying values in connection with the Company’s efforts to market certain properties and management’s assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties. (3) During 2013, the Company recorded $18.6 million, before an income tax benefit of $7.6 million and noncontrolling interests of $1.0 million, in impairment charges primarily related to two land parcels and four operating properties based upon purchase prices or purchase price offers. (4) Impairment charges primarily based upon review of residual values, sales prices and debt maturity status and the likelihood of foreclosure of certain underlying properties within the Company’s preferred equity investments, during 2015, 2014 and 2013. The Company believes it will not recover its investment in certain preferred equity investments and as such recorded full impairments on these investments. (5) During 2015, 2014 and 2013, the Company reviewed the underlying cause of the decline in value of certain cost method investments, as well as the severity and the duration of the decline and determined that the decline was other-than-temporary. Impairment charges were recognized based upon the calculation of the investments’ estimated fair value. (6) Due to the substantial liquidation of its investment in Mexico, the Company recognized a loss from foreign currency translation related to consolidated properties in the amount of $92.9 million, before noncontrolling interest of $5.8 million. (See Footnote 22 for additional disclosure). In addition to the impairment charges above, the Company recognized pretax impairment charges during 2015, 2014 and 2013 of $22.2 million, $54.5 million (including $47.3 million in cumulative foreign currency translation loss relating to the Company’s substantial liquidation of its investment in Mexico), and $29.5 million, respectively, relating to certain properties held by various unconsolidated joint ventures in which the Company holds noncontrolling interests. These impairment charges are included in Equity in income of joint ventures, net in the Company’s Consolidated Statements of Income (see Footnote 7). The Company will continue to assess the value of its assets on an on-going basis. Based on these assessments, the Company may determine that one or more of its assets may be impaired and would therefore write-down its carrying basis accordingly. |
Note 7 - Investment and Advance
Note 7 - Investment and Advances in Real Estate Joint Ventures | 12 Months Ended |
Dec. 31, 2015 | |
Investments And Advances In Real Estate Joint Ventures [Abstract] | |
Investments And Advances In Real Estate Joint Ventures [Text Block] | 7. Investment and Advances in Real Estate Joint Ventures: The Company and its subsidiaries have investments and advances in 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 December 31, 2015 and 2014 (in millions, except number of properties): As of December 31, 201 5 As of December 31, 201 4 Venture Average Ownership Interest Number of Properties GLA Gross Real Estate The Company's Investment Average Ownership Interest Number of Properties GLA Gross Real Estate The Company's Investment Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) 15.0% 53 9.6 $ 2,531.6 $ 175.5 15.0% 60 10.6 $ 2,728.9 $ 178.6 Kimco Income Opportunity Portfolio (“KIR”) (2) 48.6% 47 10.8 1,422.8 131.0 48.6% 54 11.5 1,488.2 152.1 Kimstone (2) (3) 33.3% - - - - 33.3% 39 5.6 1,098.7 98.1 BIG Shopping Centers (2) 50.1% 1 0.4 53.5 - 50.1% 6 1.0 151.6 - Canada Pension Plan Investment Board (“CPP”) (2) (4) 55.0% 7 2.4 524.1 195.6 55.0% 7 2.4 504.0 188.9 Other Institutional Programs (2) Various 8 1.1 248.0 5.2 Various 53 1.8 413.8 11.0 RioCan 50.0% 13 2.4 259.3 53.3 50.0% 45 9.3 1,205.8 159.8 Latin America (5) Various 9 - 53.2 15.0 Various 13 0.1 91.2 24.4 Other Joint Venture Programs Various 53 8.7 1,165.6 167.0 Various 60 9.5 1,401.2 224.3 Total 191 35.4 $ 6,258.1 $ 742.6 337 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 year ended December 31, 2015, the Company purchased the remaining 66.7% interest in the 39-property Kimstone portfolio from Blackstone for a gross purchase price of $1.4 billion, including the assumption of $638.0 million in mortgage debt. (4) During the years ended December 31, 2015 and 2014, CPP acquired land parcels for future development in Dania, FL, for $3.6 million and $62.8 million, respectively. (5) Includes eight land parcels and one self-storage facility. The table below presents the Company’s share of net income/(loss) for these investments which is included in the Company’s Consolidated Statements of Income under Equity in income of joint ventures, net for the years ended December 31, 2015, 2014 and 2013 (in millions): Year E nded December 31, 201 5 201 4 201 3 KimPru and KimPru II (1) (4) $ 7.1 $ 8.1 $ 9.1 KIR (5) 41.0 26.5 25.3 Kimstone 0.7 2.0 3.6 BIG Shopping Centers (9) 2.4 22.5 3.0 CPP 9.6 7.1 5.8 Other Institutional Programs 1.6 4.3 7.6 RioCan 399.4 30.6 27.6 Latin America (6) (8) (0.7 ) (3.8 ) 103.1 Other Joint Venture Programs (2) (3) (7) 19.3 62.3 23.6 Total $ 480.4 $ 159.6 $ 208.7 (1) During the year ended December 31, 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 year ended December 31, 2015. (3) During the year ended December 31, 2015, four joint ventures in which the Company holds noncontrolling interests recognized impairment charges relating to the pending sale of three properties and the pending foreclosure of one property. The Company’s share of these impairment charges was $10.9 million, before income tax benefit. (4) During the year ended December 31, 2014, KimPru recognized impairment charges of $21.4 million related to the decline in value of two operating properties. The Company had previously taken other-than-temporary impairment charges on its investment in KimPru and had allocated these impairment charges to the underlying assets of the KimPru joint ventures including a portion to these operating properties. As such, the Company’s share of these impairment charges was $2.4 million. (5) During the year ended December 31, 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 subsequently sold. (6) During the fourth quarter 2015, the Company liquidated its investment in Chile, which resulted in the release of a cumulative foreign currency translation gain of $0.8 million. Also, during the fourth quarter 2014, the Company substantially liquidated its investment in Mexico, which resulted in the release of a cumulative foreign currency translation loss of $47.3 million. (7) During the year ended December 31, 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. (8) During the year ended December 31, 2013, the Company was in advanced negotiations to sell 10 operating properties located throughout Mexico, which were held in unconsolidated joint ventures in which the Company held noncontrolling interests. Based upon the allocation of the selling price, the Company recorded its share of impairment charges of $9.4 million on six of these properties. (9) During the year ended December 31, 2013, BIG recognized a gain on early extinguishment of debt of $13.7 million related to a property that was foreclosed on by a third party lender. The Company’s share of this gain was $2.4 million. The following tables provide a summary of properties and land parcels disposed of through the Company’s real estate joint ventures or transferred interest to joint venture partners during the years ended December 31, 2015, 2014 and 2013. These transactions resulted in an aggregate net gain to the Company of $380.6 million, $96.0 million and $108.7 million, before income taxes, for the years ended December 31, 2015, 2014 and 2013, respectively, and which are included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income: Year Ended December 31, 2015 Number of properties Number of land parcels Aggregate sales price (in millions) KimPru and KimPru II 7 1 $ 143.5 KIR 5 - $ 84.6 BIG Shopping Centers 4 - $ 75.0 Other Institutional Programs (1) 44 - $ 171.5 RioCan (3) 32 1 $ 1,390.4 Latin America 4 9 $ 16.2 Other Joint Venture Programs (2) 6 - $ 123.7 (1) The Company acquired the remaining interest in two of these properties. See Footnote 3 for the operating properties acquired by the Company. (2) The Company acquired the remaining interest in two of these properties and entered into an agreement to acquire the remaining interest in one of these properties. See Footnote 3 for the operating properties acquired by the Company. (3) The Company sold its interest in 32 operating properties and one land parcel which resulted in an aggregate gain to the Company of $373.8 million (CAD $493.9 million). The aggregate sales price does not reflect the consideration received, but rather represents the full implied fair value of the assets sold determined by the proportionate share of the interest acquired. Year Ended December 31, 2014 Number of properties Number of land parcels Aggregate sales price (in millions) KIR 3 - $ 19.7 BIG Shopping Centers (1) 15 - $ 166.6 Other Institutional Programs (2) 28 - $ 846.6 Latin America 14 - $ 324.5 Other Joint Venture Programs (3) 19 - $ 252.0 (1) The Company acquired the remaining interest in seven of these properties. See Footnote 3 for the operating properties acquired by the Company. (2) The Company acquired the remaining interest in 26 of these properties. See Footnote 3 for the operating properties acquired by the Company. (3) The Company acquired the remaining interest in one of these properties. See Footnote 3 for the operating properties acquired by the Company. Year Ended December 31, 2013 Number of properties Number of land parcels Aggregate sales price (in millions) KimPru and KimPru II (1) 1 - $ 15.8 KIR 1 - $ 30.0 Other Institutional Programs (2) 2 - $ 46.9 Latin America 104 - $ 945.4 Other Joint Venture Programs (3) 9 - $ 1,095.9 (1) The Company acquired the remaining interest in this property. (2) The Company acquired the remaining interest in these two properties. (3) The Company acquired the remaining interest in two of these properties. The table below presents debt balances within the Company’s joint venture investments for which the Company held noncontrolling ownership interests at December 31, 2015 and 2014 (dollars in millions): As of December 31, 2015 As of December 31, 2014 Venture Mortgages and Notes Payable Average Interest Rate Average Remaining Term (months) ** Mortgages a nd Notes Payable Average Interest Rate Average Remaining Term (months) ** KimPru and KimPru II $ 777.1 5.54 % 12.6 $ 920.0 5.53 % 23.0 KIR 811.6 4.64 % 62.3 860.7 5.04 % 61.9 Kimstone - - - 701.3 4.45 % 28.7 BIG Shopping Centers 54.5 5.45 % 10.1 144.6 5.52 % 22.0 CPP 109.9 5.25 % 3.5 112.0 5.05 % 10.1 Other Institutional Programs 163.9 4.74 % 24.0 272.9 5.21 % 23.5 RioCan 87.5 5.02 % 11.0 640.5 4.29 % 39.9 Other Joint Venture Programs 794.6 5.26 % 47.6 921.9 5.31 % 58.6 Total $ 2,799.1 $ 4,573.9 ** Average remaining term includes extensions Summarized financial information for the Company’s investment and advances in real estate joint ventures is as follows (in millions): December 31, 2015 2014 Assets: Real estate, net $ 4,855.5 $ 7,422.0 Other assets 252.2 312.6 $ 5,107.7 $ 7,734.6 Liabilities and Partners’/Members’ Capital: Notes and mortgages payable $ 2,770.1 $ 4,553.1 Construction loans 29.0 21.0 Other liabilities 16.2 120.5 Noncontrolling interests 92.5 21.4 Partners’/Members’ capital 2,199.9 3,018.6 $ 5,107.7 $ 7,734.6 Year Ended December 31, 2015 2014 2013 Revenues from rental property $ 842.5 $ 1,059.9 $ 1,280.2 Operating expenses (265.9 ) (333.5 ) (410.3 ) Interest expense (202.8 ) (247.3 ) (316.4 ) Depreciation and amortization (191.9 ) (260.0 ) (298.8 ) Impairment charges (63.4 ) (23.1 ) (32.3 ) Other income/(expense), net 4.4 (14.4 ) (16.2 ) (719.6 ) (878.3 ) (1,074.0 ) Income from continuing operations 122.9 181.6 206.2 Discontinued Operations: Income from discontinued operations - 2.8 14.1 Impairment on dispositions of properties - (3.8 ) (14.8 ) Gain on dispositions of properties - 471.1 229.5 - 470.1 228.8 Gain on sale of operating properties 1,166.7 - - Net income $ 1,289.6 $ 651.7 $ 435.0 Other liabilities included in the Company’s accompanying Consolidated Balance Sheets include accounts with certain real estate joint ventures totaling $12.6 million and $40.3 million at December 31, 2015 and 2014, respectively. The Company and its subsidiaries have varying equity interests in these real estate joint ventures, which may differ from their proportionate share of net income or loss recognized in accordance with GAAP. The Company’s maximum exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments. Generally, such investments contain operating properties and the Company has determined these entities do not contain the characteristics of a VIE. As of December 31, 2015 and 2014, the Company’s carrying value in these investments is $742.6 million and $1.04 billion, respectively. |
Note 8 - Other Real Estate Inve
Note 8 - Other Real Estate Investments | 12 Months Ended |
Dec. 31, 2015 | |
Other Real Estate Investments [Abstract] | |
Other Real Estate Investments [Text Block] | 8. Other Real Estate Investments: Preferred Equity Capital – The Company previously provided capital to owners and developers of real estate properties through its Preferred Equity program. As of December 31, 2015, the Company’s net investment under the Preferred Equity program was $199.9 million relating to 421 properties, including 385 net leased properties. For the year ended December 31, 2015, the Company earned $27.0 million from its preferred equity investments, including $9.3 million in profit participation earned from nine capital transactions. For the year ended December 31, 2014, the Company’s net investment under the Preferred Equity program was $229.1 million relating to 443 properties, including 385 net leased properties. For the year ended December 31, 2014, the Company earned $37.2 million from its preferred equity investments, including $18.6 million in profit participation earned from six capital transactions. During 2007, the Company invested $81.7 million of preferred equity capital in an entity which was comprised of 403 net leased properties (“Net Leased Portfolio”) which consisted of 30 master leased pools with each pool leased to individual corporate operators. Each master leased pool is accounted for as a direct financing lease. These properties consist of a diverse array of free-standing restaurants, fast food restaurants, convenience and auto parts stores. As of December 31, 2015, the remaining 385 properties (referenced above) were encumbered by third party loans aggregating $299.1 million with interest rates ranging from 5.08% to 10.47% with a weighted-average interest rate of 9.2% and maturities ranging from five months to six years. The Company recognized $15.3 million, $14.5 million and $13.2 million in equity in income from this investment during the years ended December 31, 2015, 2014 and 2013, respectively. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its invested capital. As of December 31, 2015 and 2014, the Company’s invested capital in its preferred equity investments approximated $199.9 million and $229.1 million, respectively. Summarized financial information relating to the Company’s preferred equity investments is as follows (in millions): December 31, 2015 2014 Assets: Real estate, net $ 258.0 $ 456.9 Other assets 628.3 666.6 $ 886.3 $ 1,123.5 Liabilities and Partners’/Members’ Capital: Notes and mortgages payable $ 563.7 $ 767.6 Other liabilities 12.9 21.6 Partners’/Members’ capital 309.7 334.3 $ 886.3 $ 1,123.5 Year Ended December 31, 2015 2014 2013 Revenues from rental property $ 122.1 $ 146.0 $ 159.5 Operating expenses (35.6 ) (47.0 ) (34.8 ) Interest expense (35.7 ) (47.1 ) (55.2 ) Depreciation and amortization (11.4 ) (19.2 ) (24.0 ) Other expense, net (9.2 ) (7.2 ) (7.1 ) Income from continuing operations 30.2 25.5 38.4 Discontinued Operations: Gain on disposition of properties - 31.5 20.8 - 31.5 20.8 Gain on sale of operating properties 6.0 - - Net income $ 36.2 $ 57.0 $ 59.2 Kimsouth Kimsouth Realty Inc. (“Kimsouth”) is a wholly-owned subsidiary of the Company. KRS AB Acquisition, LLC (the “ABS Venture”) is a wholly-owned subsidiary of Kimsouth that has a noncontrolling interest in AB Acquisition, LLC (“AB Acquisition”), a joint venture which owns 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 over 2,200 grocery stores across 33 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 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 year ended December 31, 2015, the Company sold its leveraged lease interest for a gross sales price of $22.0 million and recognized a gain of $2.1 million in connection with the transaction, which is included in Equity in income of other real estate investments, net on the Company’s Consolidated Statements of Income. At December 31, 2014, the Company’s net investment in the leveraged lease consisted of the following (in millions): 2014 Remaining net rentals $ 8.3 Estimated unguaranteed residual value 30.3 Non-recourse mortgage debt (10.1 ) Unearned and deferred income (12.9 ) Net investment in leveraged lease $ 15.6 |
Note 9 - Variable Interest Enti
Note 9 - Variable Interest Entities | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 9. Variable Interest Entities : Consolidated Ground-Up Development Projects Included within the Company’s ground-up development projects at December 31, 2015, is an entity that is a VIE, for which the Company is the primary beneficiary. This entity was established to develop real estate property to hold as a long-term investment. The Company’s involvement with this entity is through its majority ownership and management of the property. This entity was deemed a VIE primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to this entity was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was the primary beneficiary of this VIE as a result of its controlling financial interest. At December 31, 2015, total assets of this ground-up development VIE were $78.4 million and total liabilities were $0.1 million. The classification of these assets is primarily within Real estate under development in the Company’s Consolidated Balance Sheets and the classifications of liabilities are primarily within Accounts payable and accrued expenses on the Company’s Consolidated Balance Sheets. Substantially all of the projected development costs to be funded for this ground-up development VIE, aggregating $17.4 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 this VIE that it was not previously contractually required to provide. Unconsolidated Redevelopment Investment Included in the Company’s joint venture investments at December 31, 2015, is one unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture was primarily established to redevelop 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 redevelopment 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 December 31, 2015, the Company’s investment in this VIE was a negative $7.4 million, due to the fact that the Company had a remaining capital commitment obligation, which is included in Other liabilities in the Company’s 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 redevelopment will be funded with capital contributions from the Company and the outside partner in accordance with their respective ownership percentages. |
Note 10 - Mortgages and Other F
Note 10 - Mortgages and Other Financing Receivables | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 10. 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. For a complete listing of the Company’s mortgages and other financing receivables at December 31, 2015, see Financial Statement Schedule IV included in this annual report on Form 10-K. The following table reconciles mortgage loans and other financing receivables from January 1, 2013 to December 31, 2015 (in thousands): 2015 2014 2013 Balance at January 1 $ 74,013 $ 30,243 $ 70,704 Additions: New mortgage loans 5,730 52,728 8,527 Additions under existing mortgage loans - - 7,810 Write-off of loan discounts - 286 - Amortization of loan discounts 112 126 653 Deductions: Loan repayments (53,646 ) (7,330 ) (28,068 ) Loan foreclosures - - (25,572 ) Charge off/foreign currency translation (884 ) (1,066 ) (1,260 ) Collections of principal (1,499 ) (972 ) (2,529 ) Amortization of loan costs (2 ) (2 ) (22 ) Balance at December 31 $ 23,824 $ 74,013 $ 30,243 The Company reviews payment status to identify performing versus non-performing loans. As of December 31, 2015, the Company had a total of 12 loans, all of which were identified as performing loans. |
Note 11 - Marketable Securities
Note 11 - Marketable Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 11. Marketable Securities: The amortized cost and estimated fair values of securities available-for-sale and held-to-maturity at December 31, 2015 and 2014, are as follows (in thousands): December 31, 2015 Amortized Cost Gross Unrealized Gains/Losses Estimated Fair Value Available-for-sale: Equity securities $ 5,511 $ 398 $ 5,909 Held-to-maturity: Debt securities 1,656 (1 ) 1,655 Total marketable securities $ 7,167 $ 397 $ 7,564 December 31, 2014 Amortized Cost Gross Unrealized Gains/Losses Estimated Fair Value Available-for-sale: Equity securities $ 41,462 $ 46,197 $ 87,659 Held-to-maturity: Debt securities 2,576 (200 ) 2,376 Total marketable securities $ 44,038 $ 45,997 $ 90,035 During 2015, 2014 and 2013, the Company received $76.2 million, $3.8 million and $26.4 million in proceeds from the sale or redemption of certain marketable securities, respectively. In connection with these transactions, during 2015, 2014 and 2013, the Company recognized $39.9 million of realizable gains, $0.1 million of realizable losses and $12.1 million of realizable gains, respectively. As of December 31, 2015, the contractual maturities of debt securities classified as held-to-maturity are within the next five years. Actual maturities may differ from contractual maturities as issuers may have the right to prepay debt obligations with or without prepayment penalties. |
Note 12 - Notes Payable
Note 12 - Notes Payable | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 12. Notes Payable: As of December 31, 2015 and 2014 the Company’s Notes Payable consisted of the following (dollars in millions): Balance at 12/31/1 5 Interest Rate Range (Low) Interest Rate Range (High) Maturity Date Range (Low) Maturity Date Range (High) Senior Unsecured Notes $ 2,290.9 3.13% 6.88% May-2017 Apr-2045 Medium Term Notes 600.0 4.30% 5.78% Mar-2016 Feb-2018 U.S. Term Loan (a) 650.0 (a) (a) Jan-2017 Jan-2017 Canadian Notes Payable 251.8 3.86% 5.99% Apr-2018 Aug-2020 Credit Facility (b) - (b) (b) Apr-2018 Apr-2018 Deferred financing costs, net (c) (31.4 ) - - - - $ 3,761.3 Balance at 12/31/14 Interest Rate Range (Low) Interest Rate Range (High) Maturity Date Range (Low) Maturity Date Range (High) Senior Unsecured Notes $ 1,540.9 3.13% 6.88% Sep-2015 Jun-2023 Medium Term Notes 850.0 4.30% 5.78% Feb-2015 Feb-2018 U.S. Term Loan (d) 400.0 (d) (d) Apr-2015 Apr-2015 Canadian Notes Payable 301.3 3.86% 5.99% Apr-2018 Aug-2020 Credit Facility (b) 100.0 (b) (b) Apr-2018 Apr-2018 Deferred financing costs, net (c) (20.5 ) - - - - $ 3,171.7 (a) Interest rate is equal to LIBOR + 0.95% (1.37% at December 31, 2015). (b) Interest rate is equal to LIBOR + 0.925% (1.35% and 1.09% at December 31, 2015 and 2014, respectively). (c) 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 retrospectively applied the guidance to its Notes Payable to all periods presented. (d) Interest rate is equal to LIBOR + 1.05% (1.21% at December 31, 2014). The weighted-average interest rate for all unsecured notes payable is 3.88% as of December 31, 2015. The scheduled maturities of all unsecured notes payable excluding unamortized debt issuance costs of $31.4 million, as of December 31, 2015, were as follows (in millions): 2016, $300.0; 2017, $940.9; 2018, $407.9; 2019, $300.0; 2020, $143.9 and thereafter, $1,700.0. Senior Unsecured Notes / Medium Term Notes – The Company’s supplemental indentures governing its Medium Term Notes (“MTN”) and Senior Unsecured Notes contain covenants whereby the Company is subject to maintaining (a) certain maximum leverage ratios on both unsecured senior corporate and secured debt, minimum debt service coverage ratios and minimum equity levels, (b) certain debt service ratios and (c) certain asset to debt ratios. In addition, the Company is restricted from paying dividends in amounts that exceed by more than $26.0 million the funds from operations, as defined, generated through the end of the calendar quarter most recently completed prior to the declaration of such dividend; however, this dividend limitation does not apply to any distributions necessary to maintain the Company's qualification as a REIT providing the Company is in compliance with its total leverage limitations. The Company was in compliance with all of the covenants as of December 31, 2015. The Company had a MTN program pursuant to which it offered for sale its senior unsecured debt for any general corporate purposes, including (i) funding specific liquidity requirements in its business, including property acquisitions, development and redevelopment costs and (ii) managing the Company's debt maturities. Interest on the Company’s fixed-rate senior unsecured notes and medium term notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of shopping centers, the expansion and improvement of properties in the Company’s portfolio and the repayment of certain debt obligations of the Company. During October 2015, the Company issued $500.0 million of seven-year Senior Unsecured Notes at an interest rate of 3.40% payable semi-annually in arrears which are scheduled to mature in November 2022. The Company used the net proceeds of approximately $493.0 million, after the underwriting discount and related offering costs, from the offering for general corporate purposes including to pre-fund near-term debt maturities and partially reduce borrowings under the Company’s revolving credit facility. 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 April 2014, the Company issued $500.0 million of 7-year Senior Unsecured Notes at an interest rate of 3.20% payable semi-annually in arrears which are scheduled to mature in May 2021. The Company used the net proceeds from this issuance of $495.4 million, after deducting the underwriting discount and offering expenses, for general corporate purposes including reducing borrowings under the Company’s revolving credit facility and repayment of maturing debt. In connection with this issuance, the Company entered into a seventh supplemental indenture which, among other things, revised, for all securities created on or after the date of the seventh supplemental indenture, the definition of Unencumbered Total Asset Value, used to determine compliance with certain covenants within the indenture. During the years ended December 31, 2015 and 2014, the Company repaid the following notes (dollars in millions): Type Date Issued Amount Repaid Interest Rate Maturity Date Date Paid MTN Nov-05 $ 150.0 5.584% Nov-15 Nov-15 Senior Note Oct-06 $ 100.0 5.25% Sep-15 Sep-15 MTN Feb-05 $ 100.0 4.904% Feb-15 Feb-15 MTN Jun-05 $ 194.6 4.82% Jun-14 Jun-14 Senior Note Oct-06 $ 100.0 5.95% Jun-14 Jun-14 Credit Facility – The Company has a $1.75 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks, which is scheduled to expire in March 2018 with two additional six month options to extend the maturity date, at the Company’s discretion, to March 2019. The Credit Facility, which can be increased to $2.25 billion through an accordion feature, accrues interest at a rate of LIBOR plus 92.5 basis points (1.35% as of December 31, 2015) on drawn funds. In addition, the Credit Facility includes a $500 million sub-limit which provides the Company the opportunity to borrow in alternative currencies including Canadian Dollars, British Pounds Sterling, Japanese Yen or Euros. Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum leverage ratios on both unsecured and secured debt and (ii) minimum interest and fixed coverage ratios. The Company was in compliance with all of the covenants as of December 31, 2015. As of December 31, 2015, the Credit Facility had no balance outstanding and $0.9 million appropriated for letters of credit. U.S. Term Loan - During January 2015, the Company entered into a new $650.0 million unsecured term loan (“Term Loan”) which has an initial maturity date 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 (1.37% at December 31, 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 December 31, 2015. |
Note 13 - Mortgages Payable
Note 13 - Mortgages Payable | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Mortgage Notes Payable Disclosure [Text Block] | 13. Mortgages Payable: During 2015, the Company (i) assumed $835.2 million of individual non-recourse mortgage debt relating to the acquisition of 38 operating properties, including an increase of $27.6 million associated with fair value debt adjustments and (ii) paid off $557.0 million of mortgage debt (including fair market value adjustment of $1.4 million) that encumbered 27 operating properties. During 2014, the Company (i) assumed $742.0 million of individual non-recourse mortgage debt relating to the acquisition of 53 operating properties, including an increase of $39.4 million associated with fair value debt adjustments (ii) paid off $328.0 million of mortgage debt that encumbered 21 operating properties and (iii) obtained $15.7 million of individual non-recourse debt relating to one operating property. Mortgages payable, collateralized by certain shopping center properties and related tenants' leases, are generally due in monthly installments of principal and/or interest, which mature at various dates through 2031. Interest rates range from LIBOR plus 170 basis points (2.12% as of December 31, 2015) to 9.75% (weighted-average interest rate of 5.62% as of December 31, 2015). The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments of $42.6 million and unamortized debt issuance costs of $3.2 million, as of December 31, 2015, were as follows (in millions): 2016, $490.5; 2017, $571.5; 2018, $137.3; 2019, $14.4; 2020, $99.6 and thereafter, $262.3. |
Note 14 - Noncontrolling Intere
Note 14 - Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | 14. Noncontrolling Interests: Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates as a result of having a controlling interest or determined that the Company was the primary beneficiary of a VIE in accordance with the provisions of the FASB’s Consolidation guidance. The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. Units that are determined to be mandatorily redeemable are classified as Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and Stockholder’s equity on the Company’s Consolidated Balance Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Income. The Company owns seven shopping center properties located throughout Puerto Rico. These properties were acquired partially through the issuance of $158.6 million of non-convertible units and $45.8 million of convertible units. Noncontrolling interests related to these acquisitions totaled $233.0 million of units, including premiums of $13.5 million and a fair market value adjustment of $15.1 million (collectively, the "Units"). The Company was restricted from disposing of these assets, other than through a tax free transaction, until November 2015. The Units and related annual cash distribution rates consisted of the following: Type Number of Units Issued Par Value Per Unit Return Per Annum Preferred A Units (1) 81,800,000 $ 1.00 7.0% Class A Preferred Units (1) 2,000 $ 10,000 LIBOR plus 2.0% Class B-1 Preferred Units (2) 2,627 $ 10,000 7.0% Class B-2 Preferred Units (1) 5,673 $ 10,000 7.0% Class C DownReit Units (2) 640,001 $ 30.52 Equal to the Company’s common stock dividend (1) These units are redeemable for cash by the holder or callable by the Company and are included in Redeemable noncontrolling interests on the Company’s Consolidated Balance Sheets. (2) These units are redeemable for cash by the holder or at the Company’s option, shares of the Company’s common stock, based upon the conversion calculation as defined in the agreement. These units are included in Noncontrolling interests on the Company’s Consolidated Balance Sheets. The following Units have been redeemed or converted for cash as of December 31, 2015: Type Units Redeemed Par Value Redeemed (in millions) Preferred A Units 2,200,000 $ 2.2 Class A Preferred Units 2,000 $ 20.0 Class B-1 Preferred Units 2,438 $ 24.4 Class B-2 Preferred Units 5,631 $ 56.3 Class C DownReit Units 587,204 $ 17.9 The conversion of units during 2015 resulted in an aggregate decrease in noncontrolling interest of $23.3 million for the year ended December 31, 2015 and a net increase of $6.7 million to the Company’s Paid-in capital, during 2015. Noncontrolling interest relating to the remaining units was $88.9 million and $111.6 million as of December 31, 2015 and 2014, respectively. The Company owns two shopping center properties located in Bay Shore, NY and Centereach, NY. Included in Noncontrolling interests was $41.6 million, including a discount of $0.3 million and a fair market value adjustment of $3.8 million, in redeemable units, issued by the Company in connection with the acquisition of these properties. These units and related annual cash distribution rates consist of the following: Type Number of Units Issued Par Value Per Unit Return Per Annum Class A Units (1) 13,963 $ 1,000 5.0% Class B Units (2) 647,758 $ 37.24 Equal to the Company’s common stock dividend (1) These units are redeemable for cash by the holder or callable by the Company any time after April 3, 2016 and are included in Redeemable noncontrolling interests on the Company’s Consolidated Balance Sheets. (2) These units are redeemable for cash by the holder or at the Company’s option, shares of the Company’s common stock at a ratio of 1:1 and are callable by the Company any time after April 3, 2026. These units are included in Noncontrolling interests on the Company’s Consolidated Balance Sheets. During 2012, all 13,963 Class A Units were redeemed by the holder for cash. Additionally, during 2007, 30,000 units, or $1.1 million par value, of the Class B Units were redeemed and at the Company’s option settled in cash. As of December 31, 2015 and 2014, noncontrolling interest relating to the remaining Class B Units was $26.5 million and $26.4 million, respectively. Noncontrolling interests also includes 138,015 convertible units issued during 2006 by the Company, which were valued at $5.3 million, including a fair market value adjustment of $0.3 million, related to an interest acquired in an office building located in Albany, NY. These units are currently redeemable at the option of the holder for cash or at the option of the Company for the Company’s common stock at a ratio of 1:1. The holder is entitled to a distribution equal to the dividend rate of the Company’s common stock. The Company is restricted from disposing of these assets, other than through a tax free transaction, until January 2017. The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the years ended December 31, 2015 and 2014 (in thousands): 2015 2014 Balance at January 1, $ 91,480 $ 86,153 Issuance of redeemable partnership interests (1) - 4,943 Income (2) 7,061 6,335 Distribution (5,922 ) (5,951 ) Conversion of redeemable units (5,910 ) - Balance at December 31, $ 86,709 $ 91,480 (1) During the year ended December 31, 2014, the Company acquired a 65.4% controlling ownership interest in an operating property and the seller retained a 34.6% noncontrolling interest in the property. The partner has the ability to put its partnership interest to the Company at any time after March 2015. As such, the Company has recorded the partners’ share of the property’s fair value of $4.9 million as Redeemable noncontrolling interests. During October 2015, the seller put its partnership interest to the Company and as such the Company now owns 100% of the operating property. (2) Includes $1.0 million in fair market value remeasurement for the year ended December 31, 2015. During the years ended December 31, 2015 and 2014, the Company acquired its partner’s interest in three and three previously consolidated joint ventures for $31.6 million and $1.1 million, respectively. The Company continues to consolidate these entities as there was no change in control from these transactions. The purchase of the remaining interests resulted in an aggregate decrease in noncontrolling interest of $25.2 million and $0.8 million for the years ended December 31, 2015 and 2014, respectively and a net decrease of $6.4 million and $0.3 million to the Company’s Paid-in capital, during 2015 and 2014, respectively. |
Note 15 - Fair Value Disclosure
Note 15 - Fair Value Disclosure of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 15. Fair Value Disclosure of Financial Instruments: All financial instruments of the Company are reflected in the accompanying 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): December 31, 2015 2014 Carrying Amounts Estimated Fair Value Carrying Amounts Estimated Fair Value Marketable Securities (1) $ 7,565 $ 7,564 $ 90,235 $ 90,035 Notes Payable (2) $ 3,761,328 $ 3,820,205 $ 3,171,742 $ 3,313,936 Mortgages Payable (3) $ 1,614,982 $ 1,629,760 $ 1,424,228 $ 1,481,138 (1) As of December 31, 2015 and 2014, the Company determined that $5.9 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 these Notes Payable was classified within Level 2 of the fair value hierarchy. (3) The Company determined that its valuation of these Mortgages Payable was classified within Level 3 of the fair value hierarchy. The Company has available for sale securities that must be measured under the FASB’s Fair Value Measurements and Disclosures guidance. 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. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company from time to time has used interest rate swaps to manage its interest rate risk. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Based on these inputs, the Company has determined that interest rate swap valuations are classified within Level 2 of the fair value hierarchy. The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014, aggregated by the level in the fair value hierarchy within which those measurements fall. Assets measured at fair value on a recurring basis at December 31, 2015 and 2014 (in thousands): Balance at December 31, 201 5 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 5,909 $ 5,909 $ - $ - Liabilities: Interest rate swaps $ 1,426 $ - $ 1,426 $ - Balance at December 31, 2014 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 87,659 $ 87,659 $ - $ - Liabilities: Interest rate swaps $ 1,404 $ - $ 1,404 $ - Assets measured at fair value on a non-recurring basis at December 31, 2015 and 2014 are as follows (in thousands): Balance at December 31, 201 5 Level 1 Level 2 Level 3 Real estate $ 52,439 $ - $ - $ 52,439 Balance at December 31, 2014 Level 1 Level 2 Level 3 Real estate $ 80,270 $ - $ - $ 80,270 During the year ended December 31, 2015, the Company recognized impairment charges of $45.5 million, of which $0.1 million, before noncontrolling interests and income taxes, is included in discontinued operations. These impairment charges consist of (i) $20.2 million related to adjustments to property carrying values, (ii) $10.2 million related to the sale of operating properties, (iii) $9.0 million related to a cost method investment, (iv) $5.3 million related to certain investments in other real estate investments and (v) $0.8 million related to marketable debt securities investments. During the year ended December 31, 2014, the Company recognized impairment charges of $217.8 million, of which $178.0 million, before income tax benefits of $1.7 million, is included in discontinued operations. These impairment charges consist of (i) $118.4 million related to adjustments to property carrying values, (ii) the release of cumulative foreign currency translation loss of $92.9 million relating to the substantial liquidation of the Company’s investment in Mexico, (iii) $4.8 million related to a cost method investment and (iv) $1.6 million related to a preferred equity investment. The Company’s estimated fair values for the year ended December 31, 2015, as it relates to property carrying values were primarily based upon (i) estimated sales prices from third party offers based on signed contracts or letters of intent (this method was used to determine $5.7 million of the $20.2 million in impairments recognized during the year ended December 31, 2015), for which the Company does not have access to the unobservable inputs used to determine these estimated fair values, (ii) third party appraisals (this method was used to determine $8.9 million of the $20.2 million in impairments recognized during the year ended December 31, 2015) and (iii) discounted cash flow models (this method was used to determine $5.6 million of the $20.2 million in impairments recognized during the year ended December 31, 2015). The discounted cash flow models include all estimated cash inflows and outflows over a specified holding period. These cash flows were comprised of unobservable inputs which include forecasted revenues and expenses based upon market conditions and expectations for growth. The capitalization rates primarily ranging from 8.25% to 8.5% and discount rates primarily ranging from 9.25% to 9.75% which were utilized in the models were based upon observable rates that the Company believes to be within a reasonable range of current market rates for each respective investment. The Company’s estimated fair values for the year ended December 31, 2014, as it relates to property carrying values were primarily based upon (i) estimated sales prices from third party offers based on signed contracts or letters of intent (this method was used to determine $88.2 million of the $118.4 million in impairments recognized during the year ended December 31, 2014), for which the Company does not have access to the unobservable inputs used to determine these estimated fair values, and (ii) discounted cash flow models (this method was used to determine $30.2 million of the $118.4 million in impairments recognized during the year ended December 31, 2014). The discounted cash flow models include all estimated cash inflows and outflows over a specified holding period. These cash flows were comprised of unobservable inputs which include forecasted revenues and expenses based upon market conditions and expectations for growth. The capitalization rates primarily ranging from 7.0% to 12.5% and discount rates primarily ranging from 7.5% to 13.5% which were utilized in the models were based upon observable rates that the Company believes to be within a reasonable range of current market rates for each respective investment. Based on these inputs the Company determined that its valuation of these investments was classified within Level 3 of the fair value hierarchy. The property carrying value impairment charges resulted from the Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions. |
Note 16 - Preferred Stock, Comm
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 16. Preferred Stock, Common Stock and Convertible Unit Transactions: Preferred Stock The Company’s outstanding Preferred Stock is detailed below (in thousands, except share information and par values): As of December 31, 201 5 Series of Preferred Stock Shares Authorized Shares Issued and Outstanding Liquidation Preference Dividend Rate Annual Dividend per Depositary Share Par Value 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 35,450 32,000 $ 800,000 Series of Preferred Stock Date Issued Depositary Shares Issued Fractional Interest per Share Net Proceeds, After Expenses (in millions) Offering/ Redemption Price Optional Redemption Date Series I (2) 3/20/2012 16,000,000 1/1000 $ 387.2 $ 25.00 3/20/2017 Series J (3) 7/25/2012 9,000,000 1/1000 $ 217.8 $ 25.00 7/25/2017 Series K (4) 12/7/2012 7,000,000 1/1000 $ 169.1 $ 25.00 12/7/2017 As of December 31, 2014 Series of Preferred Stock Shares Authorized Shares Issued and Outstanding Liquidation Preference 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 Series of Preferred Stock Date Issued Depositary Shares Issued Fractiona l Interest per Share Net Proceeds, After Expenses (in millions) Offering/ Redemption Price Optional Redemption Date Series H (1) 8/30/2010 7,000,000 1/100 $ 169.2 $ 25.00 8/30/2015 Series I (2) 3/20/2012 16,000,000 1/1000 $ 387.2 $ 25.00 3/20/2017 Series J (3) 7/25/2012 9,000,000 1/1000 $ 217.8 $ 25.00 7/25/2017 Series K (4) 12/7/2012 7,000,000 1/1000 $ 169.1 $ 25.00 12/7/2017 (1) The net proceeds received from this offering were used for general corporate purposes, including the reduction of borrowings outstanding under the Company’s revolving credit facility and the redemption of shares of the Company’s preferred stock. (2) The net proceeds received from this offering were used for the redemption of all the outstanding depositary shares representing the Company’s Class F preferred stock, which redemption occurred on August 15, 2012 with the remaining proceeds used towards the redemption of outstanding depositary shares representing the Company’s Class G preferred stock, which redemption occurred on October 10, 2012 and general corporate purposes. (3) The net proceeds received from this offering were used for general corporate purposes, including funding towards the repayment of maturing Senior Unsecured Notes. (4) The net proceeds received from this offering were used for general corporate purposes, including funding towards the repayment of maturing Senior Unsecured Notes. The following Preferred Stock series were redeemed during the year ended December 31, 2015: Series of Preferred Stock Date Issued Depositary Shares Issued Redemption Amount (in millions) Offering/ Redemption Price Optional Redemption Date Actual Redemption Date Series H (1) 8/30/2010 7,000,000 $ 175.0 $ 25.00 8/30/2015 11/25/2015 (1) In connection with this redemption the Company recorded 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 Consolidated Balance Sheets in accordance with the FASB’s guidance on Distinguishing Liabilities from Equity. The $5.8 million was subtracted from net income to arrive at net income available to common shareholders and is used in the calculation of earnings per share for the year ended December 31, 2015. The Company’s Preferred Stock Depositary Shares for all series are not convertible or exchangeable for any other property or securities of the Company. Voting Rights - The Class I Preferred Stock, Class J Preferred Stock and Class K Preferred Stock rank pari passu as to voting rights, priority for receiving dividends and liquidation preference as set forth below. As to any matter on which the Class I, J, or K Preferred Stock may vote, including any actions by written consent, each share of the Class I, J or K Preferred Stock shall be entitled to 1,000 votes, each of which 1,000 votes may be directed separately by the holder thereof. With respect to each share of Class I, J or K Preferred Stock, the holder thereof may designate up to 1,000 proxies, with each such proxy having the right to vote a whole number of votes (totaling 1,000 votes per share of Class I, J or K Preferred Stock). As a result, each Class I, J or K Depositary Share is entitled to one vote. Liquidation Rights In the event of any liquidation, dissolution or winding up of the affairs of the Company, preferred stock holders are entitled to be paid, out of the assets of the Company legally available for distribution to its stockholders, a liquidation preference of $25,000.00 Class I Preferred Stock per share, $25,000.00 Class J Preferred Stock per share and $25,000.00 Class K Preferred Stock per share ($25.00 per each Class I, Class J and Class K Depositary Share), plus an amount equal to any accrued and unpaid dividends to the date of payment, before any distribution of assets is made to holders of the Company’s common stock or any other capital stock that ranks junior to the preferred stock as to liquidation rights. Common Stock The Company, from time to time, repurchases shares of its common stock in amounts that offset new issuances of common shares in connection with the exercise of stock options or the issuance of restricted stock awards. These share repurchases may occur in open market purchases, privately negotiated transactions or otherwise subject to prevailing market conditions, the Company’s liquidity requirements, contractual restrictions and other factors. During 2015, 2014 and 2013, the Company repurchased 179,696 shares, 128,147 shares and 144,727 shares, respectively, in connection with common shares surrendered to the Company to satisfy statutory minimum tax withholding obligations in connection with the vesting of restricted stock awards under the Company’s equity-based compensation plans. Convertible Units The Company has various types of convertible units that were issued in connection with the purchase of operating properties (see Footnote 14). The amount of consideration that would be paid to unaffiliated holders of units issued from the Company’s consolidated subsidiaries which are not mandatorily redeemable, as if the termination of these consolidated subsidiaries occurred on December 31, 2015, is $24.4 million. The Company has the option to settle such redemption in cash or shares of the Company’s common stock. If the Company exercised its right to settle in Common Stock, the unit holders would receive 0.9 million shares of Common Stock. |
Note 17 - Supplemental Schedule
Note 17 - Supplemental Schedule of Non-cash Investing/Financing Activities | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | 17. Supplemental Schedule of Non-Cash Investing/Financing Activities: The following schedule summarizes the non-cash investing and financing activities of the Company for the years ended December 31, 2015, 2014 and 2013 (in thousands): 2015 2014 2013 Acquisition of real estate interests by assumption of mortgage debt $ 84,699 $ 210,232 $ 76,477 Acquisition of real estate interests through foreclosure $ - $ - $ 24,322 Acquisition of real estate interests by issuance of redeemable units/partnership interests $ - $ 8,219 $ 3,985 Acquisition of real estate interests through proceeds held in escrow $ 89,504 $ 179,387 $ 42,892 Proceeds held in escrow through sale of real estate interests $ 71,623 $ 197,270 $ - Disposition of real estate interest by assignment of mortgage debt $ 47,742 $ - $ - Disposition of real estate through the issuance of mortgage receivable $ 5,730 $ 2,728 $ 3,513 Investment in real estate joint venture through contribution of real estate $ - $ 35,080 $ - Decrease of noncontrolling interests through sale of real estate $ - $ 17,650 $ - Increase in capital expenditures accrual $ 8,700 $ 11,373 $ 996 Issuance of common stock $ 493 $ 14,047 $ 9,213 Surrender of common stock $ (5,682 ) $ (4,051 ) $ (3,891 ) Declaration of dividends paid in succeeding period $ 115,182 $ 111,143 $ 104,496 Consolidation of Joint Ventures: Increase in real estate and other assets $ 1,039,335 $ 687,538 $ 228,200 Increase in mortgage payable and other liabilities $ 750,135 $ 492,318 $ 206,489 |
Note 18 - Transactions with Rel
Note 18 - Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 18. Transactions with Related Parties: The Company provides management services for shopping centers owned principally by affiliated entities and various real estate joint ventures in which certain stockholders of the Company have economic interests. Such services are performed pursuant to management agreements which provide for fees based upon a percentage of gross revenues from the properties and other direct costs incurred in connection with management of the centers. Substantially all of the Management and other fee income on the Company’s Consolidated Statements of Income constitute fees earned from affiliated entities. Reference is made to Footnotes 3, 7 and 19 for additional information regarding transactions with related parties. Ripco Real Estate Corp. (“Ripco”) business activities include serving as a leasing agent and representative for national and regional retailers including Target, Best Buy, Kohls and many others, providing real estate brokerage services and principal real estate investing. Mr. Todd Cooper, an officer and 50% shareholder of Ripco, is a son of Mr. Milton Cooper, Executive Chairman of the Board of Directors of the Company. During 2015, 2014 and 2013, the Company paid brokerage commissions of $0.6 million, $0.3 million and $0.6 million, respectively, to Ripco for services rendered primarily as leasing agent for various national tenants in shopping center properties owned by the Company. ProHEALTH is a multi-specialty physician group practice offering one-stop health care. ProHEALTH’s CEO, Dr. David Cooper, M.D. is a son of Milton Cooper, Executive Chairman of the Company. ProHEALTH and/or its affiliates (“ProHEALTH”) have leasing arrangements with the Company whereby two consolidated property locations are currently under lease. Total annual base rent for these properties leased to ProHEALTH for the years ended December 31, 2015, 2014 and 2013 aggregated to $0.4 million, $0.1 million and $0.1 million, respectively. During January 2015, 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. 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. (see Footnote 8). |
Note 19 - Commitments and Conti
Note 19 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 19. Commitments and Contingencies: Operations The Company and its subsidiaries are primarily engaged in the operation of shopping centers that are either owned or held under long-term leases that expire at various dates through 2114. The Company and its subsidiaries, in turn, lease premises in these centers to tenants pursuant to lease agreements which provide for terms ranging generally from 5 to 25 years and for annual minimum rentals plus incremental rents based on operating expense levels and tenants' sales volumes. Annual minimum rentals plus incremental rents based on operating expense levels and percentage rents comprised 98% of total revenues from rental property for each of the three years ended December 31, 2015, 2014 and 2013. The future minimum revenues from rental property under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases are executed for such premises, for future years are as follows (in millions): 2016, $825.8; 2017, $741.4; 2018, $636.7; 2019, $541.5; 2020, $446.2 and thereafter; $1,955.2. Base rental revenues from rental property are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rental income contracted through leases and rental income recognized on a straight-line basis before allowances for the years ended December 31, 2015, 2014 and 2013 was $14.8 million, $8.4 million and $4.8 million, respectively. Minimum rental payments to be made by the Company under the terms of all non-cancelable operating leases pertaining to the Company’s shopping center portfolio for future years are as follows (in millions): 2016, $12.7; 2017, $12.3; 2018, $12.0; 2019, $11.2; 2020, $10.7 and thereafter, $193.6. Guarantees On a select basis, the Company had provided guarantees on interest bearing debt held within real estate joint ventures. The Company had the following outstanding guarantees as of December 31, 2015 (amounts in millions): Name of Joint Venture Amount of Guarantee Interest rate Maturity, with extensions Terms Type of debt Anthem K-12, LP (4 property loans) $ 31.2 Various (1) Various (1) Jointly and severally with partner Promissory note (1) As of December 31, 2015, the interest rates range from 3.62% to 4.97% and maturity dates with extensions range from July 2016 to August 2022. The Company evaluated these guarantees in connection with the provisions of the FASB’s Guarantees guidance and determined that the impact did not have a material effect on the Company’s financial position or results of operations. Letters of Credit The Company has issued letters of credit in connection with the completion and repayment guarantees for loans encumbering certain of the Company’s redevelopment projects and guaranty of payment related to the Company’s insurance program. At December 31, 2015, these letters of credit aggregated $25.6 million. Other In connection with the construction of its development and redevelopment projects and related infrastructure, certain public agencies require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of December 31, 2015, there were $25.4 million in performance and surety bonds outstanding. On January 28, 2013, the Company received a subpoena from the Enforcement Division of the SEC in connection with an investigation, In the Matter of Wal-Mart Stores, Inc. (FW-3678), that the SEC Staff is currently conducting with respect to possible violations of the Foreign Corrupt Practices Act. The Company is cooperating with the SEC and the U.S. Department of Justice (“DOJ”), which is conducting a parallel investigation. At this point, we are unable to predict the duration, scope or result of the SEC or DOJ investigation. The Company is subject to various other legal proceedings and claims that arise in the ordinary course of business. Management believes that the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or liquidity of the Company as of December 31, 2015. |
Note 20 - Incentive Plans
Note 20 - Incentive Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 20. Incentive Plans: The Company accounts for equity awards in accordance with FASB’s Compensation – Stock Compensation guidance which requires that all share based payments to employees, including grants of employee stock options, restricted stock and performance shares, be recognized in the Statement of Income over the service period based on their fair values. Fair value is determined, depending on the type of award, using either the Black-Scholes option pricing formula or the Monte Carlo method for performance shares, both of which are intended to estimate the fair value of the awards at the grant date. Fair value of restricted shares is calculated based on the price on the date of grant. The Company recognized expense associated with its equity awards of $18.5 million, $17.9 million and $18.9 million, for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, the Company had $28.0 million of total unrecognized compensation cost related to unvested stock compensation granted under the Plans. That cost is expected to be recognized over a weighted average period of 3.6 years. The Company had 9,095,416, 9,251,021 and 8,049,534, shares of the Company’s common stock available for issuance under the Plan at December 31, 2015, 2014 and 2013, respectively. Stock Options The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing formula. The assumption for expected volatility has a significant effect on the grant date fair value. Volatility is determined based on the historical equity of common stock for the most recent historical period equal to the expected term of the options plus an implied volatility measure. The expected term is determined using the simplified method due to the lack of exercise and cancelation history for the current vesting terms. During 2015 and 2014, the Company did not grant any stock options. The more significant assumptions underlying the determination of fair values for options granted during the year ended December 31, 2013 were as follows: 2013 Weighted average fair value of options granted $ 5.04 Weighted average risk-free interest rates 1.46 % Weighted average expected option lives (in years) 6.25 Weighted average expected volatility 35.95 % Weighted average expected dividend yield 3.85 % Information with respect to stock options under the Plan for the years ended December 31, 2015, 2014 and 2013 are as follows: Shares Weighted- Average Exercise Price Per Share Aggregate Intrinsic Value (in millions) Options outstanding, January 1, 2013 16,557,997 $ 28.42 $ 14.9 Exercised (1,636,300 ) $ 23.15 Granted 1,354,250 $ 21.55 Forfeited (901,802 ) $ 31.38 Options outstanding, December 31, 2013 15,374,145 $ 28.79 $ 13.1 Exercised (1,474,432 ) $ 16.19 Forfeited (2,005,952 ) $ 28.68 Options outstanding, December 31, 2014 11,893,761 $ 30.23 $ 29.8 Exercised (1,019,240 ) $ 18.36 Forfeited (1,862,080 ) $ 32.55 Options outstanding, December 31, 2015 9,012,441 $ 31.09 $ 27.4 Options exercisable (fully vested) - December 31, 2013 12,039,439 $ 31.24 $ 8.2 December 31, 2014 10,159,570 $ 31.96 $ 19.9 December 31, 2015 7,617,882 $ 32.90 $ 20.0 The exercise prices for options outstanding as of December 31, 2015, range from $11.54 to $53.14 per share. The Company estimates forfeitures based on historical data. The weighted-average remaining contractual life for options outstanding as of December 31, 2015 was 3.2 years. The weighted-average remaining contractual term of options currently exercisable as of December 31, 2015, was 2.8 years. The weighted-average remaining contractual term of options expected to vest as of December 31, 2015, was 6.8 years. As of December 31, 2015, the Company had 756,441 options expected to vest, with a weighted-average exercise price per share of $20.62 and an aggregate intrinsic value of $4.6 million. Cash received from options exercised under the Plan was $18.7 million, $23.9 million and $30.2 million for the years ended December 31, 2015, 2014 and 2013, respectively. The total intrinsic value of options exercised during 2015, 2014 and 2013, was $7.4 million, $9.4 million, and $7.6 million, respectively. Restricted Stock and Performance Shares As of December 31, 2015, 2014 and 2013, the Company had restricted stock outstanding of 1,712,534, 1,911,145 and 1,591,082, respectively. These restricted shares have the same voting rights as the Company’s common stock and are entitled to a cash dividend per share equal to the Company’s common dividend which is taxable as ordinary income to the holder. The dividends paid on restricted shares were $1.8 million, $1.5 million, and $1.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2015, 2014 and 2013 were $25.98, $21.60 and $21.58, respectively. Information with respect to restricted stock under the Plan for the years ended December 31, 2015, 2014 and 2013 are as follows: 2015 2014 2013 Restricted stock outstanding as of January 1, 1,911,145 1,591,082 1,562,912 Granted 729,160 804,465 549,263 Vested (875,202 ) (418,309 ) (430,378 ) Forfeited (52,569 ) (66,093 ) (90,715 ) Restricted stock outstanding as of December 31, 1,712,534 1,911,145 1,591,082 As of December 31, 2015, 2014 and 2013, the Company had performance share awards outstanding of 202,754, 171,400 and 185,200, respectively. The weighted-average grant date fair value for performance shares issued during the years ended December 31, 2015, 2014 and 2013 were $27.87, $22.65 and $24.78, respectively. The more significant assumptions underlying the determination of fair values for these awards granted during 2015, 2014 and 2013 were as follows: 2015 2014 2013 Stock price $ 26.83 $ 21.49 $ 21.54 Dividend yield (1) 0 % 0 % 0 % Risk-free rate 0.98 % 0.65 % 0.14 % Volatility 16.81 % 25.93 % 16.90 % Term of the award (years) 1.88, 2.88 0.88, 1.88, 2.88 0.88 (1) Total Shareholder Returns, as used in the performance share awards computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized. Other The Company maintains a 401(k) retirement plan covering substantially all officers and employees, which permits participants to defer up to the maximum allowable amount determined by the Internal Revenue Service of their eligible compensation. This deferred compensation, together with Company matching contributions, which generally equal employee deferrals up to a maximum of 5% of their eligible compensation (capped at $170,000 per the plan), is fully vested and funded as of December 31, 2015. The Company’s contributions to the plan were $2.1 million, $2.2 million and $2.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. The Company recognized severance costs associated with employee terminations during the years ended December 31, 2015, 2014 and 2013 of $4.8 million, $6.3 million and $4.3 million, respectively. |
Note 21 - Income Taxes
Note 21 - Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 21. Income Taxes: The Company elected to qualify as a REIT in accordance with the Code commencing with its taxable year which began January 1, 1992. To qualify as a REIT, the Company must meet several organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted REIT taxable income to its stockholders. Management intends to adhere to these requirements and maintain the Company’s REIT status. As a REIT, the Company generally will not be subject to corporate federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income. If the Company failed to qualify as a REIT in any taxable year, it would be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be permitted to elect REIT status for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state and local income taxes. The Company is also subject to local taxes on certain Non-U.S. investments. Reconciliation between GAAP Net Income and Federal Taxable Income: The following table reconciles GAAP net income to taxable income for the years ended December 31, 2015, 2014 and 2013 (in thousands): 201 5 (Estimated) 201 4 (Actual) 201 3 (Actual) GAAP net income attributable to the Company $ 894,115 $ 424,001 $ 236,281 Less: GAAP net income of taxable REIT subsidiaries (11,727 ) (13,110 ) (5,950 ) GAAP net income from REIT operations (a) 882,388 410,891 230,331 Net book depreciation in excess of tax depreciation 12,861 24,890 32,906 Capitalized leasing/legal commissions (10,000 ) (13,576 ) - Deferred/prepaid/above and below market rents, net (33,006 ) (17,967 ) (11,985 ) Fair market value debt amortization (21,956 ) (6,236 ) (3,510 ) Restricted stock (3,094 ) (1,078 ) (2,247 ) Book/tax differences from non-qualified stock options (4,786 ) (5,144 ) (255 ) Book/tax differences from investments in real estate joint ventures 27,462 8,614 (11,928 ) Book/tax difference on sale of property (118,287 ) (146,173 ) 36,896 Foreign income tax from capital gains 2,759 - (31,130 ) Cumulative foreign currency translation adjustment & deferred tax adjustment 20,851 139,976 5,095 Book adjustment to property carrying values and marketable equity securities 7,861 62,817 22,811 Taxable currency exchange loss, net (44,938 ) (100,602 ) (25,958 ) Tangible property regulations deduction (b) (130,000 ) - - Dividends from taxable REIT subsidiaries 65 67,590 2,980 GAAP change in control gain (149,407 ) (107,235 ) 9,147 Other book/tax differences, net 15,262 (16,100 ) (3,262 ) Adjusted REIT taxable income $ 454,035 $ 300,667 $ 249,891 Certain amounts in the prior periods have been reclassified to conform to the current year presentation, in the table above. (a) All adjustments to "GAAP net income from REIT operations" are net of amounts attributable to noncontrolling interest and taxable REIT subsidiaries. (b) In September 2013, the Internal Revenue Service released final Regulations governing when taxpayers like the Company must capitalize and depreciate costs for acquiring, maintaining, repairing and replacing tangible property and when taxpayers can deduct such costs. These Regulations permitted the Company to deduct certain types of expenditures that were previously required to be capitalized. The Regulations also allowed the Company to make a one-time election to immediately deduct certain amounts that were capitalized in previous years that are not required to be capitalized under the new Regulations. The Company elected to take its one-time allowable deduction in 2015, which totaled approximately $85.9 million. Characterization of Distributions: The following characterizes distributions paid for tax purposes for the years ended December 31, 2015, 2014 and 2013, (in thousands): 2015 2014 2013 Preferred H Dividends Ordinary income $ - - $ 6,762 56 % $ 8,694 72 % Capital gain 13,417 100 % 5,313 44 % 3,381 28 % $ 13,417 100 % $ 12,075 100 % $ 12,075 100 % Preferred I Dividends Ordinary income $ - - $ 13,440 56 % $ 17,280 72 % Capital gain 24,000 100 % 10,560 44 % 6,720 28 % $ 24,000 100 % $ 24,000 100 % $ 24,000 100 % Preferred J Dividends Ordinary income $ - - $ 6,930 56 % $ 8,910 72 % Capital gain 12,375 100 % 5,445 44 % 3,465 28 % $ 12,375 100 % $ 12,375 100 % $ 12,375 100 % Preferred K Dividends Ordinary income $ - - $ 5,513 56 % $ 6,064 72 % Capital gain 9,844 100 % 4,331 44 % 2,358 28 % $ 9,844 100 % $ 9,844 100 % $ 8,422 100 % Common Dividends Ordinary income $ - - $ 132,498 36 % $ 157,393 46 % Capital Gain 394,400 100 % 103,054 28 % 61,588 18 % Return of capital - - 132,498 36 % 123,177 36 % $ 394,400 100 % $ 368,050 100 % $ 342,158 100 % Total dividends distributed for tax purposes $ 454,036 $ 426,344 $ 399,030 For the years ended December 31, 2015, 2014 and 2013 cash dividends paid for tax purposes were equivalent or in excess of the dividends paid deduction. Taxable REIT Subsidiaries (“TRS”) and Taxable Entities : The Company is subject to federal, state and local income taxes on income reported through its TRS activities, which include wholly-owned subsidiaries of the Company. The Company’s TRS consists of Kimco Realty Services ("KRS"), which due to a merger on April 1, 2013 includes FNC Realty Corporation (“FNC”), Kimco Insurance Company (“KIC”), (collectively, the taxable entity “KRS Consolidated”) and the consolidated entity, Blue Ridge Real Estate Company/Big Boulder Corporation. On April 2, 2013, the Company contributed its interest in FNC to KRS and KRS acquired all of the outstanding stock of FNC in a reverse cash merger. The Company is also subject to local non-U.S. taxes on certain investments located outside the U.S. The Company is subject to taxes on its activities in Canada, Puerto Rico, Mexico, and Chile. In general, under local country law applicable to the structures the Company has in place and applicable treaties, the repatriation of cash to the Company from its subsidiaries and joint ventures in Canada, Puerto Rico and Mexico generally are not subject to withholding tax. The Company is subject to withholding taxes in Chile on sale transactions. As a result, the Company will incur a withholding tax on the repatriation of sale proceeds associated with the sale of the Company’s remaining property in Chile. The Company has determined this withholding tax to be $0.5 million. 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. Income taxes have been provided for on the asset and liability method as required by the FASB’s Income Tax guidance. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of taxable assets and liabilities. The Company’s pre-tax book income/(loss) and (provision)/benefit for income taxes relating to the Company’s TRS and taxable entities which have been consolidated for accounting reporting purposes, for the years ended December 31, 2015, 2014 and 2013, are summarized as follows (in thousands): 201 5 201 4 201 3 Income/(loss) before income taxes – U.S. $ 23,729 $ 22,176 $ (4,849 ) (Provision)/benefit for income taxes, net: Federal : Current (638 ) (522 ) (1,647 ) Deferred (7,355 ) (7,156 ) 9,725 Federal tax (provision)/benefit (7,993 ) (7,678 ) 8,078 State and local: Current (2,535 ) (165 ) 1,159 Deferred (1,474 ) (1,223 ) 1,562 State tax (provision)/benefit (4,009 ) (1,388 ) 2,721 Total tax (provision)/benefit – U.S. (12,002 ) (9,066 ) 10,799 Net income from U.S. taxable REIT subsidiaries $ 11,727 $ 13,110 $ 5,950 Income before taxes – Non-U.S. $ 381,999 $ 116,184 $ 188,215 (Provision)/benefit for Non-U.S. income taxes: Current (1) $ (58,365 ) $ (18,131 ) $ (30,102 ) Deferred 4,331 (6,749 ) 2,045 Non-U.S. tax provision $ (54,034 ) $ (24,880 ) $ (28,057 ) (1) Includes $53.5 million in expense related to the sale of interest in 32 properties located in Canada. The Company’s deferred tax assets and liabilities at December 31, 2015 and 2014, were as follows (in thousands): 2015 2014 Deferred tax assets: Tax/GAAP basis differences $ 49,601 $ 68,702 Net operating losses (1) 40,100 51,142 Related party deferred losses 1,549 3,843 Tax credit carryforwards 5,304 3,899 Capital loss carryforwards 4,593 3,995 Charitable contribution carryforwards 22 11 Non-U.S. tax/GAAP basis differences 4,555 10,566 Valuation allowance – U.S. (25,045 ) (25,045 ) Valuation allowance – Non-U.S. (2,860 ) (9,257 ) Total deferred tax assets 77,819 107,856 Deferred tax liabilities – U.S. (19,326 ) (25,503 ) Deferred tax liabilities – Non-U.S. (3,493 ) (6,812 ) Net deferred tax assets $ 55,000 $ 75,541 (1) Expiration dates ranging from 2021 to 2033 As of December 31, 2015, the Company had net deferred tax assets of $55.0 million comprised of (i) $49.6 million of deferred tax assets and $19.3 million of deferred tax liabilities relating to the difference between the basis of accounting for federal and state income tax reporting and GAAP reporting for real estate assets, joint ventures, and other investments, (ii) $15.1 million for the tax effect of net operating loss carryovers, net of a valuation allowance within FNC of $25.0 million, (iii) $1.5 million for losses deferred for federal and state income tax purposes for transactions with related parties, (iv) $5.3 million for tax credit carryovers and (v) $4.6 million for capital loss carryovers, partially offset by (vi) $1.8 million of net deferred tax liabilities related to its investments in Canada and Mexico. General business tax credit carryovers of $2.5 million within KRS expire during taxable years from 2027 through 2034, and alternative minimum tax credit carryovers of $2.8 million do not expire. The major differences between GAAP basis of accounting and the basis of accounting used for federal and state income tax reporting consist of impairment charges recorded for GAAP, but not recognized for tax purposes, depreciation and amortization, rental revenue recognized on the straight line method for GAAP, reserves for doubtful accounts, and the period in which certain gains were recognized for tax purposes, but not yet recognized under GAAP. Deferred tax assets and deferred tax liabilities are included in the captions Other assets and Other liabilities on the accompanying Consolidated Balance Sheets at December 31, 2015 and 2014. Operating losses and the valuation allowance are related primarily to the Company’s consolidation of its taxable REIT subsidiaries for accounting and reporting purposes. For the year ended December 31, 2015, KRS Consolidated produced $31.9 million of taxable income and utilized $31.9 million of its $70.3 million of available net operating loss carryovers. For the year ended December 31, 2014, KRS Consolidated produced $49.3 million of taxable income and utilized $49.3 million of its $119.6 million of available net operating loss carryovers. During 2013, the Company determined that a reduction of $8.7 million of the valuation allowance against FNC’s deferred tax assets was deemed appropriate based on expected future taxable income. At December 31, 2015, the Company maintained a valuation allowance of $25.0 million to reduce the deferred tax asset of $40.1 million related to KRS Consolidated’s net operating loss carryovers to the amount the Company determined is more likely than not realizable. The Company analyzed projected taxable income and the expected utilization of the remaining net operating loss carryovers and determined a partial valuation allowance was appropriate. As of December 31, 2015, the Company determined that no valuation allowance was needed against the remaining $41.2 million net deferred tax asset within KRS Consolidated. The Company based its determination on an analysis of both positive and negative evidence using its judgment as to the relative weight of each. The Company believes, when evaluating KRS Consolidated’s deferred tax assets, special consideration should be given to the unique relationship between the Company as a REIT and KRS as a taxable REIT subsidiary. This relationship exists primarily to protect the REIT’s qualification under the Code by permitting, within certain limits, the REIT to engage in certain business activities in which the REIT cannot directly participate. As such, the REIT controls which and when investments are held in, or distributed or sold from, KRS. This relationship distinguishes a REIT and taxable REIT subsidiary from an enterprise that operates as a single, consolidated corporate taxpayer. The Company will continue through this structure to operate certain business activities in KRS. The Company’s analysis of KRS Consolidated’s ability to utilize its deferred tax assets also includes an estimate of future projected income. The projection of pre-tax book income and taxable income will generate sufficient taxable income to absorb a reversal of the Company’s deductible temporary differences, including net operating loss carryovers. Based on this analysis, the Company concluded it is more likely than not that the net deferred tax assets (excluding net deferred tax assets of FNC discussed above) will be realized and therefore, no valuation allowance is needed at December 31, 2015. If future income projections do not occur as forecasted or the Company incurs additional impairment losses in excess of the amount earnings can absorb, the Company will reconsider the need for a valuation allowance. The Company’s deferred tax assets in Canada result principally from depreciation deducted under GAAP that exceed capital cost allowances claimed under Canadian tax rules. The deferred tax asset will naturally reverse upon disposition as tax basis will be greater than the basis of the assets under generally accepted accounting principles. Provision/(benefit) differ from the amounts computed by applying the statutory federal income tax rate to taxable income before income taxes as follows (in thousands): 201 5 201 4 201 3 Federal provision/(benefit) at statutory tax rate (35%) $ 8,304 $ 7,762 $ (1,697 ) State and local provision/(benefit), net of federal benefit 3,698 1,304 (205 ) Acquisition of FNC - - (9,126 ) Other - - 229 Total tax provision/(benefit) – U.S. $ 12,002 $ 9,066 $ (10,799 ) Uncertain Tax Positions : The Company is subject to income tax in certain jurisdictions outside the U.S., principally Canada and Mexico. The statute of limitations on assessment of tax varies from three to seven years depending on the jurisdiction and tax issue. Tax returns filed in each jurisdiction are subject to examination by local tax authorities. The Company is currently under audit by the Canadian Revenue Agency, Mexican Tax Authority and the U.S. Internal Revenue Service (“IRS”). In October 2011, the IRS issued a notice of proposed adjustment, which proposes pursuant to Section 482 of the Code, to disallow a capital loss claimed by KRS on the disposition of common shares of Valad Property Ltd., an Australian publicly listed company. Because the adjustment is being made pursuant to Section 482 of the Code, the IRS believes it can assert a 100 percent “penalty” tax pursuant to Section 857(b)(7) of the Code and disallow the capital loss deduction. The notice of proposed adjustment indicates the IRS’ intention to impose the 100 percent “penalty” tax on the Company in the amount of $40.9 million and disallowing the capital loss claimed by KRS. The Company and its outside counsel have considered the IRS' assessment and believe that there is sufficient documentation establishing a valid business purpose for the transfer, including recent case history showing support for similar positions. Accordingly, the Company strongly disagrees with the IRS’ position on the application of Section 482 of the Code to the disposition of the shares, the imposition of the 100 percent penalty tax and the simultaneous assertion of the penalty tax and disallowance of the capital loss deduction. The Company received a Notice of Proposed Assessment and filed a written protest and requested an IRS Appeals Office conference. An appeals hearing was attended by Management and its attorneys, the IRS Compliance Group and an IRS Appeals Officer in November, 2014, at which time IRS Compliance presented arguments in support of their position, as noted herein. Management and its attorneys presented rebuttal arguments in support of its position. The matter is currently under consideration by the Appeals Officer. The Company intends to vigorously defend its position in this matter and believes it will prevail. Resolutions of these audits are not expected to have a material effect on the Company’s financial statements. The Company has unrecognized tax benefits reported as deferred tax assets and are available to settle adjustments made with respect to the Company’s uncertain tax positions in Canada. The Company reduced its reserve for uncertain tax positions associated with its Canadian operations and reduced its deferred tax assets in accordance with ASU 2013-11. The Company does not believe that the total amount of unrecognized tax benefits as of December 31, 2015, will significantly increase or decrease within the next 12 months. As of December 31, 2015, the Company’s Canadian uncertain tax positions, which reduce its deferred tax assets, aggregated $5.1 million. The liability for uncertain tax benefits principally consists of estimated foreign, federal and state income tax liabilities in years for which the statute of limitations is open. Open years range from 2009 through 2015 and vary by jurisdiction and issue. The aggregate changes in the balance of unrecognized tax benefits for the years ended December 31, 2015 and 2014 were as follows (in thousands): 2015 2014 Balance, beginning of year $ 4,649 $ 4,590 Increases for tax positions related to current year 1,084 59 Reductions due to lapsed statute of limitations (1,470 ) - Balance, end of year $ 4,263 $ 4,649 |
Note 22 - Accumulated Other Com
Note 22 - Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income Loss Disclosure [Abstract] | |
Accumulated Other Comprehensive Income Loss Disclosure [Text Block] | 22. Accumulated Other Comprehensive Income The following table displays the change in the components of AOCI for the year ended December 31, 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 (12,493 ) (5,946 ) (22 ) (18,461 ) Amounts reclassified from AOCI 18,780 (1) (39,853 ) (2) - (21,073 ) Net current-period other comprehensive income 6,287 (45,799 ) (22 ) (39,534 ) Balance as of December 31, 2015 $ 6,616 $ 398 $ (1,426 ) $ 5,588 (1) During 2015, the Company recognized a cumulative foreign currency translation loss as a result of the liquidation of the Company’s investment in Chile. Amounts were reclassified on the Company’s Consolidated Statements of Income as follows (i) $19.6 million of loss was reclassified to Gain on sale of operating properties, net of tax, offset by (ii) $0.8 million of gain was reclassified to Equity in income of joint ventures, net. (2) Amounts reclassified to Interest, dividends and other investment income on the Company’s Consolidated Statements of Income. Foreign Currency Translation Adjustments Unrealized Gains on Available-for- Sale Investments Unrealized Gain/(Loss) on Interest Rate Swaps Total Balance as of January 1, 2014 $ (90,977 ) $ 25,995 $ - $ (64,982 ) Other comprehensive income before reclassifications (43,045 ) 20,202 (1,404 ) (24,247 ) Amounts reclassified from AOCI 134,351 (1) - - 134,351 Net current-period other comprehensive income 91,306 20,202 (1,404 ) 110,104 Balance as of December 31, 2014 $ 329 $ 46,197 $ (1,404 ) $ 45,122 (1) During 2014, the Company recognized a cumulative foreign currency translation loss as a result of the substantial liquidation of the Company’s investment in Mexico and Peru. Amounts were reclassified on the Company’s Consolidated Statements of Income as follows (i) $92.9 million of loss was reclassified to Impairment/loss on operating properties sold, net of tax, within Discontinued operations (ii) $47.3 million of loss was reclassified to Equity in income of joint ventures, net and (iii) $5.8 million of a loss was reclassified to Net income attributable to noncontrolling interest. At December 31, 2015, the Company had a net $6.6 million, of unrealized cumulative foreign currency translation adjustment (“CTA”) gains relating to its foreign entity investments in Canada. CTA results from currency fluctuations between local currency and the U.S. dollar during the period in which the Company held its investment. CTA amounts are subject to future changes resulting from ongoing fluctuations in the respective foreign currency exchange rates. Under U.S. GAAP, the Company is required to release CTA balances into earnings when the Company has substantially liquidated its investment in a foreign entity. During 2015, the Company began selling properties within its Canadian portfolio and as such, the Company may, in the near term, substantially liquidate its remaining investment in Canada, which will require the then unrealized gain on foreign currency translation to be recognized as a benefit to earnings. |
Note 23 - Supplemental Financia
Note 23 - Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 23. Supplemental Financial Information: The following represents the results of income, expressed in thousands except per share amounts, for each quarter during the years 2015 and 2014: 2015 (Unaudited) Mar. 31 Jun. 30 Sept. 30 Dec. 31 Revenues from rental properties $ 275,506 $ 289,080 $ 283,387 $ 296,501 Net income attributable to the Company $ 310,342 $ 127,000 $ 77,572 $ 379,201 Net income per common share: Basic $ 0.72 $ 0.27 $ 0.15 $ 0.87 Diluted $ 0.71 $ 0.27 $ 0.15 $ 0.87 2014 (Unaudited) Mar. 31 Jun. 30 Sept. 30 Dec. 31 Revenues from rental properties (1) $ 219,152 $ 237,432 $ 246,555 $ 255,749 Net income attributable to the Company $ 87,000 $ 89,512 $ 194,708 $ 52,781 Net income per common share: Basic $ 0.18 $ 0.18 $ 0.44 $ 0.09 Diluted $ 0.18 $ 0.18 $ 0.44 $ 0.09 (1) All periods have been adjusted to reflect the impact of operating properties sold during 2014, which are reflected in the caption Discontinued operations on the accompanying Consolidated Statements of Income. Upon the adoption of ASU 2014-08 on January 1, 2015, individual property dispositions will no longer qualify as a discontinued operation under the new guidance. In the fourth quarter of 2015, the Company changed the classification within the Company’s cash flow statement for certain transactions that occurred in the three months ended March 31, 2015 involving the sale of equity interests in entities owning real estate. The Company believes the new classification is a more meaningful reflection of these transactions and changed the Company’s cash flow from the initially reported amounts to reduce Distributions from joint ventures and other real estate investments within its cash flow from operating activities and increase Distributions from liquidation of real estate joint ventures within its cash flow from investing activities by $54.6 million for each of the three, six and nine months ended March 31, 2015, June 30, 2015 and September 30, 2015, respectively. This change of $54.6 million for the three, six and nine months ended during 2015 will be reclassified in connection with the Company’s filings on Form 10-Q during 2016 for purposes of reflecting comparative periods. |
Note 24 - Captive Insurance Com
Note 24 - Captive Insurance Company: | 12 Months Ended |
Dec. 31, 2015 | |
Captive Insurance Disclosure [Abstract] | |
Captive Insurance Disclosure [Text Block] | 24. Captive Insurance Company : In October 2007, the Company formed a wholly-owned captive insurance company, KIC, which provides general liability insurance coverage for all losses below the deductible under the Company’s third-party liability insurance policy. The Company created KIC as part of its overall risk management program and to stabilize its insurance costs, manage exposure and recoup expenses through the functions of the captive program. The Company capitalized KIC in accordance with the applicable regulatory requirements. KIC established annual premiums based on projections derived from the past loss experience of the Company’s properties. KIC has engaged an independent third party to perform an actuarial estimate of future projected claims, related deductibles and projected expenses necessary to fund associated risk management programs. Premiums paid to KIC may be adjusted based on this estimate. Like premiums paid to third-party insurance companies, premiums paid to KIC may be reimbursed by tenants pursuant to specific lease terms. KIC assumes occurrence basis general liability coverage for the Company and its affiliates under the terms of a reinsurance agreement entered into by KIC and the reinsurance provider. From October 1, 2007 through October 1, 2016, KIC assumes 100% of the first $250,000 per occurrence risk layer. This coverage is subject to annual aggregates ranging between $7.8 million and $10.7 million per policy year. The annual aggregate is adjustable based on the amount of audited square footage of the insureds’ locations and can be adjusted for subsequent program years. Defense costs erode the stated policy limits. KIC is required to pay the reinsurance provider for unallocated loss adjustment expenses an amount ranging between 9.5% and 12.2% of incurred losses for the policy periods ending October 1, 2008 through October 1, 2016. These amounts do not erode the Company’s per occurrence or aggregate limits. As of December 31, 2015 and 2014, the Company maintained a letter of credit in the amount of $23.0 million and $22.0 million, respectively, issued in favor of the reinsurance provider to provide security for the Company’s obligations under its agreement with the reinsurance provider. The letter of credit maintained as of December 31, 2015, has an expiration date of February 15, 2017, with automatic renewals for one year. Activity in the liability for unpaid losses and loss adjustment expenses for the years ended December 31, 2015 and 2014, is summarized as follows (in thousands): 2015 2014 Balance at the beginning of the year $ 18,078 $ 17,602 Incurred related to: Current year 7,469 7,281 Prior years 652 (1,671 ) Total incurred 8,121 5,610 Paid related to: Current year (1,214 ) (1,497 ) Prior years (4,939 ) (3,637 ) Total paid (6,153 ) (5,134 ) Balance at the end of the year $ 20,046 $ 18,078 For the years ended December 31, 2015 and 2014, the changes in estimates in insured events in the prior years, incurred losses and loss adjustment expenses resulted in an increase of $0.7 million and a decrease $1.7 million, respectively, which was primarily due to continued regular favorable loss development on the general liability coverage assumed. |
Note 25 - Pro Forma Financial I
Note 25 - Pro Forma Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Pro Forma Financial Information Disclosure [Abstract] | |
Pro Forma Financial Information Disclosure [Text Block] | 25. Pro Forma Financial Information (Unaudited): As discussed in Notes 3, 4 and 5, the Company and certain of its subsidiaries acquired and disposed of interests in certain operating properties during 2015. The pro forma financial information set forth below is based upon the Company's historical Consolidated Statements of Income for the years ended December 31, 2015 and 2014, adjusted to give effect to these transactions at the beginning of 2014 and 2013, respectively. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been had the transactions occurred at the beginning of 2014, nor does it purport to represent the results of income for future periods. (Amounts presented in millions, except per share figures.) Year ended December 31, 2015 2014 Revenues from rental properties $ 1,141.6 $ 1,150.2 Net income $ 594.4 $ 344.4 Net income available to the Company’s common shareholders $ 525.5 $ 280.8 Net income attributable to the Company’s common shareholders per common share: Basic $ 1.27 $ 0.68 Diluted $ 1.26 $ 0.67 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Balance at beginning of period Charged to e xpenses Adjustments to valuation accounts Deductions Balance at end of period Year Ended December 31, 2015 Allowance for uncollectable accounts $ 10,368 $ 7,333 $ - $ (3,783 ) $ 13,918 Allowance for deferred tax asset $ 34,302 $ - $ (6,397 ) $ - $ 27,905 Year Ended December 31, 2014 Allowance for uncollectable accounts $ 10,771 $ 3,886 $ - $ (4,289 ) $ 10,368 Allowance for deferred tax asset $ 63,712 $ - $ (29,410 ) $ - $ 34,302 Year Ended December 31, 2013 Allowance for uncollectable accounts $ 16,402 $ 3,521 $ - $ (9,152 ) $ 10,771 Allowance for deferred tax asset $ 71,912 $ - $ (8,200 ) $ - $ 63,712 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | KIMCO REALTY SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 INITIAL COST TOTAL COST, BUILDING & SUBSEQUENT TO BUILDING & ACCUMULATED NET OF ACCUMULATED DATE OF ACQUISITION DATE OF CONSTRUCTION LAND IMPROVEMENT ACQUISITION LAND IMPROVEMENT TOTAL DEPRECIATION DEPRECIATION ENCUMBRANCES (A) (C) KEY BANK BUILDING 1,500,000 40,486,755 - 1,500,000 40,486,755 41,986,755 17,426,239 24,560,516 - 2006 THE GROVE 18,951,763 6,403,809 28,693,367 15,575,865 38,473,074 54,048,939 5,701,359 48,347,580 - 2007 CHANDLER AUTO MALLS 9,318,595 - (8,299,980 ) 972,382 46,233 1,018,615 4,510 1,014,105 - 2004 EL MIRAGE 6,786,441 503,987 130,064 6,786,441 634,051 7,420,492 59,438 7,361,054 - 2008 TALAVI TOWN CENTER 8,046,677 17,291,542 3,799 8,046,677 17,295,341 25,342,018 9,941,986 15,400,032 - 2007 MESA PAVILIONS NORTH 6,060,018 35,955,005 510,737 6,060,018 36,465,741 42,525,759 7,547,112 34,978,647 - 2009 MESA RIVERVIEW 15,000,000 - 138,318,768 307,992 153,010,776 153,318,768 43,732,712 109,586,056 - 2005 MESA PAVILLIONS - SOUTH - 148,508 148,160 - 296,668 296,668 108,869 187,799 - 2011 METRO SQUARE 4,101,017 16,410,632 1,166,725 4,101,017 17,577,356 21,678,373 7,893,765 13,784,608 - 1998 HAYDEN PLAZA NORTH 2,015,726 4,126,509 5,021,774 2,015,726 9,148,283 11,164,009 3,783,112 7,380,897 - 1998 PLAZA DEL SOL 5,324,501 21,269,943 1,872,367 4,577,869 23,888,941 28,466,810 7,632,654 20,834,156 - 1998 PLAZA MOUNTAINSIDE 2,450,341 9,802,046 1,597,558 2,450,341 11,399,604 13,849,945 5,340,946 8,508,999 - 1997 PINACLE PEAK- N. CANYON RANCH 1,228,000 8,774,694 41,458 1,228,000 8,816,152 10,044,152 2,663,503 7,380,649 585,954 2009 VILLAGE CROSSROADS 5,662,554 24,981,223 622,911 5,662,554 25,604,133 31,266,687 3,587,674 27,679,013 - 2011 NORTH VALLEY 6,861,564 18,200,901 5,870,198 3,861,272 27,071,391 30,932,663 3,587,037 27,345,626 - 2011 CHRISTOWN SPECTRUM MALL 33,831,348 91,004,070 - 33,831,348 91,004,070 124,835,418 256,808 124,578,610 65,928,239 2015 ASANTE RETAIL CENTER 8,702,635 3,405,683 2,865,559 11,039,472 3,934,405 14,973,877 343,277 14,630,600 - 2004 SURPRISE SPECTRUM 4,138,760 94,572 1,035 4,138,760 95,607 4,234,367 9,207 4,225,160 - 2008 BELL CAMINO CENTER 2,427,465 6,439,065 209,620 2,427,465 6,648,685 9,076,150 1,477,827 7,598,323 - 2012 COLLEGE PARK SHOPPING CENTER 3,276,951 7,741,323 856,801 3,276,951 8,598,123 11,875,074 1,555,259 10,319,815 - 2011 COSTCO PLAZA - 541 4,995,639 19,982,557 441,127 4,995,639 20,423,684 25,419,323 9,360,618 16,058,705 - 1998 LAKEWOOD PLAZA 1,294,176 3,669,266 (224,220 ) - 4,739,223 4,739,223 745,384 3,993,839 - 2014 MADISON PLAZA 5,874,396 23,476,190 2,079,411 5,874,396 25,555,602 31,429,998 11,081,735 20,348,263 - 1998 BROADWAY PLAZA - 544 6,460,743 25,863,153 11,853,666 6,460,743 37,716,819 44,177,562 14,896,221 29,281,341 - 1998 CORONA HILLS PLAZA 13,360,965 53,373,453 7,229,824 13,360,965 60,603,277 73,964,242 28,056,779 45,907,463 - 1998 280 METRO CENTER 38,734,566 94,903,403 - 38,734,566 94,903,403 133,637,969 4,688,285 128,949,684 - 2015 LABAND VILLAGE SHOPPING CENTER 5,600,000 13,289,347 134,300 5,607,237 13,416,410 19,023,647 6,708,075 12,315,572 8,237,726 2008 CUPERTINO VILLAGE 19,886,099 46,534,919 20,643,400 19,886,099 67,178,319 87,064,418 17,743,068 69,321,350 - 2006 NORTH COUNTY PLAZA 10,205,305 28,934,219 (1,646,635 ) 20,894,811 16,598,077 37,492,888 1,542,097 35,950,791 30,430,792 2014 CHICO CROSSROADS 9,975,810 30,534,524 1,246,711 9,987,652 31,769,393 41,757,045 8,099,103 33,657,942 23,443,836 2008 CHICO EAST & ESPLANADE(RALEYS) 2,508,716 12,886,184 - 2,508,716 12,886,184 15,394,900 328,791 15,066,109 4,419,464 2015 CORONA HILLS MARKETPLACE 9,727,446 24,778,390 323,628 9,727,446 25,102,018 34,829,464 7,720,986 27,108,478 - 2007 RIVER PARK CROSSING 4,324,000 18,018,653 1,136,480 4,324,000 19,155,133 23,479,133 3,411,909 20,067,224 - 2009 GOLD COUNTRY CENTER 3,272,212 7,864,878 37,687 3,278,290 7,896,487 11,174,777 3,113,909 8,060,868 6,600,093 2008 LA MIRADA THEATRE CENTER 8,816,741 35,259,965 (5,766,341 ) 6,888,680 31,421,685 38,310,365 13,730,806 24,579,559 - 1998 KENNETH HAHN PLAZA 4,114,863 7,660,855 676,127 4,114,863 8,336,982 12,451,845 2,868,104 9,583,741 - 2010 LA VERNE TOWN CENTER 8,414,328 23,856,418 10,635,222 16,362,169 26,543,799 42,905,968 1,493,869 41,412,099 18,690,640 2014 LINCOLN HILLS TOWN CENTER 8,228,587 26,127,322 - 8,228,587 26,127,322 34,355,909 1,261,026 33,094,883 25,049,353 2015 NOVATO FAIR S.C. 9,259,778 15,599,790 744,949 9,259,778 16,344,738 25,604,516 4,960,039 20,644,477 - 2009 SOUTH NAPA MARKET PLACE 1,100,000 22,159,086 20,285,700 23,120,071 20,424,715 43,544,786 8,967,173 34,577,613 - 2006 PLAZA DI NORTHRIDGE 12,900,000 40,574,842 399,562 12,900,000 40,974,404 53,874,404 13,732,207 40,142,197 - 2005 LINDA MAR SHPPING CENTER 16,548,592 37,521,194 591,076 16,548,592 38,112,270 54,660,862 3,392,187 51,268,675 - 2014 POWAY CITY CENTRE 5,854,585 13,792,470 7,895,515 7,247,814 20,294,756 27,542,570 7,593,780 19,948,790 - 2005 REDWOOD CITY PLAZA 2,552,000 6,215,168 2,100,877 2,552,000 8,316,045 10,868,045 774,412 10,093,633 - 2009 STANFORD RANCH 10,583,764 30,007,231 (1,855,541 ) 9,982,626 28,752,827 38,735,453 2,195,759 36,539,694 15,295,693 2014 TYLER STREET PLAZA 3,020,883 7,811,339 37,443 3,200,516 7,669,149 10,869,665 2,886,463 7,983,202 6,354,535 2008 CROCKER RANCH 7,526,146 24,877,611 - 7,526,146 24,877,611 32,403,757 739,116 31,664,641 12,000,168 2015 HOME DEPOT PLAZA 4,592,364 18,345,257 - 4,592,364 18,345,257 22,937,621 8,386,680 14,550,941 - 1998 SANTEE TROLLEY SQUARE 40,208,683 62,963,757 - 40,208,683 62,963,757 103,172,440 10,354,376 92,818,064 - 2015 SAN/DIEGO CARMEL MOUNTAIN 5,322,600 8,873,991 69,583 5,322,600 8,943,574 14,266,174 1,948,862 12,317,312 - 2009 FULTON MARKET PLACE 2,966,018 6,920,710 972,435 2,966,018 7,893,145 10,859,163 2,834,492 8,024,671 - 2005 MARIGOLD SHOPPING CENTER 15,300,000 25,563,978 4,038,988 15,300,000 29,602,966 44,902,966 14,140,378 30,762,588 - 2005 CANYON SQUARE PLAZA 2,648,112 13,876,095 858,771 2,648,112 14,734,866 17,382,978 1,894,041 15,488,937 13,952,772 2013 BLACK MOUNTAIN VILLAGE 4,678,015 11,913,344 582,074 4,678,015 12,495,418 17,173,433 3,951,199 13,222,234 - 2007 RANCHO PENASQUITOS TOWNE CTR I 14,851,595 20,342,165 - 14,851,595 20,342,165 35,193,760 858,703 34,335,057 14,869,903 2015 RANCHO PENASQUITOS TWN CTR. II 12,944,972 20,323,961 - 12,944,972 20,323,961 33,268,933 1,001,093 32,267,840 11,410,711 2015 CITY HEIGHTS 10,687,472 28,324,896 (883,561 ) 13,908,563 24,220,244 38,128,807 2,118,184 36,010,623 20,395,140 2012 TRUCKEE CROSSROADS 2,140,000 8,255,753 1,081,659 2,140,000 9,337,413 11,477,413 5,206,766 6,270,647 2,591,909 2006 GATEWAY AT DONNER PASS 4,515,688 8,318,667 - 4,515,688 8,318,667 12,834,355 534,914 12,299,441 3,067,029 2015 WESTLAKE SHOPPING CENTER 16,174,307 64,818,562 98,609,025 16,174,307 163,427,587 179,601,894 43,860,819 135,741,075 - 2002 LAKEWOOD VILLAGE 8,597,100 24,374,615 (1,538,267 ) 11,683,364 19,750,085 31,433,449 1,506,217 29,927,232 23,731,025 2014 SAVI RANCH 7,295,646 29,752,511 126,568 7,295,646 29,879,079 37,174,725 3,838,903 33,335,822 - 2012 VILLAGE ON THE PARK 2,194,463 8,885,987 7,503,509 3,018,391 15,565,568 18,583,959 5,466,342 13,117,617 - 1998 QUINCY PLACE S.C. 1,148,317 4,608,249 1,360,792 1,148,317 5,969,041 7,117,358 2,633,919 4,483,439 - 1998 EAST BANK S.C. 1,500,568 6,180,103 1,202,906 1,500,568 7,383,010 8,883,578 3,396,722 5,486,856 - 1998 NORTHRIDGE SHOPPING CENTER 4,932,690 16,496,175 1,476,812 8,934,385 13,971,293 22,905,678 1,238,469 21,667,209 - 2013 SPRING CREEK S.C. 1,423,260 5,718,813 (1,668,286 ) 635,380 4,838,407 5,473,787 3,374,566 2,099,221 - 1998 DENVER WEST 38TH STREET 161,167 646,983 - 161,167 646,983 808,150 297,205 510,945 - 1998 ENGLEWOOD PLAZA 805,837 3,232,650 331,595 805,837 3,564,246 4,370,083 1,684,060 2,686,023 - 1998 FORT COLLINS S.C. 1,253,497 7,625,278 1,599,608 1,253,497 9,224,886 10,478,383 3,412,203 7,066,180 - 2000 GREELEY COMMONS 3,313,095 20,069,559 90,416 3,313,095 20,159,975 23,473,070 3,036,496 20,436,574 - 2012 HIGHLANDS RANCH VILLAGE S.C. 8,135,427 21,579,936 (748,710 ) 5,337,081 23,629,572 28,966,653 3,007,200 25,959,453 - 2011 VILLAGE CENTER WEST 2,010,519 8,361,084 21,574 2,010,519 8,382,658 10,393,177 1,109,184 9,283,993 5,676,788 2011 HIGHLANDS RANCH II 3,514,837 11,755,916 27,969 3,514,837 11,783,885 15,298,722 1,612,323 13,686,399 - 2013 HIGHLANDS RANCH PARCEL 1,140,000 2,660,000 - 1,140,000 2,660,000 3,800,000 66,500 3,733,500 - 2014 HERITAGE WEST S.C. 1,526,576 6,124,074 954,221 1,526,576 7,078,295 8,604,871 3,094,645 5,510,226 - 1998 MARKET AT SOUTHPARK 9,782,769 20,779,522 140,874 9,782,769 20,920,396 30,703,165 3,237,746 27,465,419 - 2011 NEWTOWN S.C. - 15,635,442 - - 15,635,442 15,635,442 888,181 14,747,261 8,804,924 2014 WEST FARM SHOPPING CENTER 5,805,969 23,348,024 14,392,224 7,586,116 35,960,100 43,546,216 11,831,553 31,714,663 - 1998 HOME DEPOT PLAZA 7,704,968 30,797,640 4,059,063 7,704,968 34,856,703 42,561,671 12,575,395 29,986,276 - 1998 WILTON RIVER PARK SHOPPING CTR 7,154,585 27,509,279 (508,780 ) 7,154,584 27,000,500 34,155,084 2,846,690 31,308,394 - 2012 BRIGHT HORIZONS 1,211,748 4,610,610 9,499 1,211,748 4,620,109 5,831,857 529,685 5,302,172 - 2012 WILTON CAMPUS 10,168,872 31,893,016 257,033 10,168,872 32,150,049 42,318,921 5,738,590 36,580,331 - 2013 CAMDEN SQUARE 122,741 66,738 4,231,576 3,024,375 1,396,680 4,421,055 129,159 4,291,896 - 2003 PROMENADE AT CHRISTIANA 14,371,686 - 1,691,135 16,062,821 - 16,062,821 - 16,062,821 - 2014 BRANDYWINE COMMONS - 36,057,487 - - 36,057,487 36,057,487 2,274,699 33,782,788 - 2014 AUBURNDALE-sold 12/18/14 751,315 - (751,215 ) 100 - 100 - 100 - 2009 CAMINO SQUARE 573,875 2,295,501 1,830,176 733,875 3,965,677 4,699,552 2,400,801 2,298,751 - 1992 BAYSHORE GARDENS 2,901,000 11,738,955 1,451,980 2,889,177 13,202,758 16,091,935 5,996,360 10,095,575 - 1998 BONITA GRANDE CROSSINGS 3,370,941 8,179,481 - 3,370,941 8,179,481 11,550,422 333,038 11,217,384 5,642,439 2015 HOLLYWOOD VIDEO BONITA GRANDE 341,958 771,935 - 341,958 771,935 1,113,893 32,844 1,081,049 - 2015 CORAL SQUARE PROMENADE 710,000 2,842,907 3,959,589 710,000 6,802,496 7,512,496 3,343,072 4,169,424 - 1994 MAPLEWOOD PLAZA 1,649,000 6,626,301 1,165,212 1,649,000 7,791,513 9,440,513 3,384,998 6,055,515 - 1997 CURLEW CROSSING SHOPPING CTR 5,315,955 12,529,467 2,078,972 5,315,955 14,608,440 19,924,395 4,961,218 14,963,177 - 2005 SHOPS AT SANTA BARBARA PHASE 1 743,463 5,373,994 - 743,463 5,373,994 6,117,457 227,525 5,889,932 - 2015 SHOPS AT SANTA BARBARA PHASE 2 331,692 2,488,832 - 331,692 2,488,832 2,820,524 95,903 2,724,621 - 2015 SHOPS AT SANTA BARBARA PHASE 3 329,726 2,358,700 - 329,726 2,358,700 2,688,426 126,543 2,561,883 - 2015 CORAL POINTE S.C. 2,411,608 20,507,735 - 2,411,608 20,507,735 22,919,343 791,837 22,127,506 - 2015 PUBLIX AT ADDISON 3,211,156 6,747,895 - 3,211,156 6,747,895 9,959,051 167,725 9,791,326 5,562,502 2015 ADDISON CENTER PROF.BUILDING 802,789 1,310,012 - 802,789 1,310,012 2,112,801 46,516 2,066,285 1,452,333 2015 SPORTS AUTHORITY PLAZA 491,676 1,440,000 4,707,519 1,007,882 5,631,314 6,639,196 2,812,752 3,826,444 - 1971 FT.LAUDERDALE/CYPRESS CREEK 14,258,760 28,042,390 2,178,040 14,258,760 30,220,430 44,479,190 8,379,964 36,099,226 - 2009 HOMESTEAD-WACHTEL LAND LEASE 150,000 - - 150,000 - 150,000 - 150,000 - 2013 OAKWOOD BUSINESS CTR-BLDG 1 6,792,500 18,662,565 2,486,899 6,792,500 21,149,463 27,941,963 4,870,719 23,071,244 - 2009 AMELIA CONCOURSE 7,600,000 - 4,987,554 931,357 11,656,197 12,587,554 2,445,573 10,141,981 - 2003 KIMCO AVENUES WALK, LLC 26,984,546 - 50,559,349 33,225,306 44,318,590 77,543,896 - 77,543,896 - 2005 DUVAL STATION S.C. 1,807,792 11,863,692 - 1,807,792 11,863,692 13,671,484 416,443 13,255,041 - 2015 RIVERPLACE SHOPPING CTR. 7,503,282 31,011,027 1,373,365 7,200,050 32,687,624 39,887,674 7,892,114 31,995,560 - 2010 MERCHANTS WALK 2,580,816 10,366,090 6,465,013 2,580,816 16,831,103 19,411,919 6,394,625 13,017,294 - 2001 WAL-MART PLAZA 293,686 792,119 1,620,990 293,686 2,413,109 2,706,795 2,153,055 553,740 - 1968 LEESBURG SHOPS - 171,636 193,651 - 365,287 365,287 320,692 44,595 - 1969 TRI-CITY PLAZA 2,832,296 11,329,185 11,059,182 2,832,296 22,388,367 25,220,663 2,599,334 22,621,329 - 1992 FT LAUDERDALE #1, FL 1,002,733 2,602,415 13,913,008 1,774,443 15,743,713 17,518,156 9,938,536 7,579,620 - 1974 LAKE WALES S.C. 601,052 - - 601,052 - 601,052 - 601,052 - 2009 NASA PLAZA - 1,754,000 2,661,134 - 4,415,134 4,415,134 3,242,895 1,172,239 - 1968 GROVE GATE S.C. 365,893 1,049,172 1,207,100 365,893 2,256,272 2,622,165 1,937,151 685,014 - 1968 CHEVRON OUTPARCEL 530,570 1,253,410 - 530,570 1,253,410 1,783,980 313,025 1,470,955 - 2010 IVES DAIRY CROSSING 732,914 4,080,460 11,094,798 732,914 15,175,259 15,908,173 8,818,429 7,089,744 5,802,141 1985 MILLER ROAD S.C. 1,138,082 4,552,327 4,551,616 1,138,082 9,103,943 10,242,025 5,651,286 4,590,739 - 1986 TRI-CITIES SHOPPING PLAZA 1,011,000 4,062,890 6,846,548 1,011,000 10,909,438 11,920,438 2,627,387 9,293,051 - 1997 KENDALE LAKES PLAZA 18,491,461 28,496,001 (2,252,321 ) 15,362,227 29,372,914 44,735,141 6,138,595 38,596,546 - 2009 PLANTATION CROSSING 7,524,800 - (5,003,280 ) 2,008,617 512,903 2,521,520 41,217 2,480,303 - 2005 CENTRE OF MERRITT 1,806,275 9,592,435 - 1,806,275 9,592,435 11,398,710 298,121 11,100,589 - 2015 MILLER WEST PLAZA 6,725,660 10,661,419 - 6,725,660 10,661,419 17,387,079 383,477 17,003,602 - 2015 CORSICA SQUARE S.C. 7,225,100 10,757,386 - 7,225,100 10,757,386 17,982,486 453,567 17,528,919 11,182,229 2015 MILTON, FL 1,275,593 - - 1,275,593 - 1,275,593 - 1,275,593 - 2007 FLAGLER PARK 26,162,980 80,737,041 4,262,293 26,725,480 84,436,835 111,162,315 19,556,905 91,605,410 23,900,184 2007 PARK HILL PLAZA 10,763,612 19,264,248 175,165 10,763,612 19,439,413 30,203,025 3,459,521 26,743,504 - 2011 WINN DIXIE-MIAMI 2,989,640 9,410,360 (51,872 ) 3,544,297 8,803,831 12,348,128 457,539 11,890,589 - 2013 MARATHON SHOPPING CENTER 2,412,929 8,069,450 822,577 1,514,731 9,790,226 11,304,957 748,015 10,556,942 - 2013 SODO S.C. - 68,139,271 8,312,241 142,195 76,309,316 76,451,511 14,023,574 62,427,937 - 2008 RENAISSANCE CENTER 9,104,379 36,540,873 13,337,386 9,122,758 49,859,880 58,982,638 17,263,295 41,719,343 - 1998 MILLENIA PLAZA PHASE II 7,711,000 20,702,992 1,650,193 7,698,200 22,365,985 30,064,185 7,331,007 22,733,178 - 2009 RIVERSIDE LANDINGS S.C. 3,512,202 14,439,668 - 3,512,202 14,439,668 17,951,870 537,970 17,413,900 8,154,745 2015 GRAND OAKS VILLAGE 7,409,319 19,653,869 (416,404 ) 5,846,339 20,800,445 26,646,784 3,092,546 23,554,238 5,423,516 2011 LOWES S.C. 1,620,203 - 40,689 954,876 706,016 1,660,892 109,825 1,551,067 - 2007 POMPANO POINTE S.C. 10,516,500 11,563,057 530,900 10,516,500 12,093,957 22,610,457 254,299 22,356,158 - 2012 UNIVERSITY TOWN CENTER 5,515,265 13,041,400 301,988 5,515,265 13,343,389 18,858,654 1,908,590 16,950,064 - 2011 PALM BEACH GARDENS 2,764,953 11,059,812 660,429 2,764,953 11,720,241 14,485,194 1,327,435 13,157,759 - 2009 OAK TREE PLAZA - 917,360 1,562,941 - 2,480,301 2,480,301 1,181,005 1,299,296 (0 ) 1968 TUTTLEBEE PLAZA 254,961 828,465 2,087,238 254,961 2,915,704 3,170,665 2,130,170 1,040,495 - 2008 SOUTH MIAMI S.C. 1,280,440 5,133,825 3,003,639 1,280,440 8,137,464 9,417,904 4,029,283 5,388,621 - 1995 CARROLLWOOD COMMONS 5,220,445 16,884,228 2,628,712 5,220,445 19,512,940 24,733,385 8,652,884 16,080,501 - 1997 VILLAGE COMMONS SHOPPING CENT. 2,192,331 8,774,158 2,781,462 2,192,331 11,555,619 13,747,950 5,155,632 8,592,318 - 1998 MISSION BELL SHOPPING CENTER 5,056,426 11,843,119 8,681,467 5,067,033 20,513,979 25,581,012 6,175,423 19,405,589 - 2004 VILLAGE COMMONS S.C. 2,026,423 5,106,476 3,452,470 2,026,423 8,558,946 10,585,369 1,534,990 9,050,379 - 2013 BELMART PLAZA 1,656,097 3,394,420 6,099,811 1,656,097 9,494,231 11,150,328 144,615 11,005,713 - 2014 AUGUSTA SQUARE 1,482,564 5,928,122 2,007,334 1,482,564 7,935,456 9,418,020 4,041,444 5,376,576 - 1995 MARKET AT HAYNES BRIDGE 4,880,659 21,549,424 986,458 4,889,863 22,526,677 27,416,540 5,857,320 21,559,220 15,030,391 2008 EMBRY VILLAGE 18,147,054 33,009,514 319,082 18,160,524 33,315,126 51,475,650 8,982,094 42,493,556 28,717,543 2008 RIVERWALK MARKETPLACE 3,512,202 18,862,571 - 3,512,202 18,862,571 22,374,773 476,024 21,898,749 12,723,474 2015 VILLAGE SHOPPES-FLOWERY BRANCH 4,444,148 10,510,657 134,625 4,444,148 10,645,281 15,089,429 1,946,931 13,142,498 - 2011 LAWRENCEVILLE MARKET 8,878,266 29,691,191 (475,660 ) 9,060,436 29,033,362 38,093,798 2,898,195 35,195,603 - 2013 FIVE FORKS CROSSING 2,363,848 7,906,257 372,465 2,363,848 8,278,722 10,642,570 1,197,767 9,444,803 - 2013 BRAELINN VILLAGE 7,314,719 20,738,792 845,048 6,342,926 22,555,634 28,898,560 1,169,625 27,728,935 - 2014 SAVANNAH CENTER 2,052,270 8,232,978 3,283,332 2,052,270 11,516,310 13,568,580 6,133,414 7,435,166 - 1993 CHATHAM PLAZA 13,390,238 35,115,882 1,781,076 13,403,262 36,883,934 50,287,196 11,629,300 38,657,896 27,514,100 2008 CLIVE PLAZA 500,525 2,002,101 - 500,525 2,002,101 2,502,626 1,022,441 1,480,185 - 1996 METRO CROSSING 3,013,647 - 42,618,237 2,514,916 43,116,968 45,631,884 4,836,832 40,795,052 - 2006 DUBUQUE CENTER - 2,152,476 239,217 - 2,391,693 2,391,693 1,255,381 1,136,312 - 1997 TREASURE VALLEY 6,501,240 - (36,234 ) 1,622,684 4,842,322 6,465,006 481,947 5,983,059 - 2005 BLOOMINGTON COMMONS 805,521 2,222,353 4,494,864 805,521 6,717,217 7,522,738 4,637,431 2,885,307 - 1972 87TH STREET CENTER - 2,687,046 8,003,769 6,992,648 3,698,167 10,690,815 1,957,176 8,733,639 - 1997 ELSTON CHICAGO 1,010,374 5,692,212 498,828 1,010,374 6,191,040 7,201,414 2,596,267 4,605,147 - 1997 CRYSTAL LAKE SHOPPING CENTER 179,964 1,025,811 384,683 180,269 1,410,189 1,590,458 542,758 1,047,700 - 1998 DOWNERS PARK PLAZA 2,510,455 10,164,494 1,937,052 2,510,455 12,101,546 14,612,001 5,084,444 9,527,557 - 1999 DOWNERS PARK PLAZA 811,778 4,322,956 3,348,460 811,778 7,671,416 8,483,194 3,284,090 5,199,104 - 1997 TOWN & COUNTRY S.C. 842,555 2,108,674 2,622,682 500,927 5,072,984 5,573,911 3,206,055 2,367,856 - 1972 FOREST PARK MALL - 2,335,884 154,213 - 2,490,097 2,490,097 2,396,767 93,330 - 1997 FAIRVIEW CITY CENTRE - 11,866,880 13,912,814 1,900,000 23,879,694 25,779,694 1,319,621 24,460,073 - 1998 SHOPS AT KILDEER 5,259,542 28,141,501 2,217,275 5,259,542 30,358,776 35,618,318 3,346,573 32,271,745 31,241,846 2013 MOUNT PROSPECT CENTER 1,017,345 6,572,176 4,106,720 1,017,345 10,678,896 11,696,241 5,406,037 6,290,204 - 1997 MUNDELEIN SHOPPING CENTER 1,127,720 5,826,129 77,350 1,129,634 5,901,565 7,031,199 2,648,671 4,382,528 - 1998 NAPER WEST PLAZA 669,483 4,464,998 496,741 669,483 4,961,739 5,631,222 2,157,041 3,474,181 - 1997 MARKETPLACE OF OAKLAWN - 678,668 55,143 - 733,811 733,811 697,095 36,716 - 1998 ORLAND PARK S.C. 476,972 2,764,775 (2,900,478 ) 66,126 275,143 341,269 122,715 218,554 - 1998 OAK LAWN CENTER 1,530,111 8,776,631 623,805 1,530,111 9,400,436 10,930,547 4,395,148 6,535,399 - 1997 22ND STREET PLAZA 1,527,188 8,679,108 3,866,357 1,527,188 12,545,465 14,072,653 5,272,525 8,800,128 - 1997 EVERGREEN SQUARE - 5,081,290 2,403,560 - 7,484,850 7,484,850 7,474,693 10,157 - 1997 ROCKFORD CROSSINGS 4,575,990 11,654,022 (577,091 ) 4,583,005 11,069,915 15,652,920 3,016,087 12,636,833 (0 ) 2008 SKOKIE POINTE - 2,276,360 9,487,442 2,628,440 9,135,363 11,763,803 3,438,267 8,325,536 - 1997 STREAMWOOD S.C. 181,962 1,057,740 216,585 181,962 1,274,324 1,456,286 542,863 913,423 - 1998 HAWTHORN HILLS SQUARE 6,783,928 33,033,624 3,989,780 6,783,928 37,023,403 43,807,331 4,793,366 39,013,965 19,830,676 2012 WOODGROVE FESTIVAL 5,049,149 20,822,993 10,645,526 6,415,914 30,101,754 36,517,668 11,959,681 24,557,987 - 1998 GREENWOOD S.C. 423,371 1,883,421 10,036,307 1,801,822 10,541,277 12,343,099 4,052,399 8,290,700 - 1970 HOME DEPOT CENTER 1,183,911 6,335,308 81,014 1,124,547 6,475,686 7,600,233 2,858,738 4,741,495 - 1998 SOUTH PARK S.C. 1,675,031 6,848,209 6,239,674 1,551,079 13,211,835 14,762,914 7,206,250 7,556,664 - 1993 CENTRE AT WESTBANK 9,554,230 24,401,082 1,070,226 9,329,880 25,695,658 35,025,538 7,736,081 27,289,457 18,491,896 2008 AMBASSADOR PLAZA 1,803,672 4,260,966 179,753 1,796,972 4,447,420 6,244,392 1,078,731 5,165,661 4,432,043 2010 BAYOU WALK 4,586,895 10,836,007 (4,296,452 ) 3,000,207 8,126,244 11,126,451 2,762,579 8,363,872 12,414,563 2010 EAST SIDE PLAZA 3,295,799 7,785,942 578,010 3,295,635 8,364,116 11,659,751 2,058,269 9,601,482 8,431,492 2010 ABINGTON PLAZA 10,457,183 494,652 - 10,457,183 494,652 10,951,835 55,893 10,895,942 4,517,663 2014 WASHINGTON ST.PLAZA 11,007,593 5,652,368 8,801,943 12,957,593 12,504,311 25,461,904 275,135 25,186,769 6,089,604 2014 MEMORIAL PLAZA 16,411,388 27,553,908 188,816 16,411,388 27,742,725 44,154,113 1,667,772 42,486,341 16,792,359 2014 MAIN ST. PLAZA 555,898 2,139,494 - 555,898 2,139,494 2,695,392 134,611 2,560,781 1,424,045 2014 MORRISSEY PLAZA 4,097,251 3,751,068 - 4,097,251 3,751,068 7,848,319 315,910 7,532,409 3,262,723 2014 GLENDALE SQUARE 4,698,891 7,141,090 114,080 4,698,891 7,255,170 11,954,061 677,665 11,276,396 5,814,437 2014 FALMOUTH PLAZA 2,361,071 13,065,817 215,450 2,361,071 13,281,267 15,642,338 974,455 14,667,883 8,182,104 2014 WAVERLY PLAZA 1,215,005 3,622,911 17,226 1,215,005 3,640,137 4,855,142 274,797 4,580,345 2,400,244 2014 CANNING PLAZA 1,153,921 3,467,368 - 1,153,921 3,467,368 4,621,289 278,664 4,342,625 2,258,343 2014 BARRINGTON PLAZA S.C. 642,170 2,547,830 7,315,207 751,124 9,754,083 10,505,207 4,674,200 5,831,007 - 1994 FESTIVAL OF HYANNIS S.C. 15,038,197 40,682,853 771,194 15,038,197 41,454,047 56,492,244 3,936,604 52,555,640 - 2014 FELLSWAY PLAZA 5,300,388 11,013,543 74,500 5,300,388 11,088,043 16,388,431 715,238 15,673,193 6,941,799 2014 DEL ALBA PLAZA 3,163,033 8,967,874 - 3,163,033 8,967,874 12,130,907 422,892 11,708,015 8,247,978 2014 NORTH QUINCY PLAZA 6,332,542 17,954,110 (812,077 ) 3,894,436 19,580,139 23,474,575 827,375 22,647,200 - 2014 ADAMS PLAZA 2,089,363 3,226,648 (364,692 ) 2,089,363 2,861,955 4,951,318 207,446 4,743,872 1,926,167 2014 BROADWAY PLAZA 6,485,065 343,422 - 6,485,065 343,422 6,828,487 42,138 6,786,349 2,955,989 2014 SHREWSBURY S.C. 1,284,168 5,284,853 5,423,162 1,284,168 10,708,015 11,992,183 3,945,408 8,046,775 - 2000 CENTER AT HOBBS BROOK 7,425,798 39,731,143 - 7,425,798 39,731,143 47,156,941 2,147,072 45,009,869 33,974,018 2015 VINNIN SQUARE PLAZA 5,545,425 16,324,060 (288,766 ) 5,545,425 16,035,294 21,580,719 1,322,608 20,258,111 9,500,340 2014 PARADISE PLAZA 4,183,038 12,194,885 442,545 4,183,038 12,637,430 16,820,468 980,604 15,839,864 9,181,314 2014 BELMONT PLAZA 11,104,983 848,844 - 11,104,983 848,844 11,953,827 70,152 11,883,675 5,424,453 2014 VINNIN SQUARE IN-LINE 582,228 2,094,560 (109,616 ) 582,228 1,984,944 2,567,172 131,803 2,435,369 - 2014 LINDEN PLAZA 4,628,215 3,535,431 420,530 4,628,215 3,955,961 8,584,176 330,912 8,253,264 3,631,586 2014 NORTH AVE. PLAZA 1,163,875 1,194,673 15,933 1,163,875 1,210,606 2,374,481 93,587 2,280,894 924,068 2014 WASHINGTON ST. S.C. 7,380,918 9,987,119 23,362 7,380,918 10,010,481 17,391,399 565,366 16,826,033 6,510,349 2014 MILL ST. PLAZA 4,195,024 6,203,410 180,796 4,195,024 6,384,206 10,579,230 544,750 10,034,480 4,257,037 2014 FULLERTON PLAZA 14,237,901 6,743,980 20,100 14,237,901 6,764,080 21,001,981 1,077,707 19,924,274 12,794,756 2014 GREENBRIER S.C. 8,891,468 30,304,760 8,905 8,891,468 30,313,665 39,205,133 2,061,489 37,143,644 12,902,205 2014 INGLESIDE S.C. 10,416,726 17,889,235 (186,501 ) 10,416,726 17,702,734 28,119,460 1,412,071 26,707,389 19,730,769 2014 ROLLING ROAD PLAZA 2,510,395 11,930,217 - 2,510,395 11,930,217 14,440,612 536,210 13,904,402 - 2015 SECURITY SQUARE SHOPPING CTR. 5,342,463 15,147,024 58,390 5,568,157 14,979,720 20,547,877 760,799 19,787,078 16,454,356 2014 WILKENS BELTWAY PLAZA 9,948,235 22,125,942 96,693 9,948,235 22,222,635 32,170,870 2,021,355 30,149,515 - 2014 YORK ROAD PLAZA 4,276,715 37,205,757 8,267 4,276,715 37,214,024 41,490,739 2,260,526 39,230,213 - 2014 PUTTY HILL PLAZA 4,192,152 11,112,111 377,315 4,192,152 11,489,426 15,681,578 1,585,093 14,096,485 - 2013 SNOWDEN SQUARE S.C. 1,929,402 4,557,934 5,155,349 3,326,422 8,316,263 11,642,685 770,360 10,872,325 - 2012 COLUMBIA CROSSING 3,612,550 34,344,509 - 3,612,550 34,344,509 37,957,059 1,126,244 36,830,815 14,622,529 2015 DORSEY'S SEARCH VILLAGE CENTER 6,321,963 27,996,087 - 6,321,963 27,996,087 34,318,050 884,345 33,433,705 14,311,914 2015 HICKORY RIDGE 7,183,646 26,947,776 - 7,183,646 26,947,776 34,131,422 1,112,364 33,019,058 18,744,809 2015 HICKORY RIDGE (SUNOCO) 543,197 2,122,234 - 543,197 2,122,234 2,665,431 83,601 2,581,830 - 2015 KINGS CONTRIVANCE 9,308,349 31,759,940 101,769 9,308,349 31,861,709 41,170,058 1,905,859 39,264,199 23,710,461 2014 HARPER'S CHOICE 8,429,284 18,373,994 - 8,429,284 18,373,994 26,803,278 739,346 26,063,932 10,448,963 2015 WILDE LAKE 1,468,038 5,869,862 21,968,566 2,577,073 26,729,393 29,306,466 8,050,180 21,256,286 - 2002 RIVERHILL VILLAGE CENTER 16,825,496 23,282,222 84,661 16,825,496 23,366,882 40,192,378 1,843,060 38,349,318 22,860,529 2014 OLD BRANCH PLAZA 39,779 130,716 2,026,164 121,747 2,074,913 2,196,660 123,079 2,073,581 - 2003 COLUMBIA CROSSING OUTPARCELS 1,279,200 2,870,800 13,977,613 4,597,200 13,530,413 18,127,613 1,477,519 16,650,094 - 2011 COLUMBIA CROSSING II SHOP.CTR. 3,137,628 19,868,075 25,000 3,137,628 19,893,075 23,030,703 2,783,146 20,247,557 - 2013 SHOPS AT DISTRICT HEIGHTS 8,165,638 21,970,661 25,000 8,165,638 21,995,661 30,161,299 61,951 30,099,348 14,335,735 2015 ENCHANTED FOREST S.C. 20,123,946 34,345,102 234,456 20,123,946 34,579,558 54,703,504 3,007,515 51,695,989 - 2014 SHOPPES AT EASTON 6,523,713 16,402,204 152,625 6,523,713 16,554,829 23,078,542 1,116,417 21,962,125 - 2014 VILLAGES AT URBANA 3,190,074 6,067 10,661,120 4,828,774 9,028,488 13,857,262 1,351,007 12,506,255 - 2003 GAITHERSBURG S.C. 244,890 6,787,534 260,017 244,890 7,047,552 7,292,442 2,917,266 4,375,176 - 1999 SHAWAN PLAZA 4,466,000 20,222,367 (1,189,800 ) 4,466,000 19,032,567 23,498,567 9,862,395 13,636,172 5,442,232 2008 LAUREL PLAZA 349,562 1,398,250 3,675,716 1,571,288 3,852,240 5,423,528 1,655,939 3,767,589 - 1995 LAUREL PLAZA 274,580 1,100,968 450,113 274,580 1,551,081 1,825,661 1,415,348 410,313 - 1972 NORTH EAST STATION 8,219,613 9,536,990 (952,201 ) 7,219,613 9,584,790 16,804,403 695,465 16,108,938 8,518,683 2014 OWINGS MILLS MALL 23,378,543 1,089,760 - 23,378,542 1,089,760 24,468,302 16,470 24,451,832 - 2015 PERRY HALL SQUARE S.C. 3,339,309 12,377,339 1,494,860 3,339,309 13,872,200 17,211,509 7,025,103 10,186,406 - 2003 PERRY HALL CENTRE 6,901,193 8,704,689 - 6,901,193 8,704,689 15,605,882 513,816 15,092,066 - 2014 CENTRE COURT-RETAIL/BANK 1,035,359 7,785,830 8,593 1,035,359 7,794,423 8,829,782 1,060,878 7,768,904 2,098,087 2011 CENTRE COURT-GIANT 3,854,099 12,769,628 - 3,854,099 12,769,628 16,623,727 1,694,917 14,928,810 6,566,277 2011 CENTRE COURT-OLD COURT/COURTYD 2,279,177 5,284,577 53,360 2,279,177 5,337,937 7,617,114 826,564 6,790,550 4,832,517 2011 RADCLIFFE CENTER 12,042,713 21,187,946 - 12,042,713 21,187,946 33,230,659 1,315,704 31,914,955 - 2014 TIMONIUM CROSSING 2,525,377 14,862,817 113,644 2,525,377 14,976,461 17,501,838 1,036,747 16,465,091 14,799,921 2014 TIMONIUM SQUARE 6,000,000 24,282,998 17,263,116 7,331,195 40,214,918 47,546,113 18,978,843 28,567,270 - 2003 TOWSON PLACE 43,886,876 101,764,931 512,513 43,270,792 102,893,529 146,164,321 13,725,091 132,439,230 - 2012 MALLSIDE PLAZA 6,930,996 18,148,727 867,369 6,939,590 19,007,503 25,947,093 6,131,346 19,815,747 14,063,572 2008 CLAWSON CENTER 1,624,771 6,578,142 9,722,711 1,624,771 16,300,854 17,925,625 6,456,848 11,468,777 - 1993 WHITE LAKE COMMONS 2,300,050 9,249,607 3,179,478 2,300,050 12,429,085 14,729,135 5,886,186 8,842,949 - 1996 DOWNTOWN FARMINGTON CENTER 1,098,426 4,525,723 1,435,075 1,098,426 5,960,798 7,059,224 3,097,942 3,961,282 - 1993 FLINT - VACANT LAND 101,424 - - 101,424 - 101,424 - 101,424 - 2012 CENTURY PLAZA 178,785 925,818 1,194,933 178,785 2,120,751 2,299,536 1,560,195 739,341 - 1968 CROSS CREEK S.C. 1,451,397 5,806,263 560,791 1,451,397 6,367,054 7,818,451 3,469,702 4,348,749 - 1993 GREEN ORCHARD SHOPPING CENTER 3,682,478 14,730,060 4,453,718 3,682,478 19,183,778 22,866,256 9,341,432 13,524,824 - 1993 THE FOUNTAINS AT ARBOR LAKES 28,585,296 66,699,024 12,930,204 29,485,296 78,729,228 108,214,524 22,229,598 85,984,926 - 2006 ROSEVILLE PLAZA 132,842 957,340 10,302,188 1,675,667 9,716,703 11,392,370 1,460,703 9,931,667 - 2005 CREVE COUER SHOPPING CENTER 1,044,598 5,475,623 740,405 960,814 6,299,812 7,260,626 2,798,497 4,462,129 - 1998 NORTH POINT SHOPPING CENTER 1,935,380 7,800,746 909,151 1,935,380 8,709,897 10,645,277 3,802,194 6,843,083 - 1998 KIRKWOOD CROSSING - 9,704,005 14,426,751 - 24,130,756 24,130,756 14,080,760 10,049,996 - 1998 LEMAY S.C. 125,879 503,510 3,846,838 451,155 4,025,072 4,476,227 1,576,390 2,899,837 - 1974 GRAVOIS PLAZA 1,032,416 4,455,514 11,197,045 1,032,413 15,652,563 16,684,976 8,854,622 7,830,354 - 2008 HOME DEPOT PLAZA 431,960 - 758,854 431,960 758,855 1,190,815 287,947 902,868 - 1998 PRIMROSE MARKET PLACE 2,745,595 10,985,778 8,081,641 2,904,022 18,908,992 21,813,014 9,388,653 12,424,361 - 1994 PRIMROSE MARKETPLACE 905,674 3,666,386 5,261,809 905,674 8,928,195 9,833,869 2,954,882 6,878,987 490,859 2002 CENTER POINT S.C. - 550,204 - - 550,204 550,204 291,720 258,484 - 1998 KINGS HIGHWAY S.C. 809,087 4,430,514 2,661,361 809,087 7,091,874 7,900,961 3,173,169 4,727,792 - 1998 OVERLAND CROSSING - 4,928,677 740,346 - 5,669,023 5,669,023 2,831,868 2,837,155 - 1997 CAVE SPRINGS S.C. 1,182,194 7,423,459 7,243,916 1,563,694 14,285,875 15,849,569 10,108,324 5,741,245 - 1997 SPRINGFIELD S.C. - 608,793 11,078,003 8,800,000 2,886,796 11,686,796 1,171,941 10,514,855 - 1998 TURTLE CREEK TOWNE 11,535,281 - 33,603,279 10,150,881 34,987,679 45,138,560 8,538,526 36,600,034 - 2004 OVERLOOK VILLAGE 8,276,500 17,249,587 218,753 8,276,500 17,468,340 25,744,840 2,678,993 23,065,847 - 2012 WOODLAWN MARKETPLACE 919,251 3,570,981 2,418,716 919,251 5,989,696 6,908,947 2,906,873 4,002,074 - 2008 TYVOLA MALL - 4,736,345 6,830,468 - 11,566,813 11,566,813 8,472,508 3,094,305 - 1986 CROSSROADS PLAZA 767,864 3,098,881 1,233,351 767,864 4,332,231 5,100,095 1,403,889 3,696,206 - 2000 JETTON VILLAGE SHOPPES 3,875,224 10,292,231 64,013 2,143,695 12,087,773 14,231,468 1,417,585 12,813,883 - 2011 MOUNTAIN ISLAND MARKETPLACE 3,318,587 7,331,413 736,014 3,818,587 7,567,427 11,386,014 1,125,989 10,260,025 - 2012 WOODLAWN SHOPPING CENTER 2,010,725 5,833,626 13,924 2,010,725 5,847,549 7,858,274 733,375 7,124,899 - 2012 CROSSROADS PLAZA 13,405,529 86,455,763 (632,787 ) 13,405,529 85,822,976 99,228,505 8,017,724 91,210,781 73,390,513 2014 QUAIL CORNERS 7,318,321 26,675,644 323,236 7,318,321 26,998,880 34,317,201 1,551,677 32,765,524 17,499,561 2014 OAKCREEK VILLAGE 1,882,800 7,551,576 2,332,136 1,882,800 9,883,712 11,766,512 4,975,989 6,790,523 - 1996 DAVIDSON COMMONS 2,978,533 12,859,867 165,689 2,978,533 13,025,556 16,004,089 1,440,527 14,563,562 - 2012 SENATE/HILLSBOROUGH CROSSI 519,395 - - 519,395 - 519,395 - 519,395 - 2003 PARK PLACE SC 5,461,478 16,163,494 306,151 5,469,809 16,461,315 21,931,124 5,163,767 16,767,357 12,769,441 2008 MOORESVILLE CROSSING 12,013,727 30,604,173 (199,712 ) 11,625,801 30,792,387 42,418,188 9,137,001 33,281,187 - 2007 PLEASANT VALLEY PROMENADE 5,208,885 20,885,792 13,589,096 5,208,885 34,474,888 39,683,773 18,241,717 21,442,056 - 1993 WAKEFIELD COMMONS III 6,506,450 - (4,106,391 ) 1,369,121 1,030,938 2,400,059 477,639 1,922,420 - 2001 WAKEFIELD CROSSINGS 3,413,932 - (3,017,960 ) 336,236 59,737 395,973 5,632 390,341 - 2001 BRENNAN STATION 7,749,751 20,556,891 (871,973 ) 6,321,923 21,112,745 27,434,668 3,640,276 23,794,392 - 2011 BRENNAN STATION OUTPARCEL 627,906 1,665,576 (93,482 ) 450,232 1,749,768 2,200,000 291,724 1,908,276 - 2011 CLOVERDALE PLAZA 540,667 719,655 6,691,340 540,667 7,410,995 7,951,662 3,746,494 4,205,168 4,509,978 1969 SORENSEN PARK PLAZA 5,104,294 - 30,760,694 3,791,319 32,073,668 35,864,987 4,690,343 31,174,644 - 2005 LORDEN PLAZA 8,872,529 22,548,382 (1,216,356 ) 8,548,022 21,656,534 30,204,556 6,699,479 23,505,077 25,426,109 2008 WEBSTER SQUARE 11,683,145 41,708,383 4,977,335 11,683,145 46,685,718 58,368,863 3,277,910 55,090,953 - 2014 ROCKINGHAM MALL-SHAWS LAND PCL 2,660,915 10,643,660 12,252,346 3,148,715 22,408,206 25,556,921 10,853,077 14,703,844 16,603,357 2008 SHOP RITE PLAZA 2,417,583 6,364,094 1,611,693 2,417,583 7,975,787 10,393,370 6,966,088 3,427,282 - 1985 MARLTON PLAZA - 4,318,534 114,215 - 4,432,749 4,432,749 2,153,883 2,278,866 - 1996 HILLVIEW SHOPPING CENTER 16,00 |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans on Real Estate [Abstract] | |
Mortgage Loans on Real Estate, by Loan Disclosure [Text Block] | KIMCO REALTY Schedule IV - Mortgage Loans on Real Estate As of December 31, 2015 (in thousands) Type of Loan/Borrower Description Location (c) Interest Accrual Rates Interest Payment Rates Final Maturity Date Periodic Payment Terms (a) Prior Liens Face Amount of Mortgages or Maximum Available Credit (b) Carrying Amount of Mortgages (b) (c) Mortgage Loans: Borrower A Retail Toronto, ON 5.00 % 5.00 % 7/31/2017 P& I - $ 5,730 $ 5,333 Borrower B Retail Westport, CT 6.50 % 6.50 % 3/4/2033 I - 5,014 5,014 Borrower C Retail Las Vegas, NV 12.00 % 12.00 % 5/14/2033 I - 3,075 3,075 Borrower D Retail Miami, FL 7.57 % 7.57 % 6/1/2019 P& I - 3,966 2,224 Borrower E Retail Miami, FL 7.57 % 7.57 % 6/1/2019 P& I - 4,201 2,207 Borrower F Retail Miami, FL 7.57 % 7.57 % 6/1/2019 P& I - 3,678 2,058 Borrower G NonRetail Oakbrook Terrrace, IL 6.00 % 6.00 % 12/9/2024 I - 1,950 1,950 Individually < 3% (d) (e) (e) (f) - 2,922 1,511 30,536 23,372 Other: Individually < 3% (g) (g) (h) 600 444 Capitalized loan costs - 8 Total $ 31,136 $ 23,824 (a) I = Interest only; P&I = Principal & Interest (b) The instruments actual cash flows are denominated in U.S. dollars and Canadian dollars as indicated by the geographic location above (c) The aggregate cost for Federal income tax purposes is $23.8 million (d) Comprised of four separate loans with original loan amounts ranging between $0.2 million and $0.4 million (e) Interest rates range from 1.10% to 2.02% (f) Maturity dates range from 3.8 years to 14.9 years (g) Interest rate 2.28% (h) Maturity date 4/1/2027 For a reconcilition of mortgage and other financing receivables from January 1, 2013 to December 31, 2015 see Footnote 10 of the Notes to Consolidated Financial Statements included in this Form 10-K. The Company feels it is not practicable to estimate the fair value of each receivable as quoted market prices are not available. The cost of obtaining an independent valuation on these assets is deemed excessive considering the materiality of the total receivables. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Business Kimco Realty Corporation and subsidiaries (the "Company" or "Kimco"), affiliates and related real estate joint ventures are engaged principally in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by discount department stores, supermarkets or drugstores. Additionally, the Company provides complementary services that capitalize on the Company’s established retail real estate expertise. The Company evaluates performance on a property specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Additionally, in connection with the Tax Relief Extension Act of 1999 (the "RMA"), which became effective January 1, 2001, the Company is permitted to participate in activities which it was precluded from previously in order to maintain its qualification as a Real Estate Investment Trust ("REIT"), so long as these activities are conducted in entities which elect to be treated as taxable subsidiaries under the Internal Revenue Code, as amended (the "Code"), subject to certain limitations. As such, the Company, through its wholly-owned taxable REIT subsidiaries (“TRS”), has been engaged in various retail real estate related opportunities including retail real estate management and disposition services which primarily focuses on leasing and disposition strategies of retail real estate controlled by both healthy and distressed and/or bankrupt retailers. The Company may consider other investments through its TRS should suitable opportunities arise. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Estimates The accompanying Consolidated Financial Statements include the accounts of Kimco Realty Corporation and subsidiaries (the “Company”). The Company’s subsidiaries includes subsidiaries which are wholly-owned and all entities in which the Company has a controlling 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. GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and related intangible assets and liabilities, equity method investments, marketable securities and other investments, including the assessment of impairments, as well as, depreciable lives, revenue recognition, the collectability of trade accounts receivable, realizability of deferred tax assets and the assessment of uncertain tax positions. Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a result, actual results could differ from these estimates. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its consolidated financial statements. |
Real Estate, Policy [Policy Text Block] | Real Estate Real estate assets are stated at cost, less accumulated depreciation and amortization. Upon acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships, where applicable), assumed debt and redeemable units issued at the date of acquisition, based on evaluation of information and estimates available at that date. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments, are recognized in the reporting period in which the adjustment is identified. The Company expenses transaction costs associated with business combinations in the period incurred. In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the present value of the difference between the contractual amounts, including fixed rate below-market lease renewal options, to be paid pursuant to the leases and management’s estimate of the market lease rates and other lease provisions (i.e., expense recapture, base rental changes, etc.) measured over a period equal to the estimated remaining term of the lease. The capitalized above-market or below-market intangible is amortized to rental income over the estimated remaining term of the respective leases, which includes the expected renewal option period. Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument. In determining the value of in-place leases, management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses, estimates of lost rental revenue during the expected lease-up periods and costs to execute similar leases including leasing commissions, legal and other related costs based on current market demand. The value assigned to in-place leases and tenant relationships is amortized over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs relating to that lease would be written off. Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows: Buildings and building improvements 15 to 50 years Fixtures, leasehold and tenant improvements (including certain identified intangible assets) Terms of leases or useful lives, whichever is shorter The Company periodically assesses the useful lives of its depreciable real estate assets, including those expected to be redeveloped in future periods, and accounts for any revisions prospectively. Expenditures for maintenance, repairs and demolition costs are charged to operations as incurred. Significant renovations and replacements, which improve or extend the life of the asset, are capitalized. The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life. When a real estate asset is identified by management as held-for-sale, the Company ceases depreciation of the asset and estimates the sales price, net of selling costs. If the net sales price of the asset is less than the net book value of the asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property, less estimated costs of sale. On a continuous basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated holding period and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired. A property value is considered impaired only if management’s estimate of current and projected operating cash flows (undiscounted and unleveraged) of the property over its remaining hold period is less than the net carrying value of the property. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the carrying value of the property would be adjusted to an amount to reflect the estimated fair value of the property. |
Real Estate Held for Development and Sale, Policy [Policy Text Block] | Real Estate Under Development Real estate under development represents the ground-up development of open-air shopping center projects which the Company plans to hold as long-term investments. These properties are carried at cost. The cost of land and buildings under development includes specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs of personnel directly involved and other costs incurred during the period of development. The Company ceases cost capitalization when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity. If, in management’s opinion, the current and projected undiscounted cash flows of these assets to be held as long-term investments is less than the net carrying value, the carrying value would be adjusted to an amount that reflects the estimated fair value of the property |
Equity and Cost Method Investments, Policy [Policy Text Block] | Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting as the Company exercises significant influence, but does not control these entities. These investments are recorded initially at cost and subsequently adjusted for cash contributions, distributions and our share of earnings and losses. Earnings or losses for each investment are recognized in accordance with each respective investment agreement and where applicable, based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period. The Company’s joint ventures and other real estate investments primarily consist of co-investments with institutional and other joint venture partners in neighborhood and community shopping center properties, consistent with its core business. These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting the Company’s exposure to losses primarily to the amount of its equity investment; and due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. The Company, on a limited selective basis, has obtained unsecured financing for certain joint ventures. These unsecured financings may be guaranteed by the Company with guarantees from the joint venture partners for their proportionate amounts of any guaranty payment the Company is obligated to make. To recognize the character of distributions from equity investees within its consolidated statements of cash flows, all distributions received are presumed to be returns on investment and classified as cash inflows from operating activities unless the Company’s cumulative distributions received less distributions received in prior periods that were determined to be returns of investment exceed its cumulative equity in earnings recognized by the investor (as adjusted for amortization of basis differences). When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and classified as cash inflows from investing. On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Company’s estimated fair values are based upon a discounted cash flow model for each joint venture that includes all estimated cash inflows and outflows over a specified holding period. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates. |
Investment, Policy [Policy Text Block] | Other Real Estate Investments Other real estate investments primarily consist of preferred equity investments for which the Company provides capital to owners and developers of real estate. The Company typically accounts for its preferred equity investments on the equity method of accounting, whereby earnings for each investment are recognized in accordance with each respective investment agreement and based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period. On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company’s Other real estate investments may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Company’s estimated fair values are based upon a discounted cash flow model for each investment that includes all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Mortgages and Other Financing Receivables Mortgages and other financing receivables consist of loans acquired and loans originated by the Company. Borrowers of these loans are primarily experienced owners, operators or developers of commercial real estate. The Company’s loans are primarily mortgage loans that are collateralized by real estate. Mortgages and other financing receivables are recorded at stated principal amounts, net of any discount or premium or deferred loan origination costs or fees. The related discounts or premiums on mortgages and other loans purchased are amortized or accreted over the life of the related loan receivable. The Company defers certain loan origination and commitment fees, net of certain origination costs and amortizes them as an adjustment of the loan’s yield over the term of the related loan. The Company reviews on a quarterly basis credit quality indicators such as (i) payment status to identify performing versus non-performing loans, (ii) changes affecting the underlying real estate collateral and (iii) national and regional economic factors. Interest income on performing loans is accrued as earned. A non-performing loan is placed on non-accrual status when it is probable that the borrower may be unable to meet interest payments as they become due. Generally, loans 90 days or more past due are placed on non-accrual status unless there is sufficient collateral to assure collectability of principal and interest. Upon the designation of non-accrual status, all unpaid accrued interest is reserved and charged against current income. Interest income on non-performing loans is generally recognized on a cash basis. Recognition of interest income on non-performing loans on an accrual basis is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms. The Company has determined that it has one portfolio segment, primarily represented by loans collateralized by real estate, whereby it determines, as needed, reserves for loan losses on an asset-specific basis. The reserve for loan losses reflects management's estimate of loan losses as of the balance sheet date. The reserve is increased through loan loss expense and is decreased by charge-offs when losses are confirmed through the receipt of assets such as cash or via ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased. The Company considers a loan to be impaired when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due under the existing contractual terms. A reserve allowance is established for an impaired loan when the estimated fair value of the underlying collateral (for collateralized loans) or the present value of expected future cash flows is lower than the carrying value of the loan. An internal valuation is performed generally using the income approach to estimate the fair value of the collateral at the time a loan is determined to be impaired. The model is updated if circumstances indicate a significant change in value has occurred. The Company does not provide for an additional allowance for loan losses based on the grouping of loans as the Company believes the characteristics of the loans are not sufficiently similar to allow an evaluation of these loans as a group for a possible loan loss allowance. As such, all of the Company’s loans are evaluated individually for impairment purposes. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include demand deposits in banks, commercial paper and certificates of deposit with original maturities of three months or less. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured up to applicable account limits. Recoverability of investments is dependent upon the performance of the issuers. |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB’s Investments-Debt and Equity Securities guidance. These securities are carried at fair market value with unrealized gains and losses reported in stockholders’ equity as a component of Accumulated other comprehensive income ("AOCI"). Gains or losses on securities sold are based on the specific identification method and are recognized in Interest, dividends and other investment income on the Company’s Consolidated Statements of Income. All debt securities are generally classified as held-to-maturity because the Company has the positive intent and ability to hold the securities to maturity. It is more likely than not that the Company will not be required to sell the debt security before its anticipated recovery and the Company expects to recover the security’s entire amortized cost basis even if the entity does not intend to sell. Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity. Debt securities which contain conversion features generally are classified as available-for-sale. On a continuous basis, management assesses whether there are any indicators that the value of the Company’s marketable securities may be impaired, which includes reviewing the underlying cause of any decline in value and the estimated recovery period, as well as the severity and duration of the decline. In the Company’s evaluation, the Company considers its ability and intent to hold these investments for a reasonable period of time sufficient for the Company to recover its cost basis. A marketable security is impaired if the fair value of the security is less than the carrying value of the security and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the security over the estimated fair value in the security. |
Deferred Charges, Policy [Policy Text Block] | Deferred Leasing Costs Costs incurred in obtaining tenant leases, included in deferred charges and prepaid expenses in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, over the terms of the related leases, as applicable. Such capitalized costs include salaries, lease incentives and related costs of personnel directly involved in successful leasing efforts. Software Development Costs Expenditures for major software purchases and software developed for internal use are capitalized and amortized on a straight-line basis generally over a 3 to 5 year period. The Company’s policy provides for the capitalization of external direct costs of materials and services associated with developing or obtaining internal use computer software. In addition, the Company also capitalizes certain payroll and payroll-related costs for employees who are directly associated with internal use computer software projects. The amount of capitalizable payroll costs with respect to these employees is limited to the time directly spent on such projects. Costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred. As of December 31, 2015 and 2014, the Company had unamortized software development costs of $16.1 million and $24.0 million, respectively, which is included in Other assets on the Company’s Consolidated Balance Sheets. The Company expensed $10.7 million, $9.2 million and $7.6 million in amortization of software development costs during the years ended December 31, 2015, 2014 and 2013, respectively. Deferred Financing Costs Costs incurred in obtaining long-term financing, included in Notes Payable and Mortgages Payable in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements, as applicable. |
Internal Use Software, Policy [Policy Text Block] | Software Development Costs Expenditures for major software purchases and software developed for internal use are capitalized and amortized on a straight-line basis generally over a 3 to 5 year period. The Company’s policy provides for the capitalization of external direct costs of materials and services associated with developing or obtaining internal use computer software. In addition, the Company also capitalizes certain payroll and payroll-related costs for employees who are directly associated with internal use computer software projects. The amount of capitalizable payroll costs with respect to these employees is limited to the time directly spent on such projects. Costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred. As of December 31, 2015 and 2014, the Company had unamortized software development costs of $16.1 million and $24.0 million, respectively, which is included in Other assets on the Company’s Consolidated Balance Sheets. The Company expensed $10.7 million, $9.2 million and $7.6 million in amortization of software development costs during the years ended December 31, 2015, 2014 and 2013, respectively. |
Revenue Recognition, Policy [Policy Text Block] | Revenue and Gain Recognition and Accounts Receivable Base rental revenues from rental property are recognized on a straight-line basis over the terms of the related leases. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. These percentage rents are recognized once the required sales level is achieved. Rental income may also include payments received in connection with lease termination agreements. In addition, leases typically provide for reimbursement to the Company of common area maintenance costs, real estate taxes and other operating expenses. Operating expense reimbursements are recognized as earned. Management and other fee income consists of property management fees, leasing fees, property acquisition and disposition fees, development fees and asset management fees. These fees arise from contractual agreements with third parties or with entities in which the Company has a noncontrolling interest. Management and other fee income, including acquisition and disposition fees, are recognized as earned under the respective agreements. Management and other fee income related to partially owned entities are recognized to the extent attributable to the unaffiliated interest. Gains and losses from the sale of depreciated operating property and ground-up development projects are recognized using the full accrual method in accordance with the FASB’s real estate sales guidance, provided that various criteria relating to the terms of sale and subsequent involvement by the Company with the properties are met. Gains and losses on transfers of operating properties result from the sale of a partial interest in properties to unconsolidated joint ventures and are recognized using the partial sale provisions of the FASB’s real estate sales guidance. The Company makes estimates of the uncollectability of its accounts receivable related to base rents, straight-line rent, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net earnings are directly affected by management’s estimate of the collectability of accounts receivable. Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of $13.9 million and $10.4 million of billed accounts receivable at December 31, 2015 and 2014, respectively. Additionally, Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of $17.9 million and $22.9 million of straight-line rent receivable at December 31, 2015 and 2014, respectively. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company has made an election to qualify, and believes it is operating so as to qualify, as a REIT for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under Section 856 through 860 of the Code. In connection with the RMA, which became effective January 1, 2001, the Company is permitted to participate in certain activities which it was previously precluded from in order to maintain its qualification as a REIT, so long as these activities are conducted by entities which elect to be treated as taxable REIT subsidiaries under the Code. As such, the Company is subject to federal and state income taxes on the income from these activities. The Company is also subject to local taxes on certain non-U.S. investments. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. The Company reviews the need to establish a valuation allowance against deferred tax assets on a quarterly basis. The review includes an analysis of various factors, such as future reversals of existing taxable temporary differences, the capacity for the carryback or carryforward of any losses, the expected occurrence of future income or loss and available tax planning strategies. The Company applies the FASB’s guidance relating to uncertainty in income taxes recognized in a Company’s financial statements. Under this guidance the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation and Transactions Assets and liabilities of the Company’s foreign operations are translated using year-end exchange rates, and revenues and expenses are translated using exchange rates as determined throughout the year. Gains or losses resulting from translation are included in AOCI, as a separate component of the Company’s stockholders’ equity. Gains or losses resulting from foreign currency transactions are translated to local currency at the rates of exchange prevailing at the dates of the transactions. The effect of the transactions gain or loss is included in the caption Other income/(expense), net in the Consolidated Statements of Income. The Company is required to release cumulative translation adjustment (“CTA”) balances into earnings when the Company has substantially liquidated its investment in a foreign entity. |
Derivatives, Policy [Policy Text Block] | Derivative/Financial Instruments The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risk through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may use derivatives to manage exposures that arise from changes in interest rates, foreign currency exchange rate fluctuations and market value fluctuations of equity securities. The Company limits these risks by following established risk management policies and procedures including the use of derivatives. The Company measures its derivative instruments at fair value and records them in the Consolidated Balance Sheet as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. The accounting for changes in the fair value of the derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting under the Derivatives and Hedging guidance issued by the FASB. The effective portion of the changes in fair value of derivatives designated and that qualify as cash flow hedges is recorded in AOCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Any ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During 2015, 2014 and 2013, the Company had no hedge ineffectiveness. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Noncontrolling Interests The Company accounts for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Income. Noncontrolling interests also includes amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. These units have a stated redemption value or a defined redemption amount based upon the trading price of the Company’s common stock and provides the unit holders various rates of return during the holding period. The unit holders generally have the right to redeem their units for cash at any time after one year from issuance. For convertible units, the Company typically has the option to settle redemption amounts in cash or common stock. The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be mandatorily redeemable under this guidance and are included as Redeemable noncontrolling interest and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. Convertible units for which the Company has the option to settle redemption amounts in cash or Common Stock are included in the caption Noncontrolling interest within the equity section on the Company’s Consolidated Balance Sheets. |
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): For the year ended December 31, 2015 2014 2013 Computation of Basic Earnings Per Share: Income from continuing operations $ 774,405 $ 384,506 $ 288,454 Gain on sale of operating properties, net, net of tax 125,813 389 1,432 Net income attributable to noncontrolling interests (6,028 ) (11,879 ) (5,072 ) Discontinued operations attributable to noncontrolling interests - 2,117 (7,930 ) Preferred stock redemption costs (5,816 ) - - Preferred stock dividends (57,084 ) (58,294 ) (58,294 ) Income from continuing operations available to the common hareholders 831,290 316,839 218,590 Earnings attributable to participating securities (4,134 ) (1,749 ) (1,360 ) Income from continuing operations attributable to common s hareholders 827,156 315,090 217,230 (Loss)/income from discontinued operations attributable to the Company (75 ) 48,868 (40,603 ) Net income attributable to the Company’s common shareholders for basic earnings per share $ 827,081 $ 363,958 $ 176,627 Weighted average common shares outstanding – basic 411,319 409,088 407,631 Basic Earnings Per Share Attributable to the Company’s Common Shareholders: Income from continuing operations $ 2.01 $ 0.77 $ 0.53 Income/(loss) from discontinued operations - 0.12 (0.10 ) Net income $ 2.01 $ 0.89 $ 0.43 Computation of Diluted Earnings Per Share: Income from continuing operations attributable to common s hareholders $ 827,156 $ 315,090 $ 217,230 (Loss)/income from discontinued operations attributable to the Company (75 ) 48,868 (40,603 ) Distributions on convertible units 192 529 - Net income attributable to the Company’s common shareholders for diluted earnings per share $ 827,273 $ 364,487 $ 176,627 Weighted average common shares outstanding – basic 411,319 409,088 407,631 Effect of dilutive securities(a): Equity awards 1,414 1,227 983 Assumed conversion of convertible units 118 723 - Shares for diluted earnings per common share 412,851 411,038 408,614 Diluted Earnings Per Share Attributable to the Company’s Common Shareholders: Income from continuing operations $ 2.00 $ 0.77 $ 0.53 Income/(loss) from discontinued operations - 0.12 (0.10 ) Net income $ 2.00 $ 0.89 $ 0.43 (a) The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 5,300,680, 7,137,120 and 10,950,388, stock options that were not dilutive as of December 31, 2015, 2014 and 2013, respectively. The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Compensation 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 options and restricted stock grants. 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 options, restricted stock, performance awards and other awards, plus the number of shares of common stock which are or become available for issuance under the Prior Plan and which are not thereafter issued under the Prior Plan, subject to certain conditions. Unless otherwise determined by the Board of Directors at its sole discretion, options granted under the Plans generally vest ratably over a range of three to five years, expire ten years from the date of grant and are exercisable at the market price on the date of grant. Restricted stock grants generally vest (i) 100% on the fourth or fifth anniversary of the grant, (ii) ratably over three or four years, (iii) over three years at 50% after two years and 50% after the third year or (iv) over ten years at 20% per year commencing after the fifth year. Performance share awards provide a potential to receive shares of restricted stock based on the Company’s performance relative to its peers, as defined, or based on other performance criteria as determined by the Board of Directors. In addition, the Plans provide for the granting of certain options and restricted stock to each of the Company’s non-employee directors (the “Independent Directors”) and permits such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees. The Company accounts for equity awards in accordance with the FASB’s Stock Compensation guidance which requires that all share based payments to employees, be recognized in the Statement of Income over the service period based on their fair values. Fair value is determined, depending on the type of award, using either the Black-Scholes option pricing formula or the Monte Carlo method, both of which are intended to estimate the fair value of the awards at the grant date (see Footnote 20 for additional disclosure on the assumptions and methodology). |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The ASU is expected to impact the Company’s consolidated financial statements as the Company has certain operating and land lease arrangements for which it is the lessee. ASU 2016-02 supersedes the previous leases standard, Leases (Topic 840). The standard is effective on January 1, 2019, with early adoption permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-02 will have on the Company’s financial position or results of operations. In September 2015, the FASB issued 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. 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 has stated that it 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. Beginning in its fiscal year 2015, the Company elected to early adopt ASU 2015-03 and ASU 2015-15 and retrospectively applied the guidance to its Notes Payable and Mortgages Payable for all periods presented. Unamortized debt issuance costs of $31.4 million and $3.2 million are included in Notes Payable and Mortgages Payable, respectively, as of December 31, 2015, and $20.5 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 Consolidated Balance Sheets). 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 (see Footnotes 12 and 13). 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 does not expect the adoption of ASU 2015-02 to have a material effect 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 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 - Summary of Significa39
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the year ended December 31, 2015 2014 2013 Computation of Basic Earnings Per Share: Income from continuing operations $ 774,405 $ 384,506 $ 288,454 Gain on sale of operating properties, net, net of tax 125,813 389 1,432 Net income attributable to noncontrolling interests (6,028 ) (11,879 ) (5,072 ) Discontinued operations attributable to noncontrolling interests - 2,117 (7,930 ) Preferred stock redemption costs (5,816 ) - - Preferred stock dividends (57,084 ) (58,294 ) (58,294 ) Income from continuing operations available to the common hareholders 831,290 316,839 218,590 Earnings attributable to participating securities (4,134 ) (1,749 ) (1,360 ) Income from continuing operations attributable to common s hareholders 827,156 315,090 217,230 (Loss)/income from discontinued operations attributable to the Company (75 ) 48,868 (40,603 ) Net income attributable to the Company’s common shareholders for basic earnings per share $ 827,081 $ 363,958 $ 176,627 Weighted average common shares outstanding – basic 411,319 409,088 407,631 Basic Earnings Per Share Attributable to the Company’s Common Shareholders: Income from continuing operations $ 2.01 $ 0.77 $ 0.53 Income/(loss) from discontinued operations - 0.12 (0.10 ) Net income $ 2.01 $ 0.89 $ 0.43 Computation of Diluted Earnings Per Share: Income from continuing operations attributable to common s hareholders $ 827,156 $ 315,090 $ 217,230 (Loss)/income from discontinued operations attributable to the Company (75 ) 48,868 (40,603 ) Distributions on convertible units 192 529 - Net income attributable to the Company’s common shareholders for diluted earnings per share $ 827,273 $ 364,487 $ 176,627 Weighted average common shares outstanding – basic 411,319 409,088 407,631 Effect of dilutive securities(a): Equity awards 1,414 1,227 983 Assumed conversion of convertible units 118 723 - Shares for diluted earnings per common share 412,851 411,038 408,614 Diluted Earnings Per Share Attributable to the Company’s Common Shareholders: Income from continuing operations $ 2.00 $ 0.77 $ 0.53 Income/(loss) from discontinued operations - 0.12 (0.10 ) Net income $ 2.00 $ 0.89 $ 0.43 |
Note 2 - Real Estate (Tables)
Note 2 - Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Schedule of Property Subject to or Available for Operating Lease [Table Text Block] | December 31, 2015 2014 Land $ 2,660,722 $ 2,291,338 Undeveloped land 67,535 74,462 Buildings and improvements: Buildings 5,643,629 4,909,152 Building improvements 1,559,652 1,349,028 Tenant improvements 727,036 658,868 Fixtures and leasehold improvements 47,055 61,122 Above market leases 155,451 121,774 In-place leases 509,435 399,293 Tenant relationships 19,104 20,858 11,389,619 9,885,895 Accumulated depreciation and amortization (1) (2,115,320 ) (1,955,406 ) Total $ 9,274,299 $ 7,930,489 |
Above and Below Market Lease, Tenant Relationships, Future Amortization Income (Expense) [Table Text Block] | 2016 2017 2018 2019 2020 Above and below market leases amortization, net $ 10.3 $ 9.9 $ 9.9 $ 10.5 $ 10.8 Tenant relationships and leases in place amortization $ (53.1 ) $ (39.0 ) $ (28.5 ) $ (22.1 ) $ (16.3 ) |
Note 3 - Property Acquisition41
Note 3 - Property Acquisitions, Developments and Other Investments (Tables) | 12 Months Ended |
Dec. 31, 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 (1) 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 (2 Parcels) Woodridge, IL Jun-15 5,611 - - 5,611 12 Montgomery Plaza Fort Worth , TX (1) Jul-15 34,522 29,311 9,044 72,877 291 125 Coulter Avenue Parcel Ardmore, PA Sep-15 1,925 - - 1,925 6 Conroe Marketplace Conroe, TX (1) Oct-15 18,546 42,350 3,104 64,000 289 Laurel Plaza Laurel , MD Oct-15 1,200 - - 1,200 4 District Heights District Heights, MD (1) Nov-15 13,140 13,255 950 27,345 91 Village on the Park Aurora , CO Nov-15 824 - - 824 10 Christown Mall Phoenix , AZ Nov-15 51,351 63,899 - 115,250 833 Washington St. Plaza Parcels Brighton, MA Dec-15 8,750 - - 8,750 - $ 712,055 $ 807,591 $ 252,467 $ 1,772,113 7,519 Purchase Price Property Name Location Month Acquired Cash* Debt Other *** Total GLA** North Valley Leasehold Peoria, AZ Jan-14 $ 3,000 $ - $ - $ 3,000 - LaSalle Properties (3 properties) Various (1) Jan-14 62,239 23,269 7,642 93,150 316 Harrisburg Land Parcel Harrisburg, PA Jan-14 2,550 - - 2,550 - Crossroads Plaza Cary, NC Feb-14 18,691 72,309 - 91,000 489 Quail Corners Charlotte, NC (2) Mar-14 9,398 17,409 4,943 31,750 110 KIF 1 Portfolio (12 properties) Various (1) Apr-14 128,699 157,010 122,291 408,000 1,589 Fountain at Arbor Lakes (2 Parcels) Maple Grove, MN Apr-14 900 - - 900 - Boston Portfolio (24 properties) Various Apr-14 149,486 120,514 - 270,000 1,426 Vinnin Square Swampscott, MA May-14 2,550 - - 2,550 6 SEB Portfolio (10 properties) Various (1) Jul-14 69,261 193,600 12,911 275,772 1,415 Highlands Ranch Parcel Highlands Ranch, CO Sep-14 3,800 - - 3,800 10 BIG Portfolios (7 properties) Various (1) Oct-14 - 118,439 76,511 194,950 1,148 Springfield S.C. Springfield, MO Nov-14 8,800 - - 8,800 210 North Quincy Plaza Quincy, MA (1) Dec-14 20,470 - 2,530 23,000 81 Belmart Plaza West Palm Beach, FL (1) Dec-14 3,208 - 2,807 6,015 77 Braelinn Village Peachtree City, GA Dec-14 27,000 - - 27,000 227 $ 510,052 $ 702,550 $ 229,635 $ 1,442,237 7,104 |
Previous Ownership Interest [Table Text Block] | Property Name Previous Ownership Interest Gain on change in control of interests, net Elmont Plaza 50.0 % $ (0.2 ) Kimstone Portfolio (39 properties) 33.3 % 140.0 Montgomery Plaza 20.0 % 6.3 Conroe Marketplace 15.0 % 2.4 District Heights 15.0 % 0.7 $ 149.2 Property Name Previous Ownership Interest Gain on change in control of interests, net LaSalle Properties (3 properties) 11.0 % $ 3.7 KIF 1 Portfolio (12 properties) 39.1 % 65.6 SEB Portfolio (10 properties) 15.0 % 14.4 BIG Portfolios (7 properties) 50.1 % 19.5 North Quincy Plaza 11.0 % 2.2 Belmart Plaza 21.5 % 1.8 $ 107.2 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation Allocation Adjustments (1) Revised Allocation a s of December 31 , 2015 Weighted-Average Amortization Period (in Years) Land $ 482,422 $ (37,796 ) $ 444,626 - Buildings 973,747 89,377 1,063,124 50.0 Above market leases 35,948 (1,766 ) 34,182 7.2 Below market leases (79,868 ) 4,871 (74,997 ) 17.7 In-place leases 180,069 (54,076 ) 125,993 4.7 Building improvements 177,944 (8,828 ) 169,116 45.0 Tenant improvements 26,596 8,218 34,814 6.1 Mortgage fair value adjustment (27,615 ) - (27,615 ) 3.0 Other assets 3,058 - 3,058 - Other liabilities (188 ) - (188 ) - Net assets acquired $ 1,772,113 $ - $ 1,772,113 Land $ 414,879 Buildings 679,753 Above market leases 30,307 Below market leases (81,362 ) In-place leases 113,513 Building improvements 290,882 Tenant improvements 26,536 Mortgage fair value adjustment (39,368 ) Other assets 7,097 Other liabilities - Net assets acquired $ 1,442,237 |
Note 5 - Discontinued Operati42
Note 5 - Discontinued Operations and Assets Held-for-sale (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | 2015 2014 2013 Discontinued operations: Revenues from rental property $ 124 $ 71,906 $ 129,315 Rental property expenses (49 ) (16,657 ) (39,425 ) Depreciation and amortization - (15,019 ) (33,142 ) Provision for doubtful accounts (57 ) (719 ) (2,971 ) Interest expense - (1,823 ) (1,371 ) Income from other real estate investments - 680 720 Other expense, net (12 ) (756 ) (880 ) Income from discontinued operating properties, before income taxes 6 37,612 52,246 Impairment of property carrying value, before income taxes (1) (82 ) (178,048 ) (157,972 ) Gain on disposition of operating properties, before income taxes - 203,271 48,731 Benefit/(provision) for income taxes 1 (11,850 ) 8,462 (Loss)/income from discontinued operating properties (75 ) 50,985 (48,533 ) Net (income)/loss attributable to noncontrolling interests - (2,117 ) 7,930 (Loss)/income from discontinued operations attributable to the Company $ (75 ) $ 48,868 $ (40,603 ) |
Note 6 - Impairments (Tables)
Note 6 - Impairments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | 201 5 201 4 201 3 Impairment of property carrying values* (1) (2) (3) $ 30.3 $ 33.3 $ 18.6 Investments in other real estate investments* (4) 5.3 1.7 2.9 Marketable securities and other investments* (5) 9.8 4.8 10.7 Total Impairment charges included in operating expenses 45.4 39.8 32.2 Cumulative foreign currency translation loss included in discontinued operations (6) - 92.9 5.1 Impairment of property carrying values included in discontinued operations** 0.1 85.1 152.9 Total gross impairment charges 45.5 217.8 190.2 Noncontrolling interests (5.6 ) (0.4 ) (10.6 ) Income tax benefit included in discontinued operations - (1.7 ) (14.8 ) Income tax benefit (9.0 ) (6.1 ) (7.6 ) Total net impairment charges $ 30.9 $ 209.6 $ 157.2 |
Note 7 - Investment and Advan44
Note 7 - Investment and Advances in Real Estate Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 7 - Investment and Advances in Real Estate Joint Ventures (Tables) [Line Items] | |
Equity Method Investments [Table Text Block] | As of December 31, 201 5 As of December 31, 201 4 Venture Average Ownership Interest Number of Properties GLA Gross Real Estate The Company's Investment Average Ownership Interest Number of Properties GLA Gross Real Estate The Company's Investment Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) 15.0% 53 9.6 $ 2,531.6 $ 175.5 15.0% 60 10.6 $ 2,728.9 $ 178.6 Kimco Income Opportunity Portfolio (“KIR”) (2) 48.6% 47 10.8 1,422.8 131.0 48.6% 54 11.5 1,488.2 152.1 Kimstone (2) (3) 33.3% - - - - 33.3% 39 5.6 1,098.7 98.1 BIG Shopping Centers (2) 50.1% 1 0.4 53.5 - 50.1% 6 1.0 151.6 - Canada Pension Plan Investment Board (“CPP”) (2) (4) 55.0% 7 2.4 524.1 195.6 55.0% 7 2.4 504.0 188.9 Other Institutional Programs (2) Various 8 1.1 248.0 5.2 Various 53 1.8 413.8 11.0 RioCan 50.0% 13 2.4 259.3 53.3 50.0% 45 9.3 1,205.8 159.8 Latin America (5) Various 9 - 53.2 15.0 Various 13 0.1 91.2 24.4 Other Joint Venture Programs Various 53 8.7 1,165.6 167.0 Various 60 9.5 1,401.2 224.3 Total 191 35.4 $ 6,258.1 $ 742.6 337 51.8 $ 9,083.4 $ 1,037.2 |
Summary of Properties and Land Parcel Disposed of [Table Text] Block | Year Ended December 31, 2015 Number of properties Number of land parcels Aggregate sales price (in millions) KimPru and KimPru II 7 1 $ 143.5 KIR 5 - $ 84.6 BIG Shopping Centers 4 - $ 75.0 Other Institutional Programs (1) 44 - $ 171.5 RioCan (3) 32 1 $ 1,390.4 Latin America 4 9 $ 16.2 Other Joint Venture Programs (2) 6 - $ 123.7 Year Ended December 31, 2014 Number of properties Number of land parcels Aggregate sales price (in millions) KIR 3 - $ 19.7 BIG Shopping Centers (1) 15 - $ 166.6 Other Institutional Programs (2) 28 - $ 846.6 Latin America 14 - $ 324.5 Other Joint Venture Programs (3) 19 - $ 252.0 Year Ended December 31, 2013 Number of properties Number of land parcels Aggregate sales price (in millions) KimPru and KimPru II (1) 1 - $ 15.8 KIR 1 - $ 30.0 Other Institutional Programs (2) 2 - $ 46.9 Latin America 104 - $ 945.4 Other Joint Venture Programs (3) 9 - $ 1,095.9 |
Joint Venture Investments Accounted for Under the Equity Method Debt Details [Table Text Block] | As of December 31, 2015 As of December 31, 2014 Venture Mortgages and Notes Payable Average Interest Rate Average Remaining Term (months) ** Mortgages a nd Notes Payable Average Interest Rate Average Remaining Term (months) ** KimPru and KimPru II $ 777.1 5.54 % 12.6 $ 920.0 5.53 % 23.0 KIR 811.6 4.64 % 62.3 860.7 5.04 % 61.9 Kimstone - - - 701.3 4.45 % 28.7 BIG Shopping Centers 54.5 5.45 % 10.1 144.6 5.52 % 22.0 CPP 109.9 5.25 % 3.5 112.0 5.05 % 10.1 Other Institutional Programs 163.9 4.74 % 24.0 272.9 5.21 % 23.5 RioCan 87.5 5.02 % 11.0 640.5 4.29 % 39.9 Other Joint Venture Programs 794.6 5.26 % 47.6 921.9 5.31 % 58.6 Total $ 2,799.1 $ 4,573.9 |
Investments in and Advances to Affiliates [Table Text Block] | December 31, 2015 2014 Assets: Real estate, net $ 4,855.5 $ 7,422.0 Other assets 252.2 312.6 $ 5,107.7 $ 7,734.6 Liabilities and Partners’/Members’ Capital: Notes and mortgages payable $ 2,770.1 $ 4,553.1 Construction loans 29.0 21.0 Other liabilities 16.2 120.5 Noncontrolling interests 92.5 21.4 Partners’/Members’ capital 2,199.9 3,018.6 $ 5,107.7 $ 7,734.6 |
Schedule of Investments in and Advances to Affiliates, Schedule of Investments [Table Text Block] | Year Ended December 31, 2015 2014 2013 Revenues from rental property $ 842.5 $ 1,059.9 $ 1,280.2 Operating expenses (265.9 ) (333.5 ) (410.3 ) Interest expense (202.8 ) (247.3 ) (316.4 ) Depreciation and amortization (191.9 ) (260.0 ) (298.8 ) Impairment charges (63.4 ) (23.1 ) (32.3 ) Other income/(expense), net 4.4 (14.4 ) (16.2 ) (719.6 ) (878.3 ) (1,074.0 ) Income from continuing operations 122.9 181.6 206.2 Discontinued Operations: Income from discontinued operations - 2.8 14.1 Impairment on dispositions of properties - (3.8 ) (14.8 ) Gain on dispositions of properties - 471.1 229.5 - 470.1 228.8 Gain on sale of operating properties 1,166.7 - - Net income $ 1,289.6 $ 651.7 $ 435.0 |
Income [Member] | |
Note 7 - Investment and Advances in Real Estate Joint Ventures (Tables) [Line Items] | |
Equity Method Investments [Table Text Block] | Year E nded December 31, 201 5 201 4 201 3 KimPru and KimPru II (1) (4) $ 7.1 $ 8.1 $ 9.1 KIR (5) 41.0 26.5 25.3 Kimstone 0.7 2.0 3.6 BIG Shopping Centers (9) 2.4 22.5 3.0 CPP 9.6 7.1 5.8 Other Institutional Programs 1.6 4.3 7.6 RioCan 399.4 30.6 27.6 Latin America (6) (8) (0.7 ) (3.8 ) 103.1 Other Joint Venture Programs (2) (3) (7) 19.3 62.3 23.6 Total $ 480.4 $ 159.6 $ 208.7 |
Note 8 - Other Real Estate In45
Note 8 - Other Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Real Estate Investments [Abstract] | |
Real Estate Investment Financial Statements, Disclosure [Table Text Block] | December 31, 2015 2014 Assets: Real estate, net $ 258.0 $ 456.9 Other assets 628.3 666.6 $ 886.3 $ 1,123.5 Liabilities and Partners’/Members’ Capital: Notes and mortgages payable $ 563.7 $ 767.6 Other liabilities 12.9 21.6 Partners’/Members’ capital 309.7 334.3 $ 886.3 $ 1,123.5 |
Preferred Equity Investments, Income Statement [Table Text Block] | Year Ended December 31, 2015 2014 2013 Revenues from rental property $ 122.1 $ 146.0 $ 159.5 Operating expenses (35.6 ) (47.0 ) (34.8 ) Interest expense (35.7 ) (47.1 ) (55.2 ) Depreciation and amortization (11.4 ) (19.2 ) (24.0 ) Other expense, net (9.2 ) (7.2 ) (7.1 ) Income from continuing operations 30.2 25.5 38.4 Discontinued Operations: Gain on disposition of properties - 31.5 20.8 - 31.5 20.8 Gain on sale of operating properties 6.0 - - Net income $ 36.2 $ 57.0 $ 59.2 |
Schedule of Components of Leveraged Lease Investments [Table Text Block] | 2014 Remaining net rentals $ 8.3 Estimated unguaranteed residual value 30.3 Non-recourse mortgage debt (10.1 ) Unearned and deferred income (12.9 ) Net investment in leveraged lease $ 15.6 |
Note 10 - Mortgages and Other46
Note 10 - Mortgages and Other Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2015 2014 2013 Balance at January 1 $ 74,013 $ 30,243 $ 70,704 Additions: New mortgage loans 5,730 52,728 8,527 Additions under existing mortgage loans - - 7,810 Write-off of loan discounts - 286 - Amortization of loan discounts 112 126 653 Deductions: Loan repayments (53,646 ) (7,330 ) (28,068 ) Loan foreclosures - - (25,572 ) Charge off/foreign currency translation (884 ) (1,066 ) (1,260 ) Collections of principal (1,499 ) (972 ) (2,529 ) Amortization of loan costs (2 ) (2 ) (22 ) Balance at December 31 $ 23,824 $ 74,013 $ 30,243 |
Note 11 - Marketable Securiti47
Note 11 - Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities [Table Text Block] | December 31, 2015 Amortized Cost Gross Unrealized Gains/Losses Estimated Fair Value Available-for-sale: Equity securities $ 5,511 $ 398 $ 5,909 Held-to-maturity: Debt securities 1,656 (1 ) 1,655 Total marketable securities $ 7,167 $ 397 $ 7,564 December 31, 2014 Amortized Cost Gross Unrealized Gains/Losses Estimated Fair Value Available-for-sale: Equity securities $ 41,462 $ 46,197 $ 87,659 Held-to-maturity: Debt securities 2,576 (200 ) 2,376 Total marketable securities $ 44,038 $ 45,997 $ 90,035 |
Note 12 - Notes Payable (Tables
Note 12 - Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Balance at 12/31/1 5 Interest Rate Range (Low) Interest Rate Range (High) Maturity Date Range (Low) Maturity Date Range (High) Senior Unsecured Notes $ 2,290.9 3.13% 6.88% May-2017 Apr-2045 Medium Term Notes 600.0 4.30% 5.78% Mar-2016 Feb-2018 U.S. Term Loan (a) 650.0 (a) (a) Jan-2017 Jan-2017 Canadian Notes Payable 251.8 3.86% 5.99% Apr-2018 Aug-2020 Credit Facility (b) - (b) (b) Apr-2018 Apr-2018 Deferred financing costs, net (c) (31.4 ) - - - - $ 3,761.3 Balance at 12/31/14 Interest Rate Range (Low) Interest Rate Range (High) Maturity Date Range (Low) Maturity Date Range (High) Senior Unsecured Notes $ 1,540.9 3.13% 6.88% Sep-2015 Jun-2023 Medium Term Notes 850.0 4.30% 5.78% Feb-2015 Feb-2018 U.S. Term Loan (d) 400.0 (d) (d) Apr-2015 Apr-2015 Canadian Notes Payable 301.3 3.86% 5.99% Apr-2018 Aug-2020 Credit Facility (b) 100.0 (b) (b) Apr-2018 Apr-2018 Deferred financing costs, net (c) (20.5 ) - - - - $ 3,171.7 |
Schedule of Debt [Table Text Block] | Type Date Issued Amount Repaid Interest Rate Maturity Date Date Paid MTN Nov-05 $ 150.0 5.584% Nov-15 Nov-15 Senior Note Oct-06 $ 100.0 5.25% Sep-15 Sep-15 MTN Feb-05 $ 100.0 4.904% Feb-15 Feb-15 MTN Jun-05 $ 194.6 4.82% Jun-14 Jun-14 Senior Note Oct-06 $ 100.0 5.95% Jun-14 Jun-14 |
Note 14 - Noncontrolling Inte49
Note 14 - Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Convertible Non-convertible Units [Table Text Block] | Type Number of Units Issued Par Value Per Unit Return Per Annum Preferred A Units (1) 81,800,000 $ 1.00 7.0% Class A Preferred Units (1) 2,000 $ 10,000 LIBOR plus 2.0% Class B-1 Preferred Units (2) 2,627 $ 10,000 7.0% Class B-2 Preferred Units (1) 5,673 $ 10,000 7.0% Class C DownReit Units (2) 640,001 $ 30.52 Equal to the Company’s common stock dividend |
Redeemed Noncontrolling Interests [Table Text Block] | Type Units Redeemed Par Value Redeemed (in millions) Preferred A Units 2,200,000 $ 2.2 Class A Preferred Units 2,000 $ 20.0 Class B-1 Preferred Units 2,438 $ 24.4 Class B-2 Preferred Units 5,631 $ 56.3 Class C DownReit Units 587,204 $ 17.9 |
Redeemable Units [Table Text Block] | Type Number of Units Issued Par Value Per Unit Return Per Annum Class A Units (1) 13,963 $ 1,000 5.0% Class B Units (2) 647,758 $ 37.24 Equal to the Company’s common stock dividend |
Redeemable Noncontrolling Interest [Table Text Block] | 2015 2014 Balance at January 1, $ 91,480 $ 86,153 Issuance of redeemable partnership interests (1) - 4,943 Income (2) 7,061 6,335 Distribution (5,922 ) (5,951 ) Conversion of redeemable units (5,910 ) - Balance at December 31, $ 86,709 $ 91,480 |
Note 15 - Fair Value Disclosu50
Note 15 - Fair Value Disclosure of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2015 2014 Carrying Amounts Estimated Fair Value Carrying Amounts Estimated Fair Value Marketable Securities (1) $ 7,565 $ 7,564 $ 90,235 $ 90,035 Notes Payable (2) $ 3,761,328 $ 3,820,205 $ 3,171,742 $ 3,313,936 Mortgages Payable (3) $ 1,614,982 $ 1,629,760 $ 1,424,228 $ 1,481,138 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Balance at December 31, 201 5 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 5,909 $ 5,909 $ - $ - Liabilities: Interest rate swaps $ 1,426 $ - $ 1,426 $ - Balance at December 31, 2014 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 87,659 $ 87,659 $ - $ - Liabilities: Interest rate swaps $ 1,404 $ - $ 1,404 $ - Balance at December 31, 201 5 Level 1 Level 2 Level 3 Real estate $ 52,439 $ - $ - $ 52,439 Balance at December 31, 2014 Level 1 Level 2 Level 3 Real estate $ 80,270 $ - $ - $ 80,270 |
Note 16 - Preferred Stock, Co51
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Outstanding Preferred Stock [Member] | |
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Tables) [Line Items] | |
Schedule of Stockholders Equity [Table Text Block] | As of December 31, 201 5 Series of Preferred Stock Shares Authorized Shares Issued and Outstanding Liquidation Preference Dividend Rate Annual Dividend per Depositary Share Par Value 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 35,450 32,000 $ 800,000 As of December 31, 2014 Series of Preferred Stock Shares Authorized Shares Issued and Outstanding Liquidation Preference 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 |
Preferred Stock Issued [Member] | |
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Tables) [Line Items] | |
Schedule of Stockholders Equity [Table Text Block] | Series of Preferred Stock Date Issued Depositary Shares Issued Fractional Interest per Share Net Proceeds, After Expenses (in millions) Offering/ Redemption Price Optional Redemption Date Series I (2) 3/20/2012 16,000,000 1/1000 $ 387.2 $ 25.00 3/20/2017 Series J (3) 7/25/2012 9,000,000 1/1000 $ 217.8 $ 25.00 7/25/2017 Series K (4) 12/7/2012 7,000,000 1/1000 $ 169.1 $ 25.00 12/7/2017 Series of Preferred Stock Date Issued Depositary Shares Issued Fractiona l Interest per Share Net Proceeds, After Expenses (in millions) Offering/ Redemption Price Optional Redemption Date Series H (1) 8/30/2010 7,000,000 1/100 $ 169.2 $ 25.00 8/30/2015 Series I (2) 3/20/2012 16,000,000 1/1000 $ 387.2 $ 25.00 3/20/2017 Series J (3) 7/25/2012 9,000,000 1/1000 $ 217.8 $ 25.00 7/25/2017 Series K (4) 12/7/2012 7,000,000 1/1000 $ 169.1 $ 25.00 12/7/2017 |
Preferred Stock Redeemed [Member] | |
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Tables) [Line Items] | |
Schedule of Stockholders Equity [Table Text Block] | Series of Preferred Stock Date Issued Depositary Shares Issued Redemption Amount (in millions) Offering/ Redemption Price Optional Redemption Date Actual Redemption Date Series H (1) 8/30/2010 7,000,000 $ 175.0 $ 25.00 8/30/2015 11/25/2015 |
Note 17 - Supplemental Schedu52
Note 17 - Supplemental Schedule of Non-cash Investing/Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 2015 2014 2013 Acquisition of real estate interests by assumption of mortgage debt $ 84,699 $ 210,232 $ 76,477 Acquisition of real estate interests through foreclosure $ - $ - $ 24,322 Acquisition of real estate interests by issuance of redeemable units/partnership interests $ - $ 8,219 $ 3,985 Acquisition of real estate interests through proceeds held in escrow $ 89,504 $ 179,387 $ 42,892 Proceeds held in escrow through sale of real estate interests $ 71,623 $ 197,270 $ - Disposition of real estate interest by assignment of mortgage debt $ 47,742 $ - $ - Disposition of real estate through the issuance of mortgage receivable $ 5,730 $ 2,728 $ 3,513 Investment in real estate joint venture through contribution of real estate $ - $ 35,080 $ - Decrease of noncontrolling interests through sale of real estate $ - $ 17,650 $ - Increase in capital expenditures accrual $ 8,700 $ 11,373 $ 996 Issuance of common stock $ 493 $ 14,047 $ 9,213 Surrender of common stock $ (5,682 ) $ (4,051 ) $ (3,891 ) Declaration of dividends paid in succeeding period $ 115,182 $ 111,143 $ 104,496 Consolidation of Joint Ventures: Increase in real estate and other assets $ 1,039,335 $ 687,538 $ 228,200 Increase in mortgage payable and other liabilities $ 750,135 $ 492,318 $ 206,489 |
Note 19 - Commitments and Con53
Note 19 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations [Table Text Block] | Name of Joint Venture Amount of Guarantee Interest rate Maturity, with extensions Terms Type of debt Anthem K-12, LP (4 property loans) $ 31.2 Various (1) Various (1) Jointly and severally with partner Promissory note |
Note 20 - Incentive Plans (Tabl
Note 20 - Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 20 - Incentive Plans (Tables) [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2013 Weighted average fair value of options granted $ 5.04 Weighted average risk-free interest rates 1.46 % Weighted average expected option lives (in years) 6.25 Weighted average expected volatility 35.95 % Weighted average expected dividend yield 3.85 % |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Weighted- Average Exercise Price Per Share Aggregate Intrinsic Value (in millions) Options outstanding, January 1, 2013 16,557,997 $ 28.42 $ 14.9 Exercised (1,636,300 ) $ 23.15 Granted 1,354,250 $ 21.55 Forfeited (901,802 ) $ 31.38 Options outstanding, December 31, 2013 15,374,145 $ 28.79 $ 13.1 Exercised (1,474,432 ) $ 16.19 Forfeited (2,005,952 ) $ 28.68 Options outstanding, December 31, 2014 11,893,761 $ 30.23 $ 29.8 Exercised (1,019,240 ) $ 18.36 Forfeited (1,862,080 ) $ 32.55 Options outstanding, December 31, 2015 9,012,441 $ 31.09 $ 27.4 Options exercisable (fully vested) - December 31, 2013 12,039,439 $ 31.24 $ 8.2 December 31, 2014 10,159,570 $ 31.96 $ 19.9 December 31, 2015 7,617,882 $ 32.90 $ 20.0 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | 2015 2014 2013 Restricted stock outstanding as of January 1, 1,911,145 1,591,082 1,562,912 Granted 729,160 804,465 549,263 Vested (875,202 ) (418,309 ) (430,378 ) Forfeited (52,569 ) (66,093 ) (90,715 ) Restricted stock outstanding as of December 31, 1,712,534 1,911,145 1,591,082 |
Performance Shares [Member] | |
Note 20 - Incentive Plans (Tables) [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2015 2014 2013 Stock price $ 26.83 $ 21.49 $ 21.54 Dividend yield (1) 0 % 0 % 0 % Risk-free rate 0.98 % 0.65 % 0.14 % Volatility 16.81 % 25.93 % 16.90 % Term of the award (years) 1.88, 2.88 0.88, 1.88, 2.88 0.88 |
Note 21 - Income Taxes (Tables)
Note 21 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Book to Tax Reconciliation [Table Text Block] | 201 5 (Estimated) 201 4 (Actual) 201 3 (Actual) GAAP net income attributable to the Company $ 894,115 $ 424,001 $ 236,281 Less: GAAP net income of taxable REIT subsidiaries (11,727 ) (13,110 ) (5,950 ) GAAP net income from REIT operations (a) 882,388 410,891 230,331 Net book depreciation in excess of tax depreciation 12,861 24,890 32,906 Capitalized leasing/legal commissions (10,000 ) (13,576 ) - Deferred/prepaid/above and below market rents, net (33,006 ) (17,967 ) (11,985 ) Fair market value debt amortization (21,956 ) (6,236 ) (3,510 ) Restricted stock (3,094 ) (1,078 ) (2,247 ) Book/tax differences from non-qualified stock options (4,786 ) (5,144 ) (255 ) Book/tax differences from investments in real estate joint ventures 27,462 8,614 (11,928 ) Book/tax difference on sale of property (118,287 ) (146,173 ) 36,896 Foreign income tax from capital gains 2,759 - (31,130 ) Cumulative foreign currency translation adjustment & deferred tax adjustment 20,851 139,976 5,095 Book adjustment to property carrying values and marketable equity securities 7,861 62,817 22,811 Taxable currency exchange loss, net (44,938 ) (100,602 ) (25,958 ) Tangible property regulations deduction (b) (130,000 ) - - Dividends from taxable REIT subsidiaries 65 67,590 2,980 GAAP change in control gain (149,407 ) (107,235 ) 9,147 Other book/tax differences, net 15,262 (16,100 ) (3,262 ) Adjusted REIT taxable income $ 454,035 $ 300,667 $ 249,891 |
Taxable Characteristics of Distributions Paid [Table Text Block] | 2015 2014 2013 Preferred H Dividends Ordinary income $ - - $ 6,762 56 % $ 8,694 72 % Capital gain 13,417 100 % 5,313 44 % 3,381 28 % $ 13,417 100 % $ 12,075 100 % $ 12,075 100 % Preferred I Dividends Ordinary income $ - - $ 13,440 56 % $ 17,280 72 % Capital gain 24,000 100 % 10,560 44 % 6,720 28 % $ 24,000 100 % $ 24,000 100 % $ 24,000 100 % Preferred J Dividends Ordinary income $ - - $ 6,930 56 % $ 8,910 72 % Capital gain 12,375 100 % 5,445 44 % 3,465 28 % $ 12,375 100 % $ 12,375 100 % $ 12,375 100 % Preferred K Dividends Ordinary income $ - - $ 5,513 56 % $ 6,064 72 % Capital gain 9,844 100 % 4,331 44 % 2,358 28 % $ 9,844 100 % $ 9,844 100 % $ 8,422 100 % Common Dividends Ordinary income $ - - $ 132,498 36 % $ 157,393 46 % Capital Gain 394,400 100 % 103,054 28 % 61,588 18 % Return of capital - - 132,498 36 % 123,177 36 % $ 394,400 100 % $ 368,050 100 % $ 342,158 100 % Total dividends distributed for tax purposes $ 454,036 $ 426,344 $ 399,030 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 201 5 201 4 201 3 Income/(loss) before income taxes – U.S. $ 23,729 $ 22,176 $ (4,849 ) (Provision)/benefit for income taxes, net: Federal : Current (638 ) (522 ) (1,647 ) Deferred (7,355 ) (7,156 ) 9,725 Federal tax (provision)/benefit (7,993 ) (7,678 ) 8,078 State and local: Current (2,535 ) (165 ) 1,159 Deferred (1,474 ) (1,223 ) 1,562 State tax (provision)/benefit (4,009 ) (1,388 ) 2,721 Total tax (provision)/benefit – U.S. (12,002 ) (9,066 ) 10,799 Net income from U.S. taxable REIT subsidiaries $ 11,727 $ 13,110 $ 5,950 Income before taxes – Non-U.S. $ 381,999 $ 116,184 $ 188,215 (Provision)/benefit for Non-U.S. income taxes: Current (1) $ (58,365 ) $ (18,131 ) $ (30,102 ) Deferred 4,331 (6,749 ) 2,045 Non-U.S. tax provision $ (54,034 ) $ (24,880 ) $ (28,057 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2015 2014 Deferred tax assets: Tax/GAAP basis differences $ 49,601 $ 68,702 Net operating losses (1) 40,100 51,142 Related party deferred losses 1,549 3,843 Tax credit carryforwards 5,304 3,899 Capital loss carryforwards 4,593 3,995 Charitable contribution carryforwards 22 11 Non-U.S. tax/GAAP basis differences 4,555 10,566 Valuation allowance – U.S. (25,045 ) (25,045 ) Valuation allowance – Non-U.S. (2,860 ) (9,257 ) Total deferred tax assets 77,819 107,856 Deferred tax liabilities – U.S. (19,326 ) (25,503 ) Deferred tax liabilities – Non-U.S. (3,493 ) (6,812 ) Net deferred tax assets $ 55,000 $ 75,541 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 201 5 201 4 201 3 Federal provision/(benefit) at statutory tax rate (35%) $ 8,304 $ 7,762 $ (1,697 ) State and local provision/(benefit), net of federal benefit 3,698 1,304 (205 ) Acquisition of FNC - - (9,126 ) Other - - 229 Total tax provision/(benefit) – U.S. $ 12,002 $ 9,066 $ (10,799 ) |
Summary of Income Tax Contingencies [Table Text Block] | 2015 2014 Balance, beginning of year $ 4,649 $ 4,590 Increases for tax positions related to current year 1,084 59 Reductions due to lapsed statute of limitations (1,470 ) - Balance, end of year $ 4,263 $ 4,649 |
Note 22 - Accumulated Other C56
Note 22 - Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 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 (12,493 ) (5,946 ) (22 ) (18,461 ) Amounts reclassified from AOCI 18,780 (1) (39,853 ) (2) - (21,073 ) Net current-period other comprehensive income 6,287 (45,799 ) (22 ) (39,534 ) Balance as of December 31, 2015 $ 6,616 $ 398 $ (1,426 ) $ 5,588 Foreign Currency Translation Adjustments Unrealized Gains on Available-for- Sale Investments Unrealized Gain/(Loss) on Interest Rate Swaps Total Balance as of January 1, 2014 $ (90,977 ) $ 25,995 $ - $ (64,982 ) Other comprehensive income before reclassifications (43,045 ) 20,202 (1,404 ) (24,247 ) Amounts reclassified from AOCI 134,351 (1) - - 134,351 Net current-period other comprehensive income 91,306 20,202 (1,404 ) 110,104 Balance as of December 31, 2014 $ 329 $ 46,197 $ (1,404 ) $ 45,122 |
Note 23 - Supplemental Financ57
Note 23 - Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | 2015 (Unaudited) Mar. 31 Jun. 30 Sept. 30 Dec. 31 Revenues from rental properties $ 275,506 $ 289,080 $ 283,387 $ 296,501 Net income attributable to the Company $ 310,342 $ 127,000 $ 77,572 $ 379,201 Net income per common share: Basic $ 0.72 $ 0.27 $ 0.15 $ 0.87 Diluted $ 0.71 $ 0.27 $ 0.15 $ 0.87 2014 (Unaudited) Mar. 31 Jun. 30 Sept. 30 Dec. 31 Revenues from rental properties (1) $ 219,152 $ 237,432 $ 246,555 $ 255,749 Net income attributable to the Company $ 87,000 $ 89,512 $ 194,708 $ 52,781 Net income per common share: Basic $ 0.18 $ 0.18 $ 0.44 $ 0.09 Diluted $ 0.18 $ 0.18 $ 0.44 $ 0.09 |
Note 24 - Captive Insurance C58
Note 24 - Captive Insurance Company: (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Captive Insurance Disclosure [Abstract] | |
Schedule of Unpaid Losses and Loss Adjustments [Table Text Block] | 2015 2014 Balance at the beginning of the year $ 18,078 $ 17,602 Incurred related to: Current year 7,469 7,281 Prior years 652 (1,671 ) Total incurred 8,121 5,610 Paid related to: Current year (1,214 ) (1,497 ) Prior years (4,939 ) (3,637 ) Total paid (6,153 ) (5,134 ) Balance at the end of the year $ 20,046 $ 18,078 |
Note 25 - Pro Forma Financial59
Note 25 - Pro Forma Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Pro Forma Financial Information Disclosure [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | Year ended December 31, 2015 2014 Revenues from rental properties $ 1,141.6 $ 1,150.2 Net income $ 594.4 $ 344.4 Net income available to the Company’s common shareholders $ 525.5 $ 280.8 Net income attributable to the Company’s common shareholders per common share: Basic $ 1.27 $ 0.68 Diluted $ 1.26 $ 0.67 |
Note 1 - Summary of Significa60
Note 1 - Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Financing Receivable, Past Due, Term | 90 days | ||
Number of Portfolio Segments | 1 | ||
Capitalized Computer Software, Net | $ 16,100,000 | $ 24,000,000 | |
Capitalized Computer Software, Amortization | 10,700,000 | 9,200,000 | $ 7,600,000 |
Allowance for Doubtful Accounts Receivable | 13,900,000 | 10,400,000 | |
Unrecoverable Straight-line Rent Receivable | 17,900,000 | 22,900,000 | |
Amount of Ineffectiveness on Net Investment Hedges | $ 2,014 | $ 0 | $ 0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | shares | 5,300,680 | 7,137,120 | 10,950,388 |
Number of Equity Participation Plans | 2 | ||
Prior Plan [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | shares | 47,000,000 | ||
The 2010 Plan [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | shares | 10,000,000 | ||
Employee Stock Option [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Expiration Period | 10 years | ||
Notes Payable [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Unamortized Debt Issuance Expense | $ 31,400,000 | ||
Mortgage Payable [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Unamortized Debt Issuance Expense | $ 3,200,000 | ||
Reclassification of Debt Issuance Costs to Mortgages Payable [Member] | Notes Payable [Member] | Year Ended December 31 2014 [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Prior Period Reclassification Adjustment | $ 20,500,000 | ||
Reclassification of Debt Issuance Costs to Mortgages Payable [Member] | Mortgage Payable [Member] | Year Ended December 31 2014 [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Prior Period Reclassification Adjustment | $ 3,900,000 | ||
i [Member] | Restricted Stock [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Percent Vested | 100.00% | ||
iii [Member] | Restricted Stock [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
iv [Member] | Restricted Stock [Member] | |||
Note 1 - Summary of Significant Accounting Policies (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% | ||
Potential Adjustment [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Number of Years | 1 year | ||
Construction Completion [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Number of Years | 1 year | ||
After Issuance [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Number of Years | 1 year | ||
First Half [Member] | iii [Member] | Restricted Stock [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Percent Vested | 50.00% | ||
Second Half [Member] | iii [Member] | Restricted Stock [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Percent Vested | 50.00% | ||
Minimum [Member] | Employee Stock Option [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Minimum [Member] | Building and Building Improvements [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Minimum [Member] | ii [Member] | Restricted Stock [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Minimum [Member] | Computer Software, Intangible Asset [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Maximum [Member] | Employee Stock Option [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Maximum [Member] | Building and Building Improvements [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 50 years | ||
Maximum [Member] | ii [Member] | Restricted Stock [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Maximum [Member] | Computer Software, Intangible Asset [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years |
Note 1 - Summary of Significa61
Note 1 - Summary of Significant Accounting Policies (Details) - Reconciliation of Earnings/(Loss) and the Weighted Average Number of Shares - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Computation of Basic Earnings Per Share: | ||||||||||||
Income from continuing operations | $ 774,405 | $ 384,506 | $ 288,454 | |||||||||
Gain on sale of operating properties, net, net of tax | 125,813 | 389 | 1,432 | |||||||||
Net income attributable to noncontrolling interests | (6,028) | (11,879) | (5,072) | |||||||||
Discontinued operations attributable to noncontrolling interests | 2,117 | (7,930) | ||||||||||
Preferred stock redemption costs | (5,816) | |||||||||||
Preferred stock dividends | (57,084) | (58,294) | (58,294) | |||||||||
Income from continuing operations available to the common shareholders | 831,290 | 316,839 | 218,590 | |||||||||
Earnings attributable to participating securities | (4,134) | (1,749) | (1,360) | |||||||||
Income from continuing operations attributable to common shareholders | 827,156 | 315,090 | 217,230 | |||||||||
(Loss)/income from discontinued operations attributable to the Company | (75) | 48,868 | (40,603) | |||||||||
Net income attributable to the Company’s common shareholders for basic earnings per share | $ 827,081 | $ 363,958 | $ 176,627 | |||||||||
Weighted average common shares outstanding – basic (in Shares) | 411,319 | 409,088 | 407,631 | |||||||||
Basic Earnings Per Share Attributable to the Company’s Common Shareholders: | ||||||||||||
Income from continuing operations (in Dollars per share) | $ 2.01 | $ 0.77 | $ 0.53 | |||||||||
Income/(loss) from discontinued operations (in Dollars per share) | 0.12 | (0.10) | ||||||||||
Net income (in Dollars per share) | $ 0.87 | $ 0.15 | $ 0.27 | $ 0.72 | $ 0.09 | $ 0.44 | $ 0.18 | $ 0.18 | $ 2.01 | $ 0.89 | $ 0.43 | |
Computation of Diluted Earnings Per Share: | ||||||||||||
Income from continuing operations attributable to common shareholders | $ 827,156 | $ 315,090 | $ 217,230 | |||||||||
(Loss)/income from discontinued operations attributable to the Company | (75) | 48,868 | (40,603) | |||||||||
Distributions on convertible units | 192 | 529 | ||||||||||
Net income attributable to the Company’s common shareholders for diluted earnings per share | $ 827,273 | $ 364,487 | $ 176,627 | |||||||||
Weighted average common shares outstanding – basic (in Shares) | 411,319 | 409,088 | 407,631 | |||||||||
Effect of dilutive securities(a): | ||||||||||||
Equity awards (in Shares) | [1] | 1,414 | 1,227 | 983 | ||||||||
Assumed conversion of convertible units (in Shares) | [1] | 118 | 723 | |||||||||
Shares for diluted earnings per common share (in Shares) | 412,851 | 411,038 | 408,614 | |||||||||
Diluted Earnings Per Share Attributable to the Company’s Common Shareholders: | ||||||||||||
Income from continuing operations (in Dollars per share) | $ 2 | $ 0.77 | $ 0.53 | |||||||||
Income/(loss) from discontinued operations (in Dollars per share) | 0.12 | (0.10) | ||||||||||
Net income (in Dollars per share) | $ 0.87 | $ 0.15 | $ 0.27 | $ 0.71 | $ 0.09 | $ 0.44 | $ 0.18 | $ 0.18 | $ 2 | $ 0.89 | $ 0.43 | |
[1] | The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 5,300,680, 7,137,120 and 10,950,388, stock options that were not dilutive as of December 31, 2015, 2014 and 2013, respectively. |
Note 2 - Real Estate (Details)
Note 2 - Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 2 - Real Estate (Details) [Line Items] | |||
Off-market Lease, Unfavorable | $ 291,700 | $ 255,400 | |
Other Rental Property [Member] | |||
Note 2 - Real Estate (Details) [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 357,581 | 290,748 | |
Below Market Rents [Member] | |||
Note 2 - Real Estate (Details) [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 193,700 | 169,800 | |
Above and Below Market Leases [Member] | |||
Note 2 - Real Estate (Details) [Line Items] | |||
Amortization of above and below Market Leases | 18,500 | 13,500 | $ 11,500 |
Leases in Place and Tenant Relationships [Member] | |||
Note 2 - Real Estate (Details) [Line Items] | |||
Amortization | $ 68,300 | $ 41,200 | $ 31,100 |
Note 2 - Real Estate (Details)
Note 2 - Real Estate (Details) - Components of Rental Property - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Land | $ 2,728,257 | $ 2,365,800 | |
Buildings and improvements: | |||
Buildings and improvements | 8,661,362 | 7,520,095 | |
Above market leases | 155,451 | 121,774 | |
In-place leases | 509,435 | 399,293 | |
Tenant relationships | 19,104 | 20,858 | |
11,389,619 | 9,885,895 | ||
Accumulated depreciation and amortization (1) | [1] | (2,115,320) | (1,955,406) |
Total | 9,274,299 | 7,930,489 | |
Land [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Land | 2,660,722 | 2,291,338 | |
Undeveloped Land [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Land | 67,535 | 74,462 | |
Buildings [Member] | |||
Buildings and improvements: | |||
Buildings and improvements | 5,643,629 | 4,909,152 | |
Building Improvements [Member] | |||
Buildings and improvements: | |||
Buildings and improvements | 1,559,652 | 1,349,028 | |
Tenant Improvements [Member] | |||
Buildings and improvements: | |||
Buildings and improvements | 727,036 | 658,868 | |
Fixtures And Leasehold Improvements [Member] | |||
Buildings and improvements: | |||
Buildings and improvements | $ 47,055 | $ 61,122 | |
[1] | At December 31, 2015 and 2014, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $357,581 and $290,748, respectively. |
Note 2 - Real Estate (Details64
Note 2 - Real Estate (Details) - Estimated Net Amortization Income (Expense) $ in Millions | Dec. 31, 2015USD ($) |
Year 2016 [Member] | |
Note 2 - Real Estate (Details) - Estimated Net Amortization Income (Expense) [Line Items] | |
Above and below market leases amortization, net | $ 10.3 |
Year 2017 [Member] | |
Note 2 - Real Estate (Details) - Estimated Net Amortization Income (Expense) [Line Items] | |
Above and below market leases amortization, net | 9.9 |
Year 2018 [Member] | |
Note 2 - Real Estate (Details) - Estimated Net Amortization Income (Expense) [Line Items] | |
Above and below market leases amortization, net | 9.9 |
Year 2019 [Member] | |
Note 2 - Real Estate (Details) - Estimated Net Amortization Income (Expense) [Line Items] | |
Above and below market leases amortization, net | 10.5 |
Year 2020 [Member] | |
Note 2 - Real Estate (Details) - Estimated Net Amortization Income (Expense) [Line Items] | |
Above and below market leases amortization, net | 10.8 |
Leases in Place and Tenant Relationships [Member] | Year 2016 [Member] | |
Note 2 - Real Estate (Details) - Estimated Net Amortization Income (Expense) [Line Items] | |
Tenant relationships and leases in place amortization | (53.1) |
Leases in Place and Tenant Relationships [Member] | Year 2017 [Member] | |
Note 2 - Real Estate (Details) - Estimated Net Amortization Income (Expense) [Line Items] | |
Tenant relationships and leases in place amortization | (39) |
Leases in Place and Tenant Relationships [Member] | Year 2018 [Member] | |
Note 2 - Real Estate (Details) - Estimated Net Amortization Income (Expense) [Line Items] | |
Tenant relationships and leases in place amortization | (28.5) |
Leases in Place and Tenant Relationships [Member] | Year 2019 [Member] | |
Note 2 - Real Estate (Details) - Estimated Net Amortization Income (Expense) [Line Items] | |
Tenant relationships and leases in place amortization | (22.1) |
Leases in Place and Tenant Relationships [Member] | Year 2020 [Member] | |
Note 2 - Real Estate (Details) - Estimated Net Amortization Income (Expense) [Line Items] | |
Tenant relationships and leases in place amortization | $ (16.3) |
Note 3 - Property Acquisition65
Note 3 - Property Acquisitions, Developments and Other Investments (Details) ft² in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jan. 31, 2016USD ($) | Dec. 31, 2014USD ($)ft² | Dec. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($)ft² | Dec. 31, 2013USD ($) | ||||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) [Line Items] | ||||||||
Proceeds from Delayed Tax Exempt Exchange | $ 89,500 | $ 126,800 | ||||||
Redeemable Noncontrolling Interest, Equity, Fair Value | $ 4,900 | $ 4,900 | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 65.40% | 65.40% | ||||||
Payments to Acquire Businesses, Gross | $ 712,055 | [1] | $ 510,052 | [2] | ||||
Number of Land Parcels Acquired | 3 | 3 | ||||||
Payments to Acquire Real Estate | $ 661,423 | $ 384,828 | $ 354,287 | |||||
Gross Leasable Area (in Square Feet) | ft² | [3] | 7,104 | 7,519 | 7,104 | ||||
Land Parcels [Member] | ||||||||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) [Line Items] | ||||||||
Payments to Acquire Real Estate | $ 30,000 | |||||||
Ground Up Developments [Member] | ||||||||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) [Line Items] | ||||||||
Number of Real Estate Properties | 5 | |||||||
Gross Leasable Area (in Square Feet) | ft² | 1,900 | |||||||
Retail Land Sales, Estimated Cost of Major Improvements | $ 446,500 | |||||||
Land Parcels Adjacent to Existing Development [Member] | ||||||||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) [Line Items] | ||||||||
Number of Land Parcels Acquired | 2 | |||||||
Payments to Acquire Real Estate | $ 20,700 | |||||||
Quail Corners [Member] | ||||||||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 65.40% | |||||||
Redeemable Noncontrolling Interest, Equity, Fair Value | $ 4,900 | |||||||
Payments to Acquire Businesses, Gross | [2],[4] | $ 9,398 | ||||||
Gross Leasable Area (in Square Feet) | ft² | [3],[4] | 110 | 110 | |||||
Property Held in Joint [Member] | Subsequent Event [Member] | ||||||||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) [Line Items] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | |||||||
Payments to Acquire Businesses, Gross | $ 23,000 | |||||||
Land Parcels [Member] | ||||||||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) [Line Items] | ||||||||
Payments to Acquire Businesses, Gross | $ 53,500 | |||||||
Dania, Florida [Member] | Land Parcels [Member] | ||||||||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) [Line Items] | ||||||||
Payments to Acquire Businesses, Gross | $ 62,800 | |||||||
Other Liabilities [Member] | Property Held in Joint [Member] | ||||||||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) [Line Items] | ||||||||
Business Combination, Separately Recognized Transactions, Liabilities Recognized | 11,500 | |||||||
Real Estate Under Development [Member] | ||||||||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) [Line Items] | ||||||||
Business Combination, Separately Recognized Transactions, Assets Recognized | 8,400 | |||||||
Operating Real Estate [Member] | ||||||||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) [Line Items] | ||||||||
Business Combination, Separately Recognized Transactions, Assets Recognized | $ 14,600 | |||||||
Seller [Member] | ||||||||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 34.60% | 34.60% | ||||||
Seller [Member] | Quail Corners [Member] | ||||||||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 34.60% | |||||||
[1] | The Company utilized $89.5 million associated with Internal Revenue Code 1031 sales proceeds. | |||||||
[2] | Includes 1031 sales proceeds of $126.8 million | |||||||
[3] | Gross leasable area ("GLA") | |||||||
[4] | The Company acquired from its partners the remaining ownership interest in these properties that were held in joint ventures in which the Company had a noncontrolling interest. The Company evaluated these transactions pursuant to the FASB's Consolidation guidance and as a result, recognized a gain on change in control of interest, net resulting from the fair value adjustment associated with the Company's previously held equity interest, which is included in the purchase price above in Other. The Company's previous ownership interest and gain on change in control of interests, net recognized as a result of these transactions are as follows: |
Note 3 - Property Acquisition66
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Acquisition of Operating Properties ft² in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($)ft² | ||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | $ 712,055 | [1] | $ 510,052 | [2] | |
Purchase price, debt assumed | 807,591 | 702,550 | |||
Purchase price, other | [3] | 252,467 | 229,635 | ||
Purchase price, total | $ 1,772,113 | $ 1,442,237 | |||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 7,519 | 7,104 | ||
Elmont Plaza [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [1],[5] | $ 2,400 | |||
Purchase price, debt assumed | [5] | 0 | |||
Purchase price, other | [3],[5] | 3,358 | |||
Purchase price, total | [5] | $ 5,758 | |||
Purchase price, gross leasable area (in Square Feet) | ft² | [4],[5] | 13 | |||
Garden State Pavillion [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [1] | $ 16,300 | |||
Purchase price, debt assumed | 0 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 16,300 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 111 | |||
Kimstone [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [1],[5] | $ 513,513 | |||
Purchase price, debt assumed | [5] | 637,976 | |||
Purchase price, other | [3],[5] | 236,011 | |||
Purchase price, total | [5] | $ 1,387,500 | |||
Purchase price, gross leasable area (in Square Feet) | ft² | [4],[5] | 5,631 | |||
Copperfield Village [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [1] | $ 18,700 | |||
Purchase price, debt assumed | 20,800 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 39,500 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 165 | |||
Snowden Square [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [1] | $ 4,868 | |||
Purchase price, debt assumed | 0 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 4,868 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 25 | |||
Dulles Town Crossing [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [1] | $ 4,830 | |||
Purchase price, debt assumed | 0 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 4,830 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 9 | |||
Flagler Park [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [1] | $ 1,875 | |||
Purchase price, debt assumed | 0 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 1,875 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 5 | |||
West Farms [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [1] | $ 6,200 | |||
Purchase price, debt assumed | 0 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 6,200 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 24 | |||
Milleridge Inn [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [1] | $ 7,500 | |||
Purchase price, debt assumed | 0 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 7,500 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 0 | |||
Woodgrove Festival [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [1] | $ 5,611 | |||
Purchase price, debt assumed | 0 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 5,611 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 12 | |||
Montgomery Plaza [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [1],[5] | $ 34,522 | |||
Purchase price, debt assumed | [5] | 29,311 | |||
Purchase price, other | [3],[5] | 9,044 | |||
Purchase price, total | [5] | $ 72,877 | |||
Purchase price, gross leasable area (in Square Feet) | ft² | [4],[5] | 291 | |||
Coulter Avenue 125 [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [1] | $ 1,925 | |||
Purchase price, debt assumed | 0 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 1,925 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 6 | |||
Conroe Marketplace [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [1],[5] | $ 18,546 | |||
Purchase price, debt assumed | [5] | 42,350 | |||
Purchase price, other | [3],[5] | 3,104 | |||
Purchase price, total | [5] | $ 64,000 | |||
Purchase price, gross leasable area (in Square Feet) | ft² | [4],[5] | 289 | |||
Laurel Plaza [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [1] | $ 1,200 | |||
Purchase price, debt assumed | 0 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 1,200 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 4 | |||
District Heights [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [1],[5] | $ 13,140 | |||
Purchase price, debt assumed | [5] | 13,255 | |||
Purchase price, other | [3],[5] | 950 | |||
Purchase price, total | [5] | $ 27,345 | |||
Purchase price, gross leasable area (in Square Feet) | ft² | [4],[5] | 91 | |||
Village on the Park [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [1] | $ 824 | |||
Purchase price, debt assumed | 0 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 824 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 10 | |||
Christown Mall [Member[ | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [1] | $ 51,351 | |||
Purchase price, debt assumed | 63,899 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 115,250 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 833 | |||
Washington St Plaza [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [1] | $ 8,750 | |||
Purchase price, debt assumed | 0 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 8,750 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 0 | |||
North Valley [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [2] | $ 3,000 | |||
Purchase price, debt assumed | 0 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 3,000 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 0 | |||
LaSalle Properties [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [2],[5] | $ 62,239 | |||
Purchase price, debt assumed | [5] | 23,269 | |||
Purchase price, other | [3],[5] | 7,642 | |||
Purchase price, total | [5] | $ 93,150 | |||
Purchase price, gross leasable area (in Square Feet) | ft² | [4],[5] | 316 | |||
Harrisburg Land Parcel [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [2] | $ 2,550 | |||
Purchase price, debt assumed | 0 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 2,550 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 0 | |||
Crossroads Plaza [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [2] | $ 18,691 | |||
Purchase price, debt assumed | 72,309 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 91,000 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 489 | |||
Quail Corners [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [2],[5] | $ 9,398 | |||
Purchase price, debt assumed | [5] | 17,409 | |||
Purchase price, other | [3],[5] | 4,943 | |||
Purchase price, total | [5] | $ 31,750 | |||
Purchase price, gross leasable area (in Square Feet) | ft² | [4],[5] | 110 | |||
KIF 1 Portfolio [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [2],[5] | $ 128,699 | |||
Purchase price, debt assumed | [5] | 157,010 | |||
Purchase price, other | [3],[5] | 122,291 | |||
Purchase price, total | [5] | $ 408,000 | |||
Purchase price, gross leasable area (in Square Feet) | ft² | [4],[5] | 1,589 | |||
Fountains at Arbor Lakes [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [2] | $ 900 | |||
Purchase price, debt assumed | 0 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 900 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 0 | |||
Boston Portfolio [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [2] | $ 149,486 | |||
Purchase price, debt assumed | 120,514 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 270,000 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 1,426 | |||
Vinnin Square [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [2] | $ 2,550 | |||
Purchase price, debt assumed | 0 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 2,550 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 6 | |||
SEB Portfolio [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [2],[5] | $ 69,261 | |||
Purchase price, debt assumed | [5] | 193,600 | |||
Purchase price, other | [3],[5] | 12,911 | |||
Purchase price, total | [5] | $ 275,772 | |||
Purchase price, gross leasable area (in Square Feet) | ft² | [4],[5] | 1,415 | |||
Highlands Ranch Parcel [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [2] | $ 3,800 | |||
Purchase price, debt assumed | 0 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 3,800 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 10 | |||
BIG Portfolios [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [2],[5] | $ 0 | |||
Purchase price, debt assumed | [5] | 118,439 | |||
Purchase price, other | [3],[5] | 76,511 | |||
Purchase price, total | [5] | $ 194,950 | |||
Purchase price, gross leasable area (in Square Feet) | ft² | [4],[5] | 1,148 | |||
Springfield S.C. [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [2] | $ 8,800 | |||
Purchase price, debt assumed | 0 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 8,800 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 210 | |||
North Quincy Plaza [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [2],[5] | $ 20,470 | |||
Purchase price, debt assumed | [5] | 0 | |||
Purchase price, other | [3],[5] | 2,530 | |||
Purchase price, total | [5] | $ 23,000 | |||
Purchase price, gross leasable area (in Square Feet) | ft² | [4],[5] | 81 | |||
Belmart Plaza [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [2],[5] | $ 3,208 | |||
Purchase price, debt assumed | [5] | 0 | |||
Purchase price, other | [3],[5] | 2,807 | |||
Purchase price, total | [5] | $ 6,015 | |||
Purchase price, gross leasable area (in Square Feet) | ft² | [4],[5] | 77 | |||
Braelinn Village [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash | [2] | $ 27,000 | |||
Purchase price, debt assumed | 0 | ||||
Purchase price, other | [3] | 0 | |||
Purchase price, total | $ 27,000 | ||||
Purchase price, gross leasable area (in Square Feet) | ft² | [4] | 227 | |||
[1] | The Company utilized $89.5 million associated with Internal Revenue Code 1031 sales proceeds. | ||||
[2] | Includes 1031 sales proceeds of $126.8 million | ||||
[3] | Includes the Company's previously held equity interest investment. | ||||
[4] | Gross leasable area ("GLA") | ||||
[5] | The Company acquired from its partners the remaining ownership interest in these properties that were held in joint ventures in which the Company had a noncontrolling interest. The Company evaluated these transactions pursuant to the FASB's Consolidation guidance and as a result, recognized a gain on change in control of interest, net resulting from the fair value adjustment associated with the Company's previously held equity interest, which is included in the purchase price above in Other. The Company's previous ownership interest and gain on change in control of interests, net recognized as a result of these transactions are as follows: |
Note 3 - Property Acquisition67
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Previous Ownership Interest and Gain on Change of Interest - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Previous Ownership Interest and Gain on Change of Interest [Line Items] | ||
Gain on change in control of interests, net | $ 149,200 | $ 107,200 |
Elmont Plaza [Member] | ||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Previous Ownership Interest and Gain on Change of Interest [Line Items] | ||
Previous ownership interest | 50.00% | |
Gain on change in control of interests, net | $ (200) | |
Kimstone [Member] | ||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Previous Ownership Interest and Gain on Change of Interest [Line Items] | ||
Previous ownership interest | 33.30% | |
Gain on change in control of interests, net | $ 140,000 | |
Montgomery Plaza [Member] | ||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Previous Ownership Interest and Gain on Change of Interest [Line Items] | ||
Previous ownership interest | 20.00% | |
Gain on change in control of interests, net | $ 6,300 | |
Conroe Marketplace [Member] | ||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Previous Ownership Interest and Gain on Change of Interest [Line Items] | ||
Previous ownership interest | 15.00% | |
Gain on change in control of interests, net | $ 2,400 | |
District Heights [Member] | ||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Previous Ownership Interest and Gain on Change of Interest [Line Items] | ||
Previous ownership interest | 15.00% | |
Gain on change in control of interests, net | $ 700 | |
LaSalle Properties [Member] | ||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Previous Ownership Interest and Gain on Change of Interest [Line Items] | ||
Previous ownership interest | 11.00% | |
Gain on change in control of interests, net | $ 3,700 | |
KIF 1 Portfolio [Member] | ||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Previous Ownership Interest and Gain on Change of Interest [Line Items] | ||
Previous ownership interest | 39.10% | |
Gain on change in control of interests, net | $ 65,600 | |
SEB Portfolio [Member] | ||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Previous Ownership Interest and Gain on Change of Interest [Line Items] | ||
Previous ownership interest | 15.00% | |
Gain on change in control of interests, net | $ 14,400 | |
BIG Portfolios [Member] | ||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Previous Ownership Interest and Gain on Change of Interest [Line Items] | ||
Previous ownership interest | 50.10% | |
Gain on change in control of interests, net | $ 19,500 | |
North Quincy Plaza [Member] | ||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Previous Ownership Interest and Gain on Change of Interest [Line Items] | ||
Previous ownership interest | 11.00% | |
Gain on change in control of interests, net | $ 2,200 | |
Belmart Plaza [Member] | ||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Previous Ownership Interest and Gain on Change of Interest [Line Items] | ||
Previous ownership interest | 21.50% | |
Gain on change in control of interests, net | $ 1,800 |
Note 3 - Property Acquisition68
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Mortgage fair value adjustment | $ (27,615) | $ (39,368) | |
Mortgage fair value adjustment | 3 years | ||
Other assets | $ 3,058 | 7,097 | |
Other liabilities | (188) | ||
Net assets acquired | 1,772,113 | 1,442,237 | |
Preliminary Allocation [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Mortgage fair value adjustment | (27,615) | ||
Other assets | 3,058 | ||
Other liabilities | (188) | ||
Net assets acquired | 1,772,113 | ||
Land [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation | 444,626 | 414,879 | |
Land [Member] | Preliminary Allocation [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation | 482,422 | ||
Land [Member] | Allocation Adjustments [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation adjustments | [1] | (37,796) | |
Building [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation | $ 1,063,124 | 679,753 | |
Weighted-average amortization period | 50 years | ||
Building [Member] | Preliminary Allocation [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation | $ 973,747 | ||
Building [Member] | Allocation Adjustments [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation adjustments | [1] | 89,377 | |
Building Improvements [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation | $ 169,116 | 290,882 | |
Weighted-average amortization period | 45 years | ||
Building Improvements [Member] | Preliminary Allocation [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation | $ 177,944 | ||
Building Improvements [Member] | Allocation Adjustments [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation adjustments | [1] | (8,828) | |
Leasehold Improvements [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation | $ 34,814 | 26,536 | |
Weighted-average amortization period | 6 years 36 days | ||
Leasehold Improvements [Member] | Preliminary Allocation [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation | $ 26,596 | ||
Leasehold Improvements [Member] | Allocation Adjustments [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation adjustments | [1] | 8,218 | |
Above Market Leases [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation | $ 34,182 | 30,307 | |
Weighted-average amortization period | 7 years 73 days | ||
Above Market Leases [Member] | Preliminary Allocation [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation | $ 35,948 | ||
Above Market Leases [Member] | Allocation Adjustments [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation adjustments | [1] | (1,766) | |
The Below Market Lease [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation | $ (74,997) | (81,362) | |
Weighted-average amortization period | 17 years 255 days | ||
The Below Market Lease [Member] | Preliminary Allocation [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation | $ (79,868) | ||
The Below Market Lease [Member] | Allocation Adjustments [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation adjustments | [1] | 4,871 | |
Leases, Acquired-in-Place [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation | $ 125,993 | $ 113,513 | |
Weighted-average amortization period | 4 years 255 days | ||
Leases, Acquired-in-Place [Member] | Preliminary Allocation [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation | $ 180,069 | ||
Leases, Acquired-in-Place [Member] | Allocation Adjustments [Member] | |||
Note 3 - Property Acquisitions, Developments and Other Investments (Details) - Purchase Price Allocation [Line Items] | |||
Allocation adjustments | [1] | $ (54,076) | |
[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 adjusted the preliminary allocation amounts recorded for properties acquired during 2015. The impact of these allocation adjustments on the Company's tangible and intangible assets and liabilities are reflected in the table above. |
Note 4 - Dispositions of Real69
Note 4 - Dispositions of Real Estate (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Income Tax Expense (Benefit) | $ 60,230 | $ 22,438 | $ 32,654 | |
Foreign Currency Transaction Gain (Loss), Realized | [1] | (92,900) | (5,100) | |
Financing Receivable, Net | $ 52,700 | |||
Initial Dispositions [Member] | ||||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Sales of Real Estate | 279,500 | |||
Impairment of Real Estate | 61,900 | |||
Gain (Loss) on Sale of Properties | $ 25,400 | |||
Additional Dispositions [Member] | Latin America Portfolio [Member] | ||||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Number of Real Estate Properties | 8 | |||
Sales of Real Estate | $ 115,400 | |||
Impairment of Real Estate | 26,900 | |||
Gain (Loss) on Sale of Properties | 23,300 | |||
Foreign Currency Transaction Gain (Loss), Realized | $ (7,800) | |||
Disposed Operating Properties [Member] | ||||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Number of Real Estate Properties | 90 | |||
Operating Properties [Member] | ||||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Number of Real Estate Properties | 4 | |||
Sales of Real Estate | $ 833,500 | |||
Impairment of Real Estate | 178,000 | |||
Operating Properties [Member] | Initial Dispositions [Member] | ||||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Number of Real Estate Properties | 36 | |||
Gain (Loss) on Sale of Properties | $ 203,300 | |||
Outparcel [Member] | Initial Dispositions [Member] | ||||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Number of Real Estate Properties | 3 | |||
Latin America [Member] | Disposed Operating Properties [Member] | ||||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Number of Real Estate Properties | 27 | |||
MEXICO | Operating Properties [Member] | ||||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Foreign Currency Transaction Gain (Loss), Realized | $ (92,900) | |||
BRAZIL | Additional Dispositions [Member] | ||||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Number of Real Estate Properties | 2 | |||
Disposed Operating Properties [Member] | ||||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Number of Real Estate Properties | 89 | |||
Disposed Operating Properties [Member] | Total Net Gain Loss on Sale of Operating Properties [Member] | ||||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Sales of Real Estate, Net Gain (Loss) | $ 143,600 | |||
Disposed Out-parcels [Member] | ||||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Number of Real Estate Properties | 8 | |||
Disposed Operating Properties and Out-parcels [Member] | ||||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Sales of Real Estate | $ 492,500 | |||
Impairment of Real Estate | 10,200 | |||
Income Tax Expense (Benefit) | 2,300 | |||
Operating Property in Chile [Member] | ||||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Sales of Real Estate | 51,300 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | (19,600) | |||
Operating Property in Chile [Member] | Total Net Gain Loss on Sale of Operating Properties [Member] | ||||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Gain (Loss) on Sale of Properties | $ 1,800 | |||
Land Parcels [Member] | ||||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Number of Real Estate Properties | 13 | 3 | 9 | |
Sales of Real Estate | $ 31,500 | $ 5,100 | $ 18,200 | |
Gain (Loss) on Sale of Properties | $ 4,300 | $ 3,500 | $ 11,500 | |
London Interbank Offered Rate (LIBOR) [Member] | ||||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.925% | |||
London Interbank Offered Rate (LIBOR) [Member] | Latin America [Member] | ||||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||
Maximum [Member] | ||||
Note 4 - Dispositions of Real Estate (Details) [Line Items] | ||||
Financing Receivable, Stated Interest Rate | 7.00% | |||
[1] | Due to the substantial liquidation of its investment in Mexico, the Company recognized a loss from foreign currency translation related to consolidated properties in the amount of $92.9 million, before noncontrolling interest of $5.8 million. (See footnote 22 for additional disclosure).In addition to the impairment charges above, the Company recognized pretax impairment charges during 2015, 2014 and 2013 of $22.2 million, $54.5 million (including $47.3 million in cumulative foreign currency translation loss relating to the Company's substantial liquidation of its investment in Mexico), and $29.5 million, respectively, relating to certain properties held by various unconsolidated joint ventures in which the Company holds noncontrolling interests. These impairment charges are included in Equity in income of joint ventures, net in the Company's Consolidated Statements of Income (see Footnote 7).The Company will continue to assess the value of its assets on an on-going basis. Based on these assessments, the Company may determine that one or more of its assets may be impaired and would therefore write-down its carrying basis accordingly. |
Note 5 - Discontinued Operati70
Note 5 - Discontinued Operations and Assets Held-for-sale (Details) | 12 Months Ended | |||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 30, 2014USD ($) | Dec. 30, 2013USD ($) | ||
Note 5 - Discontinued Operations and Assets Held-for-sale (Details) [Line Items] | ||||||
Foreign Currency Transaction Gain (Loss), Realized | [1] | $ (92,900,000) | $ (5,100,000) | |||
Real Estate Investment Property, Accumulated Depreciation | [2] | $ 2,115,320,000 | 1,955,406,000 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
Note 5 - Discontinued Operations and Assets Held-for-sale (Details) [Line Items] | ||||||
Real Estate Held-for-sale | 70,300,000 | $ 239,900,000 | $ 178,400,000 | |||
Real Estate Investment Property, Accumulated Depreciation | 8,100,000 | $ 76,500,000 | $ 19,200,000 | |||
Impairment of Real Estate | 56,200,000 | 25,200,000 | ||||
Fair Value of Real Estate | 316,500,000 | $ 158,600,000 | ||||
Operating Properties [Member] | ||||||
Note 5 - Discontinued Operations and Assets Held-for-sale (Details) [Line Items] | ||||||
Number of Real Estate Properties | 4 | |||||
Impairment of Real Estate | $ 178,000,000 | |||||
Operating Properties [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
Note 5 - Discontinued Operations and Assets Held-for-sale (Details) [Line Items] | ||||||
Number of Real Estate Properties | 0 | 5 | 35 | 19 | ||
Number of Real Estate Properties, Impaired | 8 | 11 | ||||
undefined | 35 | 15 | ||||
Operating Properties [Member] | Classified as Held-for-sale in 2012 [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
Note 5 - Discontinued Operations and Assets Held-for-sale (Details) [Line Items] | ||||||
undefined | 1 | |||||
Remaining Operating Properties [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
Note 5 - Discontinued Operations and Assets Held-for-sale (Details) [Line Items] | ||||||
Number of Real Estate Properties | 24 | |||||
Impairment of Real Estate | $ 0 | |||||
Operating Properties Remaining From 2013 [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
Note 5 - Discontinued Operations and Assets Held-for-sale (Details) [Line Items] | ||||||
undefined | 5 | |||||
[1] | Due to the substantial liquidation of its investment in Mexico, the Company recognized a loss from foreign currency translation related to consolidated properties in the amount of $92.9 million, before noncontrolling interest of $5.8 million. (See footnote 22 for additional disclosure).In addition to the impairment charges above, the Company recognized pretax impairment charges during 2015, 2014 and 2013 of $22.2 million, $54.5 million (including $47.3 million in cumulative foreign currency translation loss relating to the Company's substantial liquidation of its investment in Mexico), and $29.5 million, respectively, relating to certain properties held by various unconsolidated joint ventures in which the Company holds noncontrolling interests. These impairment charges are included in Equity in income of joint ventures, net in the Company's Consolidated Statements of Income (see Footnote 7).The Company will continue to assess the value of its assets on an on-going basis. Based on these assessments, the Company may determine that one or more of its assets may be impaired and would therefore write-down its carrying basis accordingly. | |||||
[2] | At December 31, 2015 and 2014, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $357,581 and $290,748, respectively. |
Note 5 - Discontinued Operati71
Note 5 - Discontinued Operations and Assets Held-for-sale (Details) - Income from Discontinued Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Discontinued operations: | ||||
Revenues from rental property | $ 124 | $ 71,906 | $ 129,315 | |
Rental property expenses | (49) | (16,657) | (39,425) | |
Depreciation and amortization | (15,019) | (33,142) | ||
Provision for doubtful accounts | (57) | (719) | (2,971) | |
Interest expense | (1,823) | (1,371) | ||
Income from other real estate investments | 480,395 | 159,560 | 208,689 | |
Other expense, net | (12) | (756) | (880) | |
Income from discontinued operating properties, before income taxes | 6 | 37,612 | 52,246 | |
Impairment of property carrying value, before income taxes (1) | [1] | (82) | (178,048) | (157,972) |
Gain on disposition of operating properties, before income taxes | 203,271 | 48,731 | ||
Benefit/(provision) for income taxes | 1 | (11,850) | 8,462 | |
(Loss)/income from discontinued operating properties | (75) | 50,985 | (48,533) | |
Net (income)/loss attributable to noncontrolling interests | (2,117) | 7,930 | ||
(Loss)/income from discontinued operations attributable to the Company | $ (75) | 48,868 | (40,603) | |
Other [Member] | ||||
Discontinued operations: | ||||
Income from other real estate investments | $ 680 | $ 720 | ||
[1] | The year ended December 31, 2014, includes $92.9 million related to the release of a cumulative foreign currency translation loss due to the Company's substantial liquidation of its investment in Mexico. |
Note 6 - Impairments (Details)
Note 6 - Impairments (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |||
Note 6 - Impairments (Details) [Line Items] | |||||
Asset Impairment Charges | $ 45,464 | $ 217,858 | $ 190,218 | ||
Income Tax Expense (Benefit) | 60,230 | 22,438 | 32,654 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 21,073 | (134,351) | |||
Before Income Tax Benefit and Noncontrolling Interest [Member] | |||||
Note 6 - Impairments (Details) [Line Items] | |||||
Asset Impairment Charges | 30,300 | 33,300 | |||
Before Income Tax Benefit and Noncontrolling Interest [Member] | Two Land Parcels and Four Operating Properties [Member] | |||||
Note 6 - Impairments (Details) [Line Items] | |||||
Asset Impairment Charges | 18,600 | ||||
Income Tax Benefit Amount [Member] | |||||
Note 6 - Impairments (Details) [Line Items] | |||||
Income Tax Expense (Benefit) | (5,400) | (6,100) | |||
Income Tax Benefit Amount [Member] | Two Land Parcels and Four Operating Properties [Member] | |||||
Note 6 - Impairments (Details) [Line Items] | |||||
Income Tax Expense (Benefit) | (7,600) | ||||
Noncontrolling Interest Amount [Member] | |||||
Note 6 - Impairments (Details) [Line Items] | |||||
Income (Loss) Attributable to Noncontrolling Interest | 5,600 | 300 | |||
Noncontrolling Interest Amount [Member] | Two Land Parcels and Four Operating Properties [Member] | |||||
Note 6 - Impairments (Details) [Line Items] | |||||
Income (Loss) Attributable to Noncontrolling Interest | $ 1,000 | ||||
Land Parcels [Member] | |||||
Note 6 - Impairments (Details) [Line Items] | |||||
Number of Real Estate Properties | 2 | ||||
Operating Properties [Member] | |||||
Note 6 - Impairments (Details) [Line Items] | |||||
Number of Real Estate Properties | 4 | ||||
Impairment of Real Estate | 178,000 | ||||
Equity Method Investments [Member] | |||||
Note 6 - Impairments (Details) [Line Items] | |||||
Impairment of Real Estate | 22,200 | 54,500 | $ 29,500 | ||
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member] | MEXICO | |||||
Note 6 - Impairments (Details) [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (92,900) | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||
Note 6 - Impairments (Details) [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (18,780) | [1] | (134,351) | [2] | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | MEXICO | |||||
Note 6 - Impairments (Details) [Line Items] | |||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | (5,800) | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | MEXICO | Equity in Income of Joint Ventures [Member] | |||||
Note 6 - Impairments (Details) [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (47,300) | ||||
[1] | During 2015, the Company recognized a cumulative foreign currency translation loss as a result of the liquidation of the Company's investment in Chile. Amounts were reclassified on the Company's Consolidated Statements of Income as follows (i) $19.6 million of loss was reclassified to Gain on sale of operating properties, net of tax, offset by (ii) $0.8 million of gain was reclassified to Equity in income of joint ventures, net. | ||||
[2] | During 2014, the Company recognized a cumulative foreign currency translation loss as a result of the substantial liquidation of the Company's investment in Mexico and Peru. Amounts were reclassified on the Company's Consolidated Statements of Income as follows (i) $92.9 million of loss was reclassified to Impairment/loss on operating properties sold, net of tax, within Discontinued operations (ii) $47.3 million of loss was reclassified to Equity in income of joint ventures, net and (iii) $5.8 million of a loss was reclassified to Net income attributable to noncontrolling interest. |
Note 6 - Impairments (Details)
Note 6 - Impairments (Details) - Asset Impairment Charges - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Marketable securities and other investments* (5) | [1],[2] | $ 9,800 | $ 4,800 | $ 10,700 |
Impairment charges | 45,464 | 217,858 | 190,218 | |
Income tax benefit included in discontinued operations | (1,700) | (14,800) | ||
Income tax benefit | $ (60,230) | (22,438) | (32,654) | |
Cumulative foreign currency translation loss included in discontinued operations (6) | [3] | 92,900 | 5,100 | |
Impairment Charge [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Income tax benefit | $ (9,000) | (6,100) | (7,600) | |
Operating Expense [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment charges | 45,400 | 39,800 | 32,200 | |
Other Real Estate Investments [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Real estate | [2],[4] | 5,300 | 1,700 | 2,900 |
Impairment charges | 5,300 | |||
Noncontrolling Interest [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Noncontrolling interests | (5,600) | (400) | (10,600) | |
Property Carrying Values [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Real estate | [2],[5],[6],[7] | 30,300 | 33,300 | 18,600 |
Discontinued Operations [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment charges | 100 | 178,000 | ||
Income tax benefit | 1,700 | |||
Discontinued Operations [Member] | Property Carrying Values [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Real estate | [8] | 100 | 85,100 | 152,900 |
Net [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment charges | $ 30,900 | $ 209,600 | $ 157,200 | |
[1] | During 2015, 2014 and 2013, the Company reviewed the underlying cause of the decline in value of certain cost method investments, as well as the severity and the duration of the decline and determined that the decline was other-than-temporary. Impairment charges were recognized based upon the calculation of the investments' estimated fair value. | |||
[2] | See Footnote 15 for additional disclosure on fair value | |||
[3] | Due to the substantial liquidation of its investment in Mexico, the Company recognized a loss from foreign currency translation related to consolidated properties in the amount of $92.9 million, before noncontrolling interest of $5.8 million. (See footnote 22 for additional disclosure).In addition to the impairment charges above, the Company recognized pretax impairment charges during 2015, 2014 and 2013 of $22.2 million, $54.5 million (including $47.3 million in cumulative foreign currency translation loss relating to the Company's substantial liquidation of its investment in Mexico), and $29.5 million, respectively, relating to certain properties held by various unconsolidated joint ventures in which the Company holds noncontrolling interests. These impairment charges are included in Equity in income of joint ventures, net in the Company's Consolidated Statements of Income (see Footnote 7).The Company will continue to assess the value of its assets on an on-going basis. Based on these assessments, the Company may determine that one or more of its assets may be impaired and would therefore write-down its carrying basis accordingly. | |||
[4] | Impairment charges primarily based upon review of residual values, sales prices and debt maturity status and the likelihood of foreclosure of certain underlying properties within the Company's preferred equity investments, during 2015, 2014 and 2013. The Company believes it will not recover its investment in certain preferred equity investments and as such recorded full impairments on these investments. | |||
[5] | During 2013, the Company recorded $18.6 million, before an income tax benefit of $7.6 million and noncontrolling interests of $1.0 million, in impairment charges primarily related to two land parcels and four operating properties based upon purchase prices or purchase price offers. | |||
[6] | During 2014, the Company recognized aggregate impairment charges of $33.3 million, before an income tax benefit of $6.1 million and noncontrolling interests of $0.3 million, primarily related to adjustments to property carrying values in connection with the Company's efforts to market certain properties and management's assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties. | |||
[7] | During 2015, the Company recognized aggregate impairment charges of $30.3 million, before an income tax benefit of $5.4 million and noncontrolling interests of $5.6 million, primarily related to sale of certain operating properties and adjustments to property carrying values in connection with the Company's efforts to market certain properties and management's assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties. | |||
[8] | See Footnotes 4 & 5 above for additional disclosure |
Note 7 - Investment and Advan74
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) $ in Thousands, CAD in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015CAD | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 30, 2014 | Dec. 30, 2013 | Sep. 30, 2013USD ($) | ||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Joint Ventures | 4 | 3 | 4 | 3 | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 65.40% | 65.40% | ||||||||
Payments to Acquire Real Estate | $ 661,423 | $ 384,828 | $ 354,287 | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | 6,287 | 96,895 | (4,208) | |||||||
Income (Loss) from Equity Method Investments | 480,395 | 159,560 | 208,689 | |||||||
Other Liabilities | $ 433,960 | $ 431,533 | 433,960 | 431,533 | ||||||
Equity Method Investments | $ 742,559 | $ 1,037,218 | 742,559 | 1,037,218 | ||||||
Equity in Income of Joint Ventures, Net [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Gains (Losses) on Sales of Investment Real Estate | $ 380,600 | $ 96,000 | 108,700 | |||||||
KimPru and KimPru II [Member] | ||||||||||
Note 7 - 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] | 53 | 60 | 53 | 60 | |||||
Income (Loss) from Equity Method Investments | [3],[4] | $ 7,100 | $ 8,100 | 9,100 | ||||||
KimPru [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Joint Ventures | 3 | 3 | ||||||||
Number of Real Estate Properties | 2 | 2 | ||||||||
Impairment of Real Estate | $ 2,800 | $ 21,400 | ||||||||
CPP [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | [1],[5] | 7 | 7 | 7 | 7 | |||||
Payments to Acquire Real Estate | $ 3,600 | $ 62,800 | ||||||||
Income (Loss) from Equity Method Investments | 9,600 | $ 7,100 | 5,800 | |||||||
Intown [Member] | ||||||||||
Note 7 - 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 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 53 | 60 | 53 | 60 | ||||||
Impairment of Real Estate | $ 10,900 | |||||||||
Income (Loss) from Equity Method Investments | [6],[7],[8] | 19,300 | $ 62,300 | $ 23,600 | ||||||
Other Liabilities | $ 12,600 | $ 40,300 | $ 12,600 | $ 40,300 | ||||||
Other Joint Venture Programs [Member] | Acquired [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 2 | 1 | 2 | 1 | 2 | |||||
Other Joint Venture Programs [Member] | Agreement to Acquire [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 1 | 1 | ||||||||
KIR [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Impairment of Real Estate | $ 2,800 | |||||||||
Income (Loss) from Equity Method Investments | $ 41,000 | $ 26,500 | $ 25,300 | |||||||
BIG [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Gains (Losses) on Extinguishment of Debt | 13,700 | |||||||||
Other Institutional Programs [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | [1] | 8 | 53 | 8 | 53 | |||||
Income (Loss) from Equity Method Investments | $ 1,600 | $ 4,300 | $ 7,600 | |||||||
Other Institutional Programs [Member] | Acquired [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 2 | 26 | 2 | 26 | 2 | |||||
RioCan [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 13 | 45 | 13 | 45 | ||||||
Income (Loss) from Equity Method Investments | $ 399,400 | $ 30,600 | $ 27,600 | |||||||
RioCan [Member] | Disposition by Joint Venture [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Gains (Losses) on Sales of Investment Real Estate | $ 373,800 | CAD 493.9 | ||||||||
BIG Shopping Centers [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | [1] | 1 | 6 | 1 | 6 | |||||
BIG Shopping Centers [Member] | Acquired [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 7 | 7 | ||||||||
Land Parcels [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 2 | |||||||||
Land Parcels [Member] | Latin America [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 8 | 8 | ||||||||
Land Parcels [Member] | RioCan [Member] | Disposition by Joint Venture [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 1 | 1 | ||||||||
Self-storage Facility [Member] | Latin America [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 1 | 1 | ||||||||
Pending Sale [Member] | Other Joint Venture Programs [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties, Impaired | 3 | 3 | ||||||||
Potential Foreclosure [Member] | Other Joint Venture Programs [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties, Impaired | 1 | 1 | ||||||||
Operating Properties [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 4 | |||||||||
Impairment of Real Estate | $ 178,000 | |||||||||
Operating Properties [Member] | RioCan [Member] | Disposition by Joint Venture [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 32 | 32 | ||||||||
Kimstone [Member] | ||||||||||
Note 7 - 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 | ||||||||
Payments to Acquire Real Estate | $ 1,400,000 | |||||||||
Kimstone [Member] | Mortgages [Member] | ||||||||||
Note 7 - 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 | ||||||||
Chile [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | $ 800 | |||||||||
MEXICO | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | $ (47,300) | |||||||||
MEXICO | Other Joint Venture Programs [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Income (Loss) from Equity Method Investments | 15,400 | |||||||||
MEXICO | Other Joint Venture Programs [Member] | Operating Properties [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Impairment of Real Estate | $ 9,400 | |||||||||
Latin America [Member] | Other Joint Venture Programs [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 10 | |||||||||
Number of Real Estate Properties, Impaired | 6 | |||||||||
Parent Company [Member] | KimPru [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Impairment of Real Estate | 2,400 | |||||||||
Parent Company [Member] | BIG [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Gains (Losses) on Extinguishment of Debt | $ 2,400 | |||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Impairment of Real Estate | $ 56,200 | $ 25,200 | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | KimPru [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 3 | 3 | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | KIR [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 2 | 2 | ||||||||
Impairment of Real Estate | $ 5,000 | |||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Operating Properties [Member] | ||||||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 0 | 0 | 5 | 35 | 19 | |||||
Number of Real Estate Properties, Impaired | 8 | 11 | ||||||||
[1] | 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. | |||||||||
[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 year ended December 31, 2014, KimPru recognized impairment charges of $21.4 million related to the decline in value of two operating properties. The Company had previously taken other-than-temporary impairment charges on its investment in KimPru and had allocated these impairment charges to the underlying assets of the KimPru joint ventures including a portion to these operating properties. As such, the Company's share of these impairment charges was $2.4 million. | |||||||||
[4] | During the year ended December 31, 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. | |||||||||
[5] | During the years ended December 31, 2015 and 2014, CPP acquired land parcels for future development in Dania, FL, for $3.6 million and $62.8 million, respectively. | |||||||||
[6] | 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 year ended December 31, 2015. | |||||||||
[7] | During the year ended December 31, 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. | |||||||||
[8] | During the year ended December 31, 2015, four joint ventures in which the Company holds noncontrolling interests recognized impairment charges relating to the pending sale of three properties and the pending foreclosure of one property. The Company's share of these impairment charges was $10.9 million, before income tax benefit. |
Note 7 - Investment and Advan75
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for under the Equity Method - Investment Details ft² in Thousands | Dec. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($)ft² | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Total GLA (in Square Feet) | ft² | [1] | 7,519 | 7,104 | ||
Gross Investment In Real Estate | $ 11,568,809,126 | $ 10,018,225,775 | $ 9,123,343,869 | $ 8,947,286,646 | |
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] | 53 | 60 | ||
Total GLA (in Square Feet) | ft² | [2],[3] | 9,600 | 10,600 | ||
Gross Investment In Real Estate | [2],[3] | $ 2,531,600,000 | $ 2,728,900,000 | ||
The Company's Investment | [2],[3] | $ 175,500,000 | $ 178,600,000 | ||
Kimco Income Fund [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Average Ownership Interest | [2] | 48.60% | 48.60% | ||
Number of Properties | [2] | 47 | 54 | ||
Total GLA (in Square Feet) | ft² | [2] | 10,800 | 11,500 | ||
Gross Investment In Real Estate | [2] | $ 1,422,800,000 | $ 1,488,200,000 | ||
The Company's Investment | [2] | $ 131,000,000 | $ 152,100,000 | ||
Kimstone [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Average Ownership Interest | [2],[4] | 33.30% | 33.30% | ||
Number of Properties | [2],[4] | 0 | 39 | ||
Total GLA (in Square Feet) | ft² | [2],[4] | 0 | 5,600 | ||
Gross Investment In Real Estate | [2],[4] | $ 0 | $ 1,098,700,000 | ||
The Company's Investment | [2],[4] | $ 0 | $ 98,100,000 | ||
BIG Shopping Centers [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Average Ownership Interest | [2] | 50.10% | 50.10% | ||
Number of Properties | [2] | 1 | 6 | ||
Total GLA (in Square Feet) | ft² | [2] | 400 | 1,000 | ||
Gross Investment In Real Estate | [2] | $ 53,500,000 | $ 151,600,000 | ||
The Company's Investment | [2] | $ 0 | |||
CPP [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Average Ownership Interest | [2],[5] | 55.00% | 55.00% | ||
Number of Properties | [2],[5] | 7 | 7 | ||
Total GLA (in Square Feet) | ft² | [2],[5] | 2,400 | 2,400 | ||
Gross Investment In Real Estate | [2],[5] | $ 524,100,000 | $ 504,000,000 | ||
The Company's Investment | [2],[5] | $ 195,600,000 | $ 188,900,000 | ||
Other Institutional Programs [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Average Ownership Interest | [2] | ||||
Number of Properties | [2] | 8 | 53 | ||
Total GLA (in Square Feet) | ft² | [2] | 1,100 | 1,800 | ||
Gross Investment In Real Estate | [2] | $ 248,000,000 | $ 413,800,000 | ||
The Company's Investment | [2] | $ 5,200,000 | $ 11,000,000 | ||
RioCan [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Average Ownership Interest | 50.00% | 50.00% | |||
Number of Properties | 13 | 45 | |||
Total GLA (in Square Feet) | ft² | 2,400 | 9,300 | |||
Gross Investment In Real Estate | $ 259,300,000 | $ 1,205,800,000 | |||
The Company's Investment | $ 53,300,000 | $ 159,800,000 | |||
Latin America Portfolio [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Average Ownership Interest | [6] | ||||
Number of Properties | [6] | 9 | 13 | ||
Total GLA (in Square Feet) | ft² | [6] | 0 | 100 | ||
Gross Investment In Real Estate | [6] | $ 53,200,000 | $ 91,200,000 | ||
The Company's Investment | [6] | $ 15,000,000 | $ 24,400,000 | ||
Other Joint Venture Programs [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Average Ownership Interest | |||||
Number of Properties | 53 | 60 | |||
Total GLA (in Square Feet) | ft² | 8,700 | 9,500 | |||
Gross Investment In Real Estate | $ 1,165,600,000 | $ 1,401,200,000 | |||
The Company's Investment | $ 167,000,000 | $ 224,300,000 | |||
All Equity Method Investments [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Properties | 191 | 337 | |||
Total GLA (in Square Feet) | ft² | 35,400 | 51,800 | |||
Gross Investment In Real Estate | $ 6,258,100,000 | $ 9,083,400,000 | |||
The Company's Investment | $ 742,600,000 | $ 1,037,200,000 | |||
[1] | Gross leasable area ("GLA") | ||||
[2] | The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees. | ||||
[3] | This venture represents four separate joint ventures, with four separate accounts managed by Prudential Real Estate Investors ("PREI"), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II. | ||||
[4] | During the year ended December 31, 2015, the Company purchased the remaining 66.7% interest in the 39-property Kimstone portfolio from Blackstone for a gross purchase price of $1.4 billion, including the assumption of $638.0 million in mortgage debt. | ||||
[5] | During the years ended December 31, 2015 and 2014, CPP acquired land parcels for future development in Dania, FL, for $3.6 million and $62.8 million, respectively. | ||||
[6] | Includes eight land parcels and one self-storage facility. |
Note 7 - Investment and Advan76
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) - The Company’s Share of Net Income/(Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Schedule of Equity Method Investments [Line Items] | ||||
Incomе from othеr rеal еstatе invеstmеnts | $ 480,395 | $ 159,560 | $ 208,689 | |
KimPru and KimPru II [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Incomе from othеr rеal еstatе invеstmеnts | [1],[2] | 7,100 | 8,100 | 9,100 |
KIR [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Incomе from othеr rеal еstatе invеstmеnts | 41,000 | 26,500 | 25,300 | |
Kimstone [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Incomе from othеr rеal еstatе invеstmеnts | 700 | 2,000 | 3,600 | |
SEB Immobilien [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Incomе from othеr rеal еstatе invеstmеnts | [3] | 2,400 | 22,500 | 3,000 |
CPP [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Incomе from othеr rеal еstatе invеstmеnts | 9,600 | 7,100 | 5,800 | |
Other Institutional Programs [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Incomе from othеr rеal еstatе invеstmеnts | 1,600 | 4,300 | 7,600 | |
RioCan [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Incomе from othеr rеal еstatе invеstmеnts | 399,400 | 30,600 | 27,600 | |
Latin America Portfolio [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Incomе from othеr rеal еstatе invеstmеnts | [4],[5] | (700) | (3,800) | 103,100 |
Other Joint Venture Programs [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Incomе from othеr rеal еstatе invеstmеnts | [6],[7],[8] | 19,300 | 62,300 | 23,600 |
All Equity Method Investments [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Incomе from othеr rеal еstatе invеstmеnts | $ 480,400 | $ 159,600 | $ 208,700 | |
[1] | During the year ended December 31, 2014, KimPru recognized impairment charges of $21.4 million related to the decline in value of two operating properties. The Company had previously taken other-than-temporary impairment charges on its investment in KimPru and had allocated these impairment charges to the underlying assets of the KimPru joint ventures including a portion to these operating properties. As such, the Company's share of these impairment charges was $2.4 million. | |||
[2] | During the year ended December 31, 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. | |||
[3] | During the year ended December 31, 2013, BIG recognized a gain on early extinguishment of debt of $13.7 million related to a property that was foreclosed on by a third party lender. The Company's share of this gain was $2.4 million. | |||
[4] | During the fourth quarter 2015, the Company liquidated its investment in Chile, which resulted in the release of a cumulative foreign currency translation gain of $0.8 million. Also, during the fourth quarter 2014, the Company substantially liquidated its investment in Mexico, which resulted in the release of a cumulative foreign currency translation loss of $47.3 million. | |||
[5] | During the year ended December 31, 2013, the Company was in advanced negotiations to sell 10 operating properties located throughout Mexico, which were held in unconsolidated joint ventures in which the Company held noncontrolling interests. Based upon the allocation of the selling price, the Company recorded its share of impairment charges of $9.4 million on six of these properties. | |||
[6] | 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 year ended December 31, 2015. | |||
[7] | During the year ended December 31, 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. | |||
[8] | During the year ended December 31, 2015, four joint ventures in which the Company holds noncontrolling interests recognized impairment charges relating to the pending sale of three properties and the pending foreclosure of one property. The Company's share of these impairment charges was $10.9 million, before income tax benefit. |
Note 7 - Investment and Advan77
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) - Summary of Properties and Land Parcels Disposed of $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |||||
KimPru and KimPru II [Member] | |||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) - Summary of Properties and Land Parcels Disposed of [Line Items] | |||||||
Number of properties | 7 | 1 | [1] | ||||
Number of land parcels | 1 | [1] | |||||
Aggregate sales price (in Dollars) | $ 143.5 | $ 15.8 | [1] | ||||
KIR [Member] | |||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) - Summary of Properties and Land Parcels Disposed of [Line Items] | |||||||
Number of properties | 5 | 3 | 1 | ||||
Number of land parcels | 0 | 0 | 0 | ||||
Aggregate sales price (in Dollars) | $ 84.6 | $ 19.7 | $ 30 | ||||
BIG Shopping Centers [Member] | |||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) - Summary of Properties and Land Parcels Disposed of [Line Items] | |||||||
Number of properties | 4 | 15 | [2] | ||||
Number of land parcels | 0 | 0 | [2] | ||||
Aggregate sales price (in Dollars) | $ 75 | $ 166.6 | [2] | ||||
Other Institutional Programs [Member] | |||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) - Summary of Properties and Land Parcels Disposed of [Line Items] | |||||||
Number of properties | 44 | [3] | 28 | [4] | 2 | [5] | |
Number of land parcels | 0 | [3] | 0 | [4] | [5] | ||
Aggregate sales price (in Dollars) | $ 171.5 | [3] | $ 846.6 | [4] | $ 46.9 | [5] | |
RioCan [Member] | |||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) - Summary of Properties and Land Parcels Disposed of [Line Items] | |||||||
Number of properties | [6] | 32 | |||||
Number of land parcels | [6] | 1 | |||||
Aggregate sales price (in Dollars) | [6] | $ 1,390.4 | |||||
Latin America Portfolio [Member] | |||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) - Summary of Properties and Land Parcels Disposed of [Line Items] | |||||||
Number of properties | 4 | 14 | 104 | ||||
Number of land parcels | 9 | 0 | 0 | ||||
Aggregate sales price (in Dollars) | $ 16.2 | $ 324.5 | $ 945.4 | ||||
Other Joint Venture Programs [Member] | |||||||
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) - Summary of Properties and Land Parcels Disposed of [Line Items] | |||||||
Number of properties | 6 | [7] | 19 | [8] | 9 | [9] | |
Number of land parcels | 0 | [7] | 0 | [8] | 0 | [9] | |
Aggregate sales price (in Dollars) | $ 123.7 | [7] | $ 252 | [8] | $ 1,095.9 | [9] | |
[1] | The Company acquired the remaining interest in this property. | ||||||
[2] | The Company acquired the remaining interest in seven of these properties. See Footnote 3 for the operating properties acquired by the Company. | ||||||
[3] | The Company acquired the remaining interest in two of these properties. See Footnote 3 for the operating properties acquired by the Company. | ||||||
[4] | The Company acquired the remaining interest in 26 of these properties. See Footnote 3 for the operating properties acquired by the Company. | ||||||
[5] | The Company acquired the remaining interest in these two properties. | ||||||
[6] | The Company sold its interest in 32 operating properties and one land parcel which resulted in an aggregate gain to the Company of $373.8 million (CAD $493.9 million). The aggregate sales price does not reflect the consideration received, but rather represents the full implied fair value of the assets sold determined by the proportionate share of the interest acquired. | ||||||
[7] | The Company acquired the remaining interest in two of these properties and entered into an agreement to acquire the remaining interest in one of these properties. See Footnote 3 for the operating properties acquired by the Company. | ||||||
[8] | The Company acquired the remaining interest in one of these properties. See Footnote 3 for the operating properties acquired by the Company. | ||||||
[9] | The Company acquired the remaining interest in two of these properties. |
Note 7 - Investment and Advan78
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) - Joint Venture Investments Accounted for under the Equity Method - Debt Details - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
KimPru and KimPru II [Member] | |||
Note 7 - 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 | $ 777.1 | $ 920 | |
Average Interest Rate | 5.54% | 5.53% | |
Average Remaining Term | [1] | 12 months 18 days | 23 months |
KIR [Member] | |||
Note 7 - 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 | $ 811.6 | $ 860.7 | |
Average Interest Rate | 4.64% | 5.04% | |
Average Remaining Term | [1] | 62 months 9 days | 61 months 27 days |
Kimstone [Member] | |||
Note 7 - 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 | $ 0 | $ 701.3 | |
Average Interest Rate | 0.00% | 4.45% | |
Average Remaining Term | [1] | 0 years | 28 months 21 days |
BIG Shopping Centers [Member] | |||
Note 7 - 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 | $ 54.5 | $ 144.6 | |
Average Interest Rate | 5.45% | 5.52% | |
Average Remaining Term | [1] | 10 months 3 days | 22 months |
CPP [Member] | |||
Note 7 - 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 | $ 109.9 | $ 112 | |
Average Interest Rate | 5.25% | 5.05% | |
Average Remaining Term | [1] | 3 months 15 days | 10 months 3 days |
Other Institutional Programs [Member] | |||
Note 7 - 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 | $ 163.9 | $ 272.9 | |
Average Interest Rate | 4.74% | 5.21% | |
Average Remaining Term | [1] | 24 months | 23 months 15 days |
RioCan [Member] | |||
Note 7 - 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 | $ 87.5 | $ 640.5 | |
Average Interest Rate | 5.02% | 4.29% | |
Average Remaining Term | [1] | 11 months | 39 months 27 days |
Other Joint Venture Programs [Member] | |||
Note 7 - 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 | $ 794.6 | $ 921.9 | |
Average Interest Rate | 5.26% | 5.31% | |
Average Remaining Term | [1] | 47 months 18 days | 58 months 18 days |
All Equity Method Investments [Member] | |||
Note 7 - 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 | $ 2,799.1 | $ 4,573.9 | |
[1] | Average remaining term includes extensions |
Note 7 - Investment and Advan79
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) - Investment and Advances to Real Estate Joint Ventures - Balance Sheets - Excluding KIR and RioCan [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Assets | $ 5,107.7 | $ 7,734.6 |
Liabilities and Partners’/Members’ Capital: | ||
Noncontrolling interests | 92.5 | 21.4 |
Partners’/Members’ capital | 2,199.9 | 3,018.6 |
5,107.7 | 7,734.6 | |
Real Estate [Member] | ||
Assets: | ||
Assets | 4,855.5 | 7,422 |
Other Assets [Member] | ||
Assets: | ||
Assets | 252.2 | 312.6 |
Mortgage Payable [Member] | ||
Liabilities and Partners’/Members’ Capital: | ||
Liabilities | 2,770.1 | 4,553.1 |
Construction Loans [Member] | ||
Liabilities and Partners’/Members’ Capital: | ||
Liabilities | 29 | 21 |
Other Liabilities [Member] | ||
Liabilities and Partners’/Members’ Capital: | ||
Liabilities | $ 16.2 | $ 120.5 |
Note 7 - Investment and Advan80
Note 7 - Investment and Advances in Real Estate Joint Ventures (Details) - Investment and Advances to Real Estate Joint Ventures - Income Statements - Excluding KIR and RioCan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Investments [Line Items] | |||
Revenues from rental property | $ 842.5 | $ 1,059.9 | $ 1,280.2 |
Operating expenses | (265.9) | (333.5) | (410.3) |
Interest expense | (202.8) | (247.3) | (316.4) |
Depreciation and amortization | (191.9) | (260) | (298.8) |
Impairment charges | (63.4) | (23.1) | (32.3) |
Other income/(expense), net | 4.4 | (14.4) | (16.2) |
(719.6) | (878.3) | (1,074) | |
Income from continuing operations | 122.9 | 181.6 | 206.2 |
Discontinued Operations: | |||
Income from discontinued operations | 0 | 2.8 | 14.1 |
Impairment on dispositions of properties | 0 | (3.8) | (14.8) |
Gain on dispositions of properties | 0 | 471.1 | 229.5 |
0 | 470.1 | 228.8 | |
Gain on sale of operating properties | 1,166.7 | 0 | 0 |
Net income | $ 1,289.6 | $ 651.7 | $ 435 |
Note 8 - Other Real Estate In81
Note 8 - Other Real Estate Investments (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2007USD ($) | ||
Note 8 - Other Real Estate Investments (Details) [Line Items] | ||||||
Equity Method Investments | $ 742,559 | $ 1,037,218 | ||||
Income (Loss) from Equity Method Investments | 480,395 | 159,560 | $ 208,689 | |||
Secured Debt | [1] | $ 1,614,982 | 1,424,228 | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.62% | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 4.97% | |||||
Payments to Acquire Interest in Joint Venture | $ 91,609 | $ 93,845 | 296,550 | |||
Preferred Equity Investments [Member] | ||||||
Note 8 - Other Real Estate Investments (Details) [Line Items] | ||||||
Equity Method Investments | $ 81,700 | |||||
Number of Real Estate Properties | 421 | 443 | ||||
Income (Loss) from Equity Method Investments | $ 27,000 | $ 37,200 | ||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 9,300 | $ 18,600 | ||||
Number of Capital Transactions | 9 | 6 | ||||
Number of Master Leased Pools | 30 | |||||
Secured Debt | $ 299,100 | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 5.08% | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 10.47% | |||||
Debt, Weighted Average Interest Rate | 9.20% | |||||
Preferred Equity Investments [Member] | Leased Properties [Member] | ||||||
Note 8 - Other Real Estate Investments (Details) [Line Items] | ||||||
Number of Real Estate Properties | 385 | 385 | 403 | |||
ABS Venture [Member] | ||||||
Note 8 - Other Real Estate Investments (Details) [Line Items] | ||||||
Payments to Acquire Investments | $ 85,300 | |||||
AB Acquisition [Member] | ||||||
Note 8 - Other Real Estate Investments (Details) [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 9.80% | |||||
Safeway [Member] | ||||||
Note 8 - Other Real Estate Investments (Details) [Line Items] | ||||||
Non-controlling Interest Liability | 65,000 | |||||
Cost Method Investments Increase Decrease In Additional Paid In Capital | 24,000 | |||||
Cost Method Investment Deferred Tax Effect | $ 16,000 | |||||
Leveraged Lease [Member] | ||||||
Note 8 - Other Real Estate Investments (Details) [Line Items] | ||||||
Number of Real Estate Properties | 11 | |||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 2,100 | |||||
Secured Debt | $ 11,200 | |||||
Equity Method Investment, Ownership Percentage | 90.00% | |||||
Proceeds from Sale of Equity Method Investments | $ 22,000 | |||||
Other Assets [Member] | Safeway [Member] | ||||||
Note 8 - Other Real Estate Investments (Details) [Line Items] | ||||||
Cost Method Investments | 190,300 | |||||
Two Partners [Member] | ABS Venture [Member] | ||||||
Note 8 - Other Real Estate Investments (Details) [Line Items] | ||||||
Payments to Acquire Interest in Joint Venture | 105,000 | |||||
Colony [Member] | ABS Venture [Member] | ||||||
Note 8 - Other Real Estate Investments (Details) [Line Items] | ||||||
Payments to Acquire Interest in Joint Venture | $ 100,000 | $ 100,000 | ||||
Colony [Member] | AB Acquisition [Member] | ||||||
Note 8 - Other Real Estate Investments (Details) [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 4.30% | 4.30% | ||||
ABS Venture [Member] | AB Acquisition [Member] | ||||||
Note 8 - Other Real Estate Investments (Details) [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 14.35% | 14.35% | ||||
Kimco [Member] | AB Acquisition [Member] | ||||||
Note 8 - Other Real Estate Investments (Details) [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 9.80% | |||||
Albertsons, NAI and, Safeway [Member] | ||||||
Note 8 - Other Real Estate Investments (Details) [Line Items] | ||||||
Number of Stores | 2,200 | |||||
Number of States in which Entity Operates | 33 | |||||
Preferred Equity Investments [Member] | ||||||
Note 8 - Other Real Estate Investments (Details) [Line Items] | ||||||
Income (Loss) from Equity Method Investments | $ 15,300 | $ 14,500 | $ 13,200 | |||
Maximum Exposure [Member] | Preferred Equity Investments [Member] | ||||||
Note 8 - Other Real Estate Investments (Details) [Line Items] | ||||||
Equity Method Investments | $ 199,900 | $ 229,100 | ||||
Minimum [Member] | Preferred Equity Investments [Member] | ||||||
Note 8 - Other Real Estate Investments (Details) [Line Items] | ||||||
Debt Instrument, Term | 5 months | |||||
Maximum [Member] | Preferred Equity Investments [Member] | ||||||
Note 8 - Other Real Estate Investments (Details) [Line Items] | ||||||
Debt Instrument, Term | 6 years | |||||
[1] | The Company determined that its valuation of these Mortgages Payable was classified within Level 3 of the fair value hierarchy. |
Note 8 - Other Real Estate In82
Note 8 - Other Real Estate Investments (Details) - Preferred Equity Investments - Balance Sheet Disclosures - Preferred Equity Investments [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Assets | $ 886.3 | $ 1,123.5 |
Liabilities and Partners’/Members’ Capital: | ||
Partners’/Members’ capital | 309.7 | 334.3 |
886.3 | 1,123.5 | |
Real estate, net [Member] | ||
Assets: | ||
Assets | 258 | 456.9 |
Other Assets [Member] | ||
Assets: | ||
Assets | 628.3 | 666.6 |
Notes and Mortgage Payable [Member] | ||
Liabilities and Partners’/Members’ Capital: | ||
Liabilities | 563.7 | 767.6 |
Other Liabilities [Member] | ||
Liabilities and Partners’/Members’ Capital: | ||
Liabilities | $ 12.9 | $ 21.6 |
Note 8 - Other Real Estate In83
Note 8 - Other Real Estate Investments (Details) - Preferred Equity Investments - Income Statement Disclosures - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | [1] | Sep. 30, 2014 | [1] | Jun. 30, 2014 | [1] | Mar. 31, 2014 | [1] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 8 - Other Real Estate Investments (Details) - Preferred Equity Investments - Income Statement Disclosures [Line Items] | |||||||||||||||
Revenues from rental property | $ 296,501 | $ 283,387 | $ 289,080 | $ 275,506 | $ 255,749 | $ 246,555 | $ 237,432 | $ 219,152 | $ 1,144,474 | $ 958,888 | $ 825,210 | ||||
Operating expenses | (823,197) | (683,582) | (612,061) | ||||||||||||
Interest expense | (218,891) | (203,759) | (212,240) | ||||||||||||
Depreciation and amortization | (344,527) | (258,074) | (224,713) | ||||||||||||
Other expense, net | 2,234 | (8,544) | 1,195 | ||||||||||||
Income from continuing operations | 343,572 | 310,315 | 249,466 | ||||||||||||
Discontinued Operations: | |||||||||||||||
6 | 37,612 | 52,246 | |||||||||||||
Net income | 900,143 | 435,880 | 241,353 | ||||||||||||
Preferred Equity Investments [Member] | |||||||||||||||
Note 8 - Other Real Estate Investments (Details) - Preferred Equity Investments - Income Statement Disclosures [Line Items] | |||||||||||||||
Revenues from rental property | 122,100 | 146,000 | 159,500 | ||||||||||||
Operating expenses | (35,600) | (47,000) | (34,800) | ||||||||||||
Interest expense | (35,700) | (47,100) | (55,200) | ||||||||||||
Depreciation and amortization | (11,400) | (19,200) | (24,000) | ||||||||||||
Other expense, net | (9,200) | (7,200) | (7,100) | ||||||||||||
Income from continuing operations | 30,200 | 25,500 | 38,400 | ||||||||||||
Discontinued Operations: | |||||||||||||||
Gain on disposition of properties | 0 | 31,500 | 20,800 | ||||||||||||
0 | 31,500 | 20,800 | |||||||||||||
Gain on sale of operating properties | 6,000 | 0 | 0 | ||||||||||||
Net income | $ 36,200 | $ 57,000 | $ 59,200 | ||||||||||||
[1] | All periods have been adjusted to reflect the impact of operating properties sold during 2014, which are reflected in the caption Discontinued operations on the accompanying Consolidated Statements of Income. Upon the adoption of ASU 2014-08 on January 1, 2015, individual property dispositions will no longer qualify as a discontinued operation under the new guidance. |
Note 8 - Other Real Estate In84
Note 8 - Other Real Estate Investments (Details) - Leveraged Lease Investment $ in Millions | Dec. 31, 2014USD ($) |
Leveraged Lease Investment [Abstract] | |
Remaining net rentals | $ 8.3 |
Estimated unguaranteed residual value | 30.3 |
Non-recourse mortgage debt | (10.1) |
Unearned and deferred income | (12.9) |
Net investment in leveraged lease | $ 15.6 |
Note 9 - Variable Interest En85
Note 9 - Variable Interest Entities (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Ground Up Developments [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Note 9 - Variable Interest Entities (Details) [Line Items] | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 78.4 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 0.1 |
Variable Interest Entity, Financial or Other Support, Amount | $ 17.4 |
Preferred Equity Investments [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |
Note 9 - Variable Interest Entities (Details) [Line Items] | |
Number of Consolidated Entities | 1 |
Redevelopment [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |
Note 9 - 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 10 - Mortgages and Other86
Note 10 - Mortgages and Other Financing Receivables (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Mortgage Loans on Real Estate, Number of Loans | 12 |
Note 10 - Mortgages and Other87
Note 10 - Mortgages and Other Financing Receivables (Details) - Mortgage Loans and Other Financing Receivables - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance at January 1 | $ 74,013 | $ 30,243 | $ 70,704 |
Additions: | |||
New mortgage loans | 5,730 | 52,728 | 8,527 |
Deductions: | |||
Balance at December 31 | 23,824 | 74,013 | 30,243 |
Additions Under Existing Mortgage Loans [Member] | |||
Additions: | |||
Other additions | 7,810 | ||
Write-off of Loan Discounts [Member] | |||
Additions: | |||
Other additions | 286 | ||
Amortization of Loan Discounts [Member] | |||
Additions: | |||
Other additions | 112 | 126 | 653 |
Loan Repayments [Member] | |||
Deductions: | |||
Collections of Principal | (53,646) | (7,330) | (28,068) |
Loan Foreclosures [Member] | |||
Deductions: | |||
Collections of Principal | (25,572) | ||
Charge Off/Foreign Currency Translation [Member] | |||
Deductions: | |||
Other deductions | (884) | (1,066) | (1,260) |
Collections of Principal [Member] | |||
Deductions: | |||
Collections of Principal | (1,499) | (972) | (2,529) |
Amortization of Loan Costs [Member] | |||
Deductions: | |||
Other deductions | $ (2) | $ (2) | $ (22) |
Note 11 - Marketable Securiti88
Note 11 - Marketable Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 11 - Marketable Securities (Details) [Line Items] | |||
Proceeds from Sale and Maturity of Marketable Securities | $ 76,170 | $ 3,780 | $ 26,406 |
Available-for-sale Securities, Gross Realized Gains | 39,900 | 12,100 | |
Available-for-sale Securities, Gross Realized Losses | 100 | ||
Certain Marketable Securities [Member] | |||
Note 11 - Marketable Securities (Details) [Line Items] | |||
Proceeds from Sale and Maturity of Marketable Securities | $ 76,200 | $ 3,800 | $ 26,400 |
Minimum [Member] | Additional 1 [Member] | |||
Note 11 - Marketable Securities (Details) [Line Items] | |||
Number of Years | 5 years |
Note 11 - Marketable Securiti89
Note 11 - Marketable Securities (Details) - Marketable Securities - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Available-for-sale: | |||
Gross Unrealized Gains - Equity securities | $ 398 | $ 46,197 | |
Estimated Fair Value - Equity securities | 5,909 | 87,659 | |
Held-to-maturity: | |||
Gross Unrealized Gains - Debt Securities | (1) | (200) | |
Estimated Fair Value - Debt Securities | 1,655 | 2,376 | |
Amortized Cost - Total marketable securities | [1] | 7,565 | 90,235 |
Gross Unrealized Gains - Total marketable securities | 397 | 45,997 | |
Estimated Fair Value - Total marketable securities | 7,564 | 90,035 | |
Amortized Cost [Member] | |||
Available-for-sale: | |||
Amortized Cost - Equity securities | 5,511 | 41,462 | |
Held-to-maturity: | |||
Amortized Cost - Debt securities | 1,656 | 2,576 | |
Amortized Cost - Total marketable securities | $ 7,167 | $ 44,038 | |
[1] | As of December 31, 2015 and 2014, the Company determined that $5.9 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 $2.3 million, respectively, were classified within Level 3 of the fair value hierarchy. |
Note 12 - Notes Payable (Detail
Note 12 - Notes Payable (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Oct. 31, 2015 | Mar. 31, 2015 | Jan. 31, 2015 | Apr. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Note 12 - Notes Payable (Details) [Line Items] | ||||||
Debt Covenants, Dividend Payment Restriction, Maximum Payment | $ 26,000,000 | |||||
Line of Credit Facility, Sub Limit | 500,000,000 | |||||
Long-term Line of Credit | 0 | |||||
Adjustments for New Accounting Principle, Early Adoption [Member] | Notes Payable [Member] | ||||||
Note 12 - Notes Payable (Details) [Line Items] | ||||||
Unamortized Fair Value Adjustments During Period | $ 31,400,000 | |||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||
Note 12 - Notes Payable (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.925% | |||||
Term Loan [Member] | ||||||
Note 12 - Notes Payable (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.05% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 1.37% | 1.21% | ||||
Unsecured Debt | $ 650,000,000 | |||||
Repayments of Long-term Debt | $ 400,000,000 | |||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Note 12 - Notes Payable (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.95% | 0.95% | 1.05% | |||
Term Loan [Member] | Base Rate [Member] | ||||||
Note 12 - Notes Payable (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.37% | |||||
Line of Credit [Member] | ||||||
Note 12 - Notes Payable (Details) [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.35% | 1.09% | ||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Note 12 - Notes Payable (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.925% | 0.925% | ||||
Unsecured Debt [Member] | ||||||
Note 12 - Notes Payable (Details) [Line Items] | ||||||
Debt, Weighted Average Interest Rate | 3.88% | |||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 300,000,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 940,900,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 407,900,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 300,000,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 143,900,000 | |||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,700,000,000 | |||||
Debt Instrument, Face Amount | $ 500,000,000 | $ 350,000,000 | $ 500,000,000 | |||
Debt Instrument, Term | 7 years | 30 years | 7 years | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.40% | 4.25% | 3.20% | |||
Proceeds from Issuance of Senior Long-term Debt | $ 493,000,000 | $ 342,700,000 | $ 495,400,000 | |||
Revolving Credit Facility [Member] | ||||||
Note 12 - Notes Payable (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,750,000,000 | |||||
Line of Credit Facility, Interest Rate at Period End | 1.35% | |||||
Including Accordion Feature [Member] | ||||||
Note 12 - Notes Payable (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,250,000,000 | |||||
Letter of Credit [Member] | ||||||
Note 12 - Notes Payable (Details) [Line Items] | ||||||
Long-term Line of Credit | $ 900,000 |
Note 12 - Notes Payable (Deta91
Note 12 - Notes Payable (Details) - Notes Payable - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | ||||
Debt Instrument [Line Items] | |||||
Balance (in Dollars) | [1] | $ 3,761,328 | $ 3,171,742 | ||
Interest Rate Range (Low) | 3.62% | ||||
Interest Rate Range (High) | 4.97% | ||||
Balance (in Dollars) | [2] | $ (31,400) | (20,500) | ||
Senior Note 1 [Member] | |||||
Debt Instrument [Line Items] | |||||
Balance (in Dollars) | $ 2,290,900 | $ 1,540,900 | |||
Interest Rate Range (Low) | 3.13% | 3.13% | |||
Interest Rate Range (High) | 6.88% | 6.88% | |||
Medium-term Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Balance (in Dollars) | $ 600,000 | $ 850,000 | |||
Interest Rate Range (Low) | 4.30% | 4.30% | |||
Interest Rate Range (High) | 5.78% | 5.78% | |||
Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Balance (in Dollars) | $ 650,000 | [3] | $ 400,000 | [4] | |
Interest Rate Range (Low) | [4] | ||||
Interest Rate Range (High) | [4] | ||||
Canadian Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Balance (in Dollars) | $ 251,800 | $ 301,300 | |||
Interest Rate Range (Low) | 3.86% | 3.86% | |||
Interest Rate Range (High) | 5.99% | 5.99% | |||
Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Balance (in Dollars) | [5] | $ 100,000 | |||
Interest Rate Range (Low) | |||||
Interest Rate Range (High) | |||||
[1] | The Company determined that its valuation of these Notes Payable was classified within Level 2 of the fair value hierarchy. | ||||
[2] | 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 retrospectively applied the guidance to its Notes Payable to all periods presented. | ||||
[3] | Interest rate is equal to LIBOR + 0.95% (1.37% at December 31, 2015). | ||||
[4] | Interest rate is equal to LIBOR + 1.05% (1.21% at December 31, 2014). | ||||
[5] | Interest rate is equal to LIBOR + 0.925% (1.35% and 1.09% at December 31, 2015 and 2014, respectively). |
Note 12 - Notes Payable (Deta92
Note 12 - Notes Payable (Details) - Medium Term Note Repayments - USD ($) $ in Millions | 1 Months Ended | |||
Nov. 30, 2015 | Sep. 30, 2015 | Feb. 28, 2015 | Jun. 30, 2014 | |
Medium-term Note 1 [Member] | ||||
Note 12 - Notes Payable (Details) - Medium Term Note Repayments [Line Items] | ||||
Amount Repaid | $ 150 | |||
Interest Rate | 5.584% | |||
Senior Note 1 [Member] | ||||
Note 12 - Notes Payable (Details) - Medium Term Note Repayments [Line Items] | ||||
Amount Repaid | $ 100 | |||
Interest Rate | 5.25% | |||
Medium-term Note 2 [Member] | ||||
Note 12 - Notes Payable (Details) - Medium Term Note Repayments [Line Items] | ||||
Amount Repaid | $ 100 | |||
Interest Rate | 4.904% | |||
Medium-Term Note 3 [Member] | ||||
Note 12 - Notes Payable (Details) - Medium Term Note Repayments [Line Items] | ||||
Amount Repaid | $ 194.6 | |||
Interest Rate | 4.82% | |||
Senior Note 2 [Member] | ||||
Note 12 - Notes Payable (Details) - Medium Term Note Repayments [Line Items] | ||||
Amount Repaid | $ 100 | |||
Interest Rate | 5.95% |
Note 13 - Mortgages Payable (De
Note 13 - Mortgages Payable (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Note 13 - Mortgages Payable (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.925% | |
Mortgages [Member] | ||
Note 13 - Mortgages Payable (Details) [Line Items] | ||
Number of Real Estate Properties | 27 | 1 |
Repayments of Long-term Debt | $ 557 | $ 328 |
Mortgage Loans on Real Estate, Period Increase (Decrease) | 15.7 | |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 2.12% | |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 9.75% | |
Debt, Weighted Average Interest Rate | 5.62% | |
Unamortized FairValue Debt Adjustments | $ 42.6 | |
Unamortized Debt Issuance Expense | 3.2 | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 490.5 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 571.5 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 137.3 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 14.4 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 99.6 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 262.3 | |
Mortgages [Member] | Operating Properties [Member] | ||
Note 13 - Mortgages Payable (Details) [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 835.2 | $ 742 |
Number of Real Estate Properties | 21 | |
Mortgages [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Note 13 - Mortgages Payable (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | |
Mortgages [Member] | Fair Market Value Adjustments [Member] | ||
Note 13 - Mortgages Payable (Details) [Line Items] | ||
Repayments of Long-term Debt | $ 1.4 | |
Acquired [Member] | Operating Properties [Member] | ||
Note 13 - Mortgages Payable (Details) [Line Items] | ||
Number of Real Estate Properties | 38 | 53 |
Business Acquisition Purchase Price Allocation Fair Value Debt Adjustments | $ 27.6 | $ 39.4 |
Note 14 - Noncontrolling Inte94
Note 14 - Noncontrolling Interests (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012shares | Dec. 31, 2007USD ($)shares | Dec. 31, 2006USD ($)shares | |
Note 14 - Noncontrolling Interests (Details) [Line Items] | ||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $ 66,163 | $ 6,259 | $ 1,026 | |||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 7,061 | 6,335 | 6,892 | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 86,709 | $ 91,480 | $ 86,153 | |||
Redeemable Units To Company Common Stock Ratio | 1 | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 65.40% | |||||
Redeemable Noncontrolling Interest, Equity, Fair Value | $ 4,900 | |||||
Redeemable Noncontrolling Interest Issuance Amount, Fair Value Remeasurement | $ 1,000 | |||||
Number of Joint Ventures | 4 | 3 | ||||
Payments to Acquire Additional Interest in Subsidiaries | $ 31,600 | $ 1,100 | ||||
Noncontrolling Interest, Period Increase (Decrease) | 17,650 | |||||
Adjustments to Additional Paid in Capital, Other | (6,400) | (300) | ||||
Capital Unit, Class A [Member] | ||||||
Note 14 - Noncontrolling Interests (Details) [Line Items] | ||||||
Noncontrolling Interest, Units Redeemed (in Shares) | shares | 13,963 | |||||
Capital Unit, Class B [Member] | ||||||
Note 14 - Noncontrolling Interests (Details) [Line Items] | ||||||
Noncontrolling Interest, Units Redeemed (in Shares) | shares | 30,000 | |||||
Noncontrolling Interest, Cumulative Par Value | $ 1,100 | |||||
Remaining Interest In Joint Ventures [Member] | ||||||
Note 14 - Noncontrolling Interests (Details) [Line Items] | ||||||
Noncontrolling Interest, Period Increase (Decrease) | (25,200) | $ (800) | ||||
Shopping Centers [Member] | ||||||
Note 14 - Noncontrolling Interests (Details) [Line Items] | ||||||
Number of Real Estate Properties | 2 | |||||
Units Redemption [Member] | ||||||
Note 14 - Noncontrolling Interests (Details) [Line Items] | ||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (23,300) | |||||
Increase (Decrease), Paid-in Capital, Parent | 6,700 | |||||
PUERTO RICO | ||||||
Note 14 - Noncontrolling Interests (Details) [Line Items] | ||||||
Number of Real Estate Properties | 7 | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $ 233,000 | |||||
PUERTO RICO | Fair Market Value Adjustments [Member] | ||||||
Note 14 - Noncontrolling Interests (Details) [Line Items] | ||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 15,100 | |||||
Bay Shore and Centereach, New York [Member] | ||||||
Note 14 - Noncontrolling Interests (Details) [Line Items] | ||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 41,600 | |||||
Bay Shore and Centereach, New York [Member] | Fair Market Value Adjustments [Member] | ||||||
Note 14 - Noncontrolling Interests (Details) [Line Items] | ||||||
Unamortized FairValue Debt Adjustments | 3,800 | |||||
Non-convertible Units [Member] | PUERTO RICO | ||||||
Note 14 - Noncontrolling Interests (Details) [Line Items] | ||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 158,600 | |||||
Convertible Units [Member] | ||||||
Note 14 - Noncontrolling Interests (Details) [Line Items] | ||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $ 5,300 | |||||
Noncontrolling Interest, Units (in Shares) | shares | 138,015 | |||||
Convertible Units [Member] | Fair Market Value Adjustments [Member] | ||||||
Note 14 - Noncontrolling Interests (Details) [Line Items] | ||||||
Unamortized FairValue Debt Adjustments | $ 300 | |||||
Convertible Units [Member] | PUERTO RICO | ||||||
Note 14 - Noncontrolling Interests (Details) [Line Items] | ||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 45,800 | |||||
Premiums [Member] | PUERTO RICO | ||||||
Note 14 - Noncontrolling Interests (Details) [Line Items] | ||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 13,500 | |||||
Redeemable Units [Member] | ||||||
Note 14 - Noncontrolling Interests (Details) [Line Items] | ||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 26,500 | $ 26,400 | ||||
Seller [Member] | ||||||
Note 14 - Noncontrolling Interests (Details) [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 34.60% | |||||
Remaining [Member] | ||||||
Note 14 - Noncontrolling Interests (Details) [Line Items] | ||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 88,900 | $ 111,600 | ||||
Discount [Member] | Bay Shore and Centereach, New York [Member] | ||||||
Note 14 - Noncontrolling Interests (Details) [Line Items] | ||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $ 300 |
Note 14 - Noncontrolling Inte95
Note 14 - Noncontrolling Interests (Details) - Convertible Non-convertible Units | 12 Months Ended | |
Dec. 31, 2015$ / sharesshares | ||
Preferred A Units [Member] | ||
Note 14 - Noncontrolling Interests (Details) - Convertible Non-convertible Units [Line Items] | ||
Number of Units Issued | shares | 81,800,000 | [1] |
Par Value Per Unit | $ / shares | $ 1 | [1] |
Return Per Annum | 7.00% | |
Class B-1 Preferred Units [Member] | ||
Note 14 - Noncontrolling Interests (Details) - Convertible Non-convertible Units [Line Items] | ||
Number of Units Issued | shares | 2,627 | [2] |
Par Value Per Unit | $ / shares | $ 10,000 | [2] |
Return Per Annum | 7.00% | |
Class B-2 Preferred Units [Member] | ||
Note 14 - Noncontrolling Interests (Details) - Convertible Non-convertible Units [Line Items] | ||
Number of Units Issued | shares | 5,673 | [1] |
Par Value Per Unit | $ / shares | $ 10,000 | [1] |
Return Per Annum | 7.00% | |
Class C DownReit Units [Member] | ||
Note 14 - Noncontrolling Interests (Details) - Convertible Non-convertible Units [Line Items] | ||
Number of Units Issued | shares | 640,001 | [2] |
Par Value Per Unit | $ / shares | $ 30.52 | [2] |
Return Per Annum | ||
London Interbank Offered Rate (LIBOR) [Member] | Class A Preferred Units [Member] | ||
Note 14 - Noncontrolling Interests (Details) - Convertible Non-convertible Units [Line Items] | ||
Number of Units Issued | shares | 2,000 | [1] |
Par Value Per Unit | $ / shares | $ 10,000 | [1] |
Return Per Annum | 2.00% | |
[1] | These units are redeemable for cash by the holder or callable by the Company and are included in Redeemable noncontrolling interests on the Company's Consolidated Balance Sheets. | |
[2] | These units are redeemable for cash by the holder or at the Company's option, shares of the Company's common stock, based upon the conversion calculation as defined in the agreement. These units are included in Noncontrolling interests on the Company's Consolidated Balance Sheets. |
Note 14 - Noncontrolling Inte96
Note 14 - Noncontrolling Interests (Details) - Redeemed Units $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)shares | |
Preferred A Units [Member] | |
Note 14 - Noncontrolling Interests (Details) - Redeemed Units [Line Items] | |
Units Redeemed | shares | 2,200,000 |
Par Value Redeemed | $ | $ 2.2 |
Class A Preferred Units [Member] | |
Note 14 - Noncontrolling Interests (Details) - Redeemed Units [Line Items] | |
Units Redeemed | shares | 2,000 |
Par Value Redeemed | $ | $ 20 |
Class B-1 Preferred Units [Member] | |
Note 14 - Noncontrolling Interests (Details) - Redeemed Units [Line Items] | |
Units Redeemed | shares | 2,438 |
Par Value Redeemed | $ | $ 24.4 |
Class B-2 Preferred Units [Member] | |
Note 14 - Noncontrolling Interests (Details) - Redeemed Units [Line Items] | |
Units Redeemed | shares | 5,631 |
Par Value Redeemed | $ | $ 56.3 |
Class C DownReit Units [Member] | |
Note 14 - Noncontrolling Interests (Details) - Redeemed Units [Line Items] | |
Units Redeemed | shares | 587,204 |
Par Value Redeemed | $ | $ 17.9 |
Note 14 - Noncontrolling Inte97
Note 14 - Noncontrolling Interests (Details) - Redeemable Units | 12 Months Ended | |
Dec. 31, 2014$ / sharesshares | ||
Capital Unit, Class A [Member] | ||
Note 14 - Noncontrolling Interests (Details) - Redeemable Units [Line Items] | ||
Number of Units Issued | shares | 13,963 | [1] |
Par Value Per Unit | $ / shares | $ 1,000 | [1] |
Return Per Annum | 5.00% | [1] |
Capital Unit, Class B [Member] | ||
Note 14 - Noncontrolling Interests (Details) - Redeemable Units [Line Items] | ||
Number of Units Issued | shares | 647,758 | [2] |
Par Value Per Unit | $ / shares | $ 37.24 | [2] |
Return Per Annum | [2] | |
[1] | These units are redeemable for cash by the holder or callable by the Company any time after April 3, 2016 and are included in Redeemable noncontrolling interests on the Company's Consolidated Balance Sheets. | |
[2] | These units are redeemable for cash by the holder or at the Company's option, shares of the Company's common stock at a ratio of 1:1 and are callable by the Company any time after April 3, 2026. These units are included in Noncontrolling interests on the Company's Consolidated Balance Sheets. |
Note 14 - Noncontrolling Inte98
Note 14 - Noncontrolling Interests (Details) - Redemption Value of the Redeemable Noncontrolling Interests - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Redemption Value of the Redeemable Noncontrolling Interests [Abstract] | |||
Balance at January 1, | $ 91,480 | $ 86,153 | |
Issuance of redeemable partnership interests (1) | [1] | 4,943 | |
Income (2) | [2] | $ 7,061 | 6,335 |
Distribution | (5,922) | (5,951) | |
Conversion of redeemable units | (5,910) | ||
Balance at December 31, | $ 86,709 | $ 91,480 | |
[1] | During the year ended December 31, 2014, the Company acquired a 65.4% controlling ownership interest in an operating property and the seller retained a 34.6% noncontrolling interest in the property. The partner has the ability to put its partnership interest to the Company at any time after March 2015. As such, the Company has recorded the partners' share of the property's fair value of $4.9 million as Redeemable noncontrolling interests. During October 2015, the seller put its partnership interest to the Company and as such the Company now owns 100% of the operating property. | ||
[2] | Includes $1.0 million in fair market value remeasurement for the year ended December 31, 2015. |
Note 15 - Fair Value Disclosu99
Note 15 - Fair Value Disclosure of Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Note 15 - Fair Value Disclosure of Financial Instruments (Details) [Line Items] | ||||
Marketable Securities | [1] | $ 7,565 | $ 90,235 | |
Asset Impairment Charges | 45,464 | 217,858 | $ 190,218 | |
Cost-method Investments, Other than Temporary Impairment | 9,000 | 4,800 | ||
Income Tax Expense (Benefit) | 60,230 | 22,438 | 32,654 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 21,073 | (134,351) | ||
Preferred Equity Investment [Member] | ||||
Note 15 - Fair Value Disclosure of Financial Instruments (Details) [Line Items] | ||||
Equity Method Investment, Other than Temporary Impairment | 1,600 | |||
Foreign Currency Gain (Loss) [Member] | ||||
Note 15 - Fair Value Disclosure of Financial Instruments (Details) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (92,900) | |||
Other Real Estate Investments [Member] | ||||
Note 15 - Fair Value Disclosure of Financial Instruments (Details) [Line Items] | ||||
Asset Impairment Charges | 5,300 | |||
Impairment of Real Estate | [2],[3] | 5,300 | 1,700 | $ 2,900 |
Certain Marketable Securities [Member] | ||||
Note 15 - Fair Value Disclosure of Financial Instruments (Details) [Line Items] | ||||
Asset Impairment Charges | 800 | |||
Sold Sites [Member] | ||||
Note 15 - Fair Value Disclosure of Financial Instruments (Details) [Line Items] | ||||
Asset Impairment Charges | 10,200 | |||
Discontinued Operations [Member] | ||||
Note 15 - Fair Value Disclosure of Financial Instruments (Details) [Line Items] | ||||
Asset Impairment Charges | 100 | 178,000 | ||
Income Tax Expense (Benefit) | (1,700) | |||
Fair Value, Estimate Not Practicable, Carrying (Reported) Amount [Member] | ||||
Note 15 - Fair Value Disclosure of Financial Instruments (Details) [Line Items] | ||||
Impairment of Real Estate | $ 20,200 | $ 118,400 | ||
Minimum [Member] | ||||
Note 15 - Fair Value Disclosure of Financial Instruments (Details) [Line Items] | ||||
Fair Value Inputs, Cap Rate | 8.25% | 7.00% | ||
Fair Value Inputs, Discount Rate | 9.25% | 7.50% | ||
Maximum [Member] | ||||
Note 15 - Fair Value Disclosure of Financial Instruments (Details) [Line Items] | ||||
Fair Value Inputs, Cap Rate | 8.50% | 12.50% | ||
Fair Value Inputs, Discount Rate | 9.75% | 13.50% | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Note 15 - Fair Value Disclosure of Financial Instruments (Details) [Line Items] | ||||
Marketable Securities | $ 5,900 | $ 87,700 | ||
Impairment of Real Estate | 5,700 | 88,200 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Note 15 - Fair Value Disclosure of Financial Instruments (Details) [Line Items] | ||||
Marketable Securities | 1,700 | 2,300 | ||
Impairment of Real Estate | 5,600 | $ 30,200 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Note 15 - Fair Value Disclosure of Financial Instruments (Details) [Line Items] | ||||
Impairment of Real Estate | $ 8,900 | |||
[1] | As of December 31, 2015 and 2014, the Company determined that $5.9 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 $2.3 million, respectively, were classified within Level 3 of the fair value hierarchy. | |||
[2] | Impairment charges primarily based upon review of residual values, sales prices and debt maturity status and the likelihood of foreclosure of certain underlying properties within the Company's preferred equity investments, during 2015, 2014 and 2013. The Company believes it will not recover its investment in certain preferred equity investments and as such recorded full impairments on these investments. | |||
[3] | See Footnote 15 for additional disclosure on fair value |
Note 15 - Fair Value Disclos100
Note 15 - Fair Value Disclosure of Financial Instruments (Details) - Financial Instruments: Estimate of Fair Value Differs from Carrying Amounts - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Financial Instruments: Estimate of Fair Value Differs from Carrying Amounts [Abstract] | |||
Marketable Securities (1) | [1] | $ 7,565 | $ 90,235 |
Marketable Securities (1) | [1] | 7,564 | 90,035 |
Notes Payable (2) | [2] | 3,761,328 | 3,171,742 |
Notes Payable (2) | [2] | 3,820,205 | 3,313,936 |
Mortgages Payable (3) | [3] | 1,614,982 | 1,424,228 |
Mortgages Payable (3) | [3] | $ 1,629,760 | $ 1,481,138 |
[1] | As of December 31, 2015 and 2014, the Company determined that $5.9 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 $2.3 million, respectively, were classified within Level 3 of the fair value hierarchy. | ||
[2] | The Company determined that its valuation of these Notes Payable was classified within Level 2 of the fair value hierarchy. | ||
[3] | The Company determined that its valuation of these Mortgages Payable was classified within Level 3 of the fair value hierarchy. |
Note 15 - Fair Value Disclos101
Note 15 - Fair Value Disclosure of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Marketable equity securities | $ 5,909 | $ 87,659 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Marketable equity securities | 5,909 | 87,659 |
Liabilities: | ||
Interest rate swaps | 1,426 | 1,404 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Liabilities: | ||
Real estate | 52,439 | 80,270 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Marketable equity securities | 5,909 | 87,659 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Interest rate swaps | 1,426 | 1,404 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Liabilities: | ||
Real estate | $ 52,439 | $ 80,270 |
Note 16 - Preferred Stock, C102
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013shares | |
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) [Line Items] | |||
Preferred Stock, Liquidation Preference, Value | $ 800,000 | $ 975,000 | |
Stock Repurchased During Period, Shares | shares | 179,696 | 128,147 | 144,727 |
Stockholders' Equity Attributable to Noncontrolling Interest | $ 135,651 | $ 126,980 | |
Partners' Capital Account, Units, Converted | shares | 900,000 | ||
Redeemable Series H Preferred Stock [Member] | |||
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) [Line Items] | |||
Preferred Stock, Liquidation Preference, Value | $ 5,800 | ||
Series I, J or K Preferred Stock [Member] | |||
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) [Line Items] | |||
Number of Votes | 1,000 | ||
Number of Proxies | 1,000 | ||
Number of Votes, Depositary | 1 | ||
Series I Preferred Stock [Member] | |||
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) [Line Items] | |||
Preferred Stock, Liquidation Preference, Value | $ 400,000 | 400,000 | |
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 25,000 | ||
Series J Preferred Stock [Member] | |||
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) [Line Items] | |||
Preferred Stock, Liquidation Preference, Value | $ 225,000 | 225,000 | |
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 25,000 | ||
Series K Preferred Stock [Member] | |||
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) [Line Items] | |||
Preferred Stock, Liquidation Preference, Value | $ 175,000 | $ 175,000 | |
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 25,000 | ||
Depositary Share [Member] | |||
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) [Line Items] | |||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 25 | ||
Convertible Units [Member] | |||
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) [Line Items] | |||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 24,400 |
Note 16 - Preferred Stock, C103
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) - Outstanding Preferred Stock - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) - Outstanding Preferred Stock [Line Items] | ||
Shares Authorized | 6,029,100 | 5,959,100 |
Liquidation Preference (in Dollars) | $ 800,000 | $ 975,000 |
Par Value (in Dollars per share) | $ 1 | $ 1 |
Series I Preferred Stock [Member] | ||
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) - Outstanding Preferred Stock [Line Items] | ||
Shares Authorized | 18,400 | 18,400 |
Shares Issued and Outstanding | 16,000 | 16,000 |
Liquidation Preference (in Dollars) | $ 400,000 | $ 400,000 |
Dividend Rate | 6.00% | 6.00% |
Dividend Payout (in Dollars per share) | $ 1.50000 | $ 1.50000 |
Par Value (in Dollars per share) | $ 1 | $ 1 |
Series J Preferred Stock [Member] | ||
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) - Outstanding Preferred Stock [Line Items] | ||
Shares Authorized | 9,000 | 9,000 |
Shares Issued and Outstanding | 9,000 | 9,000 |
Liquidation Preference (in Dollars) | $ 225,000 | $ 225,000 |
Dividend Rate | 5.50% | 5.50% |
Dividend Payout (in Dollars per share) | $ 1.37500 | $ 1.37500 |
Par Value (in Dollars per share) | $ 1 | $ 1 |
Series K Preferred Stock [Member] | ||
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) - Outstanding Preferred Stock [Line Items] | ||
Shares Authorized | 8,050 | 8,050 |
Shares Issued and Outstanding | 7,000 | 7,000 |
Liquidation Preference (in Dollars) | $ 175,000 | $ 175,000 |
Dividend Rate | 5.625% | 5.625% |
Dividend Payout (in Dollars per share) | $ 1.40625 | $ 1.40625 |
Par Value (in Dollars per share) | $ 1 | $ 1 |
Total [Member] | ||
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) - Outstanding Preferred Stock [Line Items] | ||
Shares Authorized | 35,450 | 105,450 |
Shares Issued and Outstanding | 32,000 | 102,000 |
Liquidation Preference (in Dollars) | $ 800,000 | $ 975,000 |
Series H Preferred Stock [Member] | ||
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) - Outstanding Preferred Stock [Line Items] | ||
Shares Authorized | 70,000 | |
Shares Issued and 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 |
Note 16 - Preferred Stock, C104
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) - Preferred Stock Issued - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) - Preferred Stock Issued [Line Items] | |||||
Net Proceeds (in Dollars) | $ 493 | $ 14,047 | $ 9,213 | ||
Series I Preferred Stock [Member] | |||||
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) - Preferred Stock Issued [Line Items] | |||||
Depositary Shares Issued | [1] | 16,000,000 | 16,000,000 | ||
Net Proceeds (in Dollars) | [1] | $ 387,200 | $ 387,200 | ||
Offering/ Redemption Price (in Dollars per share) | [1] | $ 25 | $ 25 | ||
Series J Preferred Stock [Member] | |||||
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) - Preferred Stock Issued [Line Items] | |||||
Depositary Shares Issued | [2] | 9,000,000 | 9,000,000 | ||
Net Proceeds (in Dollars) | [2] | $ 217,800 | $ 217,800 | ||
Offering/ Redemption Price (in Dollars per share) | [2] | $ 25 | $ 25 | ||
Series K Preferred Stock [Member] | |||||
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) - Preferred Stock Issued [Line Items] | |||||
Depositary Shares Issued | [2] | 7,000,000 | 7,000,000 | ||
Net Proceeds (in Dollars) | [2] | $ 169,100 | $ 169,100 | ||
Offering/ Redemption Price (in Dollars per share) | [2] | $ 25 | $ 25 | ||
Series H Preferred Stock [Member] | |||||
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) - Preferred Stock Issued [Line Items] | |||||
Depositary Shares Issued | [3] | 7,000,000 | |||
Net Proceeds (in Dollars) | [3] | $ 169,200 | |||
Offering/ Redemption Price (in Dollars per share) | $ 25 | $ 25 | [3] | ||
[1] | The net proceeds received from this offering were used for the redemption of all the outstanding depositary shares representing the Company's Class F preferred stock, which redemption occurred on August 15, 2012 with the remaining proceeds used towards the redemption of outstanding depositary shares representing the Company's Class G preferred stock, which redemption occurred on October 10, 2012 and general corporate purposes. | ||||
[2] | The net proceeds received from this offering were used for general corporate purposes, including funding towards the repayment of maturing Senior Unsecured Notes. | ||||
[3] | The net proceeds received from this offering were used for general corporate purposes, including the reduction of borrowings outstanding under the Company's revolving credit facility and the redemption of shares of the Company's preferred stock. |
Note 16 - Preferred Stock, C105
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) - Preferred Stock Redeemed - Series H Preferred Stock [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | [1] | |
Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details) - Preferred Stock Redeemed [Line Items] | |||
Series H (1) | 7,000,000 | ||
Series H (1) | $ 175 | ||
Series H (1) | $ 25 | $ 25 | |
[1] | The net proceeds received from this offering were used for general corporate purposes, including the reduction of borrowings outstanding under the Company's revolving credit facility and the redemption of shares of the Company's preferred stock. |
Note 17 - Supplemental Sched106
Note 17 - Supplemental Schedule of Non-cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Non-Cash Investing and Financing Activities [Abstract] | |||
Acquisition of real estate interests by assumption of mortgage debt | $ 84,699 | $ 210,232 | $ 76,477 |
Acquisition of real estate interests through foreclosure | 24,322 | ||
Acquisition of real estate interests by issuance of redeemable units/partnership interests | 8,219 | 3,985 | |
Acquisition of real estate interests through proceeds held in escrow | 89,504 | 179,387 | 42,892 |
Proceeds held in escrow through sale of real estate interests | 71,623 | 197,270 | |
Disposition of real estate interest by assignment of mortgage debt | 47,742 | ||
Disposition of real estate through the issuance of mortgage receivable | 5,730 | 2,728 | 3,513 |
Investment in real estate joint venture through contribution of real estate | 35,080 | ||
Decrease of noncontrolling interests through sale of real estate | 17,650 | ||
Increase in capital expenditures accrual | 8,700 | 11,373 | 996 |
Issuance of common stock | 493 | 14,047 | 9,213 |
Surrender of common stock | (5,682) | (4,051) | (3,891) |
Declaration of dividends paid in succeeding period | 115,182 | 111,143 | 104,496 |
Consolidation of Joint Ventures: | |||
Increase in real estate and other assets | 1,039,335 | 687,538 | 228,200 |
Increase in mortgage payable and other liabilities | $ 750,135 | $ 492,318 | $ 206,489 |
Note 18 - Transactions with 107
Note 18 - Transactions with Related Parties (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 18 - Transactions with Related Parties (Details) [Line Items] | ||||
Payments to Acquire Interest in Joint Venture | $ 91,609 | $ 93,845 | $ 296,550 | |
ABS Venture [Member] | Colony [Member] | ||||
Note 18 - Transactions with Related Parties (Details) [Line Items] | ||||
Payments to Acquire Interest in Joint Venture | $ 100,000 | $ 100,000 | ||
AB Acquisition [Member] | ||||
Note 18 - Transactions with Related Parties (Details) [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 9.80% | |||
AB Acquisition [Member] | Colony [Member] | ||||
Note 18 - Transactions with Related Parties (Details) [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 4.30% | 4.30% | ||
AB Acquisition [Member] | ABS Venture [Member] | ||||
Note 18 - Transactions with Related Parties (Details) [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 14.35% | 14.35% | ||
Ripco [Member] | ||||
Note 18 - Transactions with Related Parties (Details) [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | $ 600 | 300 | 600 | |
Ripco [Member] | Officer [Member] | ||||
Note 18 - Transactions with Related Parties (Details) [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | |||
Prohealth [Member] | ||||
Note 18 - Transactions with Related Parties (Details) [Line Items] | ||||
Property Subject to or Available for Operating Lease, Number of Units | 2 | |||
Prohealth [Member] | Annual Base Rent for Leased Properties [Member] | ||||
Note 18 - Transactions with Related Parties (Details) [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | $ 400 | $ 100 | $ 100 |
Note 19 - Commitments and Co108
Note 19 - Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 19 - Commitments and Contingencies (Details) [Line Items] | |||
Operating Leases, Future Minimum Payments Receivable, Current | $ 825.8 | ||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 741.4 | ||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 636.7 | ||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 541.5 | ||
Operating Leases, Future Minimum Payments Receivable, in Five Years | 446.2 | ||
Operating Leases, Future Minimum Payments Receivable, Thereafter | 1,955.2 | ||
Straight Line Rent | 14.8 | $ 8.4 | $ 4.8 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 12.7 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 12.3 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 12 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 11.2 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 10.7 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | $ 193.6 | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.62% | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 4.97% | ||
Letters of Credit Outstanding, Amount | $ 25.6 | ||
Performance and Surety Bonds | $ 25.4 | ||
Rental Revenue [Member] | Product Concentration Risk [Member] | |||
Note 19 - Commitments and Contingencies (Details) [Line Items] | |||
Concentration Risk, Percentage | 98.00% | 98.00% | 98.00% |
Minimum [Member] | |||
Note 19 - Commitments and Contingencies (Details) [Line Items] | |||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 5 years | ||
Maximum [Member] | |||
Note 19 - Commitments and Contingencies (Details) [Line Items] | |||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 25 years |
Note 19 - Commitments and Co109
Note 19 - Commitments and Contingencies (Details) - Guarantees - Anthem K-12, LP [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Guarantor Obligations [Line Items] | |
Anthem K-12, LP (4 property loans) | $ 31.2 |
Anthem K-12, LP (4 property loans) | Various (1) |
Anthem K-12, LP (4 property loans) | Various (1) |
Anthem K-12, LP (4 property loans) | Jointly and severally with partner |
Note 20 - Incentive Plans (Deta
Note 20 - Incentive Plans (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Note 20 - Incentive Plans (Details) [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 18,500,000 | $ 17,900,000 | $ 18,900,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 28,000,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 219 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 9,095,416 | 9,251,021 | 8,049,534 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit (in Dollars per share) | $ 11.54 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit (in Dollars per share) | $ 53.14 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 73 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 292 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 6 years 292 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in Shares) | 756,441 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ 20.62 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 4,600,000 | |||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 18,700,000 | $ 23,900,000 | $ 30,200,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 7,400,000 | 9,400,000 | $ 7,600,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.85% | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 5.00% | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 170,000 | |||
Defined Contribution Plan, Cost Recognized | 2,100,000 | 2,200,000 | $ 2,100,000 | |
Employee [Member] | ||||
Note 20 - Incentive Plans (Details) [Line Items] | ||||
Severance Costs | $ 4,800,000 | $ 6,300,000 | $ 4,300,000 | |
Restricted Stock [Member] | ||||
Note 20 - Incentive Plans (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number (in Shares) | 1,712,534 | 1,911,145 | 1,591,082 | |
Dividends, Share-based Compensation, Stock | $ 1,800,000 | $ 1,500,000 | $ 1,300,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 25.98 | $ 21.60 | $ 21.58 | |
Performance Shares [Member] | ||||
Note 20 - Incentive Plans (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number (in Shares) | 202,754 | 171,400 | 185,200 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 27.87 | $ 22.65 | $ 24.78 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | [1] | 0.00% | 0.00% | 0.00% |
[1] | Total Shareholder Returns, as used in the performance share awards computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized. |
Note 20 - Incentive Plans (D111
Note 20 - Incentive Plans (Details) - Stock Options - Significant Fair Value Assumptions | 12 Months Ended |
Dec. 31, 2013$ / shares | |
Stock Options - Significant Fair Value Assumptions [Abstract] | |
Weighted average fair value of options granted (in Dollars per share) | $ 5.04 |
Weighted average risk-free interest rates | 1.46% |
Weighted average expected option lives (in years) | 6 years 3 months |
Weighted average expected volatility | 35.95% |
Weighted average expected dividend yield | 3.85% |
Note 20 - Incentive Plans (D112
Note 20 - Incentive Plans (Details) - Stock Options Activity - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Options Activity [Abstract] | |||
Options outstanding, January 1, 2013 | 11,893,761 | 15,374,145 | 16,557,997 |
Options outstanding, January 1, 2013 | $ 30.23 | $ 28.79 | $ 28.42 |
Options outstanding, January 1, 2013 | $ 29.8 | $ 13.1 | $ 14.9 |
Options Outstanding, Shares | 9,012,441 | 11,893,761 | 15,374,145 |
Options Outstanding, Weighted-Average Exercise Price Per Share | $ 31.09 | $ 30.23 | $ 28.79 |
Options Outstanding, Aggregate Intrinsic Value | $ 27.4 | $ 29.8 | $ 13.1 |
Options Exercised, Shares | (1,019,240) | (1,474,432) | (1,636,300) |
Options Exercised, Weighted-Average Exercise Price Per Share | $ 18.36 | $ 16.19 | $ 23.15 |
Granted | 1,354,250 | ||
Granted | $ 21.55 | ||
Options Forfeited, Shares | (1,862,080) | (2,005,952) | (901,802) |
Options Forfeited, Weighted-Average Exercise Price Per Share | $ 32.55 | $ 28.68 | $ 31.38 |
Options exercisable (fully vested) - | |||
Options Exercisable, Shares | 7,617,882 | 10,159,570 | 12,039,439 |
Options Exercisable, Weighted-Average Exercise Price Per Share | $ 32.90 | $ 31.96 | $ 31.24 |
Options Exercisable, Aggregate Intrinsic Value | $ 20 | $ 19.9 | $ 8.2 |
Note 20 - Incentive Plans (D113
Note 20 - Incentive Plans (Details) - Restricted Stock Activity - Restricted Stock [Member] - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 20 - Incentive Plans (Details) - Restricted Stock Activity [Line Items] | |||
Restricted stock outstanding as of January 1, | 1,911,145 | 1,591,082 | 1,562,912 |
Granted | 729,160 | 804,465 | 549,263 |
Vested | (875,202) | (418,309) | (430,378) |
Forfeited | (52,569) | (66,093) | (90,715) |
Restricted stock outstanding as of December 31, | 1,712,534 | 1,911,145 | 1,591,082 |
Note 20 - Incentive Plans (D114
Note 20 - Incentive Plans (Details) - Performance Shares Significant Fair Value Assumptions - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Note 20 - Incentive Plans (Details) - Performance Shares Significant Fair Value Assumptions [Line Items] | ||||
Dividend yield (1) | 3.85% | |||
Risk-free rate | 1.46% | |||
Volatility | 35.95% | |||
Term of the award (years) | 6 years 3 months | |||
Performance Shares [Member] | ||||
Note 20 - Incentive Plans (Details) - Performance Shares Significant Fair Value Assumptions [Line Items] | ||||
Stock price (in Dollars per share) | $ 26.83 | $ 21.49 | $ 21.54 | |
Dividend yield (1) | [1] | 0.00% | 0.00% | 0.00% |
Risk-free rate | 0.98% | 0.65% | 0.14% | |
Volatility | 16.81% | 25.93% | 16.90% | |
Term of the award (years) | 321 days | |||
[1] | Total Shareholder Returns, as used in the performance share awards computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized. |
Note 21 - Income Taxes (Details
Note 21 - Income Taxes (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Note 21 - Income Taxes (Details) [Line Items] | |||||
Required Dividend Payout | 90.00% | ||||
Effective Income Tax Rate, Reconciliation Deductions, One-time Allowable Deduction | $ 85,900 | ||||
Deferred Tax Assets, Net | 55,000 | $ 75,541 | |||
Deferred Tax Assets, Property, Plant and Equipment | 49,600 | ||||
Deferred Tax Liabilities, Property, Plant and Equipment | 19,300 | ||||
Deferred Tax Assets, Operating Loss Carryforwards | [1] | 40,100 | 51,142 | ||
Deferred Tax Assets, Other Loss Carryforwards | 1,549 | 3,843 | |||
Deferred Tax Assets, Tax Credit Carryforwards | 5,304 | 3,899 | |||
Deferred Tax Assets, Capital Loss Carryforwards | 4,593 | 3,995 | |||
Taxable Income | 454,035 | 300,667 | $ 249,891 | ||
Deferred Tax Assets, Net of Valuation Allowance | 77,819 | 107,856 | |||
Income Tax Examination, Potential Penalty, Percent | 100.00% | ||||
Income Tax Examination, Penalties Expense | $ 40,900 | ||||
Unrecognized Tax Benefits | 4,263 | 4,649 | 4,590 | ||
Related Parties [Member] | |||||
Note 21 - Income Taxes (Details) [Line Items] | |||||
Deferred Tax Assets, Other Loss Carryforwards | 1,500 | ||||
KRS [Member] | |||||
Note 21 - Income Taxes (Details) [Line Items] | |||||
Deferred Tax Assets, Operating Loss Carryforwards | 15,100 | ||||
Deferred Tax Assets, Tax Credit Carryforwards, General Business | 2,500 | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 2,800 | ||||
Taxable Income | 31,900 | 49,300 | |||
Operating Loss Carryforwards | 70,300 | 119,600 | |||
Deferred Tax Assets, Net of Valuation Allowance | 41,200 | ||||
KRS [Member] | Used [Member] | |||||
Note 21 - Income Taxes (Details) [Line Items] | |||||
Operating Loss Carryforwards | 31,900 | $ 49,300 | |||
FNC Realty Corporation [Member] | |||||
Note 21 - Income Taxes (Details) [Line Items] | |||||
Deferred Tax Assets, Operating Loss Carryforwards | 40,100 | ||||
Deferred Tax Assets, Valuation Allowance | 25,000 | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (8,700) | ||||
CHILE | |||||
Note 21 - Income Taxes (Details) [Line Items] | |||||
Tax Withholdings and Transaction Taxes Amount | 500 | ||||
CANADA | |||||
Note 21 - Income Taxes (Details) [Line Items] | |||||
Unrecognized Tax Benefits | 5,100 | ||||
Parent Company [Member] | |||||
Note 21 - Income Taxes (Details) [Line Items] | |||||
Deferred Tax Assets, Tax Credit Carryforwards | 5,300 | ||||
Deferred Tax Assets, Capital Loss Carryforwards | 4,600 | ||||
Canada Revenue Agency [Member] | |||||
Note 21 - Income Taxes (Details) [Line Items] | |||||
Current Foreign Tax Expense (Benefit) | $ 53,500 | ||||
Canada Revenue Agency [Member] | Disposed [Member] | |||||
Note 21 - Income Taxes (Details) [Line Items] | |||||
Number of Real Estate Properties | 32 | ||||
REIT Eligibility [Member] | |||||
Note 21 - Income Taxes (Details) [Line Items] | |||||
Number of Years | 4 years | ||||
Foreign Tax Authority [Member] | |||||
Note 21 - Income Taxes (Details) [Line Items] | |||||
Deferred Tax Liabilities, Net | $ 1,800 | ||||
Minimum [Member] | Statute of Limitations [Member] | |||||
Note 21 - Income Taxes (Details) [Line Items] | |||||
Number of Years | 3 years | ||||
Maximum [Member] | Statute of Limitations [Member] | |||||
Note 21 - Income Taxes (Details) [Line Items] | |||||
Number of Years | 7 years | ||||
[1] | Expiration dates ranging from 2021 to 2033 |
Note 21 - Income Taxes (Deta116
Note 21 - Income Taxes (Details) - GAAP Net Income/(Loss) to Taxable Income Reconciliation - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Note 21 - Income Taxes (Details) - GAAP Net Income/(Loss) to Taxable Income Reconciliation [Line Items] | ||||||||||||
GAAP net income | $ 379,201 | $ 77,572 | $ 127,000 | $ 310,342 | $ 52,781 | $ 194,708 | $ 89,512 | $ 87,000 | $ 894,115 | $ 424,001 | $ 236,281 | |
Net book depreciation in excess of tax depreciation | 12,861 | 24,890 | 32,906 | |||||||||
Capitalized leasing/legal commissions | (10,000) | (13,576) | ||||||||||
Deferred/prepaid/above and below market rents, net | (33,006) | (17,967) | (11,985) | |||||||||
Fair market value debt amortization | (21,956) | (6,236) | (3,510) | |||||||||
Book/tax differences from investments in real estate joint ventures | 27,462 | 8,614 | (11,928) | |||||||||
Book/tax difference on sale of property | (118,287) | (146,173) | 36,896 | |||||||||
Foreign income tax from capital gains | 2,759 | (31,130) | ||||||||||
Cumulative foreign currency translation adjustment & deferred tax adjustment | 20,851 | 139,976 | 5,095 | |||||||||
Book adjustment to property carrying values and marketable equity securities | 7,861 | 62,817 | 22,811 | |||||||||
Taxable currency exchange loss, net | (44,938) | $ (100,602) | $ (25,958) | |||||||||
Tangible property regulations deduction (b) | [1] | (130,000) | ||||||||||
Dividends from taxable REIT subsidiaries | 65 | $ 67,590 | $ 2,980 | |||||||||
GAAP change in control gain | (149,407) | (107,235) | 9,147 | |||||||||
Other book/tax differences, net | 229 | |||||||||||
Adjusted REIT taxable income | 454,035 | 300,667 | 249,891 | |||||||||
GAAP net loss/(income) of taxable REIT subsidiaries [Member] | ||||||||||||
Note 21 - Income Taxes (Details) - GAAP Net Income/(Loss) to Taxable Income Reconciliation [Line Items] | ||||||||||||
Less: GAAP net income of taxable REIT subsidiaries | (11,727) | (13,110) | (5,950) | |||||||||
GAAP net income from REIT operations [Member] | ||||||||||||
Note 21 - Income Taxes (Details) - GAAP Net Income/(Loss) to Taxable Income Reconciliation [Line Items] | ||||||||||||
GAAP net income | [2] | 882,388 | 410,891 | 230,331 | ||||||||
Other Credit Derivatives [Member] | ||||||||||||
Note 21 - Income Taxes (Details) - GAAP Net Income/(Loss) to Taxable Income Reconciliation [Line Items] | ||||||||||||
Other book/tax differences, net | 15,262 | (16,100) | (3,262) | |||||||||
Restricted Stock [Member] | ||||||||||||
Note 21 - Income Taxes (Details) - GAAP Net Income/(Loss) to Taxable Income Reconciliation [Line Items] | ||||||||||||
Sharebased Compensation | (3,094) | (1,078) | (2,247) | |||||||||
Employee Stock Option [Member] | ||||||||||||
Note 21 - Income Taxes (Details) - GAAP Net Income/(Loss) to Taxable Income Reconciliation [Line Items] | ||||||||||||
Sharebased Compensation | $ (4,786) | $ (5,144) | $ (255) | |||||||||
[1] | In September 2013, the Internal Revenue Service released final Regulations governing when taxpayers like the Company must capitalize and depreciate costs for acquiring, maintaining, repairing and replacing tangible property and when taxpayers can deduct such costs. These Regulations permitted the Company to deduct certain types of expenditures that were previously required to be capitalized. The Regulations also allowed the Company to make a one-time election to immediately deduct certain amounts that were capitalized in previous years that are not required to be capitalized under the new Regulations. The Company elected to take its one-time allowable deduction in 2015, which totaled approximately $85.9 million. | |||||||||||
[2] | All adjustments to "GAAP net income from REIT operations" are net of amounts attributable to noncontrolling interest and taxable REIT subsidiaries. |
Note 21 - Income Taxes (Deta117
Note 21 - Income Taxes (Details) - Taxable Characteristics of Distributions Paid - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Preferred H Dividends | |||
Dividends distributed, amount | $ 454,036 | $ 426,344 | $ 399,030 |
Series H Preferred Stock [Member] | |||
Preferred H Dividends | |||
Ordinary income, amount | $ 6,762 | $ 8,694 | |
Ordinary income, percent | 56.00% | 72.00% | |
Capital gain, amount | $ 13,417 | $ 5,313 | $ 3,381 |
Capital gain, percent | 100.00% | 44.00% | 28.00% |
Dividends distributed, amount | $ 13,417 | $ 12,075 | $ 12,075 |
Dividends distributed, percent | 100.00% | 100.00% | 100.00% |
Series I Preferred Stock [Member] | |||
Preferred H Dividends | |||
Ordinary income, amount | $ 13,440 | $ 17,280 | |
Ordinary income, percent | 56.00% | 72.00% | |
Capital gain, amount | $ 24,000 | $ 10,560 | $ 6,720 |
Capital gain, percent | 100.00% | 44.00% | 28.00% |
Dividends distributed, amount | $ 24,000 | $ 24,000 | $ 24,000 |
Dividends distributed, percent | 100.00% | 100.00% | 100.00% |
Series J Preferred Stock [Member] | |||
Preferred H Dividends | |||
Ordinary income, amount | $ 6,930 | $ 8,910 | |
Ordinary income, percent | 56.00% | 72.00% | |
Capital gain, amount | $ 12,375 | $ 5,445 | $ 3,465 |
Capital gain, percent | 100.00% | 44.00% | 28.00% |
Dividends distributed, amount | $ 12,375 | $ 12,375 | $ 12,375 |
Dividends distributed, percent | 100.00% | 100.00% | 100.00% |
Series K Preferred Stock [Member] | |||
Preferred H Dividends | |||
Ordinary income, amount | $ 5,513 | $ 6,064 | |
Ordinary income, percent | 56.00% | 72.00% | |
Capital gain, amount | $ 9,844 | $ 4,331 | $ 2,358 |
Capital gain, percent | 100.00% | 44.00% | 28.00% |
Dividends distributed, amount | $ 9,844 | $ 9,844 | $ 8,422 |
Dividends distributed, percent | 100.00% | 100.00% | 100.00% |
Common Stock [Member] | |||
Preferred H Dividends | |||
Ordinary income, amount | $ 132,498 | $ 157,393 | |
Ordinary income, percent | 36.00% | 46.00% | |
Capital gain, amount | $ 394,400 | $ 103,054 | $ 61,588 |
Capital gain, percent | 100.00% | 28.00% | 18.00% |
Return of capital | $ 132,498 | $ 123,177 | |
Return of capital | 36.00% | 36.00% | |
Dividends distributed, amount | $ 394,400 | $ 368,050 | $ 342,158 |
Dividends distributed, percent | 100.00% | 100.00% | 100.00% |
Note 21 - Income Taxes (Deta118
Note 21 - Income Taxes (Details) - Taxable Income and Provisions for Income Taxes - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Note 21 - Income Taxes (Details) - Taxable Income and Provisions for Income Taxes [Line Items] | ||||
Income/(loss) before income taxes – U.S. | $ 23,729 | $ 22,176 | $ (4,849) | |
Federal : | ||||
Federal tax (provision)/benefit | (12,002) | (9,066) | 10,799 | |
State and local: | ||||
Total tax (provision)/benefit – U.S. | (60,230) | (22,438) | (32,654) | |
Net income from U.S. taxable REIT subsidiaries | 900,143 | 435,880 | 241,353 | |
Taxable REIT Subsidiaries [Member] | ||||
Federal : | ||||
Current | (638) | (522) | (1,647) | |
Deferred | (7,355) | (7,156) | 9,725 | |
Federal tax (provision)/benefit | (7,993) | (7,678) | 8,078 | |
State and local: | ||||
Current | (2,535) | (165) | 1,159 | |
Deferred | (1,474) | (1,223) | 1,562 | |
State tax (provision)/benefit | (4,009) | (1,388) | 2,721 | |
Total tax (provision)/benefit – U.S. | (12,002) | (9,066) | 10,799 | |
Net income from U.S. taxable REIT subsidiaries | 11,727 | 13,110 | 5,950 | |
Income before taxes – Non-U.S. | 381,999 | 116,184 | 188,215 | |
(Provision)/benefit for Non-U.S. income taxes: | ||||
Current (1) | [1] | (58,365) | (18,131) | (30,102) |
Deferred | 4,331 | (6,749) | 2,045 | |
Non-U.S. tax provision | $ (54,034) | $ (24,880) | $ (28,057) | |
[1] | Includes $53.5 million in expense related to the sale of interest in 32 properties located in Canada. |
Note 21 - Income Taxes (Deta119
Note 21 - Income Taxes (Details) - Deferred Tax Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred tax assets: | |||
Tax/GAAP basis differences | $ 49,600 | ||
Total deferred tax assets | 77,819 | $ 107,856 | |
Net deferred tax assets | 55,000 | 75,541 | |
Net operating losses (1) | [1] | 40,100 | 51,142 |
Related party deferred losses | 1,549 | 3,843 | |
Tax credit carryforwards | 5,304 | 3,899 | |
Capital loss carryforwards | 4,593 | 3,995 | |
Charitable contribution carryforwards | 22 | 11 | |
Domestic [Member] | |||
Deferred tax assets: | |||
Tax/GAAP basis differences | 49,601 | 68,702 | |
Valuation allowance | (25,045) | (25,045) | |
Deferred tax liabilities | (19,326) | (25,503) | |
Foreign [Member] | |||
Deferred tax assets: | |||
Tax/GAAP basis differences | 4,555 | 10,566 | |
Valuation allowance | (2,860) | (9,257) | |
Deferred tax liabilities | $ (3,493) | $ (6,812) | |
[1] | Expiration dates ranging from 2021 to 2033 |
Note 21 - Income Taxes (Deta120
Note 21 - Income Taxes (Details) - Statutory Income Tax to Effective Income Tax Reconciliation - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statutory Income Tax to Effective Income Tax Reconciliation [Abstract] | |||
Federal provision/(benefit) at statutory tax rate (35%) | $ 8,304 | $ 7,762 | $ (1,697) |
State and local provision/(benefit), net of federal benefit | 3,698 | 1,304 | (205) |
Acquisition of FNC | (9,126) | ||
Other | 229 | ||
Total tax provision/(benefit) – U.S. | $ 12,002 | $ 9,066 | $ (10,799) |
Note 21 - Income Taxes (Deta121
Note 21 - Income Taxes (Details) - Statutory Income Tax to Effective Income Tax Reconciliation (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statutory Income Tax to Effective Income Tax Reconciliation [Abstract] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Note 21 - Income Taxes (Deta122
Note 21 - Income Taxes (Details) - Uncertain Tax Benefits Liability - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Uncertain Tax Benefits Liability [Abstract] | ||
Balance, beginning of year | $ 4,649 | $ 4,590 |
Increases for tax positions related to current year | 1,084 | 59 |
Reductions due to lapsed statute of limitations | (1,470) | |
Balance, end of year | $ 4,263 | $ 4,649 |
Note 22 - Accumulated Other 123
Note 22 - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | |||
Note 22 - Accumulated Other Comprehensive Income (Details) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 21,073 | $ (134,351) | ||
CANADA | ||||
Note 22 - Accumulated Other Comprehensive Income (Details) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 6,600 | |||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Note 22 - Accumulated Other Comprehensive Income (Details) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (18,780) | [1] | (134,351) | [2] |
Gain on Disposition of Operating Properties, Net of Tax [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | CHILE | ||||
Note 22 - Accumulated Other Comprehensive Income (Details) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (19,600) | |||
Equity in Income of Joint Ventures, Net [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | CHILE | ||||
Note 22 - Accumulated Other Comprehensive Income (Details) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 800 | |||
Impairment/Loss On Operating Properties, Net of Tax [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Latin America [Member] | ||||
Note 22 - Accumulated Other Comprehensive Income (Details) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (92,900) | |||
Equity in Income of Joint Ventures [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Latin America [Member] | ||||
Note 22 - Accumulated Other Comprehensive Income (Details) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (47,300) | |||
Net Income Attributable to Noncontrolling Interest [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Latin America [Member] | ||||
Note 22 - Accumulated Other Comprehensive Income (Details) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (5,800) | |||
[1] | During 2015, the Company recognized a cumulative foreign currency translation loss as a result of the liquidation of the Company's investment in Chile. Amounts were reclassified on the Company's Consolidated Statements of Income as follows (i) $19.6 million of loss was reclassified to Gain on sale of operating properties, net of tax, offset by (ii) $0.8 million of gain was reclassified to Equity in income of joint ventures, net. | |||
[2] | During 2014, the Company recognized a cumulative foreign currency translation loss as a result of the substantial liquidation of the Company's investment in Mexico and Peru. Amounts were reclassified on the Company's Consolidated Statements of Income as follows (i) $92.9 million of loss was reclassified to Impairment/loss on operating properties sold, net of tax, within Discontinued operations (ii) $47.3 million of loss was reclassified to Equity in income of joint ventures, net and (iii) $5.8 million of a loss was reclassified to Net income attributable to noncontrolling interest. |
Note 22 - Accumulated Other 124
Note 22 - Accumulated Other Comprehensive Income (Details) - Components of Accumulated Other Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance as of January 1, 2015 | $ 45,122 | $ (64,982) | |||
Other comprehensive income before reclassifications | (18,461) | (24,247) | |||
Amounts reclassified from AOCI | (21,073) | 134,351 | |||
Net current-period other comprehensive income | (39,534) | 110,104 | |||
Balance as of December 31, 2015 | 5,588 | 45,122 | |||
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 | (12,493) | (43,045) | |||
Amounts reclassified from AOCI | 18,780 | [1] | 134,351 | [2] | |
Net current-period other comprehensive income | 6,287 | 91,306 | |||
Balance as of December 31, 2015 | 6,616 | 329 | |||
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 | (5,946) | 20,202 | |||
Amounts reclassified from AOCI | [3] | (39,853) | |||
Net current-period other comprehensive income | (45,799) | 20,202 | |||
Balance as of December 31, 2015 | 398 | 46,197 | |||
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 | (22) | (1,404) | |||
Net current-period other comprehensive income | (22) | (1,404) | |||
Balance as of December 31, 2015 | $ (1,426) | $ (1,404) | |||
[1] | During 2015, the Company recognized a cumulative foreign currency translation loss as a result of the liquidation of the Company's investment in Chile. Amounts were reclassified on the Company's Consolidated Statements of Income as follows (i) $19.6 million of loss was reclassified to Gain on sale of operating properties, net of tax, offset by (ii) $0.8 million of gain was reclassified to Equity in income of joint ventures, net. | ||||
[2] | During 2014, the Company recognized a cumulative foreign currency translation loss as a result of the substantial liquidation of the Company's investment in Mexico and Peru. Amounts were reclassified on the Company's Consolidated Statements of Income as follows (i) $92.9 million of loss was reclassified to Impairment/loss on operating properties sold, net of tax, within Discontinued operations (ii) $47.3 million of loss was reclassified to Equity in income of joint ventures, net and (iii) $5.8 million of a loss was reclassified to Net income attributable to noncontrolling interest. | ||||
[3] | Amounts reclassified to Interest, dividends and other investment income on the Company's Consolidated Statements of Income. |
Note 23 - Supplemental Finan125
Note 23 - Supplemental Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Jun. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | ||||
Proceeds from Divestiture of Real Estate Partnership | $ 54,600 | $ 54,600 | $ 54,600 | $ 373,833 |
Note 23 - Supplemental Finan126
Note 23 - Supplemental Financial Information (Details) - Quarterly Results of Operations - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Quarterly Results of Operations [Abstract] | |||||||||||||||
Revenues from rental properties | $ 296,501 | $ 283,387 | $ 289,080 | $ 275,506 | $ 255,749 | [1] | $ 246,555 | [1] | $ 237,432 | [1] | $ 219,152 | [1] | $ 1,144,474 | $ 958,888 | $ 825,210 |
Net income attributable to the Company | $ 379,201 | $ 77,572 | $ 127,000 | $ 310,342 | $ 52,781 | $ 194,708 | $ 89,512 | $ 87,000 | $ 894,115 | $ 424,001 | $ 236,281 | ||||
Net income per common share: | |||||||||||||||
Basic | $ 0.87 | $ 0.15 | $ 0.27 | $ 0.72 | $ 0.09 | $ 0.44 | $ 0.18 | $ 0.18 | $ 2.01 | $ 0.89 | $ 0.43 | ||||
Diluted | $ 0.87 | $ 0.15 | $ 0.27 | $ 0.71 | $ 0.09 | $ 0.44 | $ 0.18 | $ 0.18 | $ 2 | $ 0.89 | $ 0.43 | ||||
[1] | All periods have been adjusted to reflect the impact of operating properties sold during 2014, which are reflected in the caption Discontinued operations on the accompanying Consolidated Statements of Income. Upon the adoption of ASU 2014-08 on January 1, 2015, individual property dispositions will no longer qualify as a discontinued operation under the new guidance. |
Note 24 - Captive Insurance 127
Note 24 - Captive Insurance Company: (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 24 - Captive Insurance Company: (Details) [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 25,600,000 | |
Kimco Insurance Company [Member] | ||
Note 24 - Captive Insurance Company: (Details) [Line Items] | ||
Captive Insurance, Percentage of Occurance Risk Layer | 100.00% | |
Captive Insurance, Obligation Per Occurrence | $ 250,000 | |
Letters of Credit Outstanding, Amount | 23,000,000 | $ 22,000,000 |
Decrease in Incurred Insurance Losses and Loss Adjustment Expenses | 700,000 | $ 1,700,000 |
Minimum [Member] | Kimco Insurance Company [Member] | ||
Note 24 - Captive Insurance Company: (Details) [Line Items] | ||
Captive Insurance, Annual Aggregates Per Policy | $ 7,800,000 | |
Captive Insurance, Obligations to Reinsurance Provider, Percent of Incurred Losses | 9.50% | |
Maximum [Member] | Kimco Insurance Company [Member] | ||
Note 24 - Captive Insurance Company: (Details) [Line Items] | ||
Captive Insurance, Annual Aggregates Per Policy | $ 10,700,000 | |
Captive Insurance, Obligations to Reinsurance Provider, Percent of Incurred Losses | 12.20% |
Note 24 - Captive Insurance 128
Note 24 - Captive Insurance Company: (Details) - Activity in the Liability for Unpaid Losses and Loss Adjustment Expenses - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Activity in the Liability for Unpaid Losses and Loss Adjustment Expenses [Abstract] | ||
Balance at the beginning of the year | $ 18,078 | $ 17,602 |
Incurred related to: | ||
Current year | 7,469 | 7,281 |
Prior years | 652 | (1,671) |
Total incurred | 8,121 | 5,610 |
Paid related to: | ||
Current year | (1,214) | (1,497) |
Prior years | (4,939) | (3,637) |
Total paid | (6,153) | (5,134) |
Balance at the end of the year | $ 20,046 | $ 18,078 |
Note 25 - Pro Forma Financia129
Note 25 - Pro Forma Financial Information (Unaudited) (Details) - Pro Forma Financial Information - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pro Forma Financial Information [Abstract] | ||
Revenues from rental properties | $ 1,141.6 | $ 1,150.2 |
Net income | 594.4 | 344.4 |
Net income available to the Company’s common shareholders | $ 525.5 | $ 280.8 |
Net income attributable to the Company’s common shareholders per common share: | ||
Basic (in Dollars per share) | $ 1.27 | $ 0.68 |
Diluted (in Dollars per share) | $ 1.26 | $ 0.67 |
Schedule II - Valuation and 130
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation Allowance [Line Items] | |||
Balance at beginning of period | $ 10,368 | $ 10,771 | $ 16,402 |
Charged to expenses | 7,333 | 3,886 | 3,521 |
Deductions | (3,783) | (4,289) | (9,152) |
Balance at end of period | 13,918 | 10,368 | 10,771 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation Allowance [Line Items] | |||
Balance at beginning of period | 34,302 | 63,712 | 71,912 |
Adjustments to valuation accounts | (6,397) | (29,410) | (8,200) |
Balance at end of period | $ 27,905 | $ 34,302 | $ 63,712 |
Schedule III - Real Estate a131
Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Schedule III - Real Estate and Accumulated Depreciation (Details) [Line Items] | |
SEC Schedule III, Real Estate, Federal Income Tax Basis (in Dollars) | $ 9.3 |
Minimum [Member] | Buildings Held for Investment [Member] | |
Schedule III - Real Estate and Accumulated Depreciation (Details) [Line Items] | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years |
Maximum [Member] | Buildings Held for Investment [Member] | |
Schedule III - Real Estate and Accumulated Depreciation (Details) [Line Items] | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years |
Schedule III - Real Estate a132
Schedule III - Real Estate and Accumulated Depreciation (Details) - Real Estate and Accumulated Depreciation - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | $ 2,853,630,857 | |||
Initial Cost - Building and Improvement | 7,282,419,701 | |||
Subsequent to Acquisition | 1,432,758,568 | |||
Land | 2,856,180,013 | |||
Building and Improvement | 8,712,629,113 | |||
Total | 11,568,809,126 | $ 10,018,225,775 | $ 9,123,343,869 | $ 8,947,286,646 |
Accumulated Depreciation | 2,115,319,888 | 1,955,405,720 | $ 1,878,680,836 | $ 1,745,461,577 |
Total Cost, Net of Accumulated Depreciation | 9,453,489,238 | $ 8,062,820,000 | ||
Encumbrances | 1,614,981,830 | |||
Key Bank Building [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,500,000 | |||
Initial Cost - Building and Improvement | 40,486,755 | |||
Land | 1,500,000 | |||
Building and Improvement | 40,486,755 | |||
Total | 41,986,755 | |||
Accumulated Depreciation | 17,426,239 | |||
Total Cost, Net of Accumulated Depreciation | 24,560,516 | |||
The Grove [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 18,951,763 | |||
Initial Cost - Building and Improvement | 6,403,809 | |||
Subsequent to Acquisition | 28,693,367 | |||
Land | 15,575,865 | |||
Building and Improvement | 38,473,074 | |||
Total | 54,048,939 | |||
Accumulated Depreciation | 5,701,359 | |||
Total Cost, Net of Accumulated Depreciation | 48,347,580 | |||
Chandler Auto Malls [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 9,318,595 | |||
Subsequent to Acquisition | (8,299,980) | |||
Land | 972,382 | |||
Building and Improvement | 46,233 | |||
Total | 1,018,615 | |||
Accumulated Depreciation | 4,510 | |||
Total Cost, Net of Accumulated Depreciation | 1,014,105 | |||
El Mirage [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,786,441 | |||
Initial Cost - Building and Improvement | 503,987 | |||
Subsequent to Acquisition | 130,064 | |||
Land | 6,786,441 | |||
Building and Improvement | 634,051 | |||
Total | 7,420,492 | |||
Accumulated Depreciation | 59,438 | |||
Total Cost, Net of Accumulated Depreciation | 7,361,054 | |||
Talavi Town Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 8,046,677 | |||
Initial Cost - Building and Improvement | 17,291,542 | |||
Subsequent to Acquisition | 3,799 | |||
Land | 8,046,677 | |||
Building and Improvement | 17,295,341 | |||
Total | 25,342,018 | |||
Accumulated Depreciation | 9,941,986 | |||
Total Cost, Net of Accumulated Depreciation | 15,400,032 | |||
Mesa Pavilions North [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,060,018 | |||
Initial Cost - Building and Improvement | 35,955,005 | |||
Subsequent to Acquisition | 510,737 | |||
Land | 6,060,018 | |||
Building and Improvement | 36,465,741 | |||
Total | 42,525,759 | |||
Accumulated Depreciation | 7,547,112 | |||
Total Cost, Net of Accumulated Depreciation | 34,978,647 | |||
Mesa Riverview [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 15,000,000 | |||
Subsequent to Acquisition | 138,318,768 | |||
Land | 307,992 | |||
Building and Improvement | 153,010,776 | |||
Total | 153,318,768 | |||
Accumulated Depreciation | 43,732,712 | |||
Total Cost, Net of Accumulated Depreciation | 109,586,056 | |||
Mesa Pavillions - South [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 148,508 | |||
Subsequent to Acquisition | 148,160 | |||
Building and Improvement | 296,668 | |||
Total | 296,668 | |||
Accumulated Depreciation | 108,869 | |||
Total Cost, Net of Accumulated Depreciation | 187,799 | |||
Metro Square [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,101,017 | |||
Initial Cost - Building and Improvement | 16,410,632 | |||
Subsequent to Acquisition | 1,166,725 | |||
Land | 4,101,017 | |||
Building and Improvement | 17,577,356 | |||
Total | 21,678,373 | |||
Accumulated Depreciation | 7,893,765 | |||
Total Cost, Net of Accumulated Depreciation | 13,784,608 | |||
Hayden Plaza North [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,015,726 | |||
Initial Cost - Building and Improvement | 4,126,509 | |||
Subsequent to Acquisition | 5,021,774 | |||
Land | 2,015,726 | |||
Building and Improvement | 9,148,283 | |||
Total | 11,164,009 | |||
Accumulated Depreciation | 3,783,112 | |||
Total Cost, Net of Accumulated Depreciation | 7,380,897 | |||
Plaza Del Sol [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,324,501 | |||
Initial Cost - Building and Improvement | 21,269,943 | |||
Subsequent to Acquisition | 1,872,367 | |||
Land | 4,577,869 | |||
Building and Improvement | 23,888,941 | |||
Total | 28,466,810 | |||
Accumulated Depreciation | 7,632,654 | |||
Total Cost, Net of Accumulated Depreciation | 20,834,156 | |||
Plaza @ Mountainside [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,450,341 | |||
Initial Cost - Building and Improvement | 9,802,046 | |||
Subsequent to Acquisition | 1,597,558 | |||
Land | 2,450,341 | |||
Building and Improvement | 11,399,604 | |||
Total | 13,849,945 | |||
Accumulated Depreciation | 5,340,946 | |||
Total Cost, Net of Accumulated Depreciation | 8,508,999 | |||
Pinacle Peak- N. Canyon Ranch [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,228,000 | |||
Initial Cost - Building and Improvement | 8,774,694 | |||
Subsequent to Acquisition | 41,458 | |||
Land | 1,228,000 | |||
Building and Improvement | 8,816,152 | |||
Total | 10,044,152 | |||
Accumulated Depreciation | 2,663,503 | |||
Total Cost, Net of Accumulated Depreciation | 7,380,649 | |||
Encumbrances | 585,954 | |||
Village Crossroads [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,662,554 | |||
Initial Cost - Building and Improvement | 24,981,223 | |||
Subsequent to Acquisition | 622,911 | |||
Land | 5,662,554 | |||
Building and Improvement | 25,604,133 | |||
Total | 31,266,687 | |||
Accumulated Depreciation | 3,587,674 | |||
Total Cost, Net of Accumulated Depreciation | 27,679,013 | |||
North Valley [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,861,564 | |||
Initial Cost - Building and Improvement | 18,200,901 | |||
Subsequent to Acquisition | 5,870,198 | |||
Land | 3,861,272 | |||
Building and Improvement | 27,071,391 | |||
Total | 30,932,663 | |||
Accumulated Depreciation | 3,587,037 | |||
Total Cost, Net of Accumulated Depreciation | 27,345,626 | |||
Christown Spectrum Mall [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 33,831,348 | |||
Initial Cost - Building and Improvement | 91,004,070 | |||
Land | 33,831,348 | |||
Building and Improvement | 91,004,070 | |||
Total | 124,835,418 | |||
Accumulated Depreciation | 256,808 | |||
Total Cost, Net of Accumulated Depreciation | 124,578,610 | |||
Encumbrances | 65,928,239 | |||
Asante Retail Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 8,702,635 | |||
Initial Cost - Building and Improvement | 3,405,683 | |||
Subsequent to Acquisition | 2,865,559 | |||
Land | 11,039,472 | |||
Building and Improvement | 3,934,405 | |||
Total | 14,973,877 | |||
Accumulated Depreciation | 343,277 | |||
Total Cost, Net of Accumulated Depreciation | 14,630,600 | |||
Surprise Spectrum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,138,760 | |||
Initial Cost - Building and Improvement | 94,572 | |||
Subsequent to Acquisition | 1,035 | |||
Land | 4,138,760 | |||
Building and Improvement | 95,607 | |||
Total | 4,234,367 | |||
Accumulated Depreciation | 9,207 | |||
Total Cost, Net of Accumulated Depreciation | 4,225,160 | |||
Bell Camino Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,427,465 | |||
Initial Cost - Building and Improvement | 6,439,065 | |||
Subsequent to Acquisition | 209,620 | |||
Land | 2,427,465 | |||
Building and Improvement | 6,648,685 | |||
Total | 9,076,150 | |||
Accumulated Depreciation | 1,477,827 | |||
Total Cost, Net of Accumulated Depreciation | 7,598,323 | |||
College Park Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,276,951 | |||
Initial Cost - Building and Improvement | 7,741,323 | |||
Subsequent to Acquisition | 856,801 | |||
Land | 3,276,951 | |||
Building and Improvement | 8,598,123 | |||
Total | 11,875,074 | |||
Accumulated Depreciation | 1,555,259 | |||
Total Cost, Net of Accumulated Depreciation | 10,319,815 | |||
Costco Plaza - 541 [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,995,639 | |||
Initial Cost - Building and Improvement | 19,982,557 | |||
Subsequent to Acquisition | 441,127 | |||
Land | 4,995,639 | |||
Building and Improvement | 20,423,684 | |||
Total | 25,419,323 | |||
Accumulated Depreciation | 9,360,618 | |||
Total Cost, Net of Accumulated Depreciation | 16,058,705 | |||
Lakewood Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,294,176 | |||
Initial Cost - Building and Improvement | 3,669,266 | |||
Subsequent to Acquisition | (224,220) | |||
Building and Improvement | 4,739,223 | |||
Total | 4,739,223 | |||
Accumulated Depreciation | 745,384 | |||
Total Cost, Net of Accumulated Depreciation | 3,993,839 | |||
Madison Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,874,396 | |||
Initial Cost - Building and Improvement | 23,476,190 | |||
Subsequent to Acquisition | 2,079,411 | |||
Land | 5,874,396 | |||
Building and Improvement | 25,555,602 | |||
Total | 31,429,998 | |||
Accumulated Depreciation | 11,081,735 | |||
Total Cost, Net of Accumulated Depreciation | 20,348,263 | |||
Broadway Plaza - 544 [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,460,743 | |||
Initial Cost - Building and Improvement | 25,863,153 | |||
Subsequent to Acquisition | 11,853,666 | |||
Land | 6,460,743 | |||
Building and Improvement | 37,716,819 | |||
Total | 44,177,562 | |||
Accumulated Depreciation | 14,896,221 | |||
Total Cost, Net of Accumulated Depreciation | 29,281,341 | |||
Corona Hills Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 13,360,965 | |||
Initial Cost - Building and Improvement | 53,373,453 | |||
Subsequent to Acquisition | 7,229,824 | |||
Land | 13,360,965 | |||
Building and Improvement | 60,603,277 | |||
Total | 73,964,242 | |||
Accumulated Depreciation | 28,056,779 | |||
Total Cost, Net of Accumulated Depreciation | 45,907,463 | |||
The 208 Metro Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 38,734,566 | |||
Initial Cost - Building and Improvement | 94,903,403 | |||
Land | 38,734,566 | |||
Building and Improvement | 94,903,403 | |||
Total | 133,637,969 | |||
Accumulated Depreciation | 4,688,285 | |||
Total Cost, Net of Accumulated Depreciation | 128,949,684 | |||
Laband Village Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,600,000 | |||
Initial Cost - Building and Improvement | 13,289,347 | |||
Subsequent to Acquisition | 134,300 | |||
Land | 5,607,237 | |||
Building and Improvement | 13,416,410 | |||
Total | 19,023,647 | |||
Accumulated Depreciation | 6,708,075 | |||
Total Cost, Net of Accumulated Depreciation | 12,315,572 | |||
Encumbrances | 8,237,726 | |||
Cupertino Village [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 19,886,099 | |||
Initial Cost - Building and Improvement | 46,534,919 | |||
Subsequent to Acquisition | 20,643,400 | |||
Land | 19,886,099 | |||
Building and Improvement | 67,178,319 | |||
Total | 87,064,418 | |||
Accumulated Depreciation | 17,743,068 | |||
Total Cost, Net of Accumulated Depreciation | 69,321,350 | |||
North County Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 10,205,305 | |||
Initial Cost - Building and Improvement | 28,934,219 | |||
Subsequent to Acquisition | (1,646,635) | |||
Land | 20,894,811 | |||
Building and Improvement | 16,598,077 | |||
Total | 37,492,888 | |||
Accumulated Depreciation | 1,542,097 | |||
Total Cost, Net of Accumulated Depreciation | 35,950,791 | |||
Encumbrances | 30,430,792 | |||
Chico Crossroads [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 9,975,810 | |||
Initial Cost - Building and Improvement | 30,534,524 | |||
Subsequent to Acquisition | 1,246,711 | |||
Land | 9,987,652 | |||
Building and Improvement | 31,769,393 | |||
Total | 41,757,045 | |||
Accumulated Depreciation | 8,099,103 | |||
Total Cost, Net of Accumulated Depreciation | 33,657,942 | |||
Encumbrances | 23,443,836 | |||
Chico East And Esplanade (Raleys) [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,508,716 | |||
Initial Cost - Building and Improvement | 12,886,184 | |||
Land | 2,508,716 | |||
Building and Improvement | 12,886,184 | |||
Total | 15,394,900 | |||
Accumulated Depreciation | 328,791 | |||
Total Cost, Net of Accumulated Depreciation | 15,066,109 | |||
Encumbrances | 4,419,464 | |||
Corona hills Marketplace [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 9,727,446 | |||
Initial Cost - Building and Improvement | 24,778,390 | |||
Subsequent to Acquisition | 323,628 | |||
Land | 9,727,446 | |||
Building and Improvement | 25,102,018 | |||
Total | 34,829,464 | |||
Accumulated Depreciation | 7,720,986 | |||
Total Cost, Net of Accumulated Depreciation | 27,108,478 | |||
River Park Crossing [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,324,000 | |||
Initial Cost - Building and Improvement | 18,018,653 | |||
Subsequent to Acquisition | 1,136,480 | |||
Land | 4,324,000 | |||
Building and Improvement | 19,155,133 | |||
Total | 23,479,133 | |||
Accumulated Depreciation | 3,411,909 | |||
Total Cost, Net of Accumulated Depreciation | 20,067,224 | |||
Gold Country Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,272,212 | |||
Initial Cost - Building and Improvement | 7,864,878 | |||
Subsequent to Acquisition | 37,687 | |||
Land | 3,278,290 | |||
Building and Improvement | 7,896,487 | |||
Total | 11,174,777 | |||
Accumulated Depreciation | 3,113,909 | |||
Total Cost, Net of Accumulated Depreciation | 8,060,868 | |||
Encumbrances | 6,600,093 | |||
La Mirada Theatre Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 8,816,741 | |||
Initial Cost - Building and Improvement | 35,259,965 | |||
Subsequent to Acquisition | (5,766,341) | |||
Land | 6,888,680 | |||
Building and Improvement | 31,421,685 | |||
Total | 38,310,365 | |||
Accumulated Depreciation | 13,730,806 | |||
Total Cost, Net of Accumulated Depreciation | 24,579,559 | |||
Kenneth Hahn Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,114,863 | |||
Initial Cost - Building and Improvement | 7,660,855 | |||
Subsequent to Acquisition | 676,127 | |||
Land | 4,114,863 | |||
Building and Improvement | 8,336,982 | |||
Total | 12,451,845 | |||
Accumulated Depreciation | 2,868,104 | |||
Total Cost, Net of Accumulated Depreciation | 9,583,741 | |||
La Verne Town Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 8,414,328 | |||
Initial Cost - Building and Improvement | 23,856,418 | |||
Subsequent to Acquisition | 10,635,222 | |||
Land | 16,362,169 | |||
Building and Improvement | 26,543,799 | |||
Total | 42,905,968 | |||
Accumulated Depreciation | 1,493,869 | |||
Total Cost, Net of Accumulated Depreciation | 41,412,099 | |||
Encumbrances | 18,690,640 | |||
Lincoln Hills Town Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 8,228,587 | |||
Initial Cost - Building and Improvement | 26,127,322 | |||
Land | 8,228,587 | |||
Building and Improvement | 26,127,322 | |||
Total | 34,355,909 | |||
Accumulated Depreciation | 1,261,026 | |||
Total Cost, Net of Accumulated Depreciation | 33,094,883 | |||
Encumbrances | 25,049,353 | |||
Novato Fair S.C. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 9,259,778 | |||
Initial Cost - Building and Improvement | 15,599,790 | |||
Subsequent to Acquisition | 744,949 | |||
Land | 9,259,778 | |||
Building and Improvement | 16,344,738 | |||
Total | 25,604,516 | |||
Accumulated Depreciation | 4,960,039 | |||
Total Cost, Net of Accumulated Depreciation | 20,644,477 | |||
South Napa Market Place [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,100,000 | |||
Initial Cost - Building and Improvement | 22,159,086 | |||
Subsequent to Acquisition | 20,285,700 | |||
Land | 23,120,071 | |||
Building and Improvement | 20,424,715 | |||
Total | 43,544,786 | |||
Accumulated Depreciation | 8,967,173 | |||
Total Cost, Net of Accumulated Depreciation | 34,577,613 | |||
Plaza Di Northridge [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 12,900,000 | |||
Initial Cost - Building and Improvement | 40,574,842 | |||
Subsequent to Acquisition | 399,562 | |||
Land | 12,900,000 | |||
Building and Improvement | 40,974,404 | |||
Total | 53,874,404 | |||
Accumulated Depreciation | 13,732,207 | |||
Total Cost, Net of Accumulated Depreciation | 40,142,197 | |||
Lina Mar Shpping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 16,548,592 | |||
Initial Cost - Building and Improvement | 37,521,194 | |||
Subsequent to Acquisition | 591,076 | |||
Land | 16,548,592 | |||
Building and Improvement | 38,112,270 | |||
Total | 54,660,862 | |||
Accumulated Depreciation | 3,392,187 | |||
Total Cost, Net of Accumulated Depreciation | 51,268,675 | |||
Poway City Centre [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,854,585 | |||
Initial Cost - Building and Improvement | 13,792,470 | |||
Subsequent to Acquisition | 7,895,515 | |||
Land | 7,247,814 | |||
Building and Improvement | 20,294,756 | |||
Total | 27,542,570 | |||
Accumulated Depreciation | 7,593,780 | |||
Total Cost, Net of Accumulated Depreciation | 19,948,790 | |||
Redwood City Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,552,000 | |||
Initial Cost - Building and Improvement | 6,215,168 | |||
Subsequent to Acquisition | 2,100,877 | |||
Land | 2,552,000 | |||
Building and Improvement | 8,316,045 | |||
Total | 10,868,045 | |||
Accumulated Depreciation | 774,412 | |||
Total Cost, Net of Accumulated Depreciation | 10,093,633 | |||
Stanford Ranch [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 10,583,764 | |||
Initial Cost - Building and Improvement | 30,007,231 | |||
Subsequent to Acquisition | (1,855,541) | |||
Land | 9,982,626 | |||
Building and Improvement | 28,752,827 | |||
Total | 38,735,453 | |||
Accumulated Depreciation | 2,195,759 | |||
Total Cost, Net of Accumulated Depreciation | 36,539,694 | |||
Encumbrances | 15,295,693 | |||
Tyler Street Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,020,883 | |||
Initial Cost - Building and Improvement | 7,811,339 | |||
Subsequent to Acquisition | 37,443 | |||
Land | 3,200,516 | |||
Building and Improvement | 7,669,149 | |||
Total | 10,869,665 | |||
Accumulated Depreciation | 2,886,463 | |||
Total Cost, Net of Accumulated Depreciation | 7,983,202 | |||
Encumbrances | 6,354,535 | |||
Crocker Ranch [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,526,146 | |||
Initial Cost - Building and Improvement | 24,877,611 | |||
Land | 7,526,146 | |||
Building and Improvement | 24,877,611 | |||
Total | 32,403,757 | |||
Accumulated Depreciation | 739,116 | |||
Total Cost, Net of Accumulated Depreciation | 31,664,641 | |||
Encumbrances | 12,000,168 | |||
Home Depot Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,592,364 | |||
Initial Cost - Building and Improvement | 18,345,257 | |||
Land | 4,592,364 | |||
Building and Improvement | 18,345,257 | |||
Total | 22,937,621 | |||
Accumulated Depreciation | 8,386,680 | |||
Total Cost, Net of Accumulated Depreciation | 14,550,941 | |||
Santee Trolley Square [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 40,208,683 | |||
Initial Cost - Building and Improvement | 62,963,757 | |||
Land | 40,208,683 | |||
Building and Improvement | 62,963,757 | |||
Total | 103,172,440 | |||
Accumulated Depreciation | 10,354,376 | |||
Total Cost, Net of Accumulated Depreciation | 92,818,064 | |||
San/diego Carmel Mountain [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,322,600 | |||
Initial Cost - Building and Improvement | 8,873,991 | |||
Subsequent to Acquisition | 69,583 | |||
Land | 5,322,600 | |||
Building and Improvement | 8,943,574 | |||
Total | 14,266,174 | |||
Accumulated Depreciation | 1,948,862 | |||
Total Cost, Net of Accumulated Depreciation | 12,317,312 | |||
Fulton Market Place [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,966,018 | |||
Initial Cost - Building and Improvement | 6,920,710 | |||
Subsequent to Acquisition | 972,435 | |||
Land | 2,966,018 | |||
Building and Improvement | 7,893,145 | |||
Total | 10,859,163 | |||
Accumulated Depreciation | 2,834,492 | |||
Total Cost, Net of Accumulated Depreciation | 8,024,671 | |||
Marigold Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 15,300,000 | |||
Initial Cost - Building and Improvement | 25,563,978 | |||
Subsequent to Acquisition | 4,038,988 | |||
Land | 15,300,000 | |||
Building and Improvement | 29,602,966 | |||
Total | 44,902,966 | |||
Accumulated Depreciation | 14,140,378 | |||
Total Cost, Net of Accumulated Depreciation | 30,762,588 | |||
Canyon Square Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,648,112 | |||
Initial Cost - Building and Improvement | 13,876,095 | |||
Subsequent to Acquisition | 858,771 | |||
Land | 2,648,112 | |||
Building and Improvement | 14,734,866 | |||
Total | 17,382,978 | |||
Accumulated Depreciation | 1,894,041 | |||
Total Cost, Net of Accumulated Depreciation | 15,488,937 | |||
Encumbrances | 13,952,772 | |||
Black Mountain Village [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,678,015 | |||
Initial Cost - Building and Improvement | 11,913,344 | |||
Subsequent to Acquisition | 582,074 | |||
Land | 4,678,015 | |||
Building and Improvement | 12,495,418 | |||
Total | 17,173,433 | |||
Accumulated Depreciation | 3,951,199 | |||
Total Cost, Net of Accumulated Depreciation | 13,222,234 | |||
Rancho Penasquitos Towne Ctr I [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 14,851,595 | |||
Initial Cost - Building and Improvement | 20,342,165 | |||
Land | 14,851,595 | |||
Building and Improvement | 20,342,165 | |||
Total | 35,193,760 | |||
Accumulated Depreciation | 858,703 | |||
Total Cost, Net of Accumulated Depreciation | 34,335,057 | |||
Encumbrances | 14,869,903 | |||
Rancho Penasquitos Twn Ctr. II [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 12,944,972 | |||
Initial Cost - Building and Improvement | 20,323,961 | |||
Land | 12,944,972 | |||
Building and Improvement | 20,323,961 | |||
Total | 33,268,933 | |||
Accumulated Depreciation | 1,001,093 | |||
Total Cost, Net of Accumulated Depreciation | 32,267,840 | |||
Encumbrances | 11,410,711 | |||
City Heights [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 10,687,472 | |||
Initial Cost - Building and Improvement | 28,324,896 | |||
Subsequent to Acquisition | (883,561) | |||
Land | 13,908,563 | |||
Building and Improvement | 24,220,244 | |||
Total | 38,128,807 | |||
Accumulated Depreciation | 2,118,184 | |||
Total Cost, Net of Accumulated Depreciation | 36,010,623 | |||
Encumbrances | 20,395,140 | |||
Truckee Crossroads [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,140,000 | |||
Initial Cost - Building and Improvement | 8,255,753 | |||
Subsequent to Acquisition | 1,081,659 | |||
Land | 2,140,000 | |||
Building and Improvement | 9,337,413 | |||
Total | 11,477,413 | |||
Accumulated Depreciation | 5,206,766 | |||
Total Cost, Net of Accumulated Depreciation | 6,270,647 | |||
Encumbrances | 2,591,909 | |||
Gateway At Donner Pass [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,515,688 | |||
Initial Cost - Building and Improvement | 8,318,667 | |||
Land | 4,515,688 | |||
Building and Improvement | 8,318,667 | |||
Total | 12,834,355 | |||
Accumulated Depreciation | 534,914 | |||
Total Cost, Net of Accumulated Depreciation | 12,299,441 | |||
Encumbrances | 3,067,029 | |||
Westlake Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 16,174,307 | |||
Initial Cost - Building and Improvement | 64,818,562 | |||
Subsequent to Acquisition | 98,609,025 | |||
Land | 16,174,307 | |||
Building and Improvement | 163,427,587 | |||
Total | 179,601,894 | |||
Accumulated Depreciation | 43,860,819 | |||
Total Cost, Net of Accumulated Depreciation | 135,741,075 | |||
Lakewood Village [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 8,597,100 | |||
Initial Cost - Building and Improvement | 24,374,615 | |||
Subsequent to Acquisition | (1,538,267) | |||
Land | 11,683,364 | |||
Building and Improvement | 19,750,085 | |||
Total | 31,433,449 | |||
Accumulated Depreciation | 1,506,217 | |||
Total Cost, Net of Accumulated Depreciation | 29,927,232 | |||
Encumbrances | 23,731,025 | |||
Savi Ranch [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,295,646 | |||
Initial Cost - Building and Improvement | 29,752,511 | |||
Subsequent to Acquisition | 126,568 | |||
Land | 7,295,646 | |||
Building and Improvement | 29,879,079 | |||
Total | 37,174,725 | |||
Accumulated Depreciation | 3,838,903 | |||
Total Cost, Net of Accumulated Depreciation | 33,335,822 | |||
Village on the Park [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,194,463 | |||
Initial Cost - Building and Improvement | 8,885,987 | |||
Subsequent to Acquisition | 7,503,509 | |||
Land | 3,018,391 | |||
Building and Improvement | 15,565,568 | |||
Total | 18,583,959 | |||
Accumulated Depreciation | 5,466,342 | |||
Total Cost, Net of Accumulated Depreciation | 13,117,617 | |||
Quincy Place S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,148,317 | |||
Initial Cost - Building and Improvement | 4,608,249 | |||
Subsequent to Acquisition | 1,360,792 | |||
Land | 1,148,317 | |||
Building and Improvement | 5,969,041 | |||
Total | 7,117,358 | |||
Accumulated Depreciation | 2,633,919 | |||
Total Cost, Net of Accumulated Depreciation | 4,483,439 | |||
East Bank S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,500,568 | |||
Initial Cost - Building and Improvement | 6,180,103 | |||
Subsequent to Acquisition | 1,202,906 | |||
Land | 1,500,568 | |||
Building and Improvement | 7,383,010 | |||
Total | 8,883,578 | |||
Accumulated Depreciation | 3,396,722 | |||
Total Cost, Net of Accumulated Depreciation | 5,486,856 | |||
Northridge Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,932,690 | |||
Initial Cost - Building and Improvement | 16,496,175 | |||
Subsequent to Acquisition | 1,476,812 | |||
Land | 8,934,385 | |||
Building and Improvement | 13,971,293 | |||
Total | 22,905,678 | |||
Accumulated Depreciation | 1,238,469 | |||
Total Cost, Net of Accumulated Depreciation | 21,667,209 | |||
Spring Creek S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,423,260 | |||
Initial Cost - Building and Improvement | 5,718,813 | |||
Subsequent to Acquisition | (1,668,286) | |||
Land | 635,380 | |||
Building and Improvement | 4,838,407 | |||
Total | 5,473,787 | |||
Accumulated Depreciation | 3,374,566 | |||
Total Cost, Net of Accumulated Depreciation | 2,099,221 | |||
Denver West 38Th Street [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 161,167 | |||
Initial Cost - Building and Improvement | 646,983 | |||
Land | 161,167 | |||
Building and Improvement | 646,983 | |||
Total | 808,150 | |||
Accumulated Depreciation | 297,205 | |||
Total Cost, Net of Accumulated Depreciation | 510,945 | |||
Englewood Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 805,837 | |||
Initial Cost - Building and Improvement | 3,232,650 | |||
Subsequent to Acquisition | 331,595 | |||
Land | 805,837 | |||
Building and Improvement | 3,564,246 | |||
Total | 4,370,083 | |||
Accumulated Depreciation | 1,684,060 | |||
Total Cost, Net of Accumulated Depreciation | 2,686,023 | |||
Fort Collins S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,253,497 | |||
Initial Cost - Building and Improvement | 7,625,278 | |||
Subsequent to Acquisition | 1,599,608 | |||
Land | 1,253,497 | |||
Building and Improvement | 9,224,886 | |||
Total | 10,478,383 | |||
Accumulated Depreciation | 3,412,203 | |||
Total Cost, Net of Accumulated Depreciation | 7,066,180 | |||
Greeley Commons [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,313,095 | |||
Initial Cost - Building and Improvement | 20,069,559 | |||
Subsequent to Acquisition | 90,416 | |||
Land | 3,313,095 | |||
Building and Improvement | 20,159,975 | |||
Total | 23,473,070 | |||
Accumulated Depreciation | 3,036,496 | |||
Total Cost, Net of Accumulated Depreciation | 20,436,574 | |||
Highlands Ranch Village S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 8,135,427 | |||
Initial Cost - Building and Improvement | 21,579,936 | |||
Subsequent to Acquisition | (748,710) | |||
Land | 5,337,081 | |||
Building and Improvement | 23,629,572 | |||
Total | 28,966,653 | |||
Accumulated Depreciation | 3,007,200 | |||
Total Cost, Net of Accumulated Depreciation | 25,959,453 | |||
Village Center West [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,010,519 | |||
Initial Cost - Building and Improvement | 8,361,084 | |||
Subsequent to Acquisition | 21,574 | |||
Land | 2,010,519 | |||
Building and Improvement | 8,382,658 | |||
Total | 10,393,177 | |||
Accumulated Depreciation | 1,109,184 | |||
Total Cost, Net of Accumulated Depreciation | 9,283,993 | |||
Encumbrances | 5,676,788 | |||
Highlands Ranch II [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,514,837 | |||
Initial Cost - Building and Improvement | 11,755,916 | |||
Subsequent to Acquisition | 27,969 | |||
Land | 3,514,837 | |||
Building and Improvement | 11,783,885 | |||
Total | 15,298,722 | |||
Accumulated Depreciation | 1,612,323 | |||
Total Cost, Net of Accumulated Depreciation | 13,686,399 | |||
Highlands Ranch Parcel [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,140,000 | |||
Initial Cost - Building and Improvement | 2,660,000 | |||
Land | 1,140,000 | |||
Building and Improvement | 2,660,000 | |||
Total | 3,800,000 | |||
Accumulated Depreciation | 66,500 | |||
Total Cost, Net of Accumulated Depreciation | 3,733,500 | |||
Heritage West S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,526,576 | |||
Initial Cost - Building and Improvement | 6,124,074 | |||
Subsequent to Acquisition | 954,221 | |||
Land | 1,526,576 | |||
Building and Improvement | 7,078,295 | |||
Total | 8,604,871 | |||
Accumulated Depreciation | 3,094,645 | |||
Total Cost, Net of Accumulated Depreciation | 5,510,226 | |||
Market At Southpark [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 9,782,769 | |||
Initial Cost - Building and Improvement | 20,779,522 | |||
Subsequent to Acquisition | 140,874 | |||
Land | 9,782,769 | |||
Building and Improvement | 20,920,396 | |||
Total | 30,703,165 | |||
Accumulated Depreciation | 3,237,746 | |||
Total Cost, Net of Accumulated Depreciation | 27,465,419 | |||
Newtown S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 15,635,442 | |||
Building and Improvement | 15,635,442 | |||
Total | 15,635,442 | |||
Accumulated Depreciation | 888,181 | |||
Total Cost, Net of Accumulated Depreciation | 14,747,261 | |||
Encumbrances | 8,804,924 | |||
West Farm Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,805,969 | |||
Initial Cost - Building and Improvement | 23,348,024 | |||
Subsequent to Acquisition | 14,392,224 | |||
Land | 7,586,116 | |||
Building and Improvement | 35,960,100 | |||
Total | 43,546,216 | |||
Accumulated Depreciation | 11,831,553 | |||
Total Cost, Net of Accumulated Depreciation | 31,714,663 | |||
Home Depot Plaza Two [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,704,968 | |||
Initial Cost - Building and Improvement | 30,797,640 | |||
Subsequent to Acquisition | 4,059,063 | |||
Land | 7,704,968 | |||
Building and Improvement | 34,856,703 | |||
Total | 42,561,671 | |||
Accumulated Depreciation | 12,575,395 | |||
Total Cost, Net of Accumulated Depreciation | 29,986,276 | |||
Wilton River Park Shopping Ctr [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,154,585 | |||
Initial Cost - Building and Improvement | 27,509,279 | |||
Subsequent to Acquisition | (508,780) | |||
Land | 7,154,584 | |||
Building and Improvement | 27,000,500 | |||
Total | 34,155,084 | |||
Accumulated Depreciation | 2,846,690 | |||
Total Cost, Net of Accumulated Depreciation | 31,308,394 | |||
Bright Horizons [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,211,748 | |||
Initial Cost - Building and Improvement | 4,610,610 | |||
Subsequent to Acquisition | 9,499 | |||
Land | 1,211,748 | |||
Building and Improvement | 4,620,109 | |||
Total | 5,831,857 | |||
Accumulated Depreciation | 529,685 | |||
Total Cost, Net of Accumulated Depreciation | 5,302,172 | |||
Wilton Campus [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 10,168,872 | |||
Initial Cost - Building and Improvement | 31,893,016 | |||
Subsequent to Acquisition | 257,033 | |||
Land | 10,168,872 | |||
Building and Improvement | 32,150,049 | |||
Total | 42,318,921 | |||
Accumulated Depreciation | 5,738,590 | |||
Total Cost, Net of Accumulated Depreciation | 36,580,331 | |||
Camden Square [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 122,741 | |||
Initial Cost - Building and Improvement | 66,738 | |||
Subsequent to Acquisition | 4,231,576 | |||
Land | 3,024,375 | |||
Building and Improvement | 1,396,680 | |||
Total | 4,421,055 | |||
Accumulated Depreciation | 129,159 | |||
Total Cost, Net of Accumulated Depreciation | 4,291,896 | |||
Promenade At Christiana [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 14,371,686 | |||
Subsequent to Acquisition | 1,691,135 | |||
Land | 16,062,821 | |||
Total | 16,062,821 | |||
Total Cost, Net of Accumulated Depreciation | 16,062,821 | |||
Brandywine Commons [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 36,057,487 | |||
Building and Improvement | 36,057,487 | |||
Total | 36,057,487 | |||
Accumulated Depreciation | 2,274,699 | |||
Total Cost, Net of Accumulated Depreciation | 33,782,788 | |||
Auburndale-Sold 12/18/14 [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 751,315 | |||
Subsequent to Acquisition | (751,215) | |||
Land | 100 | |||
Total | 100 | |||
Total Cost, Net of Accumulated Depreciation | 100 | |||
Camino Square [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 573,875 | |||
Initial Cost - Building and Improvement | 2,295,501 | |||
Subsequent to Acquisition | 1,830,176 | |||
Land | 733,875 | |||
Building and Improvement | 3,965,677 | |||
Total | 4,699,552 | |||
Accumulated Depreciation | 2,400,801 | |||
Total Cost, Net of Accumulated Depreciation | 2,298,751 | |||
Bayshore Gardens [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,901,000 | |||
Initial Cost - Building and Improvement | 11,738,955 | |||
Subsequent to Acquisition | 1,451,980 | |||
Land | 2,889,177 | |||
Building and Improvement | 13,202,758 | |||
Total | 16,091,935 | |||
Accumulated Depreciation | 5,996,360 | |||
Total Cost, Net of Accumulated Depreciation | 10,095,575 | |||
Bonita Grande Crossings [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,370,941 | |||
Initial Cost - Building and Improvement | 8,179,481 | |||
Land | 3,370,941 | |||
Building and Improvement | 8,179,481 | |||
Total | 11,550,422 | |||
Accumulated Depreciation | 333,038 | |||
Total Cost, Net of Accumulated Depreciation | 11,217,384 | |||
Encumbrances | 5,642,439 | |||
Hollywood Video Bonita Grande [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 341,958 | |||
Initial Cost - Building and Improvement | 771,935 | |||
Land | 341,958 | |||
Building and Improvement | 771,935 | |||
Total | 1,113,893 | |||
Accumulated Depreciation | 32,844 | |||
Total Cost, Net of Accumulated Depreciation | 1,081,049 | |||
Coral Square Promenade [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 710,000 | |||
Initial Cost - Building and Improvement | 2,842,907 | |||
Subsequent to Acquisition | 3,959,589 | |||
Land | 710,000 | |||
Building and Improvement | 6,802,496 | |||
Total | 7,512,496 | |||
Accumulated Depreciation | 3,343,072 | |||
Total Cost, Net of Accumulated Depreciation | 4,169,424 | |||
Maplewood Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,649,000 | |||
Initial Cost - Building and Improvement | 6,626,301 | |||
Subsequent to Acquisition | 1,165,212 | |||
Land | 1,649,000 | |||
Building and Improvement | 7,791,513 | |||
Total | 9,440,513 | |||
Accumulated Depreciation | 3,384,998 | |||
Total Cost, Net of Accumulated Depreciation | 6,055,515 | |||
Curlew Crossing Shopping Ctr [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,315,955 | |||
Initial Cost - Building and Improvement | 12,529,467 | |||
Subsequent to Acquisition | 2,078,972 | |||
Land | 5,315,955 | |||
Building and Improvement | 14,608,440 | |||
Total | 19,924,395 | |||
Accumulated Depreciation | 4,961,218 | |||
Total Cost, Net of Accumulated Depreciation | 14,963,177 | |||
Shops At Santa Barbara Phase 1 [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 743,463 | |||
Initial Cost - Building and Improvement | 5,373,994 | |||
Land | 743,463 | |||
Building and Improvement | 5,373,994 | |||
Total | 6,117,457 | |||
Accumulated Depreciation | 227,525 | |||
Total Cost, Net of Accumulated Depreciation | 5,889,932 | |||
Shops At Santa Barbara Phase 2 [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 331,692 | |||
Initial Cost - Building and Improvement | 2,488,832 | |||
Land | 331,692 | |||
Building and Improvement | 2,488,832 | |||
Total | 2,820,524 | |||
Accumulated Depreciation | 95,903 | |||
Total Cost, Net of Accumulated Depreciation | 2,724,621 | |||
Shops At Santa Barbara Phase 3 [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 329,726 | |||
Initial Cost - Building and Improvement | 2,358,700 | |||
Land | 329,726 | |||
Building and Improvement | 2,358,700 | |||
Total | 2,688,426 | |||
Accumulated Depreciation | 126,543 | |||
Total Cost, Net of Accumulated Depreciation | 2,561,883 | |||
Coral Pointe S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,411,608 | |||
Initial Cost - Building and Improvement | 20,507,735 | |||
Land | 2,411,608 | |||
Building and Improvement | 20,507,735 | |||
Total | 22,919,343 | |||
Accumulated Depreciation | 791,837 | |||
Total Cost, Net of Accumulated Depreciation | 22,127,506 | |||
Publix At Addison [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,211,156 | |||
Initial Cost - Building and Improvement | 6,747,895 | |||
Land | 3,211,156 | |||
Building and Improvement | 6,747,895 | |||
Total | 9,959,051 | |||
Accumulated Depreciation | 167,725 | |||
Total Cost, Net of Accumulated Depreciation | 9,791,326 | |||
Encumbrances | 5,562,502 | |||
Addison Center Prof.building [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 802,789 | |||
Initial Cost - Building and Improvement | 1,310,012 | |||
Land | 802,789 | |||
Building and Improvement | 1,310,012 | |||
Total | 2,112,801 | |||
Accumulated Depreciation | 46,516 | |||
Total Cost, Net of Accumulated Depreciation | 2,066,285 | |||
Encumbrances | 1,452,333 | |||
Sports Authority Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 491,676 | |||
Initial Cost - Building and Improvement | 1,440,000 | |||
Subsequent to Acquisition | 4,707,519 | |||
Land | 1,007,882 | |||
Building and Improvement | 5,631,314 | |||
Total | 6,639,196 | |||
Accumulated Depreciation | 2,812,752 | |||
Total Cost, Net of Accumulated Depreciation | 3,826,444 | |||
Ft.lauderdale/cypress Creek [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 14,258,760 | |||
Initial Cost - Building and Improvement | 28,042,390 | |||
Subsequent to Acquisition | 2,178,040 | |||
Land | 14,258,760 | |||
Building and Improvement | 30,220,430 | |||
Total | 44,479,190 | |||
Accumulated Depreciation | 8,379,964 | |||
Total Cost, Net of Accumulated Depreciation | 36,099,226 | |||
Homestead-Wachtel Land Lease [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 150,000 | |||
Land | 150,000 | |||
Total | 150,000 | |||
Total Cost, Net of Accumulated Depreciation | 150,000 | |||
Oakwood Business Ctr-Bldg 1 [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,792,500 | |||
Initial Cost - Building and Improvement | 18,662,565 | |||
Subsequent to Acquisition | 2,486,899 | |||
Land | 6,792,500 | |||
Building and Improvement | 21,149,463 | |||
Total | 27,941,963 | |||
Accumulated Depreciation | 4,870,719 | |||
Total Cost, Net of Accumulated Depreciation | 23,071,244 | |||
Amelia Concourse [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,600,000 | |||
Subsequent to Acquisition | 4,987,554 | |||
Land | 931,357 | |||
Building and Improvement | 11,656,197 | |||
Total | 12,587,554 | |||
Accumulated Depreciation | 2,445,573 | |||
Total Cost, Net of Accumulated Depreciation | 10,141,981 | |||
Kimco Avenues Walk, Llc [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 26,984,546 | |||
Subsequent to Acquisition | 50,559,349 | |||
Land | 33,225,306 | |||
Building and Improvement | 44,318,590 | |||
Total | 77,543,896 | |||
Total Cost, Net of Accumulated Depreciation | 77,543,896 | |||
Duval Station S.c [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,807,792 | |||
Initial Cost - Building and Improvement | 11,863,692 | |||
Land | 1,807,792 | |||
Building and Improvement | 11,863,692 | |||
Total | 13,671,484 | |||
Accumulated Depreciation | 416,443 | |||
Total Cost, Net of Accumulated Depreciation | 13,255,041 | |||
Riverplace Shopping Ctr. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,503,282 | |||
Initial Cost - Building and Improvement | 31,011,027 | |||
Subsequent to Acquisition | 1,373,365 | |||
Land | 7,200,050 | |||
Building and Improvement | 32,687,624 | |||
Total | 39,887,674 | |||
Accumulated Depreciation | 7,892,114 | |||
Total Cost, Net of Accumulated Depreciation | 31,995,560 | |||
Merchants Walk [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,580,816 | |||
Initial Cost - Building and Improvement | 10,366,090 | |||
Subsequent to Acquisition | 6,465,013 | |||
Land | 2,580,816 | |||
Building and Improvement | 16,831,103 | |||
Total | 19,411,919 | |||
Accumulated Depreciation | 6,394,625 | |||
Total Cost, Net of Accumulated Depreciation | 13,017,294 | |||
Wal-Mart Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 293,686 | |||
Initial Cost - Building and Improvement | 792,119 | |||
Subsequent to Acquisition | 1,620,990 | |||
Land | 293,686 | |||
Building and Improvement | 2,413,109 | |||
Total | 2,706,795 | |||
Accumulated Depreciation | 2,153,055 | |||
Total Cost, Net of Accumulated Depreciation | 553,740 | |||
Leesburg Shops [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 171,636 | |||
Subsequent to Acquisition | 193,651 | |||
Building and Improvement | 365,287 | |||
Total | 365,287 | |||
Accumulated Depreciation | 320,692 | |||
Total Cost, Net of Accumulated Depreciation | 44,595 | |||
Tri-City Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,832,296 | |||
Initial Cost - Building and Improvement | 11,329,185 | |||
Subsequent to Acquisition | 11,059,182 | |||
Land | 2,832,296 | |||
Building and Improvement | 22,388,367 | |||
Total | 25,220,663 | |||
Accumulated Depreciation | 2,599,334 | |||
Total Cost, Net of Accumulated Depreciation | 22,621,329 | |||
Ft Lauderdale #1, Fl [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,002,733 | |||
Initial Cost - Building and Improvement | 2,602,415 | |||
Subsequent to Acquisition | 13,913,008 | |||
Land | 1,774,443 | |||
Building and Improvement | 15,743,713 | |||
Total | 17,518,156 | |||
Accumulated Depreciation | 9,938,536 | |||
Total Cost, Net of Accumulated Depreciation | 7,579,620 | |||
Lake Wales S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 601,052 | |||
Land | 601,052 | |||
Total | 601,052 | |||
Total Cost, Net of Accumulated Depreciation | 601,052 | |||
Nasa Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 1,754,000 | |||
Subsequent to Acquisition | 2,661,134 | |||
Building and Improvement | 4,415,134 | |||
Total | 4,415,134 | |||
Accumulated Depreciation | 3,242,895 | |||
Total Cost, Net of Accumulated Depreciation | 1,172,239 | |||
Grove Gate S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 365,893 | |||
Initial Cost - Building and Improvement | 1,049,172 | |||
Subsequent to Acquisition | 1,207,100 | |||
Land | 365,893 | |||
Building and Improvement | 2,256,272 | |||
Total | 2,622,165 | |||
Accumulated Depreciation | 1,937,151 | |||
Total Cost, Net of Accumulated Depreciation | 685,014 | |||
Chevron Outparcel [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 530,570 | |||
Initial Cost - Building and Improvement | 1,253,410 | |||
Land | 530,570 | |||
Building and Improvement | 1,253,410 | |||
Total | 1,783,980 | |||
Accumulated Depreciation | 313,025 | |||
Total Cost, Net of Accumulated Depreciation | 1,470,955 | |||
Ives Dairy Crossing [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 732,914 | |||
Initial Cost - Building and Improvement | 4,080,460 | |||
Subsequent to Acquisition | 11,094,798 | |||
Land | 732,914 | |||
Building and Improvement | 15,175,259 | |||
Total | 15,908,173 | |||
Accumulated Depreciation | 8,818,429 | |||
Total Cost, Net of Accumulated Depreciation | 7,089,744 | |||
Encumbrances | 5,802,141 | |||
Miller Road S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,138,082 | |||
Initial Cost - Building and Improvement | 4,552,327 | |||
Subsequent to Acquisition | 4,551,616 | |||
Land | 1,138,082 | |||
Building and Improvement | 9,103,943 | |||
Total | 10,242,025 | |||
Accumulated Depreciation | 5,651,286 | |||
Total Cost, Net of Accumulated Depreciation | 4,590,739 | |||
Tri-Cities Shopping Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,011,000 | |||
Initial Cost - Building and Improvement | 4,062,890 | |||
Subsequent to Acquisition | 6,846,548 | |||
Land | 1,011,000 | |||
Building and Improvement | 10,909,438 | |||
Total | 11,920,438 | |||
Accumulated Depreciation | 2,627,387 | |||
Total Cost, Net of Accumulated Depreciation | 9,293,051 | |||
Kendale Lakes Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 18,491,461 | |||
Initial Cost - Building and Improvement | 28,496,001 | |||
Subsequent to Acquisition | (2,252,321) | |||
Land | 15,362,227 | |||
Building and Improvement | 29,372,914 | |||
Total | 44,735,141 | |||
Accumulated Depreciation | 6,138,595 | |||
Total Cost, Net of Accumulated Depreciation | 38,596,546 | |||
Plantation Crossing [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,524,800 | |||
Subsequent to Acquisition | (5,003,280) | |||
Land | 2,008,617 | |||
Building and Improvement | 512,903 | |||
Total | 2,521,520 | |||
Accumulated Depreciation | 41,217 | |||
Total Cost, Net of Accumulated Depreciation | 2,480,303 | |||
Centre Of Merritt [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,806,275 | |||
Initial Cost - Building and Improvement | 9,592,435 | |||
Land | 1,806,275 | |||
Building and Improvement | 9,592,435 | |||
Total | 11,398,710 | |||
Accumulated Depreciation | 298,121 | |||
Total Cost, Net of Accumulated Depreciation | 11,100,589 | |||
Miller West Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,725,660 | |||
Initial Cost - Building and Improvement | 10,661,419 | |||
Land | 6,725,660 | |||
Building and Improvement | 10,661,419 | |||
Total | 17,387,079 | |||
Accumulated Depreciation | 383,477 | |||
Total Cost, Net of Accumulated Depreciation | 17,003,602 | |||
Corsica Square S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,225,100 | |||
Initial Cost - Building and Improvement | 10,757,386 | |||
Land | 7,225,100 | |||
Building and Improvement | 10,757,386 | |||
Total | 17,982,486 | |||
Accumulated Depreciation | 453,567 | |||
Total Cost, Net of Accumulated Depreciation | 17,528,919 | |||
Encumbrances | 11,182,229 | |||
Milton, Fl [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,275,593 | |||
Land | 1,275,593 | |||
Total | 1,275,593 | |||
Total Cost, Net of Accumulated Depreciation | 1,275,593 | |||
Flagler Park [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 26,162,980 | |||
Initial Cost - Building and Improvement | 80,737,041 | |||
Subsequent to Acquisition | 4,262,293 | |||
Land | 26,725,480 | |||
Building and Improvement | 84,436,835 | |||
Total | 111,162,315 | |||
Accumulated Depreciation | 19,556,905 | |||
Total Cost, Net of Accumulated Depreciation | 91,605,410 | |||
Encumbrances | 23,900,184 | |||
Park Hill Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 10,763,612 | |||
Initial Cost - Building and Improvement | 19,264,248 | |||
Subsequent to Acquisition | 175,165 | |||
Land | 10,763,612 | |||
Building and Improvement | 19,439,413 | |||
Total | 30,203,025 | |||
Accumulated Depreciation | 3,459,521 | |||
Total Cost, Net of Accumulated Depreciation | 26,743,504 | |||
Winn Dixie-Miami [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,989,640 | |||
Initial Cost - Building and Improvement | 9,410,360 | |||
Subsequent to Acquisition | (51,872) | |||
Land | 3,544,297 | |||
Building and Improvement | 8,803,831 | |||
Total | 12,348,128 | |||
Accumulated Depreciation | 457,539 | |||
Total Cost, Net of Accumulated Depreciation | 11,890,589 | |||
Marathon Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,412,929 | |||
Initial Cost - Building and Improvement | 8,069,450 | |||
Subsequent to Acquisition | 822,577 | |||
Land | 1,514,731 | |||
Building and Improvement | 9,790,226 | |||
Total | 11,304,957 | |||
Accumulated Depreciation | 748,015 | |||
Total Cost, Net of Accumulated Depreciation | 10,556,942 | |||
Sodo S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 68,139,271 | |||
Subsequent to Acquisition | 8,312,241 | |||
Land | 142,195 | |||
Building and Improvement | 76,309,316 | |||
Total | 76,451,511 | |||
Accumulated Depreciation | 14,023,574 | |||
Total Cost, Net of Accumulated Depreciation | 62,427,937 | |||
Renaissance Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 9,104,379 | |||
Initial Cost - Building and Improvement | 36,540,873 | |||
Subsequent to Acquisition | 13,337,386 | |||
Land | 9,122,758 | |||
Building and Improvement | 49,859,880 | |||
Total | 58,982,638 | |||
Accumulated Depreciation | 17,263,295 | |||
Total Cost, Net of Accumulated Depreciation | 41,719,343 | |||
Millenia Plaza Phase II [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,711,000 | |||
Initial Cost - Building and Improvement | 20,702,992 | |||
Subsequent to Acquisition | 1,650,193 | |||
Land | 7,698,200 | |||
Building and Improvement | 22,365,985 | |||
Total | 30,064,185 | |||
Accumulated Depreciation | 7,331,007 | |||
Total Cost, Net of Accumulated Depreciation | 22,733,178 | |||
Riverside Landings S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,512,202 | |||
Initial Cost - Building and Improvement | 14,439,668 | |||
Land | 3,512,202 | |||
Building and Improvement | 14,439,668 | |||
Total | 17,951,870 | |||
Accumulated Depreciation | 537,970 | |||
Total Cost, Net of Accumulated Depreciation | 17,413,900 | |||
Encumbrances | 8,154,745 | |||
Grand Oaks Village [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,409,319 | |||
Initial Cost - Building and Improvement | 19,653,869 | |||
Subsequent to Acquisition | (416,404) | |||
Land | 5,846,339 | |||
Building and Improvement | 20,800,445 | |||
Total | 26,646,784 | |||
Accumulated Depreciation | 3,092,546 | |||
Total Cost, Net of Accumulated Depreciation | 23,554,238 | |||
Encumbrances | 5,423,516 | |||
Lowes S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,620,203 | |||
Subsequent to Acquisition | 40,689 | |||
Land | 954,876 | |||
Building and Improvement | 706,016 | |||
Total | 1,660,892 | |||
Accumulated Depreciation | 109,825 | |||
Total Cost, Net of Accumulated Depreciation | 1,551,067 | |||
Pompano Pointe S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 10,516,500 | |||
Initial Cost - Building and Improvement | 11,563,057 | |||
Subsequent to Acquisition | 530,900 | |||
Land | 10,516,500 | |||
Building and Improvement | 12,093,957 | |||
Total | 22,610,457 | |||
Accumulated Depreciation | 254,299 | |||
Total Cost, Net of Accumulated Depreciation | 22,356,158 | |||
University Town Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,515,265 | |||
Initial Cost - Building and Improvement | 13,041,400 | |||
Subsequent to Acquisition | 301,988 | |||
Land | 5,515,265 | |||
Building and Improvement | 13,343,389 | |||
Total | 18,858,654 | |||
Accumulated Depreciation | 1,908,590 | |||
Total Cost, Net of Accumulated Depreciation | 16,950,064 | |||
Palm Beach Gardens [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,764,953 | |||
Initial Cost - Building and Improvement | 11,059,812 | |||
Subsequent to Acquisition | 660,429 | |||
Land | 2,764,953 | |||
Building and Improvement | 11,720,241 | |||
Total | 14,485,194 | |||
Accumulated Depreciation | 1,327,435 | |||
Total Cost, Net of Accumulated Depreciation | 13,157,759 | |||
Oak Tree Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 917,360 | |||
Subsequent to Acquisition | 1,562,941 | |||
Building and Improvement | 2,480,301 | |||
Total | 2,480,301 | |||
Accumulated Depreciation | 1,181,005 | |||
Total Cost, Net of Accumulated Depreciation | 1,299,296 | |||
Encumbrances | 0 | |||
Tuttlebee Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 254,961 | |||
Initial Cost - Building and Improvement | 828,465 | |||
Subsequent to Acquisition | 2,087,238 | |||
Land | 254,961 | |||
Building and Improvement | 2,915,704 | |||
Total | 3,170,665 | |||
Accumulated Depreciation | 2,130,170 | |||
Total Cost, Net of Accumulated Depreciation | 1,040,495 | |||
South Miami S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,280,440 | |||
Initial Cost - Building and Improvement | 5,133,825 | |||
Subsequent to Acquisition | 3,003,639 | |||
Land | 1,280,440 | |||
Building and Improvement | 8,137,464 | |||
Total | 9,417,904 | |||
Accumulated Depreciation | 4,029,283 | |||
Total Cost, Net of Accumulated Depreciation | 5,388,621 | |||
Carrollwood Commons [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,220,445 | |||
Initial Cost - Building and Improvement | 16,884,228 | |||
Subsequent to Acquisition | 2,628,712 | |||
Land | 5,220,445 | |||
Building and Improvement | 19,512,940 | |||
Total | 24,733,385 | |||
Accumulated Depreciation | 8,652,884 | |||
Total Cost, Net of Accumulated Depreciation | 16,080,501 | |||
Village Commons Shopping Cent. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,192,331 | |||
Initial Cost - Building and Improvement | 8,774,158 | |||
Subsequent to Acquisition | 2,781,462 | |||
Land | 2,192,331 | |||
Building and Improvement | 11,555,619 | |||
Total | 13,747,950 | |||
Accumulated Depreciation | 5,155,632 | |||
Total Cost, Net of Accumulated Depreciation | 8,592,318 | |||
Mission Bell Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,056,426 | |||
Initial Cost - Building and Improvement | 11,843,119 | |||
Subsequent to Acquisition | 8,681,467 | |||
Land | 5,067,033 | |||
Building and Improvement | 20,513,979 | |||
Total | 25,581,012 | |||
Accumulated Depreciation | 6,175,423 | |||
Total Cost, Net of Accumulated Depreciation | 19,405,589 | |||
Village Commons S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,026,423 | |||
Initial Cost - Building and Improvement | 5,106,476 | |||
Subsequent to Acquisition | 3,452,470 | |||
Land | 2,026,423 | |||
Building and Improvement | 8,558,946 | |||
Total | 10,585,369 | |||
Accumulated Depreciation | 1,534,990 | |||
Total Cost, Net of Accumulated Depreciation | 9,050,379 | |||
Belmart Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,656,097 | |||
Initial Cost - Building and Improvement | 3,394,420 | |||
Subsequent to Acquisition | 6,099,811 | |||
Land | 1,656,097 | |||
Building and Improvement | 9,494,231 | |||
Total | 11,150,328 | |||
Accumulated Depreciation | 144,615 | |||
Total Cost, Net of Accumulated Depreciation | 11,005,713 | |||
Augusta Square [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,482,564 | |||
Initial Cost - Building and Improvement | 5,928,122 | |||
Subsequent to Acquisition | 2,007,334 | |||
Land | 1,482,564 | |||
Building and Improvement | 7,935,456 | |||
Total | 9,418,020 | |||
Accumulated Depreciation | 4,041,444 | |||
Total Cost, Net of Accumulated Depreciation | 5,376,576 | |||
Market At Haynes Bridge [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,880,659 | |||
Initial Cost - Building and Improvement | 21,549,424 | |||
Subsequent to Acquisition | 986,458 | |||
Land | 4,889,863 | |||
Building and Improvement | 22,526,677 | |||
Total | 27,416,540 | |||
Accumulated Depreciation | 5,857,320 | |||
Total Cost, Net of Accumulated Depreciation | 21,559,220 | |||
Encumbrances | 15,030,391 | |||
Embry Village [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 18,147,054 | |||
Initial Cost - Building and Improvement | 33,009,514 | |||
Subsequent to Acquisition | 319,082 | |||
Land | 18,160,524 | |||
Building and Improvement | 33,315,126 | |||
Total | 51,475,650 | |||
Accumulated Depreciation | 8,982,094 | |||
Total Cost, Net of Accumulated Depreciation | 42,493,556 | |||
Encumbrances | 28,717,543 | |||
Riverwalk Marketplace [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,512,202 | |||
Initial Cost - Building and Improvement | 18,862,571 | |||
Land | 3,512,202 | |||
Building and Improvement | 18,862,571 | |||
Total | 22,374,773 | |||
Accumulated Depreciation | 476,024 | |||
Total Cost, Net of Accumulated Depreciation | 21,898,749 | |||
Encumbrances | 12,723,474 | |||
Village Shoppes-Flowery Branch [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,444,148 | |||
Initial Cost - Building and Improvement | 10,510,657 | |||
Subsequent to Acquisition | 134,625 | |||
Land | 4,444,148 | |||
Building and Improvement | 10,645,281 | |||
Total | 15,089,429 | |||
Accumulated Depreciation | 1,946,931 | |||
Total Cost, Net of Accumulated Depreciation | 13,142,498 | |||
Lawrenceville Market [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 8,878,266 | |||
Initial Cost - Building and Improvement | 29,691,191 | |||
Subsequent to Acquisition | (475,660) | |||
Land | 9,060,436 | |||
Building and Improvement | 29,033,362 | |||
Total | 38,093,798 | |||
Accumulated Depreciation | 2,898,195 | |||
Total Cost, Net of Accumulated Depreciation | 35,195,603 | |||
Five Forks Crossing [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,363,848 | |||
Initial Cost - Building and Improvement | 7,906,257 | |||
Subsequent to Acquisition | 372,465 | |||
Land | 2,363,848 | |||
Building and Improvement | 8,278,722 | |||
Total | 10,642,570 | |||
Accumulated Depreciation | 1,197,767 | |||
Total Cost, Net of Accumulated Depreciation | 9,444,803 | |||
Braelinn Village [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,314,719 | |||
Initial Cost - Building and Improvement | 20,738,792 | |||
Subsequent to Acquisition | 845,048 | |||
Land | 6,342,926 | |||
Building and Improvement | 22,555,634 | |||
Total | 28,898,560 | |||
Accumulated Depreciation | 1,169,625 | |||
Total Cost, Net of Accumulated Depreciation | 27,728,935 | |||
Savannah Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,052,270 | |||
Initial Cost - Building and Improvement | 8,232,978 | |||
Subsequent to Acquisition | 3,283,332 | |||
Land | 2,052,270 | |||
Building and Improvement | 11,516,310 | |||
Total | 13,568,580 | |||
Accumulated Depreciation | 6,133,414 | |||
Total Cost, Net of Accumulated Depreciation | 7,435,166 | |||
Chatham Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 13,390,238 | |||
Initial Cost - Building and Improvement | 35,115,882 | |||
Subsequent to Acquisition | 1,781,076 | |||
Land | 13,403,262 | |||
Building and Improvement | 36,883,934 | |||
Total | 50,287,196 | |||
Accumulated Depreciation | 11,629,300 | |||
Total Cost, Net of Accumulated Depreciation | 38,657,896 | |||
Encumbrances | 27,514,100 | |||
Clive Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 500,525 | |||
Initial Cost - Building and Improvement | 2,002,101 | |||
Land | 500,525 | |||
Building and Improvement | 2,002,101 | |||
Total | 2,502,626 | |||
Accumulated Depreciation | 1,022,441 | |||
Total Cost, Net of Accumulated Depreciation | 1,480,185 | |||
Metro Crossing [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,013,647 | |||
Subsequent to Acquisition | 42,618,237 | |||
Land | 2,514,916 | |||
Building and Improvement | 43,116,968 | |||
Total | 45,631,884 | |||
Accumulated Depreciation | 4,836,832 | |||
Total Cost, Net of Accumulated Depreciation | 40,795,052 | |||
Dubuque Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 2,152,476 | |||
Subsequent to Acquisition | 239,217 | |||
Building and Improvement | 2,391,693 | |||
Total | 2,391,693 | |||
Accumulated Depreciation | 1,255,381 | |||
Total Cost, Net of Accumulated Depreciation | 1,136,312 | |||
Treasure Valley [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,501,240 | |||
Subsequent to Acquisition | (36,234) | |||
Land | 1,622,684 | |||
Building and Improvement | 4,842,322 | |||
Total | 6,465,006 | |||
Accumulated Depreciation | 481,947 | |||
Total Cost, Net of Accumulated Depreciation | 5,983,059 | |||
Bloomington Commons [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 805,521 | |||
Initial Cost - Building and Improvement | 2,222,353 | |||
Subsequent to Acquisition | 4,494,864 | |||
Land | 805,521 | |||
Building and Improvement | 6,717,217 | |||
Total | 7,522,738 | |||
Accumulated Depreciation | 4,637,431 | |||
Total Cost, Net of Accumulated Depreciation | 2,885,307 | |||
The87Th Street Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 2,687,046 | |||
Subsequent to Acquisition | 8,003,769 | |||
Land | 6,992,648 | |||
Building and Improvement | 3,698,167 | |||
Total | 10,690,815 | |||
Accumulated Depreciation | 1,957,176 | |||
Total Cost, Net of Accumulated Depreciation | 8,733,639 | |||
Elston Chicago [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,010,374 | |||
Initial Cost - Building and Improvement | 5,692,212 | |||
Subsequent to Acquisition | 498,828 | |||
Land | 1,010,374 | |||
Building and Improvement | 6,191,040 | |||
Total | 7,201,414 | |||
Accumulated Depreciation | 2,596,267 | |||
Total Cost, Net of Accumulated Depreciation | 4,605,147 | |||
Crystal Lake Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 179,964 | |||
Initial Cost - Building and Improvement | 1,025,811 | |||
Subsequent to Acquisition | 384,683 | |||
Land | 180,269 | |||
Building and Improvement | 1,410,189 | |||
Total | 1,590,458 | |||
Accumulated Depreciation | 542,758 | |||
Total Cost, Net of Accumulated Depreciation | 1,047,700 | |||
Downers Park Plaza I [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,510,455 | |||
Initial Cost - Building and Improvement | 10,164,494 | |||
Subsequent to Acquisition | 1,937,052 | |||
Land | 2,510,455 | |||
Building and Improvement | 12,101,546 | |||
Total | 14,612,001 | |||
Accumulated Depreciation | 5,084,444 | |||
Total Cost, Net of Accumulated Depreciation | 9,527,557 | |||
Downers Park Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 811,778 | |||
Initial Cost - Building and Improvement | 4,322,956 | |||
Subsequent to Acquisition | 3,348,460 | |||
Land | 811,778 | |||
Building and Improvement | 7,671,416 | |||
Total | 8,483,194 | |||
Accumulated Depreciation | 3,284,090 | |||
Total Cost, Net of Accumulated Depreciation | 5,199,104 | |||
Town & Country S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 842,555 | |||
Initial Cost - Building and Improvement | 2,108,674 | |||
Subsequent to Acquisition | 2,622,682 | |||
Land | 500,927 | |||
Building and Improvement | 5,072,984 | |||
Total | 5,573,911 | |||
Accumulated Depreciation | 3,206,055 | |||
Total Cost, Net of Accumulated Depreciation | 2,367,856 | |||
Forest Park Mall [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 2,335,884 | |||
Subsequent to Acquisition | 154,213 | |||
Building and Improvement | 2,490,097 | |||
Total | 2,490,097 | |||
Accumulated Depreciation | 2,396,767 | |||
Total Cost, Net of Accumulated Depreciation | 93,330 | |||
Fairview City Centre [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 11,866,880 | |||
Subsequent to Acquisition | 13,912,814 | |||
Land | 1,900,000 | |||
Building and Improvement | 23,879,694 | |||
Total | 25,779,694 | |||
Accumulated Depreciation | 1,319,621 | |||
Total Cost, Net of Accumulated Depreciation | 24,460,073 | |||
Shops at Kildeer [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,259,542 | |||
Initial Cost - Building and Improvement | 28,141,501 | |||
Subsequent to Acquisition | 2,217,275 | |||
Land | 5,259,542 | |||
Building and Improvement | 30,358,776 | |||
Total | 35,618,318 | |||
Accumulated Depreciation | 3,346,573 | |||
Total Cost, Net of Accumulated Depreciation | 32,271,745 | |||
Encumbrances | 31,241,846 | |||
Mount Prospect Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,017,345 | |||
Initial Cost - Building and Improvement | 6,572,176 | |||
Subsequent to Acquisition | 4,106,720 | |||
Land | 1,017,345 | |||
Building and Improvement | 10,678,896 | |||
Total | 11,696,241 | |||
Accumulated Depreciation | 5,406,037 | |||
Total Cost, Net of Accumulated Depreciation | 6,290,204 | |||
Mundelein Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,127,720 | |||
Initial Cost - Building and Improvement | 5,826,129 | |||
Subsequent to Acquisition | 77,350 | |||
Land | 1,129,634 | |||
Building and Improvement | 5,901,565 | |||
Total | 7,031,199 | |||
Accumulated Depreciation | 2,648,671 | |||
Total Cost, Net of Accumulated Depreciation | 4,382,528 | |||
Naper West Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 669,483 | |||
Initial Cost - Building and Improvement | 4,464,998 | |||
Subsequent to Acquisition | 496,741 | |||
Land | 669,483 | |||
Building and Improvement | 4,961,739 | |||
Total | 5,631,222 | |||
Accumulated Depreciation | 2,157,041 | |||
Total Cost, Net of Accumulated Depreciation | 3,474,181 | |||
Marketplace Of Oaklawn [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 678,668 | |||
Subsequent to Acquisition | 55,143 | |||
Building and Improvement | 733,811 | |||
Total | 733,811 | |||
Accumulated Depreciation | 697,095 | |||
Total Cost, Net of Accumulated Depreciation | 36,716 | |||
Orland Park S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 476,972 | |||
Initial Cost - Building and Improvement | 2,764,775 | |||
Subsequent to Acquisition | (2,900,478) | |||
Land | 66,126 | |||
Building and Improvement | 275,143 | |||
Total | 341,269 | |||
Accumulated Depreciation | 122,715 | |||
Total Cost, Net of Accumulated Depreciation | 218,554 | |||
Oak Lawn Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,530,111 | |||
Initial Cost - Building and Improvement | 8,776,631 | |||
Subsequent to Acquisition | 623,805 | |||
Land | 1,530,111 | |||
Building and Improvement | 9,400,436 | |||
Total | 10,930,547 | |||
Accumulated Depreciation | 4,395,148 | |||
Total Cost, Net of Accumulated Depreciation | 6,535,399 | |||
The22Nd Street Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,527,188 | |||
Initial Cost - Building and Improvement | 8,679,108 | |||
Subsequent to Acquisition | 3,866,357 | |||
Land | 1,527,188 | |||
Building and Improvement | 12,545,465 | |||
Total | 14,072,653 | |||
Accumulated Depreciation | 5,272,525 | |||
Total Cost, Net of Accumulated Depreciation | 8,800,128 | |||
Evergreen Square [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 5,081,290 | |||
Subsequent to Acquisition | 2,403,560 | |||
Building and Improvement | 7,484,850 | |||
Total | 7,484,850 | |||
Accumulated Depreciation | 7,474,693 | |||
Total Cost, Net of Accumulated Depreciation | 10,157 | |||
Rockford Crossings [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,575,990 | |||
Initial Cost - Building and Improvement | 11,654,022 | |||
Subsequent to Acquisition | (577,091) | |||
Land | 4,583,005 | |||
Building and Improvement | 11,069,915 | |||
Total | 15,652,920 | |||
Accumulated Depreciation | 3,016,087 | |||
Total Cost, Net of Accumulated Depreciation | 12,636,833 | |||
Encumbrances | 0 | |||
Skokie Pointe [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 2,276,360 | |||
Subsequent to Acquisition | 9,487,442 | |||
Land | 2,628,440 | |||
Building and Improvement | 9,135,363 | |||
Total | 11,763,803 | |||
Accumulated Depreciation | 3,438,267 | |||
Total Cost, Net of Accumulated Depreciation | 8,325,536 | |||
Streamwood S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 181,962 | |||
Initial Cost - Building and Improvement | 1,057,740 | |||
Subsequent to Acquisition | 216,585 | |||
Land | 181,962 | |||
Building and Improvement | 1,274,324 | |||
Total | 1,456,286 | |||
Accumulated Depreciation | 542,863 | |||
Total Cost, Net of Accumulated Depreciation | 913,423 | |||
Hawthorn Hills Square [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,783,928 | |||
Initial Cost - Building and Improvement | 33,033,624 | |||
Subsequent to Acquisition | 3,989,780 | |||
Land | 6,783,928 | |||
Building and Improvement | 37,023,403 | |||
Total | 43,807,331 | |||
Accumulated Depreciation | 4,793,366 | |||
Total Cost, Net of Accumulated Depreciation | 39,013,965 | |||
Encumbrances | 19,830,676 | |||
Woodgrove Festival [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,049,149 | |||
Initial Cost - Building and Improvement | 20,822,993 | |||
Subsequent to Acquisition | 10,645,526 | |||
Land | 6,415,914 | |||
Building and Improvement | 30,101,754 | |||
Total | 36,517,668 | |||
Accumulated Depreciation | 11,959,681 | |||
Total Cost, Net of Accumulated Depreciation | 24,557,987 | |||
Greenwood S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 423,371 | |||
Initial Cost - Building and Improvement | 1,883,421 | |||
Subsequent to Acquisition | 10,036,307 | |||
Land | 1,801,822 | |||
Building and Improvement | 10,541,277 | |||
Total | 12,343,099 | |||
Accumulated Depreciation | 4,052,399 | |||
Total Cost, Net of Accumulated Depreciation | 8,290,700 | |||
Home Depot Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,183,911 | |||
Initial Cost - Building and Improvement | 6,335,308 | |||
Subsequent to Acquisition | 81,014 | |||
Land | 1,124,547 | |||
Building and Improvement | 6,475,686 | |||
Total | 7,600,233 | |||
Accumulated Depreciation | 2,858,738 | |||
Total Cost, Net of Accumulated Depreciation | 4,741,495 | |||
South Park S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,675,031 | |||
Initial Cost - Building and Improvement | 6,848,209 | |||
Subsequent to Acquisition | 6,239,674 | |||
Land | 1,551,079 | |||
Building and Improvement | 13,211,835 | |||
Total | 14,762,914 | |||
Accumulated Depreciation | 7,206,250 | |||
Total Cost, Net of Accumulated Depreciation | 7,556,664 | |||
Centre At Westbank [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 9,554,230 | |||
Initial Cost - Building and Improvement | 24,401,082 | |||
Subsequent to Acquisition | 1,070,226 | |||
Land | 9,329,880 | |||
Building and Improvement | 25,695,658 | |||
Total | 35,025,538 | |||
Accumulated Depreciation | 7,736,081 | |||
Total Cost, Net of Accumulated Depreciation | 27,289,457 | |||
Encumbrances | 18,491,896 | |||
Ambassador Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,803,672 | |||
Initial Cost - Building and Improvement | 4,260,966 | |||
Subsequent to Acquisition | 179,753 | |||
Land | 1,796,972 | |||
Building and Improvement | 4,447,420 | |||
Total | 6,244,392 | |||
Accumulated Depreciation | 1,078,731 | |||
Total Cost, Net of Accumulated Depreciation | 5,165,661 | |||
Encumbrances | 4,432,043 | |||
Bayou Walk [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,586,895 | |||
Initial Cost - Building and Improvement | 10,836,007 | |||
Subsequent to Acquisition | (4,296,452) | |||
Land | 3,000,207 | |||
Building and Improvement | 8,126,244 | |||
Total | 11,126,451 | |||
Accumulated Depreciation | 2,762,579 | |||
Total Cost, Net of Accumulated Depreciation | 8,363,872 | |||
Encumbrances | 12,414,563 | |||
East Side Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,295,799 | |||
Initial Cost - Building and Improvement | 7,785,942 | |||
Subsequent to Acquisition | 578,010 | |||
Land | 3,295,635 | |||
Building and Improvement | 8,364,116 | |||
Total | 11,659,751 | |||
Accumulated Depreciation | 2,058,269 | |||
Total Cost, Net of Accumulated Depreciation | 9,601,482 | |||
Encumbrances | 8,431,492 | |||
Abington Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 10,457,183 | |||
Initial Cost - Building and Improvement | 494,652 | |||
Land | 10,457,183 | |||
Building and Improvement | 494,652 | |||
Total | 10,951,835 | |||
Accumulated Depreciation | 55,893 | |||
Total Cost, Net of Accumulated Depreciation | 10,895,942 | |||
Encumbrances | 4,517,663 | |||
Washington St.plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 11,007,593 | |||
Initial Cost - Building and Improvement | 5,652,368 | |||
Subsequent to Acquisition | 8,801,943 | |||
Land | 12,957,593 | |||
Building and Improvement | 12,504,311 | |||
Total | 25,461,904 | |||
Accumulated Depreciation | 275,135 | |||
Total Cost, Net of Accumulated Depreciation | 25,186,769 | |||
Encumbrances | 6,089,604 | |||
Memorial Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 16,411,388 | |||
Initial Cost - Building and Improvement | 27,553,908 | |||
Subsequent to Acquisition | 188,816 | |||
Land | 16,411,388 | |||
Building and Improvement | 27,742,725 | |||
Total | 44,154,113 | |||
Accumulated Depreciation | 1,667,772 | |||
Total Cost, Net of Accumulated Depreciation | 42,486,341 | |||
Encumbrances | 16,792,359 | |||
Main St. Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 555,898 | |||
Initial Cost - Building and Improvement | 2,139,494 | |||
Land | 555,898 | |||
Building and Improvement | 2,139,494 | |||
Total | 2,695,392 | |||
Accumulated Depreciation | 134,611 | |||
Total Cost, Net of Accumulated Depreciation | 2,560,781 | |||
Encumbrances | 1,424,045 | |||
Morrissey Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,097,251 | |||
Initial Cost - Building and Improvement | 3,751,068 | |||
Land | 4,097,251 | |||
Building and Improvement | 3,751,068 | |||
Total | 7,848,319 | |||
Accumulated Depreciation | 315,910 | |||
Total Cost, Net of Accumulated Depreciation | 7,532,409 | |||
Encumbrances | 3,262,723 | |||
Glendale Square [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,698,891 | |||
Initial Cost - Building and Improvement | 7,141,090 | |||
Subsequent to Acquisition | 114,080 | |||
Land | 4,698,891 | |||
Building and Improvement | 7,255,170 | |||
Total | 11,954,061 | |||
Accumulated Depreciation | 677,665 | |||
Total Cost, Net of Accumulated Depreciation | 11,276,396 | |||
Encumbrances | 5,814,437 | |||
Falmouth Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,361,071 | |||
Initial Cost - Building and Improvement | 13,065,817 | |||
Subsequent to Acquisition | 215,450 | |||
Land | 2,361,071 | |||
Building and Improvement | 13,281,267 | |||
Total | 15,642,338 | |||
Accumulated Depreciation | 974,455 | |||
Total Cost, Net of Accumulated Depreciation | 14,667,883 | |||
Encumbrances | 8,182,104 | |||
Waverly Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,215,005 | |||
Initial Cost - Building and Improvement | 3,622,911 | |||
Subsequent to Acquisition | 17,226 | |||
Land | 1,215,005 | |||
Building and Improvement | 3,640,137 | |||
Total | 4,855,142 | |||
Accumulated Depreciation | 274,797 | |||
Total Cost, Net of Accumulated Depreciation | 4,580,345 | |||
Encumbrances | 2,400,244 | |||
Canning Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,153,921 | |||
Initial Cost - Building and Improvement | 3,467,368 | |||
Land | 1,153,921 | |||
Building and Improvement | 3,467,368 | |||
Total | 4,621,289 | |||
Accumulated Depreciation | 278,664 | |||
Total Cost, Net of Accumulated Depreciation | 4,342,625 | |||
Encumbrances | 2,258,343 | |||
Barrington Plaza S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 642,170 | |||
Initial Cost - Building and Improvement | 2,547,830 | |||
Subsequent to Acquisition | 7,315,207 | |||
Land | 751,124 | |||
Building and Improvement | 9,754,083 | |||
Total | 10,505,207 | |||
Accumulated Depreciation | 4,674,200 | |||
Total Cost, Net of Accumulated Depreciation | 5,831,007 | |||
Festival Of Hyannis S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 15,038,197 | |||
Initial Cost - Building and Improvement | 40,682,853 | |||
Subsequent to Acquisition | 771,194 | |||
Land | 15,038,197 | |||
Building and Improvement | 41,454,047 | |||
Total | 56,492,244 | |||
Accumulated Depreciation | 3,936,604 | |||
Total Cost, Net of Accumulated Depreciation | 52,555,640 | |||
Fellsway Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,300,388 | |||
Initial Cost - Building and Improvement | 11,013,543 | |||
Subsequent to Acquisition | 74,500 | |||
Land | 5,300,388 | |||
Building and Improvement | 11,088,043 | |||
Total | 16,388,431 | |||
Accumulated Depreciation | 715,238 | |||
Total Cost, Net of Accumulated Depreciation | 15,673,193 | |||
Encumbrances | 6,941,799 | |||
Del Alba Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,163,033 | |||
Initial Cost - Building and Improvement | 8,967,874 | |||
Land | 3,163,033 | |||
Building and Improvement | 8,967,874 | |||
Total | 12,130,907 | |||
Accumulated Depreciation | 422,892 | |||
Total Cost, Net of Accumulated Depreciation | 11,708,015 | |||
Encumbrances | 8,247,978 | |||
North Quincy Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,332,542 | |||
Initial Cost - Building and Improvement | 17,954,110 | |||
Subsequent to Acquisition | (812,077) | |||
Land | 3,894,436 | |||
Building and Improvement | 19,580,139 | |||
Total | 23,474,575 | |||
Accumulated Depreciation | 827,375 | |||
Total Cost, Net of Accumulated Depreciation | 22,647,200 | |||
Adams Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,089,363 | |||
Initial Cost - Building and Improvement | 3,226,648 | |||
Subsequent to Acquisition | (364,692) | |||
Land | 2,089,363 | |||
Building and Improvement | 2,861,955 | |||
Total | 4,951,318 | |||
Accumulated Depreciation | 207,446 | |||
Total Cost, Net of Accumulated Depreciation | 4,743,872 | |||
Encumbrances | 1,926,167 | |||
Broadway Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,485,065 | |||
Initial Cost - Building and Improvement | 343,422 | |||
Land | 6,485,065 | |||
Building and Improvement | 343,422 | |||
Total | 6,828,487 | |||
Accumulated Depreciation | 42,138 | |||
Total Cost, Net of Accumulated Depreciation | 6,786,349 | |||
Encumbrances | 2,955,989 | |||
Shrewsbury S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,284,168 | |||
Initial Cost - Building and Improvement | 5,284,853 | |||
Subsequent to Acquisition | 5,423,162 | |||
Land | 1,284,168 | |||
Building and Improvement | 10,708,015 | |||
Total | 11,992,183 | |||
Accumulated Depreciation | 3,945,408 | |||
Total Cost, Net of Accumulated Depreciation | 8,046,775 | |||
Center At Hobbs Brook [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,425,798 | |||
Initial Cost - Building and Improvement | 39,731,143 | |||
Land | 7,425,798 | |||
Building and Improvement | 39,731,143 | |||
Total | 47,156,941 | |||
Accumulated Depreciation | 2,147,072 | |||
Total Cost, Net of Accumulated Depreciation | 45,009,869 | |||
Encumbrances | 33,974,018 | |||
Vinnin Square Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,545,425 | |||
Initial Cost - Building and Improvement | 16,324,060 | |||
Subsequent to Acquisition | (288,766) | |||
Land | 5,545,425 | |||
Building and Improvement | 16,035,294 | |||
Total | 21,580,719 | |||
Accumulated Depreciation | 1,322,608 | |||
Total Cost, Net of Accumulated Depreciation | 20,258,111 | |||
Encumbrances | 9,500,340 | |||
Paradise Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,183,038 | |||
Initial Cost - Building and Improvement | 12,194,885 | |||
Subsequent to Acquisition | 442,545 | |||
Land | 4,183,038 | |||
Building and Improvement | 12,637,430 | |||
Total | 16,820,468 | |||
Accumulated Depreciation | 980,604 | |||
Total Cost, Net of Accumulated Depreciation | 15,839,864 | |||
Encumbrances | 9,181,314 | |||
Belmont Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 11,104,983 | |||
Initial Cost - Building and Improvement | 848,844 | |||
Land | 11,104,983 | |||
Building and Improvement | 848,844 | |||
Total | 11,953,827 | |||
Accumulated Depreciation | 70,152 | |||
Total Cost, Net of Accumulated Depreciation | 11,883,675 | |||
Encumbrances | 5,424,453 | |||
Vinnin Square In-Line [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 582,228 | |||
Initial Cost - Building and Improvement | 2,094,560 | |||
Subsequent to Acquisition | (109,616) | |||
Land | 582,228 | |||
Building and Improvement | 1,984,944 | |||
Total | 2,567,172 | |||
Accumulated Depreciation | 131,803 | |||
Total Cost, Net of Accumulated Depreciation | 2,435,369 | |||
Linden Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,628,215 | |||
Initial Cost - Building and Improvement | 3,535,431 | |||
Subsequent to Acquisition | 420,530 | |||
Land | 4,628,215 | |||
Building and Improvement | 3,955,961 | |||
Total | 8,584,176 | |||
Accumulated Depreciation | 330,912 | |||
Total Cost, Net of Accumulated Depreciation | 8,253,264 | |||
Encumbrances | 3,631,586 | |||
North Ave. Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,163,875 | |||
Initial Cost - Building and Improvement | 1,194,673 | |||
Subsequent to Acquisition | 15,933 | |||
Land | 1,163,875 | |||
Building and Improvement | 1,210,606 | |||
Total | 2,374,481 | |||
Accumulated Depreciation | 93,587 | |||
Total Cost, Net of Accumulated Depreciation | 2,280,894 | |||
Encumbrances | 924,068 | |||
Washington St. S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,380,918 | |||
Initial Cost - Building and Improvement | 9,987,119 | |||
Subsequent to Acquisition | 23,362 | |||
Land | 7,380,918 | |||
Building and Improvement | 10,010,481 | |||
Total | 17,391,399 | |||
Accumulated Depreciation | 565,366 | |||
Total Cost, Net of Accumulated Depreciation | 16,826,033 | |||
Encumbrances | 6,510,349 | |||
Mill St. Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,195,024 | |||
Initial Cost - Building and Improvement | 6,203,410 | |||
Subsequent to Acquisition | 180,796 | |||
Land | 4,195,024 | |||
Building and Improvement | 6,384,206 | |||
Total | 10,579,230 | |||
Accumulated Depreciation | 544,750 | |||
Total Cost, Net of Accumulated Depreciation | 10,034,480 | |||
Encumbrances | 4,257,037 | |||
Fullerton Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 14,237,901 | |||
Initial Cost - Building and Improvement | 6,743,980 | |||
Subsequent to Acquisition | 20,100 | |||
Land | 14,237,901 | |||
Building and Improvement | 6,764,080 | |||
Total | 21,001,981 | |||
Accumulated Depreciation | 1,077,707 | |||
Total Cost, Net of Accumulated Depreciation | 19,924,274 | |||
Encumbrances | 12,794,756 | |||
Greenbrier S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 8,891,468 | |||
Initial Cost - Building and Improvement | 30,304,760 | |||
Subsequent to Acquisition | 8,905 | |||
Land | 8,891,468 | |||
Building and Improvement | 30,313,665 | |||
Total | 39,205,133 | |||
Accumulated Depreciation | 2,061,489 | |||
Total Cost, Net of Accumulated Depreciation | 37,143,644 | |||
Encumbrances | 12,902,205 | |||
Ingleside S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 10,416,726 | |||
Initial Cost - Building and Improvement | 17,889,235 | |||
Subsequent to Acquisition | (186,501) | |||
Land | 10,416,726 | |||
Building and Improvement | 17,702,734 | |||
Total | 28,119,460 | |||
Accumulated Depreciation | 1,412,071 | |||
Total Cost, Net of Accumulated Depreciation | 26,707,389 | |||
Encumbrances | 19,730,769 | |||
Rolling Road Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,510,395 | |||
Initial Cost - Building and Improvement | 11,930,217 | |||
Land | 2,510,395 | |||
Building and Improvement | 11,930,217 | |||
Total | 14,440,612 | |||
Accumulated Depreciation | 536,210 | |||
Total Cost, Net of Accumulated Depreciation | 13,904,402 | |||
Security Square Shopping Ctr. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,342,463 | |||
Initial Cost - Building and Improvement | 15,147,024 | |||
Subsequent to Acquisition | 58,390 | |||
Land | 5,568,157 | |||
Building and Improvement | 14,979,720 | |||
Total | 20,547,877 | |||
Accumulated Depreciation | 760,799 | |||
Total Cost, Net of Accumulated Depreciation | 19,787,078 | |||
Encumbrances | 16,454,356 | |||
Wilkens Beltway Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 9,948,235 | |||
Initial Cost - Building and Improvement | 22,125,942 | |||
Subsequent to Acquisition | 96,693 | |||
Land | 9,948,235 | |||
Building and Improvement | 22,222,635 | |||
Total | 32,170,870 | |||
Accumulated Depreciation | 2,021,355 | |||
Total Cost, Net of Accumulated Depreciation | 30,149,515 | |||
York Road Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,276,715 | |||
Initial Cost - Building and Improvement | 37,205,757 | |||
Subsequent to Acquisition | 8,267 | |||
Land | 4,276,715 | |||
Building and Improvement | 37,214,024 | |||
Total | 41,490,739 | |||
Accumulated Depreciation | 2,260,526 | |||
Total Cost, Net of Accumulated Depreciation | 39,230,213 | |||
Putty Hill Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,192,152 | |||
Initial Cost - Building and Improvement | 11,112,111 | |||
Subsequent to Acquisition | 377,315 | |||
Land | 4,192,152 | |||
Building and Improvement | 11,489,426 | |||
Total | 15,681,578 | |||
Accumulated Depreciation | 1,585,093 | |||
Total Cost, Net of Accumulated Depreciation | 14,096,485 | |||
Snowden Square S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,929,402 | |||
Initial Cost - Building and Improvement | 4,557,934 | |||
Subsequent to Acquisition | 5,155,349 | |||
Land | 3,326,422 | |||
Building and Improvement | 8,316,263 | |||
Total | 11,642,685 | |||
Accumulated Depreciation | 770,360 | |||
Total Cost, Net of Accumulated Depreciation | 10,872,325 | |||
Columbia Crossing [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,612,550 | |||
Initial Cost - Building and Improvement | 34,344,509 | |||
Land | 3,612,550 | |||
Building and Improvement | 34,344,509 | |||
Total | 37,957,059 | |||
Accumulated Depreciation | 1,126,244 | |||
Total Cost, Net of Accumulated Depreciation | 36,830,815 | |||
Encumbrances | 14,622,529 | |||
Dorsey's Search Village Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,321,963 | |||
Initial Cost - Building and Improvement | 27,996,087 | |||
Land | 6,321,963 | |||
Building and Improvement | 27,996,087 | |||
Total | 34,318,050 | |||
Accumulated Depreciation | 884,345 | |||
Total Cost, Net of Accumulated Depreciation | 33,433,705 | |||
Encumbrances | 14,311,914 | |||
Hickory Ridge [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,183,646 | |||
Initial Cost - Building and Improvement | 26,947,776 | |||
Land | 7,183,646 | |||
Building and Improvement | 26,947,776 | |||
Total | 34,131,422 | |||
Accumulated Depreciation | 1,112,364 | |||
Total Cost, Net of Accumulated Depreciation | 33,019,058 | |||
Encumbrances | 18,744,809 | |||
Hickory Ridge (Sunoco) [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 543,197 | |||
Initial Cost - Building and Improvement | 2,122,234 | |||
Land | 543,197 | |||
Building and Improvement | 2,122,234 | |||
Total | 2,665,431 | |||
Accumulated Depreciation | 83,601 | |||
Total Cost, Net of Accumulated Depreciation | 2,581,830 | |||
Kings Contrivance [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 9,308,349 | |||
Initial Cost - Building and Improvement | 31,759,940 | |||
Subsequent to Acquisition | 101,769 | |||
Land | 9,308,349 | |||
Building and Improvement | 31,861,709 | |||
Total | 41,170,058 | |||
Accumulated Depreciation | 1,905,859 | |||
Total Cost, Net of Accumulated Depreciation | 39,264,199 | |||
Encumbrances | 23,710,461 | |||
Harper's Choice [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 8,429,284 | |||
Initial Cost - Building and Improvement | 18,373,994 | |||
Land | 8,429,284 | |||
Building and Improvement | 18,373,994 | |||
Total | 26,803,278 | |||
Accumulated Depreciation | 739,346 | |||
Total Cost, Net of Accumulated Depreciation | 26,063,932 | |||
Encumbrances | 10,448,963 | |||
Wilde Lake [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,468,038 | |||
Initial Cost - Building and Improvement | 5,869,862 | |||
Subsequent to Acquisition | 21,968,566 | |||
Land | 2,577,073 | |||
Building and Improvement | 26,729,393 | |||
Total | 29,306,466 | |||
Accumulated Depreciation | 8,050,180 | |||
Total Cost, Net of Accumulated Depreciation | 21,256,286 | |||
Riverhill Village Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 16,825,496 | |||
Initial Cost - Building and Improvement | 23,282,222 | |||
Subsequent to Acquisition | 84,661 | |||
Land | 16,825,496 | |||
Building and Improvement | 23,366,882 | |||
Total | 40,192,378 | |||
Accumulated Depreciation | 1,843,060 | |||
Total Cost, Net of Accumulated Depreciation | 38,349,318 | |||
Encumbrances | 22,860,529 | |||
Old Branch Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 39,779 | |||
Initial Cost - Building and Improvement | 130,716 | |||
Subsequent to Acquisition | 2,026,164 | |||
Land | 121,747 | |||
Building and Improvement | 2,074,913 | |||
Total | 2,196,660 | |||
Accumulated Depreciation | 123,079 | |||
Total Cost, Net of Accumulated Depreciation | 2,073,581 | |||
Columbia Crossing Outparcels [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,279,200 | |||
Initial Cost - Building and Improvement | 2,870,800 | |||
Subsequent to Acquisition | 13,977,613 | |||
Land | 4,597,200 | |||
Building and Improvement | 13,530,413 | |||
Total | 18,127,613 | |||
Accumulated Depreciation | 1,477,519 | |||
Total Cost, Net of Accumulated Depreciation | 16,650,094 | |||
Columbia Crossing Ii Shop.ctr. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,137,628 | |||
Initial Cost - Building and Improvement | 19,868,075 | |||
Subsequent to Acquisition | 25,000 | |||
Land | 3,137,628 | |||
Building and Improvement | 19,893,075 | |||
Total | 23,030,703 | |||
Accumulated Depreciation | 2,783,146 | |||
Total Cost, Net of Accumulated Depreciation | 20,247,557 | |||
Shops At District Heights [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 8,165,638 | |||
Initial Cost - Building and Improvement | 21,970,661 | |||
Subsequent to Acquisition | 25,000 | |||
Land | 8,165,638 | |||
Building and Improvement | 21,995,661 | |||
Total | 30,161,299 | |||
Accumulated Depreciation | 61,951 | |||
Total Cost, Net of Accumulated Depreciation | 30,099,348 | |||
Encumbrances | 14,335,735 | |||
Enchanted Forest S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 20,123,946 | |||
Initial Cost - Building and Improvement | 34,345,102 | |||
Subsequent to Acquisition | 234,456 | |||
Land | 20,123,946 | |||
Building and Improvement | 34,579,558 | |||
Total | 54,703,504 | |||
Accumulated Depreciation | 3,007,515 | |||
Total Cost, Net of Accumulated Depreciation | 51,695,989 | |||
Shoppes At Easton [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,523,713 | |||
Initial Cost - Building and Improvement | 16,402,204 | |||
Subsequent to Acquisition | 152,625 | |||
Land | 6,523,713 | |||
Building and Improvement | 16,554,829 | |||
Total | 23,078,542 | |||
Accumulated Depreciation | 1,116,417 | |||
Total Cost, Net of Accumulated Depreciation | 21,962,125 | |||
Villages At Urbana [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,190,074 | |||
Initial Cost - Building and Improvement | 6,067 | |||
Subsequent to Acquisition | 10,661,120 | |||
Land | 4,828,774 | |||
Building and Improvement | 9,028,488 | |||
Total | 13,857,262 | |||
Accumulated Depreciation | 1,351,007 | |||
Total Cost, Net of Accumulated Depreciation | 12,506,255 | |||
Gaithersburg S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 244,890 | |||
Initial Cost - Building and Improvement | 6,787,534 | |||
Subsequent to Acquisition | 260,017 | |||
Land | 244,890 | |||
Building and Improvement | 7,047,552 | |||
Total | 7,292,442 | |||
Accumulated Depreciation | 2,917,266 | |||
Total Cost, Net of Accumulated Depreciation | 4,375,176 | |||
Shawan Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,466,000 | |||
Initial Cost - Building and Improvement | 20,222,367 | |||
Subsequent to Acquisition | (1,189,800) | |||
Land | 4,466,000 | |||
Building and Improvement | 19,032,567 | |||
Total | 23,498,567 | |||
Accumulated Depreciation | 9,862,395 | |||
Total Cost, Net of Accumulated Depreciation | 13,636,172 | |||
Encumbrances | 5,442,232 | |||
Laurel Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 349,562 | |||
Initial Cost - Building and Improvement | 1,398,250 | |||
Subsequent to Acquisition | 3,675,716 | |||
Land | 1,571,288 | |||
Building and Improvement | 3,852,240 | |||
Total | 5,423,528 | |||
Accumulated Depreciation | 1,655,939 | |||
Total Cost, Net of Accumulated Depreciation | 3,767,589 | |||
Laurel Plaza I [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 274,580 | |||
Initial Cost - Building and Improvement | 1,100,968 | |||
Subsequent to Acquisition | 450,113 | |||
Land | 274,580 | |||
Building and Improvement | 1,551,081 | |||
Total | 1,825,661 | |||
Accumulated Depreciation | 1,415,348 | |||
Total Cost, Net of Accumulated Depreciation | 410,313 | |||
North East Station [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 8,219,613 | |||
Initial Cost - Building and Improvement | 9,536,990 | |||
Subsequent to Acquisition | (952,201) | |||
Land | 7,219,613 | |||
Building and Improvement | 9,584,790 | |||
Total | 16,804,403 | |||
Accumulated Depreciation | 695,465 | |||
Total Cost, Net of Accumulated Depreciation | 16,108,938 | |||
Encumbrances | 8,518,683 | |||
Owings Mills Mall [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 23,378,543 | |||
Initial Cost - Building and Improvement | 1,089,760 | |||
Land | 23,378,542 | |||
Building and Improvement | 1,089,760 | |||
Total | 24,468,302 | |||
Accumulated Depreciation | 16,470 | |||
Total Cost, Net of Accumulated Depreciation | 24,451,832 | |||
Perry Hall Square S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,339,309 | |||
Initial Cost - Building and Improvement | 12,377,339 | |||
Subsequent to Acquisition | 1,494,860 | |||
Land | 3,339,309 | |||
Building and Improvement | 13,872,200 | |||
Total | 17,211,509 | |||
Accumulated Depreciation | 7,025,103 | |||
Total Cost, Net of Accumulated Depreciation | 10,186,406 | |||
Perry Hall Centre [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,901,193 | |||
Initial Cost - Building and Improvement | 8,704,689 | |||
Land | 6,901,193 | |||
Building and Improvement | 8,704,689 | |||
Total | 15,605,882 | |||
Accumulated Depreciation | 513,816 | |||
Total Cost, Net of Accumulated Depreciation | 15,092,066 | |||
Centre Court-Retail/bank [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,035,359 | |||
Initial Cost - Building and Improvement | 7,785,830 | |||
Subsequent to Acquisition | 8,593 | |||
Land | 1,035,359 | |||
Building and Improvement | 7,794,423 | |||
Total | 8,829,782 | |||
Accumulated Depreciation | 1,060,878 | |||
Total Cost, Net of Accumulated Depreciation | 7,768,904 | |||
Encumbrances | 2,098,087 | |||
Centre Court-Giant [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,854,099 | |||
Initial Cost - Building and Improvement | 12,769,628 | |||
Land | 3,854,099 | |||
Building and Improvement | 12,769,628 | |||
Total | 16,623,727 | |||
Accumulated Depreciation | 1,694,917 | |||
Total Cost, Net of Accumulated Depreciation | 14,928,810 | |||
Encumbrances | 6,566,277 | |||
Centre Court-Old Court/courtyd [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,279,177 | |||
Initial Cost - Building and Improvement | 5,284,577 | |||
Subsequent to Acquisition | 53,360 | |||
Land | 2,279,177 | |||
Building and Improvement | 5,337,937 | |||
Total | 7,617,114 | |||
Accumulated Depreciation | 826,564 | |||
Total Cost, Net of Accumulated Depreciation | 6,790,550 | |||
Encumbrances | 4,832,517 | |||
Radcliffe Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 12,042,713 | |||
Initial Cost - Building and Improvement | 21,187,946 | |||
Land | 12,042,713 | |||
Building and Improvement | 21,187,946 | |||
Total | 33,230,659 | |||
Accumulated Depreciation | 1,315,704 | |||
Total Cost, Net of Accumulated Depreciation | 31,914,955 | |||
Timonium Crossing [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,525,377 | |||
Initial Cost - Building and Improvement | 14,862,817 | |||
Subsequent to Acquisition | 113,644 | |||
Land | 2,525,377 | |||
Building and Improvement | 14,976,461 | |||
Total | 17,501,838 | |||
Accumulated Depreciation | 1,036,747 | |||
Total Cost, Net of Accumulated Depreciation | 16,465,091 | |||
Encumbrances | 14,799,921 | |||
Timonium Square [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,000,000 | |||
Initial Cost - Building and Improvement | 24,282,998 | |||
Subsequent to Acquisition | 17,263,116 | |||
Land | 7,331,195 | |||
Building and Improvement | 40,214,918 | |||
Total | 47,546,113 | |||
Accumulated Depreciation | 18,978,843 | |||
Total Cost, Net of Accumulated Depreciation | 28,567,270 | |||
Towson Place [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 43,886,876 | |||
Initial Cost - Building and Improvement | 101,764,931 | |||
Subsequent to Acquisition | 512,513 | |||
Land | 43,270,792 | |||
Building and Improvement | 102,893,529 | |||
Total | 146,164,321 | |||
Accumulated Depreciation | 13,725,091 | |||
Total Cost, Net of Accumulated Depreciation | 132,439,230 | |||
Mallside Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,930,996 | |||
Initial Cost - Building and Improvement | 18,148,727 | |||
Subsequent to Acquisition | 867,369 | |||
Land | 6,939,590 | |||
Building and Improvement | 19,007,503 | |||
Total | 25,947,093 | |||
Accumulated Depreciation | 6,131,346 | |||
Total Cost, Net of Accumulated Depreciation | 19,815,747 | |||
Encumbrances | 14,063,572 | |||
Clawson Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,624,771 | |||
Initial Cost - Building and Improvement | 6,578,142 | |||
Subsequent to Acquisition | 9,722,711 | |||
Land | 1,624,771 | |||
Building and Improvement | 16,300,854 | |||
Total | 17,925,625 | |||
Accumulated Depreciation | 6,456,848 | |||
Total Cost, Net of Accumulated Depreciation | 11,468,777 | |||
White Lake Commons [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,300,050 | |||
Initial Cost - Building and Improvement | 9,249,607 | |||
Subsequent to Acquisition | 3,179,478 | |||
Land | 2,300,050 | |||
Building and Improvement | 12,429,085 | |||
Total | 14,729,135 | |||
Accumulated Depreciation | 5,886,186 | |||
Total Cost, Net of Accumulated Depreciation | 8,842,949 | |||
Downtown Farmington Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,098,426 | |||
Initial Cost - Building and Improvement | 4,525,723 | |||
Subsequent to Acquisition | 1,435,075 | |||
Land | 1,098,426 | |||
Building and Improvement | 5,960,798 | |||
Total | 7,059,224 | |||
Accumulated Depreciation | 3,097,942 | |||
Total Cost, Net of Accumulated Depreciation | 3,961,282 | |||
Flint - Vacant Land [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 101,424 | |||
Land | 101,424 | |||
Total | 101,424 | |||
Total Cost, Net of Accumulated Depreciation | 101,424 | |||
Century Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 178,785 | |||
Initial Cost - Building and Improvement | 925,818 | |||
Subsequent to Acquisition | 1,194,933 | |||
Land | 178,785 | |||
Building and Improvement | 2,120,751 | |||
Total | 2,299,536 | |||
Accumulated Depreciation | 1,560,195 | |||
Total Cost, Net of Accumulated Depreciation | 739,341 | |||
Cross Creek S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,451,397 | |||
Initial Cost - Building and Improvement | 5,806,263 | |||
Subsequent to Acquisition | 560,791 | |||
Land | 1,451,397 | |||
Building and Improvement | 6,367,054 | |||
Total | 7,818,451 | |||
Accumulated Depreciation | 3,469,702 | |||
Total Cost, Net of Accumulated Depreciation | 4,348,749 | |||
Green Orchard Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,682,478 | |||
Initial Cost - Building and Improvement | 14,730,060 | |||
Subsequent to Acquisition | 4,453,718 | |||
Land | 3,682,478 | |||
Building and Improvement | 19,183,778 | |||
Total | 22,866,256 | |||
Accumulated Depreciation | 9,341,432 | |||
Total Cost, Net of Accumulated Depreciation | 13,524,824 | |||
The Fountains At Arbor Lakes [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 28,585,296 | |||
Initial Cost - Building and Improvement | 66,699,024 | |||
Subsequent to Acquisition | 12,930,204 | |||
Land | 29,485,296 | |||
Building and Improvement | 78,729,228 | |||
Total | 108,214,524 | |||
Accumulated Depreciation | 22,229,598 | |||
Total Cost, Net of Accumulated Depreciation | 85,984,926 | |||
Roseville Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 132,842 | |||
Initial Cost - Building and Improvement | 957,340 | |||
Subsequent to Acquisition | 10,302,188 | |||
Land | 1,675,667 | |||
Building and Improvement | 9,716,703 | |||
Total | 11,392,370 | |||
Accumulated Depreciation | 1,460,703 | |||
Total Cost, Net of Accumulated Depreciation | 9,931,667 | |||
Creve Couer Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,044,598 | |||
Initial Cost - Building and Improvement | 5,475,623 | |||
Subsequent to Acquisition | 740,405 | |||
Land | 960,814 | |||
Building and Improvement | 6,299,812 | |||
Total | 7,260,626 | |||
Accumulated Depreciation | 2,798,497 | |||
Total Cost, Net of Accumulated Depreciation | 4,462,129 | |||
North Point Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,935,380 | |||
Initial Cost - Building and Improvement | 7,800,746 | |||
Subsequent to Acquisition | 909,151 | |||
Land | 1,935,380 | |||
Building and Improvement | 8,709,897 | |||
Total | 10,645,277 | |||
Accumulated Depreciation | 3,802,194 | |||
Total Cost, Net of Accumulated Depreciation | 6,843,083 | |||
Kirkwood Crossing [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 9,704,005 | |||
Subsequent to Acquisition | 14,426,751 | |||
Building and Improvement | 24,130,756 | |||
Total | 24,130,756 | |||
Accumulated Depreciation | 14,080,760 | |||
Total Cost, Net of Accumulated Depreciation | 10,049,996 | |||
Lemay S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 125,879 | |||
Initial Cost - Building and Improvement | 503,510 | |||
Subsequent to Acquisition | 3,846,838 | |||
Land | 451,155 | |||
Building and Improvement | 4,025,072 | |||
Total | 4,476,227 | |||
Accumulated Depreciation | 1,576,390 | |||
Total Cost, Net of Accumulated Depreciation | 2,899,837 | |||
Gravois Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,032,416 | |||
Initial Cost - Building and Improvement | 4,455,514 | |||
Subsequent to Acquisition | 11,197,045 | |||
Land | 1,032,413 | |||
Building and Improvement | 15,652,563 | |||
Total | 16,684,976 | |||
Accumulated Depreciation | 8,854,622 | |||
Total Cost, Net of Accumulated Depreciation | 7,830,354 | |||
Home Depot Plaza Three [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 431,960 | |||
Subsequent to Acquisition | 758,854 | |||
Land | 431,960 | |||
Building and Improvement | 758,855 | |||
Total | 1,190,815 | |||
Accumulated Depreciation | 287,947 | |||
Total Cost, Net of Accumulated Depreciation | 902,868 | |||
Primrose Market Place [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,745,595 | |||
Initial Cost - Building and Improvement | 10,985,778 | |||
Subsequent to Acquisition | 8,081,641 | |||
Land | 2,904,022 | |||
Building and Improvement | 18,908,992 | |||
Total | 21,813,014 | |||
Accumulated Depreciation | 9,388,653 | |||
Total Cost, Net of Accumulated Depreciation | 12,424,361 | |||
Primrose Market Place I [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 905,674 | |||
Initial Cost - Building and Improvement | 3,666,386 | |||
Subsequent to Acquisition | 5,261,809 | |||
Land | 905,674 | |||
Building and Improvement | 8,928,195 | |||
Total | 9,833,869 | |||
Accumulated Depreciation | 2,954,882 | |||
Total Cost, Net of Accumulated Depreciation | 6,878,987 | |||
Encumbrances | 490,859 | |||
Center Point S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 550,204 | |||
Building and Improvement | 550,204 | |||
Total | 550,204 | |||
Accumulated Depreciation | 291,720 | |||
Total Cost, Net of Accumulated Depreciation | 258,484 | |||
Kings Highway S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 809,087 | |||
Initial Cost - Building and Improvement | 4,430,514 | |||
Subsequent to Acquisition | 2,661,361 | |||
Land | 809,087 | |||
Building and Improvement | 7,091,874 | |||
Total | 7,900,961 | |||
Accumulated Depreciation | 3,173,169 | |||
Total Cost, Net of Accumulated Depreciation | 4,727,792 | |||
Overland Crossing [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 4,928,677 | |||
Subsequent to Acquisition | 740,346 | |||
Building and Improvement | 5,669,023 | |||
Total | 5,669,023 | |||
Accumulated Depreciation | 2,831,868 | |||
Total Cost, Net of Accumulated Depreciation | 2,837,155 | |||
Cave Springs S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,182,194 | |||
Initial Cost - Building and Improvement | 7,423,459 | |||
Subsequent to Acquisition | 7,243,916 | |||
Land | 1,563,694 | |||
Building and Improvement | 14,285,875 | |||
Total | 15,849,569 | |||
Accumulated Depreciation | 10,108,324 | |||
Total Cost, Net of Accumulated Depreciation | 5,741,245 | |||
Springfield S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 608,793 | |||
Subsequent to Acquisition | 11,078,003 | |||
Land | 8,800,000 | |||
Building and Improvement | 2,886,796 | |||
Total | 11,686,796 | |||
Accumulated Depreciation | 1,171,941 | |||
Total Cost, Net of Accumulated Depreciation | 10,514,855 | |||
Turtle Creek Towne [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 11,535,281 | |||
Subsequent to Acquisition | 33,603,279 | |||
Land | 10,150,881 | |||
Building and Improvement | 34,987,679 | |||
Total | 45,138,560 | |||
Accumulated Depreciation | 8,538,526 | |||
Total Cost, Net of Accumulated Depreciation | 36,600,034 | |||
Overlook Village [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 8,276,500 | |||
Initial Cost - Building and Improvement | 17,249,587 | |||
Subsequent to Acquisition | 218,753 | |||
Land | 8,276,500 | |||
Building and Improvement | 17,468,340 | |||
Total | 25,744,840 | |||
Accumulated Depreciation | 2,678,993 | |||
Total Cost, Net of Accumulated Depreciation | 23,065,847 | |||
Woodlawn Marketplace [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 919,251 | |||
Initial Cost - Building and Improvement | 3,570,981 | |||
Subsequent to Acquisition | 2,418,716 | |||
Land | 919,251 | |||
Building and Improvement | 5,989,696 | |||
Total | 6,908,947 | |||
Accumulated Depreciation | 2,906,873 | |||
Total Cost, Net of Accumulated Depreciation | 4,002,074 | |||
Tyvola Mall [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 4,736,345 | |||
Subsequent to Acquisition | 6,830,468 | |||
Building and Improvement | 11,566,813 | |||
Total | 11,566,813 | |||
Accumulated Depreciation | 8,472,508 | |||
Total Cost, Net of Accumulated Depreciation | 3,094,305 | |||
Crossroads Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 767,864 | |||
Initial Cost - Building and Improvement | 3,098,881 | |||
Subsequent to Acquisition | 1,233,351 | |||
Land | 767,864 | |||
Building and Improvement | 4,332,231 | |||
Total | 5,100,095 | |||
Accumulated Depreciation | 1,403,889 | |||
Total Cost, Net of Accumulated Depreciation | 3,696,206 | |||
Jetton Village Shoppes [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,875,224 | |||
Initial Cost - Building and Improvement | 10,292,231 | |||
Subsequent to Acquisition | 64,013 | |||
Land | 2,143,695 | |||
Building and Improvement | 12,087,773 | |||
Total | 14,231,468 | |||
Accumulated Depreciation | 1,417,585 | |||
Total Cost, Net of Accumulated Depreciation | 12,813,883 | |||
Mountain Island Marketplace [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,318,587 | |||
Initial Cost - Building and Improvement | 7,331,413 | |||
Subsequent to Acquisition | 736,014 | |||
Land | 3,818,587 | |||
Building and Improvement | 7,567,427 | |||
Total | 11,386,014 | |||
Accumulated Depreciation | 1,125,989 | |||
Total Cost, Net of Accumulated Depreciation | 10,260,025 | |||
Woodlawn Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,010,725 | |||
Initial Cost - Building and Improvement | 5,833,626 | |||
Subsequent to Acquisition | 13,924 | |||
Land | 2,010,725 | |||
Building and Improvement | 5,847,549 | |||
Total | 7,858,274 | |||
Accumulated Depreciation | 733,375 | |||
Total Cost, Net of Accumulated Depreciation | 7,124,899 | |||
Crossroads Plaza Two [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 13,405,529 | |||
Initial Cost - Building and Improvement | 86,455,763 | |||
Subsequent to Acquisition | (632,787) | |||
Land | 13,405,529 | |||
Building and Improvement | 85,822,976 | |||
Total | 99,228,505 | |||
Accumulated Depreciation | 8,017,724 | |||
Total Cost, Net of Accumulated Depreciation | 91,210,781 | |||
Encumbrances | 73,390,513 | |||
Quail Corners [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,318,321 | |||
Initial Cost - Building and Improvement | 26,675,644 | |||
Subsequent to Acquisition | 323,236 | |||
Land | 7,318,321 | |||
Building and Improvement | 26,998,880 | |||
Total | 34,317,201 | |||
Accumulated Depreciation | 1,551,677 | |||
Total Cost, Net of Accumulated Depreciation | 32,765,524 | |||
Encumbrances | 17,499,561 | |||
Oakcreek Village [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,882,800 | |||
Initial Cost - Building and Improvement | 7,551,576 | |||
Subsequent to Acquisition | 2,332,136 | |||
Land | 1,882,800 | |||
Building and Improvement | 9,883,712 | |||
Total | 11,766,512 | |||
Accumulated Depreciation | 4,975,989 | |||
Total Cost, Net of Accumulated Depreciation | 6,790,523 | |||
Davidson Commons [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,978,533 | |||
Initial Cost - Building and Improvement | 12,859,867 | |||
Subsequent to Acquisition | 165,689 | |||
Land | 2,978,533 | |||
Building and Improvement | 13,025,556 | |||
Total | 16,004,089 | |||
Accumulated Depreciation | 1,440,527 | |||
Total Cost, Net of Accumulated Depreciation | 14,563,562 | |||
Senate/hillsborough Crossi [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 519,395 | |||
Land | 519,395 | |||
Total | 519,395 | |||
Total Cost, Net of Accumulated Depreciation | 519,395 | |||
Park Place Sc [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,461,478 | |||
Initial Cost - Building and Improvement | 16,163,494 | |||
Subsequent to Acquisition | 306,151 | |||
Land | 5,469,809 | |||
Building and Improvement | 16,461,315 | |||
Total | 21,931,124 | |||
Accumulated Depreciation | 5,163,767 | |||
Total Cost, Net of Accumulated Depreciation | 16,767,357 | |||
Encumbrances | 12,769,441 | |||
Mooresville Crossing [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 12,013,727 | |||
Initial Cost - Building and Improvement | 30,604,173 | |||
Subsequent to Acquisition | (199,712) | |||
Land | 11,625,801 | |||
Building and Improvement | 30,792,387 | |||
Total | 42,418,188 | |||
Accumulated Depreciation | 9,137,001 | |||
Total Cost, Net of Accumulated Depreciation | 33,281,187 | |||
Pleasant Valley Promenade [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,208,885 | |||
Initial Cost - Building and Improvement | 20,885,792 | |||
Subsequent to Acquisition | 13,589,096 | |||
Land | 5,208,885 | |||
Building and Improvement | 34,474,888 | |||
Total | 39,683,773 | |||
Accumulated Depreciation | 18,241,717 | |||
Total Cost, Net of Accumulated Depreciation | 21,442,056 | |||
Wakefield Commons III [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,506,450 | |||
Subsequent to Acquisition | (4,106,391) | |||
Land | 1,369,121 | |||
Building and Improvement | 1,030,938 | |||
Total | 2,400,059 | |||
Accumulated Depreciation | 477,639 | |||
Total Cost, Net of Accumulated Depreciation | 1,922,420 | |||
Wakefield Crossings [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,413,932 | |||
Subsequent to Acquisition | (3,017,960) | |||
Land | 336,236 | |||
Building and Improvement | 59,737 | |||
Total | 395,973 | |||
Accumulated Depreciation | 5,632 | |||
Total Cost, Net of Accumulated Depreciation | 390,341 | |||
Brennan Station [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,749,751 | |||
Initial Cost - Building and Improvement | 20,556,891 | |||
Subsequent to Acquisition | (871,973) | |||
Land | 6,321,923 | |||
Building and Improvement | 21,112,745 | |||
Total | 27,434,668 | |||
Accumulated Depreciation | 3,640,276 | |||
Total Cost, Net of Accumulated Depreciation | 23,794,392 | |||
Brennan Station Outparcel [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 627,906 | |||
Initial Cost - Building and Improvement | 1,665,576 | |||
Subsequent to Acquisition | (93,482) | |||
Land | 450,232 | |||
Building and Improvement | 1,749,768 | |||
Total | 2,200,000 | |||
Accumulated Depreciation | 291,724 | |||
Total Cost, Net of Accumulated Depreciation | 1,908,276 | |||
Cloverdale Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 540,667 | |||
Initial Cost - Building and Improvement | 719,655 | |||
Subsequent to Acquisition | 6,691,340 | |||
Land | 540,667 | |||
Building and Improvement | 7,410,995 | |||
Total | 7,951,662 | |||
Accumulated Depreciation | 3,746,494 | |||
Total Cost, Net of Accumulated Depreciation | 4,205,168 | |||
Encumbrances | 4,509,978 | |||
Sorensen Park Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,104,294 | |||
Subsequent to Acquisition | 30,760,694 | |||
Land | 3,791,319 | |||
Building and Improvement | 32,073,668 | |||
Total | 35,864,987 | |||
Accumulated Depreciation | 4,690,343 | |||
Total Cost, Net of Accumulated Depreciation | 31,174,644 | |||
Lorden Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 8,872,529 | |||
Initial Cost - Building and Improvement | 22,548,382 | |||
Subsequent to Acquisition | (1,216,356) | |||
Land | 8,548,022 | |||
Building and Improvement | 21,656,534 | |||
Total | 30,204,556 | |||
Accumulated Depreciation | 6,699,479 | |||
Total Cost, Net of Accumulated Depreciation | 23,505,077 | |||
Encumbrances | 25,426,109 | |||
Webster Square [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 11,683,145 | |||
Initial Cost - Building and Improvement | 41,708,383 | |||
Subsequent to Acquisition | 4,977,335 | |||
Land | 11,683,145 | |||
Building and Improvement | 46,685,718 | |||
Total | 58,368,863 | |||
Accumulated Depreciation | 3,277,910 | |||
Total Cost, Net of Accumulated Depreciation | 55,090,953 | |||
Rockingham Mall-Shaws Land Pcl [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,660,915 | |||
Initial Cost - Building and Improvement | 10,643,660 | |||
Subsequent to Acquisition | 12,252,346 | |||
Land | 3,148,715 | |||
Building and Improvement | 22,408,206 | |||
Total | 25,556,921 | |||
Accumulated Depreciation | 10,853,077 | |||
Total Cost, Net of Accumulated Depreciation | 14,703,844 | |||
Encumbrances | 16,603,357 | |||
Shop Rite Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,417,583 | |||
Initial Cost - Building and Improvement | 6,364,094 | |||
Subsequent to Acquisition | 1,611,693 | |||
Land | 2,417,583 | |||
Building and Improvement | 7,975,787 | |||
Total | 10,393,370 | |||
Accumulated Depreciation | 6,966,088 | |||
Total Cost, Net of Accumulated Depreciation | 3,427,282 | |||
Marlton Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 4,318,534 | |||
Subsequent to Acquisition | 114,215 | |||
Building and Improvement | 4,432,749 | |||
Total | 4,432,749 | |||
Accumulated Depreciation | 2,153,883 | |||
Total Cost, Net of Accumulated Depreciation | 2,278,866 | |||
Hillview Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 16,007,647 | |||
Initial Cost - Building and Improvement | 32,607,423 | |||
Subsequent to Acquisition | (13,962) | |||
Land | 16,007,647 | |||
Building and Improvement | 32,593,461 | |||
Total | 48,601,108 | |||
Accumulated Depreciation | 2,540,612 | |||
Total Cost, Net of Accumulated Depreciation | 46,060,496 | |||
Encumbrances | 25,807,183 | |||
Garden State Pavilions [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,530,709 | |||
Initial Cost - Building and Improvement | 10,801,949 | |||
Subsequent to Acquisition | 18,648,254 | |||
Land | 12,203,841 | |||
Building and Improvement | 24,777,071 | |||
Total | 36,980,912 | |||
Accumulated Depreciation | 4,186,982 | |||
Total Cost, Net of Accumulated Depreciation | 32,793,930 | |||
Clark Shoprite 70 Central Ave [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,496,673 | |||
Initial Cost - Building and Improvement | 11,693,769 | |||
Subsequent to Acquisition | 994,829 | |||
Land | 13,959,593 | |||
Building and Improvement | 2,225,678 | |||
Total | 16,185,271 | |||
Accumulated Depreciation | 352,851 | |||
Total Cost, Net of Accumulated Depreciation | 15,832,420 | |||
Commerce Center West [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 385,760 | |||
Initial Cost - Building and Improvement | 1,290,080 | |||
Subsequent to Acquisition | 160,534 | |||
Land | 793,595 | |||
Building and Improvement | 1,042,779 | |||
Total | 1,836,374 | |||
Accumulated Depreciation | 200,359 | |||
Total Cost, Net of Accumulated Depreciation | 1,636,015 | |||
Commerce Center East [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,518,930 | |||
Initial Cost - Building and Improvement | 5,079,690 | |||
Subsequent to Acquisition | 1,753,865 | |||
Land | 7,235,196 | |||
Building and Improvement | 1,117,289 | |||
Total | 8,352,485 | |||
Accumulated Depreciation | 185,029 | |||
Total Cost, Net of Accumulated Depreciation | 8,167,456 | |||
Central Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,170,465 | |||
Initial Cost - Building and Improvement | 10,602,845 | |||
Subsequent to Acquisition | (186,938) | |||
Land | 5,145,167 | |||
Building and Improvement | 8,441,205 | |||
Total | 13,586,372 | |||
Accumulated Depreciation | 950,517 | |||
Total Cost, Net of Accumulated Depreciation | 12,635,855 | |||
East Windsor Village [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 9,335,011 | |||
Initial Cost - Building and Improvement | 23,777,978 | |||
Subsequent to Acquisition | (728,417) | |||
Land | 9,335,011 | |||
Building and Improvement | 23,049,562 | |||
Total | 32,384,573 | |||
Accumulated Depreciation | 4,823,887 | |||
Total Cost, Net of Accumulated Depreciation | 27,560,686 | |||
Hillsborough Promenade [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 11,886,809 | |||
Subsequent to Acquisition | (6,648,146) | |||
Land | 5,006,054 | |||
Building and Improvement | 232,610 | |||
Total | 5,238,664 | |||
Total Cost, Net of Accumulated Depreciation | 5,238,664 | |||
Holmdel Towne Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 10,824,624 | |||
Initial Cost - Building and Improvement | 43,301,494 | |||
Subsequent to Acquisition | 6,992,524 | |||
Land | 10,824,624 | |||
Building and Improvement | 50,294,018 | |||
Total | 61,118,642 | |||
Accumulated Depreciation | 17,055,927 | |||
Total Cost, Net of Accumulated Depreciation | 44,062,715 | |||
Holmdel Commons II [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 16,537,556 | |||
Initial Cost - Building and Improvement | 38,759,952 | |||
Subsequent to Acquisition | 3,465,596 | |||
Land | 16,537,556 | |||
Building and Improvement | 42,225,548 | |||
Total | 58,763,104 | |||
Accumulated Depreciation | 15,476,050 | |||
Total Cost, Net of Accumulated Depreciation | 43,287,054 | |||
Encumbrances | 17,835,542 | |||
Plaza At Hillsdale [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,601,596 | |||
Initial Cost - Building and Improvement | 6,994,196 | |||
Subsequent to Acquisition | 361,829 | |||
Land | 7,601,596 | |||
Building and Improvement | 7,356,025 | |||
Total | 14,957,621 | |||
Accumulated Depreciation | 496,879 | |||
Total Cost, Net of Accumulated Depreciation | 14,460,742 | |||
Encumbrances | 6,199,466 | |||
Maple Shade [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 9,957,611 | |||
Subsequent to Acquisition | 570,994 | |||
Building and Improvement | 10,528,604 | |||
Total | 10,528,604 | |||
Accumulated Depreciation | 1,275,637 | |||
Total Cost, Net of Accumulated Depreciation | 9,252,967 | |||
Plaza At Short Hills [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 20,155,471 | |||
Initial Cost - Building and Improvement | 11,061,984 | |||
Subsequent to Acquisition | 54,995 | |||
Land | 20,155,471 | |||
Building and Improvement | 11,116,980 | |||
Total | 31,272,451 | |||
Accumulated Depreciation | 1,273,104 | |||
Total Cost, Net of Accumulated Depreciation | 29,999,347 | |||
Encumbrances | 10,067,946 | |||
North Brunswick Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,204,978 | |||
Initial Cost - Building and Improvement | 12,819,912 | |||
Subsequent to Acquisition | 22,037,956 | |||
Land | 3,204,978 | |||
Building and Improvement | 34,857,868 | |||
Total | 38,062,846 | |||
Accumulated Depreciation | 16,851,123 | |||
Total Cost, Net of Accumulated Depreciation | 21,211,723 | |||
Piscataway Town Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,851,839 | |||
Initial Cost - Building and Improvement | 15,410,851 | |||
Subsequent to Acquisition | 1,157,460 | |||
Land | 3,851,839 | |||
Building and Improvement | 16,568,311 | |||
Total | 20,420,150 | |||
Accumulated Depreciation | 7,474,550 | |||
Total Cost, Net of Accumulated Depreciation | 12,945,600 | |||
Encumbrances | 10,100,099 | |||
Ridgewood S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 450,000 | |||
Initial Cost - Building and Improvement | 2,106,566 | |||
Subsequent to Acquisition | 1,015,675 | |||
Land | 450,000 | |||
Building and Improvement | 3,122,241 | |||
Total | 3,572,241 | |||
Accumulated Depreciation | 1,569,915 | |||
Total Cost, Net of Accumulated Depreciation | 2,002,326 | |||
Union Crescent Iii-Best Buy [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,895,483 | |||
Initial Cost - Building and Improvement | 3,010,640 | |||
Subsequent to Acquisition | 28,918,366 | |||
Land | 8,696,579 | |||
Building and Improvement | 31,127,911 | |||
Total | 39,824,490 | |||
Accumulated Depreciation | 10,896,761 | |||
Total Cost, Net of Accumulated Depreciation | 28,927,729 | |||
Westmont Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 601,655 | |||
Initial Cost - Building and Improvement | 2,404,604 | |||
Subsequent to Acquisition | 10,957,141 | |||
Land | 601,655 | |||
Building and Improvement | 13,361,745 | |||
Total | 13,963,400 | |||
Accumulated Depreciation | 5,878,307 | |||
Total Cost, Net of Accumulated Depreciation | 8,085,093 | |||
Willowbrook Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 15,320,436 | |||
Initial Cost - Building and Improvement | 40,996,874 | |||
Subsequent to Acquisition | 7,699,841 | |||
Land | 15,320,436 | |||
Building and Improvement | 48,696,715 | |||
Total | 64,017,151 | |||
Accumulated Depreciation | 10,469,961 | |||
Total Cost, Net of Accumulated Depreciation | 53,547,190 | |||
Warm Springs Promenade [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,226,363 | |||
Initial Cost - Building and Improvement | 19,109,946 | |||
Subsequent to Acquisition | 107,670 | |||
Land | 7,226,363 | |||
Building and Improvement | 19,217,615 | |||
Total | 26,443,978 | |||
Accumulated Depreciation | 6,830,645 | |||
Total Cost, Net of Accumulated Depreciation | 19,613,333 | |||
Del Monte Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,489,429 | |||
Initial Cost - Building and Improvement | 5,590,415 | |||
Subsequent to Acquisition | 538,239 | |||
Land | 2,210,000 | |||
Building and Improvement | 6,408,083 | |||
Total | 8,618,083 | |||
Accumulated Depreciation | 2,701,262 | |||
Total Cost, Net of Accumulated Depreciation | 5,916,821 | |||
Encumbrances | 2,878,094 | |||
Redfield Promenade [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,415,339 | |||
Initial Cost - Building and Improvement | 32,035,192 | |||
Land | 4,415,339 | |||
Building and Improvement | 32,035,192 | |||
Total | 36,450,531 | |||
Accumulated Depreciation | 1,524,814 | |||
Total Cost, Net of Accumulated Depreciation | 34,925,717 | |||
Mcqueen Crossings [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,017,431 | |||
Initial Cost - Building and Improvement | 20,779,024 | |||
Land | 5,017,431 | |||
Building and Improvement | 20,779,024 | |||
Total | 25,796,455 | |||
Accumulated Depreciation | 1,008,662 | |||
Total Cost, Net of Accumulated Depreciation | 24,787,793 | |||
Galena Junction [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 8,931,027 | |||
Initial Cost - Building and Improvement | 17,503,387 | |||
Land | 8,931,027 | |||
Building and Improvement | 17,503,387 | |||
Total | 26,434,414 | |||
Accumulated Depreciation | 860,782 | |||
Total Cost, Net of Accumulated Depreciation | 25,573,632 | |||
Encumbrances | 20,267,858 | |||
D'andrea Marketplace [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 11,556,067 | |||
Initial Cost - Building and Improvement | 29,435,364 | |||
Subsequent to Acquisition | (222,531) | |||
Land | 11,556,067 | |||
Building and Improvement | 29,212,833 | |||
Total | 40,768,900 | |||
Accumulated Depreciation | 6,484,254 | |||
Total Cost, Net of Accumulated Depreciation | 34,284,646 | |||
Encumbrances | 12,514,286 | |||
Sparks Mercantile [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,221,614 | |||
Initial Cost - Building and Improvement | 17,069,172 | |||
Land | 6,221,614 | |||
Building and Improvement | 17,069,172 | |||
Total | 23,290,786 | |||
Accumulated Depreciation | 813,022 | |||
Total Cost, Net of Accumulated Depreciation | 22,477,764 | |||
Encumbrances | 19,396,647 | |||
Bridgehampton Commons-W&e Side [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,811,752 | |||
Initial Cost - Building and Improvement | 3,107,232 | |||
Subsequent to Acquisition | 26,146,938 | |||
Land | 1,858,188 | |||
Building and Improvement | 29,207,734 | |||
Total | 31,065,922 | |||
Accumulated Depreciation | 18,533,429 | |||
Total Cost, Net of Accumulated Depreciation | 12,532,493 | |||
Ocean Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 564,097 | |||
Initial Cost - Building and Improvement | 2,268,768 | |||
Subsequent to Acquisition | 14,819 | |||
Land | 564,097 | |||
Building and Improvement | 2,283,587 | |||
Total | 2,847,684 | |||
Accumulated Depreciation | 743,684 | |||
Total Cost, Net of Accumulated Depreciation | 2,104,000 | |||
Kings Highway [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,743,820 | |||
Initial Cost - Building and Improvement | 6,811,268 | |||
Subsequent to Acquisition | 1,846,364 | |||
Land | 2,743,820 | |||
Building and Improvement | 8,657,632 | |||
Total | 11,401,452 | |||
Accumulated Depreciation | 2,961,722 | |||
Total Cost, Net of Accumulated Depreciation | 8,439,730 | |||
Homeport - Ralph Ave [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,414,466 | |||
Initial Cost - Building and Improvement | 11,339,857 | |||
Subsequent to Acquisition | 3,167,549 | |||
Land | 4,414,467 | |||
Building and Improvement | 14,507,407 | |||
Total | 18,921,874 | |||
Accumulated Depreciation | 4,610,778 | |||
Total Cost, Net of Accumulated Depreciation | 14,311,096 | |||
Bellmore S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,272,269 | |||
Initial Cost - Building and Improvement | 3,183,547 | |||
Subsequent to Acquisition | 1,590,605 | |||
Land | 1,272,269 | |||
Building and Improvement | 4,774,152 | |||
Total | 6,046,421 | |||
Accumulated Depreciation | 1,339,449 | |||
Total Cost, Net of Accumulated Depreciation | 4,706,972 | |||
Market At Bay Shore [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 12,359,621 | |||
Initial Cost - Building and Improvement | 30,707,802 | |||
Subsequent to Acquisition | 2,630,034 | |||
Land | 12,359,621 | |||
Building and Improvement | 33,337,837 | |||
Total | 45,697,458 | |||
Accumulated Depreciation | 10,621,191 | |||
Total Cost, Net of Accumulated Depreciation | 35,076,267 | |||
Encumbrances | 11,883,923 | |||
Key Food - Atlantic Ave [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,272,500 | |||
Initial Cost - Building and Improvement | 5,624,589 | |||
Subsequent to Acquisition | 519,277 | |||
Land | 4,808,822 | |||
Building and Improvement | 3,607,544 | |||
Total | 8,416,366 | |||
Accumulated Depreciation | 353,764 | |||
Total Cost, Net of Accumulated Depreciation | 8,062,602 | |||
King Kullen Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,968,082 | |||
Initial Cost - Building and Improvement | 23,243,404 | |||
Subsequent to Acquisition | 5,960,549 | |||
Land | 5,980,130 | |||
Building and Improvement | 29,191,905 | |||
Total | 35,172,035 | |||
Accumulated Depreciation | 12,479,456 | |||
Total Cost, Net of Accumulated Depreciation | 22,692,579 | |||
Pathmark Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,714,664 | |||
Initial Cost - Building and Improvement | 17,359,161 | |||
Subsequent to Acquisition | (1,420,325) | |||
Land | 6,714,664 | |||
Building and Improvement | 15,938,836 | |||
Total | 22,653,500 | |||
Accumulated Depreciation | 4,270,069 | |||
Total Cost, Net of Accumulated Depreciation | 18,383,431 | |||
Birchwood Plaza Commack [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,630,000 | |||
Initial Cost - Building and Improvement | 4,774,791 | |||
Subsequent to Acquisition | 363,308 | |||
Land | 3,630,000 | |||
Building and Improvement | 5,138,099 | |||
Total | 8,768,099 | |||
Accumulated Depreciation | 1,628,030 | |||
Total Cost, Net of Accumulated Depreciation | 7,140,069 | |||
Elmont S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,011,658 | |||
Initial Cost - Building and Improvement | 7,606,066 | |||
Subsequent to Acquisition | 2,770,294 | |||
Land | 3,011,658 | |||
Building and Improvement | 10,376,359 | |||
Total | 13,388,017 | |||
Accumulated Depreciation | 3,138,271 | |||
Total Cost, Net of Accumulated Depreciation | 10,249,746 | |||
Elmont Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 5,119,714 | |||
Building and Improvement | 5,119,714 | |||
Total | 5,119,714 | |||
Accumulated Depreciation | 168,967 | |||
Total Cost, Net of Accumulated Depreciation | 4,950,747 | |||
Elmsford Center 1 [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,134,273 | |||
Initial Cost - Building and Improvement | 1,193,084 | |||
Land | 4,134,273 | |||
Building and Improvement | 1,193,084 | |||
Total | 5,327,357 | |||
Accumulated Depreciation | 82,894 | |||
Total Cost, Net of Accumulated Depreciation | 5,244,463 | |||
Elmsford Center 2 [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,076,403 | |||
Initial Cost - Building and Improvement | 15,598,504 | |||
Subsequent to Acquisition | 710,493 | |||
Land | 4,076,403 | |||
Building and Improvement | 16,308,997 | |||
Total | 20,385,400 | |||
Accumulated Depreciation | 1,302,214 | |||
Total Cost, Net of Accumulated Depreciation | 19,083,186 | |||
Franklin Square S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,078,541 | |||
Initial Cost - Building and Improvement | 2,516,581 | |||
Subsequent to Acquisition | 3,937,137 | |||
Land | 1,078,541 | |||
Building and Improvement | 6,453,718 | |||
Total | 7,532,259 | |||
Accumulated Depreciation | 1,977,318 | |||
Total Cost, Net of Accumulated Depreciation | 5,554,941 | |||
Airport Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 22,711,189 | |||
Initial Cost - Building and Improvement | 107,011,500 | |||
Subsequent to Acquisition | 3,362,789 | |||
Land | 22,711,189 | |||
Building and Improvement | 110,374,289 | |||
Total | 133,085,478 | |||
Accumulated Depreciation | 5,007,221 | |||
Total Cost, Net of Accumulated Depreciation | 128,078,257 | |||
Kissena Boulevard Shopping Ctr [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 11,610,000 | |||
Initial Cost - Building and Improvement | 2,933,487 | |||
Subsequent to Acquisition | 102,554 | |||
Land | 11,610,000 | |||
Building and Improvement | 3,036,041 | |||
Total | 14,646,041 | |||
Accumulated Depreciation | 959,851 | |||
Total Cost, Net of Accumulated Depreciation | 13,686,190 | |||
Hampton Bays Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,495,105 | |||
Initial Cost - Building and Improvement | 5,979,320 | |||
Subsequent to Acquisition | 3,417,885 | |||
Land | 1,495,105 | |||
Building and Improvement | 9,397,206 | |||
Total | 10,892,311 | |||
Accumulated Depreciation | 6,502,815 | |||
Total Cost, Net of Accumulated Depreciation | 4,389,496 | |||
Hicksville Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,542,739 | |||
Initial Cost - Building and Improvement | 8,266,375 | |||
Subsequent to Acquisition | 3,112,009 | |||
Land | 3,542,739 | |||
Building and Improvement | 11,378,384 | |||
Total | 14,921,123 | |||
Accumulated Depreciation | 3,349,855 | |||
Total Cost, Net of Accumulated Depreciation | 11,571,268 | |||
Woodbury Centre [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,314,991 | |||
Initial Cost - Building and Improvement | 32,585,508 | |||
Subsequent to Acquisition | 140,382 | |||
Land | 4,314,991 | |||
Building and Improvement | 32,725,890 | |||
Total | 37,040,881 | |||
Accumulated Depreciation | 1,331,656 | |||
Total Cost, Net of Accumulated Depreciation | 35,709,225 | |||
Turnpike Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,471,832 | |||
Initial Cost - Building and Improvement | 5,839,416 | |||
Subsequent to Acquisition | 439,866 | |||
Land | 2,471,832 | |||
Building and Improvement | 6,279,282 | |||
Total | 8,751,114 | |||
Accumulated Depreciation | 1,515,877 | |||
Total Cost, Net of Accumulated Depreciation | 7,235,237 | |||
Jericho Commons South [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 12,368,330 | |||
Initial Cost - Building and Improvement | 33,071,495 | |||
Subsequent to Acquisition | 297,178 | |||
Land | 12,368,330 | |||
Building and Improvement | 33,368,673 | |||
Total | 45,737,003 | |||
Accumulated Depreciation | 8,769,657 | |||
Total Cost, Net of Accumulated Depreciation | 36,967,346 | |||
Encumbrances | 9,873,754 | |||
The 501 North Broadway [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 1,175,543 | |||
Subsequent to Acquisition | 197,737 | |||
Building and Improvement | 1,373,281 | |||
Total | 1,373,281 | |||
Accumulated Depreciation | 648,630 | |||
Total Cost, Net of Accumulated Depreciation | 724,651 | |||
Merry Lane (Parking Lot) [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,485,531 | |||
Initial Cost - Building and Improvement | 1,749 | |||
Subsequent to Acquisition | (1,749) | |||
Land | 1,485,531 | |||
Total | 1,485,531 | |||
Total Cost, Net of Accumulated Depreciation | 1,485,531 | |||
Milleridge Inn [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,500,330 | |||
Initial Cost - Building and Improvement | 481,316 | |||
Land | 7,500,330 | |||
Building and Improvement | 481,316 | |||
Total | 7,981,646 | |||
Accumulated Depreciation | 5,772 | |||
Total Cost, Net of Accumulated Depreciation | 7,975,874 | |||
Family Dollar Union Turnpike [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 909,000 | |||
Initial Cost - Building and Improvement | 2,249,775 | |||
Subsequent to Acquisition | 258,033 | |||
Land | 1,056,709 | |||
Building and Improvement | 2,360,099 | |||
Total | 3,416,808 | |||
Accumulated Depreciation | 360,079 | |||
Total Cost, Net of Accumulated Depreciation | 3,056,729 | |||
Little Neck Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,277,254 | |||
Initial Cost - Building and Improvement | 13,161,218 | |||
Subsequent to Acquisition | 5,769,218 | |||
Land | 3,277,253 | |||
Building and Improvement | 18,930,436 | |||
Total | 22,207,689 | |||
Accumulated Depreciation | 5,551,868 | |||
Total Cost, Net of Accumulated Depreciation | 16,655,821 | |||
Key Food - 21St Street [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,090,800 | |||
Initial Cost - Building and Improvement | 2,699,730 | |||
Subsequent to Acquisition | (159,449) | |||
Land | 1,669,153 | |||
Building and Improvement | 1,961,928 | |||
Total | 3,631,081 | |||
Accumulated Depreciation | 157,656 | |||
Total Cost, Net of Accumulated Depreciation | 3,473,425 | |||
Manhasset Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,567,003 | |||
Initial Cost - Building and Improvement | 19,165,808 | |||
Subsequent to Acquisition | 31,600,348 | |||
Land | 3,471,939 | |||
Building and Improvement | 51,861,220 | |||
Total | 55,333,159 | |||
Accumulated Depreciation | 22,099,000 | |||
Total Cost, Net of Accumulated Depreciation | 33,234,159 | |||
Manhasset Center(Residential) [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 950,000 | |||
Land | 950,000 | |||
Total | 950,000 | |||
Total Cost, Net of Accumulated Depreciation | 950,000 | |||
Maspeth Queens-Duane Reade [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,872,013 | |||
Initial Cost - Building and Improvement | 4,827,940 | |||
Subsequent to Acquisition | 931,187 | |||
Land | 1,872,013 | |||
Building and Improvement | 5,759,126 | |||
Total | 7,631,139 | |||
Accumulated Depreciation | 1,856,950 | |||
Total Cost, Net of Accumulated Depreciation | 5,774,189 | |||
North Massapequa S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,880,816 | |||
Initial Cost - Building and Improvement | 4,388,549 | |||
Subsequent to Acquisition | 651,202 | |||
Land | 1,623,601 | |||
Building and Improvement | 5,296,967 | |||
Total | 6,920,568 | |||
Accumulated Depreciation | 1,871,674 | |||
Total Cost, Net of Accumulated Depreciation | 5,048,894 | |||
Mineola Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,150,000 | |||
Initial Cost - Building and Improvement | 7,520,692 | |||
Subsequent to Acquisition | (234,800) | |||
Land | 4,150,000 | |||
Building and Improvement | 7,285,892 | |||
Total | 11,435,892 | |||
Accumulated Depreciation | 1,796,807 | |||
Total Cost, Net of Accumulated Depreciation | 9,639,085 | |||
Birchwood Park [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,507,162 | |||
Initial Cost - Building and Improvement | 4,126 | |||
Subsequent to Acquisition | (878,462) | |||
Land | 2,507,406 | |||
Building and Improvement | 125,421 | |||
Total | 2,632,827 | |||
Accumulated Depreciation | 748 | |||
Total Cost, Net of Accumulated Depreciation | 2,632,079 | |||
Smithtown Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,528,000 | |||
Initial Cost - Building and Improvement | 7,364,098 | |||
Subsequent to Acquisition | 383,883 | |||
Land | 3,528,000 | |||
Building and Improvement | 7,747,981 | |||
Total | 11,275,981 | |||
Accumulated Depreciation | 1,908,897 | |||
Total Cost, Net of Accumulated Depreciation | 9,367,084 | |||
Manetto Hill Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 263,693 | |||
Initial Cost - Building and Improvement | 584,031 | |||
Subsequent to Acquisition | 9,955,481 | |||
Land | 263,693 | |||
Building and Improvement | 10,539,513 | |||
Total | 10,803,206 | |||
Accumulated Depreciation | 5,931,704 | |||
Total Cost, Net of Accumulated Depreciation | 4,871,502 | |||
Syosset S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 106,655 | |||
Initial Cost - Building and Improvement | 76,197 | |||
Subsequent to Acquisition | 1,865,052 | |||
Land | 106,655 | |||
Building and Improvement | 1,941,249 | |||
Total | 2,047,904 | |||
Accumulated Depreciation | 1,089,217 | |||
Total Cost, Net of Accumulated Depreciation | 958,687 | |||
Richmond S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,280,000 | |||
Initial Cost - Building and Improvement | 9,027,951 | |||
Subsequent to Acquisition | 11,898,751 | |||
Land | 2,280,000 | |||
Building and Improvement | 20,926,702 | |||
Total | 23,206,702 | |||
Accumulated Depreciation | 11,162,095 | |||
Total Cost, Net of Accumulated Depreciation | 12,044,607 | |||
Greenridge - Out Parcel [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,940,000 | |||
Initial Cost - Building and Improvement | 11,811,964 | |||
Subsequent to Acquisition | 6,174,929 | |||
Land | 3,148,424 | |||
Building and Improvement | 17,778,469 | |||
Total | 20,926,893 | |||
Accumulated Depreciation | 6,123,154 | |||
Total Cost, Net of Accumulated Depreciation | 14,803,739 | |||
Staten Island Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,600,744 | |||
Initial Cost - Building and Improvement | 6,788,460 | |||
Subsequent to Acquisition | (1,561,550) | |||
Land | 5,600,744 | |||
Building and Improvement | 5,226,910 | |||
Total | 10,827,654 | |||
Accumulated Depreciation | 607,136 | |||
Total Cost, Net of Accumulated Depreciation | 10,220,518 | |||
Hylan Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 28,723,536 | |||
Initial Cost - Building and Improvement | 38,232,267 | |||
Subsequent to Acquisition | 34,984,547 | |||
Land | 28,723,536 | |||
Building and Improvement | 73,216,814 | |||
Total | 101,940,350 | |||
Accumulated Depreciation | 23,558,987 | |||
Total Cost, Net of Accumulated Depreciation | 78,381,363 | |||
Forest Avenue Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,558,592 | |||
Initial Cost - Building and Improvement | 10,441,408 | |||
Subsequent to Acquisition | 155,848 | |||
Land | 4,558,592 | |||
Building and Improvement | 10,597,256 | |||
Total | 15,155,848 | |||
Accumulated Depreciation | 3,516,038 | |||
Total Cost, Net of Accumulated Depreciation | 11,639,810 | |||
Independence Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 12,279,093 | |||
Initial Cost - Building and Improvement | 34,813,852 | |||
Subsequent to Acquisition | (1,453,756) | |||
Land | 16,131,632 | |||
Building and Improvement | 29,507,557 | |||
Total | 45,639,189 | |||
Accumulated Depreciation | 3,267,330 | |||
Total Cost, Net of Accumulated Depreciation | 42,371,859 | |||
Encumbrances | 32,084,771 | |||
Key Food - Central Ave. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,787,600 | |||
Initial Cost - Building and Improvement | 6,899,310 | |||
Subsequent to Acquisition | (394,910) | |||
Land | 2,603,321 | |||
Building and Improvement | 6,688,679 | |||
Total | 9,292,000 | |||
Accumulated Depreciation | 562,006 | |||
Total Cost, Net of Accumulated Depreciation | 8,729,994 | |||
White Plains S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,777,775 | |||
Initial Cost - Building and Improvement | 4,453,894 | |||
Subsequent to Acquisition | 1,918,406 | |||
Land | 1,777,775 | |||
Building and Improvement | 6,372,300 | |||
Total | 8,150,075 | |||
Accumulated Depreciation | 2,116,515 | |||
Total Cost, Net of Accumulated Depreciation | 6,033,560 | |||
Champion Food Supermarket [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 757,500 | |||
Initial Cost - Building and Improvement | 1,874,813 | |||
Subsequent to Acquisition | (24,388) | |||
Land | 2,241,118 | |||
Building and Improvement | 366,807 | |||
Total | 2,607,925 | |||
Accumulated Depreciation | 80,856 | |||
Total Cost, Net of Accumulated Depreciation | 2,527,069 | |||
Shoprite S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 871,977 | |||
Initial Cost - Building and Improvement | 3,487,909 | |||
Land | 871,977 | |||
Building and Improvement | 3,487,909 | |||
Total | 4,359,886 | |||
Accumulated Depreciation | 2,051,614 | |||
Total Cost, Net of Accumulated Depreciation | 2,308,272 | |||
Romaine Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 782,459 | |||
Initial Cost - Building and Improvement | 1,825,737 | |||
Subsequent to Acquisition | 588,133 | |||
Land | 782,459 | |||
Building and Improvement | 2,413,870 | |||
Total | 3,196,329 | |||
Accumulated Depreciation | 532,517 | |||
Total Cost, Net of Accumulated Depreciation | 2,663,812 | |||
Kent Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,261,530 | |||
Subsequent to Acquisition | (1,826,498) | |||
Land | 435,033 | |||
Total | 435,033 | |||
Total Cost, Net of Accumulated Depreciation | 435,033 | |||
High Park Ctr Retail [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,783,875 | |||
Subsequent to Acquisition | (2,778,460) | |||
Land | 921,704 | |||
Building and Improvement | 83,711 | |||
Total | 1,005,415 | |||
Accumulated Depreciation | 11,914 | |||
Total Cost, Net of Accumulated Depreciation | 993,501 | |||
Oregon Trail Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,802,422 | |||
Initial Cost - Building and Improvement | 12,622,879 | |||
Subsequent to Acquisition | 501,099 | |||
Land | 5,802,422 | |||
Building and Improvement | 13,123,978 | |||
Total | 18,926,400 | |||
Accumulated Depreciation | 4,377,214 | |||
Total Cost, Net of Accumulated Depreciation | 14,549,186 | |||
Powell Valley Junction [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,062,500 | |||
Initial Cost - Building and Improvement | 3,152,982 | |||
Subsequent to Acquisition | (2,655,684) | |||
Land | 2,035,125 | |||
Building and Improvement | 3,524,674 | |||
Total | 5,559,799 | |||
Accumulated Depreciation | 1,319,993 | |||
Total Cost, Net of Accumulated Depreciation | 4,239,806 | |||
Mcminnville Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,062,327 | |||
Subsequent to Acquisition | 991,482 | |||
Land | 4,062,327 | |||
Building and Improvement | 991,482 | |||
Total | 5,053,809 | |||
Accumulated Depreciation | 65,285 | |||
Total Cost, Net of Accumulated Depreciation | 4,988,524 | |||
Hospital Garage & Med. Office [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 30,061,177 | |||
Subsequent to Acquisition | 59,094 | |||
Building and Improvement | 30,120,271 | |||
Total | 30,120,271 | |||
Accumulated Depreciation | 7,922,932 | |||
Total Cost, Net of Accumulated Depreciation | 22,197,339 | |||
Suburban Square [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 70,679,871 | |||
Initial Cost - Building and Improvement | 166,351,381 | |||
Subsequent to Acquisition | 6,889,955 | |||
Land | 71,279,871 | |||
Building and Improvement | 172,641,336 | |||
Total | 243,921,207 | |||
Accumulated Depreciation | 46,593,774 | |||
Total Cost, Net of Accumulated Depreciation | 197,327,433 | |||
Coulter Ave. Parcel [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 577,630 | |||
Initial Cost - Building and Improvement | 1,348,019 | |||
Land | 577,630 | |||
Building and Improvement | 1,348,019 | |||
Total | 1,925,649 | |||
Accumulated Depreciation | 8,983 | |||
Total Cost, Net of Accumulated Depreciation | 1,916,666 | |||
Chippewa Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,881,525 | |||
Initial Cost - Building and Improvement | 11,526,101 | |||
Subsequent to Acquisition | 153,289 | |||
Land | 2,881,525 | |||
Building and Improvement | 11,679,391 | |||
Total | 14,560,916 | |||
Accumulated Depreciation | 4,828,368 | |||
Total Cost, Net of Accumulated Depreciation | 9,732,548 | |||
Encumbrances | 3,040,296 | |||
Carnegie Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 3,298,908 | |||
Subsequent to Acquisition | 17,747 | |||
Building and Improvement | 3,316,655 | |||
Total | 3,316,655 | |||
Accumulated Depreciation | 1,360,679 | |||
Total Cost, Net of Accumulated Depreciation | 1,955,976 | |||
Center Square Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 731,888 | |||
Initial Cost - Building and Improvement | 2,927,551 | |||
Subsequent to Acquisition | 1,325,540 | |||
Land | 731,888 | |||
Building and Improvement | 4,253,091 | |||
Total | 4,984,979 | |||
Accumulated Depreciation | 2,583,258 | |||
Total Cost, Net of Accumulated Depreciation | 2,401,721 | |||
Wayne Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,127,623 | |||
Initial Cost - Building and Improvement | 15,605,012 | |||
Subsequent to Acquisition | 340,437 | |||
Land | 6,135,670 | |||
Building and Improvement | 15,937,403 | |||
Total | 22,073,073 | |||
Accumulated Depreciation | 3,515,793 | |||
Total Cost, Net of Accumulated Depreciation | 18,557,280 | |||
Encumbrances | 13,195,353 | |||
Devon Village [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,856,379 | |||
Initial Cost - Building and Improvement | 25,846,910 | |||
Subsequent to Acquisition | 4,404,247 | |||
Land | 4,856,379 | |||
Building and Improvement | 30,251,156 | |||
Total | 35,107,535 | |||
Accumulated Depreciation | 4,008,126 | |||
Total Cost, Net of Accumulated Depreciation | 31,099,409 | |||
Pocono Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,050,000 | |||
Initial Cost - Building and Improvement | 2,372,628 | |||
Subsequent to Acquisition | 1,431,729 | |||
Land | 1,050,000 | |||
Building and Improvement | 3,804,357 | |||
Total | 4,854,357 | |||
Accumulated Depreciation | 3,126,702 | |||
Total Cost, Net of Accumulated Depreciation | 1,727,655 | |||
Ridge Pike Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,525,337 | |||
Initial Cost - Building and Improvement | 4,251,732 | |||
Subsequent to Acquisition | (2,653,555) | |||
Land | 914,299 | |||
Building and Improvement | 2,209,215 | |||
Total | 3,123,514 | |||
Accumulated Depreciation | 880,127 | |||
Total Cost, Net of Accumulated Depreciation | 2,243,387 | |||
Whiteland - Hobby Lobby [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 176,666 | |||
Initial Cost - Building and Improvement | 4,895,360 | |||
Subsequent to Acquisition | 70,550 | |||
Land | 176,666 | |||
Building and Improvement | 4,965,910 | |||
Total | 5,142,576 | |||
Accumulated Depreciation | 2,008,353 | |||
Total Cost, Net of Accumulated Depreciation | 3,134,223 | |||
Whiteland Town Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 731,888 | |||
Initial Cost - Building and Improvement | 2,927,551 | |||
Land | 731,888 | |||
Building and Improvement | 2,927,551 | |||
Total | 3,659,439 | |||
Accumulated Depreciation | 1,451,265 | |||
Total Cost, Net of Accumulated Depreciation | 2,208,174 | |||
Eastwick Wellness Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 889,001 | |||
Initial Cost - Building and Improvement | 2,762,888 | |||
Subsequent to Acquisition | 3,074,728 | |||
Land | 889,001 | |||
Building and Improvement | 5,837,616 | |||
Total | 6,726,617 | |||
Accumulated Depreciation | 2,720,062 | |||
Total Cost, Net of Accumulated Depreciation | 4,006,555 | |||
Harrisburg East Shopping Ctr. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 452,888 | |||
Initial Cost - Building and Improvement | 6,665,238 | |||
Subsequent to Acquisition | 6,563,143 | |||
Land | 3,002,888 | |||
Building and Improvement | 10,678,381 | |||
Total | 13,681,269 | |||
Accumulated Depreciation | 8,288,864 | |||
Total Cost, Net of Accumulated Depreciation | 5,392,405 | |||
Township Line S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 731,888 | |||
Initial Cost - Building and Improvement | 2,927,551 | |||
Land | 731,888 | |||
Building and Improvement | 2,927,551 | |||
Total | 3,659,439 | |||
Accumulated Depreciation | 1,451,265 | |||
Total Cost, Net of Accumulated Depreciation | 2,208,174 | |||
Horsham [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,813,247 | |||
Initial Cost - Building and Improvement | 18,189,450 | |||
Land | 3,813,247 | |||
Building and Improvement | 18,189,450 | |||
Total | 22,002,697 | |||
Accumulated Depreciation | 544,817 | |||
Total Cost, Net of Accumulated Depreciation | 21,457,880 | |||
Holiday Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,726,844 | |||
Initial Cost - Building and Improvement | 20,014,243 | |||
Land | 7,726,844 | |||
Building and Improvement | 20,014,243 | |||
Total | 27,741,087 | |||
Accumulated Depreciation | 1,035,521 | |||
Total Cost, Net of Accumulated Depreciation | 26,705,566 | |||
Norriton Square [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 686,134 | |||
Initial Cost - Building and Improvement | 2,664,535 | |||
Subsequent to Acquisition | 3,792,918 | |||
Land | 774,084 | |||
Building and Improvement | 6,369,503 | |||
Total | 7,143,587 | |||
Accumulated Depreciation | 4,577,903 | |||
Total Cost, Net of Accumulated Depreciation | 2,565,684 | |||
New Kensington S.c [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 521,945 | |||
Initial Cost - Building and Improvement | 2,548,322 | |||
Subsequent to Acquisition | 862,730 | |||
Land | 521,945 | |||
Building and Improvement | 3,411,052 | |||
Total | 3,932,997 | |||
Accumulated Depreciation | 3,013,976 | |||
Total Cost, Net of Accumulated Depreciation | 919,021 | |||
Sears Hardware [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 10,000 | |||
Land | 10,000 | |||
Total | 10,000 | |||
Total Cost, Net of Accumulated Depreciation | 10,000 | |||
Frankford Avenue S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 731,888 | |||
Initial Cost - Building and Improvement | 2,927,551 | |||
Land | 731,888 | |||
Building and Improvement | 2,927,551 | |||
Total | 3,659,439 | |||
Accumulated Depreciation | 1,451,265 | |||
Total Cost, Net of Accumulated Depreciation | 2,208,174 | |||
Wexford Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,413,635 | |||
Initial Cost - Building and Improvement | 9,774,600 | |||
Subsequent to Acquisition | 9,820,468 | |||
Land | 6,349,690 | |||
Building and Improvement | 19,659,013 | |||
Total | 26,008,703 | |||
Accumulated Depreciation | 3,666,519 | |||
Total Cost, Net of Accumulated Depreciation | 22,342,184 | |||
Crossroads Plaza I [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 788,761 | |||
Initial Cost - Building and Improvement | 3,155,044 | |||
Subsequent to Acquisition | 12,823,089 | |||
Land | 976,439 | |||
Building and Improvement | 15,790,455 | |||
Total | 16,766,894 | |||
Accumulated Depreciation | 9,409,577 | |||
Total Cost, Net of Accumulated Depreciation | 7,357,317 | |||
Encumbrances | 8,793,931 | |||
Springfield S.C. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 919,998 | |||
Initial Cost - Building and Improvement | 4,981,589 | |||
Subsequent to Acquisition | 12,713,774 | |||
Land | 920,000 | |||
Building and Improvement | 17,695,361 | |||
Total | 18,615,361 | |||
Accumulated Depreciation | 8,426,353 | |||
Total Cost, Net of Accumulated Depreciation | 10,189,008 | |||
Shrewsbury Square S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 8,066,107 | |||
Initial Cost - Building and Improvement | 16,997,997 | |||
Subsequent to Acquisition | (1,656,097) | |||
Land | 6,534,966 | |||
Building and Improvement | 16,873,040 | |||
Total | 23,408,006 | |||
Accumulated Depreciation | 1,263,197 | |||
Total Cost, Net of Accumulated Depreciation | 22,144,809 | |||
Whitehall Mall [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 5,195,577 | |||
Building and Improvement | 5,195,577 | |||
Total | 5,195,577 | |||
Accumulated Depreciation | 2,575,586 | |||
Total Cost, Net of Accumulated Depreciation | 2,619,991 | |||
Whole Foods At Wynnewood [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 15,042,165 | |||
Subsequent to Acquisition | 8,760,319 | |||
Land | 23,802,484 | |||
Total | 23,802,484 | |||
Total Cost, Net of Accumulated Depreciation | 23,802,484 | |||
Shoppes At Wynnewood [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,478,907 | |||
Subsequent to Acquisition | 3,629,192 | |||
Land | 11,108,099 | |||
Total | 11,108,099 | |||
Total Cost, Net of Accumulated Depreciation | 11,108,099 | |||
West Market St. Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 188,562 | |||
Initial Cost - Building and Improvement | 1,158,307 | |||
Subsequent to Acquisition | 41,711 | |||
Land | 188,562 | |||
Building and Improvement | 1,200,019 | |||
Total | 1,388,581 | |||
Accumulated Depreciation | 1,164,911 | |||
Total Cost, Net of Accumulated Depreciation | 223,670 | |||
Rexville Town Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 24,872,982 | |||
Initial Cost - Building and Improvement | 48,688,161 | |||
Subsequent to Acquisition | 7,892,314 | |||
Land | 25,678,064 | |||
Building and Improvement | 55,775,392 | |||
Total | 81,453,456 | |||
Accumulated Depreciation | 29,405,882 | |||
Total Cost, Net of Accumulated Depreciation | 52,047,574 | |||
Plaza Centro - Costco [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,627,973 | |||
Initial Cost - Building and Improvement | 10,752,213 | |||
Subsequent to Acquisition | 1,537,917 | |||
Land | 3,866,206 | |||
Building and Improvement | 12,051,897 | |||
Total | 15,918,103 | |||
Accumulated Depreciation | 6,197,952 | |||
Total Cost, Net of Accumulated Depreciation | 9,720,151 | |||
Plaza Centro - Mall [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 19,873,263 | |||
Initial Cost - Building and Improvement | 58,719,179 | |||
Subsequent to Acquisition | 7,503,993 | |||
Land | 19,408,112 | |||
Building and Improvement | 66,688,323 | |||
Total | 86,096,435 | |||
Accumulated Depreciation | 33,869,557 | |||
Total Cost, Net of Accumulated Depreciation | 52,226,878 | |||
Plaza Centro - Retail [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,935,566 | |||
Initial Cost - Building and Improvement | 16,509,748 | |||
Subsequent to Acquisition | 2,580,253 | |||
Land | 6,026,070 | |||
Building and Improvement | 18,999,497 | |||
Total | 25,025,567 | |||
Accumulated Depreciation | 9,655,829 | |||
Total Cost, Net of Accumulated Depreciation | 15,369,738 | |||
Plaza Centro - Sam's Club [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,643,224 | |||
Initial Cost - Building and Improvement | 20,224,758 | |||
Subsequent to Acquisition | 2,325,847 | |||
Land | 6,520,090 | |||
Building and Improvement | 22,673,739 | |||
Total | 29,193,829 | |||
Accumulated Depreciation | 21,496,216 | |||
Total Cost, Net of Accumulated Depreciation | 7,697,613 | |||
Los Colobos - Builders Square [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,404,593 | |||
Initial Cost - Building and Improvement | 9,627,903 | |||
Subsequent to Acquisition | 1,363,390 | |||
Land | 4,461,145 | |||
Building and Improvement | 10,934,741 | |||
Total | 15,395,886 | |||
Accumulated Depreciation | 8,475,459 | |||
Total Cost, Net of Accumulated Depreciation | 6,920,427 | |||
Los Colobos - Kmart [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,594,944 | |||
Initial Cost - Building and Improvement | 10,120,147 | |||
Subsequent to Acquisition | 728,352 | |||
Land | 4,402,338 | |||
Building and Improvement | 11,041,104 | |||
Total | 15,443,442 | |||
Accumulated Depreciation | 8,814,459 | |||
Total Cost, Net of Accumulated Depreciation | 6,628,983 | |||
Los Colobos I [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 12,890,882 | |||
Initial Cost - Building and Improvement | 26,046,669 | |||
Subsequent to Acquisition | 3,437,271 | |||
Land | 13,613,375 | |||
Building and Improvement | 28,761,447 | |||
Total | 42,374,822 | |||
Accumulated Depreciation | 15,032,386 | |||
Total Cost, Net of Accumulated Depreciation | 27,342,436 | |||
Los Colobos II [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 14,893,698 | |||
Initial Cost - Building and Improvement | 30,680,556 | |||
Subsequent to Acquisition | 5,743,778 | |||
Land | 15,142,300 | |||
Building and Improvement | 36,175,732 | |||
Total | 51,318,032 | |||
Accumulated Depreciation | 18,074,386 | |||
Total Cost, Net of Accumulated Depreciation | 33,243,646 | |||
Western Plaza - Mayaquez One [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 10,857,773 | |||
Initial Cost - Building and Improvement | 12,252,522 | |||
Subsequent to Acquisition | 1,278,838 | |||
Land | 11,241,993 | |||
Building and Improvement | 13,147,140 | |||
Total | 24,389,133 | |||
Accumulated Depreciation | 7,857,765 | |||
Total Cost, Net of Accumulated Depreciation | 16,531,368 | |||
Western Plaza - Mayaguez Two [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 16,874,345 | |||
Initial Cost - Building and Improvement | 19,911,045 | |||
Subsequent to Acquisition | 1,849,447 | |||
Land | 16,872,647 | |||
Building and Improvement | 21,762,190 | |||
Total | 38,634,837 | |||
Accumulated Depreciation | 12,988,686 | |||
Total Cost, Net of Accumulated Depreciation | 25,646,151 | |||
Manati Villa Maria Sc [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,781,447 | |||
Initial Cost - Building and Improvement | 5,673,119 | |||
Subsequent to Acquisition | 1,701,172 | |||
Land | 2,606,588 | |||
Building and Improvement | 7,549,150 | |||
Total | 10,155,738 | |||
Accumulated Depreciation | 3,855,608 | |||
Total Cost, Net of Accumulated Depreciation | 6,300,130 | |||
Ponce Town Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 14,432,778 | |||
Initial Cost - Building and Improvement | 28,448,754 | |||
Subsequent to Acquisition | 4,852,015 | |||
Land | 14,903,024 | |||
Building and Improvement | 32,830,523 | |||
Total | 47,733,547 | |||
Accumulated Depreciation | 13,565,180 | |||
Total Cost, Net of Accumulated Depreciation | 34,168,367 | |||
Trujillo Alto Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 12,053,673 | |||
Initial Cost - Building and Improvement | 24,445,858 | |||
Subsequent to Acquisition | 3,974,786 | |||
Land | 12,289,288 | |||
Building and Improvement | 28,185,030 | |||
Total | 40,474,318 | |||
Accumulated Depreciation | 15,641,976 | |||
Total Cost, Net of Accumulated Depreciation | 24,832,342 | |||
Marshall Plaza Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,886,600 | |||
Initial Cost - Building and Improvement | 7,575,302 | |||
Subsequent to Acquisition | 2,041,308 | |||
Land | 1,886,600 | |||
Building and Improvement | 9,616,610 | |||
Total | 11,503,210 | |||
Accumulated Depreciation | 4,666,436 | |||
Total Cost, Net of Accumulated Depreciation | 6,836,774 | |||
St. Andrews Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 730,164 | |||
Initial Cost - Building and Improvement | 3,132,092 | |||
Subsequent to Acquisition | 18,976,142 | |||
Land | 730,164 | |||
Building and Improvement | 22,108,234 | |||
Total | 22,838,398 | |||
Accumulated Depreciation | 9,089,293 | |||
Total Cost, Net of Accumulated Depreciation | 13,749,105 | |||
Westwood Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,744,430 | |||
Initial Cost - Building and Improvement | 6,986,094 | |||
Subsequent to Acquisition | 4,940,254 | |||
Land | 1,726,833 | |||
Building and Improvement | 11,943,945 | |||
Total | 13,670,778 | |||
Accumulated Depreciation | 6,002,414 | |||
Total Cost, Net of Accumulated Depreciation | 7,668,364 | |||
Cherrydale Point [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,801,948 | |||
Initial Cost - Building and Improvement | 32,055,019 | |||
Subsequent to Acquisition | 1,712,396 | |||
Land | 5,801,948 | |||
Building and Improvement | 33,767,415 | |||
Total | 39,569,363 | |||
Accumulated Depreciation | 7,097,295 | |||
Total Cost, Net of Accumulated Depreciation | 32,472,068 | |||
Woodruff Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,110,439 | |||
Initial Cost - Building and Improvement | 15,501,117 | |||
Subsequent to Acquisition | 1,119,793 | |||
Land | 3,465,199 | |||
Building and Improvement | 16,266,150 | |||
Total | 19,731,349 | |||
Accumulated Depreciation | 2,390,716 | |||
Total Cost, Net of Accumulated Depreciation | 17,340,633 | |||
Forest Park [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,920,241 | |||
Initial Cost - Building and Improvement | 9,544,875 | |||
Subsequent to Acquisition | 186,315 | |||
Land | 1,920,241 | |||
Building and Improvement | 9,731,189 | |||
Total | 11,651,430 | |||
Accumulated Depreciation | 1,091,266 | |||
Total Cost, Net of Accumulated Depreciation | 10,560,164 | |||
Old Towne Village [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 4,133,904 | |||
Subsequent to Acquisition | 4,003,667 | |||
Building and Improvement | 8,137,571 | |||
Total | 8,137,571 | |||
Accumulated Depreciation | 5,810,395 | |||
Total Cost, Net of Accumulated Depreciation | 2,327,176 | |||
Hickory Ridge Commons [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 596,347 | |||
Initial Cost - Building and Improvement | 2,545,033 | |||
Subsequent to Acquisition | (2,404,809) | |||
Land | 683,820 | |||
Building and Improvement | 52,750 | |||
Total | 736,570 | |||
Accumulated Depreciation | 19,725 | |||
Total Cost, Net of Accumulated Depreciation | 716,845 | |||
Center Of The Hills [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,923,585 | |||
Initial Cost - Building and Improvement | 11,706,145 | |||
Subsequent to Acquisition | 990,831 | |||
Land | 2,923,585 | |||
Building and Improvement | 12,696,976 | |||
Total | 15,620,561 | |||
Accumulated Depreciation | 6,004,850 | |||
Total Cost, Net of Accumulated Depreciation | 9,615,711 | |||
Encumbrances | 9,284,994 | |||
Dowlen Town Center-II [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,244,581 | |||
Subsequent to Acquisition | (722,251) | |||
Land | 484,828 | |||
Building and Improvement | 1,037,502 | |||
Total | 1,522,330 | |||
Accumulated Depreciation | 151,952 | |||
Total Cost, Net of Accumulated Depreciation | 1,370,378 | |||
Gateway Station [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,373,692 | |||
Initial Cost - Building and Improvement | 28,145,158 | |||
Subsequent to Acquisition | 44,742 | |||
Land | 1,374,880 | |||
Building and Improvement | 28,188,711 | |||
Total | 29,563,591 | |||
Accumulated Depreciation | 2,954,340 | |||
Total Cost, Net of Accumulated Depreciation | 26,609,251 | |||
Baytown Village S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 500,422 | |||
Initial Cost - Building and Improvement | 2,431,651 | |||
Subsequent to Acquisition | 790,598 | |||
Land | 500,422 | |||
Building and Improvement | 3,222,249 | |||
Total | 3,722,671 | |||
Accumulated Depreciation | 1,428,778 | |||
Total Cost, Net of Accumulated Depreciation | 2,293,893 | |||
Brownsville Towne Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 8,678,107 | |||
Subsequent to Acquisition | 25,738,822 | |||
Land | 7,943,925 | |||
Building and Improvement | 26,473,004 | |||
Total | 34,416,929 | |||
Accumulated Depreciation | 4,385,778 | |||
Total Cost, Net of Accumulated Depreciation | 30,031,151 | |||
Island Gate Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 944,562 | |||
Subsequent to Acquisition | 3,713,781 | |||
Building and Improvement | 4,658,343 | |||
Total | 4,658,343 | |||
Accumulated Depreciation | 1,610,505 | |||
Total Cost, Net of Accumulated Depreciation | 3,047,838 | |||
Island Gate Plaza I [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,343,000 | |||
Initial Cost - Building and Improvement | 4,723,215 | |||
Subsequent to Acquisition | 795,793 | |||
Land | 4,292,636 | |||
Building and Improvement | 5,569,372 | |||
Total | 9,862,008 | |||
Accumulated Depreciation | 1,111,768 | |||
Total Cost, Net of Accumulated Depreciation | 8,750,240 | |||
Conroe Marketplace I [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 18,869,087 | |||
Initial Cost - Building and Improvement | 50,756,554 | |||
Land | 18,869,087 | |||
Building and Improvement | 50,756,554 | |||
Total | 69,625,641 | |||
Accumulated Depreciation | 429,696 | |||
Total Cost, Net of Accumulated Depreciation | 69,195,945 | |||
Encumbrances | 43,747,069 | |||
Montgomery Plaza I [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 10,739,067 | |||
Initial Cost - Building and Improvement | 63,065,333 | |||
Land | 10,739,067 | |||
Building and Improvement | 63,065,333 | |||
Total | 73,804,400 | |||
Accumulated Depreciation | 2,394,992 | |||
Total Cost, Net of Accumulated Depreciation | 71,409,408 | |||
Encumbrances | 29,509,678 | |||
Preston Lebanon Crossing [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 13,552,180 | |||
Subsequent to Acquisition | 26,628,363 | |||
Land | 12,163,694 | |||
Building and Improvement | 28,016,849 | |||
Total | 40,180,543 | |||
Accumulated Depreciation | 5,079,959 | |||
Total Cost, Net of Accumulated Depreciation | 35,100,584 | |||
Lake Prairie Town Crossing [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,897,491 | |||
Subsequent to Acquisition | 27,799,743 | |||
Land | 6,783,464 | |||
Building and Improvement | 28,913,770 | |||
Total | 35,697,234 | |||
Accumulated Depreciation | 4,591,129 | |||
Total Cost, Net of Accumulated Depreciation | 31,106,105 | |||
Center At Baybrook [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,941,017 | |||
Initial Cost - Building and Improvement | 27,727,491 | |||
Subsequent to Acquisition | 9,764,940 | |||
Land | 6,928,120 | |||
Building and Improvement | 37,505,328 | |||
Total | 44,433,448 | |||
Accumulated Depreciation | 14,519,955 | |||
Total Cost, Net of Accumulated Depreciation | 29,913,493 | |||
Cypress Towne Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,033,932 | |||
Subsequent to Acquisition | 1,601,808 | |||
Land | 2,251,666 | |||
Building and Improvement | 5,384,074 | |||
Total | 7,635,740 | |||
Accumulated Depreciation | 712,537 | |||
Total Cost, Net of Accumulated Depreciation | 6,923,203 | |||
The Centre At Copperfield [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 6,723,267 | |||
Initial Cost - Building and Improvement | 22,524,551 | |||
Land | 6,723,267 | |||
Building and Improvement | 22,524,551 | |||
Total | 29,247,818 | |||
Accumulated Depreciation | 881,372 | |||
Total Cost, Net of Accumulated Depreciation | 28,366,446 | |||
Copperwood Village [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 13,848,109 | |||
Initial Cost - Building and Improvement | 84,183,731 | |||
Land | 13,848,109 | |||
Building and Improvement | 84,183,731 | |||
Total | 98,031,840 | |||
Accumulated Depreciation | 4,884,145 | |||
Total Cost, Net of Accumulated Depreciation | 93,147,695 | |||
Atascocita Commons Shop.ctr. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 16,322,636 | |||
Initial Cost - Building and Improvement | 54,587,066 | |||
Subsequent to Acquisition | 554,902 | |||
Land | 16,099,004 | |||
Building and Improvement | 55,365,600 | |||
Total | 71,464,604 | |||
Accumulated Depreciation | 4,463,691 | |||
Total Cost, Net of Accumulated Depreciation | 67,000,913 | |||
Encumbrances | 28,852,548 | |||
Tomball Crossings [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 8,517,427 | |||
Initial Cost - Building and Improvement | 28,484,450 | |||
Subsequent to Acquisition | 67,917 | |||
Land | 7,964,894 | |||
Building and Improvement | 29,104,899 | |||
Total | 37,069,793 | |||
Accumulated Depreciation | 2,784,986 | |||
Total Cost, Net of Accumulated Depreciation | 34,284,807 | |||
Copperfield Village Shop.ctr. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,827,639 | |||
Initial Cost - Building and Improvement | 34,864,441 | |||
Land | 7,827,639 | |||
Building and Improvement | 34,864,441 | |||
Total | 42,692,080 | |||
Accumulated Depreciation | 1,319,329 | |||
Total Cost, Net of Accumulated Depreciation | 41,372,751 | |||
Encumbrances | 21,300,515 | |||
Shops At Vista Ridge [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,257,199 | |||
Initial Cost - Building and Improvement | 13,029,416 | |||
Subsequent to Acquisition | 2,255,396 | |||
Land | 3,257,199 | |||
Building and Improvement | 15,284,811 | |||
Total | 18,542,010 | |||
Accumulated Depreciation | 6,391,583 | |||
Total Cost, Net of Accumulated Depreciation | 12,150,427 | |||
Vista Ridge Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,926,495 | |||
Initial Cost - Building and Improvement | 11,716,483 | |||
Subsequent to Acquisition | 2,448,720 | |||
Land | 2,926,495 | |||
Building and Improvement | 14,165,204 | |||
Total | 17,091,699 | |||
Accumulated Depreciation | 6,268,695 | |||
Total Cost, Net of Accumulated Depreciation | 10,823,004 | |||
Vista Ridge Plaza I [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,276,575 | |||
Initial Cost - Building and Improvement | 9,106,300 | |||
Subsequent to Acquisition | 1,327,126 | |||
Land | 2,276,575 | |||
Building and Improvement | 10,433,426 | |||
Total | 12,710,001 | |||
Accumulated Depreciation | 4,640,937 | |||
Total Cost, Net of Accumulated Depreciation | 8,069,064 | |||
South Plains Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,890,000 | |||
Initial Cost - Building and Improvement | 7,555,099 | |||
Subsequent to Acquisition | 699,355 | |||
Land | 1,890,000 | |||
Building and Improvement | 8,254,454 | |||
Total | 10,144,454 | |||
Accumulated Depreciation | 3,621,700 | |||
Total Cost, Net of Accumulated Depreciation | 6,522,754 | |||
Lake Jackson [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,562,328 | |||
Initial Cost - Building and Improvement | 4,144,212 | |||
Subsequent to Acquisition | 77,888 | |||
Land | 1,562,328 | |||
Building and Improvement | 4,222,101 | |||
Total | 5,784,429 | |||
Accumulated Depreciation | 959,907 | |||
Total Cost, Net of Accumulated Depreciation | 4,824,522 | |||
Kroger Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 520,340 | |||
Initial Cost - Building and Improvement | 2,081,356 | |||
Subsequent to Acquisition | 1,389,118 | |||
Land | 520,340 | |||
Building and Improvement | 3,470,474 | |||
Total | 3,990,814 | |||
Accumulated Depreciation | 1,714,825 | |||
Total Cost, Net of Accumulated Depreciation | 2,275,989 | |||
Accent Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 500,414 | |||
Initial Cost - Building and Improvement | 2,830,835 | |||
Land | 500,414 | |||
Building and Improvement | 2,830,835 | |||
Total | 3,331,249 | |||
Accumulated Depreciation | 1,391,943 | |||
Total Cost, Net of Accumulated Depreciation | 1,939,306 | |||
Southlake Oaks Phase Ii-480 W. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,011,260 | |||
Initial Cost - Building and Improvement | 7,703,844 | |||
Subsequent to Acquisition | 112,209 | |||
Land | 3,019,951 | |||
Building and Improvement | 7,807,363 | |||
Total | 10,827,314 | |||
Accumulated Depreciation | 2,479,537 | |||
Total Cost, Net of Accumulated Depreciation | 8,347,777 | |||
Encumbrances | 5,913,869 | |||
Woodbridge Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 2,568,705 | |||
Initial Cost - Building and Improvement | 6,813,716 | |||
Subsequent to Acquisition | 60,806 | |||
Land | 2,568,705 | |||
Building and Improvement | 6,874,522 | |||
Total | 9,443,227 | |||
Accumulated Depreciation | 902,792 | |||
Total Cost, Net of Accumulated Depreciation | 8,540,435 | |||
Grand Parkway Marketplace [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 25,363,548 | |||
Subsequent to Acquisition | 3,050,787 | |||
Land | 28,414,334 | |||
Total | 28,414,334 | |||
Total Cost, Net of Accumulated Depreciation | 28,414,334 | |||
Spring Crossings [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 13,436,447 | |||
Subsequent to Acquisition | 180,848 | |||
Land | 13,617,296 | |||
Total | 13,617,296 | |||
Total Cost, Net of Accumulated Depreciation | 13,617,296 | |||
Temple Towne Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 609,317 | |||
Initial Cost - Building and Improvement | 2,983,262 | |||
Subsequent to Acquisition | 1 | |||
Land | 609,317 | |||
Building and Improvement | 2,983,263 | |||
Total | 3,592,580 | |||
Accumulated Depreciation | 138,101 | |||
Total Cost, Net of Accumulated Depreciation | 3,454,479 | |||
Temple Towne Center I [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,909,857 | |||
Initial Cost - Building and Improvement | 25,882,414 | |||
Land | 4,909,857 | |||
Building and Improvement | 25,882,414 | |||
Total | 30,792,271 | |||
Accumulated Depreciation | 1,504,969 | |||
Total Cost, Net of Accumulated Depreciation | 29,287,302 | |||
Westheimer Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 500,422 | |||
Initial Cost - Building and Improvement | 2,001,687 | |||
Subsequent to Acquisition | 325,191 | |||
Land | 500,422 | |||
Building and Improvement | 2,326,878 | |||
Total | 2,827,300 | |||
Accumulated Depreciation | 1,054,075 | |||
Total Cost, Net of Accumulated Depreciation | 1,773,225 | |||
Burke Town Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Building and Improvement | 43,240,068 | |||
Subsequent to Acquisition | 8,361 | |||
Building and Improvement | 43,248,428 | |||
Total | 43,248,428 | |||
Accumulated Depreciation | 3,308,966 | |||
Total Cost, Net of Accumulated Depreciation | 39,939,462 | |||
Southpark S.c. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 125,376 | |||
Initial Cost - Building and Improvement | 3,476,073 | |||
Subsequent to Acquisition | 2,294,092 | |||
Land | 125,376 | |||
Building and Improvement | 5,770,165 | |||
Total | 5,895,541 | |||
Accumulated Depreciation | 1,706,577 | |||
Total Cost, Net of Accumulated Depreciation | 4,188,964 | |||
Old Town Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,500,000 | |||
Initial Cost - Building and Improvement | 41,569,735 | |||
Subsequent to Acquisition | (12,853,713) | |||
Land | 3,087,520 | |||
Building and Improvement | 30,128,502 | |||
Total | 33,216,022 | |||
Accumulated Depreciation | 5,407,812 | |||
Total Cost, Net of Accumulated Depreciation | 27,808,210 | |||
Skyline Village [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 10,145,283 | |||
Initial Cost - Building and Improvement | 28,764,045 | |||
Subsequent to Acquisition | 110,882 | |||
Land | 10,573,875 | |||
Building and Improvement | 28,446,336 | |||
Total | 39,020,211 | |||
Accumulated Depreciation | 1,444,750 | |||
Total Cost, Net of Accumulated Depreciation | 37,575,461 | |||
Encumbrances | 29,118,942 | |||
Sudley Towne Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 4,114,293 | |||
Initial Cost - Building and Improvement | 15,988,465 | |||
Land | 4,114,293 | |||
Building and Improvement | 15,988,465 | |||
Total | 20,102,758 | |||
Accumulated Depreciation | 704,410 | |||
Total Cost, Net of Accumulated Depreciation | 19,398,348 | |||
Burlington Coat Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 670,500 | |||
Initial Cost - Building and Improvement | 2,751,375 | |||
Subsequent to Acquisition | 1,006,630 | |||
Land | 670,500 | |||
Building and Improvement | 3,758,005 | |||
Total | 4,428,505 | |||
Accumulated Depreciation | 1,463,547 | |||
Total Cost, Net of Accumulated Depreciation | 2,964,958 | |||
Towne Square [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 8,499,373 | |||
Initial Cost - Building and Improvement | 24,302,141 | |||
Subsequent to Acquisition | 740,764 | |||
Land | 8,858,432 | |||
Building and Improvement | 24,683,846 | |||
Total | 33,542,278 | |||
Accumulated Depreciation | 1,251,290 | |||
Total Cost, Net of Accumulated Depreciation | 32,290,988 | |||
Encumbrances | 25,312,862 | |||
Valley View Shopping Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,440,018 | |||
Initial Cost - Building and Improvement | 8,054,004 | |||
Subsequent to Acquisition | 922,790 | |||
Land | 3,440,018 | |||
Building and Improvement | 8,976,794 | |||
Total | 12,416,812 | |||
Accumulated Depreciation | 2,903,257 | |||
Total Cost, Net of Accumulated Depreciation | 9,513,555 | |||
Potomac Run Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 27,369,515 | |||
Initial Cost - Building and Improvement | 48,451,209 | |||
Subsequent to Acquisition | 498,733 | |||
Land | 27,369,515 | |||
Building and Improvement | 48,949,942 | |||
Total | 76,319,457 | |||
Accumulated Depreciation | 13,724,447 | |||
Total Cost, Net of Accumulated Depreciation | 62,595,010 | |||
Dulles Town Crossing [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 53,285,116 | |||
Initial Cost - Building and Improvement | 104,175,738 | |||
Land | 53,285,116 | |||
Building and Improvement | 104,175,738 | |||
Total | 157,460,854 | |||
Accumulated Depreciation | 5,725,641 | |||
Total Cost, Net of Accumulated Depreciation | 151,735,213 | |||
Stafford Marketplace [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 26,893,429 | |||
Initial Cost - Building and Improvement | 86,449,614 | |||
Land | 26,893,429 | |||
Building and Improvement | 86,449,614 | |||
Total | 113,343,043 | |||
Accumulated Depreciation | 3,676,081 | |||
Total Cost, Net of Accumulated Depreciation | 109,666,962 | |||
Auburn North [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 7,785,841 | |||
Initial Cost - Building and Improvement | 18,157,625 | |||
Subsequent to Acquisition | 1,039,309 | |||
Land | 7,785,841 | |||
Building and Improvement | 19,196,935 | |||
Total | 26,982,776 | |||
Accumulated Depreciation | 6,187,038 | |||
Total Cost, Net of Accumulated Depreciation | 20,795,738 | |||
The Marketplace At Factoria [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 60,502,358 | |||
Initial Cost - Building and Improvement | 92,696,231 | |||
Subsequent to Acquisition | 2,367,357 | |||
Land | 60,502,358 | |||
Building and Improvement | 95,063,588 | |||
Total | 155,565,946 | |||
Accumulated Depreciation | 11,592,753 | |||
Total Cost, Net of Accumulated Depreciation | 143,973,193 | |||
Encumbrances | 56,744,956 | |||
Frontier Village Shopping Ctr. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 10,750,863 | |||
Initial Cost - Building and Improvement | 37,042,383 | |||
Subsequent to Acquisition | 96,299 | |||
Land | 10,750,863 | |||
Building and Improvement | 37,138,682 | |||
Total | 47,889,545 | |||
Accumulated Depreciation | 4,446,335 | |||
Total Cost, Net of Accumulated Depreciation | 43,443,210 | |||
Encumbrances | 31,255,376 | |||
Olympia West Outparcel [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 360,000 | |||
Initial Cost - Building and Improvement | 799,640 | |||
Subsequent to Acquisition | 100,360 | |||
Land | 360,000 | |||
Building and Improvement | 900,000 | |||
Total | 1,260,000 | |||
Accumulated Depreciation | 79,248 | |||
Total Cost, Net of Accumulated Depreciation | 1,180,752 | |||
Franklin Park Commons [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 5,418,825 | |||
Initial Cost - Building and Improvement | 11,988,657 | |||
Land | 5,418,825 | |||
Building and Improvement | 11,988,657 | |||
Total | 17,407,482 | |||
Accumulated Depreciation | 764,268 | |||
Total Cost, Net of Accumulated Depreciation | 16,643,214 | |||
Silverdale Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 3,875,013 | |||
Initial Cost - Building and Improvement | 32,148,487 | |||
Subsequent to Acquisition | 86,050 | |||
Land | 3,755,613 | |||
Building and Improvement | 32,353,937 | |||
Total | 36,109,550 | |||
Accumulated Depreciation | 3,792,685 | |||
Total Cost, Net of Accumulated Depreciation | 32,316,865 | |||
Encumbrances | 24,126,489 | |||
Charles Town Plaza [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 602,000 | |||
Initial Cost - Building and Improvement | 3,725,871 | |||
Subsequent to Acquisition | 11,289,235 | |||
Land | 602,000 | |||
Building and Improvement | 15,015,106 | |||
Total | 15,617,106 | |||
Accumulated Depreciation | 9,690,166 | |||
Total Cost, Net of Accumulated Depreciation | 5,926,940 | |||
Blue Ridge [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 12,346,900 | |||
Initial Cost - Building and Improvement | 71,529,796 | |||
Subsequent to Acquisition | (36,413,751) | |||
Land | 6,334,706 | |||
Building and Improvement | 41,128,240 | |||
Total | 47,462,946 | |||
Accumulated Depreciation | 17,914,144 | |||
Total Cost, Net of Accumulated Depreciation | 29,548,802 | |||
Encumbrances | 7,128,400 | |||
Microproperties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 24,206,390 | |||
Initial Cost - Building and Improvement | 56,481,576 | |||
Subsequent to Acquisition | (69,082,252) | |||
Land | 3,876,971 | |||
Building and Improvement | 7,728,743 | |||
Total | 11,605,714 | |||
Accumulated Depreciation | 1,111,138 | |||
Total Cost, Net of Accumulated Depreciation | 10,494,576 | |||
Krc North Loan Iv, Inc. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 23,516,663 | |||
Subsequent to Acquisition | (5,907,571) | |||
Land | 17,609,092 | |||
Total | 17,609,092 | |||
Total Cost, Net of Accumulated Depreciation | 17,609,092 | |||
Mexico-Hermosillo [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 11,424,531 | |||
Subsequent to Acquisition | (8,538,989) | |||
Land | 2,885,542 | |||
Total | 2,885,542 | |||
Total Cost, Net of Accumulated Depreciation | 2,885,542 | |||
Mexico-Non Adm Bt-Los Cabos [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 10,873,070 | |||
Initial Cost - Building and Improvement | 1,257,517 | |||
Subsequent to Acquisition | (1,184,766) | |||
Land | 4,285,521 | |||
Building and Improvement | 6,660,300 | |||
Total | 10,945,821 | |||
Accumulated Depreciation | 3,153,852 | |||
Total Cost, Net of Accumulated Depreciation | 7,791,969 | |||
Balance of Portfolio [Member] | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost - Land | 1,907,181 | |||
Initial Cost - Building and Improvement | 65,127,204 | |||
Subsequent to Acquisition | (8,851,623) | |||
Land | 1,357,517 | |||
Building and Improvement | 56,825,229 | |||
Total | 58,182,746 | |||
Accumulated Depreciation | 33,234,087 | |||
Total Cost, Net of Accumulated Depreciation | 24,948,659 | |||
Encumbrances | $ (882,578) |
Schedule III - Real Estate a133
Schedule III - Real Estate and Accumulated Depreciation (Details) - Changes in Total Real Estate Assets and Accumulated Depreciation - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Changes in Total Real Estate Assets and Accumulated Depreciation [Abstract] | |||
Balance, beginning of period | $ 10,018,225,775 | $ 9,123,343,869 | $ 8,947,286,646 |
Balance, end of period | 11,568,809,126 | 10,018,225,775 | 9,123,343,869 |
Balance, beginning of period | 1,955,405,720 | 1,878,680,836 | 1,745,461,577 |
Balance, end of period | 2,115,319,888 | 1,955,405,720 | 1,878,680,836 |
Acquisitions | 278,401,182 | 548,553,619 | 475,108,219 |
Improvements | 191,662,698 | 134,921,993 | 107,411,806 |
Transfers from (to) unconsolidated joint ventures | 1,673,542,610 | 1,065,330,540 | 317,995,154 |
Sales | (507,185,370) | (781,200,981) | (559,328,593) |
Assets held for sale | (587,007) | (77,664,078) | |
Adjustment of fully depreciated asset | (56,774,522) | (8,628,954) | (4,780,841) |
Adjustment of property carrying values | (18,432,226) | (32,935,408) | (69,463,649) |
Change in exchange rate | (10,044,014) | (31,158,903) | (13,220,795) |
Depreciation for year | 333,948,605 | 256,088,382 | 243,011,431 |
Sales | (116,864,875) | (167,458,882) | (96,915,316) |
Adjustment of fully depreciated asset | (56,774,522) | (8,628,954) | (4,780,841) |
Assets held for sale | (7,351,096) | ||
Change in exchange rate | $ (395,040) | $ (3,275,662) | $ (744,919) |
Schedule IV - Mortgage Loans134
Schedule IV - Mortgage Loans on Real Estate (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | ||
Schedule IV - Mortgage Loans on Real Estate (Details) [Line Items] | ||
Mortgage Loans on Real Estate, Federal Income Tax Basis (in Dollars) | $ 23,800 | |
Mortgage Loans on Real Estate, Number of Loans | 12 | |
Mortgage Loans on Real Estate, Face Amount of Mortgages (in Dollars) | $ 31,136 | [1] |
Individually Less Than 3 [Member] | ||
Schedule IV - Mortgage Loans on Real Estate (Details) [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | 4 | |
Other Loans On Real Estate [Member] | ||
Schedule IV - Mortgage Loans on Real Estate (Details) [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages (in Dollars) | $ 600 | [1] |
Other Loans On Real Estate [Member] | Individually Less Than 3 [Member] | ||
Schedule IV - Mortgage Loans on Real Estate (Details) [Line Items] | ||
Mortgage Loans on Real Estate, Final Maturity Date | Apr. 1, 2027 | |
Mortgage Loans on Real Estate Interest Accrual Rate | 2.28% | |
Mortgages [Member] | ||
Schedule IV - Mortgage Loans on Real Estate (Details) [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages (in Dollars) | $ 30,536 | [1] |
Mortgages [Member] | Individually Less Than 3 [Member] | ||
Schedule IV - Mortgage Loans on Real Estate (Details) [Line Items] | ||
Mortgage Loans on Real Estate, Minimum Interest Rate in Range | 1.10% | |
Mortgage Loans on Real Estate, Maximum Interest Rate in Range | 2.02% | |
Minimum [Member] | Individually Less Than 3 [Member] | ||
Schedule IV - Mortgage Loans on Real Estate (Details) [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages (in Dollars) | $ 200 | |
Minimum [Member] | Mortgages [Member] | Individually Less Than 3 [Member] | ||
Schedule IV - Mortgage Loans on Real Estate (Details) [Line Items] | ||
Mortgage Loans On Real Estate Term | 3 years 292 days | |
Maximum [Member] | Individually Less Than 3 [Member] | ||
Schedule IV - Mortgage Loans on Real Estate (Details) [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages (in Dollars) | $ 400 | |
Maximum [Member] | Mortgages [Member] | Individually Less Than 3 [Member] | ||
Schedule IV - Mortgage Loans on Real Estate (Details) [Line Items] | ||
Mortgage Loans On Real Estate Term | 14 years 328 days | |
[1] | The instruments actual cash flows are denominated in U.S. dollars and Canadian dollars as indicated by the geographic location above |
Schedule IV - Mortgage Loans135
Schedule IV - Mortgage Loans on Real Estate (Details) - Mortgage Loans on Real Estate $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | ||
Mortgage Loans: | ||
Face Amount of Mortgages or Maximum Available Credit | $ 31,136 | [1] |
Carrying Amount of Mortgages | 23,824 | [1],[2] |
Capitalized Loan Costs [Member] | ||
Mortgage Loans: | ||
Capitalized loan costs | 8 | [1],[2] |
Mortgages [Member] | ||
Mortgage Loans: | ||
Face Amount of Mortgages or Maximum Available Credit | 30,536 | [1] |
Carrying Amount of Mortgages | $ 23,372 | [1],[2] |
Mortgages [Member] | Borrower A [Member] | ||
Mortgage Loans: | ||
Interest Accrual Rates | 5.00% | |
Interest Payment | 5.00% | |
Final Maturity Date | Jul. 31, 2017 | |
Face Amount of Mortgages or Maximum Available Credit | $ 5,730 | [1] |
Carrying Amount of Mortgages | $ 5,333 | [1],[2] |
Mortgages [Member] | Borrower B [Member] | ||
Mortgage Loans: | ||
Interest Accrual Rates | 6.50% | |
Interest Payment | 6.50% | |
Final Maturity Date | Mar. 4, 2033 | |
Face Amount of Mortgages or Maximum Available Credit | $ 5,014 | [1] |
Carrying Amount of Mortgages | $ 5,014 | [1],[2] |
Mortgages [Member] | Borrower C [Member] | ||
Mortgage Loans: | ||
Interest Accrual Rates | 12.00% | |
Interest Payment | 12.00% | |
Final Maturity Date | May 14, 2033 | |
Face Amount of Mortgages or Maximum Available Credit | $ 3,075 | [1] |
Carrying Amount of Mortgages | $ 3,075 | [1],[2] |
Mortgages [Member] | Borrower D [Member] | ||
Mortgage Loans: | ||
Interest Accrual Rates | 7.57% | |
Interest Payment | 7.57% | |
Final Maturity Date | Jun. 1, 2019 | |
Face Amount of Mortgages or Maximum Available Credit | $ 3,966 | [1] |
Carrying Amount of Mortgages | $ 2,224 | [1],[2] |
Mortgages [Member] | Borrower E [Member] | ||
Mortgage Loans: | ||
Interest Accrual Rates | 7.57% | |
Interest Payment | 7.57% | |
Final Maturity Date | Jun. 1, 2019 | |
Face Amount of Mortgages or Maximum Available Credit | $ 4,201 | [1] |
Carrying Amount of Mortgages | $ 2,207 | [1],[2] |
Mortgages [Member] | Borrower F [Member] | ||
Mortgage Loans: | ||
Interest Accrual Rates | 7.57% | |
Interest Payment | 7.57% | |
Final Maturity Date | Jun. 1, 2019 | |
Face Amount of Mortgages or Maximum Available Credit | $ 3,678 | [1] |
Carrying Amount of Mortgages | $ 2,058 | [1],[2] |
Mortgages [Member] | Borrower G [Member] | ||
Mortgage Loans: | ||
Interest Accrual Rates | 6.00% | |
Interest Payment | 6.00% | |
Final Maturity Date | Dec. 9, 2024 | |
Face Amount of Mortgages or Maximum Available Credit | $ 1,950 | [1] |
Carrying Amount of Mortgages | 1,950 | [1],[2] |
Mortgages [Member] | Individually Less Than 3 [Member] | ||
Mortgage Loans: | ||
Face Amount of Mortgages or Maximum Available Credit | 2,922 | [1] |
Carrying Amount of Mortgages | 1,511 | [1],[2] |
Other Loans On Real Estate [Member] | ||
Mortgage Loans: | ||
Face Amount of Mortgages or Maximum Available Credit | 600 | [1] |
Carrying Amount of Mortgages | $ 444 | [1],[2] |
[1] | The instruments actual cash flows are denominated in U.S. dollars and Canadian dollars as indicated by the geographic location above | |
[2] | The aggregate cost for Federal income tax purposes is $23.8 million |