Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 18, 2017 | |
Document Information [Line Items] | ||
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) | 425,655,081 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Assets: | |||
Operating real estate, net of accumulated depreciation of $2,345,766, and $2,278,292, respectively | $ 9,345,513 | $ 9,394,755 | |
Investments in and advances to real estate joint ventures | 504,847 | 504,209 | |
Real estate under development | 391,388 | 335,028 | |
Other real estate investments | 208,305 | 209,146 | |
Mortgages and other financing receivables | 22,585 | 23,197 | |
Cash and cash equivalents | 167,454 | 142,486 | |
Marketable securities | 7,702 | 8,101 | |
Accounts and notes receivable, net | 176,054 | 181,823 | |
Other assets | 424,571 | 431,855 | |
Total assets (1) | [1] | 11,248,419 | 11,230,600 |
Liabilities: | |||
Notes payable, net | 4,053,158 | 3,927,251 | |
Mortgages payable, net | 1,071,725 | 1,139,117 | |
Declaration of dividends paid in succeeding period | 124,680 | 124,517 | |
Other liabilities | 542,279 | 549,888 | |
Total liabilities (2) | [2] | 5,791,842 | 5,740,773 |
Redeemable noncontrolling interests | 97,031 | 86,953 | |
Commitments and Contingencies | |||
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 425,639,715 and 425,034,113 shares, respectively | 4,256 | 4,250 | |
Paid-in capital | 5,927,172 | 5,922,958 | |
Cumulative distributions in excess of net income | (726,610) | (676,867) | |
Accumulated other comprehensive income | 6,485 | 5,766 | |
Total stockholders' equity | 5,211,335 | 5,256,139 | |
Noncontrolling interests | 148,211 | 146,735 | |
Total equity | 5,359,546 | 5,402,874 | |
Total liabilities and equity | $ 11,248,419 | $ 11,230,600 | |
[1] | Includes restricted assets of consolidated variable interest entities ("VIEs") at March 31, 2017 and December 31, 2016 of $330,443 and $333,705, respectively. See Footnote 6 of the Notes to Condensed Consolidated Financial Statements. | ||
[2] | Includes non-recourse liabilities of consolidated VIEs at March 31, 2017 and December 31, 2016 of $181,360 and $176,216, respectively. See Footnote 6 of the Notes to Condensed Consolidated Financial Statements. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Operating real estate, accumulated depreciation | $ 2,345,766 | $ 2,278,292 |
Assets of Consolidated Variable Interest Entities | 330,443 | 333,705 |
Liabilities of Consolidated Variable Interest Entities | $ 181,360 | $ 176,216 |
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 | $ 800,000 |
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) | 425,639,715 | 425,639,715 |
Common stock, shares outstanding (in shares) | 425,034,113 | 425,034,113 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues | ||
Revenues from rental properties | $ 289,391 | $ 293,091 |
Management and other fee income | 4,197 | 4,111 |
Total revenues | 293,588 | 297,202 |
Operating expenses | ||
Rent | 2,783 | 2,818 |
Real estate taxes | 38,269 | 34,472 |
Operating and maintenance | 34,230 | 34,553 |
General and administrative | 30,574 | 31,929 |
Provision for doubtful accounts | 1,404 | 3,475 |
Impairment charges | 1,617 | 5,840 |
Depreciation and amortization | 92,074 | 84,856 |
Total operating expenses | 200,951 | 197,943 |
Operating income | 92,637 | 99,259 |
Other income/(expense) | ||
Other income/(expense), net | 1,273 | (170) |
Interest expense | (46,482) | (52,451) |
Income from continuing operations before income taxes, net, equity in income of joint ventures, net, gain on change in control of interests and equity in income from other real estate investments, net | 47,428 | 46,638 |
Benefit/(provision) for income taxes, net | 493 | (12,112) |
Equity in income of joint ventures, net | 14,733 | 69,933 |
Gain on change in control of interests | 10,188 | |
Income from continuing operations | 76,529 | 115,258 |
Gain on sale of operating properties, net of tax | 1,686 | 26,896 |
Net income | 78,215 | 142,154 |
Net income attributable to noncontrolling interests | (1,482) | (1,441) |
Net income attributable to the Company | 76,733 | 140,713 |
Preferred stock dividends | (11,555) | (11,555) |
Net income available to the Company's common shareholders | $ 65,178 | $ 129,158 |
Net income available to the Company: | ||
-Basic (in dollars per share) | $ 0.15 | $ 0.31 |
-Diluted (in dollars per share) | $ 0.15 | $ 0.31 |
Weighted average shares: | ||
-Basic (in shares) | 423,381 | 412,630 |
-Diluted (in shares) | 424,146 | 414,145 |
Joint Ventures [Member] | ||
Other income/(expense) | ||
Equity in income of joint ventures, net | $ 14,733 | $ 69,933 |
Other Real Estate Investments [Member] | ||
Other income/(expense) | ||
Equity in income of joint ventures, net | 3,687 | 10,799 |
Continuing Operations [Member] | ||
Operating expenses | ||
Impairment charges | $ 1,617 | $ 5,840 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income | $ 78,215 | $ 142,154 |
Other comprehensive income: | ||
Change in unrealized gain on marketable securities | 28 | 2 |
Change in unrealized loss on interest rate swaps | 188 | (604) |
Change in foreign currency translation adjustment | 503 | 2,510 |
Other comprehensive income: | 719 | 1,908 |
Comprehensive income | 78,934 | 144,062 |
Comprehensive income attributable to noncontrolling interests | (1,482) | (1,441) |
Comprehensive income attributable to the Company | $ 77,452 | $ 142,621 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ 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, 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 | ||||||
Comprehensive income: | ||||||||
Net income | 140,713 | 140,713 | 1,441 | 142,154 | ||||
Other comprehensive income, net of tax: | ||||||||
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 | 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 the end of the year 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 | ||||||
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 | ||||||
Other comprehensive income, net of tax: | ||||||||
Net income | 140,713 | 140,713 | 1,441 | 142,154 | ||||
Dividends | 118,481 | 118,481 | 118,481 | |||||
Balance at Dec. 31, 2016 | (676,867) | 5,766 | $ 32 | $ 4,250 | 5,922,958 | 5,256,139 | 146,735 | 5,402,874 |
Balance (in shares) at Dec. 31, 2016 | 32 | 425,034 | ||||||
Comprehensive income: | ||||||||
Net income | 76,733 | 76,733 | 1,482 | 78,215 | ||||
Other comprehensive income, net of tax: | ||||||||
Change in unrealized gain on marketable securities | 28 | 28 | 28 | |||||
Change in unrealized loss on interest rate swaps | 188 | 188 | 188 | |||||
Change in foreign currency translation adjustment | 503 | 503 | 503 | |||||
Redeemable noncontrolling interests income | (1,066) | (1,066) | ||||||
Dividends | 126,476 | 126,476 | 126,476 | |||||
Distributions to noncontrolling interests | (1,250) | (1,250) | ||||||
Issuance of common stock (in shares) | 776 | |||||||
Issuance of common stock | $ 8 | (8) | ||||||
Surrender of restricted stock (in shares) | (200) | |||||||
Surrender of restricted stock | $ (2) | (4,989) | (4,991) | (4,991) | ||||
Exercise of common stock options (in shares) | 30 | |||||||
Exercise of common stock options | 560 | 560 | 560 | |||||
Amortization of equity awards | 8,651 | 8,651 | 8,651 | |||||
Balance at the end of the year at Mar. 31, 2017 | (726,610) | 6,485 | $ 32 | $ 4,256 | 5,927,172 | 5,211,335 | 148,211 | 5,359,546 |
Balance (in shares) at Mar. 31, 2017 | 32 | 425,640 | ||||||
Balance at Dec. 31, 2016 | (676,867) | $ 5,766 | $ 32 | $ 4,250 | $ 5,922,958 | 5,256,139 | 146,735 | 5,402,874 |
Balance (in shares) at Dec. 31, 2016 | 32 | 425,034 | ||||||
Other comprehensive income, net of tax: | ||||||||
Contributions from noncontrolling interests | 2,310 | 2,310 | ||||||
Net income | 76,733 | 76,733 | $ 1,482 | 78,215 | ||||
Dividends | $ (126,476) | $ (126,476) | $ (126,476) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Series I Preferred Stock [Member] | ||
Dividends Per Depositary Share (in dollars per share) | $ 0.375 | $ 0.375 |
Series J Preferred Stock [Member] | ||
Dividends Per Depositary Share (in dollars per share) | 0.3438 | 0.3438 |
Series K Preferred Stock [Member] | ||
Dividends Per Depositary Share (in dollars per share) | 0.3516 | 0.3516 |
Dividends Per Common Share (in dollars per share) | $ 0.27 | $ 0.255 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flow from operating activities: | ||
Net income | $ 78,215 | $ 142,154 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 92,074 | 84,856 |
Impairment charges | 1,617 | 5,840 |
Equity award expense | 9,631 | 7,877 |
Gain on sale of operating properties | (1,686) | (30,883) |
Gain on change in control of interests | (10,188) | |
Equity in income of joint ventures, net | (14,733) | (69,933) |
Equity in income from other real estate investments, net | (3,687) | (10,799) |
Distributions from joint ventures and other real estate investments | 13,258 | 26,730 |
Change in accounts and notes receivable | 5,769 | 1,247 |
Change in accounts payable and accrued expenses | 7,885 | 8,869 |
Change in other operating assets and liabilities | (21,103) | (29,002) |
Net cash flow provided by operating activities | 157,052 | 136,956 |
Cash flow from investing activities: | ||
Acquisition of operating real estate and other related net assets | (38,390) | (11,436) |
Improvements to operating real estate | (30,053) | (32,866) |
Acquisition of real estate under development | (10,010) | (12,895) |
Improvements to real estate under development | (44,434) | (5,333) |
Proceeds from sale of marketable securities | 457 | 1,850 |
Investments in and advances to real estate joint ventures | (16,874) | (17,505) |
Reimbursements of investments in and advances to real estate joint ventures | 13,523 | 28,327 |
Distributions from liquidation of real estate joint ventures | 50,902 | |
Return of investment from liquidation of real estate joint ventures | 40,000 | |
Investment in other real estate investments | (114) | (190) |
Reimbursements of investments in and advances to other real estate investments | 3,779 | 2,921 |
Collection of mortgage loans receivable | 243 | 231 |
Proceeds from sale of operating properties | 56,498 | 79,245 |
Proceeds from sale of development properties | 4,551 | |
Net cash flow (used for)/provided by investing activities | (65,375) | 127,802 |
Cash flow from financing activities: | ||
Principal payments on debt, excluding normal amortization of rental property debt | (59,100) | (101,205) |
Principal payments on rental property debt | (4,544) | (5,971) |
(Repayments)/proceeds from unsecured revolving credit facility, net | (15,042) | 180,000 |
Proceeds from issuance of unsecured notes | 400,000 | |
Repayments under unsecured term loan/notes | (250,000) | (300,000) |
Financing origination costs | (9,905) | (91) |
Payment of early extinguishment of debt charges | (588) | |
Change in tenants' security deposits | 316 | 594 |
Conversion/distribution of noncontrolling interests | (2,092) | |
Dividends paid | (126,315) | (117,030) |
Proceeds from issuance of stock, net | 561 | 111,411 |
Net cash flow used for financing activities | (66,709) | (232,292) |
Change in cash and cash equivalents | 24,968 | 32,466 |
Cash and cash equivalents, beginning of period | 142,486 | 189,534 |
Cash and cash equivalents, end of period | 167,454 | 222,000 |
Interest paid during the period (net of capitalized interest of $2,883 and $1,699, respectively) | 24,286 | 39,508 |
Income taxes paid during the period | $ 2,801 | $ 23,960 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash paid for capitalized interest | $ 2,883 | $ 1,699 |
Note 1 - Interim Financial Stat
Note 1 - Interim Financial Statements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Interim Financial Statements Business - Kimco Realty Corporation and subsidiaries (the "Company"), affiliates and related real estate joint ventures are engaged principally in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by discount department stores, grocery stores or drugstores. Additionally, the Company provides complementary services that capitalize on the Company’s established retail real estate expertise. 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 90 100 may Principles of Consolidation - The accompanying Condensed Consolidated Financial Statements include the accounts of 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 2016 10 December 31, 2016 “10 10 March 31, 2017, 10 Subsequent Events - The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the condensed consolidated financial statements. 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, 2017 2016 Computation of Basic and Diluted Earnings Per Share: Net income available to the Company's common shareholders 65,178 129,158 Earnings attributable to participating securities (531 ) (629 ) Net income available to the Company’s common shareholders for basic earnings per share 64,647 128,529 Distributions on convertible units - 13 Net income available to the Company’s common shareholders for diluted earnings per share $ 64,647 $ 128,542 Weighted average common shares outstanding – basic 423,381 412,630 Effect of dilutive securities (a): Equity awards 765 1,453 Assumed conversion of convertible units - 62 Weighted average common shares outstanding – diluted 424,146 414,145 Net income available to the Company's common shareholders: Basic earnings per share $ 0.15 $ 0.31 Diluted earnings per share $ 0.15 $ 0.31 (a) The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 3,445,600 5,235,280 March 31, 2017 2016, The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two New Accounting Pronouncements – In February 2017, 2017 05, 610 20”): 2017 05”). 2017 05 610 20 2017 05 610 20 may 610 20, May 2014 2014 09, 2017 05 2014 09. may 2017 05 250, 10 45 5 10 45 10 may 2017 05 2014 09 may 2017 05 In January 2017, 2017 01, 805): 2017 01”). December 15, 2017, 2017 01 December 31, 2017, three March 31, 2017, 360, 805 In June 2016, 2016 13, 326): 2016 13”). 2016 13 December 15, 2019, 2016 13 In March 2016, 2016 09, 718): 2016 09"). December 15, 2016, 2016 09 In February 2016, 2016 02, 842) 2016 02”), 12 12 2016 02 840). January 1, 2019, 2016 02 2016 02 2016 02. In May 2014, 2014 09, 606) 2014 09"). 2014 09 2014 09, may 2014 09 first December 15, 2016, August 2015, 2015 14, 606): 2015 14”), 2014 09 one first December 15, 2017. March 2016, 2016 08, 606): April 2016, 2016 10, 606): May 2016, 2016 12, 606): 2014 09 2014 09 tenants 2014 09 |
Note 2 - Operating Property Act
Note 2 - Operating Property Activities | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Operating Property Activities Acquisitions of Operating Real Estate - During the three March 31, 2017, Purchase Price Property Name Location Month Acquired Cash Debt Assumed Other Consideration* Total GLA* * Plantation Commons Plantation, FL (1) Jan-17 $ - $ - $ 12,300 $ 12,300 60 Gordon Plaza Woodbridge, VA (1) Jan-17 - - 3,100 3,100 184 Plaza del Prado Glenview, IL Jan-17 39,063 - - 39,063 142 Columbia Crossing Parcel Columbia Crossing, MD Jan-17 5,100 - - 5,100 25 $ 44,163 $ - $ 15,400 $ 59,563 411 * Includes the Company’s previously held equity interest investment. ** Gross leasable area ("GLA") (1) The Company acquired from certain of its partners, their ownership interest in properties that were held in joint ventures in which the Company had noncontrolling interests. The Company now has a controlling interest in these properties and has deemed these entities to be VIEs for which the Company is the primary beneficiary and now consolidates these assets. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized gains on change in control of interests resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in the purchase price above in Other Consideration. The Company’s current ownership interests and gains on change in control of interests recognized as a result of these transactions are as follows (in thousands): Property Name Current Ownership Interest Gain on change in control of interests Plantation Commons 76.25% $ 9,793 Gordon Plaza 40.62% 395 $ 10,188 The Company adopted ASU 2017 01 January 1, 2017 three March 31, 2017. The purchase price allocations for properties acquired during the three March 31, 2017, Land $ 14,516 Buildings 34,135 Above-market leases 1,418 Below-market leases (1,345 ) In-place leases 2,724 Building improvements 7,064 Tenant improvements 961 Other assets 90 Net assets acquired $ 59,563 The allocation adjustments and revised allocations for properties accounted for as business combinations during the year ended December 31, 2016 March 31, 2017, Allocation as of December 31, 2016 Allocation Adjustments Revised Allocation as of March 31, 201 7 Land $ 179,150 $ (5,150 ) $ 174,000 Buildings 309,493 (30,696 ) 278,797 Above-market leases 11,982 885 12,867 Below-market leases (31,903 ) (4,716 ) (36,619 ) In-place leases 44,094 (1,063 ) 43,031 Building improvements 124,105 41,895 166,000 Tenant improvements 12,788 (1,155 ) 11,633 Mortgage fair value adjustment (4,292 ) - (4,292 ) Other assets 234 - 234 Other liabilities (27 ) - (27 ) Net assets acquired $ 645,624 $ - $ 645,624 Dispositions and Assets Held for Sale – During the three March 31, 2017, four two $57.8 $1.7 $1.2 At March 31, 2017, two $2.6 $0.1 third one $0.2 Impairments – During the three March 31, 2017, $1.6 $1.2 $0.2 $0.2 one third 10 |
Note 3 - Real Estate Under Deve
Note 3 - Real Estate Under Development | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Real Estate Under Development [Text Block] | 3. Real Estate Under Development The Company is engaged in various real estate development projects for long-term investment. As of March 31, 2017, seven 2.6 $674.0 The costs incurred to date for these real estate development projects are as follows (in thousands): Property Name Location March 31, 2017 December 31, 2016 Grand Parkway Marketplace Spring, TX $ 106,752 $ 94,841 Dania Pointe (1) Dania Beach, FL 114,532 107,113 Promenade at Christiana New Castle, DE 26,041 25,521 Owings Mills Owings Mills, MD 26,787 25,119 Lincoln Square (2) Philadelphia, PA 34,836 - Avenues Walk Jacksonville, FL 73,048 73,048 Staten Island Plaza (3) Staten Island, NY 9,392 9,386 $ 391,388 $ 335,028 (1) Includes $45.9 (2) During the three March 31, 2017, 90% 10% $10.0 6). (3) Land held for future development. |
Note 4 - Investments in and Adv
Note 4 - Investments in and Advances to Real Estate Joint Ventures | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Investments and Advances In Real Estate Joint Ventures [Text Block] | 4. Investments in and Advances to Real Estate Joint Ventures The Company and its subsidiaries have investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting. The table below presents joint venture investments for which the Company held an ownership interest at March 31, 2017 December 31, 2016 As of March 31, 2017 As of December 31, 2016 Venture Ownership Interest Number of Properties The Company's Investment Ownership Interest Number of Properties The Company's Investment Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) 15.0% 46 $ 179.9 15.0% 48 $ 182.5 Kimco Income Opportunity Portfolio (“KIR”) (2) 48.6% 44 147.1 48.6% 45 145.2 Canada Pension Plan Investment Board (“CPP”) (2) 55.0% 5 115.2 55.0% 5 111.8 Other Joint Venture Programs Various 33 62.6 Various 37 64.7 Total * 128 $ 504.8 135 $ 504.2 * Representing 25.3 26.2 (1) Represents four four three (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. The table below presents the Company’s share of net income for the above investments which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income for the three March 31, 2017 2016 Three Months Ended March 31 , 201 7 2016 KimPru and KimPru II $ 3.3 $ 2.2 KIR 9.4 7.4 CPP 1.7 3.9 Other Joint Venture Programs 0.3 56.4 Total $ 14.7 $ 69.9 During the three March 31, 2017, five $47.7 $0.9 three March 31, 2017. three March 31, 2017, two $15.4 2 During the three March 31, 2016, nine $344.5 $54.1 three March 31, 2016. 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, 2017 December 31, 2016 As of March 31, 2017 As of December 31, 201 6 Venture Mortgages and Notes Payable , Net Weighted Average Interest Rate Weighted Average Remaining Term (months)* Mortgages and Notes Payable , Net Weighted Average Interest Rate Weighted Average Remaining Term (months)* KimPru and KimPru II $ 629.3 2.85 % 66.3 $ 647.4 3.07 % 67.5 KIR 737.5 4.58 % 52.7 746.5 4.64 % 54.9 CPP 84.9 2.33 % 13.0 84.8 2.17 % 16.0 Other Joint Venture Programs 496.9 5.38 % 23.9 584.3 5.40 % 23.4 Total $ 1,948.6 $ 2,063.0 * Average Remaining Term includes extension options. |
Note 5 - Other Real Estate Inve
Note 5 - Other Real Estate Investments and Other Assets | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Other Real Estate Investments and Other Assets [Text Block] | 5. Other Real Estate Investments Preferred Equity Capital - The Company previously provided capital to owners and developers of real estate properties through its Preferred Equity Program. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its net investment . As of March 31, 2017, $193.1 361 346 three March 31, 2017, $3.8 three March 31, 2016, $10.8 $6.9 |
Note 6 - Variable Interest Enti
Note 6 - Variable Interest Entities ("VIE") | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 6. Variable Interest Entities (“VIE”) Consolidated VIEs Included within the Company’s consolidated operating properties at March 31, 2017, 23 March 31, 2017, $911.5 $173.7 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 may Additionally, included within the Company’s real estate development projects at March 31, 2017, three March 31, 2017, $228.3 $7.7 Substantially all the projected development costs to be funded for these real estate development projects, aggregating $196.5 All liabilities of these VIEs are non-recourse to the Company (“VIE Liabilities”). Of the 26 22 four third four As of March 31, 2017 As of December 31, 2016 Restricted Assets: Real estate, net $ 323.1 $ 326.9 Cash and cash equivalents 3.5 3.8 Accounts and notes receivable, net 1.9 1.6 Other assets 1.9 1.4 Total Restricted Assets $ 330.4 $ 333.7 VIE Liabilities: Mortgages payable, net $ 138.0 $ 138.6 Other liabilities 43.4 37.6 Total VIE Liabilities $ 181.4 $ 176.2 Unconsolidated Redevelopment Investment Included in the Company’s joint venture investments at March 31, 2017, As of March 31, 2017, $7.4 $7.4 |
Note 7 - Mortgages and Other Fi
Note 7 - Mortgages and Other Financing Receivables | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 7. Mortgages and Other Financing Receivables The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company. The Company reviews payment status to identify performing versus non-performing loans. As of March 31, 2017, 11 $22.6 |
Note 8 - Notes and Mortgages Pa
Note 8 - Notes and Mortgages Payable | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Notes and Mortgages Payable Notes Payable - In February 2017, $2.25 March 2021, two six March 2022. 87.5 (1.86% March 31, 2017), $2.75 $1.75 March 2018. $500.0 March 31, 2017, $10.0 $0.7 During the three March 31, 2017, Date Issued Maturity Date Amount Issued Interest Rate Mar-17 April-27 $ 400.0 3.80 % The Company used the net proceeds from this issuance, after the underwriting discounts and related offering costs, for general corporate purposes, including to pre-fund near-term debt maturities or to reduce borrowings under the Company’s revolving credit facility. During the three March 31, 2017, Type Date Paid Amount Repaid (USD) Interest Rate Maturity Date Term Loan Jan-17 $ 250.0 (a) Jan-17 (a) Interest rate was equal to LIBOR + 0.95%. Mortgages Payable - During the three March 31, 2017, $59.3 $0.2 two |
Note 9 - Redeemable Noncontroll
Note 9 - Redeemable Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 9. 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 contingently 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 March 31, 2017 2016 2017 2016 Balance at January 1, $ 86,953 $ 86,709 Issuance of redeemable partnership interests (1) 10,000 - Income 1,066 1,078 Distributions (988 ) (1,082 ) Balance at March 31, $ 97,031 $ 86,705 (1) During the three March 31, 2017, 90% 10% 3). |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. 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 2 3 The following are financial instruments for which the Company’s estimate of fair value differs from the carrying amounts (in thousands): March 31, 2017 December 31, 201 6 Carrying Amounts Estimated Fair Value Carrying Amounts Estimated Fair Value Notes payable, net (1) $ 4,053,158 $ 3,984,730 $ 3,927,251 $ 3,890,797 Mortgages payable, net (2) $ 1,071,725 $ 1,074,732 $ 1,139,117 $ 1,141,047 (1) The Company determined that the valuation of its Senior Unsecured Notes and MTNs were classified within Level 2 3 (2) The Company determined that its valuation of Mortgages payable, net was classified within Level 3 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 and liabilities measured at fair value on a recurring basis as of March 31, 2017 December 31, 2016, Balance at March 31, 2017 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 6,167 $ 6,167 $ - $ - Liabilities: Interest rate swaps $ 787 $ - $ 787 $ - Balance at December 31, 201 6 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 6,502 $ 6,502 $ - $ - Liabilities: Interest rate swaps $ 975 $ - $ 975 $ - Assets measured at fair value on a non-recurring basis at March 31, 2017 and December 31, 2016, Balance at March 31, 2017 Level 1 Level 2 Level 3 Real estate $ 17,701 $ - $ - $ 17,701 Balance at December 31, 201 6 Level 1 Level 2 Level 3 Real estate $ 117,930 $ - $ - $ 117,930 During the three March 31, 2017 2016 , the Company recognized impairment charges related to adjustments to property carrying values of $1.6 $5.8 third 3 2 |
Note 11 - Preferred Stock and C
Note 11 - Preferred Stock and Common Stock | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. Preferred Stock and Common Stock The Company’s outstanding Preferred Stock is detailed below: As of March 31, 2017 and December 31, 201 6 Series of Preferred Stock Shares Authorized Shares Issued and Outstanding Liquidation Preference (in thousands) Dividend Rate Annual Dividend per Depositary Share Par Value Optional Redemption Date Series I 18,400 16,000 $ 400,000 6.00 % $ 1.50000 $ 1.00 3/20/2017 Series J 9,000 9,000 225,000 5.50 % $ 1.37500 $ 1.00 7/25/2017 Series K 8,050 7,000 175,000 5.625 % $ 1.40625 $ 1.00 12/7/2017 35,450 32,000 $ 800,000 During February 2015, may $0.01 $500.0 may 415 1933, three March 31, 2017. March 31, 2017, $211.9 |
Note 12 - Supplemental Schedule
Note 12 - Supplemental Schedule of Non-cash Investing / Financing Activities | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 12. 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 March 31, 2017 2016 201 7 201 6 Proceeds held in escrow through sale of real estate interests $ - $ 20,503 Issuance of common stock $ - $ 91 Surrender of restricted common stock $ (4,991 ) $ (5,908 ) Declaration of dividends paid in succeeding period $ 124,680 $ 116,631 Capital expenditures accrual $ 34,386 $ 19,618 Deemed contribution from noncontrolling interest $ 10,000 $ - Consolidation of Joint Ventures: Increase in real estate and other assets $ 15,061 $ - Increase in mortgages payable, other liabilities and non-controlling interests $ (1,270 ) $ - |
Note 13 - Incentive Plans
Note 13 - Incentive Plans | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13. Incentive Plans The Company accounts for equity awards in accordance with FASB’s Compensation – Stock Compensation guidance which requires that all share based payments to employees, including grants of employee stock options, restricted stock and performance shares, be recognized in the Statement of Income over the service period based on their fair values. Fair value is determined, depending on the type of award, using either the Black-Scholes option pricing formula or the Monte Carlo method for performance shares, both of which are intended to estimate the fair value of the awards at the grant date. Fair value of restricted shares is calculated based on the price on the date of grant. The Company recognized expenses associated with its equity awards of $9.6 $7.9 three March 31, 2017 2016, March 31, 2017, $41.3 3.3 |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Income ("AOCI") | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Accumulated Other Comprehensive Income (Loss) Disclosure [Text Block] | 14. Accumulated Other Comprehensive Income (“AOCI”) The following tables display the change in the components of accumulated other comprehensive income for the three March 31, 2017 2016: Foreign Currency Translation Adjustments Unrealized Gains on Available-for- Sale Investments Unrealized Loss on Interest Rate Swaps Total Balance as of January 1, 2017 $ 6,335 $ 406 $ (975 ) $ 5,766 Other comprehensive income before reclassifications 503 28 188 719 Amounts reclassified from AOCI - - - - Net current-period other comprehensive income 503 28 188 719 Balance as of March 31, 2017 $ 6,838 $ 434 $ (787 ) $ 6,485 Foreign Currency Translation Adjustments Unrealized Gains on Available-for- Sale Investments Unrealized 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 At March 31, 2017, $6.8 2015, may, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Business - Kimco Realty Corporation and subsidiaries (the "Company"), affiliates and related real estate joint ventures are engaged principally in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by discount department stores, grocery stores or drugstores. Additionally, the Company provides complementary services that capitalize on the Company’s established retail real estate expertise. 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 90 100 may |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation - The accompanying Condensed Consolidated Financial Statements include the accounts of 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 2016 10 December 31, 2016 “10 10 March 31, 2017, 10 |
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. |
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, 2017 2016 Computation of Basic and Diluted Earnings Per Share: Net income available to the Company's common shareholders 65,178 129,158 Earnings attributable to participating securities (531 ) (629 ) Net income available to the Company’s common shareholders for basic earnings per share 64,647 128,529 Distributions on convertible units - 13 Net income available to the Company’s common shareholders for diluted earnings per share $ 64,647 $ 128,542 Weighted average common shares outstanding – basic 423,381 412,630 Effect of dilutive securities (a): Equity awards 765 1,453 Assumed conversion of convertible units - 62 Weighted average common shares outstanding – diluted 424,146 414,145 Net income available to the Company's common shareholders: Basic earnings per share $ 0.15 $ 0.31 Diluted earnings per share $ 0.15 $ 0.31 (a) The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 3,445,600 5,235,280 March 31, 2017 2016, The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements – In February 2017, 2017 05, 610 20”): 2017 05”). 2017 05 610 20 2017 05 610 20 may 610 20, May 2014 2014 09, 2017 05 2014 09. may 2017 05 250, 10 45 5 10 45 10 may 2017 05 2014 09 may 2017 05 In January 2017, 2017 01, 805): 2017 01”). December 15, 2017, 2017 01 December 31, 2017, three March 31, 2017, 360, 805 In June 2016, 2016 13, 326): 2016 13”). 2016 13 December 15, 2019, 2016 13 In March 2016, 2016 09, 718): 2016 09"). December 15, 2016, 2016 09 In February 2016, 2016 02, 842) 2016 02”), 12 12 2016 02 840). January 1, 2019, 2016 02 2016 02 2016 02. In May 2014, 2014 09, 606) 2014 09"). 2014 09 2014 09, may 2014 09 first December 15, 2016, August 2015, 2015 14, 606): 2015 14”), 2014 09 one first December 15, 2017. March 2016, 2016 08, 606): April 2016, 2016 10, 606): May 2016, 2016 12, 606): 2014 09 2014 09 tenants 2014 09 |
Note 1 - Interim Financial St25
Note 1 - Interim Financial Statements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2017 2016 Computation of Basic and Diluted Earnings Per Share: Net income available to the Company's common shareholders 65,178 129,158 Earnings attributable to participating securities (531 ) (629 ) Net income available to the Company’s common shareholders for basic earnings per share 64,647 128,529 Distributions on convertible units - 13 Net income available to the Company’s common shareholders for diluted earnings per share $ 64,647 $ 128,542 Weighted average common shares outstanding – basic 423,381 412,630 Effect of dilutive securities (a): Equity awards 765 1,453 Assumed conversion of convertible units - 62 Weighted average common shares outstanding – diluted 424,146 414,145 Net income available to the Company's common shareholders: Basic earnings per share $ 0.15 $ 0.31 Diluted earnings per share $ 0.15 $ 0.31 |
Note 2 - Operating Property A26
Note 2 - Operating Property Activities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Purchase Price Property Name Location Month Acquired Cash Debt Assumed Other Consideration* Total GLA* * Plantation Commons Plantation, FL (1) Jan-17 $ - $ - $ 12,300 $ 12,300 60 Gordon Plaza Woodbridge, VA (1) Jan-17 - - 3,100 3,100 184 Plaza del Prado Glenview, IL Jan-17 39,063 - - 39,063 142 Columbia Crossing Parcel Columbia Crossing, MD Jan-17 5,100 - - 5,100 25 $ 44,163 $ - $ 15,400 $ 59,563 411 |
Summary of Ownership Interest [Table Text Block] | Property Name Current Ownership Interest Gain on change in control of interests Plantation Commons 76.25% $ 9,793 Gordon Plaza 40.62% 395 $ 10,188 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Land $ 14,516 Buildings 34,135 Above-market leases 1,418 Below-market leases (1,345 ) In-place leases 2,724 Building improvements 7,064 Tenant improvements 961 Other assets 90 Net assets acquired $ 59,563 Allocation as of December 31, 2016 Allocation Adjustments Revised Allocation as of March 31, 201 7 Land $ 179,150 $ (5,150 ) $ 174,000 Buildings 309,493 (30,696 ) 278,797 Above-market leases 11,982 885 12,867 Below-market leases (31,903 ) (4,716 ) (36,619 ) In-place leases 44,094 (1,063 ) 43,031 Building improvements 124,105 41,895 166,000 Tenant improvements 12,788 (1,155 ) 11,633 Mortgage fair value adjustment (4,292 ) - (4,292 ) Other assets 234 - 234 Other liabilities (27 ) - (27 ) Net assets acquired $ 645,624 $ - $ 645,624 |
Note 3 - Real Estate Under De27
Note 3 - Real Estate Under Development (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Real Estate Held for Development [Table Text Block] | Property Name Location March 31, 2017 December 31, 2016 Grand Parkway Marketplace Spring, TX $ 106,752 $ 94,841 Dania Pointe (1) Dania Beach, FL 114,532 107,113 Promenade at Christiana New Castle, DE 26,041 25,521 Owings Mills Owings Mills, MD 26,787 25,119 Lincoln Square (2) Philadelphia, PA 34,836 - Avenues Walk Jacksonville, FL 73,048 73,048 Staten Island Plaza (3) Staten Island, NY 9,392 9,386 $ 391,388 $ 335,028 |
Note 4 - Investments in and A28
Note 4 - Investments in and Advances to Real Estate Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | As of March 31, 2017 As of December 31, 2016 Venture Ownership Interest Number of Properties The Company's Investment Ownership Interest Number of Properties The Company's Investment Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) 15.0% 46 $ 179.9 15.0% 48 $ 182.5 Kimco Income Opportunity Portfolio (“KIR”) (2) 48.6% 44 147.1 48.6% 45 145.2 Canada Pension Plan Investment Board (“CPP”) (2) 55.0% 5 115.2 55.0% 5 111.8 Other Joint Venture Programs Various 33 62.6 Various 37 64.7 Total * 128 $ 504.8 135 $ 504.2 |
Joint Venture Investments Accounted For Under The Equity Method Debt Details [Table Text Block] | As of March 31, 2017 As of December 31, 201 6 Venture Mortgages and Notes Payable , Net Weighted Average Interest Rate Weighted Average Remaining Term (months)* Mortgages and Notes Payable , Net Weighted Average Interest Rate Weighted Average Remaining Term (months)* KimPru and KimPru II $ 629.3 2.85 % 66.3 $ 647.4 3.07 % 67.5 KIR 737.5 4.58 % 52.7 746.5 4.64 % 54.9 CPP 84.9 2.33 % 13.0 84.8 2.17 % 16.0 Other Joint Venture Programs 496.9 5.38 % 23.9 584.3 5.40 % 23.4 Total $ 1,948.6 $ 2,063.0 |
Income [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three Months Ended March 31 , 201 7 2016 KimPru and KimPru II $ 3.3 $ 2.2 KIR 9.4 7.4 CPP 1.7 3.9 Other Joint Venture Programs 0.3 56.4 Total $ 14.7 $ 69.9 |
Note 6 - Variable Interest En29
Note 6 - Variable Interest Entities ("VIE") (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of March 31, 2017 As of December 31, 2016 Restricted Assets: Real estate, net $ 323.1 $ 326.9 Cash and cash equivalents 3.5 3.8 Accounts and notes receivable, net 1.9 1.6 Other assets 1.9 1.4 Total Restricted Assets $ 330.4 $ 333.7 VIE Liabilities: Mortgages payable, net $ 138.0 $ 138.6 Other liabilities 43.4 37.6 Total VIE Liabilities $ 181.4 $ 176.2 |
Note 8 - Notes and Mortgages 30
Note 8 - Notes and Mortgages Payable (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Debt Issuance [Table Text Block] | Date Issued Maturity Date Amount Issued Interest Rate Mar-17 April-27 $ 400.0 3.80 % |
Schedule of Debt [Table Text Block] | Type Date Paid Amount Repaid (USD) Interest Rate Maturity Date Term Loan Jan-17 $ 250.0 (a) Jan-17 |
Note 9 - Redeemable Noncontro31
Note 9 - Redeemable Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | 2017 2016 Balance at January 1, $ 86,953 $ 86,709 Issuance of redeemable partnership interests (1) 10,000 - Income 1,066 1,078 Distributions (988 ) (1,082 ) Balance at March 31, $ 97,031 $ 86,705 |
Note 10 - Fair Value Measurem32
Note 10 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2017 December 31, 201 6 Carrying Amounts Estimated Fair Value Carrying Amounts Estimated Fair Value Notes payable, net (1) $ 4,053,158 $ 3,984,730 $ 3,927,251 $ 3,890,797 Mortgages payable, net (2) $ 1,071,725 $ 1,074,732 $ 1,139,117 $ 1,141,047 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Balance at March 31, 2017 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 6,167 $ 6,167 $ - $ - Liabilities: Interest rate swaps $ 787 $ - $ 787 $ - Balance at December 31, 201 6 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 6,502 $ 6,502 $ - $ - Liabilities: Interest rate swaps $ 975 $ - $ 975 $ - Balance at March 31, 2017 Level 1 Level 2 Level 3 Real estate $ 17,701 $ - $ - $ 17,701 Balance at December 31, 201 6 Level 1 Level 2 Level 3 Real estate $ 117,930 $ - $ - $ 117,930 |
Note 11 - Preferred Stock and33
Note 11 - Preferred Stock and Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | As of March 31, 2017 and December 31, 201 6 Series of Preferred Stock Shares Authorized Shares Issued and Outstanding Liquidation Preference (in thousands) Dividend Rate Annual Dividend per Depositary Share Par Value Optional Redemption Date Series I 18,400 16,000 $ 400,000 6.00 % $ 1.50000 $ 1.00 3/20/2017 Series J 9,000 9,000 225,000 5.50 % $ 1.37500 $ 1.00 7/25/2017 Series K 8,050 7,000 175,000 5.625 % $ 1.40625 $ 1.00 12/7/2017 35,450 32,000 $ 800,000 |
Note 12 - Supplemental Schedu34
Note 12 - Supplemental Schedule of Non-cash Investing / Financing Activities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 201 7 201 6 Proceeds held in escrow through sale of real estate interests $ - $ 20,503 Issuance of common stock $ - $ 91 Surrender of restricted common stock $ (4,991 ) $ (5,908 ) Declaration of dividends paid in succeeding period $ 124,680 $ 116,631 Capital expenditures accrual $ 34,386 $ 19,618 Deemed contribution from noncontrolling interest $ 10,000 $ - Consolidation of Joint Ventures: Increase in real estate and other assets $ 15,061 $ - Increase in mortgages payable, other liabilities and non-controlling interests $ (1,270 ) $ - |
Note 14 - Accumulated Other C35
Note 14 - Accumulated Other Comprehensive Income ("AOCI") (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation Adjustments Unrealized Gains on Available-for- Sale Investments Unrealized Loss on Interest Rate Swaps Total Balance as of January 1, 2017 $ 6,335 $ 406 $ (975 ) $ 5,766 Other comprehensive income before reclassifications 503 28 188 719 Amounts reclassified from AOCI - - - - Net current-period other comprehensive income 503 28 188 719 Balance as of March 31, 2017 $ 6,838 $ 434 $ (787 ) $ 6,485 Foreign Currency Translation Adjustments Unrealized Gains on Available-for- Sale Investments Unrealized 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 |
Note 1 - Interim Financial St36
Note 1 - Interim Financial Statements (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,445,600 | 5,235,280 |
Note 1 - Interim Financial St37
Note 1 - Interim Financial Statements - 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, 2017 | Mar. 31, 2016 | ||
Net income available to the Company's common shareholders | $ 65,178 | $ 129,158 | |
Earnings attributable to participating securities | (531) | (629) | |
Net income available to the Company’s common shareholders for basic earnings per share | 64,647 | 128,529 | |
Distributions on convertible units | 13 | ||
Net income available to the Company’s common shareholders for diluted earnings per share | $ 64,647 | $ 128,542 | |
Weighted average common shares outstanding – basic (in shares) | 423,381 | 412,630 | |
Effect of dilutive securities (a): | |||
Equity awards (in shares) | [1] | 765 | 1,453 |
Assumed conversion of convertible units (in shares) | [1] | 62 | |
Weighted average common shares outstanding – diluted (in shares) | 424,146 | 414,145 | |
-Basic (in dollars per share) | $ 0.15 | $ 0.31 | |
-Diluted (in dollars per share) | $ 0.15 | $ 0.31 | |
[1] | The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 3,445,600 and 5,235,280 stock options that were not dilutive as of March 31, 2017 and 2016, respectively. |
Note 2 - Operating Property A38
Note 2 - Operating Property Activities (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Asset Impairment Charges | $ 1,617 | $ 5,840 | |
Real Estate Investment Property, Accumulated Depreciation | 2,345,766 | $ 2,278,292 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||
Proceeds from Sale of Real Estate | 57,800 | ||
Gains (Losses) on Sales of Investment Real Estate | 1,700 | ||
Asset Impairment Charges | $ 1,200 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Consolidated Operating Properties [Member] | |||
Number of Properties Disposed of | 4 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Out-Parcel Properties [Member] | |||
Number of Properties Disposed of | 2 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||
Asset Impairment Charges | $ 200 | ||
Real Estate Held-for-sale | 2,600 | ||
Real Estate Investment Property, Accumulated Depreciation | 100 | ||
Disposal Group, Expected to Market for Sale, Not Discontinued Operations [Member] | |||
Asset Impairment Charges | $ 200 |
Note 2 - Operating Property A39
Note 2 - Operating Property Activities - Acquisition of Operating Properties (Details) ft² in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)ft² | ||
Purchase Price Cash | $ 44,163 | |
Purchase Price Debt Assumed | ||
Purchase Price Other | 15,400 | [1] |
Purchase Price Total | $ 59,563 | |
Purchase Price GLA (Square Foot) | ft² | 411 | [2] |
Plantation Commons [Member] | ||
Purchase Price Cash | [3] | |
Purchase Price Debt Assumed | [3] | |
Purchase Price Other | 12,300 | [1],[3] |
Purchase Price Total | $ 12,300 | [3] |
Purchase Price GLA (Square Foot) | ft² | 60 | [2],[3] |
Gordon Plaza [Member] | ||
Purchase Price Cash | [3] | |
Purchase Price Debt Assumed | [3] | |
Purchase Price Other | 3,100 | [1],[3] |
Purchase Price Total | $ 3,100 | [3] |
Purchase Price GLA (Square Foot) | ft² | 184 | [2],[3] |
Plaza Del Prado [Member] | ||
Purchase Price Cash | $ 39,063 | |
Purchase Price Debt Assumed | ||
Purchase Price Other | [1] | |
Purchase Price Total | $ 39,063 | |
Purchase Price GLA (Square Foot) | ft² | 142 | [2] |
Columbia Crossing Parcel [Member] | ||
Purchase Price Cash | $ 5,100 | |
Purchase Price Debt Assumed | ||
Purchase Price Other | [1] | |
Purchase Price Total | $ 5,100 | |
Purchase Price GLA (Square Foot) | ft² | 25 | [2] |
[1] | Includes the Company's previously held equity interest investment. | |
[2] | Gross leasable area ("GLA") | |
[3] | The Company acquired from certain of its partners, their ownership interest in properties that were held in joint ventures in which the Company had noncontrolling interests. The Company now has a controlling interest in these properties and has deemed these entities to be VIEs for which the Company is the primary beneficiary and now consolidates these assets. The Company evaluated these transactions pursuant to the FASB's Consolidation guidance and as a result, recognized gains on change in control of interests resulting from the fair value adjustments associated with the Company's previously held equity interests, which are included in the purchase price above in Other Consideration. The Company's current ownership interests and gains on change in control of interests recognized as a result of these transactions are as follows (in thousands): |
Note 2 - Operating Property A40
Note 2 - Operating Property Activities - Summary of Ownership Interest and Gain on Change of Interest (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Gain on change in control of interests, net | $ 10,188 |
Plantation Commons [Member] | |
Current ownership interest | 76.25% |
Gain on change in control of interests, net | $ 9,793 |
Gordon Plaza [Member] | |
Current ownership interest | 40.62% |
Gain on change in control of interests, net | $ 395 |
Note 2 - Operating Property A41
Note 2 - Operating Property Activities - Purchase Price Allocation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Business Acquisitions in 2017 [Member] | ||
Allocation | $ 90 | |
Allocation | 59,563 | |
Business Acquisitions in 2017 [Member] | Above Market Leases [Member] | ||
Allocation | 1,418 | |
Business Acquisitions in 2017 [Member] | Below Market Leases [Member] | ||
Allocation | (1,345) | |
Business Acquisitions in 2017 [Member] | Leases, Acquired-in-Place [Member] | ||
Allocation | 2,724 | |
Business Acquisitions in 2017 [Member] | Tenant Improvements [Member] | ||
Allocation | 961 | |
Business Acquisitions in 2016 [member] | ||
Allocation | 234 | $ 234 |
Allocation | 645,624 | 645,624 |
Allocation | (4,292) | (4,292) |
Allocation | (27) | (27) |
Business Acquisitions in 2016 [member] | Above Market Leases [Member] | ||
Allocation | 12,867 | 11,982 |
Allocation adjustments | 885 | |
Business Acquisitions in 2016 [member] | Below Market Leases [Member] | ||
Allocation | (36,619) | (31,903) |
Allocation adjustments | (4,716) | |
Business Acquisitions in 2016 [member] | Leases, Acquired-in-Place [Member] | ||
Allocation | 43,031 | 44,094 |
Allocation adjustments | (1,063) | |
Land [Member] | Business Acquisitions in 2017 [Member] | ||
Allocation | 14,516 | |
Land [Member] | Business Acquisitions in 2016 [member] | ||
Allocation | 174,000 | 179,150 |
Allocation adjustments | (5,150) | |
Building [Member] | Business Acquisitions in 2017 [Member] | ||
Allocation | 34,135 | |
Building [Member] | Business Acquisitions in 2016 [member] | ||
Allocation | 278,797 | 309,493 |
Allocation adjustments | (30,696) | |
Building Improvements [Member] | Business Acquisitions in 2017 [Member] | ||
Allocation | 7,064 | |
Building Improvements [Member] | Business Acquisitions in 2016 [member] | ||
Allocation | 166,000 | 124,105 |
Allocation adjustments | 41,895 | |
Tenant Improvements [Member] | Business Acquisitions in 2016 [member] | ||
Allocation | 11,633 | $ 12,788 |
Allocation adjustments | $ (1,155) |
Note 3 - Real Estate Under De42
Note 3 - Real Estate Under Development (Details Textual) ft² in Thousands, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017USD ($)ft² | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | ||
Gross Leasable Area | ft² | [1] | 411 | ||
Real Estate Investment Property, Net | $ 9,345,513 | $ 9,394,755 | ||
Development in Process | 391,388 | 335,028 | ||
Payments to Acquire Real Estate | $ 38,390 | $ 11,436 | ||
KIM Lincoln, LLC [Member] | ||||
Ownership Interest in Joint Venture, Percentage | 90.00% | |||
Lincoln Square Property, LP [Member] | ||||
Ownership Interest in Joint Venture, Percentage | 10.00% | |||
Dania Pointe [Member] | ||||
Development in Process | [2] | $ 114,532 | $ 107,113 | |
Real Estate Under Development [Member] | ||||
Number of Real Estate Properties | 7 | |||
Gross Leasable Area | ft² | 2,600 | |||
Real Estate Investment Property, Net | $ 674,000 | |||
Payments to Acquire Real Estate | 10,000 | |||
Land [Member] | Dania Pointe [Member] | ||||
Development in Process | $ 45,900 | |||
[1] | Gross leasable area ("GLA") | |||
[2] | Includes $45.9 million of land held for future development. |
Note 3 - Real Estate Under De43
Note 3 - Real Estate Under Development - Costs Incurred for Real Estate Development (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Development in Process | $ 391,388 | $ 335,028 | |
Grand Parkway Marketplace [Member] | |||
Development in Process | 106,752 | 94,841 | |
Dania Pointe [Member] | |||
Development in Process | [1] | 114,532 | 107,113 |
Promenade at Christiana [Member] | |||
Development in Process | 26,041 | 25,521 | |
Owings Mills [Member] | |||
Development in Process | 26,787 | 25,119 | |
Lincoln Square [Member] | |||
Development in Process | [2] | 34,836 | |
Avenues Walk [Member] | |||
Development in Process | 73,048 | 73,048 | |
Staten Island Plaza [Member] | |||
Development in Process | [3] | $ 9,392 | $ 9,386 |
[1] | Includes $45.9 million of land held for future development. | ||
[2] | During the three months ended March 31, 2017, KIM Lincoln, LLC ("KIM Lincoln"), a wholly owned subsidiary of the Company, and Lincoln Square Property, LP ("Lincoln Member") entered in a joint venture agreement wherein KIM Lincoln has a 90% controlling interest and Lincoln Member has a 10% noncontrolling interest. The joint venture acquired land parcels in Philadelphia, PA to be held for development for a gross purchase price of $10.0 million. Based upon the Company's intent to develop the property, the Company allocated the gross purchase price to Real estate under development on the Company's Condensed Consolidated Balance Sheets. This joint venture is accounted for as a consolidated VIE (see Footnote 6). | ||
[3] | Land held for future development. |
Note 4 - Investments in and A44
Note 4 - Investments in and Advances to Real Estate Joint Ventures (Details Textual) ft² in Thousands, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017USD ($)ft² | Mar. 31, 2016USD ($) | Dec. 31, 2016ft² | ||
Gross Leasable Area | ft² | [1] | 411 | ||
Business Combination, Consideration Transferred | $ 59,563 | |||
All Equity Method Investments [Member] | ||||
Gross Leasable Area | ft² | 25,300 | 26,200 | ||
Kim Pru and Kim Pru II [Member] | ||||
Number of Joint Ventures | 4 | |||
Number Of Accounts | 4 | |||
Kim Pru [Member] | ||||
Number of Joint Ventures | 3 | |||
Real Estate Joint Ventures [Member] | Operating Properties [Member] | ||||
Number of Real Estate Properties, Interest Disposed of or Transferred | 5 | |||
Equity Method Investment, Sales Price | $ 47,700 | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 900 | $ 54,100 | ||
Number of Real Estate Properties, Remaining Interest Acquired | 2 | 9 | ||
Business Combination, Consideration Transferred | $ 15,400 | $ 344,500 | ||
[1] | Gross leasable area ("GLA") |
Note 4 - Investments in and A45
Note 4 - Investments in and Advances to Real Estate Joint Ventures - Investment Details (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | |
Kim Pru and Kim Pru II [Member] | |||
Average ownership interest | [1],[2] | 15.00% | 15.00% |
Number of properties | [1],[2] | 46 | 48 |
The company's investment | [1],[2] | $ 179.9 | $ 182.5 |
Kimco Income Fund [Member] | |||
Average ownership interest | [2] | 48.60% | 48.60% |
Number of properties | [2] | 44 | 45 |
The company's investment | [2] | $ 147.1 | $ 145.2 |
CPP [Member] | |||
Average ownership interest | [2] | 55.00% | 55.00% |
Number of properties | [2] | 5 | 5 |
The company's investment | [2] | $ 115.2 | $ 111.8 |
Other Joint Venture Programs [Member] | |||
Number of properties | 33 | 37 | |
The company's investment | $ 62.6 | $ 64.7 | |
All Equity Method Investments [Member] | |||
Number of properties | [3] | 128 | 135 |
The company's investment | [3] | $ 504.8 | $ 504.2 |
[1] | Represents four separate joint ventures, with four separate accounts managed by Prudential Global Investment Management ("PGIM"), 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] | Representing 25.3 million and 26.2 million square feet of GLA, respectively. |
Note 4 - Investments in and A46
Note 4 - Investments in and Advances to Real Estate Joint Ventures - The Company's Share of Net Income/(Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income of joint ventures, net | $ 14,733 | $ 69,933 |
Kim Pru and Kim Pru II [Member] | ||
Income of joint ventures, net | 3,300 | 2,200 |
KIR [Member] | ||
Income of joint ventures, net | 9,400 | 7,400 |
CPP [Member] | ||
Income of joint ventures, net | 1,700 | 3,900 |
Other Joint Venture Programs [Member] | ||
Income of joint ventures, net | $ 300 | $ 56,400 |
Note 4 - Investments in and A47
Note 4 - Investments in and Advances to Real Estate Joint Ventures - Joint Venture Investments Accounted for Under the Equity Method, Debt Details (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | ||
Mortgage and notes payable | $ 1,948.6 | $ 2,063 | |
Kim Pru and Kim Pru II [Member] | |||
Mortgage and notes payable | $ 629.3 | $ 647.4 | |
Weighted average interest rate | 2.85% | 3.07% | |
Weighted average remaining term (Month) | [1] | 5 years 189 days | 5 years 225 days |
KIR [Member] | |||
Mortgage and notes payable | $ 737.5 | $ 746.5 | |
Weighted average interest rate | 4.58% | 4.64% | |
Weighted average remaining term (Month) | [1] | 4 years 141 days | 4 years 207 days |
CPP [Member] | |||
Mortgage and notes payable | $ 84.9 | $ 84.8 | |
Weighted average interest rate | 2.33% | 2.17% | |
Weighted average remaining term (Month) | [1] | 1 year 30 days | 1 year 120 days |
Other Joint Venture Programs [Member] | |||
Mortgage and notes payable | $ 496.9 | $ 584.3 | |
Weighted average interest rate | 5.38% | 5.40% | |
Weighted average remaining term (Month) | [1] | 1 year 357 days | 1 year 342 days |
[1] | Average Remaining Term includes extension options. |
Note 5 - Other Real Estate In48
Note 5 - Other Real Estate Investments and Other Assets (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Equity Method Investments | $ 504,847 | $ 504,209 | |
Income (Loss) from Equity Method Investments | 14,733 | $ 69,933 | |
Preferred Equity Investments [Member] | |||
Income (Loss) from Equity Method Investments | $ 3,800 | 10,800 | |
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 6,900 | ||
Preferred Equity Investments [Member] | Leased Properties [Member] | |||
Number of Real Estate Properties | 346 | ||
Preferred Equity Investments [Member] | Maximum Exposure [Member] | |||
Equity Method Investments | $ 193,100 |
Note 6 - Variable Interest En49
Note 6 - Variable Interest Entities ("VIE") (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Variable Interest Entity, Number of Entities | 26 |
Variable Interest Entity, Encumbered by Third Party Non-resource Mortgage Debt [Member] | |
Variable Interest Entity, Number of Entities | 4 |
Consolidated Operating Properties [Member] | |
Variable Interest Entity, Number of Entities | 23 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 911.5 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | $ 173.7 |
Real Estate Under Development [Member] | |
Variable Interest Entity, Number of Entities | 3 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 228.3 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 7.7 |
Variable Interest Entity, Financial or Other Support, Amount | 196.5 |
Redevelopment [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 - Variable Interest En50
Note 6 - Variable Interest Entities ("VIE") - Summary of Restricted Assets and VIE Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Restricted Assets: | ||
Real estate, net | $ 323,100 | $ 326,900 |
Cash and cash equivalents | 3,500 | 3,800 |
Accounts and notes receivable, net | 1,900 | 1,600 |
Other assets | 1,900 | 1,400 |
Assets of Consolidated Variable Interest Entities | 330,443 | 333,705 |
VIE Liabilities: | ||
Mortgages payable, net | 138,000 | 138,600 |
Other liabilities | 43,400 | 37,600 |
Liabilities of Consolidated Variable Interest Entities | $ 181,360 | $ 176,216 |
Note 7 - Mortgages and Other 51
Note 7 - Mortgages and Other Financing Receivables (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Mortgage Loans on Real Estate, Number of Loans | 11 |
Mortgage Loans on Real Estate | $ 22.6 |
Note 8 - Notes and Mortgages 52
Note 8 - Notes and Mortgages Payable (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Feb. 24, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Long-term Line of Credit | $ 10 | ||
Term Loan [Member] | |||
Repayments of Long-term Debt | 250 | ||
Mortgages [Member] | |||
Repayments of Long-term Debt | 59.3 | ||
Long-term Debt, Fair Value | $ 0.2 | ||
Number of Real Estate Properties | 2 | ||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.95% | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,250 | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.86% | ||
Line of Credit Facility Sub-limit | 500 | ||
Revolving Credit Facility [Member] | Credit Facility Accordion Feature [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,750 | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | ||
Letter of Credit [Member] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 1,750 | ||
Long-term Line of Credit | $ 0.7 |
Note 8 - Notes and Mortgages 53
Note 8 - Notes and Mortgages Payable - Senior Unsecured Notes Issuance (Details) - Senior Unsecured Notes 1 [Member] $ in Billions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Maturity Date | April27 |
Date Issued | Mar17 |
Amount Issued | $ 0.4 |
Interest Rate | 3.80% |
Note 8 - Notes and Mortgages 54
Note 8 - Notes and Mortgages Payable - Note Repayments (Details) - Term Loan [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Amount Repaid | $ 250 |
Maturity Date | Jan17 |
Note 9 - Redeemable Noncontro55
Note 9 - Redeemable Noncontrolling Interests (Details Textual) | Mar. 31, 2017 |
KIM Lincoln, LLC [Member] | |
Ownership Interest in Joint Venture, Percentage | 90.00% |
Lincoln Square Property, LP [Member] | |
Ownership Interest in Joint Venture, Percentage | 10.00% |
Note 9- Redeemable Noncontrolli
Note 9- Redeemable Noncontrolling Interests - Redemption Value of the Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Balance | $ 86,953 | $ 86,709 | |
Issuance of redeemable partnership interests (1) | [1] | 10,000 | |
Income | 1,066 | 1,078 | |
Distributions | (988) | (1,082) | |
Balance | $ 97,031 | $ 86,705 | |
[1] | During the three months ended March 31, 2017, KIM Lincoln, a wholly owned subsidiary of the Company, and Lincoln Member entered in a joint venture agreement wherein KIM Lincoln has a 90% controlling interest and Lincoln Member 10% noncontrolling interest (See Footnote 3). |
Note 10 - Fair Value Measurem57
Note 10 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Estimate Not Practicable, Carrying (Reported) Amount [Member] | ||
Impairment of Real Estate | $ 1.6 | $ 5.8 |
Note 10 - Fair Value Measurem58
Note 10 - Fair Value Measurements - Estimate of Fair Value Differs From Carrying Amounts (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Mortgages [Member] | |||
Mortgages payable, net (2) | $ 200 | ||
Reported Value Measurement [Member] | |||
Notes payable, net (1) | [1] | 4,053,158 | $ 3,927,251 |
Reported Value Measurement [Member] | Mortgages [Member] | |||
Mortgages payable, net (2) | [2] | 1,071,725 | 1,139,117 |
Estimate of Fair Value Measurement [Member] | |||
Notes payable, net (1) | [1] | 3,984,730 | 3,890,797 |
Estimate of Fair Value Measurement [Member] | Mortgages [Member] | |||
Mortgages payable, net (2) | [2] | $ 1,074,732 | $ 1,141,047 |
[1] | The Company determined that the valuation of its Senior Unsecured Notes and MTNs were classified within Level 2 of the fair value hierarchy and its Term Loan and Credit Facility were classified within Level 3 of the fair value hierarchy. | ||
[2] | The Company determined that its valuation of Mortgages payable, net was classified within Level 3 of the fair value hierarchy. |
Note 10 - Fair Value Measurem59
Note 10 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Real estate | $ 17,701 | $ 117,930 |
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 | 17,701 | 117,930 |
Fair Value, Measurements, Recurring [Member] | ||
Marketable equity securities | 6,167 | 6,502 |
Interest rate swaps | 787 | 975 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable equity securities | 6,167 | 6,502 |
Interest rate swaps | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable equity securities | ||
Interest rate swaps | 787 | 975 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable equity securities | ||
Interest rate swaps |
Note 11 - Preferred Stock and60
Note 11 - Preferred Stock and Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||
Feb. 28, 2015 | Mar. 31, 2017 | Dec. 31, 2016 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
ATM Program, Amount Available | $ 211.9 | ||
ATM Program [Member] | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||
Maximum Aggregate Sales Price | $ 500 |
Note 11 - Preferred Stock and61
Note 11 - Preferred Stock and Common Stock - Outstanding Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Shares authorized (in shares) | 6,029,100 | 6,029,100 |
Liquidation preference | $ 800,000 | $ 800,000 |
Par value (in dollars per share) | $ 1 | $ 1 |
Series I Preferred Stock [Member] | ||
Shares authorized (in shares) | 18,400 | |
Shares issued and outstanding (in shares) | 16,000 | |
Liquidation preference | $ 400,000 | |
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 | |
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 | |
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 |
Note 12 - Supplemental Schedu62
Note 12 - Supplemental Schedule of Non-cash Investing / Financing Activities - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Proceeds held in escrow through sale of real estate interests | $ 20,503 | ||
Issuance of common stock | 91 | ||
Surrender of restricted common stock | (4,991) | (5,908) | |
Declaration of dividends paid in succeeding period | 124,680 | 116,631 | $ 124,517 |
Capital expenditures accrual | 34,386 | 19,618 | |
Deemed contribution from noncontrolling interest | 10,000 | ||
Increase in real estate and other assets | 15,061 | ||
Increase in mortgages payable, other liabilities and non-controlling interests | $ (1,270) |
Note 13 - Incentive Plans (Deta
Note 13 - Incentive Plans (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Allocated Share-based Compensation Expense | $ 9.6 | $ 7.9 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 41.3 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 109 days |
Note 14 - Accumulated Other C64
Note 14 - Accumulated Other Comprehensive Income ("AOCI") (Details Textual) $ in Millions | Mar. 31, 2017USD ($) |
CANADA | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ 6.8 |
Note 14 - Accumulated Other C65
Note 14 - Accumulated Other Comprehensive Income ("AOCI") - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Balance | $ 5,402,874 | $ 5,181,951 |
Balance at the end of the year | 5,359,546 | 5,317,357 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | 6,335 | 6,616 |
Other comprehensive income before reclassifications | 503 | 2,510 |
Amounts reclassified from AOCI | ||
Net current-period other comprehensive income | 503 | 2,510 |
Balance at the end of the year | 6,838 | 9,126 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Balance | 406 | 398 |
Other comprehensive income before reclassifications | 28 | 2 |
Amounts reclassified from AOCI | ||
Net current-period other comprehensive income | 28 | 2 |
Balance at the end of the year | 434 | 400 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||
Balance | (975) | (1,426) |
Other comprehensive income before reclassifications | 188 | (604) |
Amounts reclassified from AOCI | ||
Net current-period other comprehensive income | 188 | (604) |
Balance at the end of the year | (787) | (2,030) |
AOCI Attributable to Parent [Member] | ||
Balance | 5,766 | 5,588 |
Other comprehensive income before reclassifications | 719 | 1,908 |
Amounts reclassified from AOCI | ||
Net current-period other comprehensive income | 719 | 1,908 |
Balance at the end of the year | $ 6,485 | $ 7,496 |