Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 16, 2018 | |
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 Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 421,391,305 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Assets: | |||
Operating real estate, net of accumulated depreciation and amortization of $2,376,667 and $2,433,053, respectively | $ 9,043,480 | $ 9,817,875 | |
Investments in and advances to real estate joint ventures | 580,737 | 483,861 | |
Real estate under development | [1] | 540,188 | 402,518 |
Other real estate investments | 191,029 | 217,584 | |
Mortgages and other financing receivables | 29,222 | 21,838 | |
Cash and cash equivalents | 146,386 | 238,513 | |
Marketable securities | 12,026 | 13,265 | |
Accounts and notes receivable, net | 183,440 | 189,757 | |
Other assets | 383,013 | 378,515 | |
Total assets | [2] | 11,109,521 | 11,763,726 |
Liabilities: | |||
Notes payable, net | 4,409,500 | 4,596,140 | |
Mortgages and construction loan payable, net | 477,974 | 882,787 | |
Dividends payable | 130,263 | 128,892 | |
Other liabilities | 615,613 | 617,617 | |
Total liabilities | [3] | 5,633,350 | 6,225,436 |
Redeemable noncontrolling interests | 20,074 | 16,143 | |
Commitments and Contingencies | |||
Stockholders' equity: | |||
Preferred stock, $1.00 par value, authorized 5,996,240 shares; 42,580 and 41,200 shares issued and outstanding (in series), respectively; Aggregate liquidation preference $1,064,500 and $1,030,000, respectively | 43 | 41 | |
Common stock, $.01 par value, authorized 750,000,000 shares issued and outstanding 421,391,305 and 425,646,380 shares, respectively | 4,214 | 4,256 | |
Paid-in capital | 6,117,339 | 6,152,764 | |
Cumulative distributions in excess of net income | (743,346) | (761,337) | |
Accumulated other comprehensive loss | (1,480) | ||
Total stockholders' equity | 5,378,250 | 5,394,244 | |
Noncontrolling interests | 77,847 | 127,903 | |
Total equity | 5,456,097 | 5,522,147 | |
Total liabilities and equity | $ 11,109,521 | $ 11,763,726 | |
[1] | Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $36.9 million and $27.7 million, as of September 30, 2018 and December 31, 2017, respectively. | ||
[2] | Includes restricted assets of consolidated variable interest entities ("VIEs") at September 30, 2018 and December 31, 2017 of $234,165 and $644,990, respectively. See Footnote 7 of the Notes to Condensed Consolidated Financial Statements. | ||
[3] | Includes non-recourse liabilities of consolidated VIEs at September 30, 2018 and December 31, 2017 of $143,399 and $417,688, respectively. See Footnote 7 of the Notes to Condensed Consolidated Financial Statements. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Operating real estate, accumulated depreciation | $ 2,376,667 | $ 2,433,053 |
Assets of consolidated variable interest entities | 234,165 | 644,990 |
Liabilities of consolidated variable interest entities | $ 143,399 | $ 417,688 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 5,996,240 | 5,996,240 |
Preferred stock, shares issued (in shares) | 42,580 | 41,200 |
Preferred stock, shares outstanding (in shares) | 42,580 | 41,200 |
Preferred stock, liquidation preference | $ 1,064,500 | $ 1,030,000 |
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) | 421,391,305 | 425,646,380 |
Common stock, shares outstanding (in shares) | 421,391,305 | 425,646,380 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Revenues | |||||
Revenues | $ 283,080 | $ 294,845 | $ 880,561 | $ 885,609 | |
Operating expenses | |||||
Rent | 2,702 | 2,764 | 8,262 | 8,312 | |
Real estate taxes | 37,862 | 38,363 | 115,570 | 115,379 | |
Operating and maintenance | 39,265 | 40,262 | 123,921 | 125,539 | |
General and administrative | 21,348 | 21,523 | 67,775 | 63,718 | |
Provision for doubtful accounts | 1,389 | 701 | 4,571 | 4,201 | |
Impairment charges | 3,336 | 2,944 | 33,855 | 34,280 | |
Depreciation and amortization | 74,972 | 88,443 | 236,114 | 275,787 | |
Total operating expenses | 180,874 | 195,000 | 590,068 | 627,216 | |
Operating income | 102,206 | 99,845 | 290,493 | 258,393 | |
Other income/(expense) | |||||
Other income, net | 5,219 | 1,101 | 14,675 | 3,813 | |
Interest expense | (44,081) | (47,258) | (140,458) | (139,830) | |
Early extinguishment of debt charges | (12,762) | (1,753) | (12,762) | (1,753) | |
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 | 50,582 | 51,935 | 151,948 | 120,623 | |
Benefit for income taxes, net | 315 | 697 | 983 | 2,224 | |
Equity in income | 16,500 | 9,100 | 52,486 | 37,044 | |
Gain on change in control of interests | 71,160 | ||||
Income from continuing operations | 72,475 | 81,683 | 230,055 | 293,003 | |
Gain on sale of operating properties/change in control of interests | 28,250 | 40,533 | 180,461 | 62,102 | |
Net income | 100,725 | 122,216 | 410,516 | 355,105 | |
Net income attributable to noncontrolling interests | (567) | (1,186) | (882) | (13,926) | |
Net income attributable to the Company | 100,158 | 121,030 | 409,634 | 341,179 | |
Preferred stock redemption charges | (7,014) | (7,014) | |||
Preferred dividends | (14,534) | (12,059) | (43,657) | (35,169) | |
Net income available to the Company's common shareholders | $ 85,624 | $ 101,957 | $ 365,977 | $ 298,996 | |
Net income available to the Company: | |||||
-Basic (in dollars per share) | $ 0.19 | $ 0.24 | $ 0.86 | $ 0.70 | |
-Diluted (in dollars per share) | $ 0.19 | $ 0.24 | $ 0.85 | $ 0.70 | |
Weighted average shares: | |||||
-Basic (in shares) | 419,230 | 423,688 | 421,106 | 423,574 | |
-Diluted (in shares) | [1] | 419,764 | 424,311 | 422,443 | 424,193 |
Joint Ventures [Member] | |||||
Other income/(expense) | |||||
Equity in income | $ 16,533 | $ 9,142 | $ 52,486 | $ 37,044 | |
Other Real Estate Investments [Member] | |||||
Other income/(expense) | |||||
Equity in income | 5,045 | 19,909 | 24,638 | 61,952 | |
Revenues from Rental Properties [Member] | |||||
Revenues | |||||
Revenues | 215,049 | 225,836 | 668,115 | 679,321 | |
Reimbursement Income [Member] | |||||
Revenues | |||||
Revenues | 58,007 | 59,490 | 182,929 | 178,590 | |
Other Rental Property Income [Member] | |||||
Revenues | |||||
Revenues | 5,643 | 5,593 | 16,755 | 15,242 | |
Management and Other Fee Incomes [Member] | |||||
Revenues | |||||
Revenues | $ 4,381 | $ 3,926 | $ 12,762 | $ 12,456 | |
[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 1.3 million and 2.3 million stock options that were not dilutive as of September 30, 2018 and 2017, respectively. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net income | $ 100,725 | $ 122,216 | $ 410,516 | $ 355,105 |
Other comprehensive income: | ||||
Change in unrealized loss on marketable securities | 153 | (1,466) | ||
Change in unrealized loss on interest rate swaps | (72) | 103 | 344 | 308 |
Change in foreign currency translation adjustments | (8,056) | (6,335) | ||
Net current-period other comprehensive income | (72) | (7,800) | 344 | (7,493) |
Comprehensive income | 100,653 | 114,416 | 410,860 | 347,612 |
Comprehensive income attributable to noncontrolling interests | (567) | (1,186) | (882) | (13,926) |
Comprehensive income attributable to the Company | $ 100,086 | $ 113,230 | $ 409,978 | $ 333,686 |
Condensed Consolidated Statem_3
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 | |
Beginning balance at Dec. 31, 2016 | $ (676,867) | $ 5,766 | $ 32 | $ 4,250 | $ 5,922,958 | $ 5,256,139 | $ 146,735 | $ 5,402,874 | |
Balance (in shares) at Dec. 31, 2016 | 32,000 | 425,034,000 | |||||||
Contributions/deemed contributions from noncontrolling interests | 48,867 | 48,867 | |||||||
Net income | 341,179 | 341,179 | 13,926 | 355,105 | |||||
Change in unrealized loss on marketable securities | (1,466) | (1,466) | (1,466) | ||||||
Change in unrealized loss on interest rate swaps | 308 | 308 | 308 | ||||||
Change in foreign currency translation adjustment | (6,335) | (6,335) | (6,335) | ||||||
Redeemable noncontrolling interests income | (1,203) | (1,203) | |||||||
Dividends declared to common and preferred shares | (379,933) | (379,933) | (379,933) | ||||||
Distributions to noncontrolling interests | (13,513) | (13,513) | |||||||
Issuance of common stock | $ 8 | (8) | |||||||
Issuance of common stock (in shares) | 776,000 | ||||||||
Issuance of preferred stock | $ 9 | 217,566 | 217,575 | 217,575 | |||||
Issuance of preferred stock (in shares) | 9,000 | ||||||||
Surrender of restricted stock | $ (2) | (5,597) | (5,599) | (5,599) | |||||
Surrender of restricted stock (in shares) | (239,000) | ||||||||
Exercise of common stock options | 1,174 | 1,174 | 1,174 | ||||||
Exercise of common stock options (in shares) | 62,000 | ||||||||
Amortization of equity awards | 15,290 | 15,290 | 15,290 | ||||||
Redemption of preferred stock | $ (9) | (224,991) | (225,000) | (225,000) | |||||
Redemption of preferred stock (in shares) | (9,000) | ||||||||
Balance (in shares) at Sep. 30, 2017 | 32,000 | 425,633,000 | |||||||
Ending balance at Sep. 30, 2017 | (715,621) | (1,727) | $ 32 | $ 4,256 | 5,926,392 | 5,213,332 | 194,812 | 5,408,144 | |
Beginning balance at Dec. 31, 2017 | (761,337) | (1,480) | $ 41 | $ 4,256 | 6,152,764 | 5,394,244 | 127,903 | 5,522,147 | |
Balance (in shares) at Dec. 31, 2017 | 41,000 | 425,646,000 | |||||||
Contributions/deemed contributions from noncontrolling interests | 109 | 109 | |||||||
Net income | 409,634 | 409,634 | 882 | 410,516 | |||||
Change in unrealized loss on marketable securities | |||||||||
Change in unrealized loss on interest rate swaps | 344 | 344 | 344 | ||||||
Redeemable noncontrolling interests income | (279) | (279) | |||||||
Dividends declared to common and preferred shares | (398,605) | (398,605) | (398,605) | ||||||
Distributions to noncontrolling interests | (2,373) | (2,373) | |||||||
Issuance of common stock | $ 11 | (11) | |||||||
Issuance of common stock (in shares) | 1,101,000 | ||||||||
Issuance of preferred stock | $ 2 | 33,112 | 33,114 | 33,114 | |||||
Issuance of preferred stock (in shares) | 2,000 | ||||||||
Surrender of restricted stock | $ (2) | (4,288) | (4,290) | (4,290) | |||||
Surrender of restricted stock (in shares) | (291,000) | ||||||||
Exercise of common stock options | 487 | 487 | 487 | ||||||
Exercise of common stock options (in shares) | 35,000 | ||||||||
Amortization of equity awards | 13,065 | 13,065 | 13,065 | ||||||
Balance (in shares) at Sep. 30, 2018 | 43,000 | 421,391,000 | |||||||
Adoption of accounting policy (Accounting Standards Update 2017-05 [Member]) at Dec. 31, 2017 | [1] | 8,098 | 8,098 | 8,098 | |||||
Adoption of accounting policy (Accounting Standards Update 2016-01 [Member]) at Dec. 31, 2017 | [1] | (1,136) | 1,136 | ||||||
Balance at Dec. 31, 2017 | (754,375) | (344) | $ 41 | $ 4,256 | 6,152,764 | 5,402,342 | 127,903 | 5,530,245 | |
Repurchase of common stock | $ (51) | (75,075) | (75,126) | $ (75,126) | |||||
Repurchase of common stock (in shares) | (5,100,000) | (5,100,000) | |||||||
Acquisition/deconsolidation of noncontrolling interests | 1,203 | 1,203 | (48,395) | $ (47,192) | |||||
Adjustment of redeemable noncontrolling interests to estimated fair value | (3,918) | (3,918) | (3,918) | ||||||
Ending balance at Sep. 30, 2018 | $ (743,346) | $ 43 | $ 4,214 | $ 6,117,339 | $ 5,378,250 | $ 77,847 | $ 5,456,097 | ||
[1] | Represents the impact of change in accounting principles for its respective Accounting Standard Updates ("ASU"). See Footnote 2 of the Notes to Condensed Consolidated Financial Statements for additional disclosure. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flow from operating activities: | ||
Net income | $ 410,516 | $ 355,105 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 236,114 | 275,787 |
Impairment charges | 33,855 | 34,280 |
Deferred Taxes | (238) | |
Early extinguishment of debt charges | 12,762 | 1,753 |
Equity award expense | 14,455 | 17,836 |
Gain on sale of operating properties/change in control of interests | (180,461) | (62,102) |
Gain on change in control of interests | (71,160) | |
Equity in income of joint ventures, net | (52,486) | (37,044) |
Equity in income of other real estate investments, net | (24,638) | (61,952) |
Distributions from joint ventures and other real estate investments | 80,900 | 41,071 |
Change in accounts and notes receivable | 6,317 | (189) |
Change in accounts payable and accrued expenses | 26,072 | 37,884 |
Change in Canadian withholding tax receivable | 4,138 | |
Change in other operating assets and liabilities | (47,075) | (41,353) |
Net cash flow provided by operating activities | 516,331 | 493,816 |
Cash flow from investing activities: | ||
Acquisition of operating real estate and other related net assets | (5,407) | (110,802) |
Improvements to operating real estate | (193,445) | (136,534) |
Acquisition of real estate under development | (4,592) | (10,010) |
Improvements to real estate under development | (175,129) | (121,764) |
Investments in marketable securities | (63) | (9,822) |
Proceeds from sale/repayments of marketable securities | 677 | 2,442 |
Investments in and advances to real estate joint ventures | (25,781) | (26,788) |
Reimbursements of investments in and advances to real estate joint ventures | 7,358 | 17,529 |
Investments in and advances to other real estate investments | (353) | (666) |
Reimbursements of investments in and advances to other real estate investments | 10,464 | 40,514 |
Investment in other financing receivable | (65) | |
Collection of mortgage loans receivable | 7,446 | 760 |
Investment in other investments | (357) | |
Proceeds from sale of operating properties | 596,502 | 76,869 |
Proceeds from insurance casualty claims | 13,500 | |
Net cash flow provided by/(used for) investing activities | 230,755 | (278,272) |
Cash flow from financing activities: | ||
Principal payments on debt, excluding normal amortization of rental property debt | (202,725) | (678,939) |
Principal payments on rental property debt | (10,025) | (11,508) |
Proceeds from mortgage and construction loan financings | 30,366 | 206,000 |
Proceeds/repayments under the unsecured revolving credit facility, net | 122,254 | (42) |
Proceeds from issuance of unsecured notes | 1,250,000 | |
Repayments under unsecured notes/term loan | (315,095) | (460,988) |
Financing origination costs | (1,208) | (22,975) |
Payment of early extinguishment of debt charges | (13,308) | (2,461) |
Contributions from noncontrolling interests | 109 | 1,422 |
Redemption/distribution of noncontrolling interests | (6,046) | (95,410) |
Dividends paid | (397,232) | (381,182) |
Proceeds from issuance of stock, net | 33,601 | 218,750 |
Repurchase of common stock | (75,126) | |
Redemption of preferred stock | (225,000) | |
Change in other financing liabilities | (4,778) | 891 |
Net cash flow used for financing activities | (839,213) | (201,442) |
Net change in cash and cash equivalents | (92,127) | 14,102 |
Cash and cash equivalents, beginning of the period | 238,513 | 142,486 |
Cash and cash equivalents, end of the period | 146,386 | 156,588 |
Interest paid during the period including payment of early extinguishment of debt charges of $12,762 and $0, respectively (net of capitalized interest of $13,319 and $10,671 respectively) | $ 141,371 | $ 118,736 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash paid for capitalized interest | $ 13,319 | $ 10,671 |
Early extinguishment of debt charges | $ 12,762 | $ 0 |
Note 1 - Business and Organizat
Note 1 - Business and Organization | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Business and Organization 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 grocery stores, discount department 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 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies 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 or which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) 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, 2017 ( “10 10 September 30, 2018, 10 not Reclassifications - Certain amounts in the prior period have been reclassified in order to conform with the current period’s presentation. The Company reclassified $7.1 $22.7 three nine September 30, 2017, 2014 09 $59.5 $178.6 $5.6 $15.2 three nine September 30, 2017, Subsequent Events - The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its condensed consolidated financial statements. Marketable Securities - The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB’s Investments-Debt and Equity Securities guidance. On January 1, 2018, 2016 01, Financial Instruments—Overall 825 10 2016 01” 2016 01, December 31, 2017, $1.1 2016 01, $1.1 January 1, 2018, Revenue and Gain Recognition – On January 1, 2018, 2014 09, Revenue from Contracts with Customers 606 606” January 1, 2018, not not January 1, 2018, 606, not 605 September 30, 2018, no not The Company’s primary source of revenue are leases which fall under the scope of Leases (Topic 840 606 606 Revenues from rental properties Revenues from rental properties are comprised of minimum base rent, percentage rent, lease termination fee income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments. Base rental revenues from rental properties are recognized on a straight-line basis over the terms of the related leases. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. These percentage rents are recognized once the required sales level is achieved. Rental income may Reimbursement income Leases typically provide for reimbursement to the Company of common area maintenance costs (“CAM”), real estate taxes and other operating expenses. Operating expense reimbursements are recognized as earned. The lease component relating to CAM reimbursement revenue will be within the scope of Topic 606, 2016 02, 842 Other rental property income Other rental property income totaled $16.8 $15.2 nine September 30, 2018 2017, Management and other fee income Property management fees, property acquisition and disposition fees, construction management fees, leasing fees and asset management fees all fall within the scope of Topic 606. third Leasing fee income is recognized as a single performance obligation primarily upon the rent commencement date. The Company believes the leasing services it provides are similar for each available space leased and none Property acquisition and disposition fees are recognized when the Company satisfies a performance obligation by acquiring a property or transferring control of a property. These fees are billed subsequent to the acquisition or sale of the property and payment is due upon receipt. Construction management fees are recognized as a single performance obligation (managing the construction of the project) composed of a series of distinct services. The Company believes that the overall service of construction management is substantially the same each day and has the same pattern of performance over the term of the agreement. As a result, each day of service represents a performance obligation satisfied at that point in time. These fees are based on the amount spent on the construction at the end of each period for services performed during that period, primarily billed to the customer monthly and terms for payment are payment due upon receipt. Gains on sales of operating properties /change in control of interests On January 1, 2018, 2017 05, 610 20 610” 610 January 1, 2018. 610 In accordance with its election to apply the modified retrospective approach for all contracts, the Company recorded a cumulative-effect adjustment of $8.1 January 1, 2018, December 31, 2017, $8.1 two 2017 05, $6.9 $1.2 During the nine September 30, 2018, no $6.8 2017 05 3 New Accounting Pronouncements – The following table represents ASUs to the FASB’s ASC that, as of September 30, 2018, not not ASU Description Effective Date Effect on the financial statements or other significant matters ASU 2018 15, 350 40 The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. January 1, 2020; The adoption of this ASU is not ASU 2018 13, 820 The amendment modifies the disclosure requirements on fair value measurements in Topic 820, Conceptual Framework for Financial Reporting – Chapter 8: January 1, 2020; The adoption of this ASU is not 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 Company is still assessing the impact on its financial position and/or results of operations. ASU 2016 02, 842 ASU 2018 01, 842 Transition to Topic 842 ASU 2018 10, 842, ASU 2018 11, 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 In January 2018, 2018 01, 842 not not 840 842. In July 2018, 2018 10, January 1, 2019; The Company plans to adopt this standard using the modified retrospective approach, which requires a cumulative-effect adjustment, if any, as of the date of adoption. The Company continues to evaluate the impact of adoption, including the election of certain practical expedients, on the Company’s financial position and/or results of operations. The Company has identified certain leases and accounting policies which it believes the adoption could impact, including its ground leases, administrative office leases, internal leasing costs and non-lease components. For leases where the Company is a lessee, primarily its ground leases and administrative office leases, the Company will be required to record a lease liability and a right of use asset on its Consolidated Balance Sheets at present value upon adoption. In addition, direct internal leasing costs will continue to be capitalized, however, indirect internal leasing costs previously capitalized will be expensed. Additionally, during July 2018, 2018 11, not 606 842 In addition, the FASB proposed allowing lessors to make an accounting policy election to not third third not For leases where the Company is a lessor, within the terms of certain of its leases, the Company is entitled to receive reimbursement amounts from tenants for operating expenses such as real estate taxes, insurance and other CAM, which are considered non-lease components. The Company plans to elect the lessor practical expedient to combine the lease and non-lease components. The Company currently does not The following ASUs to the FASB’s ASC have been adopted by the Company during the nine September 30, 2018: ASU Description Adoption 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 There was no 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 The Company adopted the provisions of Subtopic 610 20 610 20, ASU 2016 01, (Subtopic 825 10 ASU 2018 03, 825 10 The amendment addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the following: (i) Requires equity investments (excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee) with readily determinable fair values to be measured at fair value with the changes in fair value recognized in net income; however, an entity may not (ii) Simplifies the impairment assessment of those equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment (iii) Eliminates the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and changes the fair value calculation for those investments (iv) Changes the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments (v) Clarifies that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. The amendments clarify certain aspects of the guidance issued in ASU 2016 01, January 1, 2018 Fiscal years beginning after December 15, 2017, June 15, 2018. Effective as of date of adoption, changes in fair value of the Company’s available-for-sale marketable securities are recognized in Other income, net on the Company’s Condensed Consolidated Statements of Income. See above and Footnote 9 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 The Company’s revenue-producing contracts are primarily leases that are not may 2016 02, 842 The revenues which are within the scope of this standard include other ancillary income earned through the Company’s operating properties as well as fees for services performed at various unconsolidated joint ventures which the Company manages. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. The Company believes the timing of recognition and amount of these revenues will be generally consistent with the previous recognition and measurement. See above for impact from the adoption of this ASU. ASU 2016 18, Statement of Cash Flows (Topic 230 Restricted Cash This amendment requires entities to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. The amendment should be applied using a retrospective transition method to each period presented. January 1, 2018 There was no |
Note 3 - Operating Property Act
Note 3 - Operating Property Activities | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Operating Property Activities Acquisitions and Dispositions – During the nine September 30, 2018, two $5.4 The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels (dollars in millions): Nine Months Ended September 30 , 2018 2017 Aggregate sales price/gross fair value $ 973.5 $ 230.2 Gain on sale of operating properties/change in control of interests $ 180.5 $ 62.1 Impairment charges $ 16.3 $ 13.0 Number of operating properties sold/deconsolidated 45 15 Number of out-parcels sold 4 8 Included in the table above, during the nine September 30, 2018, $320.0 $206.0 no $43.8 $6.8 2017 05 January 1, 2018 ( 2 $62.4 54.8% During the nine September 30, 2018, 10 $9.7 $6.3 Held-for-Sale At September 30, 2018, one $31.2 $9.3 third Impairments – During the nine September 30, 2018, $33.9 $17.6 $16.3 third 12 |
Note 4 - Real Estate Under Deve
Note 4 - Real Estate Under Development | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Real Estate Under Development [Text Block] | 4. Real Estate Under Development The Company is engaged in various real estate development projects for long-term investment. As of September 30, 2018, three two The costs incurred to date for these real estate development projects are as follows (in thousands): Property Name Location September 30 , 2018 December 31, 2017 Grand Parkway Marketplace II (1) Spring, TX $ - $ 43,403 Dania Pointe (2) Dania Beach, FL 253,923 152,841 Mill Station Owings Mills, MD 49,570 34,347 Lincoln Square Philadelphia, PA 154,663 90,479 Avenues Walk (3) Jacksonville, FL 48,573 48,573 Promenade at Christiana (3) New Castle, DE 33,459 32,875 Total $ 540,188 $ 402,518 ( 1 As of September 30, 2018, $47.4 $5.2 ( 2 These costs include expenditures for phase I and phase II offsite and infrastructure requirements. During the nine September 30, 2018, $4.6 ( 3 Mixed-use project to be developed in the future. ( 4 Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $36.9 $27.7 September 30, 2018 December 31, 2017, During the nine September 30, 2018, $10.7 $2.5 $1.2 |
Note 5 - Investments In and Adv
Note 5 - Investments In and Advances to Real Estate Joint Ventures | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Investments and Advances In Real Estate Joint Ventures [Text Block] | 5. Investments in and Advances to Real Estate Joint Ventures The Company has investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting. The table below presents joint venture investments for which the Company held an ownership interest at September 30, 2018 December 31, 2017 ( Ownership The Company's Investment Joint Venture Interest September 30, 2 018 December 31, 2017 Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) (3) 15.0% $ 183.0 $ 179.5 Kimco Income Opportunity Portfolio (“KIR”) (2) 48.6% 161.9 154.1 Canada Pension Plan Investment Board (“CPP”) (2) 55.0% 127.8 105.0 Other Joint Venture Programs (3) (4) Various 108.0 45.3 Total* $ 580.7 $ 483.9 * Representing 115 23.9 September 30, 2018, 118 23.5 December 31, 2017. ( 1 Represents four four three ( 2 The Company manages these joint venture investments and, where applicable, earns property management fees, construction management fees, property acquisition and disposition fees, leasing management fees and asset management fees. ( 3 As of December 31, 2017, $6.9 2017 05. $5.1 $1.8 $6.9 January 1, 2018 2 ( 4 During March 2018, no $62.4 2 3 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 nine September 30, 2018 2017 Three Months Ended September 30, Nine Months Ended September 30 , Joint Venture 2018 2017 2018 2017 KimPru and KimPru II $ 3.0 $ 3.2 $ 8.5 $ 9.7 KIR 8.0 8.2 26.9 24.7 CPP 1.2 1.3 3.7 4.3 Other Joint Venture Programs (1) 4.3 (3.6 ) 13.4 (1.7 ) Total $ 16.5 $ 9.1 $ 52.5 $ 37.0 ( 1 During the nine September 30, 2018, $3.6 During the nine September 30, 2018, five $48.4 $6.1 nine September 30, 2018. During the nine September 30, 2017, six one $49.3 $0.1 nine September 30, 2017. nine September 30, 2017, three $320.1 The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at September 30, 2018 December 31, 2017 ( As of September 30 , 2018 As of December 31, 2017 Joint 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 $ 621.8 4.11 % 50.7 $ 625.7 3.59 % 59.8 KIR 679.0 4.40 % 43.1 702.0 4.60 % 47.5 CPP 84.4 3.63 % 57.0 84.9 2.91 % 4.0 Other Joint Venture Programs 476.9 4.18 % 81.3 287.6 4.41 % 27.2 Total $ 1,862.1 $ 1,700.2 * Includes extension options |
Note 6 - Other Real Estate Inve
Note 6 - Other Real Estate Investments and Other Assets | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Other Real Estate Investments and Other Assets [Text Block] | 6. Other Real Estate Investments and Other Assets Preferred Equity Capital - The Company previously provided capital to owners and developers of real estate properties through its Preferred Equity Program. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its net investment. As of September 30, 2018, $175.2 285 273 nine September 30, 2018, $24.4 $10.5 six Albertsons - As of September 30, 2018, 9.74% two $140.2 On February 20, 2018, August 9, 2018 |
Note 7 - Variable Interest Enti
Note 7 - Variable Interest Entities ("VIE") | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 7. Variable Interest Entities ( “ VIE”) Included within the Company’s consolidated operating properties at September 30, 2018 December 31, 2017, 22 24 not not September 30, 2018, $889.9 $70.3 December 31, 2017, $1.2 $383.5 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 September 30, 2018 December 31, 2017, two three not not September 30, 2018, $400.3 $73.1 December 31, 2017, $307.9 $34.2 Substantially all the projected development costs to be funded for these two $150.0 $200.0 not not All liabilities of these consolidated VIEs are non-recourse to the Company (“VIE Liabilities”). The assets of the unencumbered VIEs are not third As of September 3 0 , 2018 As of December 31, 2017 Number of unencumbered VIEs 20 22 Number of encumbered VIEs 4 5 Total number of consolidated VIEs 24 27 Restricted Assets: Real estate, net $ 101.6 $ 627.5 Real estate under development 120.9 - Cash and cash equivalents 3.5 9.8 Accounts and notes receivable, net 4.8 3.2 Other assets 3.4 4.5 Total Restricted Assets $ 234.2 $ 645.0 VIE Liabilities: Mortgages and construction loan payable, net $ 63.6 $ 340.9 Other liabilities 79.8 76.8 Total VIE Liabilities $ 143.4 $ 417.7 |
Note 8 - Mortgages and Other Fi
Note 8 - Mortgages and Other Financing Receivables | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 8. Mortgages and Other Financing Receivables The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company. The Company reviews payment status to identify performing versus non-performing loans. As of September 30, 2018, 11 $29.2 During the nine September 30, 2018, $20.8 $14.7 December 20, 2018 5.00% 300 5.16% September 30, 2018). During the nine September 30, 2018, Date Paid Amount Received Interest Rate Maturity Date Sep-18 $ 1.8 7.570 % Jun-19 Apr-18 (1) $ 4.5 7.000 % May-18 ( 1 This Canadian denominated (“CAD”) receivable had an aggregate outstanding balance of CAD 5.7 $4.5 |
Note 9 - Marketable Securities
Note 9 - Marketable Securities | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 9. Marketable Securities Effective January 1, 2018, 2016 01, $1.1 January 1, 2018, nine September 30, 2018, $2.0 |
Note 10 - Notes, Mortgages and
Note 10 - Notes, Mortgages and Construction Loan Payable | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Mortgage Notes Payable Disclosure [Text Block] | 10. Notes , M ortgages and Construction Loan Payable Notes Payable - During the nine September 30, 2018, Type Date Paid Amount Repaid Interest Rate Maturity Date Senior Unsecured Notes (1) Aug-18 $ 300.0 6.875 % Oct-19 Senior Unsecured Notes (2) Jun-18 & Jul-18 $ 15.1 3.200 % May-21 ( 1 The Company recorded an early extinguishment of debt charge of $12.8 ( 2 As of September 30, 2018, $484.9 Mortgages and Construction Loan Payable - During the nine September 30, 2018, $206.0 no $203.6 $0.9 five In August 2018, $67.0 one August 2020, six six August 2023 180 3.96% September 30, 2018). September 30, 2018, $30.4 During the nine September 30, 2018, $12.4 $4.3 $3.4 |
Note 11 - Noncontrolling Intere
Note 11 - Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 11. Noncontrolling Interests Noncontrolling interests represent the portion of equity that the Company does not nine September 30, 2018, 3 5 In addition, during the nine September 30, 2018, three two $3.4 $4.6 $1.2 no two Included within noncontrolling interests are units that were determined to be contingently redeemable that 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 following table presents the change in the redemption value of the Redeemable noncontrolling interests for the nine September 30, 2018 2017 2018 2017 Balance at January 1, $ 16,143 $ 86,953 Issuance of redeemable partnership interests (1) - 10,000 Income 279 1,203 Distributions (266 ) (2,448 ) Redemption/conversion of redeemable units (2) - (79,569 ) Adjustment to estimated redemption value (1) 3,918 - Balance at September 30, $ 20,074 $ 16,139 ( 1 During 2017, 90% 10% nine September 30, 2018, $3.9 480 ( 2 During 2017, 79,642,697 $79.9 $0.4 $1.00 5.0%, 2006 seven |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 12. 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): September 30 , 2018 December 31, 2017 Carrying Amounts Estimated Fair Value Carrying Amounts Estimated Fair Value Notes payable, net (1) $ 4,409,500 $ 4,136,860 $ 4,596,140 $ 4,601,479 Mortgages and construction loan payable, net (2) $ 477,974 $ 468,585 $ 882,787 $ 881,427 ( 1 The Company determined that the valuation of its Senior Unsecured Notes were classified within Level 2 3 2 September 30, 2018 December 31, 2017, $4.0 $4.6 3 September 30, 2018 December 31, 2017, $127.9 $1.9 ( 2 The Company determined that its valuation of its mortgages and construction loan were 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 September 30, 2018 December 31, 2017, Balance at September 30 , 2018 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 10,769 $ 10,769 $ $ - Balance at December 31, 2017 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 11,936 $ 11,936 $ - $ - Liabilities: Interest rate swap $ 344 $ - $ 344 $ - Assets measured at fair value on a non-recurring basis during the nine September 30, 2018 December 31, 2017, Balance at September 30 , 2018 Level 1 Level 2 Level 3 Real estate $ 79,955 $ - $ - $ 79,955 Investments in real estate joint ventures (1) $ 62,429 $ - $ - $ 62,429 Balance at December 31, 2017 Level 1 Level 2 Level 3 Real estate $ 108,313 $ - $ - $ 108,313 ( 1 Fair value measurement as of date of deconsolidation. See Footnotes 3 5 During the nine September 30, 2018 2017, $33.9 $34.3 third not third 8.5% 9.0% 9.50% 10.0% 3 3 |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 13. Stockholders’ Equity Preferred Stock The Company’s outstanding Preferred Stock is detailed below: As of September 30 , 2018 Class 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 Class I 18,400 7,000 $ 175,000 6.000 % $ 1.50000 $ 1.00 3/20/2017 Class J 9,000 9,000 $ 225,000 5.500 % $ 1.37500 $ 1.00 7/25/2017 Class K 8,050 7,000 $ 175,000 5.625 % $ 1.40625 $ 1.00 12/7/2017 Class L 10,350 9,000 $ 225,000 5.125 % $ 1.28125 $ 1.00 8/16/2022 Class M (1) 10,580 10,580 $ 264,500 5.250 % $ 1.31250 $ 1.00 12/20/2022 42,580 $ 1,064,500 ( 1 During January 2018, 1,380,000 one 5.250% $1.00 $33.4 As of December 31, 2017 Class 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 Class I 18,400 7,000 $ 175,000 6.000 % $ 1.50000 $ 1.00 3/20/2017 Class J 9,000 9,000 $ 225,000 5.500 % $ 1.37500 $ 1.00 7/25/2017 Class K 8,050 7,000 $ 175,000 5.625 % $ 1.40625 $ 1.00 12/7/2017 Class L 10,350 9,000 $ 225,000 5.125 % $ 1.28125 $ 1.00 8/16/2022 Class M 10,580 9,200 $ 230,000 5.250 % $ 1.31250 $ 1.00 12/20/2022 41,200 $ 1,030,000 Common Stock During February 2018, two may $0.01 $300.0 nine September 30, 2018, 5,100,000 $75.1 $14.72 September 30, 2018, $224.9 Dividends Declared The following table provides a summary of the dividends declared per share: Nine Months Ended September 30, 2018 2017 Common Shares $ 0.84000 $ 0.81000 Class I Depositary Shares $ 1.12500 $ 1.12500 Class I Depositary Shares Redeemed $ - $ 0.96250 Class J Depositary Shares $ 1.03125 $ 1.03125 Class K Depositary Shares $ 1.05468 $ 1.05468 Class L Depositary Shares $ 0.96093 $ 0.16016 Class M Depositary Shares $ 0.98439 $ - |
Note 14 - Supplemental Schedule
Note 14 - Supplemental Schedule of Non-cash Investing / Financing Activities | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 14. Supplemental Schedule of Non-Cash Investing / Financing Activities The following schedule summarizes the non-cash investing and financing activities of the Company for the nine September 30, 2018 2017 201 8 2017 Acquisition of real estate interests through proceeds held in escrow $ - $ 115,853 Proceeds deposited in escrow through sale of real estate interests $ 16,842 $ 150,697 Disposition of real estate interests through the issuance of mortgage receivables $ 14,700 $ - Disposition of real estate interests by foreclosure of debt $ 7,444 $ - Forgiveness of debt due to foreclosure $ 12,415 $ - Surrender of restricted common stock $ 4,290 $ 5,599 Declaration of dividends paid in succeeding period $ 130,263 $ 123,270 Capital expenditures accrual $ 84,873 $ 56,879 Deemed contribution from noncontrolling interest $ - $ 10,000 Increase in redeemable noncontrolling interests' carrying amount $ 3,918 $ - Consolidation of Joint Ventures: Increase in real estate and other assets $ - $ 325,981 Increase in mortgages and construction loan payable, other liabilities and noncontrolling interests $ - $ 258,626 Deconsolidation of Joint Ventures: Decrease in real estate and other assets $ 300,299 $ - Increase in investments in and advances to real estate joint ventures $ 62,429 $ - Decrease in mortgages and construction loan payable, other liabilities and noncontrolling interests $ 248,274 $ - |
Note 15 - Incentive Plans
Note 15 - Incentive Plans | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 15. 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 Condensed Consolidated Statements 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 $14.5 $17.8 nine September 30, 2018 2017, September 30, 2018, $33.3 2.9 |
Note 16 - Accumulated Other Com
Note 16 - Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 16. Accumulated Other Comprehensive Income In accordance with the adoption of ASU 2016 01, $1.1 January 1, 2018, 2 9 The following tables display the change in the components of accumulated other comprehensive income for the nine September 30, 2018 2017 Unrealized Gain/( Loss ) on Interest Rate Swap Balance as of January 1, 2018, as adjusted $ (344 ) Other comprehensive income before reclassifications 437 Amounts reclassified from AOCI (1) (93 ) Net current-period other comprehensive income 344 Balance as of September 30, 2018 $ - ( 1 Amounts reclassified to Other income, net on the Company’s Condensed Consolidated Statements of Income. Foreign Currency Translation Adjustments Unrealized Gains Related to Available- for-Sale Securities Unrealized Loss on Interest Rate Swap Total Balance as of January 1, 2017 $ 6,335 $ 406 $ (975 ) $ 5,766 Other comprehensive income before reclassifications 3,711 (1,466 ) 308 2,553 Amounts reclassified from AOCI (1) (10,046 ) - - (10,046 ) Net current-period other comprehensive income (6,335 ) (1,466 ) 308 (7,493 ) Balance as of September 30, 2017 $ - $ (1,060 ) $ (667 ) $ (1,727 ) ( 1 During the nine September 30, 2017, $14.8 $4.8 |
Note 17 - Earnings Per Share
Note 17 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 17. Earnings Per Shar e 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 Nine Months Ended September 30 , September 30 , 2018 2017 2018 2017 Computation of Basic and Diluted Earnings Per Share: Net income available to the Company's common shareholders $ 85,624 $ 101,957 $ 365,977 $ 298,996 Change in estimated redemption value of redeemable noncontrolling interests (3,918 ) - (3,918 ) - Earnings attributable to participating securities (604 ) (526 ) (1,818 ) (1,596 ) Net income available to the Company’s common shareholders for basic earnings per share 81,102 101,431 360,241 297,400 Distributions on convertible units - 24 683 43 Net income available to the Company’s common shareholders for diluted earnings per share $ 81,102 $ 101,455 $ 360,924 $ 297,443 Weighted average common shares outstanding – basic 419,230 423,688 421,106 423,574 Effect of dilutive securities (1): Equity awards 534 513 515 556 Assumed conversion of convertible units - 110 822 63 Weighted average common shares outstanding – diluted 419,764 424,311 422,443 424,193 Net income available to the Company's common shareholders: Basic earnings per share $ 0.19 $ 0.24 $ 0.86 $ 0.70 Diluted earnings per share $ 0.19 $ 0.24 $ 0.85 $ 0.70 ( 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 1.3 2.3 not September 30, 2018 2017, 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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
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 or which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) 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, 2017 ( “10 10 September 30, 2018, 10 not |
Reclassification, Policy [Policy Text Block] | Reclassifications - Certain amounts in the prior period have been reclassified in order to conform with the current period’s presentation. The Company reclassified $7.1 $22.7 three nine September 30, 2017, 2014 09 $59.5 $178.6 $5.6 $15.2 three nine September 30, 2017, |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events - The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its condensed consolidated financial statements. |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities - The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB’s Investments-Debt and Equity Securities guidance. On January 1, 2018, 2016 01, Financial Instruments—Overall 825 10 2016 01” 2016 01, December 31, 2017, $1.1 2016 01, $1.1 January 1, 2018, |
Revenue Recognition, Policy [Policy Text Block] | Revenue and Gain Recognition – On January 1, 2018, 2014 09, Revenue from Contracts with Customers 606 606” January 1, 2018, not not January 1, 2018, 606, not 605 September 30, 2018, no not The Company’s primary source of revenue are leases which fall under the scope of Leases (Topic 840 606 606 Revenues from rental properties Revenues from rental properties are comprised of minimum base rent, percentage rent, lease termination fee income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments. Base rental revenues from rental properties are recognized on a straight-line basis over the terms of the related leases. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. These percentage rents are recognized once the required sales level is achieved. Rental income may Reimbursement income Leases typically provide for reimbursement to the Company of common area maintenance costs (“CAM”), real estate taxes and other operating expenses. Operating expense reimbursements are recognized as earned. The lease component relating to CAM reimbursement revenue will be within the scope of Topic 606, 2016 02, 842 Other rental property income Other rental property income totaled $16.8 $15.2 nine September 30, 2018 2017, Management and other fee income Property management fees, property acquisition and disposition fees, construction management fees, leasing fees and asset management fees all fall within the scope of Topic 606. third Leasing fee income is recognized as a single performance obligation primarily upon the rent commencement date. The Company believes the leasing services it provides are similar for each available space leased and none Property acquisition and disposition fees are recognized when the Company satisfies a performance obligation by acquiring a property or transferring control of a property. These fees are billed subsequent to the acquisition or sale of the property and payment is due upon receipt. Construction management fees are recognized as a single performance obligation (managing the construction of the project) composed of a series of distinct services. The Company believes that the overall service of construction management is substantially the same each day and has the same pattern of performance over the term of the agreement. As a result, each day of service represents a performance obligation satisfied at that point in time. These fees are based on the amount spent on the construction at the end of each period for services performed during that period, primarily billed to the customer monthly and terms for payment are payment due upon receipt. Gains on sales of operating properties /change in control of interests On January 1, 2018, 2017 05, 610 20 610” 610 January 1, 2018. 610 In accordance with its election to apply the modified retrospective approach for all contracts, the Company recorded a cumulative-effect adjustment of $8.1 January 1, 2018, December 31, 2017, $8.1 two 2017 05, $6.9 $1.2 During the nine September 30, 2018, no $6.8 2017 05 3 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements – The following table represents ASUs to the FASB’s ASC that, as of September 30, 2018, not not ASU Description Effective Date Effect on the financial statements or other significant matters ASU 2018 15, 350 40 The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. January 1, 2020; The adoption of this ASU is not ASU 2018 13, 820 The amendment modifies the disclosure requirements on fair value measurements in Topic 820, Conceptual Framework for Financial Reporting – Chapter 8: January 1, 2020; The adoption of this ASU is not 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 Company is still assessing the impact on its financial position and/or results of operations. ASU 2016 02, 842 ASU 2018 01, 842 Transition to Topic 842 ASU 2018 10, 842, ASU 2018 11, 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 In January 2018, 2018 01, 842 not not 840 842. In July 2018, 2018 10, January 1, 2019; The Company plans to adopt this standard using the modified retrospective approach, which requires a cumulative-effect adjustment, if any, as of the date of adoption. The Company continues to evaluate the impact of adoption, including the election of certain practical expedients, on the Company’s financial position and/or results of operations. The Company has identified certain leases and accounting policies which it believes the adoption could impact, including its ground leases, administrative office leases, internal leasing costs and non-lease components. For leases where the Company is a lessee, primarily its ground leases and administrative office leases, the Company will be required to record a lease liability and a right of use asset on its Consolidated Balance Sheets at present value upon adoption. In addition, direct internal leasing costs will continue to be capitalized, however, indirect internal leasing costs previously capitalized will be expensed. Additionally, during July 2018, 2018 11, not 606 842 In addition, the FASB proposed allowing lessors to make an accounting policy election to not third third not For leases where the Company is a lessor, within the terms of certain of its leases, the Company is entitled to receive reimbursement amounts from tenants for operating expenses such as real estate taxes, insurance and other CAM, which are considered non-lease components. The Company plans to elect the lessor practical expedient to combine the lease and non-lease components. The Company currently does not The following ASUs to the FASB’s ASC have been adopted by the Company during the nine September 30, 2018: ASU Description Adoption 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 There was no 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 The Company adopted the provisions of Subtopic 610 20 610 20, ASU 2016 01, (Subtopic 825 10 ASU 2018 03, 825 10 The amendment addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the following: (i) Requires equity investments (excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee) with readily determinable fair values to be measured at fair value with the changes in fair value recognized in net income; however, an entity may not (ii) Simplifies the impairment assessment of those equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment (iii) Eliminates the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and changes the fair value calculation for those investments (iv) Changes the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments (v) Clarifies that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. The amendments clarify certain aspects of the guidance issued in ASU 2016 01, January 1, 2018 Fiscal years beginning after December 15, 2017, June 15, 2018. Effective as of date of adoption, changes in fair value of the Company’s available-for-sale marketable securities are recognized in Other income, net on the Company’s Condensed Consolidated Statements of Income. See above and Footnote 9 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 The Company’s revenue-producing contracts are primarily leases that are not may 2016 02, 842 The revenues which are within the scope of this standard include other ancillary income earned through the Company’s operating properties as well as fees for services performed at various unconsolidated joint ventures which the Company manages. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. The Company believes the timing of recognition and amount of these revenues will be generally consistent with the previous recognition and measurement. See above for impact from the adoption of this ASU. ASU 2016 18, Statement of Cash Flows (Topic 230 Restricted Cash This amendment requires entities to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. The amendment should be applied using a retrospective transition method to each period presented. January 1, 2018 There was no |
Note 3 - Operating Property A_2
Note 3 - Operating Property Activities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Nine Months Ended September 30 , 2018 2017 Aggregate sales price/gross fair value $ 973.5 $ 230.2 Gain on sale of operating properties/change in control of interests $ 180.5 $ 62.1 Impairment charges $ 16.3 $ 13.0 Number of operating properties sold/deconsolidated 45 15 Number of out-parcels sold 4 8 |
Note 4 - Real Estate Under De_2
Note 4 - Real Estate Under Development (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Real Estate Held for Development [Table Text Block] | Property Name Location September 30 , 2018 December 31, 2017 Grand Parkway Marketplace II (1) Spring, TX $ - $ 43,403 Dania Pointe (2) Dania Beach, FL 253,923 152,841 Mill Station Owings Mills, MD 49,570 34,347 Lincoln Square Philadelphia, PA 154,663 90,479 Avenues Walk (3) Jacksonville, FL 48,573 48,573 Promenade at Christiana (3) New Castle, DE 33,459 32,875 Total $ 540,188 $ 402,518 |
Note 5 - Investments In and A_2
Note 5 - Investments In and Advances to Real Estate Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Ownership The Company's Investment Joint Venture Interest September 30, 2 018 December 31, 2017 Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) (3) 15.0% $ 183.0 $ 179.5 Kimco Income Opportunity Portfolio (“KIR”) (2) 48.6% 161.9 154.1 Canada Pension Plan Investment Board (“CPP”) (2) 55.0% 127.8 105.0 Other Joint Venture Programs (3) (4) Various 108.0 45.3 Total* $ 580.7 $ 483.9 |
Joint Venture Investments Accounted For Under The Equity Method Debt Details [Table Text Block] | As of September 30 , 2018 As of December 31, 2017 Joint 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 $ 621.8 4.11 % 50.7 $ 625.7 3.59 % 59.8 KIR 679.0 4.40 % 43.1 702.0 4.60 % 47.5 CPP 84.4 3.63 % 57.0 84.9 2.91 % 4.0 Other Joint Venture Programs 476.9 4.18 % 81.3 287.6 4.41 % 27.2 Total $ 1,862.1 $ 1,700.2 |
Income [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30 , Joint Venture 2018 2017 2018 2017 KimPru and KimPru II $ 3.0 $ 3.2 $ 8.5 $ 9.7 KIR 8.0 8.2 26.9 24.7 CPP 1.2 1.3 3.7 4.3 Other Joint Venture Programs (1) 4.3 (3.6 ) 13.4 (1.7 ) Total $ 16.5 $ 9.1 $ 52.5 $ 37.0 |
Note 7 - Variable Interest En_2
Note 7 - Variable Interest Entities ("VIE") (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of September 3 0 , 2018 As of December 31, 2017 Number of unencumbered VIEs 20 22 Number of encumbered VIEs 4 5 Total number of consolidated VIEs 24 27 Restricted Assets: Real estate, net $ 101.6 $ 627.5 Real estate under development 120.9 - Cash and cash equivalents 3.5 9.8 Accounts and notes receivable, net 4.8 3.2 Other assets 3.4 4.5 Total Restricted Assets $ 234.2 $ 645.0 VIE Liabilities: Mortgages and construction loan payable, net $ 63.6 $ 340.9 Other liabilities 79.8 76.8 Total VIE Liabilities $ 143.4 $ 417.7 |
Note 8 - Mortgages and Other _2
Note 8 - Mortgages and Other Financing Receivables (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Mortgages Receivable [Table Text Block] | Date Paid Amount Received Interest Rate Maturity Date Sep-18 $ 1.8 7.570 % Jun-19 Apr-18 (1) $ 4.5 7.000 % May-18 |
Note 10 - Notes, Mortgages an_2
Note 10 - Notes, Mortgages and Construction Loan Payable (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Type Date Paid Amount Repaid Interest Rate Maturity Date Senior Unsecured Notes (1) Aug-18 $ 300.0 6.875 % Oct-19 Senior Unsecured Notes (2) Jun-18 & Jul-18 $ 15.1 3.200 % May-21 |
Note 11 - Noncontrolling Inte_2
Note 11 - Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | 2018 2017 Balance at January 1, $ 16,143 $ 86,953 Issuance of redeemable partnership interests (1) - 10,000 Income 279 1,203 Distributions (266 ) (2,448 ) Redemption/conversion of redeemable units (2) - (79,569 ) Adjustment to estimated redemption value (1) 3,918 - Balance at September 30, $ 20,074 $ 16,139 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30 , 2018 December 31, 2017 Carrying Amounts Estimated Fair Value Carrying Amounts Estimated Fair Value Notes payable, net (1) $ 4,409,500 $ 4,136,860 $ 4,596,140 $ 4,601,479 Mortgages and construction loan payable, net (2) $ 477,974 $ 468,585 $ 882,787 $ 881,427 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Balance at September 30 , 2018 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 10,769 $ 10,769 $ $ - Balance at December 31, 2017 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 11,936 $ 11,936 $ - $ - Liabilities: Interest rate swap $ 344 $ - $ 344 $ - Balance at September 30 , 2018 Level 1 Level 2 Level 3 Real estate $ 79,955 $ - $ - $ 79,955 Investments in real estate joint ventures (1) $ 62,429 $ - $ - $ 62,429 Balance at December 31, 2017 Level 1 Level 2 Level 3 Real estate $ 108,313 $ - $ - $ 108,313 |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | As of September 30 , 2018 Class 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 Class I 18,400 7,000 $ 175,000 6.000 % $ 1.50000 $ 1.00 3/20/2017 Class J 9,000 9,000 $ 225,000 5.500 % $ 1.37500 $ 1.00 7/25/2017 Class K 8,050 7,000 $ 175,000 5.625 % $ 1.40625 $ 1.00 12/7/2017 Class L 10,350 9,000 $ 225,000 5.125 % $ 1.28125 $ 1.00 8/16/2022 Class M (1) 10,580 10,580 $ 264,500 5.250 % $ 1.31250 $ 1.00 12/20/2022 42,580 $ 1,064,500 As of December 31, 2017 Class 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 Class I 18,400 7,000 $ 175,000 6.000 % $ 1.50000 $ 1.00 3/20/2017 Class J 9,000 9,000 $ 225,000 5.500 % $ 1.37500 $ 1.00 7/25/2017 Class K 8,050 7,000 $ 175,000 5.625 % $ 1.40625 $ 1.00 12/7/2017 Class L 10,350 9,000 $ 225,000 5.125 % $ 1.28125 $ 1.00 8/16/2022 Class M 10,580 9,200 $ 230,000 5.250 % $ 1.31250 $ 1.00 12/20/2022 41,200 $ 1,030,000 |
Dividends Declared [Table Text Block] | Nine Months Ended September 30, 2018 2017 Common Shares $ 0.84000 $ 0.81000 Class I Depositary Shares $ 1.12500 $ 1.12500 Class I Depositary Shares Redeemed $ - $ 0.96250 Class J Depositary Shares $ 1.03125 $ 1.03125 Class K Depositary Shares $ 1.05468 $ 1.05468 Class L Depositary Shares $ 0.96093 $ 0.16016 Class M Depositary Shares $ 0.98439 $ - |
Note 14 - Supplemental Schedu_2
Note 14 - Supplemental Schedule of Non-cash Investing / Financing Activities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 201 8 2017 Acquisition of real estate interests through proceeds held in escrow $ - $ 115,853 Proceeds deposited in escrow through sale of real estate interests $ 16,842 $ 150,697 Disposition of real estate interests through the issuance of mortgage receivables $ 14,700 $ - Disposition of real estate interests by foreclosure of debt $ 7,444 $ - Forgiveness of debt due to foreclosure $ 12,415 $ - Surrender of restricted common stock $ 4,290 $ 5,599 Declaration of dividends paid in succeeding period $ 130,263 $ 123,270 Capital expenditures accrual $ 84,873 $ 56,879 Deemed contribution from noncontrolling interest $ - $ 10,000 Increase in redeemable noncontrolling interests' carrying amount $ 3,918 $ - Consolidation of Joint Ventures: Increase in real estate and other assets $ - $ 325,981 Increase in mortgages and construction loan payable, other liabilities and noncontrolling interests $ - $ 258,626 Deconsolidation of Joint Ventures: Decrease in real estate and other assets $ 300,299 $ - Increase in investments in and advances to real estate joint ventures $ 62,429 $ - Decrease in mortgages and construction loan payable, other liabilities and noncontrolling interests $ 248,274 $ - |
Note 16 - Accumulated Other C_2
Note 16 - Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gain/( Loss ) on Interest Rate Swap Balance as of January 1, 2018, as adjusted $ (344 ) Other comprehensive income before reclassifications 437 Amounts reclassified from AOCI (1) (93 ) Net current-period other comprehensive income 344 Balance as of September 30, 2018 $ - Foreign Currency Translation Adjustments Unrealized Gains Related to Available- for-Sale Securities Unrealized Loss on Interest Rate Swap Total Balance as of January 1, 2017 $ 6,335 $ 406 $ (975 ) $ 5,766 Other comprehensive income before reclassifications 3,711 (1,466 ) 308 2,553 Amounts reclassified from AOCI (1) (10,046 ) - - (10,046 ) Net current-period other comprehensive income (6,335 ) (1,466 ) 308 (7,493 ) Balance as of September 30, 2017 $ - $ (1,060 ) $ (667 ) $ (1,727 ) |
Note 17 - Earnings Per Share (T
Note 17 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30 , September 30 , 2018 2017 2018 2017 Computation of Basic and Diluted Earnings Per Share: Net income available to the Company's common shareholders $ 85,624 $ 101,957 $ 365,977 $ 298,996 Change in estimated redemption value of redeemable noncontrolling interests (3,918 ) - (3,918 ) - Earnings attributable to participating securities (604 ) (526 ) (1,818 ) (1,596 ) Net income available to the Company’s common shareholders for basic earnings per share 81,102 101,431 360,241 297,400 Distributions on convertible units - 24 683 43 Net income available to the Company’s common shareholders for diluted earnings per share $ 81,102 $ 101,455 $ 360,924 $ 297,443 Weighted average common shares outstanding – basic 419,230 423,688 421,106 423,574 Effect of dilutive securities (1): Equity awards 534 513 515 556 Assumed conversion of convertible units - 110 822 63 Weighted average common shares outstanding – diluted 419,764 424,311 422,443 424,193 Net income available to the Company's common shareholders: Basic earnings per share $ 0.19 $ 0.24 $ 0.86 $ 0.70 Diluted earnings per share $ 0.19 $ 0.24 $ 0.85 $ 0.70 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |||
Contract with Customer, Asset, Net, Total | $ 0 | $ 0 | ||||||
Contract with Customer, Liability, Total | 0 | 0 | ||||||
Revenues, Total | 283,080 | $ 294,845 | 880,561 | $ 885,609 | ||||
Disposal Group, Deferred Gain on Disposal | $ 8,100 | |||||||
Other Rental Property Income [Member] | ||||||||
Revenues, Total | $ 5,643 | $ 5,593 | 16,755 | $ 15,242 | ||||
AOCI Attributable to Parent [Member] | ||||||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax, Total | 1,100 | |||||||
Investments in and Advances to Real Estate Joint Ventures [Member] | ||||||||
Disposal Group, Deferred Gain on Disposal | 6,900 | |||||||
Other Liabilities [Member] | ||||||||
Disposal Group, Deferred Gain on Disposal | 1,200 | |||||||
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (1,100) | (1,136) | [1] | |||||
Accounting Standards Update 2017-05 [Member] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | 8,098 | ||||||
Accounting Standards Update 2017-05 [Member] | Gain on Sale of Operating Properties/ Change in Controls of Interests [Member] | ||||||||
Deconsolidation, Gain (Loss), Amount | 6,800 | |||||||
Accounting Standards Update 2017-05 [Member] | Retained Earnings [Member] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 8,100 | $ 8,098 | [1] | |||||
Three Months Ended September 30, 2017 [Member] | Reclassification of Reimbursement Income From Revenues From Rental Properties [Member] | ||||||||
Prior Period Reclassification Adjustment | 59,500 | |||||||
Three Months Ended September 30, 2017 [Member] | Reclassification of Other Rental Property Income From Revenues From Properties [Member] | ||||||||
Prior Period Reclassification Adjustment | 5,600 | |||||||
Nine Months Ended September 30, 2017 [Member] | Reclassification of Reimbursement Income From Revenues From Rental Properties [Member] | ||||||||
Prior Period Reclassification Adjustment | 178,600 | |||||||
Nine Months Ended September 30, 2017 [Member] | Reclassification of Other Rental Property Income From Revenues From Properties [Member] | ||||||||
Prior Period Reclassification Adjustment | 15,200 | |||||||
Reclassification of Personnel Costs Related to Property Management and Services From General Administrative to Operating and Maintenance [Member] | Three Months Ended September 30, 2017 [Member] | ||||||||
Prior Period Reclassification Adjustment | 7,100 | |||||||
Reclassification of Personnel Costs Related to Property Management and Services From General Administrative to Operating and Maintenance [Member] | Nine Months Ended September 30, 2017 [Member] | ||||||||
Prior Period Reclassification Adjustment | $ 22,700 | |||||||
[1] | Represents the impact of change in accounting principles for its respective Accounting Standard Updates ("ASU"). See Footnote 2 of the Notes to Condensed Consolidated Financial Statements for additional disclosure. |
Note 3 - Operating Property A_3
Note 3 - Operating Property Activities (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Payments to Acquire Real Estate, Total | $ 5,407 | $ 110,802 | ||||
Equity Method Investments | $ 580,737 | 580,737 | $ 483,861 | |||
Impairment of Real Estate | 33,900 | 34,300 | ||||
Asset Impairment Charges, Total | $ 3,336 | $ 2,944 | 33,855 | $ 34,280 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||
Proceeds from Sale of Real Estate, Total | 9,700 | |||||
Gains (Losses) on Sales of Investment Real Estate | $ 6,300 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
Number of Properties Held-for-Sale | 1 | 1 | ||||
Real Estate Held-for-sale | $ 31,200 | $ 31,200 | ||||
Real Estate Owned, Accumulated Depreciation | 9,300 | 9,300 | ||||
Asset Impairment Charges, Total | 16,300 | |||||
Disposal Group, Expected to Market for Sale, Not Discontinued Operations [Member] | ||||||
Asset Impairment Charges, Total | 17,600 | |||||
Investment in Unconsolidated Property, Unconsolidated 2017 [Member] | ||||||
Equity Method Investments | $ 62,400 | $ 62,400 | $ 62,400 | |||
Equity Method Investment, Ownership Percentage | 54.80% | 54.80% | ||||
Gain on Sale of Operating Properties/ Change in Controls of Interests [Member] | Accounting Standards Update 2017-05 [Member] | ||||||
Deconsolidation, Gain (Loss), Amount | $ 6,800 | |||||
Non-recouse Mortgage Debt Related to Property Deconsolidated [Member] | ||||||
Debt Instrument, Increase (Decrease), Net, Total | 206,000 | |||||
Sold Portion of Investment in Consolidated Operating Property [Member] | ||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 320,000 | 320,000 | ||||
Noncontrolling Interest, Decrease from Deconsolidation | $ 43,800 | |||||
Land Parcels Adjacent to Shopping Center Located in Ardmore, PA and Elmont, NY [Member] | ||||||
Number of Land Parcels Acquired | 2 | |||||
Payments to Acquire Real Estate, Total | $ 5,400 | |||||
Consolidated Operating Properties [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||
Number of Properties Disposed of | 10 |
Note 3 - Operating Property A_4
Note 3 - Operating Property Activities - Disposition Activity (Details) - Disposition Activity Relating to Consolidated Operating Properties and Parcels [Member] $ in Millions | 9 Months Ended | |
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Aggregate sales price/gross fair value | $ 973.5 | $ 230.2 |
Gain on sale of operating properties/change in control of interests | 180.5 | 62.1 |
Impairment charges | $ 16.3 | $ 13 |
Number of operating properties sold/deconsolidated | 45 | 15 |
Number of out-parcels sold | 4 | 8 |
Note 4 - Real Estate Under De_3
Note 4 - Real Estate Under Development (Details Textual) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Real Estate Investment Property, Net, Total | $ 9,043,480 | $ 9,817,875 | |
Payments to Acquire Real Estate, Total | 5,407 | $ 110,802 | |
Real Estate Under Development, Capitalized Costs of Interest, Real Estate Taxes, Insurance, Legal Costs and Payroll | 36,900 | $ 27,700 | |
Real Estate Inventory, Capitalized Interest Costs Incurred | 10,700 | ||
Real Estate Development Projects, Real Estate Taxes and Insurance Capitalized | 2,500 | ||
Real Estate Development Projects, Payroll Costs Capitalized | 1,200 | ||
Grand Parkway Marketplace II [Member] | |||
Real Estate Investment Property, Net, Total | 47,400 | ||
Real Estate Investment, Capitazlized Costs | $ 5,200 | ||
Real Estate Under Development [Member] | |||
Number of Real Estate Properties | 3 | ||
Real Estate Properties, Future Development [Member] | |||
Number of Real Estate Properties | 2 | ||
Parcel Adjacent to Development Project [Member] | |||
Payments to Acquire Real Estate, Total | $ 4,600 |
Note 4 - Real Estate Under De_4
Note 4 - Real Estate Under Development - Costs Incurred for Real Estate Development (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Property Under Development | [1] | $ 540,188 | $ 402,518 |
Grand Parkway Marketplace II [Member] | |||
Property Under Development | [2] | 43,403 | |
Dania Pointe [Member] | |||
Property Under Development | [3] | 253,923 | 152,841 |
Mill Station [Member] | |||
Property Under Development | 49,570 | 34,347 | |
Lincoln Square [Member] | |||
Property Under Development | 154,663 | 90,479 | |
Avenues Walk [Member] | |||
Property Under Development | [4] | 48,573 | 48,573 |
Promenade at Christiana [Member] | |||
Property Under Development | [4] | $ 33,459 | $ 32,875 |
[1] | Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $36.9 million and $27.7 million, as of September 30, 2018 and December 31, 2017, respectively. | ||
[2] | As of September 30, 2018, this development project, aggregating $47.4 million (including capitalized costs of $5.2 million), was placed in service and reclassified into Operating real estate, net on the Company's Condensed Consolidated Balance Sheets. | ||
[3] | These costs include expenditures for phase I and phase II offsite and infrastructure requirements. During the nine months ended September 30, 2018, the Company acquired a parcel adjacent to this development project for a purchase price of $4.6 million. | ||
[4] | Mixed-use project to be developed in the future. |
Note 5 - Investments In and A_3
Note 5 - Investments In and Advances to Real Estate Joint Ventures (Details Textual) $ in Thousands, ft² in Millions | 6 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018USD ($)ft² | Sep. 30, 2018USD ($)ft² | Sep. 30, 2017USD ($) | Mar. 31, 2018USD ($) | Jan. 01, 2018USD ($) | Dec. 31, 2017USD ($)ft² | ||
Deferred Gain on Sale of Property | $ 6,900 | ||||||
Equity Method Investments | $ 580,737 | $ 580,737 | 483,861 | ||||
Proceeds from Equity Method Investment, Distribution | $ 80,900 | $ 41,071 | |||||
Accounting Standards Update 2017-05 [Member] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | $ 8,098 | |||||
All Equity Method Investments [Member] | |||||||
Number of Real Estate Properties | 115 | 115 | 118 | ||||
Gross Leasable Area | ft² | 23.9 | 23.9 | 23.5 | ||||
Kim Pru and Kim Pru II [Member] | |||||||
Number of Joint Ventures | 4 | 4 | |||||
Number Of Accounts | 4 | 4 | |||||
Kim Pru [Member] | |||||||
Number of Joint Ventures | 3 | 3 | |||||
Kim Pru II [Member] | |||||||
Deferred Gain on Sale of Property | $ 5,100 | ||||||
Other Joint Venture Programs [Member] | |||||||
Deferred Gain on Sale of Property | $ 1,800 | ||||||
Proceeds from Equity Method Investment, Distribution | $ 3,600 | ||||||
Other Joint Venture Programs [Member] | Accounting Standards Update 2017-05 [Member] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 6,900 | ||||||
Investment in Unconsolidated Property, Unconsolidated 2017 [Member] | |||||||
Equity Method Investments | 62,400 | $ 62,400 | $ 62,400 | ||||
Real Estate Joint Ventures [Member] | Operating Properties [Member] | |||||||
Number of Real Estate Properties, Interest Disposed of or Transferred | 5 | 6 | |||||
Equity Method Investment, Sales Price | $ 48,400 | $ 48,400 | $ 49,300 | ||||
Equity Method Investment, Realized Gain (Loss) on Disposal, Total | $ 6,100 | $ 100 | |||||
Number of Real Estate Properties, Remaining Interest Acquired | 3 | ||||||
Business Combination, Consideration Transferred, Total | $ 320,100 | ||||||
[1] | Represents the impact of change in accounting principles for its respective Accounting Standard Updates ("ASU"). See Footnote 2 of the Notes to Condensed Consolidated Financial Statements for additional disclosure. |
Note 5 - Investments in and A_4
Note 5 - Investments in and Advances to Real Estate Joint Ventures - Investment Details (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |
Kim Pru and Kim Pru II [Member] | |||
Average ownership interest | [1],[2],[3] | 15.00% | |
The company's investment | [1],[2],[3] | $ 183 | $ 179.5 |
Kimco Income Fund [Member] | |||
Average ownership interest | [3] | 48.60% | |
The company's investment | [3] | $ 161.9 | 154.1 |
CPP [Member] | |||
Average ownership interest | [3] | 55.00% | |
The company's investment | [3] | $ 127.8 | 105 |
Other Joint Venture Programs [Member] | |||
The company's investment | [1],[4] | 108 | 45.3 |
All Equity Method Investments [Member] | |||
The company's investment | [5] | $ 580.7 | $ 483.9 |
[1] | As of December 31, 2017, the Company had aggregate net deferred gains of $6.9 million relating to the disposal of operating properties prior to the adoption of ASU 2017-05. These deferred gains were included in the Company's investment above, of which $5.1 million related to KimPru II and $1.8 million related to Other Joint Venture Programs. Upon adoption, the Company recorded a cumulative-effect adjustment of $6.9 million to its beginning retained earnings as of January 1, 2018 on the Company's Condensed Consolidated Statements of Changes in Equity. See Footnote 2 to the Notes to the Company's Condensed Consolidated Financial Statements for further detail and discussion. | ||
[2] | 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. | ||
[3] | The Company manages these joint venture investments and, where applicable, earns property management fees, construction management fees, property acquisition and disposition fees, leasing management fees and asset management fees. | ||
[4] | During March 2018, the Company sold a portion of its investment in a consolidated operating property to its partner and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company no longer consolidates the entity. As of the date of deconsolidation, the Company had an investment in this unconsolidated property of $62.4 million. See Footnotes 2 and 3 to the Notes to the Company's Condensed Consolidated Financial Statements for further detail and discussion. | ||
[5] | Representing 115 property interests and 23.9 million square feet of GLA, as of September 30, 2018, and 118 property interests and 23.5 million square feet of GLA, as of December 31, 2017. |
Note 5 - Investments in and A_5
Note 5 - Investments in and Advances to Real Estate Joint Ventures - The Company's Share of Net Income/(Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Income of joint ventures, net | $ 16,500 | $ 9,100 | $ 52,486 | $ 37,044 | |
Kim Pru and Kim Pru II [Member] | |||||
Income of joint ventures, net | 3,000 | 3,200 | 8,500 | 9,700 | |
KIR [Member] | |||||
Income of joint ventures, net | 8,000 | 8,200 | 26,900 | 24,700 | |
CPP [Member] | |||||
Income of joint ventures, net | 1,200 | 1,300 | 3,700 | 4,300 | |
Other Joint Venture Programs [Member] | |||||
Income of joint ventures, net | [1] | $ 4,300 | $ (3,600) | $ 13,400 | $ (1,700) |
[1] | During the nine months ended September 30, 2018, a joint venture investment distributed cash proceeds resulting from the refinancing of an existing loan of which the Company's share was $3.6 million. This distribution was in excess of the Company's carrying basis in this joint venture investment and as such was recognized as income. |
Note 5 - Investments in and A_6
Note 5 - Investments in and Advances to Real Estate Joint Ventures - Joint Venture Investments Accounted for Under the Equity Method, Debt Details (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | ||
Mortgage and notes payable | $ 1,862.1 | $ 1,700.2 | |
Kim Pru and Kim Pru II [Member] | |||
Mortgage and notes payable | $ 621.8 | $ 625.7 | |
Weighted average interest rate | 4.11% | 3.59% | |
Weighted average remaining term (Month) | [1] | 4 years 81 days | 4 years 354 days |
KIR [Member] | |||
Mortgage and notes payable | $ 679 | $ 702 | |
Weighted average interest rate | 4.40% | 4.60% | |
Weighted average remaining term (Month) | [1] | 3 years 213 days | 3 years 345 days |
CPP [Member] | |||
Mortgage and notes payable | $ 84.4 | $ 84.9 | |
Weighted average interest rate | 3.63% | 2.91% | |
Weighted average remaining term (Month) | [1] | 4 years 270 days | 120 days |
Other Joint Venture Programs [Member] | |||
Mortgage and notes payable | $ 476.9 | $ 287.6 | |
Weighted average interest rate | 4.18% | 4.41% | |
Weighted average remaining term (Month) | [1] | 6 years 279 days | 2 years 96 days |
[1] | Includes extension options |
Note 6 - Other Real Estate In_2
Note 6 - Other Real Estate Investments and Other Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Equity Method Investments | $ 580,737 | $ 580,737 | $ 483,861 | ||
Income (Loss) from Equity Method Investments, Total | $ 16,500 | $ 9,100 | $ 52,486 | $ 37,044 | |
Preferred Equity Investments [Member] | |||||
Number of Real Estate Properties | 285 | 285 | |||
Income (Loss) from Equity Method Investments, Total | $ 24,400 | ||||
Equity Method Investment, Realized Gain (Loss) on Disposal, Total | $ 10,500 | ||||
Preferred Equity Investments [Member] | Leased Properties [Member] | |||||
Number of Real Estate Properties | 273 | 273 | |||
Preferred Equity Investments [Member] | Maximum Exposure [Member] | |||||
Equity Method Investments | $ 175,200 | $ 175,200 | |||
Albertstons Companies, Inc. [Member] | |||||
Percentage of Ownership | 9.74% | 9.74% | |||
Albertstons Companies, Inc. [Member] | Other Assets [Member] | |||||
Other Investments, Total | $ 140,200 | $ 140,200 |
Note 7 - Variable Interest En_3
Note 7 - Variable Interest Entities ("VIE") (Details Textual) $ in Millions | 9 Months Ended | |
Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Variable Interest Entity, Number of Entities | 24 | 27 |
Consolidated Operating Properties [Member] | ||
Variable Interest Entity, Number of Entities | 22 | 24 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets, Total | $ 889.9 | $ 1,200 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities, Total | $ 70.3 | $ 383.5 |
Real Estate Under Development [Member] | ||
Variable Interest Entity, Number of Entities | 2 | 3 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets, Total | $ 400.3 | $ 307.9 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities, Total | 73.1 | $ 34.2 |
Real Estate Under Development, Project 1 [Member] | ||
Variable Interest Entity, Financial or Other Support, Amount | 150 | |
Real Estate Under Development, Project 2 [Member] | ||
Variable Interest Entity, Financial or Other Support, Amount | $ 200 |
Note 7 - Variable Interest En_4
Note 7 - Variable Interest Entities ("VIE") - Summary of Restricted Assets and VIE Liabilities (Details) $ in Thousands | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Number of consolidated VIEs | 24 | 27 |
Restricted Assets: | ||
Real estate, net | $ 101,600 | $ 627,500 |
Real estate under development | 120,900 | |
Cash and cash equivalents | 3,500 | 9,800 |
Accounts and notes receivable, net | 4,800 | 3,200 |
Other assets | 3,400 | 4,500 |
Total Restricted Assets | 234,165 | 644,990 |
VIE Liabilities: | ||
Mortgages and construction loan payable, net | 63,600 | 340,900 |
Other liabilities | 79,800 | 76,800 |
Total VIE Liabilities | $ 143,399 | $ 417,688 |
Variable Interest Entity, Unencumbered [Member] | ||
Number of consolidated VIEs | 20 | 22 |
Variable Interest Entity, Encumbered by Third Party Non-resource Mortgage Debt [Member] | ||
Number of consolidated VIEs | 4 | 5 |
Note 8 - Mortgages and Other _3
Note 8 - Mortgages and Other Financing Receivables (Details Textual) $ in Millions, $ in Millions | 9 Months Ended | |
Sep. 30, 2018USD ($) | Sep. 30, 2018CAD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Number of Loans | 11 | 11 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Ending Balance | $ 29.2 | |
Mortgage Receivable [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Collections of Principal | 4.5 | $ 5.7 |
Operating Properties [Member] | ||
Proceeds from Sale of Real Estate, Total | 20.8 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, New Mortgage Loan | $ 14.7 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 5.16% | 5.16% |
Operating Properties [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Loans Receivable, Basis Spread on Variable Rate | 3.00% | |
Operating Properties [Member] | Minimum [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 5.00% | 5.00% |
Note 8 - Mortgages and Other _4
Note 8 - Mortgages and Other Financing Receivables - Mortgages Receivable (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2018USD ($) | ||
Mortgage Receivable Paid Sep-18 [Member] | ||
Amount received | $ 1.8 | |
Interest rate | 7.57% | |
Maturity date | Jun. 30, 2019 | |
Mortgage Receivable Paid Apr-18 [Member] | ||
Amount received | $ 4.5 | [1] |
Interest rate | 7.00% | [1] |
Maturity date | May 31, 2018 | [1] |
[1] | This Canadian denominated ("CAD") receivable had an aggregate outstanding balance of CAD 5.7 million (USD $4.5 million) upon payoff. |
Note 9 - Marketable Securities
Note 9 - Marketable Securities (Details Textual) - Accounting Standards Update 2016-01 [Member] - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | [1] | |
Other Income, Net [Member] | ||||
Marketable Securities, Gain (Loss), Total | $ 2,000 | |||
Retained Earnings [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (1,100) | $ (1,136) | ||
[1] | Represents the impact of change in accounting principles for its respective Accounting Standard Updates ("ASU"). See Footnote 2 of the Notes to Condensed Consolidated Financial Statements for additional disclosure. |
Note 10 - Notes, Mortgages an_3
Note 10 - Notes, Mortgages and Construction Loan Payable (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Gain (Loss) on Extinguishment of Debt, Total | $ (12,762) | $ (1,753) | $ (12,762) | $ (1,753) | ||
Notes Payable, Total | 4,409,500 | 4,409,500 | $ 4,596,140 | |||
Senior Unsecured Note [Member] | ||||||
Gain (Loss) on Extinguishment of Debt, Total | (12,800) | |||||
Notes Payable, Total | $ 484,900 | 484,900 | ||||
Non-recouse Mortgage Debt Related to Property Deconsolidated [Member] | ||||||
Debt Instrument, Increase (Decrease), Net, Total | 206,000 | |||||
Repayments of Long-term Debt, Total | 203,600 | |||||
Liabilities, Fair Value Adjustment | $ 900 | |||||
Construction Loan [Member] | ||||||
Debt Instrument, Commitment | $ 67,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.96% | 3.96% | ||||
Long-term Debt, Total | $ 30,400 | $ 30,400 | ||||
Construction Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | |||||
Mortgages [Member] | ||||||
Debt Instrument, Increase (Decrease), Net, Total | 12,400 | |||||
Mortgages [Member] | Other Income (Expense), Net [Member] | ||||||
Gain on Forgiveness of Debt | 4,300 | |||||
Relief of Accrued Interest | $ 3,400 |
Note 10 - Notes, Mortgages an_4
Note 10 - Notes, Mortgages and Construction Loan Payable - Repaid Notes (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2018USD ($) | ||
Senior Unsecured Note [Member] | ||
Amount repaid | $ 300 | [1] |
Interest rate | 6.875% | [1] |
Maturity date | Oct. 31, 2019 | [1] |
Senior Unsecured Notes 1 [Member] | ||
Amount repaid | $ 15.1 | [2] |
Interest rate | 3.20% | [2] |
Maturity date | May 31, 2021 | [2] |
[1] | The Company recorded an early extinguishment of debt charge of $12.8 million resulting from the early repayment of these notes. | |
[2] | As of September 30, 2018, these notes had an outstanding balance of $484.9 million. |
Note 11 - Noncontrolling Inte_3
Note 11 - Noncontrolling Interests (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | [1] | Dec. 31, 2017 | |
Payments to Noncontrolling Interests | $ 3,400 | |||
Adjustments to Additional Paid in Capital, Other | 1,200 | |||
Noncontrolling Interest, Change in Redemption Value | 3,918 | |||
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% | |||
Noncontrolling Interest [Member] | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 4,600 | |||
Preferred A Units [Member] | ||||
Non-controlling Interest, Units Redeemed | 79,642,697 | |||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 79,900 | |||
Payments for Repurchase of Redeemable Noncontrolling Interest, Accrued Preferred Return | $ 400 | |||
Non-controlling Interest, Par Value | $ 1 | |||
Non-controlling Interest, Annual Return | 5.00% | |||
[1] | During 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 has a 10% noncontrolling interest. During the nine months ended September 30, 2018, the Company recorded an adjustment of $3.9 million to the estimated redemption fair market value of this noncontrolling interest in accordance with the provisions of the joint venture agreement and ASC 480 - Accounting for Redeemable Equity Instruments. |
Note 11- Noncontrolling Interes
Note 11- Noncontrolling Interests - Redemption Value of the Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | |||
Balance | $ 16,143 | $ 86,953 | ||
Issuance of redeemable partnership interests (1) | [1] | 10,000 | ||
Income | 279 | 1,203 | ||
Distributions | (266) | (2,448) | ||
Redemption/conversion of redeemable units (2) | [2] | (79,569) | ||
Adjustment to estimated redemption value (1) | 3,918 | [1] | ||
Balance | $ 20,074 | $ 16,139 | ||
[1] | During 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 has a 10% noncontrolling interest. During the nine months ended September 30, 2018, the Company recorded an adjustment of $3.9 million to the estimated redemption fair market value of this noncontrolling interest in accordance with the provisions of the joint venture agreement and ASC 480 - Accounting for Redeemable Equity Instruments. | |||
[2] | During 2017, the Company redeemed the remaining 79,642,697 Preferred A Units for a total redemption price of $79.9 million, including an accrued preferred return of $0.4 million. These units, which had a par value of $1.00 and return per annum of 5.0%, were issued during 2006 along with the acquisition of seven shopping center properties located in Puerto Rico. |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements (Details Textual) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | ||
Impairment of Real Estate | $ 33,900 | $ 34,300 | ||
Measurement Input, Cap Rate [Member] | Minimum [Member] | ||||
Real Estate, Measurement Input | 0.085 | |||
Measurement Input, Cap Rate [Member] | Maximum [Member] | ||||
Real Estate, Measurement Input | 0.09 | |||
Measurement Input, Discount Rate [Member] | Minimum [Member] | ||||
Real Estate, Measurement Input | 0.095 | |||
Measurement Input, Discount Rate [Member] | Maximum [Member] | ||||
Real Estate, Measurement Input | 0.1 | |||
Estimate of Fair Value Measurement [Member] | ||||
Notes Payable, Fair Value Disclosure | [1] | $ 4,136,860 | $ 4,601,479 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||||
Notes Payable, Fair Value Disclosure | 4,000,000 | 4,600,000 | ||
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||||
Notes Payable, Fair Value Disclosure | $ 127,900 | $ 1,900 | ||
[1] | The Company determined that the valuation of its Senior Unsecured Notes were classified within Level 2 of the fair value hierarchy and its Credit Facility was classified within Level 3 of the fair value hierarchy. The estimated fair value amounts classified as Level 2 as of September 30, 2018 and December 31, 2017, were $4.0 billion and $4.6 billion, respectively. The estimated fair value amounts classified as Level 3 as of September 30, 2018 and December 31, 2017, were $127.9 million and $1.9 million, respectively. |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurements - Estimate of Fair Value Differs From Carrying Amounts (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Reported Value Measurement [Member] | |||
Notes payable | [1] | $ 4,409,500 | $ 4,596,140 |
Reported Value Measurement [Member] | Mortgages [Member] | |||
Mortgages and construction loan payable, net | [2] | 477,974 | 882,787 |
Estimate of Fair Value Measurement [Member] | |||
Notes payable | [1] | 4,136,860 | 4,601,479 |
Estimate of Fair Value Measurement [Member] | Mortgages [Member] | |||
Mortgages and construction loan payable, net | [2] | $ 468,585 | $ 881,427 |
[1] | The Company determined that the valuation of its Senior Unsecured Notes were classified within Level 2 of the fair value hierarchy and its Credit Facility was classified within Level 3 of the fair value hierarchy. The estimated fair value amounts classified as Level 2 as of September 30, 2018 and December 31, 2017, were $4.0 billion and $4.6 billion, respectively. The estimated fair value amounts classified as Level 3 as of September 30, 2018 and December 31, 2017, were $127.9 million and $1.9 million, respectively. | ||
[2] | The Company determined that its valuation of its mortgages and construction loan were classified within Level 3 of the fair value hierarchy. |
Note 12 - Fair Value Measurem_5
Note 12 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Fair Value, Measurements, Recurring [Member] | |||
Marketable equity securities | $ 10,769 | $ 11,936 | |
Interest rate swap | 344 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Marketable equity securities | 10,769 | 11,936 | |
Interest rate swap | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Marketable equity securities | |||
Interest rate swap | 344 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Marketable equity securities | |||
Interest rate swap | |||
Fair Value, Measurements, Nonrecurring [Member] | |||
Real estate | 79,955 | 108,313 | |
Investments in real estate joint ventures | [1] | 62,429 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Real estate | |||
Investments in real estate joint ventures | [1] | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Real estate | |||
Investments in real estate joint ventures | [1] | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Real estate | 79,955 | $ 108,313 | |
Investments in real estate joint ventures | [1] | $ 62,429 | |
[1] | Fair value measurement as of date of deconsolidation. See Footnotes 3 and 5 to the Notes to the Company's Condensed Consolidated Financial Statements for further detail and discussion. |
Note 13 - Stockholders' Equit_2
Note 13 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Feb. 22, 2018 | ||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||
Stock Repurchase Program, Authorized Amount | $ 300,000 | ||||
Stock Repurchased During Period, Shares | 5,100,000 | ||||
Stock Repurchased During Period, Value | $ 75,126 | ||||
Stock Repurchased During Period, Average Cost Per Share | $ 14.72 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 224,900 | ||||
Series M Preferred Stock [Member] | |||||
Stock Issued During Period, Shares, New Issues | 1,380,000 | ||||
Preferred stock, Fractional Interest in Share of Stock | 0.001% | ||||
Preferred Stock, Dividend Rate, Percentage | 5.25% | [1] | 5.25% | ||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | [1] | $ 1 | |
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 33,400 | ||||
Series M Cumulative Redeemable Preferred Stock [Member] | |||||
Preferred Stock, Dividend Rate, Percentage | 5.25% | ||||
[1] | During January 2018, the underwriting financial institutions for the Class M Preferred Stock issuance elected to exercise the over-allotment option and as a result, the Company issued an additional 1,380,000 Class M Depositary Shares, each representing a one-thousandth fractional interest in a share of the Company's 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share. The Company received net proceeds before expenses of $33.4 million from this over-allotment issuance. |
Note 13 - Stockholders' Equit_3
Note 13 - Stockholders' Equity - Outstanding Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2017 | Jan. 31, 2018 | ||
Shares authorized (in shares) | 5,996,240 | 5,996,240 | ||
Liquidation preference | $ 1,064,500 | $ 1,030,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | ||
Series I Preferred Stock [Member] | ||||
Shares authorized (in shares) | 18,400 | 18,400 | ||
Shares issued and outstanding (in shares) | 7,000 | 7,000 | ||
Liquidation preference | $ 175,000 | $ 175,000 | ||
Preferred Stock, Dividend Rate, Percentage | 6.00% | 6.00% | ||
Annual dividend per depository share (in dollars per share) | $ 1.50 | $ 1.50 | ||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | ||
Series J Preferred Stock [Member] | ||||
Shares authorized (in shares) | 9,000 | 9,000 | ||
Shares issued and outstanding (in shares) | 9,000 | 9,000 | ||
Liquidation preference | $ 225,000 | $ 225,000 | ||
Preferred Stock, Dividend Rate, Percentage | 5.50% | 5.50% | ||
Annual dividend per depository share (in dollars per share) | $ 1.375 | $ 1.375 | ||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | ||
Series K Preferred Stock [Member] | ||||
Shares authorized (in shares) | 8,050 | 8,050 | ||
Shares issued and outstanding (in shares) | 7,000 | 7,000 | ||
Liquidation preference | $ 175,000 | $ 175,000 | ||
Preferred Stock, Dividend Rate, Percentage | 5.625% | 5.625% | ||
Annual dividend per depository share (in dollars per share) | $ 1.40625 | $ 1.40625 | ||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | ||
Series L Preferred Stock [Member] | ||||
Shares authorized (in shares) | 10,350 | 10,350 | ||
Shares issued and outstanding (in shares) | 9,000 | 9,000 | ||
Liquidation preference | $ 225,000 | $ 225,000 | ||
Preferred Stock, Dividend Rate, Percentage | 5.125% | 5.125% | ||
Annual dividend per depository share (in dollars per share) | $ 1.28125 | $ 1.28125 | ||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | ||
Series M Preferred Stock [Member] | ||||
Shares authorized (in shares) | 10,580 | [1] | 10,580 | |
Shares issued and outstanding (in shares) | 10,580 | [1] | 9,200 | |
Liquidation preference | $ 264,500 | [1] | $ 230,000 | |
Preferred Stock, Dividend Rate, Percentage | 5.25% | [1] | 5.25% | |
Annual dividend per depository share (in dollars per share) | $ 1.3125 | [1] | $ 1.3125 | |
Preferred Stock, Par or Stated Value Per Share | $ 1 | [1] | $ 1 | $ 1 |
Total [Member] | ||||
Shares issued and outstanding (in shares) | 42,580 | 41,200 | ||
Liquidation preference | $ 1,064,500 | $ 1,030,000 | ||
[1] | During January 2018, the underwriting financial institutions for the Class M Preferred Stock issuance elected to exercise the over-allotment option and as a result, the Company issued an additional 1,380,000 Class M Depositary Shares, each representing a one-thousandth fractional interest in a share of the Company's 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share. The Company received net proceeds before expenses of $33.4 million from this over-allotment issuance. |
Note 13 - Stockholders' Equit_4
Note 13 - Stockholders' Equity - Dividends Declared Per Share (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Common Shares (in dollars per share) | $ 0.84 | $ 0.81 |
Series I Preferred Stock [Member] | ||
Depositary Shares (in dollars per share) | 1.125 | 1.125 |
Series I Preferred Stock Redeemed [Member] | ||
Depositary Shares (in dollars per share) | 0.9625 | |
Series J Preferred Stock [Member] | ||
Depositary Shares (in dollars per share) | 1.03125 | 1.03125 |
Series K Preferred Stock [Member] | ||
Depositary Shares (in dollars per share) | 1.05468 | 1.05468 |
Series L Preferred Stock [Member] | ||
Depositary Shares (in dollars per share) | 0.96093 | 0.16016 |
Series M Preferred Stock [Member] | ||
Depositary Shares (in dollars per share) | $ 0.98439 |
Note 14 - Supplemental Schedu_3
Note 14 - Supplemental Schedule of Non-cash Investing / Financing Activities - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||
Acquisition of real estate interests through proceeds held in escrow | $ 115,853 | |||
Proceeds deposited in escrow through sale of real estate interests | 16,842 | 150,697 | ||
Disposition of real estate interests through the issuance of mortgage receivables | 14,700 | |||
Disposition of real estate interests by foreclosure of debt | 7,444 | |||
Forgiveness of debt due to foreclosure | 12,415 | |||
Surrender of restricted common stock | 4,290 | 5,599 | ||
Dividends payable | 130,263 | 123,270 | $ 128,892 | |
Capital expenditures accrual | 84,873 | 56,879 | ||
Deemed contribution from noncontrolling interest | 10,000 | |||
Adjustment to estimated redemption value (1) | 3,918 | [1] | ||
Increase in real estate and other assets | 325,981 | |||
Increase in mortgages and construction loan payable, other liabilities and noncontrolling interests | 258,626 | |||
Decrease in real estate and other assets | 300,299 | |||
Increase in investments in and advances to real estate joint ventures | (62,429) | |||
Decrease in mortgages and construction loan payable, other liabilities and noncontrolling interests | $ 248,274 | |||
[1] | During 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 has a 10% noncontrolling interest. During the nine months ended September 30, 2018, the Company recorded an adjustment of $3.9 million to the estimated redemption fair market value of this noncontrolling interest in accordance with the provisions of the joint venture agreement and ASC 480 - Accounting for Redeemable Equity Instruments. |
Note 15 - Incentive Plans (Deta
Note 15 - Incentive Plans (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Allocated Share-based Compensation Expense, Total | $ 14.5 | $ 17.8 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 33.3 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 328 days |
Note 16 - Accumulated Other C_3
Note 16 - Accumulated Other Comprehensive Income (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | [1] | |
Retained Earnings [Member] | Accounting Standards Update 2016-01 [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (1,100) | $ (1,136) | ||
Accumulated Foreign Currency Adjustment Attributable to Preferred Equity Investments [Member] | ||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Total | $ 14,800 | |||
Accumulated Foreign Currency Adjustment Attributable to Preferred Equity Investments [Member] | CANADA | ||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Total | $ (4,800) | |||
[1] | Represents the impact of change in accounting principles for its respective Accounting Standard Updates ("ASU"). See Footnote 2 of the Notes to Condensed Consolidated Financial Statements for additional disclosure. |
Note 16 - Accumulated Other C_4
Note 16 - Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||||
Beginning balance | $ 5,522,147 | $ 5,402,874 | |||||
Net current-period other comprehensive income | $ (72) | $ (7,800) | 344 | (7,493) | |||
Ending balance | 5,456,097 | 5,408,144 | 5,456,097 | 5,408,144 | |||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||||||
Beginning balance | (344) | (975) | |||||
Other comprehensive income before reclassifications | 437 | 308 | |||||
Amounts reclassified from AOCI (1) | (93) | [1] | [2] | ||||
Net current-period other comprehensive income | 344 | 308 | |||||
Ending balance | (667) | (667) | |||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||||
Beginning balance | 6,335 | ||||||
Other comprehensive income before reclassifications | 3,711 | ||||||
Amounts reclassified from AOCI (1) | [2] | (10,046) | |||||
Net current-period other comprehensive income | (6,335) | ||||||
Ending balance | |||||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||||
Beginning balance | 406 | ||||||
Other comprehensive income before reclassifications | (1,466) | ||||||
Amounts reclassified from AOCI (1) | [2] | ||||||
Net current-period other comprehensive income | (1,466) | ||||||
Ending balance | (1,060) | (1,060) | |||||
AOCI Attributable to Parent [Member] | |||||||
Beginning balance | (1,480) | 5,766 | |||||
Other comprehensive income before reclassifications | 2,553 | ||||||
Amounts reclassified from AOCI (1) | [2] | (10,046) | |||||
Net current-period other comprehensive income | (7,493) | ||||||
Ending balance | $ (1,727) | $ (1,727) | |||||
[1] | Amounts reclassified to Other income, net on the Company's Condensed Consolidated Statements of Income. | ||||||
[2] | During the nine months ended September 30, 2017, the Company was deemed to have substantially liquidated its investment in Canada and as a result, recognized a net cumulative foreign currency translation gain. Amounts were reclassified to the Company's Consolidated Statements of Income as follows (i) $14.8 million of gain was reclassified to Equity in income of other real estate investments, net, and (ii) $4.8 million of loss was reclassified to Equity in income of joint ventures, net. |
Note 17 - Earnings Per Share (D
Note 17 - Earnings Per Share (Details Textual) - shares shares in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.3 | 2.3 |
Note 17 - Earnings Per Share -
Note 17 - Earnings Per Share - Reconciliation of Earnings/(Loss) and the Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Net income available to the Company's common shareholders | $ 85,624 | $ 101,957 | $ 365,977 | $ 298,996 | |
Change in estimated redemption value of redeemable noncontrolling interests | (3,918) | (3,918) | |||
Earnings attributable to participating securities | (604) | (526) | (1,818) | (1,596) | |
Net income available to the Company’s common shareholders for basic earnings per share | 81,102 | 101,431 | 360,241 | 297,400 | |
Distributions on convertible units | 24 | 683 | 43 | ||
Net income available to the Company’s common shareholders for diluted earnings per share | $ 81,102 | $ 101,455 | $ 360,924 | $ 297,443 | |
Weighted average common shares outstanding – basic (in shares) | 419,230 | 423,688 | 421,106 | 423,574 | |
Effect of dilutive securities (1): | |||||
Equity awards (in shares) | [1] | 534 | 513 | 515 | 556 |
Assumed conversion of convertible units (in shares) | [1] | 110 | 822 | 63 | |
Weighted average common shares outstanding – diluted (in shares) | [1] | 419,764 | 424,311 | 422,443 | 424,193 |
Basic earnings per share (in dollars per share) | $ 0.19 | $ 0.24 | $ 0.86 | $ 0.70 | |
Diluted earnings per share (in dollars per share) | $ 0.19 | $ 0.24 | $ 0.85 | $ 0.70 | |
[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 1.3 million and 2.3 million stock options that were not dilutive as of September 30, 2018 and 2017, respectively. |