Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 15, 2019 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000879101 | |
Entity Shell Company | false | |
Entity Registrant Name | KIMCO REALTY CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Entity File Number | 1-10899 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 13-2744380 | |
Entity Address, Address Line One | 3333 New Hyde Park Road | |
Entity Address, City or Town | New Hyde Park | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11042 | |
City Area Code | 516 | |
Local Phone Number | 869-9000 | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 422,097,406 | |
5.25% Class M Cumulative Redeemable Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.250% Class M Cumulative Redeemable, Preferred Stock | |
Trading Symbol | KIMprM | |
Security Exchange Name | NYSE | |
5.125% Class L Cumulative Redeemable Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.125% Class L Cumulative Redeemable, Preferred Stock | |
Trading Symbol | KIMprL | |
Security Exchange Name | NYSE | |
5.625% Class K Cumulative Redeemable Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.625% Class K Cumulative Redeemable, Preferred Stock | |
Trading Symbol | KIMprK | |
Security Exchange Name | NYSE | |
5.5% Class J Cumulative Redeemable Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.500% Class J Cumulative Redeemable, Preferred Stock | |
Trading Symbol | KIMprJ | |
Security Exchange Name | NYSE | |
6% Class I Cumulative Redeemable, Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6.000% Class I Cumulative Redeemable, Preferred Stock | |
Trading Symbol | KIMprI | |
Security Exchange Name | NYSE | |
Common Stock 1 [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock | |
Trading Symbol | KIM | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Assets: | |||
Real estate, net of accumulated depreciation and amortization of $2,426,924 and $2,385,287, respectively | $ 9,164,375 | $ 9,250,519 | |
Real estate under development | [1] | 304,624 | 241,384 |
Investments in and advances to real estate joint ventures | 584,983 | 570,922 | |
Other real estate investments | 191,834 | 192,123 | |
Cash and cash equivalents | 113,991 | 143,581 | |
Accounts and notes receivable, net | 182,369 | 184,528 | |
Operating lease right-of-use assets, net | 99,997 | 0 | |
Other assets | 398,730 | 416,043 | |
Total assets | 11,040,903 | 10,999,100 | |
Liabilities: | |||
Notes payable, net | 4,420,370 | 4,381,456 | |
Mortgages and construction loan payable, net | 485,132 | 492,416 | |
Dividends payable | 130,460 | 130,262 | |
Operating lease liabilities | 93,233 | 0 | |
Other liabilities | 520,557 | 560,231 | |
Total liabilities | 5,649,752 | 5,564,365 | |
Redeemable noncontrolling interests | 23,690 | 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 422,094,230 and 421,388,879 shares, respectively | 4,221 | 4,214 | |
Paid-in capital | 6,125,572 | 6,117,254 | |
Cumulative distributions in excess of net income | (835,934) | (787,707) | |
Total stockholders' equity | 5,293,902 | 5,333,804 | |
Noncontrolling interests | 73,559 | 77,249 | |
Total equity | 5,367,461 | 5,411,053 | |
Total liabilities and equity | $ 11,040,903 | $ 10,999,100 | |
[1] | Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $30.1 million and $24.9 million, as of June 30, 2019 December 31, 2018, |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Real estate, accumulated depreciation | $ 2,426,924 | $ 2,385,287 |
Assets of consolidated variable interest entities | 227,980 | 239,012 |
Liabilities of consolidated variable interest entities | $ 145,075 | $ 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) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, shares issued (in shares) | 422,094,230 | 421,388,879 |
Common stock, shares outstanding (in shares) | 422,094,230 | 421,388,879 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | ||||
Revenues from rental properties, net | $ 280,710 | $ 289,383 | $ 571,344 | $ 589,100 |
Management and other fee income | 4,163 | 4,020 | 8,539 | 8,381 |
Revenues | 284,873 | 293,403 | 579,883 | 597,481 |
Operating expenses | ||||
Rent | (2,924) | (2,742) | (5,616) | (5,560) |
Real estate taxes | (37,005) | (37,274) | (76,352) | (77,708) |
Operating and maintenance | (43,217) | (41,325) | (84,113) | (84,656) |
General and administrative | (22,633) | (24,029) | (48,464) | (46,427) |
Provision for doubtful accounts | 0 | (1,051) | 0 | (3,182) |
Impairment charges | 17,451 | 22,873 | 21,626 | 30,519 |
Depreciation and amortization | (69,005) | (79,760) | (140,566) | (161,142) |
Total operating expenses | (192,235) | (209,054) | (376,737) | (409,194) |
Gain on sale of properties/change in control of interests | 14,762 | 95,240 | 38,357 | 152,211 |
Operating income | 107,400 | 179,589 | 241,503 | 340,498 |
Other income/(expense) | ||||
Other income, net | 1,938 | 3,277 | 4,560 | 9,456 |
Interest expense | (44,097) | (46,434) | (88,492) | (96,377) |
Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other real estate investments, net | 65,241 | 136,432 | 157,571 | 253,577 |
Benefit/(provision) for income taxes, net | 344 | 720 | (286) | 668 |
Net income | 101,387 | 165,809 | 218,065 | 309,791 |
Net income attributable to noncontrolling interests | (360) | (423) | (869) | (315) |
Net income attributable to the Company | 101,027 | 165,386 | 217,196 | 309,476 |
Preferred dividends | (14,534) | (14,534) | (29,068) | (29,123) |
Net income available to the Company's common shareholders | $ 86,493 | $ 150,852 | $ 188,128 | $ 280,353 |
Per common share: | ||||
-Basic (in dollars per share) | $ 0.20 | $ 0.36 | $ 0.45 | $ 0.66 |
-Diluted (in dollars per share) | $ 0.20 | $ 0.36 | $ 0.44 | $ 0.66 |
Weighted average shares: | ||||
-Basic (in shares) | 419,697 | 420,731 | 419,581 | 422,060 |
-Diluted (in shares) | 420,646 | 421,928 | 420,798 | 423,236 |
Joint Ventures [Member] | ||||
Other income/(expense) | ||||
Equity in income | $ 22,533 | $ 19,040 | $ 41,287 | $ 35,953 |
Other Real Estate Investments [Member] | ||||
Other income/(expense) | ||||
Equity in income | $ 13,269 | $ 9,617 | $ 19,493 | $ 19,593 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income | $ 101,387 | $ 165,809 | $ 218,065 | $ 309,791 |
Change in unrealized value on interest rate swap | 0 | 138 | 0 | 416 |
Other comprehensive income | 0 | 138 | 0 | 416 |
Comprehensive income | 101,387 | 165,947 | 218,065 | 310,207 |
Comprehensive income attributable to noncontrolling interests | (360) | (423) | (869) | (315) |
Comprehensive income attributable to the Company | $ 101,027 | $ 165,524 | $ 217,196 | $ 309,892 |
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 | 309,476 | 0 | $ 0 | $ 0 | 0 | 309,476 | 315 | 309,791 |
Change in unrealized loss on interest rate swap | 0 | 416 | 0 | 0 | 0 | 416 | 0 | 416 |
Redeemable noncontrolling interests income | 0 | 0 | 0 | 0 | 0 | 0 | (185) | (185) |
Dividends declared to common and preferred shares | (266,082) | 0 | 0 | 0 | 0 | (266,082) | 0 | (266,082) |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (1,870) | (1,870) |
Repurchase of common stock | 0 | 0 | $ 0 | $ (51) | (75,075) | (75,126) | 0 | (75,126) |
Repurchase of common stock (in shares) | 0 | (5,100) | ||||||
Surrender of restricted stock | 0 | 0 | $ 0 | $ (2) | (3,490) | (3,492) | 0 | (3,492) |
Surrender of restricted stock (in shares) | 0 | (236) | ||||||
Amortization of equity awards | 0 | 0 | $ 0 | $ 0 | 9,329 | 9,329 | 0 | 9,329 |
Issuance of common stock | 0 | 0 | $ 0 | $ 11 | (11) | 0 | 0 | 0 |
Issuance of common stock (in shares) | 0 | 1,075 | ||||||
Exercise of common stock options | 0 | 0 | $ 0 | $ 0 | 30 | 30 | 0 | 30 |
Exercise of common stock options (in shares) | 0 | 3 | ||||||
Acquisition/deconsolidation of noncontrolling interests | 0 | 0 | $ 0 | $ 0 | 1,203 | 1,203 | (48,395) | (47,192) |
Issuance of preferred stock | 0 | 0 | $ 2 | $ 0 | 33,112 | 33,114 | 0 | 33,114 |
Issuance of preferred stock (in shares) | 2 | 0 | ||||||
Balance at Jun. 30, 2018 | (710,981) | 72 | $ 43 | $ 4,214 | 6,117,862 | 5,411,210 | 77,768 | 5,488,978 |
Balance (in shares) at Jun. 30, 2018 | 43 | 421,388 | ||||||
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 | ||||||
Net income | 165,386 | 0 | $ 0 | $ 0 | 0 | 165,386 | 423 | 165,809 |
Change in unrealized loss on interest rate swap | 0 | 138 | 0 | 0 | 0 | 138 | 0 | 138 |
Redeemable noncontrolling interests income | 0 | 0 | 0 | 0 | 0 | 0 | (93) | (93) |
Dividends declared to common and preferred shares | (132,522) | 0 | 0 | 0 | 0 | (132,522) | 0 | (132,522) |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (398) | (398) |
Repurchase of common stock | 0 | 0 | $ 0 | $ (35) | (50,815) | (50,850) | 0 | (50,850) |
Repurchase of common stock (in shares) | 0 | (3,500) | ||||||
Surrender of restricted stock | 0 | 0 | $ 0 | $ 0 | (118) | (118) | 0 | (118) |
Surrender of restricted stock (in shares) | 0 | (12) | ||||||
Amortization of equity awards | 0 | 0 | $ 0 | $ 0 | 4,610 | 4,610 | 0 | 4,610 |
Balance at Jun. 30, 2018 | (710,981) | 72 | $ 43 | $ 4,214 | 6,117,862 | 5,411,210 | 77,768 | 5,488,978 |
Balance (in shares) at Jun. 30, 2018 | 43 | 421,388 | ||||||
Balance at Dec. 31, 2018 | (787,707) | 0 | $ 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 | 217,196 | 0 | $ 0 | $ 0 | 0 | 217,196 | 869 | 218,065 |
Redeemable noncontrolling interests income | 0 | 0 | 0 | 0 | 0 | 0 | (185) | (185) |
Dividends declared to common and preferred shares | (265,423) | 0 | 0 | 0 | 0 | (265,423) | 0 | (265,423) |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (1,159) | (1,159) |
Surrender of restricted stock | 0 | 0 | $ 0 | $ (2) | (3,687) | (3,689) | 0 | (3,689) |
Surrender of restricted stock (in shares) | 0 | (223) | ||||||
Amortization of equity awards | 0 | 0 | $ 0 | $ 0 | 9,714 | 9,714 | 0 | 9,714 |
Issuance of common stock | 0 | 0 | $ 0 | $ 8 | (8) | 0 | 0 | 0 |
Issuance of common stock (in shares) | 0 | 786 | ||||||
Exercise of common stock options | 0 | 0 | $ 0 | $ 1 | 1,810 | 1,811 | 0 | 1,811 |
Exercise of common stock options (in shares) | 0 | 142 | ||||||
Acquisition/deconsolidation of noncontrolling interests | 0 | 0 | $ 0 | $ 0 | 489 | 489 | (3,215) | (2,726) |
Balance at Jun. 30, 2019 | (835,934) | 0 | $ 43 | $ 4,221 | 6,125,572 | 5,293,902 | 73,559 | 5,367,461 |
Balance (in shares) at Jun. 30, 2019 | 43 | 422,094 | ||||||
Balance at Mar. 31, 2019 | (804,241) | 0 | $ 43 | $ 4,220 | 6,119,855 | 5,319,877 | 76,981 | 5,396,858 |
Balance (in shares) at Mar. 31, 2019 | 43 | 422,037 | ||||||
Net income | 101,027 | 0 | $ 0 | $ 0 | 0 | 101,027 | 360 | 101,387 |
Redeemable noncontrolling interests income | 0 | 0 | 0 | 0 | 0 | 0 | (93) | (93) |
Dividends declared to common and preferred shares | (132,720) | 0 | 0 | 0 | 0 | (132,720) | 0 | (132,720) |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (474) | (474) |
Surrender of restricted stock | 0 | 0 | $ 0 | $ 0 | (437) | (437) | 0 | (437) |
Surrender of restricted stock (in shares) | 0 | (36) | ||||||
Amortization of equity awards | 0 | 0 | $ 0 | $ 0 | 4,536 | 4,536 | 0 | 4,536 |
Issuance of common stock | 0 | 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 |
Issuance of common stock (in shares) | 0 | 3 | ||||||
Exercise of common stock options | 0 | 0 | $ 0 | $ 1 | 1,129 | 1,130 | 0 | 1,130 |
Exercise of common stock options (in shares) | 0 | 90 | ||||||
Acquisition/deconsolidation of noncontrolling interests | 0 | 0 | $ 0 | $ 0 | 489 | 489 | (3,215) | (2,726) |
Balance at Jun. 30, 2019 | $ (835,934) | $ 0 | $ 43 | $ 4,221 | $ 6,125,572 | $ 5,293,902 | $ 73,559 | $ 5,367,461 |
Balance (in shares) at Jun. 30, 2019 | 43 | 422,094 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flow from operating activities: | ||
Net income | $ 218,065 | $ 309,791 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 140,566 | 161,142 |
Impairment charges | 21,626 | 30,519 |
Equity award expense | 10,284 | 10,423 |
Gain on sale of properties/change in control of interests | (38,357) | (152,211) |
Distributions from joint ventures and other real estate investments | 60,858 | 67,005 |
Change in accounts and notes receivable | 2,159 | 9,306 |
Change in accounts payable and accrued expenses | (8,382) | (5,139) |
Change in other operating assets and liabilities | (32,510) | (23,304) |
Net cash flow provided by operating activities | 313,529 | 351,986 |
Cash flow from investing activities: | ||
Acquisition of operating real estate and other related net assets | 0 | (3,337) |
Improvements to operating real estate | (139,865) | (127,380) |
Acquisition of real estate under development | 0 | (4,592) |
Improvements to real estate under development | (57,496) | (121,393) |
Investments in marketable securities | (157) | (63) |
Proceeds from sale/repayments of marketable securities | 151 | 129 |
Investments in and advances to real estate joint ventures | (16,214) | (15,240) |
Reimbursements of investments in and advances to real estate joint ventures | 2,702 | 5,228 |
Investments in and advances to other real estate investments | (9,685) | (353) |
Reimbursements of investments in and advances to other real estate investments | 5,960 | 10,444 |
Investment in other financing receivable | (48) | 0 |
Collection of mortgage loans receivable | 5,351 | 5,427 |
Proceeds from sale of operating properties | 106,782 | 472,781 |
Proceeds from insurance casualty claims | 2,000 | 6,500 |
Net cash flow (used for)/provided by investing activities | (100,519) | 228,151 |
Cash flow from financing activities: | ||
Principal payments on debt, excluding normal amortization of rental property debt | (6,198) | (175,209) |
Principal payments on rental property debt | (6,179) | (6,852) |
Proceeds from construction loan financing | 7,149 | 0 |
Proceeds/(repayments) under the unsecured revolving credit facility, net | 35,000 | (7,746) |
Repayments under unsecured notes | 0 | (6,365) |
Financing origination costs | (7) | (11) |
Payment of early extinguishment of debt charges | (1,531) | (546) |
Redemption/distribution of noncontrolling interests | (4,060) | (5,454) |
Dividends paid | (265,226) | (264,711) |
Proceeds from issuance of stock, net | 1,811 | 33,144 |
Repurchase of common stock | 0 | (75,126) |
Change in other financing liabilities | (3,359) | (4,197) |
Net cash flow used for financing activities | (242,600) | (513,073) |
Net change in cash and cash equivalents | (29,590) | 67,064 |
Cash and cash equivalents, beginning of the period | 143,581 | 238,513 |
Cash and cash equivalents, end of the period | 113,991 | 305,577 |
Interest paid during the period including payment of early extinguishment of debt charges of $1,531 and $546, respectively (net of capitalized interest of $6,680 and $8,199, respectively) | 86,621 | 96,974 |
Joint Ventures [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity in income | (41,287) | (35,953) |
Other Real Estate Investments [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity in income | $ (19,493) | $ (19,593) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash paid for capitalized interest | $ 6,680 | $ 8,199 |
Early extinguishment of debt charges | $ 1,531 | $ 546 |
Note 1 - Business and Organizat
Note 1 - Business and Organization | 6 Months Ended |
Jun. 30, 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, home improvement centers, discounters and/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 | 6 Months Ended |
Jun. 30, 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 -K for the year ended December 31, 2018 ( the “10 -K”), as certain disclosures in this Quarterly Report on Form 10 -Q for the quarterly period ended June 30, 2019, that would duplicate those included in the 10 -K are not included in these Condensed Consolidated Financial Statements. 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, the Company elected the lessor practical expedient to combine the lease and non-lease components, determined the lease component was the predominant component and as a result, accounted for the combined components under Topic 842. Non-lease components include reimbursements paid to the Company from tenants for common area maintenance costs, real estate taxes and other operating expenses. The combined components are included in Revenues from rental properties, net on the Company’s Condensed Consolidated Statements of Income. 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 include payments received in connection with lease termination agreements. Lease termination fee income is recognized when the lessee provides consideration in order to terminate an existing lease agreement and has vacated the leased space. If the lessee continues to occupy the leased space for a period of time after the lease termination is agreed upon, the termination fee is accounted for as a lease modification based on the modified lease term. Upon acquisition of real estate operating properties, the Company estimates the fair value of identified intangible assets and liabilities (including above-market and below-market leases, where applicable). The capitalized above-market or below-market intangible asset or liability is amortized to rental income over the estimated remaining term of the respective leases, which includes the expected renewal option period for below-market leases. 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 bankruptcy claims. If a lessee’s accounts receivable balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease and will only recognize lease income on a cash basis. 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 be written-off as it is presumed the Company will collect these receivables upon resolution with the tenant. 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, the FASB issued guidance codified in ASU 2018 - 11, Leases - Targeted Improvements (“ASU 2018 - 11” ). ASU 2018 - 11 provides a practical expedient, which allows lessors to combine non-lease components with the related lease components if (i) both the timing and pattern of transfer are the same for the non-lease component(s) and related lease component, and (ii) the lease component would be classified as an operating lease if accounted for separately. The single combined component is accounted for under Topic 842 if the lease component is the predominant component and is accounted for under Topic 606 if the non-lease components are the predominant components. Lessors are permitted to apply the practical expedient to all existing leases on a retrospective or prospective basis. The Company elected the practical expedient to combine its lease and non-lease components that meet the defined criteria and will account for the combined lease component under Topic 842 on a prospective basis. As a lessor, the Company's 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 have been incurred if the lease had not been obtained. Under Topic 842 initial direct costs include commissions paid to third parties, including brokers, leasing and referral agents and internal leasing commissions paid to employees for successful execution of lease agreements. These initial direct costs are capitalized and generally amortized over the term of the related leases using the straight-line method. Internal employee compensation, payroll-related benefits and certain external legal fees are considered indirect costs associated with the execution of lease agreements and will no longer be capitalized; these costs will be included in general and administrative expense. As a result of electing the package of practical expedients described above, existing leases and related initial direct costs have not been reassessed prior to the effective date, and therefore, adoption of the lease standard did not have an impact on the Company’s previously reported Condensed Consolidated Statements of Income for initial direct costs. 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 in determining the present value of lease payments since these leases do not provide an implicit rate. Variable lease payments are excluded from the lease liabilities and corresponding ROU assets, as they are recognized in the period in which the obligation for those payments is incurred. Many of the Company’s lessee agreements include options to extend the lease, which it did not include in its minimum lease terms unless they are reasonably certain to be exercised. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the lease term. Upon the adoption of Topic 842, the Company recognized million of ROU assets, including net intangible assets of million, which were reclassified from Real estate, net to Operating lease right-of-use assets, net and million of corresponding Operating lease liabilities for its operating leases on the Company’s Condensed Consolidated Balance Sheets. See Footnote 7 to the Notes to the Company’s Condensed Consolidated Financial Statements for further details. Reclassifications - Certain amounts in the prior period have been reclassified in order to conform to the current period’s presentation. In conjunction with the adoption of Topic 842 discussed above, the Company reclassified during the three and six months ended June 30, 2018: ( i) million and million of Reimbursement income, respectively, and (ii) million and million of Other rental property income, respectively, to Revenues from rental properties, net on the Company’s Condensed Consolidated Statement of Income. The reclassification is solely for comparative purposes as the Company has not elected to adopt Topic 842 retrospectively. 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 June 30, 2019, are not yet effective for the Company and for which the Company has not elected early adoption, where permitted: ASU Description Effective Date Effect on the financial statements or other significant matters ASU 2018 - 17, Consolidation (Topic 810 ) – Targeted Improvements to Related Party Guidance for Variable Interest Entities The amendment to Topic 810 clarifies the following areas: (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; Early adoption permitted The adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations. ASU 2018 - 15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350 - 40 ): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract 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; Early adoption permitted The adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations. ASU 2018 - 13, Fair Value Measurement (Topic 820 ): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement The amendment modifies the disclosure requirements for fair value measurements in Topic 820, based on the concepts in the FASB Concepts Statement, Conceptual Framework for Financial Reporting – Chapter 8: Notes to Financial Statements , including the consideration of costs and benefits. January 1, 2020; Early adoption permitted The adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations. ASU 2016 - 13, Financial Instruments – Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments ASU 2018 - 19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses ASU 2019 - 05, Financial Instruments – Credit Losses (Topic 326 ), Targeted Transition Relief 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 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. In November 2018, the FASB issued ASU 2018 - 19, which includes amendments to (i) clarify receivables arising from operating leases are within the scope of the new leasing standard (Topic 842 ) discussed below and (ii) align the implementation date for nonpublic entities’ annual financial statements with the implementation date for their interim financial statements. Early adoption is permitted as of the original effective date. In May 2019, the FASB issued ASU 2019 - 05 which amends ASU 2016 - 13 to allow companies to irrevocably elect, upon adoption of ASU 2016 - 13, the fair value option on financial instruments that (i) were previously recorded at amortized cost and (ii) are within the scope of ASC 326 - 203 if the instruments are eligible for the fair value option under ASC 825 - 10.4. The fair value option election does not apply to held-to-maturity debt securities. Entities are required to make this election on an instrument-by-instrument basis. These amendments should be applied on a modified-retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings balance in the statement of financial position as of the date that an entity adopted the amendments in ASU 2016 - 13. Certain disclosures are required. The effective date will be the same as the effective date in ASU 2016 - 13. January 1, 2020; Early adoption permitted 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, Leases (Topic 842 ) ASU 2018 - 01, Leases (Topic 842 ): Land Easement Practical Expedient for Transition to Topic 842 ASU 2018 - 10, Codification Improvements to Topic 842, Leases ASU 2018 - 11, Leases (Topic 842 ): Targeted Improvements ASU 2018 - 20, Leases (Topic 842 ): Narrow-Scope Improvements for Lessors ASU 2019 - 01, Leases (Topic 842 ): Codification Improvements 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 the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016 - 02 supersedes the previous leases standard, Leases (Topic 840 ). In January 2018, the FASB issued ASU 2018 - 01, which includes amendments to clarify that land easements are within the scope of the new leasing standard (Topic 842 ) and provide an optional transition practical expedient to not evaluate whether existing and expired land easements that were not previously accounted for as leases under current lease guidance in Topic 840 are to be accounted for or contain leases under Topic 842. Early adoption is permitted as of the original effective date. In July 2018, the FASB issued ASU 2018 - 10, which includes amendments to clarify certain aspects of the new leasing standard. These amendments address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments. Additionally, during July 2018, the FASB issued ASU 2018 - 11, which includes (i) an additional transition method to provide transition relief on comparative reporting at adoption and (ii) an amendment to provide lessors with a practical expedient to combine lease and non-lease components of a contract if certain criteria are met. Under the transition option, companies can opt to not apply the new guidance, including its disclosure requirements, in the comparative periods they present in their financial statements in the year of adoption. The practical expedient allows lessors to elect, by class of underlying asset, to combine non-lease and associated lease components when certain criteria are met and requires them to account for the combined component in accordance with new revenue standard (Topic 606 ) if the non-lease components are the predominant component; conversely, if a lessor determines that the lease components are the predominant component, it requires them to account for the combined component as an operating lease in accordance with the new leasing standard (Topic 842 ). In December 2018, the FASB issued ASU 2018 - 20, which includes narrow-scope improvements for lessors. The FASB amended the new leasing standard to allow lessors to make an accounting policy election not to evaluate whether sales taxes and similar taxes imposed by a governmental authority on a specific lease revenue-producing transaction are the primary obligation of the lessor as owner of the underlying leased asset. The amendments also require a lessor to exclude lessor costs paid directly by a lessee to third parties on the lessor’s behalf from variable payments and include lessor costs that are paid by the lessor and reimbursed by the lessee in the measurement of variable lease revenue and the associated expense. In addition, the amendments clarify that when lessors allocate variable payments to lease and non-lease components they are required to follow the recognition guidance in the new leasing standard for the lease component and other applicable guidance, such as the new revenue standard, for the non-lease component. In February 2019, the FASB issued ASU 2019 - 01, which includes amendments to address the following: (i) Determining the fair value of the underlying asset by lessors that are not manufacturers or dealers; (ii) Presentation on the statement of cash flows for sales-type and direct financing leases; and (iii) Transition disclosures related to Topic 250, Accounting Changes and Error Corrections. 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. |
Note 3 - Operating Property Act
Note 3 - Operating Property Activities | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Operating Property Activities Acquisitions of Operating Properties - During the six June 30, 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 §1031 ** Gross leasable area ("GLA") Included in Revenues from rental properties, net on the Company’s Condensed Consolidated Statements of Income for the six June 30, 2019 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 six June 30, 2019, Allocation as of June 30 , 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): Six Months Ended June 30 , 201 9 2018 Aggregate sales price/gross fair value $ 110.1 $ 833.1 Gain on sale of properties/change in control of interests $ 38.4 $ 152.2 Number of operating properties sold/deconsolidated 7 35 Number of out-parcels sold 5 2 Impairments - During the six June 30, 2019, third 12 |
Note 4 - Real Estate Under Deve
Note 4 - Real Estate Under Development | 6 Months Ended |
Jun. 30, 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 June 30 , 201 9 December 31, 2018 Dania Pointe – Phases II, III and IV Dania Beach, FL $ 203,871 $ 152,111 Mill Station Owings Mills, MD 67,243 55,771 Promenade at Christiana (1) New Castle, DE 33,510 33,502 Total * $ 304,624 $ 241,384 * Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $30.1 million and $24.9 million, as of June 30, 2019 December 31, 2018, ( 1 Project to be developed in the future. During the six June 30, 2019, |
Note 5 - Investments In and Adv
Note 5 - Investments In and Advances to Real Estate Joint Ventures | 6 Months Ended |
Jun. 30, 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 June 30, 2019 December 31, 2018 ( Ownership The Company's Investment Joint Venture Interest June 30 , 2019 December 31, 2018 Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) 15.0% $ 176.5 $ 175.2 Kimco Income Opportunity Portfolio (“KIR”) (2) 48.6% 170.6 167.2 Canada Pension Plan Investment Board (“CPP”) (2) 55.0% 146.1 135.0 Other Joint Venture Programs Various 91.8 93.5 Total* $ 585.0 $ 570.9 * Representing 104 property interests and 22.2 million square feet of GLA, as of June 30, 2019, December 31, 2018. ( 1 Represents four separate joint ventures, with four separate accounts managed by Prudential Global Investment Management, 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. The table below presents the Company’s share of net income for the above investments which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income for the three six June 30, 2019 2018 Three Months Ended June 30 , Six Months Ended June 30 , Joint Venture 201 9 201 8 2019 2018 KimPru and KimPru II $ 2.8 $ 2.7 $ 5.7 $ 5.6 KIR 17.2 9.9 31.8 18.9 CPP 1.6 1.3 3.0 2.5 Other Joint Venture Programs (1) 0.9 5.1 0.8 9.0 Total $ 22.5 $ 19.0 $ 41.3 $ 36.0 ( 1 During the three June 30, 2018, During the six June 30, 2019, six June 30, 2019. During the six June 30, 2018, six June 30, 2018. The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at June 30, 2019 December 31, 2018 ( As of June 30 , 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 $ 562.9 4.02 % 51.8 $ 572.6 4.29 % 49.0 KIR 572.0 4.48 % 34.0 651.4 4.43 % 40.4 CPP 84.7 3.95 % 48.1 84.4 3.85 % 54.0 Other Joint Venture Programs 451.7 4.19 % 77.4 474.2 4.26 % 78.6 Total $ 1,671.3 $ 1,782.6 * Includes extension options |
Note 6 - Other Real Estate Inve
Note 6 - Other Real Estate Investments | 6 Months Ended |
Jun. 30, 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 June 30, 2019, six June 30, 2019, six June 30, 2018, |
Note 7 - Leases
Note 7 - Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. Leases The Company adopted Topic 842, January 1, 2019, 2 842 not not June 30, 2019. June 30, 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): Six Months End ed June 30 , 2019 Lease cost: Operating lease cost $ 6,557 Variable lease cost 804 Total lease cost $ 7,361 The future minimum lease payments to be paid under noncancelable operating leases in effect at June 30, 2019 December 31, 2018, Year End ing December 31, As of June 30 , 2019 As of December 31, 2018 2019 $ 6,209 $ 12,206 2020 10,375 9,901 2021 9,858 9,716 2022 9,237 9,236 2023 9,250 8,936 Thereafter 136,608 115,788 Total minimum lease payments $ 181,537 $ 165,783 Less imputed interest (88,304 ) Total operating lease liabilities $ 93,233 The future minimum revenues from rental properties under the terms of all noncancelable tenant operating leases in effect, assuming no June 30, 2019 December 31, 2018, Year End ing December 31, As of June 30 , 2019 As of December 31, 2018 2019 $ 411,793 $ 816,409 2020 805,916 769,074 2021 733,053 690,678 2022 636,703 594,638 2023 536,045 492,631 Thereafter 2,792,780 2,540,231 Total minimum revenues $ 5,916,290 $ 5,903,661 |
Note 8 - Other Assets
Note 8 - Other Assets | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 8. Other Assets Mortgages and Other Financing Receivables - During the six June 30, 2019, Date Paid Amount Received Interest Rate Maturity Date May-19 $ 2.0 6.00 % Dec-24 Jun-19 $ 1.6 7.57 % Jun-19 Jun-19 $ 1.6 7.57 % Jun-19 The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company. The Company reviews payment status to identify performing versus non-performing loans. As of June 30, 2019, Assets Held-For-Sale - At June 30, 2019, third one |
Note 9 - Notes, Mortgages and C
Note 9 - Notes, Mortgages and Construction Loan Payable | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Mortgage Notes Payable Disclosure [Text Block] | 9. Notes, M ortgages and Construction Loan Payable Notes Payable - As of June 30, 2019, Mortgages and Construction Loan Payable - During the six June 30, 2019, As of June 30, 2019, one |
Note 10 - Noncontrolling Intere
Note 10 - Noncontrolling Interests | 6 Months Ended |
Jun. 30, 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 six June 30, 2019, two no one During the six June 30, 2018, three two no two In addition, during the six June 30, 2018, no 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 six June 30, 2019 2018 2019 2018 Balance at January 1, $ 23,682 $ 16,143 Income 185 185 Distributions (177 ) (177 ) Balance at June 30, $ 23,690 $ 16,151 |
Note 11 - Variable Interest Ent
Note 11 - Variable Interest Entities ("VIE") | 6 Months Ended |
Jun. 30, 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 June 30, 2019 December 31, 2018, not not June 30, 2019, December 31, 2018, The majority of the operations of these VIEs are funded with cash flows generated from the properties. The Company has not not may Additionally, included within the Company’s real estate development projects at June 30, 2019 December 31, 2018, not not June 30, 2019, December 31, 2018, Substantially all the projected remaining development costs to be funded for this real estate development project, aggregating $75.4 million, will be funded with capital contributions from the Company, when contractually obligated, and/or construction loan financing. The Company has 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 June 3 0 , 2019 As of December 31, 2018 Number of unencumbered VIEs 20 20 Number of encumbered VIEs 3 4 Total number of consolidated VIEs 23 24 Restricted Assets: Real estate, net $ 216.5 $ 229.2 Cash and cash equivalents 5.8 4.4 Accounts and notes receivable, net 2.5 2.1 Other assets 3.2 3.3 Total Restricted Assets $ 228.0 $ 239.0 VIE Liabilities: Mortgages and construction loan payable, net $ 89.3 $ 83.8 Other liabilities 55.8 59.4 Total VIE Liabilities $ 145.1 $ 143.2 |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 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): June 30 , 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Notes payable, net (1) $ 4,420,370 $ 4,484,767 $ 4,381,456 $ 4,126,450 Mortgages and construction loan payable, net (2) $ 485,132 $ 487,889 $ 492,416 $ 486,341 ( 1 The Company determined that the valuation of its Senior Unsecured Notes were classified within Level 2 3 2, June 30, 2019 December 31, 2018, 3, June 30, 2019 December 31, 2018, ( 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 measured at fair value on a recurring basis at June 30, 2019 December 31, 2018, Balance at June 30 , 2019 Level 1 Level 2 Level 3 Marketable equity securities $ 10,665 $ 10,665 $ - $ - Balance at December 31, 2018 Level 1 Level 2 Level 3 Marketable equity securities $ 9,045 $ 9,045 $ - $ - Assets measured at fair value on a non-recurring basis at June 30, 2019 December 31, 2018, Balance at June 30 , 2019 Level 1 Level 2 Level 3 Real estate $ 78,700 $ - $ - $ 78,700 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 six June 30, 2019 2018, third not third 3 3 |
Note 13 - Incentive Plans
Note 13 - Incentive Plans | 6 Months Ended |
Jun. 30, 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 $10.3 million and $10.4 million for the six June 30, 2019 2018, June 30, 2019, |
Note 14 - Earnings Per Share
Note 14 - Earnings Per Share | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30 , June 30 , 201 9 2018 2019 2018 Computation of Basic and Diluted Earnings Per Share: Net income available to the Company's common shareholders $ 86,493 $ 150,852 $ 188,128 $ 280,353 Earnings attributable to participating securities (660 ) (863 ) (1,285 ) (1,472 ) Net income available to the Company’s common shareholders for basic earnings per share 85,833 149,989 186,843 278,881 Distributions on convertible units - 282 20 521 Net income available to the Company’s common shareholders for diluted earnings per share $ 85,833 $ 150,271 $ 186,863 $ 279,402 Weighted average common shares outstanding – basic 419,697 420,731 419,581 422,060 Effect of dilutive securities (1): Equity awards 949 350 1,166 352 Assumed conversion of convertible units - 847 51 824 Weighted average common shares outstanding – diluted 420,646 421,928 420,798 423,236 Net income available to the Company's common shareholders: Basic earnings per share $ 0.20 $ 0.36 $ 0.45 $ 0.66 Diluted earnings per share $ 0.20 $ 0.36 $ 0.44 $ 0.66 ( 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 not June 30, 2019 2018, not three June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30 , 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 not six June 30, 2019. June 30, 2019, Dividends Declared - The following table provides a summary of the dividends declared per share: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Common Shares $ 0.28000 $ 0.28000 $ 0.56000 $ 0.56000 Class I Depositary Shares $ 0.37500 $ 0.37500 $ 0.75000 $ 0.75000 Class J Depositary Shares Clasitary Shares $ 0.34375 $ 0.34375 $ 0.68750 $ 0.68750 Class K Depositary Shares $ 0.35156 $ 0.35156 $ 0.70312 $ 0.70312 Class L Depositary Shares $ 0.32031 $ 0.32031 $ 0.64062 $ 0.64062 Class M Depositary Shares $ 0.32813 $ 0.32813 $ 0.65626 $ 0.65626 |
Note 16 - Supplemental Schedule
Note 16 - Supplemental Schedule of Non-cash Investing / Financing Activities | 6 Months Ended |
Jun. 30, 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 six June 30, 2019 2018 201 9 2018 Acquisition of real estate interests through proceeds held in escrow $ 30,970 $ - 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 $ 3,689 $ 3,492 Declaration of dividends paid in succeeding period $ 130,460 $ 130,262 Capital expenditures accrual $ 61,473 $ 75,760 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) | 6 Months Ended |
Jun. 30, 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 -K for the year ended December 31, 2018 ( the “10 -K”), as certain disclosures in this Quarterly Report on Form 10 -Q for the quarterly period ended June 30, 2019, that would duplicate those included in the 10 -K are not included in these Condensed Consolidated Financial Statements. |
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, the Company elected the lessor practical expedient to combine the lease and non-lease components, determined the lease component was the predominant component and as a result, accounted for the combined components under Topic 842. Non-lease components include reimbursements paid to the Company from tenants for common area maintenance costs, real estate taxes and other operating expenses. The combined components are included in Revenues from rental properties, net on the Company’s Condensed Consolidated Statements of Income. |
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 bankruptcy claims. If a lessee’s accounts receivable balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease and will only recognize lease income on a cash basis. 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 be written-off as it is presumed the Company will collect these receivables upon resolution with the tenant. |
Lessor, Leases [Policy Text Block] | Lessor In July 2018, the FASB issued guidance codified in ASU 2018 - 11, Leases - Targeted Improvements (“ASU 2018 - 11” ). ASU 2018 - 11 provides a practical expedient, which allows lessors to combine non-lease components with the related lease components if (i) both the timing and pattern of transfer are the same for the non-lease component(s) and related lease component, and (ii) the lease component would be classified as an operating lease if accounted for separately. The single combined component is accounted for under Topic 842 if the lease component is the predominant component and is accounted for under Topic 606 if the non-lease components are the predominant components. Lessors are permitted to apply the practical expedient to all existing leases on a retrospective or prospective basis. The Company elected the practical expedient to combine its lease and non-lease components that meet the defined criteria and will account for the combined lease component under Topic 842 on a prospective basis. As a lessor, the Company's 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 have been incurred if the lease had not been obtained. Under Topic 842 initial direct costs include commissions paid to third parties, including brokers, leasing and referral agents and internal leasing commissions paid to employees for successful execution of lease agreements. These initial direct costs are capitalized and generally amortized over the term of the related leases using the straight-line method. Internal employee compensation, payroll-related benefits and certain external legal fees are considered indirect costs associated with the execution of lease agreements and will no longer be capitalized; these costs will be included in general and administrative expense. As a result of electing the package of practical expedients described above, existing leases and related initial direct costs have not been reassessed prior to the effective date, and therefore, adoption of the lease standard did not have an impact on the Company’s previously reported Condensed Consolidated Statements of Income for initial direct costs. |
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 in determining the present value of lease payments since these leases do not provide an implicit rate. Variable lease payments are excluded from the lease liabilities and corresponding ROU assets, as they are recognized in the period in which the obligation for those payments is incurred. Many of the Company’s lessee agreements include options to extend the lease, which it did not include in its minimum lease terms unless they are reasonably certain to be exercised. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the lease term. Upon the adoption of Topic 842, the Company recognized million of ROU assets, including net intangible assets of million, which were reclassified from Real estate, net to Operating lease right-of-use assets, net and million of corresponding Operating lease liabilities for its operating leases on the Company’s Condensed Consolidated Balance Sheets. See Footnote 7 to the Notes to the Company’s Condensed Consolidated Financial Statements for further details. |
Reclassification, Policy [Policy Text Block] | Reclassifications - Certain amounts in the prior period have been reclassified in order to conform to the current period’s presentation. In conjunction with the adoption of Topic 842 discussed above, the Company reclassified during the three and six months ended June 30, 2018: ( i) million and million of Reimbursement income, respectively, and (ii) million and million of Other rental property income, respectively, to Revenues from rental properties, net on the Company’s Condensed Consolidated Statement of Income. The reclassification is solely for comparative purposes as the Company has not elected to adopt Topic 842 retrospectively. |
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 June 30, 2019, are not yet effective for the Company and for which the Company has not elected early adoption, where permitted: ASU Description Effective Date Effect on the financial statements or other significant matters ASU 2018 - 17, Consolidation (Topic 810 ) – Targeted Improvements to Related Party Guidance for Variable Interest Entities The amendment to Topic 810 clarifies the following areas: (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; Early adoption permitted The adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations. ASU 2018 - 15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350 - 40 ): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract 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; Early adoption permitted The adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations. ASU 2018 - 13, Fair Value Measurement (Topic 820 ): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement The amendment modifies the disclosure requirements for fair value measurements in Topic 820, based on the concepts in the FASB Concepts Statement, Conceptual Framework for Financial Reporting – Chapter 8: Notes to Financial Statements , including the consideration of costs and benefits. January 1, 2020; Early adoption permitted The adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations. ASU 2016 - 13, Financial Instruments – Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments ASU 2018 - 19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses ASU 2019 - 05, Financial Instruments – Credit Losses (Topic 326 ), Targeted Transition Relief 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 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. In November 2018, the FASB issued ASU 2018 - 19, which includes amendments to (i) clarify receivables arising from operating leases are within the scope of the new leasing standard (Topic 842 ) discussed below and (ii) align the implementation date for nonpublic entities’ annual financial statements with the implementation date for their interim financial statements. Early adoption is permitted as of the original effective date. In May 2019, the FASB issued ASU 2019 - 05 which amends ASU 2016 - 13 to allow companies to irrevocably elect, upon adoption of ASU 2016 - 13, the fair value option on financial instruments that (i) were previously recorded at amortized cost and (ii) are within the scope of ASC 326 - 203 if the instruments are eligible for the fair value option under ASC 825 - 10.4. The fair value option election does not apply to held-to-maturity debt securities. Entities are required to make this election on an instrument-by-instrument basis. These amendments should be applied on a modified-retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings balance in the statement of financial position as of the date that an entity adopted the amendments in ASU 2016 - 13. Certain disclosures are required. The effective date will be the same as the effective date in ASU 2016 - 13. January 1, 2020; Early adoption permitted 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, Leases (Topic 842 ) ASU 2018 - 01, Leases (Topic 842 ): Land Easement Practical Expedient for Transition to Topic 842 ASU 2018 - 10, Codification Improvements to Topic 842, Leases ASU 2018 - 11, Leases (Topic 842 ): Targeted Improvements ASU 2018 - 20, Leases (Topic 842 ): Narrow-Scope Improvements for Lessors ASU 2019 - 01, Leases (Topic 842 ): Codification Improvements 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 the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016 - 02 supersedes the previous leases standard, Leases (Topic 840 ). In January 2018, the FASB issued ASU 2018 - 01, which includes amendments to clarify that land easements are within the scope of the new leasing standard (Topic 842 ) and provide an optional transition practical expedient to not evaluate whether existing and expired land easements that were not previously accounted for as leases under current lease guidance in Topic 840 are to be accounted for or contain leases under Topic 842. Early adoption is permitted as of the original effective date. In July 2018, the FASB issued ASU 2018 - 10, which includes amendments to clarify certain aspects of the new leasing standard. These amendments address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments. Additionally, during July 2018, the FASB issued ASU 2018 - 11, which includes (i) an additional transition method to provide transition relief on comparative reporting at adoption and (ii) an amendment to provide lessors with a practical expedient to combine lease and non-lease components of a contract if certain criteria are met. Under the transition option, companies can opt to not apply the new guidance, including its disclosure requirements, in the comparative periods they present in their financial statements in the year of adoption. The practical expedient allows lessors to elect, by class of underlying asset, to combine non-lease and associated lease components when certain criteria are met and requires them to account for the combined component in accordance with new revenue standard (Topic 606 ) if the non-lease components are the predominant component; conversely, if a lessor determines that the lease components are the predominant component, it requires them to account for the combined component as an operating lease in accordance with the new leasing standard (Topic 842 ). In December 2018, the FASB issued ASU 2018 - 20, which includes narrow-scope improvements for lessors. The FASB amended the new leasing standard to allow lessors to make an accounting policy election not to evaluate whether sales taxes and similar taxes imposed by a governmental authority on a specific lease revenue-producing transaction are the primary obligation of the lessor as owner of the underlying leased asset. The amendments also require a lessor to exclude lessor costs paid directly by a lessee to third parties on the lessor’s behalf from variable payments and include lessor costs that are paid by the lessor and reimbursed by the lessee in the measurement of variable lease revenue and the associated expense. In addition, the amendments clarify that when lessors allocate variable payments to lease and non-lease components they are required to follow the recognition guidance in the new leasing standard for the lease component and other applicable guidance, such as the new revenue standard, for the non-lease component. In February 2019, the FASB issued ASU 2019 - 01, which includes amendments to address the following: (i) Determining the fair value of the underlying asset by lessors that are not manufacturers or dealers; (ii) Presentation on the statement of cash flows for sales-type and direct financing leases; and (iii) Transition disclosures related to Topic 250, Accounting Changes and Error Corrections. 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. |
Note 3 - Operating Property A_2
Note 3 - Operating Property Activities (Tables) | 6 Months Ended |
Jun. 30, 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 June 30 , 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] | Six Months Ended June 30 , 201 9 2018 Aggregate sales price/gross fair value $ 110.1 $ 833.1 Gain on sale of properties/change in control of interests $ 38.4 $ 152.2 Number of operating properties sold/deconsolidated 7 35 Number of out-parcels sold 5 2 |
Note 4 - Real Estate Under De_2
Note 4 - Real Estate Under Development (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Real Estate Held for Development [Table Text Block] | Property Name Location June 30 , 201 9 December 31, 2018 Dania Pointe – Phases II, III and IV Dania Beach, FL $ 203,871 $ 152,111 Mill Station Owings Mills, MD 67,243 55,771 Promenade at Christiana (1) New Castle, DE 33,510 33,502 Total * $ 304,624 $ 241,384 |
Note 5 - Investments In and A_2
Note 5 - Investments In and Advances to Real Estate Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Ownership The Company's Investment Joint Venture Interest June 30 , 2019 December 31, 2018 Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) 15.0% $ 176.5 $ 175.2 Kimco Income Opportunity Portfolio (“KIR”) (2) 48.6% 170.6 167.2 Canada Pension Plan Investment Board (“CPP”) (2) 55.0% 146.1 135.0 Other Joint Venture Programs Various 91.8 93.5 Total* $ 585.0 $ 570.9 |
Joint Venture Investments Accounted For Under The Equity Method Debt Details [Table Text Block] | As of June 30 , 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 $ 562.9 4.02 % 51.8 $ 572.6 4.29 % 49.0 KIR 572.0 4.48 % 34.0 651.4 4.43 % 40.4 CPP 84.7 3.95 % 48.1 84.4 3.85 % 54.0 Other Joint Venture Programs 451.7 4.19 % 77.4 474.2 4.26 % 78.6 Total $ 1,671.3 $ 1,782.6 |
Income [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three Months Ended June 30 , Six Months Ended June 30 , Joint Venture 201 9 201 8 2019 2018 KimPru and KimPru II $ 2.8 $ 2.7 $ 5.7 $ 5.6 KIR 17.2 9.9 31.8 18.9 CPP 1.6 1.3 3.0 2.5 Other Joint Venture Programs (1) 0.9 5.1 0.8 9.0 Total $ 22.5 $ 19.0 $ 41.3 $ 36.0 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Six Months End ed June 30 , 2019 Lease cost: Operating lease cost $ 6,557 Variable lease cost 804 Total lease cost $ 7,361 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year End ing December 31, As of June 30 , 2019 As of December 31, 2018 2019 $ 6,209 $ 12,206 2020 10,375 9,901 2021 9,858 9,716 2022 9,237 9,236 2023 9,250 8,936 Thereafter 136,608 115,788 Total minimum lease payments $ 181,537 $ 165,783 Less imputed interest (88,304 ) Total operating lease liabilities $ 93,233 |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | Year End ing December 31, As of June 30 , 2019 As of December 31, 2018 2019 $ 411,793 $ 816,409 2020 805,916 769,074 2021 733,053 690,678 2022 636,703 594,638 2023 536,045 492,631 Thereafter 2,792,780 2,540,231 Total minimum revenues $ 5,916,290 $ 5,903,661 |
Note 8 - Other Assets (Tables)
Note 8 - Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Mortgages Receivable [Table Text Block] | Date Paid Amount Received Interest Rate Maturity Date May-19 $ 2.0 6.00 % Dec-24 Jun-19 $ 1.6 7.57 % Jun-19 Jun-19 $ 1.6 7.57 % Jun-19 |
Note 10 - Noncontrolling Inte_2
Note 10 - Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | 2019 2018 Balance at January 1, $ 23,682 $ 16,143 Income 185 185 Distributions (177 ) (177 ) Balance at June 30, $ 23,690 $ 16,151 |
Note 11 - Variable Interest E_2
Note 11 - Variable Interest Entities ("VIE") (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of June 3 0 , 2019 As of December 31, 2018 Number of unencumbered VIEs 20 20 Number of encumbered VIEs 3 4 Total number of consolidated VIEs 23 24 Restricted Assets: Real estate, net $ 216.5 $ 229.2 Cash and cash equivalents 5.8 4.4 Accounts and notes receivable, net 2.5 2.1 Other assets 3.2 3.3 Total Restricted Assets $ 228.0 $ 239.0 VIE Liabilities: Mortgages and construction loan payable, net $ 89.3 $ 83.8 Other liabilities 55.8 59.4 Total VIE Liabilities $ 145.1 $ 143.2 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30 , 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Notes payable, net (1) $ 4,420,370 $ 4,484,767 $ 4,381,456 $ 4,126,450 Mortgages and construction loan payable, net (2) $ 485,132 $ 487,889 $ 492,416 $ 486,341 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Balance at June 30 , 2019 Level 1 Level 2 Level 3 Marketable equity securities $ 10,665 $ 10,665 $ - $ - Balance at December 31, 2018 Level 1 Level 2 Level 3 Marketable equity securities $ 9,045 $ 9,045 $ - $ - Balance at June 30 , 2019 Level 1 Level 2 Level 3 Real estate $ 78,700 $ - $ - $ 78,700 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) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30 , June 30 , 201 9 2018 2019 2018 Computation of Basic and Diluted Earnings Per Share: Net income available to the Company's common shareholders $ 86,493 $ 150,852 $ 188,128 $ 280,353 Earnings attributable to participating securities (660 ) (863 ) (1,285 ) (1,472 ) Net income available to the Company’s common shareholders for basic earnings per share 85,833 149,989 186,843 278,881 Distributions on convertible units - 282 20 521 Net income available to the Company’s common shareholders for diluted earnings per share $ 85,833 $ 150,271 $ 186,863 $ 279,402 Weighted average common shares outstanding – basic 419,697 420,731 419,581 422,060 Effect of dilutive securities (1): Equity awards 949 350 1,166 352 Assumed conversion of convertible units - 847 51 824 Weighted average common shares outstanding – diluted 420,646 421,928 420,798 423,236 Net income available to the Company's common shareholders: Basic earnings per share $ 0.20 $ 0.36 $ 0.45 $ 0.66 Diluted earnings per share $ 0.20 $ 0.36 $ 0.44 $ 0.66 |
Note 15 - Stockholders' Equity
Note 15 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | As of June 30 , 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Common Shares $ 0.28000 $ 0.28000 $ 0.56000 $ 0.56000 Class I Depositary Shares $ 0.37500 $ 0.37500 $ 0.75000 $ 0.75000 Class J Depositary Shares Clasitary Shares $ 0.34375 $ 0.34375 $ 0.68750 $ 0.68750 Class K Depositary Shares $ 0.35156 $ 0.35156 $ 0.70312 $ 0.70312 Class L Depositary Shares $ 0.32031 $ 0.32031 $ 0.64062 $ 0.64062 Class M Depositary Shares $ 0.32813 $ 0.32813 $ 0.65626 $ 0.65626 |
Note 16 - Supplemental Schedu_2
Note 16 - Supplemental Schedule of Non-cash Investing / Financing Activities (Tables) | 6 Months Ended |
Jun. 30, 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 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 $ 3,689 $ 3,492 Declaration of dividends paid in succeeding period $ 130,460 $ 130,262 Capital expenditures accrual $ 61,473 $ 75,760 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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Operating Lease, Right-of-Use Asset | $ 99,997 | $ 0 | |||
Operating Lease, Liability, Total | 93,233 | $ 0 | |||
Accounting Standards Update 2016-02 [Member] | |||||
Operating Lease, Right-of-Use Asset | 106,000 | $ 106,000 | |||
Intangible Assets, Net (Excluding Goodwill), Total | 7,300 | ||||
Operating Lease, Liability, Total | $ 98,700 | $ 98,700 | |||
Reclassification of Reimbursement Income From Revenues From Rental Properties for Three Months Ended Mar. 31, 2018[Member] | |||||
Prior Period Reclassification Adjustment | $ 61,200 | $ 124,900 | |||
Other Rental Property for Three Months Ended Mar. 31, 2018 [Member] | |||||
Prior Period Reclassification Adjustment | $ 5,500 | $ 11,100 |
Note 3 - Operating Property A_3
Note 3 - Operating Property Activities (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Proceeds from Delayed Tax Exempt Exchange | $ 31 | |
Real Estate Revenue From Acquisitions During Period | 0.6 | |
Impairment of Real Estate | $ 21.6 | $ 30.5 |
Note 3 - Operating Property A_4
Note 3 - Operating Property Activities - Acquisition of Operating Properties (Details) ft² in Thousands, $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)ft² | |
Purchase Price Cash | $ | $ 31,269 |
Purchase Price GLA (Square Foot) | ft² | 125 |
Bell Camino Out-parcel [Member] | |
Purchase Price Cash | $ | $ 5,678 |
Purchase Price GLA (Square Foot) | ft² | 45 |
Gateway at Donner Pass Out-parcel [Member] | |
Purchase Price Cash | $ | $ 13,527 |
Purchase Price GLA (Square Foot) | ft² | 40 |
Rancho Penasquitos Out-parcel [Member] | |
Purchase Price Cash | $ | $ 12,064 |
Purchase Price GLA (Square Foot) | ft² | 40 |
Note 3 - Operating Property A_5
Note 3 - Operating Property Activities - Purchase Price Allocation (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Gain on sale of properties/change in control of interests | $ 38.4 | $ 152.2 |
Disposition Activity Relating to Consolidated Operating Properties and Parcels [Member] | ||
Aggregate sales price/gross fair value | $ 110.1 | $ 833.1 |
Number of operating properties sold/deconsolidated | 7 | 35 |
Number of out-parcels sold | 5 | 2 |
Note 4 - Real Estate Under De_3
Note 4 - Real Estate Under Development (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Real Estate Under Development, Capitalized Costs of Interest, Real Estate Taxes, Insurance, Legal Costs and Payroll | $ 30.1 | $ 24.9 |
Real Estate Inventory, Capitalized Interest Costs Incurred | 4.1 | |
Real Estate Development Projects, Real Estate Taxes and Insurance Capitalized | 0.4 | |
Real Estate Development Projects, Payroll Costs Capitalized | $ 0.7 |
Note 4 - Real Estate Under De_4
Note 4 - Real Estate Under Development - Costs Incurred for Real Estate Development (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Property Under Development | [1] | $ 304,624 | $ 241,384 |
Dania Pointe - Phase II, III, and IV [Member] | |||
Property Under Development | 203,871 | 152,111 | |
Mill Station [Member] | |||
Property Under Development | 67,243 | 55,771 | |
Promenade at Christiana [Member] | |||
Property Under Development | [2] | $ 33,510 | $ 33,502 |
[1] | Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $30.1 million and $24.9 million, as of June 30, 2019 December 31, 2018, | ||
[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 Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)ft² | Jun. 30, 2018USD ($) | Dec. 31, 2018ft² | |
Gross Leasable Area | ft² | 125 | |||
Proceeds from Equity Method Investment, Distribution | $ 60,858 | $ 67,005 | ||
All Equity Method Investments [Member] | ||||
Number of Real Estate Properties | 104 | 109 | ||
Gross Leasable Area | ft² | 22,200 | 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 | |||
Other Joint Venture Programs [Member] | ||||
Proceeds from Equity Method Investment, Distribution | $ 3,600 | |||
Real Estate Joint Ventures [Member] | Operating Properties [Member] | ||||
Number of Real Estate Properties, Interest Disposed of or Transferred | 5 | 4 | ||
Equity Method Investment, Sales Price | $ 37,900 | $ 128,200 | $ 37,900 | |
Impairment of Long-Lived Assets to be Disposed of | $ 11,900 | $ 3,500 |
Note 5 - Investments In and A_4
Note 5 - Investments In and Advances to Real Estate Joint Ventures - Investment Details (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | |
Kim Pru and Kim Pru II [Member] | |||
Average ownership interest | [1],[2] | 15.00% | |
The company's investment | [1],[2] | $ 176.5 | $ 175.2 |
Kimco Income Fund [Member] | |||
Average ownership interest | [2] | 48.60% | |
The company's investment | [2] | $ 170.6 | 167.2 |
CPP [Member] | |||
Average ownership interest | [2] | 55.00% | |
The company's investment | [2] | $ 146.1 | 135 |
Other Joint Venture Programs [Member] | |||
The company's investment | 91.8 | 93.5 | |
All Equity Method Investments [Member] | |||
The company's investment | [3] | $ 585 | $ 570.9 |
[1] | Represents four separate joint ventures, with four separate accounts managed by Prudential Global Investment Management, 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 104 property interests and 22.2 million square feet of GLA, as of June 30, 2019, December 31, 2018. |
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 | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Kim Pru and Kim Pru II [Member] | |||||
Income of joint ventures, net | $ 2,800 | $ 2,700 | $ 5,700 | $ 5,600 | |
KIR [Member] | |||||
Income of joint ventures, net | 17,200 | 9,900 | 31,800 | 18,900 | |
CPP [Member] | |||||
Income of joint ventures, net | 1,600 | 1,300 | 3,000 | 2,500 | |
Other Joint Venture Programs [Member] | |||||
Income of joint ventures, net | [1] | 900 | 5,100 | 800 | 9,000 |
Joint Ventures [Member] | |||||
Income of joint ventures, net | $ 22,533 | $ 19,040 | $ 41,287 | $ 35,953 | |
[1] | During the three June 30, 2018, |
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 | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | ||
Mortgage and notes payable | $ 1,671.3 | $ 1,782.6 | |
Kim Pru and Kim Pru II [Member] | |||
Mortgage and notes payable | $ 562.9 | $ 572.6 | |
Weighted average interest rate | 4.02% | 4.29% | |
Weighted average remaining term (Month) | [1] | 51 months 24 days | 49 months |
KIR [Member] | |||
Mortgage and notes payable | $ 572 | $ 651.4 | |
Weighted average interest rate | 4.48% | 4.43% | |
Weighted average remaining term (Month) | [1] | 34 months | 40 months 12 days |
CPP [Member] | |||
Mortgage and notes payable | $ 84.7 | $ 84.4 | |
Weighted average interest rate | 3.95% | 3.85% | |
Weighted average remaining term (Month) | [1] | 48 months 3 days | 54 months |
Other Joint Venture Programs [Member] | |||
Mortgage and notes payable | $ 451.7 | $ 474.2 | |
Weighted average interest rate | 4.19% | 4.26% | |
Weighted average remaining term (Month) | [1] | 77 months 12 days | 78 months 18 days |
[1] | * Includes extension options |
Note 6 - Other Real Estate In_2
Note 6 - Other Real Estate Investments (Details Textual) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Equity Method Investments | $ 584,983 | $ 570,922 | |
Preferred Equity Investments [Member] | |||
Income (Loss) from Equity Method Investments, Total | 19,500 | $ 19,500 | |
Equity Method Investment, Realized Gain (Loss) on Disposal, Total | $ 9,800 | $ 10,000 | |
Preferred Equity Investments [Member] | |||
Number of Real Estate Properties | 247 | ||
Preferred Equity Investments [Member] | Maximum Exposure [Member] | |||
Equity Method Investments | $ 173,500 | ||
Preferred Equity Investments [Member] | Leased Properties [Member] | |||
Number of Real Estate Properties | 236 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Operating Lease, Right-of-Use Asset | $ 99,997 | $ 0 | |
Operating Lease, Liability, Total | $ 93,233 | $ 0 | |
Operating Lease, Weighted Average Remaining Lease Term | 21 years 6 months | ||
Operating Lease, Weighted Average Discount Rate, Percent | 6.62% | ||
Minimum [Member] | |||
Lessee, Operating Lease, Remaining Term of Contract | 1 year | ||
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 | $ 106,000 | |
Operating Lease, Liability, Total | $ 98,700 | $ 98,700 |
Note 7 - Leases - Leases Cost (
Note 7 - Leases - Leases Cost (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Operating lease cost | $ 6,557 |
Variable lease cost | 804 |
Total lease cost | $ 7,361 |
Note 7 - Leases - Future Minimu
Note 7 - Leases - Future Minimum Lease payments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
2019 | $ 6,209 | $ 12,206 |
2020 | 10,375 | 9,901 |
2021 | 9,858 | 9,716 |
2022 | 9,237 | 9,236 |
2023 | 9,250 | 8,936 |
Thereafter | 136,608 | 115,788 |
Total minimum lease payments | 181,537 | 165,783 |
Less imputed interest | (88,304) | |
Operating lease liabilities | $ 93,233 | $ 0 |
Note 7 - Leases - Minimum Lease
Note 7 - Leases - Minimum Lease Revenues (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
2019 | $ 411,793 | $ 816,409 |
2020 | 805,916 | 769,074 |
2021 | 733,053 | 690,678 |
2022 | 636,703 | 594,638 |
2023 | 536,045 | 492,631 |
Thereafter | 2,792,780 | 2,540,231 |
Total minimum revenues | $ 5,916,290 | $ 5,903,661 |
Note 8 - Other Assets (Details
Note 8 - Other Assets (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Number of Loans | 7 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Ending Balance | $ 9.2 |
Number of Properties Held-for-Sale | 4 |
Real Estate Held-for-sale | $ 42.7 |
Real Estate Owned, Accumulated Depreciation | 18.1 |
One Consolidated Property Classified as Held-for-sale [Member] | |
Impairment of Long-Lived Assets to be Disposed of | $ 0.3 |
Note 8 - Other Assets - Mortgag
Note 8 - Other Assets - Mortgages Receivable (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Mortgage Receivable Paid May 19 [Member] | |
Amount received | $ 2 |
Interest rate | 6.00% |
Mortgage Receivable Paid June 19 [Member] | |
Amount received | $ 1.6 |
Interest rate | 7.57% |
Second Mortgage Receivable Paid June 19 [Member] | |
Amount received | $ 1.6 |
Interest rate | 7.57% |
Note 9 - Notes, Mortgages and_2
Note 9 - Notes, Mortgages and Construction Loan Payable (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Long-term Line of Credit, Total | $ 135 |
Mortgage Debt Encumbered Operating Property [Member] | |
Mortgage Debt Repaid During Period, Number of Encumbered Operating Properties | 2 |
Mortgage Debt Encumbered Operating Property [Member] | |
Repayments of Long-term Debt, Total | $ 6.2 |
Construction Loan [Member] | |
Debt Instrument, Commitment | 67 |
Long-term Debt, Total | 58.1 |
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) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Payments to Noncontrolling Interests | $ 2.7 | $ 3.4 |
Adjustments to Additional Paid in Capital, Other | 0.5 | 1.2 |
Gain on Sale of Operating Properties/ Change in Controls of Interests [Member] | Accounting Standards Update 2017-05 [Member] | ||
Deconsolidation, Gain (Loss), Amount | 6.8 | |
Sold Portion of Investment in Consolidated Operating Property [Member] | ||
Noncontrolling Interest, Decrease from Deconsolidation | 43.8 | |
Land Parcel Adjacent to Shopping Center Located in Ardmore, PA [Member] | ||
Disposal Group, Including Discontinued Operation, Consideration | 320 | |
Non-recouse Mortgage Debt Related to Property Deconsolidated [Member] | ||
Debt Instrument, Increase (Decrease), Net, Total | 206 | |
Noncontrolling Interest [Member] | ||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 3.2 | $ 4.6 |
Note 10 - Noncontrolling Inte_4
Note 10 - Noncontrolling Interests - Redemption Value of the Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Balance | $ 23,682 | $ 16,143 |
Income | 185 | 185 |
Distributions | (177) | (177) |
Balance | $ 23,690 | $ 16,151 |
Note 11 - Variable Interest E_3
Note 11 - Variable Interest Entities ("VIE") (Details Textual) $ in Millions | 6 Months Ended | |
Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Variable Interest Entity, Number of Entities | 23 | 24 |
Consolidated Operating Properties [Member] | ||
Variable Interest Entity, Number of Entities | 22 | 23 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets, Total | $ 1,100 | $ 1,100 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities, Total | $ 69 | $ 75.2 |
Real Estate Under Development [Member] | ||
Variable Interest Entity, Number of Entities | 1 | 1 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets, Total | $ 329.9 | $ 275.6 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities, Total | 76.1 | $ 68 |
Real Estate Under Development, Project 1 [Member] | ||
Variable Interest Entity, Financial or Other Support, Amount | $ 75.4 |
Note 11 - Variable Interest E_4
Note 11 - Variable Interest Entities ("VIE") - Summary of Restricted Assets and VIE Liabilities (Details) $ in Thousands | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Number of consolidated VIEs | 23 | 24 |
Restricted Assets: | ||
Real estate, net | $ 216,500 | $ 229,200 |
Cash and cash equivalents | 5,800 | 4,400 |
Accounts and notes receivable, net | 2,500 | 2,100 |
Other assets | 3,200 | 3,300 |
Total Restricted Assets | 227,980 | 239,012 |
VIE Liabilities: | ||
Mortgages and construction loan payable, net | 89,300 | 83,800 |
Other liabilities | 55,800 | 59,400 |
Total VIE Liabilities | $ 145,075 | $ 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 | 3 | 4 |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements (Details Textual) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | ||
Impairment of Real Estate | $ 21,600 | $ 30,500 | ||
Measurement Input, Cap Rate [Member] | Minimum [Member] | ||||
Real Estate, Measurement Input | 9.75 | |||
Measurement Input, Cap Rate [Member] | Maximum [Member] | ||||
Real Estate, Measurement Input | 11 | |||
Measurement Input, Discount Rate [Member] | Minimum [Member] | ||||
Real Estate, Measurement Input | 0.1100 | |||
Measurement Input, Discount Rate [Member] | Maximum [Member] | ||||
Real Estate, Measurement Input | 0.1250 | |||
Estimate of Fair Value Measurement [Member] | ||||
Notes Payable, Fair Value Disclosure | [1] | $ 4,484,767 | $ 4,126,450 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||||
Notes Payable, Fair Value Disclosure | 4,400,000 | 4,000,000 | ||
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||||
Notes Payable, Fair Value Disclosure | $ 133,700 | $ 97,600 | ||
[1] | The Company determined that the valuation of its Senior Unsecured Notes were classified within Level 2 3 2, June 30, 2019 December 31, 2018, 3, June 30, 2019 December 31, 2018, |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurements - Estimate of Fair Value Differs From Carrying Amounts (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Reported Value Measurement [Member] | |||
Notes payable, net (1) | [1] | $ 4,420,370 | $ 4,381,456 |
Reported Value Measurement [Member] | Mortgages [Member] | |||
Mortgages and construction loan payable, net (2) | [2] | 485,132 | 492,416 |
Estimate of Fair Value Measurement [Member] | |||
Notes payable, net (1) | [1] | 4,484,767 | 4,126,450 |
Estimate of Fair Value Measurement [Member] | Mortgages [Member] | |||
Mortgages and construction loan payable, net (2) | [2] | $ 487,889 | $ 486,341 |
[1] | The Company determined that the valuation of its Senior Unsecured Notes were classified within Level 2 3 2, June 30, 2019 December 31, 2018, 3, June 30, 2019 December 31, 2018, | ||
[2] | The Company determined that its valuation of its mortgages and construction loan were classified within Level 3 |
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 | Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Recurring [Member] | |||
Marketable equity securities | $ 10,665 | $ 9,045 | |
Marketable equity securities | 10,665 | 9,045 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Marketable equity securities | 10,665 | 9,045 | |
Marketable equity securities | 10,665 | 9,045 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Marketable equity securities | 0 | 0 | |
Marketable equity securities | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Marketable equity securities | 0 | ||
Marketable equity securities | 0 | ||
Fair Value, Nonrecurring [Member] | |||
Real estate | 78,700 | 99,693 | |
Investments in real estate joint ventures | [1] | 62,429 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Real estate | 0 | 0 | |
Investments in real estate joint ventures | [1] | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Real estate | 0 | 0 | |
Investments in real estate joint ventures | [1] | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Real estate | $ 78,700 | 99,693 | |
Investments in real estate joint ventures | [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 | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Payment Arrangement, Expense | $ 10.3 | $ 10.4 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 41.8 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 1 month 6 days |
Note 14 - Earnings Per Share (D
Note 14 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.3 | 3.2 | |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2.3 |
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 | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Net income available to the Company's common shareholders | $ 86,493 | $ 150,852 | $ 188,128 | $ 280,353 | |
Earnings attributable to participating securities | (660) | (863) | (1,285) | (1,472) | |
Net income available to the Company’s common shareholders for basic earnings per share | 85,833 | 149,989 | 186,843 | 278,881 | |
Distributions on convertible units | 0 | 282 | 20 | 521 | |
Net income available to the Company’s common shareholders for diluted earnings per share | $ 85,833 | $ 150,271 | $ 186,863 | $ 279,402 | |
Weighted average common shares outstanding – basic (in shares) | 419,697 | 420,731 | 419,581 | 422,060 | |
Effect of dilutive securities (1): | |||||
Equity awards (in shares) | [1] | 949 | 350 | 1,166 | 352 |
Assumed conversion of convertible units (in shares) | [1] | 0 | 847 | 51 | 824 |
Weighted average common shares outstanding – diluted (in shares) | 420,646 | 421,928 | 420,798 | 423,236 | |
Basic earnings per share (in dollars per share) | $ 0.20 | $ 0.36 | $ 0.45 | $ 0.66 | |
Diluted earnings per share (in dollars per share) | $ 0.20 | $ 0.36 | $ 0.44 | $ 0.66 | |
[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 not June 30, 2019 2018, not three June 30, 2018. |
Note 15 - Stockholders' Equit_2
Note 15 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | Feb. 28, 2018 | |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 | |
Share Repurchase Program [Member] | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||
Stock Repurchase Program, Authorized Amount | $ 300 | ||
Stock Repurchased During Period, Shares | 0 | ||
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 Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Shares authorized (in shares) | 5,996,240 | 5,996,240 |
Liquidation preference | $ 1,064.5 | $ 1,064.5 |
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 | |
Dividend rate | 6.00% | |
Annual dividend per depository share (in dollars per share) | $ 1.50000 | |
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 | |
Dividend rate | 5.50% | |
Annual dividend per depository share (in dollars per share) | $ 1.37500 | |
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 | |
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 | |
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 | $ 264.5 | |
Dividend rate | 5.25% | |
Annual dividend per depository share (in dollars per share) | $ 1.31250 | |
Par value (in dollars per share) | $ 1 | |
Total [Member] | ||
Shares issued and outstanding (in shares) | 42,580 | |
Liquidation preference | $ 1,064.5 |
Note 15 - Stockholders' Equit_4
Note 15 - Stockholders' Equity - Dividends Declared (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Common Stock (in dollars per share) | $ 0.28000 | $ 0.28000 | $ 0.56000 | $ 0.56000 |
Series I Preferred Stock [Member] | ||||
Preferred Shares (in dollars per share) | 0.37500 | 0.37500 | 0.75000 | 0.75000 |
Series J Preferred Stock [Member] | ||||
Preferred Shares (in dollars per share) | 0.34375 | 0.34375 | 0.68750 | 0.68750 |
Series K Preferred Stock [Member] | ||||
Preferred Shares (in dollars per share) | 0.35156 | 0.35156 | 0.70312 | 0.70312 |
Series L Preferred Stock [Member] | ||||
Preferred Shares (in dollars per share) | 0.32031 | 0.32031 | 0.64062 | 0.64062 |
Series M Preferred Stock [Member] | ||||
Preferred Shares (in dollars per share) | $ 0.32813 | $ 0.32813 | $ 0.65626 | $ 0.65626 |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Acquisition of real estate interests through proceeds held in escrow | $ 30,970 | $ 0 | |
Disposition of real estate interests through the issuance of mortgage receivables | 0 | 14,700 | |
Disposition of real estate interests by foreclosure of debt | 0 | 7,444 | |
Forgiveness of debt due to foreclosure | 0 | 12,415 | |
Surrender of restricted common stock | 3,689 | 3,492 | |
Dividends payable | 130,460 | 130,262 | $ 130,262 |
Capital expenditures accrual | 61,473 | 75,760 | |
Decrease in real estate and other assets | 0 | 300,299 | |
Increase in investments in and advances to real estate joint ventures | 0 | (62,429) | |
Decrease in mortgages and construction loan payable, other liabilities and noncontrolling interests | $ 0 | $ 248,274 |