Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 19, 2016 | |
Entity Registrant Name | KIMCO REALTY CORP | |
Entity Central Index Key | 879,101 | |
Trading Symbol | kim | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 419,648,970 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Assets: | |||
Operating real estate, net of accumulated depreciation of $2,155,365 and $2,115,320, respectively | $ 9,156,544 | $ 9,274,299 | |
Investments and advances in real estate joint ventures | 702,586 | 742,559 | |
Real estate under development | 189,811 | 179,190 | |
Other real estate investments | 217,272 | 215,836 | |
Mortgages and other financing receivables | 24,000 | 23,824 | |
Cash and cash equivalents | 222,000 | 189,534 | |
Marketable securities | [1] | 5,716 | 7,565 |
Accounts and notes receivable | 174,005 | 175,252 | |
Other assets | 557,427 | 536,112 | |
Total assets | 11,249,361 | 11,344,171 | |
Liabilities: | |||
Notes payable | [2] | 3,660,666 | 3,761,328 |
Mortgages payable | [3] | 1,501,796 | 1,614,982 |
Declaration of dividends paid in succeeding period | 116,631 | 115,182 | |
Other liabilities | 566,206 | 584,019 | |
Total liabilities | 5,845,299 | 6,075,511 | |
Redeemable noncontrolling interests | 86,705 | 86,709 | |
Stockholders' equity: | |||
Preferred stock, $1.00 par value, authorized 6,029,100 shares 32,000 shares issued and outstanding (in series) Aggregate liquidation preference $800,000 | 32 | 32 | |
Common stock, $.01 par value, authorized 750,000,000 shares issued and outstanding 418,281,954 and 413,430,756 shares, respectively | 4,183 | 4,134 | |
Paid-in capital | 5,721,011 | 5,608,881 | |
Cumulative distributions in excess of net income | (550,103) | (572,335) | |
Accumulated other comprehensive income | 7,496 | 5,588 | |
Total stockholders' equity | 5,182,619 | 5,046,300 | |
Noncontrolling interests | 134,738 | 135,651 | |
Total equity | 5,317,357 | 5,181,951 | |
Total liabilities and equity | $ 11,249,361 | $ 11,344,171 | |
[1] | As of March 31, 2016 and December 31, 2015, the Company determined that $4.1 million and $5.9 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 $1.7 million, respectively, were classified within Level 3 of the fair value hierarchy. | ||
[2] | The Company determined that its valuation of Notes payable was classified within Level 2 of the fair value hierarchy. | ||
[3] | The Company determined that its valuation of Mortgages payable was classified within Level 3 of the fair value hierarchy. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Operating real estate, accumulated depreciation | $ 2,155,365 | $ 2,115,320 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 6,029,100 | 6,029,100 |
Preferred stock, shares issued (in shares) | 32,000 | 32,000 |
Preferred stock, shares outstanding (in shares) | 32,000 | 32,000 |
Preferred stock, aggregate liquidation preference | $ 800,000,000 | $ 800,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock,shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, shares issued (in shares) | 418,281,954 | 413,430,756 |
Common stock,shares outstanding (in shares) | 418,281,954 | 413,430,756 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Continuing Operations [Member] | ||
Operating expenses | ||
Impairment charges | $ 5,840 | $ 6,391 |
Joint Ventures [Member] | ||
Other income/(expense) | ||
Equity in income of joint ventures, net | 69,933 | 97,550 |
Other Real Estate Investments [Member] | ||
Other income/(expense) | ||
Equity in income of joint ventures, net | 10,799 | 14,369 |
Revenues from rental properties | 293,091 | 275,506 |
Management and other fee income | 4,111 | 7,950 |
Total revenues | 297,202 | 283,456 |
Rent | 2,818 | 3,554 |
Real estate taxes | 34,472 | 36,072 |
Operating and maintenance | 34,553 | 33,902 |
General and administrative expenses | 31,929 | 32,705 |
Provision for doubtful accounts | 3,475 | 2,297 |
Impairment charges | 5,840 | 6,473 |
Depreciation and amortization | 84,856 | 74,569 |
Total operating expenses | 197,943 | 189,490 |
Operating income | 99,259 | 93,966 |
Mortgage financing income | 410 | 1,136 |
Other expense, net | (580) | (768) |
Interest expense | (52,451) | (52,578) |
Income from continuing operations before income taxes, equity in income of joint ventures, gain on change in control of interests and equity in income of other real estate investments | 46,638 | 41,756 |
Provision for income taxes, net | (12,112) | (12,717) |
Equity in income of joint ventures, net | $ 69,933 | 97,550 |
Gain on change in control of interests, net | 139,801 | |
Income from continuing operations | $ 115,258 | 280,759 |
Discontinued operations | ||
Loss from discontinued operating properties, net of tax | (15) | |
Impairment/loss on operating properties, net of tax | (60) | |
Loss from discontinued operations | (75) | |
Gain on sale of operating properties, net of tax | $ 26,896 | 32,055 |
Net income | 142,154 | 312,739 |
Net income attributable to noncontrolling interests | (1,441) | (2,397) |
Net income attributable to the Company | 140,713 | 310,342 |
Preferred dividends | (11,555) | (14,573) |
Net income available to the Company's common shareholders | $ 129,158 | $ 295,769 |
-Basic (in dollars per share) | $ 0.31 | $ 0.72 |
Income from continuing operations (in dollars per share) | 0.31 | 0.71 |
Net income attributable to the Company: | ||
-Basic (in dollars per share) | 0.31 | 0.72 |
-Diluted (in dollars per share) | $ 0.31 | $ 0.71 |
Weighted average shares: | ||
-Basic (in shares) | 412,630 | 410,433 |
-Diluted (in shares) | 414,145 | 415,396 |
Income from continuing operations | $ 129,158 | $ 295,844 |
Loss from discontinued operations attributable to the Company | (75) | |
Net income | $ 129,158 | $ 295,769 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest Rate Swap [Member] | ||
Other comprehensive income: | ||
Change in unrealized loss on interest rate swaps | $ (604) | $ (352) |
Net income | 142,154 | 312,739 |
Change in unrealized gain on marketable securities | 2 | 15,718 |
Change in unrealized loss on interest rate swaps | (604) | (352) |
Change in foreign currency translation adjustment, net | 2,510 | (9,532) |
Other comprehensive income: | 1,908 | 5,834 |
Comprehensive income | 144,062 | 318,573 |
Comprehensive income attributable to noncontrolling interests | (1,441) | (2,397) |
Comprehensive income attributable to the Company | $ 142,621 | $ 316,176 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | 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, 2014 | $ (1,006,578) | $ 45,122 | $ 102 | $ 4,118 | $ 5,732,021 | $ 4,774,785 | $ 126,980 | $ 4,901,765 |
Balance (in shares) at Dec. 31, 2014 | 102 | 411,820 | ||||||
Contributions from noncontrolling interests | 66,163 | 66,163 | ||||||
Net income | 310,342 | 310,342 | 2,397 | 312,739 | ||||
Change in unrealized gain on marketable securities | 15,718 | 15,718 | 15,718 | |||||
Change in unrealized loss on interest rate swaps | (352) | (352) | (352) | |||||
Change in foreign currency translation adjustment, net | (9,532) | (9,532) | (9,532) | |||||
Redeemable noncontrolling interests income | (1,522) | (1,522) | ||||||
Dividends | (113,613) | (113,613) | (113,613) | |||||
Distributions to noncontrolling interests | (260) | (260) | ||||||
Issuance of common stock (in shares) | 539 | |||||||
Issuance of common stock | $ 5 | 481 | 486 | 486 | ||||
Surrender of restricted stock (in shares) | (204) | |||||||
Surrender of restricted stock | $ (2) | (5,170) | (5,172) | (5,172) | ||||
Exercise of common stock options (in shares) | 554 | |||||||
Exercise of common stock options | $ 6 | 10,252 | 10,258 | 10,258 | ||||
Sale of interests in investments, net of tax of $16.0 million | 23,336 | 23,336 | 23,336 | |||||
Amortization of equity awards | 6,918 | 6,918 | 6,918 | |||||
Balance at Mar. 31, 2015 | (809,849) | 50,956 | $ 102 | $ 4,127 | 5,767,838 | 5,013,174 | 193,758 | 5,206,932 |
Balance (in shares) at Mar. 31, 2015 | 102 | 412,709 | ||||||
Exercise of common stock options | $ (6) | (10,252) | (10,258) | (10,258) | ||||
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 | 32 | 413,431 | ||||||
Net income | 140,713 | 140,713 | 1,441 | 142,154 | ||||
Change in unrealized gain on marketable securities | 2 | 2 | 2 | |||||
Change in unrealized loss on interest rate swaps | (604) | (604) | (604) | |||||
Change in foreign currency translation adjustment, net | 2,510 | 2,510 | 2,510 | |||||
Redeemable noncontrolling interests income | (1,078) | (1,078) | ||||||
Dividends | (118,481) | (118,481) | (118,481) | |||||
Distributions to noncontrolling interests | (1,276) | (1,276) | ||||||
Issuance of common stock (in shares) | 4,487 | |||||||
Issuance of common stock | $ 45 | 100,911 | 100,956 | 100,956 | ||||
Surrender of restricted stock (in shares) | (228) | |||||||
Surrender of restricted stock | $ (2) | (5,906) | (5,908) | (5,908) | ||||
Exercise of common stock options (in shares) | 592 | |||||||
Exercise of common stock options | $ (6) | (10,539) | (10,545) | (10,545) | ||||
Amortization of equity awards | 6,586 | 6,586 | 6,586 | |||||
Balance at Mar. 31, 2016 | $ (550,103) | $ 7,496 | $ 32 | $ 4,183 | 5,721,011 | 5,182,619 | $ 134,738 | 5,317,357 |
Balance (in shares) at Mar. 31, 2016 | 32 | 418,282 | ||||||
Exercise of common stock options | $ 6 | $ 10,539 | $ 10,545 | $ 10,545 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Common Stock [Member] | ||
Dividends per Common Share (in dollars per share) | $ 0.255 | $ 0.24 |
Preferred Stock [Member] | Series H Preferred Stock [Member] | ||
Dividends per Depositary share (in dollars per share) | 0.4313 | |
Preferred Stock [Member] | Series I Preferred Stock [Member] | ||
Dividends per Depositary share (in dollars per share) | 0.375 | 0.375 |
Preferred Stock [Member] | Series J Preferred Stock [Member] | ||
Dividends per Depositary share (in dollars per share) | 0.3438 | 0.3438 |
Preferred Stock [Member] | Series K Preferred Stock [Member] | ||
Dividends per Depositary share (in dollars per share) | $ 0.3516 | $ 0.3516 |
Additional Paid-in Capital [Member] | ||
Sale of interests in investments, tax | $ 16 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flow from operating activities: | ||
Net income | $ 142,154 | $ 312,739 |
Adjustments to reconcile net income to net cash provided by operating activities: by operating activities: | ||
Depreciation and amortization | 84,856 | 74,569 |
Asset Impairment Charges | 5,840 | 6,473 |
Equity award expense | 7,877 | 8,394 |
Gain on sale of operating properties | $ (30,883) | (32,055) |
Gain on change in control of interests, net | (139,801) | |
Equity in income of joint ventures, net | $ (69,933) | (97,550) |
Equity in income from other real estate investments, net | (10,799) | (14,369) |
Distributions from joint ventures and other real estate investments | 26,730 | 40,110 |
Change in accounts and notes receivable | 1,247 | (5,981) |
Change in accounts payable and accrued expenses | 8,869 | 11,985 |
Change in other operating assets and liabilities | (29,002) | (1,424) |
Net cash flow provided by operating activities | 136,956 | 163,090 |
Cash flow from investing activities: | ||
Acquisition of operating real estate and other related net assets | (11,436) | (537,223) |
Improvements to operating real estate | (32,866) | $ (29,888) |
Acquisition of real estate under development | (12,895) | |
Improvements to real estate under development | (5,333) | $ (2,021) |
Proceeds from sale/repayments of marketable securities | 1,850 | 700 |
Investments and advances to real estate joint ventures | (17,505) | (29,720) |
Reimbursements of investments and advances to real estate joint ventures | 28,327 | 7,599 |
Distributions from liquidation of real estate joint ventures | 50,902 | 53,450 |
Return on investment from liquidation of real estate joint ventures | 40,000 | 20,889 |
Investment in other real estate investments | (190) | (239) |
Reimbursements of investments and advances to other real estate investments | 2,921 | 17,946 |
Collection of mortgage loans receivable | $ 231 | 292 |
Investment in other investments | (190,278) | |
Proceeds from sale of operating properties | $ 79,245 | $ 81,037 |
Proceeds from sale of development properties | 4,551 | |
Net cash flow used for/(provided by) investing activities | 127,802 | $ (607,456) |
Cash flow from financing activities: | ||
Principal payments on debt, excluding normal amortization of rental property debt | (101,205) | (49,286) |
Principal payments on rental property debt | (5,971) | (7,155) |
Proceeds under the unsecured revolving credit facility, net | $ 180,000 | 40,000 |
Proceeds from issuance of unsecured term loan/notes | 1,000,000 | |
Repayments under unsecured term loan/notes | $ (300,000) | (500,000) |
Financing origination costs | (91) | (9,161) |
Change in tenants' security deposits | $ 594 | 1,267 |
Contributions from noncontrolling interests | 105,498 | |
Dividends paid | $ (117,030) | (113,400) |
Proceeds from issuance of stock | 111,411 | 10,258 |
Net cash flow (used for)/provided by financing activities | (232,292) | 478,021 |
Change in cash and cash equivalents | 32,466 | 33,655 |
Cash and cash equivalents, beginning of period | 189,534 | 187,322 |
Cash and cash equivalents, end of period | 222,000 | 220,977 |
Interest paid during the period (net of capitalized interest of $1,699, and $1,134, respectively) | 39,508 | 37,564 |
Income taxes paid during the period | $ 23,960 | $ 4,055 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash paid for capitalized interest | $ 1,699 | $ 1,134 |
Note 1 - Interim Financial Stat
Note 1 - Interim Financial Statements | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Interim Financial Statements Principles of Consolidation - The accompanying Condensed Consolidated Financial Statements include the accounts of Kimco Realty Corporation and subsidiaries, (the “Company”). The Company’s subsidiaries include subsidiaries which are wholly-owned and all entities in which the Company has a controlling financial interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation. The information presented in the accompanying Condensed Consolidated Financial Statements is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. These Condensed Consolidated Financial Statements should be read in conjunction with the Company's 2015 Annual Report on Form 10-K for the year ended December 31, 2015 (the “10-K”), as certain disclosures in this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2016, that would duplicate those included in the 10-K are not included in these Condensed Consolidated Financial Statements. Subsequent Events - The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the condensed consolidated financial statements (see Footnotes 3 and 10). Income Taxes - The Company elected status as a Real Estate Investment Trust (a “REIT”) for federal income tax purposes beginning in its taxable year ended December 31, 1991 and operates in a manner that enables the Company to maintain its status as a REIT. As a REIT, the Company must distribute at least 90 percent of its taxable income and will not pay federal income taxes on the amount distributed to its shareholders. Therefore, the Company is not subject to federal income taxes if it distributes 100 percent of its taxable income. Most states, where the Company holds investments in real estate, conform to the federal rules recognizing REITs. Certain subsidiaries have made a joint election with the Company to be treated as taxable REIT subsidiaries (“TRS”), which permit the Company to engage in certain business activities in which the REIT may not conduct directly. A TRS is subject to federal and state income taxes on the income from these activities and the Company includes a provision for taxes in its condensed consolidated financial statements. The Company is subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. These investments are held by the Company at the REIT level and not in the Company’s taxable REIT subsidiary. Accordingly, the Company does not expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries. Earnings Per Share - The following table sets forth the reconciliation of earnings and the weighted average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands except per share data): Three Months Ended March 31 , 201 6 201 5 Computation of Basic Earnings Per Share: Income from continuing operations $ 115,258 $ 280,759 Gain on sale of operating properties, net of tax 26,896 32,055 Net income attributable to noncontrolling interests (1,441 ) (2,397 ) Preferred stock dividends (11,555 ) (14,573 ) Income from continuing operations available to the common shareholders 129,158 295,844 Earnings attributable to participating securities (629 ) (1,341 ) Income from continuing operations attributable to common shareholders 128,529 294,503 Loss from discontinued operations attributable to the Company - (75 ) Net income attributable to the Company’s common shareholders for basic earnings per share $ 128,529 $ 294,428 Weighted average common shares outstanding – basic 412,630 410,433 Basic Earnings Per Share Attributable to the Company’s Common Shareholders: Income from continuing operations $ 0.31 $ 0.72 Loss from discontinued operations - - Net income $ 0.31 $ 0.72 Computation of Diluted Earnings Per Share: Income from continuing operations attributable to common shareholders $ 128,529 $ 294,503 Loss from discontinued operations attributable to the Company - (75 ) Distributions on convertible units 13 817 Net income attributable to the Company’s common shareholders for diluted earnings per share $ 128,542 $ 295,245 Weighted average common shares outstanding – basic 412,630 410,433 Effect of dilutive securities (a): Equity awards 1,453 3,393 Assumed conversion of convertible units 62 1,570 Shares for diluted earnings per common share 414,145 415,396 Diluted Earnings Per Share Attributable to the Company’s Common Shareholders: Income from continuing operations $ 0.31 $ 0.71 Loss from discontinued operations - - Net income attributable to the Company $ 0.31 $ 0.71 (a) For the three months ended March 31, 2016 and 2015, the effect of certain convertible units would have an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations. Additionally, there were 5,235,280 and 6,857,810 stock options that were not dilutive at March 31, 2016 and 2015, respectively. The Company's unvested restricted share awards and convertible units (the “Participating securities”) contain non-forfeitable rights to distributions or distribution equivalents. The impact of the Participating securities on earnings per share has been calculated using the two-class method whereby earnings are allocated to the Participating securities based on dividends declared and the Participating securities rights in undistributed earnings. New Accounting Pronouncements – In 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 and/or results of operations. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 focuses to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity's voting rights; or (3) the exposure to a majority of the legal entity's economic benefits. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-02 is effective for periods beginning after December 15, 2015. The adoption of ASU 2015-02 did not 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 and/or results of operations. Re visions – 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. This change of $53.5 million was reclassified for the three months ended March 31, 2015 for purposes of reflecting comparative periods. 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 $53.5 million for the three months ended March 31, 2015. |
Note 2 - Operating Property Act
Note 2 - Operating Property Activities | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Operating Property Activities Acquisitions of Real Estate Under Development - During the three months ended March 31, 2016, the Company acquired, in separate transactions, two additional land parcels adjacent to an existing development project for an aggregate purchase price of $13.0 million. Dispositions – During the three months ended March 31, 2016, the Company disposed of seven consolidated operating properties, in separate transactions, for an aggregate sales price of $101.2 million. These transactions resulted in an aggregate gain of $26.9 million, after income tax expense. Impairments – During the three months ended March 31, 2016, the Company recognized aggregate impairment charges of $5.8 million which are included in Impairment charges under Operating expenses on the Company’s Condensed Consolidated Statements of Income. These impairment charges resulted from the Company's decision to sell a property. The Company’s estimated fair value was based on a third party offer through a signed contract. (See Footnote 9 for fair value disclosure). |
Note 3 - Investments and Advanc
Note 3 - Investments and Advances in Real Estate Joint Ventures | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Investments and Advances In Real Estate Joint Ventures [Text Block] | 3. Investments 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 March 31, 2016 and December 31, 2015 (in millions, except number of properties): As of March 31, 2016 As of December 31, 2015 Venture Ownership Interest Number of Properties GLA Gross Real Estate The Company's Investment Ownership Interest Number of Properties GLA Gross Real Estate The Company's Investment Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) 15.0 % 51 9.2 $ 2,492.8 $ 175.8 15.0 % 53 9.6 $ 2,531.6 $ 175.5 Kimco Income Opportunity Portfolio (“KIR”) (2) 48.6 % 47 10.8 1,423.8 130.9 48.6 % 47 10.8 1,422.8 131.0 Canada Pension Plan Investment Board (“CPP”) (2) (3) 55.0 % 7 2.4 534.7 177.1 55.0 % 7 2.4 524.1 195.6 Other Institutional Programs (2) Various 7 1.0 301.5 5.6 Various 9 1.5 301.5 5.2 Other Joint Venture Programs Various 38 5.2 776.2 68.2 Various 40 5.2 782.8 64.0 Canadian Properties Various 28 4.2 502.1 145.0 Various 35 5.9 695.3 171.3 Total 178 32.8 $ 6,031.1 $ 702.6 191 35.4 $ 6,258.1 $ 742.6 (1) This venture represents four separate joint ventures, with four separate accounts managed by Prudential Real Estate Investors (“PREI”), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II. (2) The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees. (3) In April 2016, the Company acquired its partner’s interest in one operating property and one development project for a gross purchase price of $299.2 million, including the assumption of $100.0 million in mortgage debt, which encumbered the operating property. The table below presents the Company’s share of net income for the above investments which is included in the Company’s Condensed Consolidated Statements of Income in Equity in income of joint ventures, net for the three months ended March 31, 2016 and 2015 (in millions): Three Months Ended March 31, 2016 2015 KimPru and KimPru II $ 2.2 $ 1.2 KIR 7.4 7.5 CPP 3.9 2.5 Other Institutional Programs 0.3 1.0 Other Joint Venture Programs (1) (2) 3.0 23.0 Canadian Properties 53.1 62.4 Total $ 69.9 $ 97.6 (1) During 2013, the Intown portfolio was sold and the Company maintained its guarantee on a portion of debt that was assumed by the buyer at closing. The transaction resulted in a deferred gain to the Company of $21.7 million due to the Company’s continued involvement through its guarantee of the debt. On February 24, 2015, the outstanding debt balance was fully repaid by the buyer and as such, the Company was relieved of its related commitments and guarantee. As a result, the Company recognized the deferred gain of $21.7 million during the three months ended March 31, 2015. (2) During the three months ended March 31, 2015, a joint venture in which the Company holds a noncontrolling interest recognized aggregate impairment charges of $2.6 million relating to the pending sale of various land parcels. The Company’s share of these impairment charges was $1.3 million. The following tables provide a summary of properties and land parcels disposed of through the Company’s real estate joint ventures or sold interest to joint venture partners during the three months ended March 31, 2016 and 2015. These transactions resulted in an aggregate net gain to the Company of $54.1 million and $53.4 million, before income taxes, for the three months ended March 31, 2016 and 2015, respectively, and which are included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income: Three Months Ended March 31, 2016 Number of properties Number of land parcels Aggregate sales price (in millions) Other Joint Venture Programs 2 - $ 21.6 Canadian Properties 7 - $ 322.9 Three Months Ended March 31, 2015 Number of properties Number of land parcels Aggregate sales price (in millions) KimPru and KimPru II 1 - $ 23.2 Other Joint Venture Programs (1) 1 - $ 5.8 Canadian Properties 3 1 $ 190.7 (1) The Company acquired the remaining interest in this property during the three months ended March 31, 2015. The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at March 31, 2016 and December 31, 2015 (dollars in millions): As of March 31, 2016 As of December 31, 2015 Venture Mortgages and Notes Payable Weighted Average Interest Rate Weighted Average Remaining Term (months)* Mortgages and Notes Payable Weighted Average Interest Rate Weighted Average Remaining Term (months)* KimPru and KimPru II $ 729.4 5.55 % 9.7 $ 777.1 5.54 % 12.6 KIR 808.6 4.61 % 60.7 811.6 4.64 % 62.3 CPP 149.1 1.97 % 22.4 109.9 5.25 % 3.5 Other Institutional Programs 215.4 4.91 % 17.8 218.5 4.92 % 20.5 Other Joint Venture Programs 537.3 5.55 % 34.0 540.7 5.61 % 36.1 Canadian Properties 241.2 4.33 % 52.6 341.3 4.64 % 56.4 Total $ 2,681.0 $ 2,799.1 * Average Remaining Term includes extension options. |
Note 4 - Other Real Estate Inve
Note 4 - Other Real Estate Investments and Other Assets | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Other Real Estate Investments and Other Assets [Text Block] | 4. Other Real Estate Investments and Other Assets Preferred Equity Capital - The Company previously provided capital to owners and developers of real estate properties through its Preferred Equity Program. As of March 31, 2016, the Company’s net investment under the Preferred Equity Program was $201.5 million relating to 410 properties, including 385 net leased properties. During the three months ended March 31, 2016, the Company earned $10.8 million from its preferred equity investments, including $6.9 million in profit participation earned from a capital transaction. During the three months ended March 31, 2015, the Company earned $5.6 million from its preferred equity investments. |
Note 5 - Variable Interest Enti
Note 5 - Variable Interest Entities ("VIE") | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 5. Variable Interest Entities (“VIE”) Consolidated Operating Properties Included within the Company’s consolidated operating properties at March 31, 2016, are 19 consolidated entities that are VIEs, for which the Company is the primary beneficiary. These entities have been established to own and operate real estate property. The Company’s involvement with these entities is through its majority ownership and management of the properties. The entities were deemed VIEs primarily based on the fact that the unrelated investors do not have substantial kick-out rights to remove the general or managing partner by a vote of a simple majority or less and their participating rights are not substantive. The Company determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest. At March 31, 2016, total assets of these VIEs were $647.9 million and total liabilities were $36.1 million. The classification of these assets are primarily within operating real estate and other assets and the classifications of liabilities are primarily within accounts payable, accrued expenses and mortgages payable. The majority of the operations of these VIEs are funded with cash flows generated from the properties. The Company has not provided financial support to any of these VIEs that it was not previously contractually required to provide, which consists primarily of funding any capital expenditures, including tenant improvements, which are deemed necessary to continue to operate the entity and any operating cash shortfalls that the entity may experience . Consolidated Ground-Up Development Project Included within the Company’s ground-up development projects at March 31, 2016, is an entity that is a VIE, for which the Company is the primary beneficiary. This entity was established to develop real estate property to hold as a long-term investment. The Company’s involvement with this entity is through its majority ownership and management of the property. This entity was deemed a VIE primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to this entity was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was the primary beneficiary of this VIE as a result of its controlling financial interest. At March 31, 2016, total assets of this ground-up development VIE were $75.0 million and total liabilities were $0.1 million. The classification of these assets is primarily within Real estate under development and the classification of liabilities is primarily within accounts payable and accrued expenses, which is included in Other liabilities in the Company’s Condensed Consolidated Balance Sheets. Substantially all of the projected development costs to be funded for this ground-up development VIE, aggregating $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 March 31, 2016, is an unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture was primarily established to develop real estate property for long-term investment and was deemed a VIE primarily based on the fact that the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to this entity was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was not the primary beneficiary of this VIE based on the fact that the Company has shared control of this entity along with the entity’s partners and therefore does not have a controlling financial interest. As of March 31, 2016, the Company’s investment in this VIE was a negative $7.4 million, due to the fact that the Company had a remaining capital commitment obligation, which is included in Other liabilities in the Company’s Condensed Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its involvement with this VIE is estimated to be $7.4 million, which is the remaining capital commitment obligation. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. All future costs of development will be funded with capital contributions from the Company and the outside partner in accordance with their respective ownership percentages. |
Note 6 - Mortgages and Other Fi
Note 6 - Mortgages and Other Financing Receivables | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 6. Mortgages and Other Financing Receivables The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company. The Company reviews payment status to identify performing versus non-performing loans. As of March 31, 2016, the Company had a total of 12 loans aggregating $24.0 million all of which were identified as performing loans. |
Note 7 - Notes and Mortgages Pa
Note 7 - Notes and Mortgages Payable | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Notes and Mortgages Payable Notes Payable - During the three months ended March 31, 2016, the Company repaid its $300.0 million 5.783% medium term notes, which matured in March 2016. Mortgages Payable - During the three months ended March 31, 2016, the Company paid off $101.5 million of mortgage debt (including fair market value adjustment of $0.3 million) that encumbered seven operating properties. |
Note 8 - Redeemable Noncontroll
Note 8 - Redeemable Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 8. Redeemable Noncontrolling Interests Redeemable noncontrolling interests includes amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. Partnership units which are determined to be mandatorily redeemable under the FASB’s Distinguishing Liabilities from Equity guidance are classified as Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and Stockholder’s equity on the Company’s Condensed Consolidated Balance Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented on the Company’s Condensed Consolidated Statements of Income. The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the three months ended March 31, 2016 and 2015 (amounts in thousands): 2016 2015 Balance at January 1, $ 86,709 $ 91,480 Income 1,078 1,522 Distributions (1,082 ) (1,475 ) Balance at March 31, $ 86,705 $ 91,527 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. Fair Value Measurements All financial instruments of the Company are reflected in the accompanying Condensed Consolidated Balance Sheets at amounts which, in management’s estimation based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values except those listed below, for which fair values are disclosed. The valuation method used to estimate fair value for fixed-rate and variable-rate debt is based on discounted cash flow analyses, with assumptions that include credit spreads, market yield curves, trading activity, loan amounts and debt maturities. The fair values for marketable securities are based on published values, securities dealers’ estimated market values or comparable market sales. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition. As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The following are financial instruments for which the Company’s estimate of fair value differs from the carrying amounts (in thousands): March 31, 2016 December 31, 2015 Carrying Amounts Estimated Fair Value Carrying Amounts Estimated Fair Value Marketable securities (1) $ 5,716 $ 5,771 $ 7,565 $ 7,564 Notes payable (2) $ 3,660,666 $ 3,750,443 $ 3,761,328 $ 3,820,205 Mortgages payable (3) $ 1,501,796 $ 1,521,165 $ 1,614,982 $ 1,629,760 (1) As of March 31, 2016 and December 31, 2015, the Company determined that $4.1 million and $5.9 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 $1.7 million, respectively, were classified within Level 3 of the fair value hierarchy. (2) The Company determined that its valuation of Notes payable was classified within Level 2 of the fair value hierarchy. (3) The Company determined that its valuation of Mortgages payable was classified within Level 3 of the fair value hierarchy. The Company has certain financial instruments that must be measured under the FASB’s Fair Value Measurements and Disclosures guidance, including available for sale securities. The Company currently does not have non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis. The tables below present the Company’s financial assets measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): Balance at March 31, 2016 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 4,060 $ 4,060 $ - $ - Liabilities: Interest rate swaps (1) $ 2,029 $ - $ 2,029 $ - Balance at December 31, 2015 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 5,909 $ 5,909 $ - $ - Liabilities: Interest rate swaps (1) $ 1,426 $ - $ 1,426 $ - (1) Included in Other liabilities on the Company’s Condensed Consolidated Balance Sheets Assets measured at fair value on a non-recurring basis at March 31, 2016 and December 31, 2015, are as follows (in thousands): Balance at March 31, 2016 Level 1 Level 2 Level 3 Real estate $ 13,000 $ - $ - $ 13,000 Balance at December 31, 2015 Level 1 Level 2 Level 3 Real estate $ 52,439 $ - $ - $ 52,439 During the three months ended March 31, 2016, the Company recognized impairment charges related to adjustments to property carrying values of $5.8 million. These impairment charges related to an adjustment to the carrying value of a property for which the Company’s estimated fair value was based on a third party offer through a signed contract. During the three months ended March 31, 2015, the Company recognized impairment charges related to adjustments to property carrying values of $6.5 million of which $0.1 million, before noncontrolling interests and income taxes, is included in discontinued operations. The Company’s estimated fair values were primarily based upon estimated sales prices from third party offers based on signed contracts and appraisals or letters of intent for which the Company does not have access to the unobservable inputs used to determine these estimated fair values. Based on these inputs the Company determined that its valuation of these investments was classified within Level 3 of the fair value hierarchy. (See Footnote 2 for additional discussion regarding impairment charges). |
Note 10 - Preferred Stock and C
Note 10 - Preferred Stock and Common Stock | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10. Preferred Stock and Common Stock The Company’s outstanding Preferred Stock is detailed below: As of March 31, 2016 and December 31, 2015 Series of Preferred Stock Shares Authorized Shares Issued and Outstanding Liquidation Preference (in thousands) 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 During February 2015, the Company established an at the market continuous offering program (the “ATM program”), pursuant to which the Company may offer and sell shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $500.0 million through a consortium of banks acting as sales agents. Sales of the shares of common stock may be made, as needed, from time to time in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, including by means of ordinary brokers’ transactions on the New York Stock Exchange (the “NYSE”) or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. During the three months ended March 31, 2016, the Company issued 3,618,831 shares and received proceeds of $100.6 million, net of commissions and fees of $1.0 million. In addition, from April 1, 2016 thru April 13, 2016, the Company issued an additional 1,342,564 shares and received proceeds of $37.9 million, net of commissions and fees of $0.4 million. |
Note 11 - Supplemental Schedule
Note 11 - Supplemental Schedule of Non-cash Investing / Financing Activities | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 11. Supplemental Schedule of Non-Cash Investing / Financing Activities The following schedule summarizes the non-cash investing and financing activities of the Company for the three months ended March 31, 2016 and 2015 (in thousands): 2016 2015 Acquisition of real estate interests by assumption of mortgage debt $ - $ 20,800 Acquisition of real estate interests through proceeds held in escrow $ - $ 31,738 Proceeds held in escrow through sale of real estate interests $ 20,503 $ 13,855 Issuance of common stock $ 91 $ 486 Surrender of restricted common stock $ (5,908 ) $ (5,172 ) Declaration of dividends paid in succeeding period $ 116,631 $ 111,357 Consolidation of Joint Ventures: Increase in real estate and other assets $ - $ 897,476 Increase in mortgages payable and other liabilities $ - $ 637,976 |
Note 12 - Incentive Plans
Note 12 - Incentive Plans | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 12. Incentive Plans The Company maintains two equity participation plans, the Second Amended and Restated 1998 Equity Participation Plan (the “Prior Plan”) and the 2010 Equity Participation Plan (the “2010 Plan”) (collectively, the “Plans”). The Prior Plan provides for a maximum of 47,000,000 shares of the Company’s common stock to be issued for qualified and non-qualified stock options and restricted stock grants. Effective May 1, 2012, the 2010 Plan provides for a maximum of 10,000,000 shares of the Company’s common stock to be issued for qualified and non-qualified stock options and other awards, plus the number of shares of common stock which are or become available for issuance under the Prior Plan and which are not thereafter issued under the Prior Plan, subject to certain conditions. Unless otherwise determined by the Board of Directors at its sole discretion, stock options granted under the Plans generally vest ratably over a range of three to five years, expire ten years from the date of grant and are exercisable at the market price on the date of grant. Restricted stock grants generally vest (i) 100% on the fourth or fifth anniversary of the grant, (ii) ratably over three, four and five years or (iii) over ten years at 20% per year commencing after the fifth year. Performance share awards, which vest over a period of one to three years, may provide a right to receive shares of the Company’s common stock or restricted stock based on the Company’s performance relative to its peers, as defined, or based on other performance criteria as determined by the Board of Directors. In addition, the Plans provide for the granting of certain stock options and restricted stock to each of the Company’s non-employee directors (the “Independent Directors”) and permit such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees. The Company recognized expenses associated with its equity awards of $7.9 million and $8.4 million for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, the Company had $42.6 million of total unrecognized compensation cost related to unvested stock compensation granted under the Plans. That cost is expected to be recognized over a weighted average period of approximately 3.8 years. |
Note 13 - Accumulated Other Com
Note 13 - Accumulated Other Comprehensive Income ("AOCI") | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Accumulated Other Comprehensive Income (Loss) Disclosure [Text Block] | 13. Accumulated Other Comprehensive Income (“AOCI”) The following tables display the change in the components of accumulated other comprehensive income for the three months ended March 31, 2016 and 2015: Foreign Currency Translation Adjustments Unrealized Gains on Available-for- Sale Investments Unrealized Gain/(Loss) on Interest Rate Swaps Total Balance as of January 1, 2016 $ 6,616 398 (1,426 ) 5,588 Other comprehensive income before reclassifications 2,510 2 (604 ) 1,908 Amounts reclassified from AOCI - - - - Net current-period other comprehensive income 2,510 2 (604 ) 1,908 Balance as of March 31, 2016 $ 9,126 400 (2,030 ) 7,496 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 (9,532 ) 15,718 (352 ) 5,834 Amounts reclassified from AOCI - - - - Net current-period other comprehensive income (9,532 ) 15,718 (352 ) 5,834 Balance as of March 31, 2015 $ (9,203 ) 61,915 (1,756 ) 50,956 At March 31, 2016, the Company had a net $9.1 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 generally accepted accounting principles in the United States, 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. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation - The accompanying Condensed Consolidated Financial Statements include the accounts of Kimco Realty Corporation and subsidiaries, (the “Company”). The Company’s subsidiaries include subsidiaries which are wholly-owned and all entities in which the Company has a controlling financial interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation. The information presented in the accompanying Condensed Consolidated Financial Statements is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. These Condensed Consolidated Financial Statements should be read in conjunction with the Company's 2015 Annual Report on Form 10-K for the year ended December 31, 2015 (the “10-K”), as certain disclosures in this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2016, that would duplicate those included in the 10-K are not included in these Condensed Consolidated Financial Statements. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events - The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the condensed consolidated financial statements (see Footnotes 3, 7 and 10). |
Income Tax, Policy [Policy Text Block] | Income Taxes - The Company elected status as a Real Estate Investment Trust (a “REIT”) for federal income tax purposes beginning in its taxable year ended December 31, 1991 and operates in a manner that enables the Company to maintain its status as a REIT. As a REIT, the Company must distribute at least 90 percent of its taxable income and will not pay federal income taxes on the amount distributed to its shareholders. Therefore, the Company is not subject to federal income taxes if it distributes 100 percent of its taxable income. Most states, where the Company holds investments in real estate, conform to the federal rules recognizing REITs. Certain subsidiaries have made a joint election with the Company to be treated as taxable REIT subsidiaries (“TRS”), which permit the Company to engage in certain business activities in which the REIT may not conduct directly. A TRS is subject to federal and state income taxes on the income from these activities and the Company includes a provision for taxes in its condensed consolidated financial statements. The Company is subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. These investments are held by the Company at the REIT level and not in the Company’s taxable REIT subsidiary. Accordingly, the Company does not expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share - The following table sets forth the reconciliation of earnings and the weighted average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands except per share data): Three Months Ended March 31 , 201 6 201 5 Computation of Basic Earnings Per Share: Income from continuing operations $ 115,258 $ 280,759 Gain on sale of operating properties, net of tax 26,896 32,055 Net income attributable to noncontrolling interests (1,441 ) (2,397 ) Preferred stock dividends (11,555 ) (14,573 ) Income from continuing operations available to the common shareholders 129,158 295,844 Earnings attributable to participating securities (629 ) (1,341 ) Income from continuing operations attributable to common shareholders 128,529 294,503 Loss from discontinued operations attributable to the Company - (75 ) Net income attributable to the Company’s common shareholders for basic earnings per share $ 128,529 $ 294,428 Weighted average common shares outstanding – basic 412,630 410,433 Basic Earnings Per Share Attributable to the Company’s Common Shareholders: Income from continuing operations $ 0.31 $ 0.72 Loss from discontinued operations - - Net income $ 0.31 $ 0.72 Computation of Diluted Earnings Per Share: Income from continuing operations attributable to common shareholders $ 128,529 $ 294,503 Loss from discontinued operations attributable to the Company - (75 ) Distributions on convertible units 13 817 Net income attributable to the Company’s common shareholders for diluted earnings per share $ 128,542 $ 295,245 Weighted average common shares outstanding – basic 412,630 410,433 Effect of dilutive securities (a): Equity awards 1,453 3,393 Assumed conversion of convertible units 62 1,570 Shares for diluted earnings per common share 414,145 415,396 Diluted Earnings Per Share Attributable to the Company’s Common Shareholders: Income from continuing operations $ 0.31 $ 0.71 Loss from discontinued operations - - Net income attributable to the Company $ 0.31 $ 0.71 (a) For the three months ended March 31, 2016 and 2015, the effect of certain convertible units would have an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations. Additionally, there were 5,235,280 and 6,857,810 stock options that were not dilutive at March 31, 2016 and 2015, respectively. The Company's unvested restricted share awards and convertible units (the “Participating securities”) contain non-forfeitable rights to distributions or distribution equivalents. The impact of the Participating securities on earnings per share has been calculated using the two-class method whereby earnings are allocated to the Participating securities based on dividends declared and the Participating securities rights in undistributed earnings. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements – In 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 and/or results of operations. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 focuses to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity's voting rights; or (3) the exposure to a majority of the legal entity's economic benefits. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-02 is effective for periods beginning after December 15, 2015. The adoption of ASU 2015-02 did not 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 and/or results of operations. |
Reclassification, Policy [Policy Text Block] | Re visions – 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. This change of $53.5 million was reclassified for the three months ended March 31, 2015 for purposes of reflecting comparative periods. 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 $53.5 million for the three months ended March 31, 2015. |
Note 1 - Interim Financial St24
Note 1 - Interim Financial Statements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31 , 201 6 201 5 Computation of Basic Earnings Per Share: Income from continuing operations $ 115,258 $ 280,759 Gain on sale of operating properties, net of tax 26,896 32,055 Net income attributable to noncontrolling interests (1,441 ) (2,397 ) Preferred stock dividends (11,555 ) (14,573 ) Income from continuing operations available to the common shareholders 129,158 295,844 Earnings attributable to participating securities (629 ) (1,341 ) Income from continuing operations attributable to common shareholders 128,529 294,503 Loss from discontinued operations attributable to the Company - (75 ) Net income attributable to the Company’s common shareholders for basic earnings per share $ 128,529 $ 294,428 Weighted average common shares outstanding – basic 412,630 410,433 Basic Earnings Per Share Attributable to the Company’s Common Shareholders: Income from continuing operations $ 0.31 $ 0.72 Loss from discontinued operations - - Net income $ 0.31 $ 0.72 Computation of Diluted Earnings Per Share: Income from continuing operations attributable to common shareholders $ 128,529 $ 294,503 Loss from discontinued operations attributable to the Company - (75 ) Distributions on convertible units 13 817 Net income attributable to the Company’s common shareholders for diluted earnings per share $ 128,542 $ 295,245 Weighted average common shares outstanding – basic 412,630 410,433 Effect of dilutive securities (a): Equity awards 1,453 3,393 Assumed conversion of convertible units 62 1,570 Shares for diluted earnings per common share 414,145 415,396 Diluted Earnings Per Share Attributable to the Company’s Common Shareholders: Income from continuing operations $ 0.31 $ 0.71 Loss from discontinued operations - - Net income attributable to the Company $ 0.31 $ 0.71 |
Note 3 - Investments and Adva25
Note 3 - Investments and Advances in Real Estate Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three Months Ended March 31, 2016 2015 KimPru and KimPru II $ 2.2 $ 1.2 KIR 7.4 7.5 CPP 3.9 2.5 Other Institutional Programs 0.3 1.0 Other Joint Venture Programs (1) (2) 3.0 23.0 Canadian Properties 53.1 62.4 Total $ 69.9 $ 97.6 |
Equity Method Investments [Table Text Block] | As of March 31, 2016 As of December 31, 2015 Venture Ownership Interest Number of Properties GLA Gross Real Estate The Company's Investment Ownership Interest Number of Properties GLA Gross Real Estate The Company's Investment Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) 15.0 % 51 9.2 $ 2,492.8 $ 175.8 15.0 % 53 9.6 $ 2,531.6 $ 175.5 Kimco Income Opportunity Portfolio (“KIR”) (2) 48.6 % 47 10.8 1,423.8 130.9 48.6 % 47 10.8 1,422.8 131.0 Canada Pension Plan Investment Board (“CPP”) (2) (3) 55.0 % 7 2.4 534.7 177.1 55.0 % 7 2.4 524.1 195.6 Other Institutional Programs (2) Various 7 1.0 301.5 5.6 Various 9 1.5 301.5 5.2 Other Joint Venture Programs Various 38 5.2 776.2 68.2 Various 40 5.2 782.8 64.0 Canadian Properties Various 28 4.2 502.1 145.0 Various 35 5.9 695.3 171.3 Total 178 32.8 $ 6,031.1 $ 702.6 191 35.4 $ 6,258.1 $ 742.6 |
Summary of Properties and Land Parcel Disposed of [Table Text Block] | Three Months Ended March 31, 2016 Number of properties Number of land parcels Aggregate sales price (in millions) Other Joint Venture Programs 2 - $ 21.6 Canadian Properties 7 - $ 322.9 Three Months Ended March 31, 2015 Number of properties Number of land parcels Aggregate sales price (in millions) KimPru and KimPru II 1 - $ 23.2 Other Joint Venture Programs (1) 1 - $ 5.8 Canadian Properties 3 1 $ 190.7 |
Joint Venture Investments Accounted For Under The Equity Method Debt Details [Table Text Block] | As of March 31, 2016 As of December 31, 2015 Venture Mortgages and Notes Payable Weighted Average Interest Rate Weighted Average Remaining Term (months)* Mortgages and Notes Payable Weighted Average Interest Rate Weighted Average Remaining Term (months)* KimPru and KimPru II $ 729.4 5.55 % 9.7 $ 777.1 5.54 % 12.6 KIR 808.6 4.61 % 60.7 811.6 4.64 % 62.3 CPP 149.1 1.97 % 22.4 109.9 5.25 % 3.5 Other Institutional Programs 215.4 4.91 % 17.8 218.5 4.92 % 20.5 Other Joint Venture Programs 537.3 5.55 % 34.0 540.7 5.61 % 36.1 Canadian Properties 241.2 4.33 % 52.6 341.3 4.64 % 56.4 Total $ 2,681.0 $ 2,799.1 |
Note 8 - Redeemable Noncontro26
Note 8 - Redeemable Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | 2016 2015 Balance at January 1, $ 86,709 $ 91,480 Income 1,078 1,522 Distributions (1,082 ) (1,475 ) Balance at March 31, $ 86,705 $ 91,527 |
Note 9 - Fair Value Measureme27
Note 9 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2016 December 31, 2015 Carrying Amounts Estimated Fair Value Carrying Amounts Estimated Fair Value Marketable securities (1) $ 5,716 $ 5,771 $ 7,565 $ 7,564 Notes payable (2) $ 3,660,666 $ 3,750,443 $ 3,761,328 $ 3,820,205 Mortgages payable (3) $ 1,501,796 $ 1,521,165 $ 1,614,982 $ 1,629,760 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Balance at March 31, 2016 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 4,060 $ 4,060 $ - $ - Liabilities: Interest rate swaps (1) $ 2,029 $ - $ 2,029 $ - Balance at December 31, 2015 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 5,909 $ 5,909 $ - $ - Liabilities: Interest rate swaps (1) $ 1,426 $ - $ 1,426 $ - Balance at March 31, 2016 Level 1 Level 2 Level 3 Real estate $ 13,000 $ - $ - $ 13,000 Balance at December 31, 2015 Level 1 Level 2 Level 3 Real estate $ 52,439 $ - $ - $ 52,439 |
Note 10 - Preferred Stock and28
Note 10 - Preferred Stock and Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | As of March 31, 2016 and December 31, 2015 Series of Preferred Stock Shares Authorized Shares Issued and Outstanding Liquidation Preference (in thousands) 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 |
Note 11 - Supplemental Schedu29
Note 11 - Supplemental Schedule of Non-cash Investing / Financing Activities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 2016 2015 Acquisition of real estate interests by assumption of mortgage debt $ - $ 20,800 Acquisition of real estate interests through proceeds held in escrow $ - $ 31,738 Proceeds held in escrow through sale of real estate interests $ 20,503 $ 13,855 Issuance of common stock $ 91 $ 486 Surrender of restricted common stock $ (5,908 ) $ (5,172 ) Declaration of dividends paid in succeeding period $ 116,631 $ 111,357 Consolidation of Joint Ventures: Increase in real estate and other assets $ - $ 897,476 Increase in mortgages payable and other liabilities $ - $ 637,976 |
Note 13 - Accumulated Other C30
Note 13 - Accumulated Other Comprehensive Income ("AOCI") (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
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, 2016 $ 6,616 398 (1,426 ) 5,588 Other comprehensive income before reclassifications 2,510 2 (604 ) 1,908 Amounts reclassified from AOCI - - - - Net current-period other comprehensive income 2,510 2 (604 ) 1,908 Balance as of March 31, 2016 $ 9,126 400 (2,030 ) 7,496 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 (9,532 ) 15,718 (352 ) 5,834 Amounts reclassified from AOCI - - - - Net current-period other comprehensive income (9,532 ) 15,718 (352 ) 5,834 Balance as of March 31, 2015 $ (9,203 ) 61,915 (1,756 ) 50,956 |
Note 1 - Interim Financial St31
Note 1 - Interim Financial Statements (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,235,280 | 6,857,810 |
Prior Period Reclassification Adjustment | $ 53.5 |
Note 1 - Reconciliation of Earn
Note 1 - Reconciliation of Earnings (Loss) and the Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Computation of Basic Earnings Per Share: | |||
Income from continuing operations | $ 115,258 | $ 280,759 | |
Gain on sale of operating properties, net of tax | 26,896 | 32,055 | |
Net income attributable to noncontrolling interests | (1,441) | (2,397) | |
Preferred stock dividends | (11,555) | (14,573) | |
Income from continuing operations available to the common shareholders | 129,158 | 295,844 | |
Earnings attributable to participating securities | (629) | (1,341) | |
Income from continuing operations attributable to common shareholders | $ 128,529 | 294,503 | |
Loss from discontinued operations attributable to the Company | (75) | ||
Net income attributable to the Company’s common shareholders for basic earnings per share | $ 128,529 | $ 294,428 | |
Weighted average common shares outstanding – basic (in shares) | 412,630 | 410,433 | |
Income from continuing operations (in dollars per share) | $ 0.31 | $ 0.72 | |
Loss from discontinued operations (in dollars per share) | |||
Net income (in dollars per share) | $ 0.31 | $ 0.72 | |
Computation of Diluted Earnings Per Share: | |||
Income from continuing operations attributable to common shareholders | $ 128,529 | $ 294,503 | |
Loss from discontinued operations attributable to the Company | (75) | ||
Distributions on convertible units | $ 13 | 817 | |
Net income attributable to the Company’s common shareholders for diluted earnings per share | $ 128,542 | $ 295,245 | |
Weighted average common shares outstanding – basic (in shares) | 412,630 | 410,433 | |
Effect of dilutive securities (a): | |||
Equity awards (in shares) | [1] | 1,453 | 3,393 |
Assumed conversion of convertible units (in shares) | [1] | 62 | 1,570 |
Shares for diluted earnings per common share (in shares) | 414,145 | 415,396 | |
Income from continuing operations (in dollars per share) | $ 0.31 | $ 0.71 | |
Loss from discontinued operations (in dollars per share) | |||
Net income attributable to the Company (in dollars per share) | $ 0.31 | $ 0.71 | |
[1] | For the three months ended March 31, 2016 and 2015, the effect of certain convertible units would have an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations. Additionally, there were 5,235,280 and 6,857,810 stock options that were not dilutive at March 31, 2016 and 2015, respectively. |
Note 2 - Operating Property A33
Note 2 - Operating Property Activities (Details Textual) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | |
Acquired Land [Member] | ||
Number of Real Estate Properties | 2 | |
Payments to Acquire Real Estate | $ 13,000 | |
Sold [Member] | ||
Number of Real Estate Properties | 7 | |
Operating Expense [Member] | ||
Impairment of Real Estate | $ 5,800 | |
Payments to Acquire Real Estate | 11,436 | $ 537,223 |
Proceeds from Sale of Real Estate | 101,200 | |
Gains (Losses) on Sales of Investment Real Estate | $ 26,900 |
Note 3 - Investments and Adva34
Note 3 - Investments and Advances in Real Estate Joint Ventures (Details Textual) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2013USD ($) | |
Kim Pru and Kim Pru II [Member] | ||||
Number of Joint Ventures | 4 | |||
Number Of Accounts | 4 | |||
Kim Pru [Member] | ||||
Number of Joint Ventures | 3 | |||
Intown [Member] | ||||
Deferred Gain on Sale of Property | $ 21.7 | |||
Gains (Losses) on Sales of Investment Real Estate | $ 21.7 | |||
Other Joint Venture Programs [Member] | Partially Owned Properties [Member] | Corporate Joint Venture [Member] | ||||
Impairment of Real Estate | 2.6 | |||
Other Joint Venture Programs [Member] | Partially Owned Properties [Member] | ||||
Impairment of Real Estate | 1.3 | |||
Subsequent Event [Member] | CPP [Member] | Mortgages [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 100 | |||
Subsequent Event [Member] | CPP [Member] | ||||
Business Combination, Consideration Transferred | $ 299.2 | |||
Subsequent Event [Member] | ||||
Number of Operating Property Acquired | 1 | |||
Number of Development Project Acquired | 1 | |||
Equity in Income of Joint Ventures, Net [Member] | ||||
Gains (Losses) on Sales of Investment Real Estate | $ 54.1 | $ 53.4 | ||
Gains (Losses) on Sales of Investment Real Estate | $ 26.9 |
Note 3 - Joint Venture Investme
Note 3 - Joint Venture Investments Accounted for under the Equity Method - Investment Details (Details) ft² in Millions, $ in Millions | Mar. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($)ft² | ||
Kim Pru and Kim Pru II [Member] | ||||
Average ownership interest | [1],[2] | 15.00% | 15.00% | |
Number of Real Estate Properties | [1],[2] | 51 | 53 | |
Total GLA | ft² | [1],[2] | 9.2 | 9.6 | |
Gross investment in real estate | [1],[2] | $ 2,492.8 | $ 2,531.6 | |
The company's investment | [1],[2] | $ 175.8 | $ 175.5 | |
Kimco Income Fund [Member] | ||||
Average ownership interest | [1] | 48.60% | 48.60% | |
Number of Real Estate Properties | [1] | 47 | 47 | |
Total GLA | ft² | [1] | 10.8 | 10.8 | |
Gross investment in real estate | [1] | $ 1,423.8 | $ 1,422.8 | |
The company's investment | [1] | $ 130.9 | $ 131 | |
CPP [Member] | ||||
Average ownership interest | [1],[3] | 55.00% | 55.00% | |
Number of Real Estate Properties | [1],[3] | 7 | 7 | |
Total GLA | ft² | [1],[3] | 2.4 | 2.4 | |
Gross investment in real estate | [1],[3] | $ 534.7 | $ 524.1 | |
The company's investment | $ 177.1 | [1],[3] | $ 195.6 | |
Other Institutional Programs [Member] | ||||
Number of Real Estate Properties | [1] | 7 | 9 | |
Total GLA | ft² | [1] | 1 | 1.5 | |
Gross investment in real estate | [1] | $ 301.5 | $ 301.5 | |
The company's investment | [1] | $ 5.6 | $ 5.2 | |
Other Joint Venture Programs [Member] | ||||
Number of Real Estate Properties | 38 | 40 | ||
Total GLA | ft² | 5.2 | 5.2 | ||
Gross investment in real estate | $ 776.2 | $ 782.8 | ||
The company's investment | $ 68.2 | $ 64 | ||
Canadian Properties [Member] | ||||
Number of Real Estate Properties | 28 | 35 | ||
Total GLA | ft² | 4.2 | 5.9 | ||
Gross investment in real estate | $ 502.1 | $ 695.3 | ||
The company's investment | $ 145 | $ 171.3 | ||
All Equity Method Investments [Member] | ||||
Number of Real Estate Properties | 178 | 191 | ||
Total GLA | ft² | 32.8 | 35.4 | ||
Gross investment in real estate | $ 6,031.1 | $ 6,258.1 | ||
The company's investment | $ 702.6 | $ 742.6 | ||
[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] | In April 2016, the Company acquired its partner's interest in one operating property and one development project for a gross purchase price of $299.2 million, including the assumption of $100.0 million in mortgage debt, which encumbered the operating property. |
Note 3 - The Company’s Sh
Note 3 - The Company’s Share of Net Income/(Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Kim Pru and Kim Pru II [Member] | |||
Income (Loss) from Equity Method Investments | $ 2,200 | $ 1,200 | |
KIR [Member] | |||
Income (Loss) from Equity Method Investments | 7,400 | 7,500 | |
CPP [Member] | |||
Income (Loss) from Equity Method Investments | 3,900 | 2,500 | |
Other Institutional Programs [Member] | |||
Income (Loss) from Equity Method Investments | 300 | 1,000 | |
Other Joint Venture Programs [Member] | |||
Income (Loss) from Equity Method Investments | [1],[2] | 3,000 | 23,000 |
Canadian Properties [Member] | |||
Income (Loss) from Equity Method Investments | 53,100 | 62,400 | |
Income (Loss) from Equity Method Investments | $ 69,933 | $ 97,550 | |
[1] | During 2013, the Intown portfolio was sold and the Company maintained its guarantee on a portion of debt that was assumed by the buyer at closing. The transaction resulted in a deferred gain to the Company of $21.7 million due to the Company's continued involvement through its guarantee of the debt. On February 24, 2015, the outstanding debt balance was fully repaid by the buyer and as such, the Company was relieved of its related commitments and guarantee. As a result, the Company recognized the deferred gain of $21.7 million during the three months ended March 31, 2015. | ||
[2] | During the three months ended March 31, 2015, a joint venture in which the Company holds a noncontrolling interest recognized aggregate impairment charges of $2.6 million relating to the pending sale of various land parcels. The Company's Share of these impairment charges was $1.3 million. |
Note 3 - Summary of Properties
Note 3 - Summary of Properties and Land Parcels Disposed of (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | ||
Other Joint Venture Programs [Member] | |||
Number of Properties | 2 | 1 | [1] |
Number of Land Parcels | [1] | ||
Aggregate Sales Price | $ 21.6 | $ 5.8 | [1] |
Kim Pru and Kim Pru II [Member] | |||
Number of Properties | 1 | ||
Number of Land Parcels | |||
Aggregate Sales Price | $ 23.2 | ||
Canadian Properties [Member] | |||
Number of Properties | 7 | 3 | |
Number of Land Parcels | 1 | ||
Aggregate Sales Price | $ 322.9 | $ 190.7 | |
[1] | The Company acquired the remaining interest in this property during the three months ended March 31, 2015. |
Note 3 - Joint Venture Invest38
Note 3 - Joint Venture Investments Accounted for under the Equity Method - Debt Details (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | ||
Kim Pru and Kim Pru II [Member] | |||
Mortgage and notes payable | $ 729.4 | $ 777.1 | |
Weighted average interest rate | 5.55% | 5.54% | |
Weighted average remaining term | [1] | 9 years 255 days | 12 years 219 days |
KIR [Member] | |||
Mortgage and notes payable | $ 808.6 | $ 811.6 | |
Weighted average interest rate | 4.61% | 4.64% | |
Weighted average remaining term | [1] | 60 years 255 days | 62 years 109 days |
CPP [Member] | |||
Mortgage and notes payable | $ 149.1 | $ 109.9 | |
Weighted average interest rate | 1.97% | 5.25% | |
Weighted average remaining term | [1] | 22 years 146 days | 3 years 182 days |
Other Institutional Programs [Member] | |||
Mortgage and notes payable | $ 215.4 | $ 218.5 | |
Weighted average interest rate | 4.91% | 4.92% | |
Weighted average remaining term | [1] | 17 years 292 days | 20 years 182 days |
Other Joint Venture Programs [Member] | |||
Mortgage and notes payable | $ 537.3 | $ 540.7 | |
Weighted average interest rate | 5.55% | 5.61% | |
Weighted average remaining term | [1] | 34 years | 36 years 36 days |
Canadian Properties [Member] | |||
Mortgage and notes payable | $ 241.2 | $ 341.3 | |
Weighted average interest rate | 4.33% | 4.64% | |
Weighted average remaining term | 52 years 219 days | 56 years 146 days | |
Mortgage and notes payable | $ 2,681 | $ 2,799.1 | |
[1] | Average Remaining Term includes extension options. |
Note 4 - Other Real Estate In39
Note 4 - Other Real Estate Investments and Other Assets (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Maximum Exposure [Member] | Preferred Equity Investments [Member] | |||
Equity Method Investments | $ 201,500 | ||
Preferred Equity Investments [Member] | Leased Properties [Member] | |||
Number of Real Estate Properties | 385 | ||
Preferred Equity Investments [Member] | |||
Number of Real Estate Properties | 410 | ||
Income (Loss) from Equity Method Investments | $ 10,800 | $ 5,600 | |
Equity Method Investment, Realized Gain (Loss) on Disposal | 6,900 | ||
Equity Method Investments | 702,586 | $ 742,559 | |
Income (Loss) from Equity Method Investments | $ 69,933 | $ 97,550 |
Note 5 - Variable Interest En40
Note 5 - Variable Interest Entities ("VIE") (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Consolidated Operating Properties [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Variable Interest Entity, Number of Entities | 19 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 647.9 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 36.1 |
Ground-up Developments [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 0.1 |
Variable Interest Entity, Financial or Other Support, Amount | 17.4 |
Ground-up Developments [Member] | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 75 |
Redevelopment [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Variable Interest Entity, Financial or Other Support, Amount | (7.4) |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 7.4 |
Note 6 - Mortgages and Other 41
Note 6 - Mortgages and Other Financing Receivables (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Mortgage Loans on Real Estate, Number of Loans | 12 |
Mortgage Loans on Real Estate | $ 24 |
Note 7 - Notes and Mortgages 42
Note 7 - Notes and Mortgages Payable (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Medium-term Notes [Member] | ||||
Repayments of Unsecured Debt | $ 300,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.783% | |||
Mortgages [Member] | Fair Market Value Adjustment Amount [Member] | ||||
Long-term Debt, Fair Value | $ 300 | |||
Mortgages [Member] | ||||
Repayments of Long-term Debt | $ 101,500 | |||
Number of Real Estate Properties | 7 | |||
Repayments of Unsecured Debt | $ 300,000 | $ 500,000 | ||
Long-term Debt, Fair Value | [1] | $ 1,521,165 | $ 1,629,760 | |
[1] | The Company determined that its valuation of Mortgages payable was classified within Level 3 of the fair value hierarchy. |
Note 8 - Redemption Value of th
Note 8 - Redemption Value of the Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Balance | $ 86,709 | $ 91,480 |
Income | 1,078 | 1,522 |
Distributions | (1,082) | (1,475) |
Balance | $ 86,705 | $ 91,527 |
Note 9 - Fair Value Measureme44
Note 9 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Marketable Securities | $ 4,100 | $ 5,900 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Marketable Securities | 1,700 | 1,700 | ||
Discontinued Operations [Member] | ||||
Asset Impairment Charges | $ 100 | |||
Marketable Securities | [1] | 5,716 | $ 7,565 | |
Asset Impairment Charges | $ 5,840 | $ 6,473 | ||
[1] | As of March 31, 2016 and December 31, 2015, the Company determined that $4.1 million and $5.9 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 $1.7 million, respectively, were classified within Level 3 of the fair value hierarchy. |
Note 9 - Financial Instruments_
Note 9 - Financial Instruments: Estimate of Fair Value Differs from Carrying Amounts (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Marketable Securities | [1] | $ 5,716 | $ 7,565 |
Marketable securities (1) | [1] | 5,771 | 7,564 |
Notes payable (2) | [2] | 3,660,666 | 3,761,328 |
Notes payable (2) | [2] | 3,750,443 | 3,820,205 |
Mortgages payable (3) | [3] | 1,501,796 | 1,614,982 |
Long-term Debt, Fair Value | [3] | $ 1,521,165 | $ 1,629,760 |
[1] | As of March 31, 2016 and December 31, 2015, the Company determined that $4.1 million and $5.9 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 $1.7 million, respectively, were classified within Level 3 of the fair value hierarchy. | ||
[2] | The Company determined that its valuation of Notes payable was classified within Level 2 of the fair value hierarchy. | ||
[3] | The Company determined that its valuation of Mortgages payable was classified within Level 3 of the fair value hierarchy. |
Note 9 - Assets and Liabilities
Note 9 - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Real estate | |||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Real estate | |||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Real estate | $ 13,000 | $ 52,439 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Real estate | 13,000 | 52,439 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Marketable equity securities | $ 4,060 | $ 5,909 | |
Interest rate swaps (1) | [1] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Marketable equity securities | |||
Interest rate swaps (1) | [1] | $ 2,029 | $ 1,426 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Marketable equity securities | |||
Interest rate swaps (1) | [1] | ||
Fair Value, Measurements, Recurring [Member] | |||
Marketable equity securities | $ 4,060 | $ 5,909 | |
Interest rate swaps (1) | [1] | $ 2,029 | $ 1,426 |
[1] | Included in Other liabilities on the Company's Condensed Consolidated Balance Sheets |
Note 10 - Preferred Stock and47
Note 10 - Preferred Stock and Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2016 | Feb. 28, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | |
ATM Program [Member] | Subsequent Event [Member] | ||||
Stock Issued During Period, Shares, New Issues | 1,342,564 | |||
Proceeds from Issuance of Common Stock | $ 37.9 | |||
Payments of Stock Issuance Costs | $ 0.4 | |||
ATM Program [Member] | ||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |||
Maximum Aggregate Sales Price | $ 500 | |||
Stock Issued During Period, Shares, New Issues | 3,618,831 | |||
Proceeds from Issuance of Common Stock | $ 100.6 | |||
Payments of Stock Issuance Costs | $ 1 | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Note 10 - Outstanding Preferred
Note 10 - Outstanding Preferred Stock (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Series I Preferred Stock [Member] | ||
Shares authorized (in shares) | 18,400 | |
Shares issued and outstanding (in shares) | 16,000 | |
Liquidation preference | $ 400,000,000 | |
Dividend rate | 6.00% | |
Annual dividend per depository share (in dollars per share) | $ 1.50 | |
Par value (in dollars per share) | $ 1 | |
Series J Preferred Stock [Member] | ||
Shares authorized (in shares) | 9,000 | |
Shares issued and outstanding (in shares) | 9,000 | |
Liquidation preference | $ 225,000,000 | |
Dividend rate | 5.50% | |
Annual dividend per depository share (in dollars per share) | $ 1.375 | |
Par value (in dollars per share) | $ 1 | |
Series K Preferred Stock [Member] | ||
Shares authorized (in shares) | 8,050 | |
Shares issued and outstanding (in shares) | 7,000 | |
Liquidation preference | $ 175,000,000 | |
Dividend rate | 5.625% | |
Annual dividend per depository share (in dollars per share) | $ 1.40625 | |
Par value (in dollars per share) | $ 1 | |
Total [Member] | ||
Shares authorized (in shares) | 35,450 | |
Shares issued and outstanding (in shares) | 32,000 | |
Liquidation preference | $ 800,000,000 | |
Shares authorized (in shares) | 6,029,100 | 6,029,100 |
Liquidation preference | $ 800,000,000 | $ 800,000,000 |
Par value (in dollars per share) | $ 1 | $ 1 |
Note 11 - Non-Cash Investing an
Note 11 - Non-Cash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Acquisition of real estate interests by assumption of mortgage debt | $ 20,800 | ||
Acquisition of real estate interests through proceeds held in escrow | 31,738 | ||
Proceeds held in escrow through sale of real estate interests | $ 20,503 | 13,855 | |
Issuance of common stock | 91 | 486 | |
Surrender of restricted common stock | (5,908) | (5,172) | |
Declaration of dividends paid in succeeding period | $ 116,631 | 111,357 | $ 115,182 |
Increase in real estate and other assets | 897,476 | ||
Increase in mortgages payable and other liabilities | $ 637,976 |
Note 12 - Incentive Plans (Deta
Note 12 - Incentive Plans (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | May. 01, 2012 | |
Prior Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 47,000,000 | ||
The 2010 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 10,000,000 | ||
Employee Stock Option [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Employee Stock Option [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Restricted Stock [Member] | i [Member] | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Percent Vested | 100.00% | ||
Restricted Stock [Member] | Vesting Ratably First Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Restricted Stock [Member] | Vesting Ratably Third Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Restricted Stock [Member] | IV [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years | ||
Share-Based Compensation Arrangement By Share-Based Payment Award, Percent Vested | 20.00% | ||
Performance Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Allocated Share-based Compensation Expense | $ 7.9 | $ 8.4 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 42.6 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 292 days |
Note 13 - Accumulated Other C51
Note 13 - Accumulated Other Comprehensive Income ("AOCI") (Details Textual) $ in Millions | Mar. 31, 2016USD ($) |
CANADA | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ 9.1 |
Note 13 - Components of Accumul
Note 13 - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | $ 6,616 | $ 329 | |
Other comprehensive income before reclassifications | $ 2,510 | (9,532) | |
Amounts reclassified from AOCI | [1] | ||
Net current-period other comprehensive income | $ 2,510 | (9,532) | |
Balance | 9,126 | (9,203) | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Balance | 398 | 46,197 | |
Other comprehensive income before reclassifications | $ 2 | 15,718 | |
Amounts reclassified from AOCI | [1] | ||
Net current-period other comprehensive income | $ 2 | 15,718 | |
Balance | 400 | 61,915 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Balance | (1,426) | (1,404) | |
Other comprehensive income before reclassifications | $ (604) | (352) | |
Amounts reclassified from AOCI | [1] | ||
Net current-period other comprehensive income | $ (604) | (352) | |
Balance | (2,030) | (1,756) | |
Balance | 5,588 | 45,122 | |
Other comprehensive income before reclassifications | $ 1,908 | 5,834 | |
Amounts reclassified from AOCI | [1] | ||
Net current-period other comprehensive income | $ 1,908 | 5,834 | |
Balance | $ 7,496 | $ 50,956 | |
[1] | Amounts reclassified to Interest, dividends and other investment income on the Company’s Condensed Consolidated Statements of Income. |