Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 17, 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) | 425,636,328 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Assets: | |||
Operating real estate, net of accumulated depreciation of $2,398,558 and $2,278,292 respectively | $ 9,543,381 | $ 9,394,755 | |
Investments in and advances to real estate joint ventures | 506,449 | 504,209 | |
Real estate under development | 418,612 | 335,028 | |
Other real estate investments | 210,246 | 209,146 | |
Mortgages and other financing receivables | 22,495 | 23,197 | |
Cash and cash equivalents | 143,099 | 142,486 | |
Marketable securities | 14,487 | 8,101 | |
Accounts and notes receivable, net | 176,907 | 181,823 | |
Other assets | 522,644 | 431,855 | |
Total assets (1) | [1] | 11,558,320 | 11,230,600 |
Liabilities: | |||
Notes payable, net | 4,520,055 | 3,927,251 | |
Mortgages payable, net | 870,125 | 1,139,117 | |
Declaration of dividends paid in succeeding period | 124,679 | 124,517 | |
Other liabilities | 521,797 | 549,888 | |
Total liabilities (2) | [2] | 6,036,656 | 5,740,773 |
Redeemable noncontrolling interests | 96,062 | 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 425,637,458 and 425,034,113 shares, respectively | 4,256 | 4,250 | |
Paid-in capital | 5,930,633 | 5,922,958 | |
Cumulative distributions in excess of net income | (709,671) | (676,867) | |
Accumulated other comprehensive income | 6,073 | 5,766 | |
Total stockholders' equity | 5,231,323 | 5,256,139 | |
Noncontrolling interests | 194,279 | 146,735 | |
Total equity | 5,425,602 | 5,402,874 | |
Total liabilities and equity | $ 11,558,320 | $ 11,230,600 | |
[1] | Includes restricted assets of consolidated variable interest entities ("VIEs") at June 30, 2017 and December 31, 2016 of $654,588 and $333,705, respectively. See Footnote 6 of the Notes to Condensed Consolidated Financial Statements. | ||
[2] | Includes non-recourse liabilities of consolidated VIEs at June 30, 2017 and December 31, 2016 of $406,909 and $176,216, respectively. See Footnote 6 of the Notes to Condensed Consolidated Financial Statements. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Operating real estate, accumulated depreciation | $ 2,398,558,000 | $ 2,278,292,000 |
Assets of Consolidated Variable Interest Entities | 654,588,000 | 333,705,000 |
Liabilities of Consolidated Variable Interest Entities | $ 406,909,000 | $ 176,216,000 |
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) | 425,637,458 | 425,034,113 |
Common stock, shares outstanding (in shares) | 425,637,458 | 425,034,113 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues | ||||
Revenues from rental properties | $ 292,843 | $ 287,115 | $ 582,234 | $ 580,206 |
Management and other fee income | 4,333 | 4,373 | 8,530 | 8,484 |
Total revenues | 297,176 | 291,488 | 590,764 | 588,690 |
Operating expenses | ||||
Rent | 2,765 | 2,728 | 5,548 | 5,546 |
Real estate taxes | 38,747 | 35,791 | 77,016 | 70,263 |
Operating and maintenance | 35,435 | 33,223 | 69,665 | 67,776 |
General and administrative | 27,233 | 29,928 | 57,807 | 61,857 |
Provision for doubtful accounts | 2,096 | 1,185 | 3,500 | 4,660 |
Impairment charges | 31,336 | 58,053 | ||
Depreciation and amortization | 95,270 | 82,753 | 187,344 | 167,609 |
Total operating expenses | 231,265 | 237,821 | 432,216 | 435,764 |
Operating income | 65,911 | 53,667 | 158,548 | 152,926 |
Other income/(expense) | ||||
Other income/(expense), net | 1,439 | (1,012) | 2,712 | (1,182) |
Interest expense | (46,090) | (50,479) | (92,572) | (102,930) |
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 | 21,260 | 2,176 | 68,688 | 48,814 |
Benefit/(provision) for income taxes, net | 1,034 | 246 | 1,527 | (11,866) |
Gain on change in control of interests | 60,972 | 46,512 | 71,160 | 46,512 |
Equity in income of joint ventures, net | 13,200 | 108,700 | 27,902 | 178,618 |
Income from continuing operations | 134,791 | 165,578 | 211,320 | 280,836 |
Gain on sale of operating properties, net of tax | 19,883 | 39,268 | 21,569 | 66,164 |
Net income | 154,674 | 204,846 | 232,889 | 347,000 |
Net income attributable to noncontrolling interests | (11,258) | (1,437) | (12,740) | (2,878) |
Net income attributable to the Company | 143,416 | 203,409 | 220,149 | 344,122 |
Preferred stock dividends | (11,555) | (11,555) | (23,110) | (23,110) |
Net income available to the Company's common shareholders | $ 131,861 | $ 191,854 | $ 197,039 | $ 321,012 |
Net income available to the Company: | ||||
-Basic (in dollars per share) | $ 0.31 | $ 0.46 | $ 0.46 | $ 0.77 |
-Diluted (in dollars per share) | $ 0.31 | $ 0.46 | $ 0.46 | $ 0.77 |
Weighted average shares: | ||||
-Basic (in shares) | 423,650 | 417,748 | 423,516 | 415,189 |
-Diluted (in shares) | 424,944 | 419,302 | 424,084 | 416,732 |
Joint Ventures [Member] | ||||
Other income/(expense) | ||||
Equity in income of joint ventures, net | $ 13,169 | $ 108,685 | $ 27,902 | $ 178,618 |
Other Real Estate Investments [Member] | ||||
Other income/(expense) | ||||
Equity in income of joint ventures, net | 38,356 | 7,959 | 42,043 | 18,758 |
Continuing Operations [Member] | ||||
Operating expenses | ||||
Impairment charges | $ 29,719 | $ 52,213 | $ 31,336 | $ 58,053 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 154,674 | $ 204,846 | $ 232,889 | $ 347,000 |
Other comprehensive income: | ||||
Change in unrealized loss/gain on marketable securities | (1,647) | (35) | (1,619) | (33) |
Change in unrealized loss on interest rate swaps | 17 | (155) | 205 | (759) |
Change in foreign currency translation adjustment | 1,218 | (156) | 1,721 | 2,354 |
Other comprehensive income: | (412) | (346) | 307 | 1,562 |
Comprehensive income | 154,262 | 204,500 | 233,196 | 348,562 |
Comprehensive income attributable to noncontrolling interests | (11,258) | (1,437) | (12,740) | (2,878) |
Comprehensive income attributable to the Company | $ 143,004 | $ 203,063 | $ 220,456 | $ 345,684 |
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 |
Dividends | $ (237,135) | $ (237,135) | $ (237,135) | |||||
Distributions to noncontrolling interests | (6,299) | (6,299) | ||||||
Issuance of common stock (in shares) | 5,839 | |||||||
Issuance of common stock | $ 59 | 139,068 | 139,127 | 139,127 | ||||
Surrender of restricted stock (in shares) | (251) | |||||||
Surrender of restricted stock | $ (3) | (6,439) | (6,442) | (6,442) | ||||
Exercise of common stock options (in shares) | 979 | |||||||
Exercise of common stock options | $ 10 | 17,462 | 17,472 | 17,472 | ||||
Amortization of equity awards | 9,121 | 9,121 | 9,121 | |||||
Balance at the end of the year at Jun. 30, 2016 | (465,348) | 7,150 | $ 32 | $ 4,200 | 5,768,093 | 5,314,127 | 130,558 | 5,444,685 |
Balance at the beginning of the year (in shares) at Dec. 31, 2015 | 32 | 413,431 | ||||||
Balance at the beginning of the year at Dec. 31, 2015 | (572,335) | 5,588 | $ 32 | $ 4,134 | 5,608,881 | 5,046,300 | 135,651 | 5,181,951 |
Contributions/deemed contributions from noncontrolling interests | 475 | 475 | ||||||
Comprehensive income: | ||||||||
Net income | 344,122 | 344,122 | 2,878 | 347,000 | ||||
Other comprehensive income, net of tax: | ||||||||
Change in unrealized loss/gain on marketable securities | (33) | (33) | (33) | |||||
Change in unrealized loss on interest rate swaps | (759) | (759) | (759) | |||||
Change in foreign currency translation adjustment | 2,354 | 2,354 | 2,354 | |||||
Redeemable noncontrolling interests income | (2,147) | (2,147) | ||||||
Balance at the end of the year (in shares) at Jun. 30, 2016 | 32 | 419,998 | ||||||
Dividends | (252,953) | (252,953) | (252,953) | |||||
Distributions to noncontrolling interests | (12,691) | (12,691) | ||||||
Issuance of common stock (in shares) | 776 | |||||||
Issuance of common stock | $ 8 | (8) | ||||||
Surrender of restricted stock (in shares) | (224) | |||||||
Surrender of restricted stock | $ (2) | (5,322) | (5,324) | (5,324) | ||||
Exercise of common stock options (in shares) | 51 | |||||||
Exercise of common stock options | 973 | 973 | 973 | |||||
Amortization of equity awards | 12,032 | 12,032 | 12,032 | |||||
Balance at the end of the year at Jun. 30, 2017 | (709,671) | 6,073 | $ 32 | $ 4,256 | 5,930,633 | 5,231,323 | 194,279 | 5,425,602 |
Balance at the beginning of the year (in shares) at Dec. 31, 2016 | 32 | 425,034 | ||||||
Balance at the beginning of the year at Dec. 31, 2016 | (676,867) | 5,766 | $ 32 | $ 4,250 | $ 5,922,958 | 5,256,139 | 146,735 | 5,402,874 |
Contributions/deemed contributions from noncontrolling interests | 48,604 | 48,604 | ||||||
Comprehensive income: | ||||||||
Net income | $ 220,149 | 220,149 | 12,740 | 232,889 | ||||
Other comprehensive income, net of tax: | ||||||||
Change in unrealized loss/gain on marketable securities | (1,619) | (1,619) | (1,619) | |||||
Change in unrealized loss on interest rate swaps | 205 | 205 | 205 | |||||
Change in foreign currency translation adjustment | $ 1,721 | $ 1,721 | 1,721 | |||||
Redeemable noncontrolling interests income | $ (1,109) | $ (1,109) | ||||||
Balance at the end of the year (in shares) at Jun. 30, 2017 | 32 | 425,637 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flow from operating activities: | ||
Net income | $ 232,889 | $ 347,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 187,344 | 167,609 |
Impairment charges | 31,336 | 58,053 |
Equity award expense | 13,775 | 11,552 |
Gain on sale of operating properties | (21,569) | (72,101) |
Gain on change in control of interests | (71,160) | (46,512) |
Equity in income of joint ventures, net | (27,902) | (178,618) |
Equity in income from other real estate investments, net | (42,043) | (18,758) |
Distributions from joint ventures and other real estate investments | 27,678 | 54,029 |
Change in accounts and notes receivable | 4,916 | 2,551 |
Change in accounts payable and accrued expenses | (10,506) | (4,697) |
Change in Canadian withholding tax receivable | (507) | (66,911) |
Change in other operating assets and liabilities | (24,217) | (37,350) |
Net cash flow provided by operating activities | 300,034 | 215,847 |
Cash flow from investing activities: | ||
Acquisition of operating real estate and other related net assets | (56,036) | (95,801) |
Improvements to operating real estate | (81,280) | (70,333) |
Acquisition of real estate under development | (10,010) | (50,778) |
Improvements to real estate under development | (91,729) | (18,448) |
Investment in marketable securities | (9,822) | (1,325) |
Proceeds from sale of marketable securities | 1,846 | 1,850 |
Investments in and advances to real estate joint ventures | (22,704) | (26,160) |
Reimbursements of investments in and advances to real estate joint ventures | 15,793 | 56,431 |
Distributions from liquidation of real estate joint ventures | 136,005 | |
Return of investment from liquidation of real estate joint ventures | 149,296 | |
Investment in other real estate investments | (569) | (233) |
Reimbursements of investments and advances to other real estate investments | 39,751 | 10,475 |
Collection of mortgage loans receivable | 514 | 461 |
Reimbursements of other investments | 500 | |
Proceeds from sale of operating properties | 66,803 | 214,858 |
Proceeds from sale of development properties | 4,551 | |
Net cash flow (used for)/provided by investing activities | (147,443) | 311,349 |
Cash flow from financing activities: | ||
Principal payments on debt, excluding normal amortization of rental property debt | (463,572) | (233,303) |
Principal payments on rental property debt | (8,129) | (10,380) |
Proceeds from unsecured revolving credit facility, net | 449,958 | 100,019 |
Proceeds from issuance of unsecured notes | 400,000 | 150,000 |
Repayments under unsecured term loan/notes | (250,000) | (300,000) |
Financing origination costs | (14,936) | (4,697) |
Payment of early extinguishment of debt charges | (708) | |
Change in tenants' security deposits | 640 | 963 |
Contributions from noncontrolling interests | 1,284 | |
Conversion/distribution of noncontrolling interests | (14,695) | (2,572) |
Dividends paid | (252,793) | (235,458) |
Proceeds from issuance of stock, net | 973 | 156,513 |
Net cash flow used for financing activities | (151,978) | (378,915) |
Change in cash and cash equivalents | 613 | 148,281 |
Cash and cash equivalents, beginning of period | 142,486 | 189,534 |
Cash and cash equivalents, end of period | 143,099 | 337,815 |
Interest paid during the period (net of capitalized interest of $6,442 and $3,762, respectively) | 96,306 | 111,761 |
Income taxes paid during the period (net of refunds received of $2,082 and $18,723, respectively) | $ 1,325 | $ 94,639 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash paid for capitalized interest | $ 6,442 | $ 3,762 |
Refunds received | $ 2,082 | $ 18,723 |
Note 1 - Interim Financial Stat
Note 1 - Interim Financial Statements | 6 Months Ended |
Jun. 30, 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 not not 100 may not not not 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 audited Annual Report on Form 10 December 31, 2016 ( “10 10 June 30, 2017, 10 not Subsequent Events - The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the condensed consolidated financial statements (see Footnote 10 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 Six Months Ended June 30, June 30, 2017 2016 2017 2 01 6 Computation of Basic and Diluted Earnings Per Share: Net income available to the Company's common shareholders $ 131,861 $ 191,854 $ 197,039 $ 321,012 Earnings attributable to participating securities (647 ) (1,067 ) (1,070 ) (1,701 ) Net income available to the Company’s common shareholders for basic earnings per share 131,214 190,787 195,969 319,311 Distributions on convertible units 259 28 29 47 Net income available to the Company’s common shareholders for diluted earnings per share $ 131,473 $ 190,815 $ 195,998 $ 319,358 Weighted average common shares outstanding – basic 423,650 417,748 423,516 415,189 Effect of dilutive securities (a): Equity awards 432 1,457 505 1,450 Assumed conversion of convertible units 862 97 63 93 Weighted average common shares outstanding – diluted 424,944 419,302 424,084 416,732 Net income available to the Company's common shareholders: Basic earnings per share $ 0.31 $ 0.46 $ 0.46 $ 0.77 Diluted earnings per share $ 0.31 $ 0.46 $ 0.46 $ 0.77 (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 4,010,883 5,108,530 not June 30, 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 – The following table represents Accounting Standard Updates (“ASU”) to the FASB’s Accounting Standards Codification (“ASC”) that are not not ASU Description Effective Date Effect on the financial statements or other significant matters ASU 2017 09, 718 The amendment provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. January 1, 2018; The adoption is not ASU 2017 05, 610 20” The amendment clarifies that a financial asset is within the scope of Subtopic 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 January 1, 2018; 2014 09 Upon adoption, the Company will appropriately apply the guidance to prospective disposals of nonfinancial assets within the scope of Subtopic 610 20. ASU 2016 13, 326 The new guidance introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016 13 January 1, 2020; The adoption is not ASU 2014 09, 606 ASU 2015 14, 606 ASU 2016 08, 606 ASU 2016 10, 606 ASU 2016 12, 606 ASU 2014 09 2014 09, may 2014 09 first December 15, 2016, not In August 2015, 2015 14, 2014 09 one first December 15, 2017. Subsequently, in March 2016, 2016 08, April 2016, 2016 10, Additionally, in May 2016, 2016 12, January 1, 2018; January 1, 2017 The Company’s revenue-producing contracts are primarily leases that are not 2016 02 not not ASU 2016 02, 842 This ASU 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 12 12 2016 02 840 January 1, 2019; The Company continues to evaluate the effect the adoption will have on the Company’s financial position and/or results of operations. However, the Company currently believes that the adoption will not 606 2016 02. not The following ASU’s to the FASB’s ASC have been adopted by the Company: ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2017 01, 805 The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. January 1, 2017; The Company’s operating property acquisitions during the six June 30, 2017, 360, 805 ASU 2016 09, 718 The update simplifies several aspects of accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. January 1, 2017 The adoption did not |
Note 2 - Operating Property Act
Note 2 - Operating Property Activities | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Operating Property Activities Acquisitions of Operating Real Estate - During the six June 30, 2017, Purchase Price (in thousands) Property Name Location Month Acquired / Consolidated Cash Debt Other Consideration* Total GLA* * Plantation Commons Plantation, FL (1)(3) Jan-17 $ - $ - $ 12,300 $ 12,300 60 Gordon Plaza Woodbridge, VA (1)(3) 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 The District at Tustin Legacy Tustin, CA (2)(3) Apr-17 - 206,000 98,698 304,698 688 $ 44,163 $ 206,000 $ 114,098 $ 364,261 1,099 * Includes the Company’s previously held equity interest investment ** Gross leasable area ("GLA") ( 1 The Company acquired from 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. ( 2 Effective April 1, 2017, ( 3 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 The District at Tustin Legacy (a) 60,972 $ 71,160 (a) The Company’s share of this investment is subject to change and dependent upon property cash flows ( 54.27% Included in the Company’s Condensed Consolidated Statements of Income are $7.3 $4.8 June 30, 2017 2016, The Company adopted ASU 2017 01 January 1, 2017 six June 30, 2017. The purchase price allocations for properties acquired/consolidated during the six June 30, 2017, Land $ 120,645 Buildings 192,428 Above-market leases 11,697 Below-market leases (7,129 ) In-place leases 27,170 Building improvements 16,218 Tenant improvements 7,665 Mortgage fair value adjustment (6,222 ) Other assets 5,090 Other liabilities (3,301 ) Net assets acquired $ 364,261 As of June 30, 2017, December 31, 2016, Allocation as of December 31, 2016 Allocation Adjustments Revised Allocation as of June 30 , 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– During the six June 30, 2017, 11 five $157.3 $21.6 $2.4 Impairments – During the six June 30, 2017, $31.3 $2.4 $12.7 $16.2 third 11 |
Note 3 - Real Estate Under Deve
Note 3 - Real Estate Under Development | 6 Months Ended |
Jun. 30, 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 June 30, 2017, five two The costs incurred to date for these real estate development projects are as follows (in thousands): Property Name Location June 30 , 2017 December 31, 2016 Grand Parkway Marketplace (1) Spring, TX $ 129,414 $ 94,841 Dania Pointe (2) Dania Beach, FL 126,790 107,113 Promenade at Christiana New Castle, DE 28,734 25,521 Owings Mills Owings Mills, MD 28,226 25,119 Lincoln Square (3) Philadelphia, PA 47,481 - Avenues Walk (4) Jacksonville, FL 48,573 73,048 Staten Island Plaza (5) Staten Island, NY 9,394 9,386 $ 418,612 $ 335,028 ( 1 During the six June 30, 2017, $2.9 ( 2 Includes $45.9 ( 3 During the six June 30, 2017, 90% 10% $10.0 6 ( 4 Effective April 1, 2017, $24.5 ( 5 Land held for future development. During the six June 30, 2017, $5.2 $1.2 $2.2 |
Note 4 - Investments In and Adv
Note 4 - Investments In and Advances to Real Estate Joint Ventures | 6 Months Ended |
Jun. 30, 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 June 30, 2017 December 31, 2016 ( As of June 30 , 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% 46 179.2 15.0% 48 $ 182.5 Kimco Income Opportunity Portfolio (“KIR”) (2) 48.6% 44 146.8 48.6% 45 145.2 Canada Pension Plan Investment Board (“CPP”) (2) 55.0% 5 119.5 55.0% 5 111.8 Other Joint Venture Programs Various 31 60.9 Various 37 64.7 Total * 126 $ 506.4 135 $ 504.2 * Representing 24.6 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 six June 30, 2017 2016 Three Months Ended June 30, Six Months Ended June 30, 201 7 2016 2017 2016 KimPru and KimPru II $ 3.2 $ 3.1 $ 6.5 $ 5.3 KIR 7.2 12.1 16.6 19.5 CPP 1.3 0.9 2.9 4.8 Other Joint Venture Programs 1.5 92.6 1.9 149.0 Total $ 13.2 $ 108.7 $ 27.9 $ 178.6 During the six June 30, 2017, six one $49.3 $0.1 six June 30, 2017. six June 30, 2017, three $320.1 2 During the six June 30, 2016, 33 $859.0 $143.2 six June 30, 2016. six June 30, 2016, one one $299.2 The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at June 30, 2017 December 31, 2016 ( As of June 30, 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 $ 628.1 3.34 % 66.0 $ 647.4 3.07 % 67.5 KIR 735.8 4.62 % 49.9 746.5 4.64 % 54.9 CPP 84.9 2.55 % 10.0 84.8 2.17 % 16.0 Other Joint Venture Programs 289.9 4.33 % 32.9 584.3 5.40 % 23.4 Total $ 1,738.7 $ 2,063.0 * Includes extension options |
Note 5 - Other Real Estate Inve
Note 5 - Other Real Estate Investments | 6 Months Ended |
Jun. 30, 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 June 30, 2017, $194.6 359 345 six June 30, 2017, $7.4 six June 30, 2016, $18.7 $10.0 four Kimsouth (Albertsons)- Kimsouth Realty Inc. (“Kimsouth”) is a wholly-owned subsidiary of the Company. KRS AB Acquisition, LLC (the “ABS Venture”) is a subsidiary of Kimsouth that has a 14.35% 9.8% During June 2017, $34.6 $23.7 $10.9 two |
Note 6 - Variable Interest Enti
Note 6 - Variable Interest Entities ("VIE") | 6 Months Ended |
Jun. 30, 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 June 30, 2017, 24 not not June 30, 2017, $1.2 $390.5 The majority of the operations of these VIEs are funded with cash flows generated from the properties. The Company has not not may Additionally, included within the Company’s real estate development projects at June 30, 2017, three not not June 30, 2017, $253.4 $16.4 Substantially all the projected development costs to be funded for these three $168.4 not not All liabilities of these VIEs are non-recourse to the Company (“VIE Liabilities”). Of the 27 22 not five third five June 30 , 2017 December 31, 2016 Restricted Assets: Real estate, net $ 634.1 $ 326.9 Cash and cash equivalents 9.4 3.8 Accounts and notes receivable, net 2.3 1.6 Other assets 8.8 1.4 Total Restricted Assets $ 654.6 $ 333.7 VIE Liabilities: Mortgages payable, net $ 347.2 $ 138.6 Other liabilities 59.7 37.6 Total VIE Liabilities $ 406.9 $ 176.2 |
Note 7 - Mortgages and Other Fi
Note 7 - Mortgages and Other Financing Receivables | 6 Months Ended |
Jun. 30, 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 June 30, 2017, 11 $22.5 |
Note 8 - Marketable Securities
Note 8 - Marketable Securities | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 8. Marketable Securities During the six June 30, 2017, $9.8 June 30, 2017, $14.5 $1.2 |
Note 9 - Notes and Mortgages Pa
Note 9 - Notes and Mortgages Payable | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Notes and Mortgages Payable Notes Payable - In February 2017, $2.25 March 2021, two six March 2022. 87.5 2.10% June 30, 2017), $2.75 $1.75 March 2018. $500.0 June 30, 2017, $475.0 $0.5 During the six June 30, 2017, Date Issued Maturity Date Amount Issued Interest Rate Mar-17 April-27 $ 400.0 3.80 % During the six June 30, 2017, Type Date Paid Amount Repaid 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 six June 30, 2017, $212.2 $6.2 $465.5 $1.9 22 |
Note 10 - Redeemable Noncontrol
Note 10 - Redeemable Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 10. Redeemable Noncontrolling Interests Redeemable noncontrolling interests includes amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. Partnership units which are determined to be 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 six June 30, 2017 2016 2017 2016 Balance at January 1, $ 86,953 $ 86,709 Issuance of redeemable partnership interests (1) 10,000 - Income (2) 1,109 2,147 Distributions (2,000 ) (2,082 ) Balance at June 30, $ 96,062 $ 86,774 ( 1 During the six June 30, 2017, 90% 10% 3 ( 2 Includes $1.0 six June 30, 2017. During July 2017, 79,642,697 $79.9 $0.4 $1.00 5.0%, 2006 seven |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. Fair Value Measurements All financial instruments of the Company are reflected in the accompanying Condensed Consolidated Balance Sheets at amounts which, in management’s estimation, based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values except those listed below, for which fair values are disclosed. The valuation method used to estimate fair value for fixed-rate and variable-rate debt is based on discounted cash flow analyses, with assumptions that include credit spreads, market yield curves, trading activity, loan amounts and debt maturities. The fair values for marketable securities are based on published values, securities dealers’ estimated market values or comparable market sales. Such fair value estimates are not 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): June 30 , 2017 December 31, 201 6 Carrying Amounts Estimated Fair Value Carrying Amounts Estimated Fair Value Notes payable, net (1) $ 4,520,055 $ 4,476,466 $ 3,927,251 $ 3,890,797 Mortgages payable, net (2) $ 870,125 $ 872,448 $ 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 The tables below present the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2017 December 31, 2016, Balance at June 30 , 2017 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 12,953 $ 12,953 $ - $ - Liabilities: Interest rate swaps $ 770 $ - $ 770 $ - 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 June 30, 2017 and December 31, 2016, Balance at June 30 , 2017 Level 1 Level 2 Level 3 Real estate $ 40,098 $ - $ - $ 40,098 Balance at December 31, 201 6 Level 1 Level 2 Level 3 Real estate $ 117,930 $ - $ - $ 117,930 During the six June 30, 2017 2016 , the Company recognized impairment charges related to adjustments to property carrying values of $31.3 $58.1 third not third 8.50% 10.00% 3 2 |
Note 12 - Preferred Stock and C
Note 12 - Preferred Stock and Common Stock | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 12. Preferred Stock and Common Stock The Company’s outstanding Preferred Stock is detailed below: As of June 30, 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, three may $0.01 $500.0 may 415 1933, not six June 30, 2017. June 30, 2017, $211.9 |
Note 13 - Supplemental Schedule
Note 13 - Supplemental Schedule of Non-cash Investing / Financing Activities | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 13. Supplemental Schedule of Non-Cash Investing / Financing Activities The following schedule summarizes the non-cash investing and financing activities of the Company for the six June 30, 2017 2016 201 7 201 6 Proceeds held in escrow through sale of real estate interests $ 89,770 $ 62,038 Issuance of common stock $ - $ 85 Surrender of restricted common stock $ (5,324 ) $ (6,442 ) Declaration of dividends paid in succeeding period $ 124,679 $ 116,857 Capital expenditures accrual $ 45,898 $ 15,021 Deemed contribution from noncontrolling interest $ 10,000 $ - Consolidation of Joint Ventures: Increase in real estate and other assets $ 325,981 $ 211,457 Increase in mortgages payable, other liabilities and non-controlling interests $ 258,626 $ 100,475 |
Note 14 - Incentive Plans
Note 14 - Incentive Plans | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 14. 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 $13.8 $11.6 six June 30, 2017 2016, June 30, 2017, $37.0 3.1 |
Note 15 - Accumulated Other Com
Note 15 - Accumulated Other Comprehensive Income ("AOCI") | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 15. Accumulated Other Comprehensive Income (“AOCI”) The following tables display the change in the components of accumulated other comprehensive income for the six June 30, 2017 2016: Foreign Currency Translation Adjustments Unrealized Gain /(Loss) 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 1,721 (1,619 ) 205 307 Amounts reclassified from AOCI - - - - Net current-period other comprehensive income 1,721 (1,619 ) 205 307 Balance as of June 30, 2017 $ 8,056 $ (1,213 ) $ (770 ) $ 6,073 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 2,354 (33 ) (759 ) 1,562 Amounts reclassified from AOCI - - - - Net current-period other comprehensive income 2,354 (33 ) (759 ) 1,562 Balance as of June 30, 2016 $ 8,970 $ 365 $ (2,185 ) $ 7,150 At June 30, 2017, $8.1 2015, may, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 not not 100 may not not not |
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 audited Annual Report on Form 10 December 31, 2016 ( “10 10 June 30, 2017, 10 not |
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 Footnote 10 |
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 Six Months Ended June 30, June 30, 2017 2016 2017 2 01 6 Computation of Basic and Diluted Earnings Per Share: Net income available to the Company's common shareholders $ 131,861 $ 191,854 $ 197,039 $ 321,012 Earnings attributable to participating securities (647 ) (1,067 ) (1,070 ) (1,701 ) Net income available to the Company’s common shareholders for basic earnings per share 131,214 190,787 195,969 319,311 Distributions on convertible units 259 28 29 47 Net income available to the Company’s common shareholders for diluted earnings per share $ 131,473 $ 190,815 $ 195,998 $ 319,358 Weighted average common shares outstanding – basic 423,650 417,748 423,516 415,189 Effect of dilutive securities (a): Equity awards 432 1,457 505 1,450 Assumed conversion of convertible units 862 97 63 93 Weighted average common shares outstanding – diluted 424,944 419,302 424,084 416,732 Net income available to the Company's common shareholders: Basic earnings per share $ 0.31 $ 0.46 $ 0.46 $ 0.77 Diluted earnings per share $ 0.31 $ 0.46 $ 0.46 $ 0.77 (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 4,010,883 5,108,530 not June 30, 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 – The following table represents Accounting Standard Updates (“ASU”) to the FASB’s Accounting Standards Codification (“ASC”) that are not not ASU Description Effective Date Effect on the financial statements or other significant matters ASU 2017 09, 718 The amendment provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. January 1, 2018; The adoption is not ASU 2017 05, 610 20” The amendment clarifies that a financial asset is within the scope of Subtopic 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 January 1, 2018; 2014 09 Upon adoption, the Company will appropriately apply the guidance to prospective disposals of nonfinancial assets within the scope of Subtopic 610 20. ASU 2016 13, 326 The new guidance introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016 13 January 1, 2020; The adoption is not ASU 2014 09, 606 ASU 2015 14, 606 ASU 2016 08, 606 ASU 2016 10, 606 ASU 2016 12, 606 ASU 2014 09 2014 09, may 2014 09 first December 15, 2016, not In August 2015, 2015 14, 2014 09 one first December 15, 2017. Subsequently, in March 2016, 2016 08, April 2016, 2016 10, Additionally, in May 2016, 2016 12, January 1, 2018; January 1, 2017 The Company’s revenue-producing contracts are primarily leases that are not not not ASU 2016 02, 842 This ASU 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 12 12 2016 02 840 January 1, 2019; The Company continues to evaluate the effect the adoption will have on the Company’s financial position and/or results of operations. However, the Company currently believes that the adoption will not 606 2016 02. not The following ASU’s to the FASB’s ASC have been adopted by the Company: ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2017 01, 805 The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. January 1, 2017; The Company’s operating property acquisitions during the six June 30, 2017, 360, 805 ASU 2016 09, 718 The update simplifies several aspects of accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. January 1, 2017 The adoption did not |
Note 1 - Interim Financial St25
Note 1 - Interim Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2 01 6 Computation of Basic and Diluted Earnings Per Share: Net income available to the Company's common shareholders $ 131,861 $ 191,854 $ 197,039 $ 321,012 Earnings attributable to participating securities (647 ) (1,067 ) (1,070 ) (1,701 ) Net income available to the Company’s common shareholders for basic earnings per share 131,214 190,787 195,969 319,311 Distributions on convertible units 259 28 29 47 Net income available to the Company’s common shareholders for diluted earnings per share $ 131,473 $ 190,815 $ 195,998 $ 319,358 Weighted average common shares outstanding – basic 423,650 417,748 423,516 415,189 Effect of dilutive securities (a): Equity awards 432 1,457 505 1,450 Assumed conversion of convertible units 862 97 63 93 Weighted average common shares outstanding – diluted 424,944 419,302 424,084 416,732 Net income available to the Company's common shareholders: Basic earnings per share $ 0.31 $ 0.46 $ 0.46 $ 0.77 Diluted earnings per share $ 0.31 $ 0.46 $ 0.46 $ 0.77 |
Note 2 - Operating Property A26
Note 2 - Operating Property Activities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Purchase Price (in thousands) Property Name Location Month Acquired / Consolidated Cash Debt Other Consideration* Total GLA* * Plantation Commons Plantation, FL (1)(3) Jan-17 $ - $ - $ 12,300 $ 12,300 60 Gordon Plaza Woodbridge, VA (1)(3) 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 The District at Tustin Legacy Tustin, CA (2)(3) Apr-17 - 206,000 98,698 304,698 688 $ 44,163 $ 206,000 $ 114,098 $ 364,261 1,099 |
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 The District at Tustin Legacy (a) 60,972 $ 71,160 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Land $ 120,645 Buildings 192,428 Above-market leases 11,697 Below-market leases (7,129 ) In-place leases 27,170 Building improvements 16,218 Tenant improvements 7,665 Mortgage fair value adjustment (6,222 ) Other assets 5,090 Other liabilities (3,301 ) Net assets acquired $ 364,261 Allocation as of December 31, 2016 Allocation Adjustments Revised Allocation as of June 30 , 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) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Real Estate Held for Development [Table Text Block] | Property Name Location June 30 , 2017 December 31, 2016 Grand Parkway Marketplace (1) Spring, TX $ 129,414 $ 94,841 Dania Pointe (2) Dania Beach, FL 126,790 107,113 Promenade at Christiana New Castle, DE 28,734 25,521 Owings Mills Owings Mills, MD 28,226 25,119 Lincoln Square (3) Philadelphia, PA 47,481 - Avenues Walk (4) Jacksonville, FL 48,573 73,048 Staten Island Plaza (5) Staten Island, NY 9,394 9,386 $ 418,612 $ 335,028 |
Note 4 - Investments In and A28
Note 4 - Investments In and Advances to Real Estate Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | As of June 30 , 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% 46 179.2 15.0% 48 $ 182.5 Kimco Income Opportunity Portfolio (“KIR”) (2) 48.6% 44 146.8 48.6% 45 145.2 Canada Pension Plan Investment Board (“CPP”) (2) 55.0% 5 119.5 55.0% 5 111.8 Other Joint Venture Programs Various 31 60.9 Various 37 64.7 Total * 126 $ 506.4 135 $ 504.2 |
Joint Venture Investments Accounted For Under The Equity Method Debt Details [Table Text Block] | As of June 30, 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 $ 628.1 3.34 % 66.0 $ 647.4 3.07 % 67.5 KIR 735.8 4.62 % 49.9 746.5 4.64 % 54.9 CPP 84.9 2.55 % 10.0 84.8 2.17 % 16.0 Other Joint Venture Programs 289.9 4.33 % 32.9 584.3 5.40 % 23.4 Total $ 1,738.7 $ 2,063.0 |
Income [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 201 7 2016 2017 2016 KimPru and KimPru II $ 3.2 $ 3.1 $ 6.5 $ 5.3 KIR 7.2 12.1 16.6 19.5 CPP 1.3 0.9 2.9 4.8 Other Joint Venture Programs 1.5 92.6 1.9 149.0 Total $ 13.2 $ 108.7 $ 27.9 $ 178.6 |
Note 6 - Variable Interest En29
Note 6 - Variable Interest Entities ("VIE") (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | June 30 , 2017 December 31, 2016 Restricted Assets: Real estate, net $ 634.1 $ 326.9 Cash and cash equivalents 9.4 3.8 Accounts and notes receivable, net 2.3 1.6 Other assets 8.8 1.4 Total Restricted Assets $ 654.6 $ 333.7 VIE Liabilities: Mortgages payable, net $ 347.2 $ 138.6 Other liabilities 59.7 37.6 Total VIE Liabilities $ 406.9 $ 176.2 |
Note 9 - Notes and Mortgages 30
Note 9 - Notes and Mortgages Payable (Tables) | 6 Months Ended |
Jun. 30, 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 Interest Rate Maturity Date Term Loan Jan-17 $ 250.0 (a) Jan-17 |
Note 10 - Redeemable Noncontr31
Note 10 - Redeemable Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 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 (2) 1,109 2,147 Distributions (2,000 ) (2,082 ) Balance at June 30, $ 96,062 $ 86,774 |
Note 11 - Fair Value Measurem32
Note 11 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30 , 2017 December 31, 201 6 Carrying Amounts Estimated Fair Value Carrying Amounts Estimated Fair Value Notes payable, net (1) $ 4,520,055 $ 4,476,466 $ 3,927,251 $ 3,890,797 Mortgages payable, net (2) $ 870,125 $ 872,448 $ 1,139,117 $ 1,141,047 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Balance at June 30 , 2017 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 12,953 $ 12,953 $ - $ - Liabilities: Interest rate swaps $ 770 $ - $ 770 $ - 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 June 30 , 2017 Level 1 Level 2 Level 3 Real estate $ 40,098 $ - $ - $ 40,098 Balance at December 31, 201 6 Level 1 Level 2 Level 3 Real estate $ 117,930 $ - $ - $ 117,930 |
Note 12 - Preferred Stock and33
Note 12 - Preferred Stock and Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | As of June 30, 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 13 - Supplemental Schedu34
Note 13 - Supplemental Schedule of Non-cash Investing / Financing Activities (Tables) | 6 Months Ended |
Jun. 30, 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 $ 89,770 $ 62,038 Issuance of common stock $ - $ 85 Surrender of restricted common stock $ (5,324 ) $ (6,442 ) Declaration of dividends paid in succeeding period $ 124,679 $ 116,857 Capital expenditures accrual $ 45,898 $ 15,021 Deemed contribution from noncontrolling interest $ 10,000 $ - Consolidation of Joint Ventures: Increase in real estate and other assets $ 325,981 $ 211,457 Increase in mortgages payable, other liabilities and non-controlling interests $ 258,626 $ 100,475 |
Note 15 - Accumulated Other C35
Note 15 - Accumulated Other Comprehensive Income ("AOCI") (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation Adjustments Unrealized Gain /(Loss) 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 1,721 (1,619 ) 205 307 Amounts reclassified from AOCI - - - - Net current-period other comprehensive income 1,721 (1,619 ) 205 307 Balance as of June 30, 2017 $ 8,056 $ (1,213 ) $ (770 ) $ 6,073 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 2,354 (33 ) (759 ) 1,562 Amounts reclassified from AOCI - - - - Net current-period other comprehensive income 2,354 (33 ) (759 ) 1,562 Balance as of June 30, 2016 $ 8,970 $ 365 $ (2,185 ) $ 7,150 |
Note 1 - Interim Financial St36
Note 1 - Interim Financial Statements (Details Textual) - shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,010,883 | 5,108,530 |
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 | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Net income available to the Company's common shareholders | $ 131,861 | $ 191,854 | $ 197,039 | $ 321,012 | |
Earnings attributable to participating securities | (647) | (1,067) | (1,070) | (1,701) | |
Net income available to the Company’s common shareholders for basic earnings per share | 131,214 | 190,787 | 195,969 | 319,311 | |
Distributions on convertible units | 259 | 28 | 29 | 47 | |
Net income available to the Company’s common shareholders for diluted earnings per share | $ 131,473 | $ 190,815 | $ 195,998 | $ 319,358 | |
Weighted average common shares outstanding – basic (in shares) | 423,650 | 417,748 | 423,516 | 415,189 | |
Effect of dilutive securities (a): | |||||
Equity awards (in shares) | [1] | 432 | 1,457 | 505 | 1,450 |
Assumed conversion of convertible units (in shares) | [1] | 862 | 97 | 63 | 93 |
Weighted average common shares outstanding – diluted (in shares) | 424,944 | 419,302 | 424,084 | 416,732 | |
-Basic (in dollars per share) | $ 0.31 | $ 0.46 | $ 0.46 | $ 0.77 | |
-Diluted (in dollars per share) | $ 0.31 | $ 0.46 | $ 0.46 | $ 0.77 | |
[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 | 6 Months Ended | |
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 7,300 | $ 4,800 |
Asset Impairment Charges | 31,336 | $ 58,053 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||
Proceeds from Sale of Real Estate | 157,300 | |
Gains (Losses) on Sales of Investment Real Estate | 21,600 | |
Asset Impairment Charges | $ 2,400 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Consolidated Operating Properties [Member] | ||
Number of Properties Disposed of | 11 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Out-Parcel Properties [Member] | ||
Number of Properties Disposed of | 5 | |
Disposal Group, Expected to Market for Sale, Not Discontinued Operations [Member] | ||
Asset Impairment Charges | $ 12,700 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Asset Impairment Charges | $ 16,200 | |
The District at Tustin Legacy [Member] | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 54.27% |
Note 2 - Operating Property A39
Note 2 - Operating Property Activities - Acquisition of Operating Properties (Details) ft² in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2017USD ($)ft² | ||
Purchase Price Debt Assumed | $ 206,000 | |
Purchase Price Other | 114,098 | [1] |
Purchase Price Total | $ 364,261 | |
Purchase Price GLA (Square Foot) | ft² | 1,099 | [2] |
Purchase Price Cash | $ 44,163 | |
Plantation Commons [Member] | ||
Purchase Price Debt Assumed | [3],[4] | |
Purchase Price Other | 12,300 | [1],[3],[4] |
Purchase Price Total | $ 12,300 | [3],[4] |
Purchase Price GLA (Square Foot) | ft² | 60 | [2],[3],[4] |
Purchase Price Cash | [3],[4] | |
Gordon Plaza [Member] | ||
Purchase Price Debt Assumed | [3],[4] | |
Purchase Price Other | 3,100 | [1],[3],[4] |
Purchase Price Total | $ 3,100 | [3],[4] |
Purchase Price GLA (Square Foot) | ft² | 184 | [2],[3],[4] |
Purchase Price Cash | [3],[4] | |
Plaza Del Prado [Member] | ||
Purchase Price Debt Assumed | ||
Purchase Price Other | [1] | |
Purchase Price Total | $ 39,063 | |
Purchase Price GLA (Square Foot) | ft² | 142 | [2] |
Purchase Price Cash | $ 39,063 | |
Columbia Crossing Parcel [Member] | ||
Purchase Price Debt Assumed | ||
Purchase Price Other | [1] | |
Purchase Price Total | $ 5,100 | |
Purchase Price GLA (Square Foot) | ft² | 25 | [2] |
Purchase Price Cash | $ 5,100 | |
The District at Tustin Legacy [Member] | ||
Purchase Price Debt Assumed | 206,000 | [4],[5] |
Purchase Price Other | 98,698 | [1],[4],[5] |
Purchase Price Total | $ 304,698 | [4],[5] |
Purchase Price GLA (Square Foot) | ft² | 688 | [2],[4],[5] |
Purchase Price Cash | [4],[5] | |
[1] | Includes the Company's previously held equity interest investment. | |
[2] | Gross leasable area ("GLA") | |
[3] | The Company acquired from 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. | |
[4] | 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): | |
[5] | Effective April 1, 2017, the Company and its partner amended its joint venture agreement relating to the Company's investment in this property. As a result of this amendment, the Company now controls the entity and consolidates the property. This entity is deemed to be a VIE for which the Company is the primary beneficiary. |
Note 2 - Operating Property A40
Note 2 - Operating Property Activities - Summary of Ownership Interest and Gain on Change of Interest (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Gain on change in control of interests, net | $ 71,160 |
Plantation Commons [Member] | |
Gain on change in control of interests, net | $ 9,793 |
Current ownership interest | 76.25% |
Gordon Plaza [Member] | |
Gain on change in control of interests, net | $ 395 |
Current ownership interest | 40.62% |
The District at Tustin Legacy [Member] | |
Gain on change in control of interests, net | $ 60,972 |
Current ownership interest | 54.27% |
Note 2 - Operating Property A41
Note 2 - Operating Property Activities - Purchase Price Allocation (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Business Acquisitions in 2017 [Member] | ||
Other assets | $ 5,090 | |
Other liabilities | (3,301) | |
Net assets acquired | 364,261 | |
Mortgage fair value adjustment | (6,222) | |
Business Acquisitions in 2017 [Member] | Above Market Leases [Member] | ||
Finite lived intangible assets | 11,697 | |
Business Acquisitions in 2017 [Member] | Below Market Leases [Member] | ||
Finite lived intangible liabilities | (7,129) | |
Business Acquisitions in 2017 [Member] | Leases, Acquired-in-Place [Member] | ||
Finite lived intangible assets | 27,170 | |
Business Acquisitions in 2017 [Member] | Tenant Improvements [Member] | ||
Finite lived intangible assets | 7,665 | |
Business Acquisitions in 2016 [member] | ||
Other assets | 234 | $ 234 |
Other liabilities | (27) | (27) |
Net assets acquired | 645,624 | 645,624 |
Mortgage fair value adjustment | (4,292) | (4,292) |
Business Acquisitions in 2016 [member] | Above Market Leases [Member] | ||
Intangible assets (liabilities) allocation adjustments | 885 | |
Finite lived intangible assets | 12,867 | 11,982 |
Business Acquisitions in 2016 [member] | Below Market Leases [Member] | ||
Intangible assets (liabilities) allocation adjustments | (4,716) | |
Finite lived intangible liabilities | (36,619) | (31,903) |
Business Acquisitions in 2016 [member] | Leases, Acquired-in-Place [Member] | ||
Intangible assets (liabilities) allocation adjustments | (1,063) | |
Finite lived intangible assets | 43,031 | 44,094 |
Land [Member] | Business Acquisitions in 2017 [Member] | ||
Property, plant and equipment | 120,645 | |
Land [Member] | Business Acquisitions in 2016 [member] | ||
Property, plant and equipment allocation adjustments | (5,150) | |
Property, plant and equipment | 174,000 | 179,150 |
Building [Member] | Business Acquisitions in 2017 [Member] | ||
Property, plant and equipment | 192,428 | |
Building [Member] | Business Acquisitions in 2016 [member] | ||
Property, plant and equipment allocation adjustments | (30,696) | |
Property, plant and equipment | 278,797 | 309,493 |
Building Improvements [Member] | Business Acquisitions in 2017 [Member] | ||
Property, plant and equipment | 16,218 | |
Building Improvements [Member] | Business Acquisitions in 2016 [member] | ||
Property, plant and equipment allocation adjustments | 41,895 | |
Property, plant and equipment | 166,000 | 124,105 |
Tenant Improvements [Member] | Business Acquisitions in 2016 [member] | ||
Intangible assets (liabilities) allocation adjustments | (1,155) | |
Finite lived intangible assets | $ 11,633 | $ 12,788 |
Note 3 - Real Estate Under De42
Note 3 - Real Estate Under Development (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Apr. 01, 2017 | Dec. 31, 2016 | ||
Development in Process | $ 418,612 | $ 335,028 | |||
Payments to Acquire Real Estate | 56,036 | $ 95,801 | |||
Real Estate Investment Property, Net | 9,543,381 | 9,394,755 | |||
Real Estate Inventory, Capitalized Interest Costs Incurred | 5,200 | ||||
Real Estate Development Projects, Real Estate Taxes and Insurance Capitalized | 1,200 | ||||
Real Estate Development Projects, Payroll Costs Capitalized | $ 2,200 | ||||
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% | ||||
Grand Parkway Marketplace [Member] | |||||
Development land parcel sold | $ 2,900 | ||||
Development in Process | [1] | 129,414 | 94,841 | ||
Dania Pointe [Member] | |||||
Development in Process | [2] | 126,790 | 107,113 | ||
Avenues Walk [Member] | |||||
Development in Process | [3] | $ 48,573 | $ 73,048 | ||
Real Estate Investment Property, Net | $ 24,500 | ||||
Real Estate Under Development [Member] | |||||
Number of Real Estate Properties | 5 | ||||
Payments to Acquire Real Estate | $ 10,000 | ||||
Real Estate Properties, Future Development [Member] | |||||
Number of Real Estate Properties | 2 | ||||
Land [Member] | Dania Pointe [Member] | |||||
Development in Process | $ 45,900 | ||||
[1] | During the six months ended June 30, 2017, the Company sold land at this development property for $2.9 million. | ||||
[2] | Includes $45.9 million of land held for future development. | ||||
[3] | Effective April 1, 2017, certain aspects of this development project, aggregating $24.5 million, were placed in service and reclassified into Operating real estate, net on the Company's Condensed Consolidated Balance Sheets. The remaining portion of the project consists of a mixed-use project to be developed in the future. |
Note 3 - Real Estate Under De43
Note 3 - Real Estate Under Development - Costs Incurred for Real Estate Development (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Development in Process | $ 418,612 | $ 335,028 | |
Grand Parkway Marketplace [Member] | |||
Development in Process | [1] | 129,414 | 94,841 |
Dania Pointe [Member] | |||
Development in Process | [2] | 126,790 | 107,113 |
Promenade at Christiana [Member] | |||
Development in Process | 28,734 | 25,521 | |
Owings Mills [Member] | |||
Development in Process | 28,226 | 25,119 | |
Lincoln Square [Member] | |||
Development in Process | [3] | 47,481 | |
Avenues Walk [Member] | |||
Development in Process | [4] | 48,573 | 73,048 |
Staten Island Plaza [Member] | |||
Development in Process | [5] | $ 9,394 | $ 9,386 |
[1] | During the six months ended June 30, 2017, the Company sold land at this development property for $2.9 million. | ||
[2] | Includes $45.9 million of land held for future development. | ||
[3] | During the six months ended June 30, 2017, KIM Lincoln, LLC ("KIM Lincoln"), a wholly owned subsidiary of the Company, and Lincoln Square Property, LP ("Lincoln Member") entered into 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). | ||
[4] | Effective April 1, 2017, certain aspects of this development project, aggregating $24.5 million, were placed in service and reclassified into Operating real estate, net on the Company's Condensed Consolidated Balance Sheets. The remaining portion of the project consists of a mixed-use project to be developed in the future. | ||
[5] | 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, a in Millions | 6 Months Ended | |||
Jun. 30, 2017USD ($)ft²a | Jun. 30, 2016USD ($) | Dec. 31, 2016ft² | ||
Business Combination, Consideration Transferred | $ 364,261 | |||
Gross Leasable Area | ft² | [1] | 1,099 | ||
All Equity Method Investments [Member] | ||||
Gross Leasable Area | 24.6 | 26,200 | ||
Kim Pru and Kim Pru II [Member] | ||||
Number Of Accounts | 4 | |||
Number of Joint Ventures | 4 | |||
Kim Pru [Member] | ||||
Number of Joint Ventures | 3 | |||
Real Estate Joint Ventures [Member] | ||||
Business Combination, Consideration Transferred | $ 299,200 | |||
Real Estate Joint Ventures [Member] | Operating Properties [Member] | ||||
Equity Method Investment, Sales Price | $ 49,300 | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 100 | $ 143,200 | ||
Number of Real Estate Properties, Remaining Interest Acquired | 3 | 1 | ||
Business Combination, Consideration Transferred | $ 320,100 | $ 859,000 | ||
Number of Real Estate Properties, Interest Disposed of or Transferred | 6 | 33 | ||
Real Estate Joint Ventures [Member] | Development Properties [Member] | ||||
Number of Real Estate Properties, Remaining Interest Acquired | 1 | |||
[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 | Jun. 30, 2017 | Dec. 31, 2016 | |
Kim Pru and Kim Pru II [Member] | |||
Number of properties | [1],[2] | 46 | 48 |
The company's investment | [1],[2] | $ 179.2 | $ 182.5 |
Average ownership interest | [1],[2] | 15.00% | 15.00% |
Kimco Income Fund [Member] | |||
Number of properties | [2] | 44 | 45 |
The company's investment | [2] | $ 146.8 | $ 145.2 |
Average ownership interest | [2] | 48.60% | 48.60% |
CPP [Member] | |||
Number of properties | [2] | 5 | 5 |
The company's investment | [2] | $ 119.5 | $ 111.8 |
Average ownership interest | [2] | 55.00% | 55.00% |
Other Joint Venture Programs [Member] | |||
Number of properties | 31 | 37 | |
The company's investment | $ 60.9 | $ 64.7 | |
All Equity Method Investments [Member] | |||
Number of properties | [3] | 126 | 135 |
The company's investment | [3] | $ 506.4 | $ 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 24.6 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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income of joint ventures, net | $ 13,200 | $ 108,700 | $ 27,902 | $ 178,618 |
Kim Pru and Kim Pru II [Member] | ||||
Income of joint ventures, net | 3,200 | 3,100 | 6,500 | 5,300 |
KIR [Member] | ||||
Income of joint ventures, net | 7,200 | 12,100 | 16,600 | 19,500 |
CPP [Member] | ||||
Income of joint ventures, net | 1,300 | 900 | 2,900 | 4,800 |
Other Joint Venture Programs [Member] | ||||
Income of joint ventures, net | $ 1,500 | $ 92,600 | $ 1,900 | $ 149,000 |
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 | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | ||
Mortgage and notes payable | $ 1,738.7 | $ 2,063 | |
Kim Pru and Kim Pru II [Member] | |||
Weighted average interest rate | 3.34% | 3.07% | |
Weighted average remaining term (Month) | [1] | 5 years 180 days | 5 years 225 days |
Mortgage and notes payable | $ 628.1 | $ 647.4 | |
KIR [Member] | |||
Weighted average interest rate | 4.62% | 4.64% | |
Weighted average remaining term (Month) | [1] | 4 years 57 days | 4 years 207 days |
Mortgage and notes payable | $ 735.8 | $ 746.5 | |
CPP [Member] | |||
Weighted average interest rate | 2.55% | 2.17% | |
Weighted average remaining term (Month) | [1] | 300 days | 1 year 120 days |
Mortgage and notes payable | $ 84.9 | $ 84.8 | |
Other Joint Venture Programs [Member] | |||
Weighted average interest rate | 4.33% | 5.40% | |
Weighted average remaining term (Month) | [1] | 2 years 267 days | 1 year 342 days |
Mortgage and notes payable | $ 289.9 | $ 584.3 | |
[1] | Average Remaining Term includes extension options. |
Note 5 - Other Real Estate In48
Note 5 - Other Real Estate Investments (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Equity Method Investments | $ 506,449 | $ 506,449 | $ 506,449 | $ 504,209 | ||
Income (Loss) from Equity Method Investments | $ 13,200 | $ 108,700 | 27,902 | $ 178,618 | ||
Proceeds from Equity Method Investment, Distribution, Return of Capital | 149,296 | |||||
Preferred Equity Investments [Member] | ||||||
Number of Real Estate Properties | 359 | 359 | 359 | |||
Income (Loss) from Equity Method Investments | $ 7,400 | 18,700 | ||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 10,000 | |||||
Preferred Equity Investments [Member] | Leased Properties [Member] | ||||||
Number of Real Estate Properties | 345 | 345 | 345 | |||
Preferred Equity Investments [Member] | Maximum Exposure [Member] | ||||||
Equity Method Investments | $ 194,600 | $ 194,600 | $ 194,600 | |||
AB Acquisition [Member] | ABS Venture [Member] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 14.35% | 14.35% | 14.35% | |||
AB Acquisition [Member] | Kimco [Member] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 9.80% | 9.80% | 9.80% | |||
Albertsons [Member] | ||||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | $ 23,700 | |||||
Albertsons [Member] | ABS Venture [Member] | ||||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | 34,600 | |||||
Albertsons [Member] | Noncontrolling Interest Members in ABS Venture [Member] | ||||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | $ 10,900 |
Note 6 - Variable Interest En49
Note 6 - Variable Interest Entities ("VIE") (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Variable Interest Entity, Number of Entities | 27 |
Variable Interest Entity, Unencumbered [Member] | |
Variable Interest Entity, Number of Entities | 22 |
Variable Interest Entity, Encumbered by Third Party Non-resource Mortgage Debt [Member] | |
Variable Interest Entity, Number of Entities | 5 |
Consolidated Operating Properties [Member] | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 1,200 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | $ 390.5 |
Variable Interest Entity, Number of Entities | 24 |
Real Estate Under Development [Member] | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 253.4 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 16.4 |
Variable Interest Entity, Financial or Other Support, Amount | $ 168.4 |
Variable Interest Entity, Number of Entities | 3 |
Note 6 - Variable Interest En50
Note 6 - Variable Interest Entities ("VIE") - Summary of Restricted Assets and VIE Liabilities (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Restricted Assets: | ||
Real estate, net | $ 634,100,000 | $ 326,900,000 |
Cash and cash equivalents | 9,400,000 | 3,800,000 |
Accounts and notes receivable, net | 2,300,000 | 1,600,000 |
Other assets | 8,800,000 | 1,400,000 |
Total Restricted Assets | 654,588,000 | 333,705,000 |
VIE Liabilities: | ||
Mortgages payable, net | 347,200,000 | 138,600,000 |
Other liabilities | 59,700,000 | 37,600,000 |
Total VIE Liabilities | $ 406,909,000 | $ 176,216,000 |
Note 7 - Mortgages and Other 51
Note 7 - Mortgages and Other Financing Receivables (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Mortgage Loans on Real Estate, Number of Loans | 11 |
Mortgage Loans on Real Estate | $ 22.5 |
Note 8 - Marketable Securities
Note 8 - Marketable Securities (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Payments to Acquire Marketable Securities | $ 9,822 | $ 1,325 | |
Marketable Securities | 14,487 | $ 8,101 | |
Marketable Securities, Gross Unrealized Loss | $ 1,200 |
Note 9 - Notes and Mortgages 53
Note 9 - Notes and Mortgages Payable (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended |
Feb. 24, 2017 | Jun. 30, 2017 | |
Long-term Line of Credit | $ 475 | |
Term Loan [Member] | ||
Repayments of Long-term Debt | 250 | |
Mortgages [Member] | ||
Repayments of Long-term Debt | 465.5 | |
Long-term Debt, Fair Value | $ 1.9 | |
Number of Real Estate Properties | 22 | |
Mortgages [Member] | Fair Market Value Adjustment Amount [Member] | ||
Long-term Debt, Fair Value | $ 6.2 | |
Mortgages [Member] | Operating Properties [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 212.2 | |
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 Sub-limit | $ 500 | |
Debt Instrument, Interest Rate, Effective Percentage | 2.10% | |
Line of Credit Facility, Maximum Borrowing Capacity | 2,250 | |
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 | $ 0.5 |
Note 9 - Notes and Mortgages 54
Note 9 - Notes and Mortgages Payable - Senior Unsecured Notes Issuance (Details) - Senior Unsecured Notes 1 [Member] | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Maturity Date | April27 |
Amount Issued | $ 400 |
Interest Rate | 3.80% |
Note 9 - Notes and Mortgages 55
Note 9 - Notes and Mortgages Payable - Note Repayments (Details) - Term Loan [Member] $ in Millions | 6 Months Ended | |
Jun. 30, 2017USD ($) | ||
Amount Repaid | $ 250 | |
Interest Rate | [1] | |
Maturity Date | Jan17 | |
[1] | Interest rate was equal to LIBOR + 0.95%. |
Note 10 - Redeemable Noncontr56
Note 10 - Redeemable Noncontrolling Interests (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Jul. 27, 2017 | Jun. 30, 2017 | Dec. 31, 2006 | Dec. 31, 2016 | |
Redeemable Non-controlling Interest, Issuance Amount, Fair Value Remeasurement | $ 1 | |||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | ||
Preferred A Units [Member] | ||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 0.4 | |||
Preferred Stock, Par or Stated Value Per Share | $ 1 | |||
Investment Interest Rate | 5.00% | |||
Number of Operating Property Acquired | 7 | |||
Preferred A Units [Member] | Subsequent Event [Member] | ||||
Non-controlling Interest, Units Redeemed | 79,642,697 | |||
Payments for Repurchase of Redeemable Preferred Stock | $ 79.9 | |||
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 10- Redeemable Noncontroll
Note 10- Redeemable Noncontrolling Interests - Redemption Value of the Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
Balance | $ 86,953 | $ 86,709 | |
Issuance of redeemable partnership interests (1) | [1] | 10,000 | |
Income (2) | [2] | 1,109 | 2,147 |
Distributions | (2,000) | (2,082) | |
Balance | $ 96,062 | $ 86,774 | |
[1] | During the six months ended June 30, 2017, KIM Lincoln, a wholly owned subsidiary of the Company, and Lincoln Member entered into a joint venture agreement wherein KIM Lincoln has a 90% controlling interest and Lincoln Member 10% noncontrolling interest (See Footnote 3). | ||
[2] | Includes $1.0 million in fair market value remeasurement for the six months ended June 30, 2017. |
Note 11 - Fair Value Measurem58
Note 11 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Minimum [Member] | ||
Fair Value Inputs, Cap Rate | 8.50% | |
Maximum [Member] | ||
Fair Value Inputs, Cap Rate | 10.00% | |
Fair Value, Estimate Not Practicable, Carrying (Reported) Amount [Member] | ||
Impairment of Real Estate | $ 31.3 | $ 58.1 |
Note 11 - Fair Value Measurem59
Note 11 - Fair Value Measurements - Estimate of Fair Value Differs From Carrying Amounts (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Mortgages [Member] | |||
Mortgages payable, net (2) | $ 1,900 | ||
Reported Value Measurement [Member] | |||
Notes payable, net (1) | [1] | 4,520,055 | $ 3,927,251 |
Reported Value Measurement [Member] | Mortgages [Member] | |||
Mortgages payable, net (2) | [2] | 870,125 | 1,139,117 |
Estimate of Fair Value Measurement [Member] | |||
Notes payable, net (1) | [1] | 4,476,466 | 3,890,797 |
Estimate of Fair Value Measurement [Member] | Mortgages [Member] | |||
Mortgages payable, net (2) | [2] | $ 872,448 | $ 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 11 - Fair Value Measurem60
Note 11 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Real estate | $ 40,098 | $ 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 | 40,098 | 117,930 |
Fair Value, Measurements, Recurring [Member] | ||
Interest rate swaps | 770 | 975 |
Marketable equity securities | 12,953 | 6,502 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Interest rate swaps | ||
Marketable equity securities | 12,953 | 6,502 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swaps | 770 | 975 |
Marketable equity securities | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Interest rate swaps | ||
Marketable equity securities |
Note 12 - Preferred Stock and61
Note 12 - Preferred Stock and Common Stock (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 1 Months Ended | 6 Months Ended | |
Feb. 28, 2015 | Jun. 30, 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 | ||
Stock Issued During Period, Shares, New Issues | 0 |
Note 12 - Preferred Stock and62
Note 12 - Preferred Stock and Common Stock - Outstanding Preferred Stock (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Shares authorized (in shares) | 6,029,100 | 6,029,100 |
Liquidation preference | $ 800,000 | $ 800,000 |
Series I Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 1 | |
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 | |
Series J Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 1 | |
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 | |
Series K Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 1 | |
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 | |
Total [Member] | ||
Shares authorized (in shares) | 35,450 | |
Shares issued and outstanding (in shares) | 32,000 | |
Liquidation preference | $ 800,000,000 |
Note 13 - Supplemental Schedu63
Note 13 - Supplemental Schedule of Non-cash Investing / Financing Activities - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Proceeds held in escrow through sale of real estate interests | $ 89,770 | $ 62,038 | |
Issuance of common stock | 85 | ||
Surrender of restricted common stock | (5,324) | (6,442) | |
Declaration of dividends paid in succeeding period | 124,679 | 116,857 | $ 124,517 |
Capital expenditures accrual | 45,898 | 15,021 | |
Deemed contribution from noncontrolling interest | 10,000 | ||
Increase in real estate and other assets | 325,981 | 211,457 | |
Increase in mortgages payable, other liabilities and non-controlling interests | $ 258,626 | $ 100,475 |
Note 14 - Incentive Plans (Deta
Note 14 - Incentive Plans (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Allocated Share-based Compensation Expense | $ 13.8 | $ 11.6 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 37 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 36 days |
Note 15 - Accumulated Other C65
Note 15 - Accumulated Other Comprehensive Income ("AOCI") (Details Textual) $ in Millions | Jun. 30, 2017USD ($) |
CANADA | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ 8.1 |
Note 15 - Accumulated Other C66
Note 15 - Accumulated Other Comprehensive Income ("AOCI") - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Balance at the end of the year | $ 5,425,602 | $ 5,444,685 |
Balance at the beginning of the year | 5,402,874 | 5,181,951 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Other comprehensive income before reclassifications | 1,721 | 2,354 |
Amounts reclassified from AOCI | ||
Net current-period other comprehensive income | 1,721 | 2,354 |
Balance at the end of the year | 8,056 | 8,970 |
Balance at the beginning of the year | 6,335 | 6,616 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Other comprehensive income before reclassifications | (1,619) | (33) |
Amounts reclassified from AOCI | ||
Net current-period other comprehensive income | (1,619) | (33) |
Balance at the end of the year | (1,213) | 365 |
Balance at the beginning of the year | 406 | 398 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||
Other comprehensive income before reclassifications | 205 | (759) |
Amounts reclassified from AOCI | ||
Net current-period other comprehensive income | 205 | (759) |
Balance at the end of the year | (770) | (2,185) |
Balance at the beginning of the year | (975) | (1,426) |
AOCI Attributable to Parent [Member] | ||
Other comprehensive income before reclassifications | 307 | 1,562 |
Amounts reclassified from AOCI | ||
Net current-period other comprehensive income | 307 | 1,562 |
Balance at the end of the year | 6,073 | 7,150 |
Balance at the beginning of the year | $ 5,766 | $ 5,588 |