Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 24, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | KIMCO REALTY CORP | |
Entity Central Index Key | 0000879101 | |
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) | 422,040,439 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Assets: | |||
Real estate, net of accumulated depreciation and amortization of $2,393,946 and $2,385,287, respectively | $ 9,221,743 | $ 9,250,519 | |
Real estate under development | [1] | 275,914 | 241,384 |
Investments in and advances to real estate joint ventures | 566,928 | 570,922 | |
Other real estate investments | 201,880 | 192,123 | |
Cash and cash equivalents | 143,673 | 143,581 | |
Accounts and notes receivable, net | 183,650 | 184,528 | |
Operating lease right-of-use assets, net | 104,177 | ||
Other assets | 372,235 | 416,043 | |
Total assets | [2] | 11,070,200 | 10,999,100 |
Liabilities: | |||
Notes payable, net | 4,383,413 | 4,381,456 | |
Mortgages and construction loan payable, net | 485,341 | 492,416 | |
Dividends payable | 130,444 | 130,262 | |
Operating lease liabilities | 97,133 | ||
Other liabilities | 553,327 | 560,231 | |
Total liabilities | [3] | 5,649,658 | 5,564,365 |
Redeemable noncontrolling interests | 23,684 | 23,682 | |
Commitments and Contingencies | |||
Stockholders' equity: | |||
Preferred stock, $1.00 par value, authorized 5,996,240 shares; issued and outstanding (in series) 42,580 shares; Aggregate liquidation preference $1,064,500 | 43 | 43 | |
Common stock, $.01 par value, authorized 750,000,000 shares; issued and outstanding 422,037,132 and 421,388,879 shares, respectively | 4,220 | 4,214 | |
Paid-in capital | 6,119,855 | 6,117,254 | |
Cumulative distributions in excess of net income | (804,241) | (787,707) | |
Total stockholders' equity | 5,319,877 | 5,333,804 | |
Noncontrolling interests | 76,981 | 77,249 | |
Total equity | 5,396,858 | 5,411,053 | |
Total liabilities and equity | $ 11,070,200 | $ 10,999,100 | |
[1] | Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $27.6 million and $24.9 million, as of March 31, 2019 and December 31, 2018, respectively. | ||
[2] | Includes restricted assets of consolidated variable interest entities ("VIEs") at March 31, 2019 and December 31, 2018 of $241,538 and $239,012, respectively. See Footnote 11 of the Notes to Condensed Consolidated Financial Statements. | ||
[3] | Includes non-recourse liabilities of consolidated VIEs at March 31, 2019 and December 31, 2018 of $140,769 and $143,186, respectively. See Footnote 11 of the Notes to Condensed Consolidated Financial Statements. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Real estate, accumulated depreciation | $ 2,393,946 | $ 2,385,287 |
Assets of consolidated variable interest entities | 241,538 | 239,012 |
Liabilities of consolidated variable interest entities | $ 140,769 | $ 143,186 |
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 | 42,580 |
Preferred stock, shares outstanding (in shares) | 42,580 | 42,580 |
Preferred stock, liquidation preference | $ 1,064,500 | $ 1,064,500 |
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) | 422,037,132 | 421,388,879 |
Common stock, shares outstanding (in shares) | 422,037,132 | 421,388,879 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Revenues | |||
Revenues | $ 290,634 | $ 299,717 | |
Revenues | 295,010 | 304,078 | |
Operating expenses | |||
Rent | (2,692) | (2,818) | |
Real estate taxes | (39,347) | (40,434) | |
Operating and maintenance | (40,896) | (43,331) | |
General and administrative | (25,831) | (22,398) | |
Provision for doubtful accounts | (2,131) | ||
Impairment charges | 4,175 | 7,646 | |
Depreciation and amortization | (71,561) | (81,382) | |
Total operating expenses | (184,502) | (200,140) | |
Gain on sale of properties/change in control of interests | 23,595 | 56,971 | |
Operating income | 134,103 | 160,909 | |
Other income/(expense) | |||
Other income, net | 2,622 | 6,179 | |
Interest expense | (44,395) | (49,943) | |
Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other real estate investments, net | 92,330 | 117,145 | |
Provision for income taxes, net | (630) | (52) | |
Net income | 116,678 | 143,982 | |
Net (income)/loss attributable to noncontrolling interests | (509) | 108 | |
Net income attributable to the Company | 116,169 | 144,090 | |
Preferred dividends | (14,534) | (14,589) | |
Net income available to the Company's common shareholders | $ 101,635 | $ 129,501 | |
Per common share: | |||
-Basic (in dollars per share) | $ 0.24 | $ 0.30 | |
-Diluted (in dollars per share) | $ 0.24 | $ 0.30 | |
Weighted average shares: | |||
-Basic (in shares) | 419,464 | 423,404 | |
-Diluted (in shares) | [1] | 420,763 | 424,521 |
Joint Ventures [Member] | |||
Other income/(expense) | |||
Equity in income | $ 18,754 | $ 16,913 | |
Other Real Estate Investments [Member] | |||
Other income/(expense) | |||
Equity in income | 6,224 | 9,976 | |
Management and Other Fee Incomes [Member] | |||
Revenues | |||
Revenues | $ 4,376 | $ 4,361 | |
[1] | The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders 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 3.3 million stock options that were not dilutive as of March 31, 2019 and 2018, respectively. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income | $ 116,678 | $ 143,982 |
Other comprehensive income: | ||
Change in unrealized value on interest rate swap | 278 | |
Other comprehensive income | 278 | |
Comprehensive income | 116,678 | 144,260 |
Comprehensive (income)/loss attributable to noncontrolling interests | (509) | 108 |
Comprehensive income attributable to the Company | $ 116,169 | $ 144,368 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2017 | $ (754,375) | $ (344) | $ 41 | $ 4,256 | $ 6,152,764 | $ 5,402,342 | $ 127,903 | $ 5,530,245 |
Balance (in shares) at Dec. 31, 2017 | 41 | 425,646 | ||||||
Net income | 144,090 | 144,090 | (108) | 143,982 | ||||
Change in unrealized loss on interest rate swap | 278 | 278 | 278 | |||||
Redeemable noncontrolling interests income | (92) | (92) | ||||||
Dividends declared to common and preferred shares | (133,560) | (133,560) | (133,560) | |||||
Distributions to noncontrolling interests | (1,472) | (1,472) | ||||||
Issuance of common stock | $ 11 | (11) | ||||||
Issuance of common stock (in shares) | 1,075 | |||||||
Repurchase of common stock | $ (16) | (24,260) | (24,276) | (24,276) | ||||
Repurchase of common stock (in shares) | (1,600) | |||||||
Surrender of restricted stock | $ (2) | (3,372) | (3,374) | (3,374) | ||||
Surrender of restricted stock (in shares) | (224) | |||||||
Exercise of common stock options | 30 | 30 | 30 | |||||
Exercise of common stock options (in shares) | 3 | |||||||
Amortization of equity awards | 4,719 | 4,719 | 4,719 | |||||
Issuance of preferred stock | $ 2 | 33,112 | 33,114 | 33,114 | ||||
Issuance of preferred stock (in shares) | 2 | |||||||
Acquisition/deconsolidation of noncontrolling interests | 1,203 | 1,203 | (48,395) | (47,192) | ||||
Balance at Mar. 31, 2018 | (743,845) | (66) | $ 43 | $ 4,249 | 6,164,185 | 5,424,566 | 77,836 | 5,502,402 |
Balance (in shares) at Mar. 31, 2018 | 43 | 424,900 | ||||||
Balance at Dec. 31, 2018 | (787,707) | $ 43 | $ 4,214 | 6,117,254 | 5,333,804 | 77,249 | 5,411,053 | |
Balance (in shares) at Dec. 31, 2018 | 43 | 421,389 | ||||||
Net income | 116,169 | 116,169 | 509 | 116,678 | ||||
Redeemable noncontrolling interests income | (92) | (92) | ||||||
Dividends declared to common and preferred shares | (132,703) | (132,703) | (132,703) | |||||
Distributions to noncontrolling interests | (685) | (685) | ||||||
Issuance of common stock | $ 8 | (8) | ||||||
Issuance of common stock (in shares) | 783 | |||||||
Surrender of restricted stock | $ (2) | (3,250) | (3,252) | (3,252) | ||||
Surrender of restricted stock (in shares) | (187) | |||||||
Exercise of common stock options | 681 | 681 | 681 | |||||
Exercise of common stock options (in shares) | 52 | |||||||
Amortization of equity awards | 5,178 | 5,178 | 5,178 | |||||
Balance at Mar. 31, 2019 | $ (804,241) | $ 43 | $ 4,220 | $ 6,119,855 | $ 5,319,877 | $ 76,981 | $ 5,396,858 | |
Balance (in shares) at Mar. 31, 2019 | 43 | 422,037 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flow from operating activities: | ||
Net income | $ 116,678 | $ 143,982 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 71,561 | 81,382 |
Impairment charges | 4,175 | 7,646 |
Equity award expense | 5,477 | 5,182 |
Gain on sale of properties/change in control of interests | (23,595) | (56,971) |
Distributions from joint ventures and other real estate investments | 28,524 | 34,661 |
Change in accounts and notes receivable | 878 | 5,224 |
Change in accounts payable and accrued expenses | 2,837 | 10,371 |
Change in other operating assets and liabilities | (26,299) | (12,309) |
Net cash flow provided by operating activities | 155,258 | 192,279 |
Cash flow from investing activities: | ||
Acquisition of operating real estate and other related net assets | (3,337) | |
Improvements to operating real estate | (51,345) | (40,384) |
Acquisition of real estate under development | (4,592) | |
Improvements to real estate under development | (26,286) | (54,934) |
Investments in marketable securities | (157) | |
Proceeds from sale/repayments of marketable securities | 39 | 129 |
Investments in and advances to real estate joint ventures | (5,638) | (5,897) |
Reimbursements of investments in and advances to real estate joint ventures | 1,435 | 2,431 |
Investments in and advances to other real estate investments | (6,771) | (302) |
Reimbursements of investments in and advances to other real estate investments | 1,344 | |
Investment in other financing receivable | (48) | |
Collection of mortgage loans receivable | 160 | 335 |
Proceeds from sale of operating properties | 72,069 | 184,633 |
Proceeds from insurance casualty claims | 1,000 | |
Net cash flow (used for)/provided by investing activities | (15,542) | 79,426 |
Cash flow from financing activities: | ||
Principal payments on debt, excluding normal amortization of rental property debt | (3,224) | (161,547) |
Principal payments on rental property debt | (3,137) | (3,485) |
Proceeds from construction loan financing | 3,300 | |
Financing origination costs | (3) | (11) |
Payment of early extinguishment of debt charges | (771) | |
Redemption/distribution of noncontrolling interests | (773) | (4,968) |
Dividends paid | (132,521) | (130,241) |
Proceeds from issuance of stock, net | 681 | 33,144 |
Repurchase of common stock | (24,276) | |
Change in other financing liabilities | (3,176) | (521) |
Net cash flow used for financing activities | (139,624) | (291,905) |
Net change in cash and cash equivalents | 92 | (20,200) |
Cash and cash equivalents, beginning of the period | 143,581 | 238,513 |
Cash and cash equivalents, end of the period | 143,673 | 218,313 |
Interest paid during the period including payment of early extinguishment of debt charges of $771 and $0, respectively (net of capitalized interest of $3,137 and $3,777, respectively) | 27,026 | 29,084 |
Joint Ventures [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity in income | (18,754) | (16,913) |
Other Real Estate Investments [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity in income | $ (6,224) | $ (9,976) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Early extinguishment of debt charges | $ 771 | $ 0 |
Cash paid for capitalized interest | $ 3,137 | $ 3,777 |
Note 1 - Business and Organizat
Note 1 - Business and Organization | 3 Months Ended |
Mar. 31, 2019 | |
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, off-price retailers, discounters or service-oriented tenants. 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 | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018 ( “10 10 March 31, 2019, 10 not Revenue s and Trade Accounts Receivable - The Company’s primary source of revenues are derived from lease agreements which fall under the scope of ASU 2016 02, Leases (Topic 842 , 842” 2014 09, Revenue from Contracts with Customers (Topic 606 ) 606” 606 Revenues from rental properties, net Revenues from rental properties, net 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. Upon the adoption of Topic 842, 842. 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 Also included in Revenues from rental properties, net are ancillary income and TIF income. Ancillary income is derived through various agreements relating to parking lots, clothing bins, temporary storage, vending machines, ATMs, trash bins and trash collections, seasonal leases, etc. The majority of the revenue derived from these sources are through lease agreements/arrangements and are recognized in accordance with the lease terms described in the lease. The Company has TIF agreements with certain municipalities and receives payments in accordance with the agreements. TIF reimbursement income is recognized on a cash-basis when received. Trade Accounts Receivable The Company reviews its trade accounts receivable, including its straight-line rent receivable, related to base rents, straight-line rent, expense reimbursements and other revenues for collectability. The Company analyzes its accounts receivable, customer credit worthiness and current economic trends when evaluating the adequacy of the collectability of the lessee’s total accounts receivable balance on a lease by lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition claims. If a lessee’s accounts receivable balance is considered uncollectible the Company will write-off the receivable balances associated with the lease and cease to recognize lease income, including straight-line rent unless cash is received. If the Company subsequently determines that it is probable it will collect the remaining lessee’s lease payments under the lease term, the Company will then reinstate the straight-line balance and the lease income will then be limited to the lesser of (i) the straight-line rental income or (ii) the lease payments that have been collected from the lessee. The Company’s reported net earnings are directly affected by management’s estimate of the collectability of its trade accounts receivable. Trade accounts receivable, primarily derived from expense reimbursements, that are being disputed by the lessee will not Leases - The FASB issued Topic 842, 840, Leases The Company adopted this standard effective January 1, 2019 842 842 not not not Lessor In July 2018, 2018 11, Leases 2018 11” 2018 11 842 606 842 As a lessor, the recognition of rental revenue remained mainly consistent with previous guidance, apart from the narrower definition of initial direct costs that can be capitalized. The new standard defines initial direct costs as only the incremental costs that would not not 842 third no not not Lessee The Company’s leases where it is the lessee primarily consist of ground leases and administrative office leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date of the lease and are based on the present value of lease payments over the lease term. The Company utilized an incremental borrowing rate based on the information available at adoption of Topic 842 not not 842, $106.0 $7.3 $98.7 7 Reclassifications - Certain amounts in the prior period have been reclassified in order to conform with the current period’s presentation. In conjunction with the adoption of Topic 842 $63.7 $5.6 three March 31, 2018. not 842 Subsequent Events - The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its condensed consolidated financial statements. New Accounting Pronouncements - The following table represents ASUs to the FASB’s ASC that, as of March 31, 2019, not not ASU Description Effective Date Effect on the financial statements or other significant matters ASU 2018 17, 810 The amendment to Topic 810 (i) Applying the variable interest entity (VIE) guidance to private companies under common control, and (ii) Considering indirect interests held through related parties under common control, and for determining whether fees paid to decision makers and service providers are variable interests. This update improves the accounting for those areas, thereby improving general purpose financial reporting. Retrospective adoption is required. January 1, 2020; The adoption of this ASU is not 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 for fair value measurements in Topic 820, Conceptual Framework for Financial Reporting – Chapter 8: Notes to Financial Statements January 1, 2020; The adoption of this ASU is not ASU 2016 13, 326 ASU 2018 19, 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 In November 2018, 2018 19, 842 January 1, 2020; The Company is still assessing the impact on its financial position and/or results of operations. The following ASUs to the FASB’s ASC have been adopted by the Company as of January 1, 2019: ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2016 02, 842 ASU 2018 01, 842 842 ASU 2018 10, 842, ASU 2018 11, 842 ASU 2018 20, 842 ASU 2019 01, 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 adopted this standard using the modified retrospective approach. The Company has identified certain leases and accounting policies which the adoption impacted, including its ground leases, administrative office leases, initial leasing costs and non-lease components. See above for further details. Additionally, during July 2018, 2018 11, not 606 842 In December 2018, 2018 20, not third In February 2019, 2019 01, (i) Determining the fair value of the underlying asset by lessors that are not (ii) Presentation on the statement of cash flows for sales-type and direct financing leases; and (iii) Transition disclosures related to Topic 250, |
Note 3 - Operating Property Act
Note 3 - Operating Property Activities | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Operating Property Activities Acquisitions of Operating Properties - During the three March 31, 2019, Purchase Price Property Name Location Month Acquired Cash* GLA** Bell Camino Out-parcel Sun City, AZ Jan-19 $ 5,678 45 Gateway at Donner Pass Out-parcel Truckee, CA Jan-19 13,527 40 Rancho Penasquitos Out-parcel San Diego, CA Jan-19 12,064 40 $ 31,269 125 $31.0 §1031 ** Gross leasable area ("GLA") Included in Revenues from rental properties, net on the Company’s Condensed Consolidated Statements of Income for the three March 31, 2019 $0.3 Purchase Price Allocations - The purchase price for these acquisitions is allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocations for properties acquired during the three March 31, 2019, Allocation as of March 31, 2019 Weighted-Average Amortization Period (in Years) Land $ 8,266 n/a Buildings 15,935 50.0 Building improvements 1,313 45.0 Tenant improvements 1,637 20.0 In-place leases 4,118 20.0 Net assets acquired $ 31,269 Dispositions - The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels (dollars in millions): Three Months Ended March 31 , 201 9 2018 Aggregate sales price/gross fair value $ 74.2 $ 522.5 Gain on sale of properties/change in control of interests $ 23.6 $ 57.0 Impairment charges $ 1.0 $ 2.4 Number of operating properties sold/deconsolidated 5 20 Number of out-parcels sold 2 1 Impairments - During the three March 31, 2019, $4.2 $3.2 $1.0 third 12 |
Note 4 - Real Estate Under Deve
Note 4 - Real Estate Under Development | 3 Months Ended |
Mar. 31, 2019 | |
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. The costs incurred to date for these real estate development projects are as follows (in thousands): Property Name Location March 31 , 201 9 December 31, 2018 Dania Pointe – Phases II, III and IV Dania Beach, FL $ 180,216 $ 152,111 Mill Station Owings Mills, MD 62,187 55,771 Promenade at Christiana (1) New Castle, DE 33,511 33,502 Total * $ 275,914 $ 241,384 * Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $27.6 $24.9 March 31, 2019 December 31, 2018, ( 1 Project to be developed in the future. During the three March 31, 2019, $1.9 $0.3 $0.5 |
Note 5 - Investments In and Adv
Note 5 - Investments In and Advances to Real Estate Joint Ventures | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 December 31, 2018 ( Ownership The Company's Investment Joint Venture Interest March 31, 2019 December 31, 2018 Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) 15.0% $ 175.1 $ 175.2 Kimco Income Opportunity Portfolio (“KIR”) (2) 48.6% 160.5 167.2 Canada Pension Plan Investment Board (“CPP”) (2) 55.0% 140.0 135.0 Other Joint Venture Programs Various 91.3 93.5 Total* $ 566.9 $ 570.9 * Representing 105 22.8 March 31, 2019, 109 23.2 December 31, 2018. ( 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. The table below presents the Company’s share of net income for the above investments which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income for the three March 31, 2019 2018 Three Months Ended March 3 1 , Joint Venture 201 9 201 8 KimPru and KimPru II $ 2.9 $ 2.9 KIR 14.5 9.0 CPP 1.4 1.2 Other Joint Venture Programs - 3.8 Total $ 18.8 $ 16.9 During the three March 31, 2019, four $54.5 $3.4 three March 31, 2019. During the three March 31, 2018, two $17.1 $2.1 three March 31, 2018. The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at March 31, 2019 December 31, 2018 ( As of March 31, 2019 As of December 31, 2018 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 $ 571.3 4.28 % 46.0 $ 572.6 4.29 % 49.0 KIR 638.2 4.45 % 37.4 651.4 4.43 % 40.4 CPP 84.6 4.04 % 51.1 84.4 3.85 % 54.0 Other Joint Venture Programs 452.5 4.22 % 77.5 474.2 4.26 % 78.6 Total $ 1,746.6 $ 1,782.6 * Includes extension options |
Note 6 - Other Real Estate Inve
Note 6 - Other Real Estate Investments | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Other Real Estate Investments and Other Assets [Text Block] | 6. Other Real Estate Investments The Company has provided capital to owners and developers of real estate properties through its Preferred Equity Program. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its net investment. As of March 31, 2019, $186.6 285 273 three March 31, 2019, $6.5 $1.0 three March 31, 2018, $10.0 $4.7 two |
Note 7 - Leases
Note 7 - Leases | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. Leases The Company adopted Topic 842, January 1, 2019, $106.0 $98.7 2 842 one 53 75 not not 21.1 March 31, 2019. 6.59% March 31, 2019. may not The components of the Company’s lease expense, which are included in rent expense and general and administrative expense on the Company’s Condensed Consolidated Statements of Income, were as follows (in thousands): Three Months End ed March 31, 2019 Lease cost: Operating lease cost $ 3,328 Variable lease cost 269 Total lease cost $ 3,597 The future minimum lease payments to be paid under noncancelable operating leases in effect at March 31, 2019 December 31, 2018, Year End ing December 31, As of March 31, 2019 As of December 31, 2018 2019 $ 9,677 $ 12,206 2020 10,868 9,901 2021 10,436 9,716 2022 9,968 9,236 2023 9,641 8,936 Thereafter 136,721 115,788 Total minimum lease payments $ 187,311 $ 165,783 Less imputed interest (90,178 ) Total operating lease liabilities $ 97,133 The future minimum revenues from rental properties under the terms of all noncancelable tenant operating leases in effect, assuming no March 31, 2019 December 31, 2018, Year Ending December 31, As of March 31, 2019 As of December 31, 2018 2019 $ 616,714 $ 816,409 2020 789,616 769,074 2021 714,805 690,678 2022 618,956 594,638 2023 517,874 492,631 Thereafter 2,648,568 2,540,231 Total minimum revenues $ 5,906,533 $ 5,903,661 |
Note 8 - Other Assets
Note 8 - Other Assets | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 8. Other Assets Mortgages and Other Financing Receivables - The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company. The Company reviews payment status to identify performing versus non-performing loans. As of March 31, 2019, 10 $14.4 Assets Held-For-Sale - At March 31, 2019, one $4.6 $1.7 third $1.1 $3.0 |
Note 9 - Notes, Mortgages and C
Note 9 - Notes, Mortgages and Construction Loan Payable | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Mortgage Notes Payable Disclosure [Text Block] | 9. Notes, M ortgages and Construction Loan Payable Notes Payable - As of March 31, 2019, $2.25 $100.0 $0.3 Mortgages and Construction Loan Payable - During the three March 31, 2019, $3.2 As of March 31, 2019, $67.0 one $54.3 |
Note 10 - Noncontrolling Intere
Note 10 - Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 10. Noncontrolling Interests Noncontrolling interests represent the portion of equity that the Company does not During the three March 31, 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 three March 31, 2019 2018 2019 2018 Balance at January 1, $ 23,682 $ 16,143 Income 92 92 Distributions (90 ) (89 ) Balance at March 31, $ 23,684 $ 16,146 |
Note 11 - Variable Interest Ent
Note 11 - Variable Interest Entities ("VIE") | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 11. Variable Interest Entities (“VIE”) Included within the Company’s consolidated operating properties at March 31, 2019 December 31, 2018, 23 not not March 31, 2019, $1.1 $76.1 December 31, 2018, $1.1 $75.2 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 March 31, 2019 December 31, 2018, one not not March 31, 2019, $295.9 $64.7 December 31, 2018, $275.6 $68.0 Substantially all the projected remaining development costs to be funded for this real estate development project, aggregating $96.8 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 March 31, 2019 As of December 31, 2018 Number of unencumbered VIEs 20 20 Number of encumbered VIEs 4 4 Total number of consolidated VIEs 24 24 Restricted Assets: Real estate, net $ 229.4 $ 229.2 Cash and cash equivalents 5.2 4.4 Accounts and notes receivable, net 2.9 2.1 Other assets 4.0 3.3 Total Restricted Assets $ 241.5 $ 239.0 VIE Liabilities: Mortgages and construction loan payable, net $ 88.0 $ 83.8 Other liabilities 52.8 59.4 Total VIE Liabilities $ 140.8 $ 143.2 |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
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 estimated fair value differs from the carrying value (in thousands): March 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Notes payable, net (1) $ 4,383,413 $ 4,302,177 $ 4,381,456 $ 4,126,450 Mortgages and construction loan payable, net (2) $ 485,341 $ 483,412 $ 492,416 $ 486,341 ( 1 The Company determined that the valuation of its Senior Unsecured Notes were classified within Level 2 3 2, March 31, 2019 December 31, 2018, $4.2 $4.0 3, March 31, 2019 December 31, 2018, $97.9 $97.6 ( 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 March 31, 2019 December 31, 2018, Balance at March 31, 2019 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 10,705 $ 10,705 $ $ - Balance at December 31, 2018 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 9,045 $ 9,045 $ - $ - Assets measured at fair value on a non-recurring basis during the three March 31, 2019 December 31, 2018, Balance at March 31, 2019 Level 1 Level 2 Level 3 Real estate $ 13,700 $ - $ - $ 13,700 Balance at December 31, 2018 Level 1 Level 2 Level 3 Real estate $ 99,693 $ - $ - $ 99,693 Investments in real estate joint ventures (1) $ 62,429 $ - $ - $ 62,429 ( 1 Fair value measurement as of date of deconsolidation. During the three March 31, 2019 2018, $4.2 $7.6 third not third 3 3 |
Note 13 - Incentive Plans
Note 13 - Incentive Plans | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 13. Incentive Plans The Company accounts for equity awards in accordance with FASB’s Compensation – Stock Compensation guidance which requires that all share-based payments to employees, including grants of employee stock options, restricted stock and performance shares, be recognized in the 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 $5.5 $5.2 three March 31, 2019 2018, March 31, 2019, $46.8 3.2 |
Note 14 - Earnings Per Share
Note 14 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 14. 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 March 31 , 201 9 2018 Computation of Basic and Diluted Earnings Per Share: Net income available to the Company's common shareholders $ 101,635 $ 129,501 Earnings attributable to participating securities (625 ) (599 ) Net income available to the Company’s common shareholders for basic earnings per share 101,010 128,902 Distributions on convertible units 25 244 Net income available to the Company’s common shareholders for diluted earnings per share $ 101,035 $ 129,146 Weighted average common shares outstanding – basic 419,464 423,404 Effect of dilutive securities (1): Equity awards 1,182 287 Assumed conversion of convertible units 117 830 Weighted average common shares outstanding – diluted 420,763 424,521 Net income available to the Company's common shareholders: Basic earnings per share $ 0.24 $ 0.30 Diluted earnings per share $ 0.24 $ 0.30 ( 1 The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not 1.3 3.3 not March 31, 2019 2018, 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 |
Note 15 - Stockholders' Equity
Note 15 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 15. Stockholders’ Equity Preferred Stock - The Company’s outstanding Preferred Stock is detailed below: As of March 31, 2019 and December 31, 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 10,580 10,580 264,500 5.250 % $ 1.31250 $ 1.00 12/20/2022 42,580 $ 1,064,500 Common Stock - During February 2018, two may $0.01 $300.0 not three March 31, 2019. March 31, 2019, $224.9 Dividends Declared - The following table provides a summary of the dividends declared per share: Three Months Ended March 31, 2019 2018 Common Shares $ 0.2800 $ 0.2800 Class I Depositary Shares $ 0.3750 $ 0.3750 Class J Depositary Shares $ 0.3438 $ 0.3438 Class K Depositary Shares $ 0.3516 $ 0.3516 Class L Depositary Shares $ 0.3203 $ 0.3203 Class M Depositary Shares $ 0.3281 $ 0.3281 |
Note 16 - Supplemental Schedule
Note 16 - Supplemental Schedule of Non-cash Investing / Financing Activities | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 16. Supplemental Schedule of Non-Cash Investing / Financing Activities The following schedule summarizes the non-cash investing and financing activities of the Company for the three March 31, 2019 2018 201 9 2018 Acquisition of real estate interests through proceeds held in escrow $ 30,970 $ - Disposition of real estate interests by foreclosure of debt $ - $ 7,444 Forgiveness of debt due to foreclosure $ - $ 12,415 Surrender of restricted common stock $ 3,252 $ 3,374 Declaration of dividends paid in succeeding period $ 130,444 $ 132,209 Capital expenditures accrual $ 70,976 $ 84,932 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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018 ( “10 10 March 31, 2019, 10 not |
Revenue Recognition, Leases [Policy Text Block] | Revenues from rental properties, net Revenues from rental properties, net 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. Upon the adoption of Topic 842, 842. 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 Also included in Revenues from rental properties, net are ancillary income and TIF income. Ancillary income is derived through various agreements relating to parking lots, clothing bins, temporary storage, vending machines, ATMs, trash bins and trash collections, seasonal leases, etc. The majority of the revenue derived from these sources are through lease agreements/arrangements and are recognized in accordance with the lease terms described in the lease. The Company has TIF agreements with certain municipalities and receives payments in accordance with the agreements. TIF reimbursement income is recognized on a cash-basis when received. |
Accounts Receivable [Policy Text Block] | Trade Accounts Receivable The Company reviews its trade accounts receivable, including its straight-line rent receivable, related to base rents, straight-line rent, expense reimbursements and other revenues for collectability. The Company analyzes its accounts receivable, customer credit worthiness and current economic trends when evaluating the adequacy of the collectability of the lessee’s total accounts receivable balance on a lease by lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition claims. If a lessee’s accounts receivable balance is considered uncollectible the Company will write-off the receivable balances associated with the lease and cease to recognize lease income, including straight-line rent unless cash is received. If the Company subsequently determines that it is probable it will collect the remaining lessee’s lease payments under the lease term, the Company will then reinstate the straight-line balance and the lease income will then be limited to the lesser of (i) the straight-line rental income or (ii) the lease payments that have been collected from the lessee. The Company’s reported net earnings are directly affected by management’s estimate of the collectability of its trade accounts receivable. Trade accounts receivable, primarily derived from expense reimbursements, that are being disputed by the lessee will not |
Lessor, Leases [Policy Text Block] | Lessor In July 2018, 2018 11, Leases 2018 11” 2018 11 842 606 842 As a lessor, the recognition of rental revenue remained mainly consistent with previous guidance, apart from the narrower definition of initial direct costs that can be capitalized. The new standard defines initial direct costs as only the incremental costs that would not not 842 third no not not |
Lessee, Leases [Policy Text Block] | Lessee The Company’s leases where it is the lessee primarily consist of ground leases and administrative office leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date of the lease and are based on the present value of lease payments over the lease term. The Company utilized an incremental borrowing rate based on the information available at adoption of Topic 842 not not 842, $106.0 $7.3 $98.7 7 |
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. In conjunction with the adoption of Topic 842 $63.7 $5.6 three March 31, 2018. not 842 |
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. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements - The following table represents ASUs to the FASB’s ASC that, as of March 31, 2019, not not ASU Description Effective Date Effect on the financial statements or other significant matters ASU 2018 17, 810 The amendment to Topic 810 (i) Applying the variable interest entity (VIE) guidance to private companies under common control, and (ii) Considering indirect interests held through related parties under common control, and for determining whether fees paid to decision makers and service providers are variable interests. This update improves the accounting for those areas, thereby improving general purpose financial reporting. Retrospective adoption is required. January 1, 2020; The adoption of this ASU is not 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 for fair value measurements in Topic 820, Conceptual Framework for Financial Reporting – Chapter 8: Notes to Financial Statements January 1, 2020; The adoption of this ASU is not ASU 2016 13, 326 ASU 2018 19, 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 In November 2018, 2018 19, 842 January 1, 2020; The Company is still assessing the impact on its financial position and/or results of operations. The following ASUs to the FASB’s ASC have been adopted by the Company as of January 1, 2019: ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2016 02, 842 ASU 2018 01, 842 842 ASU 2018 10, 842, ASU 2018 11, 842 ASU 2018 20, 842 ASU 2019 01, 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 adopted this standard using the modified retrospective approach. The Company has identified certain leases and accounting policies which the adoption impacted, including its ground leases, administrative office leases, initial leasing costs and non-lease components. See above for further details. Additionally, during July 2018, 2018 11, not 606 842 In December 2018, 2018 20, not third In February 2019, 2019 01, (i) Determining the fair value of the underlying asset by lessors that are not (ii) Presentation on the statement of cash flows for sales-type and direct financing leases; and (iii) Transition disclosures related to Topic 250, |
Note 3 - Operating Property A_2
Note 3 - Operating Property Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Purchase Price Property Name Location Month Acquired Cash* GLA** Bell Camino Out-parcel Sun City, AZ Jan-19 $ 5,678 45 Gateway at Donner Pass Out-parcel Truckee, CA Jan-19 13,527 40 Rancho Penasquitos Out-parcel San Diego, CA Jan-19 12,064 40 $ 31,269 125 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Allocation as of March 31, 2019 Weighted-Average Amortization Period (in Years) Land $ 8,266 n/a Buildings 15,935 50.0 Building improvements 1,313 45.0 Tenant improvements 1,637 20.0 In-place leases 4,118 20.0 Net assets acquired $ 31,269 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended March 31 , 201 9 2018 Aggregate sales price/gross fair value $ 74.2 $ 522.5 Gain on sale of properties/change in control of interests $ 23.6 $ 57.0 Impairment charges $ 1.0 $ 2.4 Number of operating properties sold/deconsolidated 5 20 Number of out-parcels sold 2 1 |
Note 4 - Real Estate Under De_2
Note 4 - Real Estate Under Development (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Real Estate Held for Development [Table Text Block] | Property Name Location March 31 , 201 9 December 31, 2018 Dania Pointe – Phases II, III and IV Dania Beach, FL $ 180,216 $ 152,111 Mill Station Owings Mills, MD 62,187 55,771 Promenade at Christiana (1) New Castle, DE 33,511 33,502 Total * $ 275,914 $ 241,384 |
Note 5 - Investments In and A_2
Note 5 - Investments In and Advances to Real Estate Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Ownership The Company's Investment Joint Venture Interest March 31, 2019 December 31, 2018 Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) 15.0% $ 175.1 $ 175.2 Kimco Income Opportunity Portfolio (“KIR”) (2) 48.6% 160.5 167.2 Canada Pension Plan Investment Board (“CPP”) (2) 55.0% 140.0 135.0 Other Joint Venture Programs Various 91.3 93.5 Total* $ 566.9 $ 570.9 |
Joint Venture Investments Accounted For Under The Equity Method Debt Details [Table Text Block] | As of March 31, 2019 As of December 31, 2018 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 $ 571.3 4.28 % 46.0 $ 572.6 4.29 % 49.0 KIR 638.2 4.45 % 37.4 651.4 4.43 % 40.4 CPP 84.6 4.04 % 51.1 84.4 3.85 % 54.0 Other Joint Venture Programs 452.5 4.22 % 77.5 474.2 4.26 % 78.6 Total $ 1,746.6 $ 1,782.6 |
Income [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three Months Ended March 3 1 , Joint Venture 201 9 201 8 KimPru and KimPru II $ 2.9 $ 2.9 KIR 14.5 9.0 CPP 1.4 1.2 Other Joint Venture Programs - 3.8 Total $ 18.8 $ 16.9 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months End ed March 31, 2019 Lease cost: Operating lease cost $ 3,328 Variable lease cost 269 Total lease cost $ 3,597 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year End ing December 31, As of March 31, 2019 As of December 31, 2018 2019 $ 9,677 $ 12,206 2020 10,868 9,901 2021 10,436 9,716 2022 9,968 9,236 2023 9,641 8,936 Thereafter 136,721 115,788 Total minimum lease payments $ 187,311 $ 165,783 Less imputed interest (90,178 ) Total operating lease liabilities $ 97,133 |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | Year Ending December 31, As of March 31, 2019 As of December 31, 2018 2019 $ 616,714 $ 816,409 2020 789,616 769,074 2021 714,805 690,678 2022 618,956 594,638 2023 517,874 492,631 Thereafter 2,648,568 2,540,231 Total minimum revenues $ 5,906,533 $ 5,903,661 |
Note 10 - Noncontrolling Inte_2
Note 10 - Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | 2019 2018 Balance at January 1, $ 23,682 $ 16,143 Income 92 92 Distributions (90 ) (89 ) Balance at March 31, $ 23,684 $ 16,146 |
Note 11 - Variable Interest E_2
Note 11 - Variable Interest Entities ("VIE") (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of March 31, 2019 As of December 31, 2018 Number of unencumbered VIEs 20 20 Number of encumbered VIEs 4 4 Total number of consolidated VIEs 24 24 Restricted Assets: Real estate, net $ 229.4 $ 229.2 Cash and cash equivalents 5.2 4.4 Accounts and notes receivable, net 2.9 2.1 Other assets 4.0 3.3 Total Restricted Assets $ 241.5 $ 239.0 VIE Liabilities: Mortgages and construction loan payable, net $ 88.0 $ 83.8 Other liabilities 52.8 59.4 Total VIE Liabilities $ 140.8 $ 143.2 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Notes payable, net (1) $ 4,383,413 $ 4,302,177 $ 4,381,456 $ 4,126,450 Mortgages and construction loan payable, net (2) $ 485,341 $ 483,412 $ 492,416 $ 486,341 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Balance at March 31, 2019 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 10,705 $ 10,705 $ $ - Balance at December 31, 2018 Level 1 Level 2 Level 3 Assets: Marketable equity securities $ 9,045 $ 9,045 $ - $ - Balance at March 31, 2019 Level 1 Level 2 Level 3 Real estate $ 13,700 $ - $ - $ 13,700 Balance at December 31, 2018 Level 1 Level 2 Level 3 Real estate $ 99,693 $ - $ - $ 99,693 Investments in real estate joint ventures (1) $ 62,429 $ - $ - $ 62,429 |
Note 14 - Earnings Per Share (T
Note 14 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31 , 201 9 2018 Computation of Basic and Diluted Earnings Per Share: Net income available to the Company's common shareholders $ 101,635 $ 129,501 Earnings attributable to participating securities (625 ) (599 ) Net income available to the Company’s common shareholders for basic earnings per share 101,010 128,902 Distributions on convertible units 25 244 Net income available to the Company’s common shareholders for diluted earnings per share $ 101,035 $ 129,146 Weighted average common shares outstanding – basic 419,464 423,404 Effect of dilutive securities (1): Equity awards 1,182 287 Assumed conversion of convertible units 117 830 Weighted average common shares outstanding – diluted 420,763 424,521 Net income available to the Company's common shareholders: Basic earnings per share $ 0.24 $ 0.30 Diluted earnings per share $ 0.24 $ 0.30 |
Note 15 - Stockholders' Equity
Note 15 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | As of March 31, 2019 and December 31, 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 10,580 10,580 264,500 5.250 % $ 1.31250 $ 1.00 12/20/2022 42,580 $ 1,064,500 |
Dividends Declared [Table Text Block] | Three Months Ended March 31, 2019 2018 Common Shares $ 0.2800 $ 0.2800 Class I Depositary Shares $ 0.3750 $ 0.3750 Class J Depositary Shares $ 0.3438 $ 0.3438 Class K Depositary Shares $ 0.3516 $ 0.3516 Class L Depositary Shares $ 0.3203 $ 0.3203 Class M Depositary Shares $ 0.3281 $ 0.3281 |
Note 16 - Supplemental Schedu_2
Note 16 - Supplemental Schedule of Non-cash Investing / Financing Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 201 9 2018 Acquisition of real estate interests through proceeds held in escrow $ 30,970 $ - Disposition of real estate interests by foreclosure of debt $ - $ 7,444 Forgiveness of debt due to foreclosure $ - $ 12,415 Surrender of restricted common stock $ 3,252 $ 3,374 Declaration of dividends paid in succeeding period $ 130,444 $ 132,209 Capital expenditures accrual $ 70,976 $ 84,932 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 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Operating Lease, Right-of-Use Asset | $ 104,177,000 | |||
Operating Lease, Liability, Total | 97,133,000 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | 106,000,000 | $ 106,000,000 | ||
Intangible Assets, Net (Excluding Goodwill), Total | 7,300,000 | |||
Operating Lease, Liability, Total | $ 98,700,000 | $ 98.70 | ||
Reclassification of Reimbursement Income From Revenues From Rental Properties for Three Months Ended Mar. 31, 2018[Member] | ||||
Prior Period Reclassification Adjustment | $ 63,700,000 | |||
Other Rental Property for Three Months Ended Mar. 31, 2018 [Member] | ||||
Prior Period Reclassification Adjustment | $ 5,600,000 |
Note 3 - Operating Property A_3
Note 3 - Operating Property Activities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Proceeds from Delayed Tax Exempt Exchange | $ 31,000 | |
Real Estate Revenue From Acquisitions During Period | 300 | |
Impairment of Real Estate | 4,200 | $ 7,600 |
Asset Impairment Charges, Total | 4,175 | $ 7,646 |
Disposal Group, Expected to Market for Sale, Not Discontinued Operations [Member] | ||
Asset Impairment Charges, Total | 3,200 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Asset Impairment Charges, Total | $ 1,000 |
Note 3 - Operating Property A_4
Note 3 - Operating Property Activities - Acquisition of Operating Properties (Details) ft² in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)ft² | ||
Purchase Price Cash | $ | $ 31,269 | [1] |
Purchase Price GLA (Square Foot) | ft² | 125 | [2] |
Bell Camino Out-parcel [Member] | ||
Purchase Price Cash | $ | $ 5,678 | [1] |
Purchase Price GLA (Square Foot) | ft² | 45 | [2] |
Gateway at Donner Pass Out-parcel [Member] | ||
Purchase Price Cash | $ | $ 13,527 | [1] |
Purchase Price GLA (Square Foot) | ft² | 40 | [2] |
Rancho Penasquitos Out-parcel [Member] | ||
Purchase Price Cash | $ | $ 12,064 | [1] |
Purchase Price GLA (Square Foot) | ft² | 40 | [2] |
[1] | The Company utilized an aggregate $31.0 million associated with Internal Revenue Code 1031 sales proceeds. | |
[2] | Gross leasable area ("GLA") |
Note 3 - Operating Property A_5
Note 3 - Operating Property Activities - Purchase Price Allocation (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Allocation | $ 31,269 |
Tenant Improvements [Member] | |
Weighted-average amortization period (Year) | 20 years |
Allocation | $ 1,637 |
Leases, Acquired-in-Place [Member] | |
Weighted-average amortization period (Year) | 20 years |
Allocation | $ 4,118 |
Land [Member] | |
Allocation | 8,266 |
Building [Member] | |
Allocation | $ 15,935 |
Weighted-average amortization period (Year) | 50 years |
Building Improvements [Member] | |
Allocation | $ 1,313 |
Weighted-average amortization period (Year) | 45 years |
Note 3 - Operating Property A_6
Note 3 - Operating Property Activities - Disposition Activity (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Gain on sale of properties/change in control of interests | $ 23.6 | $ 57 |
Disposition Activity Relating to Consolidated Operating Properties and Parcels [Member] | ||
Aggregate sales price/gross fair value | 74.2 | 522.5 |
Impairment charges | $ 1 | $ 2.4 |
Number of operating properties sold/deconsolidated | 5 | 20 |
Number of out-parcels sold | 2 | 1 |
Note 4 - Real Estate Under De_3
Note 4 - Real Estate Under Development (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Real Estate Under Development, Capitalized Costs of Interest, Real Estate Taxes, Insurance, Legal Costs and Payroll | $ 27.6 | $ 24.9 |
Real Estate Inventory, Capitalized Interest Costs Incurred | 1.9 | |
Real Estate Development Projects, Real Estate Taxes and Insurance Capitalized | 0.3 | |
Real Estate Development Projects, Payroll Costs Capitalized | $ 0.5 |
Note 4 - Real Estate Under De_4
Note 4 - Real Estate Under Development - Costs Incurred for Real Estate Development (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Property Under Development | [1] | $ 275,914 | $ 241,384 |
Dania Pointe - Phase II, III, and IV [Member] | |||
Property Under Development | 180,216 | 152,111 | |
Mill Station [Member] | |||
Property Under Development | 62,187 | 55,771 | |
Promenade at Christiana [Member] | |||
Property Under Development | [2] | $ 33,511 | $ 33,502 |
[1] | Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $27.6 million and $24.9 million, as of March 31, 2019 and December 31, 2018, respectively. | ||
[2] | 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) ft² in Thousands, $ in Millions | 3 Months Ended | |||
Mar. 31, 2019USD ($)ft² | Mar. 31, 2018USD ($) | Dec. 31, 2018ft² | ||
Gross Leasable Area | ft² | [1] | 125 | ||
All Equity Method Investments [Member] | ||||
Number of Real Estate Properties | 105 | 109 | ||
Gross Leasable Area | ft² | 22,800 | 23,200 | ||
Kim Pru and Kim Pru II [Member] | ||||
Number of Joint Ventures | 4 | |||
Number Of Accounts | 4 | |||
Kim Pru [Member] | ||||
Number of Joint Ventures | 3 | |||
Real Estate Joint Ventures [Member] | Operating Properties [Member] | ||||
Number of Real Estate Properties, Interest Disposed of or Transferred | 4 | 2 | ||
Equity Method Investment, Sales Price | $ | $ 54.5 | $ 17.1 | ||
Impairment of Long-Lived Assets to be Disposed of | $ | $ 3.4 | $ 2.1 | ||
[1] | Gross leasable area ("GLA") |
Note 5 - Investment in and Adva
Note 5 - Investment in and Advances to Real Estate Joint Ventures - Investment Details (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Kim Pru and Kim Pru II [Member] | |||
Average ownership interest | [1],[2] | 15.00% | |
The company's investment | [1],[2] | $ 175.1 | $ 175.2 |
Kimco Income Fund [Member] | |||
Average ownership interest | [2] | 48.60% | |
The company's investment | [2] | $ 160.5 | 167.2 |
CPP [Member] | |||
Average ownership interest | [2] | 55.00% | |
The company's investment | [2] | $ 140 | 135 |
Other Joint Venture Programs [Member] | |||
The company's investment | 91.3 | 93.5 | |
All Equity Method Investments [Member] | |||
The company's investment | [3] | $ 566.9 | $ 570.9 |
[1] | Represents four separate joint ventures, with four separate accounts managed by Prudential Global Investment Management ("PGIM"), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II. | ||
[2] | The Company manages these joint venture investments and, where applicable, earns property management fees, construction management fees, property acquisition and disposition fees, leasing management fees and asset management fees. | ||
[3] | Representing 105 property interests and 22.8 million square feet of GLA, as of March 31, 2019, and 109 property interests and 23.2 million square feet of GLA, as of December 31, 2018. |
Note 5 - Investment in and Ad_2
Note 5 - Investment in and Advances to Real Estate Joint Ventures - The Company's Share of Net Income/(Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Kim Pru and Kim Pru II [Member] | ||
Income of joint ventures, net | $ 2,900 | $ 2,900 |
KIR [Member] | ||
Income of joint ventures, net | 14,500 | 9,000 |
CPP [Member] | ||
Income of joint ventures, net | 1,400 | 1,200 |
Other Joint Venture Programs [Member] | ||
Income of joint ventures, net | 3,800 | |
Joint Ventures [Member] | ||
Income of joint ventures, net | $ 18,754 | $ 16,913 |
Note 5 - Investment in and Ad_3
Note 5 - Investment in and Advances to Real Estate Joint Ventures - Joint Venture Investments Accounted for Under the Equity Method, Debt Details (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | ||
Mortgage and notes payable | $ 1,746.6 | $ 1,782.6 | |
Kim Pru and Kim Pru II [Member] | |||
Mortgage and notes payable | $ 571.3 | $ 572.6 | |
Weighted average interest rate | 4.28% | 4.29% | |
Weighted average remaining term (Month) | [1] | 3 years 300 days | 4 years 30 days |
KIR [Member] | |||
Mortgage and notes payable | $ 638.2 | $ 651.4 | |
Weighted average interest rate | 4.45% | 4.43% | |
Weighted average remaining term (Month) | [1] | 3 years 42 days | 3 years 132 days |
CPP [Member] | |||
Mortgage and notes payable | $ 84.6 | $ 84.4 | |
Weighted average interest rate | 4.04% | 3.85% | |
Weighted average remaining term (Month) | [1] | 4 years 93 days | 4 years 180 days |
Other Joint Venture Programs [Member] | |||
Mortgage and notes payable | $ 452.5 | $ 474.2 | |
Weighted average interest rate | 4.22% | 4.26% | |
Weighted average remaining term (Month) | [1] | 6 years 165 days | 6 years 198 days |
[1] | Includes extension options |
Note 6 - Other Real Estate In_2
Note 6 - Other Real Estate Investments (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Equity Method Investments | $ 566,928 | $ 570,922 | |
Preferred Equity Investments [Member] | |||
Number of Real Estate Properties | 285 | ||
Income (Loss) from Equity Method Investments, Total | $ 6,500 | $ 10,000 | |
Equity Method Investment, Realized Gain (Loss) on Disposal, Total | $ 1,000 | $ 4,700 | |
Preferred Equity Investments [Member] | Leased Properties [Member] | |||
Number of Real Estate Properties | 273 | ||
Preferred Equity Investments [Member] | Maximum Exposure [Member] | |||
Equity Method Investments | $ 186,600 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Operating Lease, Right-of-Use Asset | $ 104,177,000 | ||
Operating Lease, Liability, Total | $ 97,133,000 | ||
Operating Lease, Weighted Average Remaining Lease Term | 21 years 36 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 6.59% | ||
Maximum [Member] | |||
Lessee, Operating Lease, Remaining Term of Contract | 53 years | ||
Lessee, Operating Lease, Renewal Term | 75 years | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 106,000,000 | $ 106,000,000 | |
Operating Lease, Liability, Total | $ 98,700,000 | $ 98.70 |
Note 7 - Leases - Leases Cost (
Note 7 - Leases - Leases Cost (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Operating lease cost | $ 3,328 |
Variable lease cost | 269 |
Total lease cost | $ 3,597 |
Note 7 - Leases - Future Minimu
Note 7 - Leases - Future Minimum Lease payments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
2019 | $ 9,677 | $ 12,206 |
2020 | 10,868 | 9,901 |
2021 | 10,436 | 9,716 |
2022 | 9,968 | 9,236 |
2023 | 9,641 | 8,936 |
Thereafter | 136,721 | 115,788 |
Total minimum lease payments | 187,311 | 165,783 |
Less imputed interest | (90,178) | |
Operating lease liabilities | $ 97,133 |
Note 7 - Leases - Minimum Lease
Note 7 - Leases - Minimum Lease Revenues (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
2019 | $ 616,714 | $ 816,409 |
2020 | 789,616 | 769,074 |
2021 | 714,805 | 690,678 |
2022 | 618,956 | 594,638 |
2023 | 517,874 | 492,631 |
Thereafter | 2,648,568 | 2,540,231 |
Total minimum revenues | $ 5,906,533 | $ 5,903,661 |
Note 8 - Other Assets (Details
Note 8 - Other Assets (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Number of Loans | 10 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Ending Balance | $ 14.4 |
Number of Properties Held-for-Sale | 1 |
Real Estate Held-for-sale | $ 4.6 |
Real Estate Owned, Accumulated Depreciation | 1.7 |
Real Estate Held for Sale Impairment | 1.1 |
Mortgage Debt, Reclassification to Other Liabilities | $ 3 |
Note 9 - Notes, Mortgages and_2
Note 9 - Notes, Mortgages and Construction Loan Payable (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Long-term Line of Credit, Total | $ 100 |
Mortgage Debt Encumbered Operating Property [Member] | |
Repayments of Long-term Debt, Total | 3.2 |
Construction Loan [Member] | |
Debt Instrument, Commitment | 67 |
Long-term Debt, Total | 54.3 |
Revolving Credit Facility [Member] | |
Line of Credit Facility, Current Borrowing Capacity | 2,250 |
Letter of Credit [Member] | |
Long-term Line of Credit, Total | $ 0.3 |
Note 10 - Noncontrolling Inte_3
Note 10 - Noncontrolling Interests (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Payments to Noncontrolling Interests | $ 3.4 |
Adjustments to Additional Paid in Capital, Other | 1.2 |
Noncontrolling Interest [Member] | |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 4.6 |
Note 10 - Noncontrolling Inte_4
Note 10 - Noncontrolling Interests - Redemption Value of the Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Balance | $ 23,682 | $ 16,143 |
Income | 92 | 92 |
Distributions | (90) | (89) |
Balance | $ 23,684 | $ 16,146 |
Note 11 - Variable Interest E_3
Note 11 - Variable Interest Entities ("VIE") (Details Textual) $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Variable Interest Entity, Number of Entities | 24 | 24 |
Consolidated Operating Properties [Member] | ||
Variable Interest Entity, Number of Entities | 23 | 23 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets, Total | $ 1,100 | $ 1,100 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities, Total | $ 76.1 | $ 75.2 |
Real Estate Under Development [Member] | ||
Variable Interest Entity, Number of Entities | 1 | 1 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets, Total | $ 295.9 | $ 275.6 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities, Total | 64.7 | $ 68 |
Real Estate Under Development, Project 1 [Member] | ||
Variable Interest Entity, Financial or Other Support, Amount | $ 96.8 |
Note 11 - Variable Interest E_4
Note 11 - Variable Interest Entities ("VIE") - Summary of Restricted Assets and VIE Liabilities (Details) $ in Thousands | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Number of consolidated VIEs | 24 | 24 |
Restricted Assets: | ||
Real estate, net | $ 229,400 | $ 229,200 |
Cash and cash equivalents | 5,200 | 4,400 |
Accounts and notes receivable, net | 2,900 | 2,100 |
Other assets | 4,000 | 3,300 |
Total Restricted Assets | 241,538 | 239,012 |
VIE Liabilities: | ||
Mortgages and construction loan payable, net | 88,000 | 83,800 |
Other liabilities | 52,800 | 59,400 |
Total VIE Liabilities | $ 140,769 | $ 143,186 |
Variable Interest Entity, Unencumbered [Member] | ||
Number of consolidated VIEs | 20 | 20 |
Variable Interest Entity, Encumbered by Third Party Non-resource Mortgage Debt [Member] | ||
Number of consolidated VIEs | 4 | 4 |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | ||
Impairment of Real Estate | $ 4,200 | $ 7,600 | ||
Estimate of Fair Value Measurement [Member] | ||||
Notes Payable, Fair Value Disclosure | [1] | 4,302,177 | $ 4,126,450 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||||
Notes Payable, Fair Value Disclosure | 4,200,000 | 4,000,000 | ||
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||||
Notes Payable, Fair Value Disclosure | $ 97,900 | $ 97,600 | ||
[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 March 31, 2019 and December 31, 2018, were $4.2 billion and $4.0 billion, respectively. The estimated fair value amounts classified as Level 3 as of March 31, 2019 and December 31, 2018, were $97.9 million and $97.6 million, respectively. |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurements - Estimate of Fair Value Differs From Carrying Amounts (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Reported Value Measurement [Member] | |||
Notes payable, net (1) | [1] | $ 4,383,413 | $ 4,381,456 |
Reported Value Measurement [Member] | Mortgages [Member] | |||
Mortgages and construction loan payable, net (2) | [2] | 485,341 | 492,416 |
Estimate of Fair Value Measurement [Member] | |||
Notes payable, net (1) | [1] | 4,302,177 | 4,126,450 |
Estimate of Fair Value Measurement [Member] | Mortgages [Member] | |||
Mortgages and construction loan payable, net (2) | [2] | $ 483,412 | $ 486,341 |
[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 March 31, 2019 and December 31, 2018, were $4.2 billion and $4.0 billion, respectively. The estimated fair value amounts classified as Level 3 as of March 31, 2019 and December 31, 2018, were $97.9 million and $97.6 million, respectively. | ||
[2] | The Company determined that its valuation of its mortgages and construction loan were classified within Level 3 of the fair value hierarchy. |
Note 12 - Fair Value Measurem_5
Note 12 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Recurring [Member] | |||
Marketable equity securities | $ 10,705 | $ 9,045 | |
Marketable equity securities | 10,705 | 9,045 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Marketable equity securities | 10,705 | 9,045 | |
Marketable equity securities | 10,705 | 9,045 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Marketable equity securities | |||
Marketable equity securities | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Marketable equity securities | |||
Marketable equity securities | |||
Fair Value, Nonrecurring [Member] | |||
Real estate | 13,700 | 99,693 | |
Investments in real estate joint ventures (1) | [1] | 62,429 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Real estate | |||
Investments in real estate joint ventures (1) | [1] | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Real estate | |||
Investments in real estate joint ventures (1) | [1] | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Real estate | $ 13,700 | 99,693 | |
Investments in real estate joint ventures (1) | [1] | $ 62,429 | |
[1] | Fair value measurement as of date of deconsolidation. |
Note 13 - Incentive Plans (Deta
Note 13 - Incentive Plans (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Payment Arrangement, Expense | $ 5.5 | $ 5.2 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 46.8 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 73 days |
Note 14 - Earnings Per Share (D
Note 14 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.3 | 3.3 |
Note 14 - Earnings Per Share -
Note 14 - 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 | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Net income available to the Company's common shareholders | $ 101,635 | $ 129,501 | |
Earnings attributable to participating securities | (625) | (599) | |
Net income available to the Company’s common shareholders for basic earnings per share | 101,010 | 128,902 | |
Distributions on convertible units | 25 | 244 | |
Net income available to the Company’s common shareholders for diluted earnings per share | $ 101,035 | $ 129,146 | |
Weighted average common shares outstanding – basic (in shares) | 419,464 | 423,404 | |
Effect of dilutive securities (1): | |||
Equity awards (in shares) | [1] | 1,182 | 287 |
Assumed conversion of convertible units (in shares) | [1] | 117 | 830 |
Weighted average common shares outstanding – diluted (in shares) | [1] | 420,763 | 424,521 |
Basic earnings per share (in dollars per share) | $ 0.24 | $ 0.30 | |
Diluted earnings per share (in dollars per share) | $ 0.24 | $ 0.30 | |
[1] | The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders 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 3.3 million stock options that were not dilutive as of March 31, 2019 and 2018, respectively. |
Note 15 - Stockholders' Equit_2
Note 15 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Feb. 28, 2018 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
ATM Program [Member] | |||
Stock Issued During Period, Shares, New Issues | 0 | ||
Share Repurchase Program [Member] | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||
Stock Repurchase Program, Authorized Amount | $ 300 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 224.9 |
Note 15 - Stockholders' Equit_3
Note 15 - Stockholders' Equity - Outstanding Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Shares authorized (in shares) | 5,996,240 | 5,996,240 |
Liquidation preference | $ 1,064,500 | $ 1,064,500 |
Par value (in dollars per share) | $ 1 | $ 1 |
Series I Preferred Stock [Member] | ||
Shares authorized (in shares) | 18,400 | |
Shares issued and outstanding (in shares) | 7,000 | |
Liquidation preference | $ 175,000 | |
Dividend rate | 6.00% | |
Annual dividend per depository share (in dollars per share) | $ 1.50 | |
Par value (in dollars per share) | $ 1 | |
Series J Preferred Stock [Member] | ||
Shares authorized (in shares) | 9,000 | |
Shares issued and outstanding (in shares) | 9,000 | |
Liquidation preference | $ 225,000 | |
Dividend rate | 5.50% | |
Annual dividend per depository share (in dollars per share) | $ 1.375 | |
Par value (in dollars per share) | $ 1 | |
Series K Preferred Stock [Member] | ||
Shares authorized (in shares) | 8,050 | |
Shares issued and outstanding (in shares) | 7,000 | |
Liquidation preference | $ 175,000 | |
Dividend rate | 5.625% | |
Annual dividend per depository share (in dollars per share) | $ 1.40625 | |
Par value (in dollars per share) | $ 1 | |
Series L Preferred Stock [Member] | ||
Shares authorized (in shares) | 10,350 | |
Shares issued and outstanding (in shares) | 9,000 | |
Liquidation preference | $ 225,000 | |
Dividend rate | 5.125% | |
Annual dividend per depository share (in dollars per share) | $ 1.28125 | |
Par value (in dollars per share) | $ 1 | |
Series M Preferred Stock [Member] | ||
Shares authorized (in shares) | 10,580 | |
Shares issued and outstanding (in shares) | 10,580 | |
Liquidation preference | $ 264,500 | |
Dividend rate | 5.25% | |
Annual dividend per depository share (in dollars per share) | $ 1.3125 | |
Par value (in dollars per share) | $ 1 | |
Total [Member] | ||
Shares issued and outstanding (in shares) | 42,580 | |
Liquidation preference | $ 1,064,500 |
Note 15 - Stockholders' Equit_4
Note 15 - Stockholders' Equity - Dividends Declared (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Common Stock (in dollars per share) | $ 0.28 | $ 0.28 |
Series I Preferred Stock [Member] | ||
Preferred Shares (in dollars per share) | 0.375 | 0.375 |
Series J Preferred Stock [Member] | ||
Preferred Shares (in dollars per share) | 0.3438 | 0.3438 |
Series K Preferred Stock [Member] | ||
Preferred Shares (in dollars per share) | 0.3516 | 0.3516 |
Series L Preferred Stock [Member] | ||
Preferred Shares (in dollars per share) | 0.3203 | 0.3203 |
Series M Preferred Stock [Member] | ||
Preferred Shares (in dollars per share) | $ 0.3281 | $ 0.3281 |
Note 16 - Supplemental Schedu_3
Note 16 - Supplemental Schedule of Non-cash Investing / Financing Activities - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Acquisition of real estate interests through proceeds held in escrow | $ 30,970 | ||
Disposition of real estate interests by foreclosure of debt | 7,444 | ||
Forgiveness of debt due to foreclosure | 12,415 | ||
Surrender of restricted common stock | 3,252 | 3,374 | |
Dividends payable | 130,444 | 132,209 | $ 130,262 |
Capital expenditures accrual | 70,976 | 84,932 | |
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 |