Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 21, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000879101 | |
Entity Registrant Name | KIMCO REALTY CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-10899 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 13-2744380 | |
Entity Address, Address Line One | 500 North Broadway, Suite 201 | |
Entity Address, City or Town | Jericho | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11753 | |
City Area Code | 516 | |
Local Phone Number | 869-9000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 433,459,202 | |
Class M Cumulative Redeemable Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing one-thousandth of a share of 5.250% Class M Cumulative Redeemable, Preferred Stock, $1.00 par value per share. | |
Trading Symbol | KIMprM | |
Security Exchange Name | NYSE | |
Class L Cumulative Redeemable Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing one-thousandth of a share of 5.125% Class L Cumulative Redeemable, Preferred Stock, $1.00 par value per share. | |
Trading Symbol | KIMprL | |
Security Exchange Name | NYSE | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $.01 per share. | |
Trading Symbol | KIM | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Assets: | |||
Real estate, net of accumulated depreciation and amortization of $2,727,002 and $2,717,114, respectively | $ 9,410,039 | $ 9,346,041 | |
Cash and cash equivalents | 253,852 | 293,188 | |
Marketable securities | 767,989 | 706,954 | |
Accounts and notes receivable, net | 200,655 | 219,248 | |
Operating lease right-of-use assets, net | 101,433 | 102,369 | |
Other assets | 249,835 | 233,192 | |
Total assets | [1] | 11,699,703 | 11,614,498 |
Liabilities: | |||
Notes payable, net | 5,045,868 | 5,044,208 | |
Mortgages payable, net | 295,613 | 311,272 | |
Dividends payable | 5,366 | 5,366 | |
Operating lease liabilities | 95,833 | 96,619 | |
Other liabilities | 510,704 | 470,995 | |
Total liabilities | [2] | 5,953,384 | 5,928,460 |
Redeemable noncontrolling interests | 17,852 | 15,784 | |
Commitments and Contingencies | |||
Stockholders' equity: | |||
Preferred stock, $1.00 par value, authorized 7,054,000 shares; Issued and outstanding (in series) 19,580 shares; Aggregate liquidation preference $489,500 | 20 | 20 | |
Common stock, $.01 par value, authorized 750,000,000 shares; Issued and outstanding 433,448,386 and 432,518,743 shares, respectively | 4,334 | 4,325 | |
Paid-in capital | 5,763,868 | 5,766,511 | |
Cumulative distributions in excess of net income | (104,909) | (162,812) | |
Total stockholders' equity | 5,663,313 | 5,608,044 | |
Noncontrolling interests | 65,154 | 62,210 | |
Total equity | 5,728,467 | 5,670,254 | |
Total liabilities and equity | 11,699,703 | 11,614,498 | |
Real Estate Under Development [Member] | |||
Assets: | |||
Real estate under development | 5,672 | 5,672 | |
Investments in and Advances to Real Estate Joint Ventures [Member] | |||
Assets: | |||
Investments in and advances to real estate joint ventures | 592,791 | 590,694 | |
Other Real Estate Investments [Member] | |||
Assets: | |||
Other real estate investments | $ 117,437 | $ 117,140 | |
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2021 and December 31, 2020 of $101,947 and $102,482, respectively. See Footnote 10 of the Notes to Condensed Consolidated Financial Statements. | ||
[2] | Includes non-recourse liabilities of consolidated VIEs at March 31, 2021 and December 31, 2020 of $96,660 and $62,076, respectively. See Footnote 10 of the Notes to Condensed Consolidated Financial Statements. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Real estate, accumulated depreciation | $ 2,727,002 | $ 2,717,114 | |
Total assets | [1] | 11,699,703 | 11,614,498 |
Total liabilities | [2] | $ 5,953,384 | $ 5,928,460 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | |
Preferred stock, shares authorized (in shares) | 7,054,000 | 7,054,000 | |
Preferred stock, shares issued (in shares) | 19,580 | 19,580 | |
Preferred stock, shares outstanding (in shares) | 19,580 | 19,580 | |
Preferred stock, liquidation preference | $ 489,500 | $ 489,500 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 | |
Common stock, shares issued (in shares) | 433,448,386 | 432,518,743 | |
Common stock, shares outstanding (in shares) | 433,448,386 | 432,518,743 | |
Variable Interest Entity, Primary Beneficiary [Member] | Nonrecourse [Member] | |||
Total liabilities | $ 96,700 | $ 62,100 | |
Variable Interest Entity, Primary Beneficiary [Member] | Asset Pledged as Collateral [Member] | |||
Total assets | $ 101,900 | $ 102,500 | |
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2021 and December 31, 2020 of $101,947 and $102,482, respectively. See Footnote 10 of the Notes to Condensed Consolidated Financial Statements. | ||
[2] | Includes non-recourse liabilities of consolidated VIEs at March 31, 2021 and December 31, 2020 of $96,660 and $62,076, respectively. See Footnote 10 of the Notes to Condensed Consolidated Financial Statements. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Revenues | |||
Revenues from rental properties, net | $ 278,871 | $ 286,004 | |
Management and other fee income | 3,437 | 3,740 | |
Total revenues | 282,308 | 289,744 | |
Operating expenses | |||
Rent | (3,035) | (2,835) | |
Real estate taxes | (38,936) | (39,652) | |
Operating and maintenance | (46,520) | (42,408) | |
General and administrative | (24,478) | (21,017) | |
Impairment charges | 0 | 2,974 | |
Depreciation and amortization | (74,876) | (69,397) | |
Total operating expenses | (187,845) | (178,283) | |
Gain on sale of properties | 10,005 | 3,847 | |
Operating income | 104,468 | 115,308 | |
Other income/(expense) | |||
Other income, net | 3,357 | 1,245 | |
Gain/(loss) on marketable securities, net | 61,085 | (4,667) | |
Interest expense | (47,716) | (46,060) | |
Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other real estate investments, net | 121,194 | 65,826 | |
Provision for income taxes, net | (1,308) | (43) | |
Net income | 141,425 | 90,389 | |
Net income attributable to noncontrolling interests | (3,483) | (289) | |
Net income attributable to the Company | 137,942 | 90,100 | |
Preferred dividends | (6,354) | (6,354) | |
Net income available to the Company's common shareholders | $ 131,588 | $ 83,746 | |
Per common share: | |||
-Basic (in dollars per share) | $ 0.30 | $ 0.19 | |
-Diluted (in dollars per share) | $ 0.30 | $ 0.19 | |
Weighted average shares: | |||
-Basic (in shares) | 430,524 | 429,735 | |
-Diluted (in shares) | [1] | 432,264 | 430,505 |
Joint Ventures [Member] | |||
Other income/(expense) | |||
Equity in income | $ 17,752 | $ 13,648 | |
Other Real Estate Investments [Member] | |||
Other income/(expense) | |||
Equity in income | $ 3,787 | $ 10,958 | |
[1] | The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 0.8 million and 1.2 million stock options that were not dilutive as of March 31, 2021 and 2020, respectively. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Retained Earnings [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2019 | $ (904,679) | $ 20 | $ 4,318 | $ 5,765,233 | $ 4,864,892 | $ 64,015 | $ 4,928,907 |
Balance (in shares) at Dec. 31, 2019 | 20 | 431,815 | |||||
Net income | 90,100 | $ 0 | $ 0 | 0 | 90,100 | 289 | 90,389 |
Redeemable noncontrolling interests income | 0 | 0 | 0 | 0 | 0 | (262) | (262) |
Dividends declared to common and preferred shares | (127,452) | 0 | 0 | 0 | (127,452) | 0 | (127,452) |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (555) | (555) |
Issuance of common stock | 0 | $ 0 | $ 9 | (9) | 0 | 0 | 0 |
Issuance of common stock (in shares) | 0 | 921 | |||||
Surrender of restricted common stock | 0 | $ 0 | $ (3) | (5,156) | (5,159) | 0 | (5,159) |
Surrender of restricted common stock (in shares) | 0 | (274) | |||||
Exercise of common stock options | 0 | $ 0 | $ 1 | 980 | 981 | 0 | 981 |
Exercise of common stock options (in shares) | 0 | 63 | |||||
Amortization of equity awards | 0 | $ 0 | $ 0 | 5,729 | 5,729 | 0 | 5,729 |
Acquisition of noncontrolling interests | 0 | 0 | 0 | (19,500) | (19,500) | (609) | (20,109) |
Balance at Mar. 31, 2020 | (942,031) | $ 20 | $ 4,325 | 5,747,277 | 4,809,591 | 62,878 | 4,872,469 |
Balance (in shares) at Mar. 31, 2020 | 20 | 432,525 | |||||
Balance at Dec. 31, 2020 | (162,812) | $ 20 | $ 4,325 | 5,766,511 | 5,608,044 | 62,210 | 5,670,254 |
Balance (in shares) at Dec. 31, 2020 | 20 | 432,519 | |||||
Net income | 137,942 | $ 0 | $ 0 | 0 | 137,942 | 3,483 | 141,425 |
Redeemable noncontrolling interests income | 0 | 0 | 0 | 0 | 0 | (169) | (169) |
Dividends declared to common and preferred shares | (80,039) | 0 | 0 | 0 | (80,039) | 0 | (80,039) |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (370) | (370) |
Issuance of common stock | 0 | $ 0 | $ 14 | (14) | 0 | 0 | 0 |
Issuance of common stock (in shares) | 0 | 1,442 | |||||
Surrender of restricted common stock | 0 | $ 0 | $ (5) | (9,087) | (9,092) | 0 | (9,092) |
Surrender of restricted common stock (in shares) | 0 | (521) | |||||
Exercise of common stock options | 0 | $ 0 | $ 0 | 160 | 160 | 0 | 160 |
Exercise of common stock options (in shares) | 0 | 8 | |||||
Amortization of equity awards | 0 | $ 0 | $ 0 | 6,298 | 6,298 | 0 | 6,298 |
Balance at Mar. 31, 2021 | $ (104,909) | $ 20 | $ 4,334 | $ 5,763,868 | $ 5,663,313 | $ 65,154 | $ 5,728,467 |
Balance (in shares) at Mar. 31, 2021 | 20 | 433,448 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flow from operating activities: | ||
Net income | $ 141,425 | $ 90,389 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 74,876 | 69,397 |
Impairment charges | 0 | 2,974 |
Equity award expense | 6,457 | 5,905 |
Gain on sale of properties | (10,005) | (3,847) |
(Gain)/loss on marketable securities, net | (61,085) | 4,667 |
Distributions from joint ventures and other real estate investments | 19,198 | 35,894 |
Change in accounts and notes receivable, net | 18,593 | (1,526) |
Change in accounts payable and accrued expenses | 15,387 | 5,456 |
Change in other operating assets and liabilities, net | (34,936) | (29,454) |
Net cash flow provided by operating activities | 148,371 | 155,249 |
Cash flow from investing activities: | ||
Acquisition of operating real estate | (84,312) | (7,073) |
Improvements to operating real estate | (20,569) | (54,973) |
Improvements to real estate under development | 0 | (16,578) |
Proceeds from sale of marketable securities | 50 | 163 |
Investments in and advances to real estate joint ventures | (1,805) | (5,282) |
Reimbursements of investments in and advances to real estate joint ventures | 967 | 1,914 |
Investments in and advances to other real estate investments | (419) | (478) |
Reimbursements of investments in and advances to other real estate investments | 343 | 0 |
Investment in other financing receivable | (397) | 0 |
Collection of mortgage loans receivable | 37 | 40 |
Proceeds from sale of properties | 22,181 | 13,264 |
Proceeds from insurance casualty claims | 0 | 2,450 |
Net cash flow used for investing activities | (83,924) | (66,553) |
Cash flow from financing activities: | ||
Principal payments on debt, excluding normal amortization of rental property debt | (12,272) | (75,681) |
Principal payments on rental property debt | (2,661) | (2,742) |
Proceeds from the unsecured revolving credit facility, net | 0 | 475,000 |
Financing origination costs | 0 | (5,145) |
Redemption/distribution of noncontrolling interests | (539) | (20,926) |
Dividends paid | (80,039) | (127,255) |
Proceeds from issuance of stock, net | 160 | 981 |
Shares repurchased for employee tax withholding on equity awards | (9,082) | (5,149) |
Change in tenants' security deposits | 650 | 70 |
Net cash flow (used for)/provided by financing activities | (103,783) | 239,153 |
Net change in cash and cash equivalents | (39,336) | 327,849 |
Cash and cash equivalents, beginning of the period | 293,188 | 123,947 |
Cash and cash equivalents, end of the period | 253,852 | 451,796 |
Interest paid during the period (net of capitalized interest of $296 and $4,364, respectively) | 29,383 | 25,383 |
Joint Ventures [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity in income | (17,752) | (13,648) |
Other Real Estate Investments [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity in income | $ (3,787) | $ (10,958) |
Note 1 - Business and Organizat
Note 1 - Business and Organization | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Business and Organization Kimco Realty Corporation, a Maryland corporation, is one 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 COVID- 19 The coronavirus disease 2019 19” 19 not 19. 19 19 Since the outbreak of the COVID- 19 The Company continues to see an increase in collections of rental payments, however, the effects COVID- 19 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Principles of Consolidation - The accompanying Condensed Consolidated Financial Statements include the accounts of the Company. The Company’s subsidiaries include subsidiaries which are wholly-owned or which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation. The information presented in the accompanying Condensed Consolidated Financial Statements is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. These Condensed Consolidated Financial Statements should be read in conjunction with the Company's audited Annual Report on Form 10 December 31, 2020 ( “10 10 March 31, 2021 10 not Reclassifications Certain amounts in the prior period have been reclassified in order to conform to the current period’s presentation. For comparative purposes, the Company reclassified $4.7 million of loss on marketable securities, net from Other income, net to Gain/(loss) on marketable securities, net on the Company’s Condensed Consolidated Statements of Income for the three March 31, 2020. three March 31, 2020, Subsequent Events - The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its Condensed Consolidated Financial Statements (see Footnote 17 New Accounting Pronouncements The following ASU to the FASB’s ASC have been adopted by the Company as of the date listed: ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2020 01, 321 323 815 321, 323, 815 The amendments clarify the interaction between the accounting for equity securities, equity method investments, and certain derivative instruments. This ASU, among other things, clarifies that an entity should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323 321 January 1, 2021 The adoption of this ASU did not |
Note 3 - Real Estate
Note 3 - Real Estate | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 3. Real Estate Acquisitions of Operating Properties - During the three March 31, 2021, Purchase Price Property Name Location Month Acquired Cash Other Consideration** Total GLA* Distribution Center #1 Lancaster, CA Jan-21 $ 58,723 $ 11,277 $ 70,000 927 Distribution Center #2 Woodland, CA Jan-21 27,589 6,411 34,000 508 $ 86,312 $ 17,688 $ 104,000 1,435 * Gross leasable area ("GLA") ** Consists of the fair value of the assets acquired which exceeded the purchase price upon closing. The transaction was a sale-leaseback with the seller which resulted in the recognition of a prepayment of rent of $17.7 million in accordance with ASC 842, Leases 10 Included in the Company's Condensed Consolidated Statements of Income is $1.6 million in total revenues from the date of acquisition through March 31, 2021 Purchase Price Allocation - The purchase price for these acquisitions is allocated to real estate and related intangible assets acquired, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocation for properties acquired during the three March 31, 2021, Allocation as of March 31, 2021 Weighted Average Amortization Period (in Years) Land $ 19,527 n/a Building 87,691 50.0 Building improvements 6,251 45.0 Tenant improvements 711 20.0 In-place leases 11,120 20.0 Below-market leases (21,300 ) 60.0 Net assets acquired $ 104,000 Dispositions - The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels (dollars in millions): Three Months Ended March 31, 2021 2020 Aggregate sales price $ 23.0 $ 13.5 Gain on sale of properties (1) $ 10.0 $ 3.8 Number of properties sold 1 1 Number of parcels sold 4 - ( 1 Before noncontrolling interests of $3.0 million and taxes of $1.0 million for the three March 31, 2021. |
Note 4 - Investments In and Adv
Note 4 - Investments In and Advances to Real Estate Joint Ventures | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Investments and Advances In Real Estate Joint Ventures [Text Block] | 4. Investments in and Advances to Real Estate Joint Ventures The Company has investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting. The table below presents joint venture investments for which the Company held an ownership interest at March 31, 2021 December 31, 2020 ( Ownership The Company s Investment Joint Venture Interest March 31, 2021 December 31, 2020 Prudential Investment Program (1) 15.0% $ 175.7 $ 175.1 Kimco Income Opportunity Portfolio (“KIR”) (1) 48.6% 179.0 177.4 Canada Pension Plan Investment Board (“CPP”) (1) 55.0% 161.7 159.7 Other Joint Venture Programs Various 76.4 78.5 Total* $ 592.8 $ 590.7 * Representing 95 property interests and 21.3 million square feet of GLA, as of March 31, 2021, December 31, 2020. ( 1 The Company manages these joint venture investments and, where applicable, earns property management fees, construction management fees, property acquisition and disposition fees, leasing management fees and asset management fees. The table below presents the Company’s share of net income for the above investments which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income for the three March 31, 2021 2020 Three Months Ended March 31, Joint Venture 2021 2020 Prudential Investment Program $ 2.6 $ 2.6 KIR 8.7 9.8 CPP 2.1 1.0 Other Joint Venture Programs 4.4 0.2 Total $ 17.8 $ 13.6 During the three March 31, 2021, three March 31, 2021. The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at March 31, 2021 December 31, 2020 ( As of March 31, 2021 As of December 31, 2020 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)* Prudential Investment Program $ 494.6 2.03 % 34.2 $ 495.8 2.05 % 37.2 KIR 524.3 3.27 % 28.9 536.9 3.87 % 25.3 CPP 85.0 3.25 % 27.0 84.9 3.25 % 30.0 Other Joint Venture Programs 382.7 3.59 % 89.8 423.4 3.41 % 86.7 Total $ 1,486.6 $ 1,541.0 * Includes extension options The Company will continue to monitor the economic, financial, and social conditions resulting from the COVID- 19 |
Note 5 - Other Real Estate Inve
Note 5 - Other Real Estate Investments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Other Real Estate Investments and Other Assets [Text Block] | 5. Other Real Estate Investments The Company has provided capital to owners and developers of real estate properties and loans through its Preferred Equity Program. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its net investment. As of March 31, 2021, three March 31, 2021, three March 31, 2020, |
Note 6 - Marketable Securities
Note 6 - Marketable Securities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 6. Marketable Securities The amortized cost and unrealized gains, net of marketable securities as of March 31, 2021 December 31, 2020, As of March 31, 2021 As of December 31, 2020 Marketable securities: Amortized cost $ 114,480 $ 114,531 Unrealized gains, net 653,509 592,423 Total fair value $ 767,989 $ 706,954 During the three March 31, 2021 2020, 12 |
Note 7 - Accounts and Notes Rec
Note 7 - Accounts and Notes Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 7. Accounts and Notes Receivable The components of accounts and notes receivable, net of potentially uncollectible amounts as of March 31, 2021 December 31, 2020, March 31, 2021 December 31, 2020 Billed tenant receivables $ 24,219 $ 25,428 Unbilled CAM, insurance and tax reimbursements 25,052 35,982 Deferred rent receivables 9,995 17,328 Other receivables 5,120 4,880 Straight-line rent receivables 136,269 135,630 Total accounts and notes receivable, net $ 200,655 $ 219,248 |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8. Leases Lessor Leases The Company’s primary source of revenues is derived from lease agreements, which includes rental income and expense reimbursement. The Company’s lease income is comprised of minimum base rent, expense reimbursements, percentage rent, lease termination fee income, ancillary income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments. The disaggregation of the Company’s lease income, which is included in Revenues from rental properties on the Company’s Condensed Consolidated Statements of Income, as either fixed or variable lease income based on the criteria specified in ASC 842, three March 31, 2021 2020, Three Months Ended March 31, 2021 2020 Lease income: Fixed lease income (1) $ 212,393 $ 218,873 Variable lease income (2) 60,776 57,189 Above-market and below-market leases amortization, net 5,702 9,942 Total lease income $ 278,871 $ 286,004 ( 1 Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments. ( 2 Includes minimum base rents, expense reimbursements, percentage rent, lease termination fee income and ancillary income. Lessee Leases The Company currently leases real estate space under non-cancelable operating lease agreements for ground leases and administrative office leases. The Company’s leases have remaining lease terms ranging from less than one not not March 31, 2021, 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 for the three March 31, 2021 2020, Three Months Ended March 31, 2021 2020 Lease cost: Operating lease cost $ 2,830 $ 2,598 Variable lease cost 683 727 Total lease cost $ 3,513 $ 3,325 |
Note 9 - Notes and Mortgages Pa
Note 9 - Notes and Mortgages Payable | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Notes and Mortgages Payable Notes Payable In February 2020, March 2024, two six March 2025. one March 31, 2021), March 31, 2021, $0.3 Mortgages Payable - During the three March 31, 2021, |
Note 10 - Noncontrolling Intere
Note 10 - Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 10. Noncontrolling Interests Noncontrolling interests represent the portion of equity that the Company does not Included within noncontrolling interests are units that were determined to be contingently redeemable that are classified as Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and Stockholder’s equity on the Company’s Condensed Consolidated Balance Sheets. The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 Balance at January 1, $ 15,784 $ 17,943 Fair value allocation to partnership interest (1) 2,068 - Income 169 262 Distributions (169 ) (262 ) Balance at March 31, $ 17,852 $ 17,943 ( 1 During January 2021, 3 11 |
Note 11 - Variable Interest Ent
Note 11 - Variable Interest Entities ("VIE") | 3 Months Ended |
Mar. 31, 2021 | |
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 both March 31, 2021 December 31, 2020, not not March 31, 2021, December 31, 2020, The majority of the operations of these VIEs are funded with cash flows generated from the properties. The Company has not not may All liabilities of these consolidated VIEs are non-recourse to the Company (“VIE Liabilities”). The assets of the unencumbered VIEs are not third As of March 31, 2021 As of December 31, 2020 Number of unencumbered VIEs 20 19 Number of encumbered VIEs 3 3 Total number of consolidated VIEs 23 22 Restricted Assets: Real estate, net $ 97.1 $ 97.7 Cash and cash equivalents 1.6 1.8 Accounts and notes receivable, net 1.6 1.9 Other assets 1.6 1.1 Total Restricted Assets $ 101.9 $ 102.5 VIE Liabilities: Mortgages payable, net $ 36.2 $ 36.5 Operating lease liabilities 5.5 5.5 Other liabilities 55.0 20.1 Total VIE Liabilities $ 96.7 $ 62.1 |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 12. Fair Value Measurements All financial instruments of the Company are reflected in the accompanying Condensed Consolidated Balance Sheets at amounts which, in management’s estimation, based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values except those listed below, for which fair values are disclosed. The valuation method used to estimate fair value for fixed-rate and variable-rate debt is based on discounted cash flow analyses, with assumptions that include credit spreads, market yield curves, trading activity, loan amounts and debt maturities. The fair values for marketable securities are based on published values, securities dealers’ estimated market values or comparable market sales. Such fair value estimates are not As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 2 3 The following are financial instruments for which the Company’s estimated fair value differs from the carrying value (in thousands): March 31, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Notes payable, net (1) $ 5,045,868 $ 5,306,905 $ 5,044,208 $ 5,486,953 Mortgages payable, net (2) $ 295,613 $ 297,860 $ 311,272 $ 312,933 ( 1 The Company determined that the valuation of its Senior Unsecured Notes were classified within Level 2 3 2, March 31, 2021 December 31, 2020, ( 2 The Company determined that its valuation of its mortgages 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 March 31, 2021 December 31, 2020, Balance at March 31, 2021 Level 1 Level 2 Level 3 Marketable equity securities $ 767,989 $ 767,989 $ - $ - Balance at December 31, 2020 Level 1 Level 2 Level 3 Marketable equity securities $ 706,954 $ 706,954 $ - $ - Assets measured at fair value on a non-recurring basis at December 31, 2020 Balance at December 31, 2020 Level 1 Level 2 Level 3 Real estate $ 24,899 $ - $ - $ 24,899 Other real estate investments $ 5,464 $ - $ - $ 5,464 The Company’s estimated fair values of these properties were primarily based upon estimated sales prices, which were less than the carrying value of the assets, from signed contracts or letters of intent from third not third 3 |
Note 13 - Incentive Plans
Note 13 - Incentive Plans | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 13. Incentive Plans In May 2020, 2020 “2020 2010 March 2020. 2020 March 31, 2021, 2020 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 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 of performance awards are determined using the Monte Carlo method which is 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 $6.5 million and $5.9 million for the three March 31, 2021 2020, March 31, 2021, |
Note 14 - Earnings Per Share
Note 14 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 14. Earnings Per Share The following table sets forth the reconciliation of earnings and the weighted average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands except per share data): Three Months Ended March 31, 2021 2020 Computation of Basic and Diluted Earnings Per Share: Net income available to the Company's common shareholders $ 131,588 $ 83,746 Earnings attributable to participating securities (792 ) (686 ) Net income available to the Company’s common shareholders for basic earnings per share 130,796 83,060 Distributions on convertible units 9 - Net income available to the Company’s common shareholders for diluted earnings per share $ 130,805 $ 83,060 Weighted average common shares outstanding – basic 430,524 429,735 Effect of dilutive securities (1): Equity awards 1,606 717 Assumed conversion of convertible units 134 53 Weighted average common shares outstanding – diluted 432,264 430,505 Net income available to the Company's common shareholders: Basic earnings per share $ 0.30 $ 0.19 Diluted earnings per share $ 0.30 $ 0.19 ( 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 March 31, 2021 2020, The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two |
Note 15 - Stockholders' Equity
Note 15 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 15. Stockholders’ Equity Preferred Stock - The Company’s outstanding Preferred Stock is detailed below: As of March 31, 2021 and December 31, 2020 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 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 19,580 $ 489,500 Common Stock - During February 2020, two February 2022, may not three March 31, 2021. March 31, 2021, Dividends Declared - The following table provides a summary of the dividends declared per share: Three Months Ended March 31, 2021 2020 Common Shares $ 0.17000 $ 0.28000 Class L Depositary Shares $ 0.32031 $ 0.32031 Class M Depositary Shares $ 0.32813 $ 0.32813 |
Note 16 - Supplemental Schedule
Note 16 - Supplemental Schedule of Non-cash Investing / Financing Activities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 16. Supplemental Schedule of Non-Cash Investing / Financing Activities The following schedule summarizes the non-cash investing and financing activities of the Company for the three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 Surrender of restricted common stock $ 9,092 $ 5,159 Declaration of dividends paid in succeeding period $ 5,366 $ 126,473 Capital expenditures accrual $ 36,062 $ 47,533 Lease liabilities arising from obtaining right-of-use assets $ 553 $ - Allocation of fair value to noncontrollling interests $ 2,068 $ - Purchase price fair value adjustment to prepaid rent $ 15,620 $ - |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. Subsequent Events Pending Merger with Weingarten Realty Investors On April 15, 2021, second 2021, April 14, 2021, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation - The accompanying Condensed Consolidated Financial Statements include the accounts of the Company. The Company’s subsidiaries include subsidiaries which are wholly-owned or which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation. The information presented in the accompanying Condensed Consolidated Financial Statements is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. These Condensed Consolidated Financial Statements should be read in conjunction with the Company's audited Annual Report on Form 10 December 31, 2020 ( “10 10 March 31, 2021 10 not |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain amounts in the prior period have been reclassified in order to conform to the current period’s presentation. For comparative purposes, the Company reclassified $4.7 million of loss on marketable securities, net from Other income, net to Gain/(loss) on marketable securities, net on the Company’s Condensed Consolidated Statements of Income for the three March 31, 2020. three March 31, 2020, |
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 (see Footnote 17 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements The following ASU to the FASB’s ASC have been adopted by the Company as of the date listed: ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2020 01, 321 323 815 321, 323, 815 The amendments clarify the interaction between the accounting for equity securities, equity method investments, and certain derivative instruments. This ASU, among other things, clarifies that an entity should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323 321 January 1, 2021 The adoption of this ASU did not |
Note 3 - Real Estate (Tables)
Note 3 - Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Purchase Price Property Name Location Month Acquired Cash Other Consideration** Total GLA* Distribution Center #1 Lancaster, CA Jan-21 $ 58,723 $ 11,277 $ 70,000 927 Distribution Center #2 Woodland, CA Jan-21 27,589 6,411 34,000 508 $ 86,312 $ 17,688 $ 104,000 1,435 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Allocation as of March 31, 2021 Weighted Average Amortization Period (in Years) Land $ 19,527 n/a Building 87,691 50.0 Building improvements 6,251 45.0 Tenant improvements 711 20.0 In-place leases 11,120 20.0 Below-market leases (21,300 ) 60.0 Net assets acquired $ 104,000 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended March 31, 2021 2020 Aggregate sales price $ 23.0 $ 13.5 Gain on sale of properties (1) $ 10.0 $ 3.8 Number of properties sold 1 1 Number of parcels sold 4 - |
Note 4 - Investments In and A_2
Note 4 - Investments In and Advances to Real Estate Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Ownership The Company s Investment Joint Venture Interest March 31, 2021 December 31, 2020 Prudential Investment Program (1) 15.0% $ 175.7 $ 175.1 Kimco Income Opportunity Portfolio (“KIR”) (1) 48.6% 179.0 177.4 Canada Pension Plan Investment Board (“CPP”) (1) 55.0% 161.7 159.7 Other Joint Venture Programs Various 76.4 78.5 Total* $ 592.8 $ 590.7 |
Joint Venture Investments Accounted For Under The Equity Method Debt Details [Table Text Block] | As of March 31, 2021 As of December 31, 2020 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)* Prudential Investment Program $ 494.6 2.03 % 34.2 $ 495.8 2.05 % 37.2 KIR 524.3 3.27 % 28.9 536.9 3.87 % 25.3 CPP 85.0 3.25 % 27.0 84.9 3.25 % 30.0 Other Joint Venture Programs 382.7 3.59 % 89.8 423.4 3.41 % 86.7 Total $ 1,486.6 $ 1,541.0 |
Income [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three Months Ended March 31, Joint Venture 2021 2020 Prudential Investment Program $ 2.6 $ 2.6 KIR 8.7 9.8 CPP 2.1 1.0 Other Joint Venture Programs 4.4 0.2 Total $ 17.8 $ 13.6 |
Note 6 - Marketable Securities
Note 6 - Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Marketable Securities [Table Text Block] | As of March 31, 2021 As of December 31, 2020 Marketable securities: Amortized cost $ 114,480 $ 114,531 Unrealized gains, net 653,509 592,423 Total fair value $ 767,989 $ 706,954 |
Note 7 - Accounts and Notes R_2
Note 7 - Accounts and Notes Receivable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2021 December 31, 2020 Billed tenant receivables $ 24,219 $ 25,428 Unbilled CAM, insurance and tax reimbursements 25,052 35,982 Deferred rent receivables 9,995 17,328 Other receivables 5,120 4,880 Straight-line rent receivables 136,269 135,630 Total accounts and notes receivable, net $ 200,655 $ 219,248 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended March 31, 2021 2020 Lease income: Fixed lease income (1) $ 212,393 $ 218,873 Variable lease income (2) 60,776 57,189 Above-market and below-market leases amortization, net 5,702 9,942 Total lease income $ 278,871 $ 286,004 |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2021 2020 Lease cost: Operating lease cost $ 2,830 $ 2,598 Variable lease cost 683 727 Total lease cost $ 3,513 $ 3,325 |
Note 10 - Noncontrolling Inte_2
Note 10 - Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | Three Months Ended March 31, 2021 2020 Balance at January 1, $ 15,784 $ 17,943 Fair value allocation to partnership interest (1) 2,068 - Income 169 262 Distributions (169 ) (262 ) Balance at March 31, $ 17,852 $ 17,943 |
Note 11 - Variable Interest E_2
Note 11 - Variable Interest Entities ("VIE") (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of March 31, 2021 As of December 31, 2020 Number of unencumbered VIEs 20 19 Number of encumbered VIEs 3 3 Total number of consolidated VIEs 23 22 Restricted Assets: Real estate, net $ 97.1 $ 97.7 Cash and cash equivalents 1.6 1.8 Accounts and notes receivable, net 1.6 1.9 Other assets 1.6 1.1 Total Restricted Assets $ 101.9 $ 102.5 VIE Liabilities: Mortgages payable, net $ 36.2 $ 36.5 Operating lease liabilities 5.5 5.5 Other liabilities 55.0 20.1 Total VIE Liabilities $ 96.7 $ 62.1 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Notes payable, net (1) $ 5,045,868 $ 5,306,905 $ 5,044,208 $ 5,486,953 Mortgages payable, net (2) $ 295,613 $ 297,860 $ 311,272 $ 312,933 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Balance at March 31, 2021 Level 1 Level 2 Level 3 Marketable equity securities $ 767,989 $ 767,989 $ - $ - Balance at December 31, 2020 Level 1 Level 2 Level 3 Marketable equity securities $ 706,954 $ 706,954 $ - $ - Balance at December 31, 2020 Level 1 Level 2 Level 3 Real estate $ 24,899 $ - $ - $ 24,899 Other real estate investments $ 5,464 $ - $ - $ 5,464 |
Note 14 - Earnings Per Share (T
Note 14 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2021 2020 Computation of Basic and Diluted Earnings Per Share: Net income available to the Company's common shareholders $ 131,588 $ 83,746 Earnings attributable to participating securities (792 ) (686 ) Net income available to the Company’s common shareholders for basic earnings per share 130,796 83,060 Distributions on convertible units 9 - Net income available to the Company’s common shareholders for diluted earnings per share $ 130,805 $ 83,060 Weighted average common shares outstanding – basic 430,524 429,735 Effect of dilutive securities (1): Equity awards 1,606 717 Assumed conversion of convertible units 134 53 Weighted average common shares outstanding – diluted 432,264 430,505 Net income available to the Company's common shareholders: Basic earnings per share $ 0.30 $ 0.19 Diluted earnings per share $ 0.30 $ 0.19 |
Note 15 - Stockholders' Equity
Note 15 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | As of March 31, 2021 and December 31, 2020 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 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 19,580 $ 489,500 |
Dividends Declared [Table Text Block] | Three Months Ended March 31, 2021 2020 Common Shares $ 0.17000 $ 0.28000 Class L Depositary Shares $ 0.32031 $ 0.32031 Class M Depositary Shares $ 0.32813 $ 0.32813 |
Note 16 - Supplemental Schedu_2
Note 16 - Supplemental Schedule of Non-cash Investing / Financing Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Three Months Ended March 31, 2021 2020 Surrender of restricted common stock $ 9,092 $ 5,159 Declaration of dividends paid in succeeding period $ 5,366 $ 126,473 Capital expenditures accrual $ 36,062 $ 47,533 Lease liabilities arising from obtaining right-of-use assets $ 553 $ - Allocation of fair value to noncontrollling interests $ 2,068 $ - Purchase price fair value adjustment to prepaid rent $ 15,620 $ - |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Marketable Securities, Gain (Loss), Total | $ 61,085 | $ (4,667) |
Payment, Tax Withholding, Share-based Payment Arrangement | 9,082 | 5,149 |
Proceeds from Change in Tenants' Security Deposits | 650 | 70 |
Increase (Decrease) in Other Operating Assets, Total | $ 34,936 | 29,454 |
Revision of Prior Period, Reclassification, Adjustment [Member] | ||
Marketable Securities, Gain (Loss), Total | 4,700 | |
Proceeds from (Payments for) Other Financing Activities | (5,100) | |
Payment, Tax Withholding, Share-based Payment Arrangement | 5,100 | |
Proceeds from Change in Tenants' Security Deposits | 100 | |
Increase (Decrease) in Other Operating Assets, Total | (4,700) | |
Other Income | $ (4,700) |
Note 3 - Real Estate (Details T
Note 3 - Real Estate (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Lease, Lease Income, Total | $ 278,871 | $ 286,004 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, Net of Tax, Attributable to Noncontrolling Interest | 3,000 | |
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 1,000 | |
Acquired [Member] | ||
Operating Lease, Lease Income, Total | 1,600 | |
Rite Aid Distribution Center [Member] | ||
Prepaid Rent | $ 17,700 |
Note 3 - Real Estate - Acquisit
Note 3 - Real Estate - Acquisition of Operating Properties (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)ft² | ||
Purchase price, cash | $ 86,312 | |
Purchase price, other consideration | 17,688 | [1] |
Purchase price, total | $ 104,000 | |
GLA (Square Foot) | ft² | 1,435 | [2] |
Distribution Center 1 [Member] | Lancaster, CA [Member] | ||
Purchase price, cash | $ 58,723 | |
Purchase price, other consideration | 11,277 | [1] |
Purchase price, total | $ 70,000 | |
GLA (Square Foot) | ft² | 927 | [2] |
Distribution Center 2 [Member] | Woodland, CA [Member] | ||
Purchase price, cash | $ 27,589 | |
Purchase price, other consideration | 6,411 | [1] |
Purchase price, total | $ 34,000 | |
GLA (Square Foot) | ft² | 508 | [2] |
[1] | Consists of the fair value of the assets acquired which exceeded the purchase price upon closing. The transaction was a sale leaseback with the seller which resulted in the recognition of a prepayment of rent of $17.7 million in accordance with ASC 842, Leases at closing. The prepayment of rent will be amortized through Revenues from rental properties, net over the initial term of the lease. See Footnote 10 to the Notes to the Company’s Condensed Consolidated Financial Statements for additional discussion regarding fair value allocation of partnership interest for noncontrolling interests. | |
[2] | Gross leasable area ("GLA") |
Note 3 - Real Estate - Purchase
Note 3 - Real Estate - Purchase Price Allocation (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Allocation | $ 104,000 |
Tenant Improvements [Member] | |
Allocation, finite-lived in tangibles | $ 711 |
Weighted-average amortization period, finite-lived in tangibles (Year) | 20 years |
Allocation, finite-lived in tangibles | $ (711) |
Leases, Acquired-in-Place [Member] | |
Allocation, finite-lived in tangibles | $ 11,120 |
Weighted-average amortization period, finite-lived in tangibles (Year) | 20 years |
Allocation, finite-lived in tangibles | $ (11,120) |
Land [Member] | |
Allocation, Property Plant and Equipment | 19,527 |
Building [Member] | |
Allocation, Property Plant and Equipment | $ 87,691 |
Weighted-average amortization period, Property Plant and Equipment (Year) | 50 years |
Building Improvements [Member] | |
Allocation, Property Plant and Equipment | $ 6,251 |
Weighted-average amortization period, Property Plant and Equipment (Year) | 45 years |
Below Market Leases [Member] | |
Allocation, finite-lived in tangibles | $ 21,300 |
Weighted-average amortization period, finite-lived in tangibles (Year) | 60 years |
Allocation, finite-lived in tangibles | $ (21,300) |
Note 3 - Real Estate - Disposit
Note 3 - Real Estate - Disposition Activity (Details) - Disposition Activity Relating to Consolidated Operating Properties and Parcels [Member] $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | ||
Aggregate sales price | $ 23 | $ 13.5 | |
Gain on sale of properties (1) | [1] | $ 10 | $ 3.8 |
Number of properties sold | 1 | 1 | |
Number of parcels sold | 4 | 0 | |
[1] | Before noncontrolling interests of $3.0 million and taxes of $1.0 million for the three months ended March 31, 2021. |
Note 4 - Investments In and A_3
Note 4 - Investments In and Advances to Real Estate Joint Ventures (Details Textual) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($)ft² | Dec. 31, 2020ft² | ||
Gross Leasable Area (Square Foot) | ft² | [1] | 1,435 | |
All Equity Method Investments [Member] | |||
Number of Real Estate Properties | 95 | 97 | |
Gross Leasable Area (Square Foot) | ft² | 21,300,000 | 21,200,000 | |
Real Estate Joint Ventures [Member] | Operating Properties [Member] | |||
Number of Real Estate Properties, Interest Disposed of or Transferred | 2 | ||
Equity Method Investment, Sales Price | $ | $ 53.7 | ||
Equity Method Investment, Realized Gain (Loss) on Disposal, Total | $ | $ 4.2 | ||
[1] | Gross leasable area ("GLA") |
Note 4 - Investments In and A_4
Note 4 - Investments In and Advances to Real Estate Joint Ventures - Investment Details (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | |
Kim Pru and Kim Pru II [Member] | |||
Average ownership interest | 15.00% | ||
The company's investment | $ 175.7 | $ 175.1 | |
Kimco Income Fund [Member] | |||
Average ownership interest | [1] | 48.60% | |
The company's investment | [1] | $ 179 | 177.4 |
CPP [Member] | |||
Average ownership interest | [1] | 55.00% | |
The company's investment | [1] | $ 161.7 | 159.7 |
Other Joint Venture Programs [Member] | |||
The company's investment | 76.4 | 78.5 | |
All Equity Method Investments [Member] | |||
The company's investment | [2] | $ 592.8 | $ 590.7 |
[1] | 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. | ||
[2] | Representing 95 property interests and 21.3 million square feet of GLA, as of March 31, 2021, and 97 property interests and 21.2 million square feet of GLA, as of December 31, 2020. |
Note 4 - Investments In and A_5
Note 4 - Investments In and Advances to Real Estate Joint Ventures - The Company's Share of Net Income/(Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Prudential Investment Program [Member] | ||
Income of joint ventures, net | $ 2,600 | $ 2,600 |
KIR [Member] | ||
Income of joint ventures, net | 8,700 | 9,800 |
CPP [Member] | ||
Income of joint ventures, net | 2,100 | 1,000 |
Other Joint Venture Programs [Member] | ||
Income of joint ventures, net | 4,400 | 200 |
Joint Ventures [Member] | ||
Income of joint ventures, net | $ 17,752 | $ 13,648 |
Note 4 - Investments In and A_6
Note 4 - Investments In and Advances to Real Estate Joint Ventures - Joint Venture Investments Accounted for Under the Equity Method, Debt Details (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | ||
Mortgage and notes payable | $ 1,486.6 | $ 1,541 | |
Prudential Investment Program [Member] | |||
Mortgage and notes payable | $ 494.6 | $ 495.8 | |
Weighted average interest rate | 2.03% | 2.05% | |
Weighted average remaining term (Month) | [1] | 34 months 6 days | 37 months 6 days |
KIR [Member] | |||
Mortgage and notes payable | $ 524.3 | $ 536.9 | |
Weighted average interest rate | 3.27% | 3.87% | |
Weighted average remaining term (Month) | [1] | 28 months 27 days | 25 months 9 days |
CPP [Member] | |||
Mortgage and notes payable | $ 85 | $ 84.9 | |
Weighted average interest rate | 3.25% | 3.25% | |
Weighted average remaining term (Month) | [1] | 27 months | 30 months |
Other Joint Venture Programs [Member] | |||
Mortgage and notes payable | $ 382.7 | $ 423.4 | |
Weighted average interest rate | 3.59% | 3.41% | |
Weighted average remaining term (Month) | [1] | 89 months 24 days | 86 months 21 days |
[1] | Includes extension options |
Note 5 - Other Real Estate In_2
Note 5 - Other Real Estate Investments (Details Textual) - Preferred Equity Investments [Member] $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Equity Method Investments | $ 99.4 | |
Number of Real Estate Properties | 111 | |
Income (Loss) from Equity Method Investments, Total | $ 3.2 | $ 11.1 |
Equity Method Investment, Realized Gain (Loss) on Disposal, Total | $ 6.3 | |
Leased Properties [Member] | ||
Number of Real Estate Properties | 101 |
Note 6 - Marketable Securitie_2
Note 6 - Marketable Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Marketable Securities, Gain (Loss), Total | $ 61,085 | $ (4,667) |
Note 6 - Marketable Securitie_3
Note 6 - Marketable Securities - Amortized Cost and Unrealized Gain (Loss) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Amortized cost | $ 114,480 | $ 114,531 |
Unrealized gains, net | 653,509 | 592,423 |
Marketable securities | $ 767,989 | $ 706,954 |
Note 7 - Accounts and Notes R_3
Note 7 - Accounts and Notes Receivable - Components of Accounts and Notes Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Billed tenant receivables | $ 24,219 | $ 25,428 |
Unbilled CAM, insurance and tax reimbursements | 25,052 | 35,982 |
Deferred rent receivables | 9,995 | 17,328 |
Other receivables | 5,120 | 4,880 |
Straight-line rent receivables | 136,269 | 135,630 |
Total accounts and notes receivable, net | $ 200,655 | $ 219,248 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | Mar. 31, 2021 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 20 years 6 months |
Operating Lease, Weighted Average Discount Rate, Percent | 6.54% |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 64 years 9 months 18 days |
Lessee, Operating Lease, Renewal Term (Year) | 75 years |
Note 8 - Leases - Lease Income
Note 8 - Leases - Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Fixed lease income (1) | [1] | $ 212,393 | $ 218,873 |
Variable lease income (2) | [2] | 60,776 | 57,189 |
Above-market and below-market leases amortization, net | 5,702 | 9,942 | |
Total lease income | $ 278,871 | $ 286,004 | |
[1] | Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments. | ||
[2] | Includes minimum base rents, expense reimbursements, percentage rent, lease termination fee income and ancillary income. |
Note 8 - Leases - Leases Cost (
Note 8 - Leases - Leases Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating lease cost | $ 2,830 | $ 2,598 |
Variable lease cost | 683 | 727 |
Total lease cost | $ 3,513 | $ 3,325 |
Note 9 - Notes and Mortgages _2
Note 9 - Notes and Mortgages Payable (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended |
Feb. 29, 2020 | Mar. 31, 2021 | |
Long-term Line of Credit, Total | $ 0 | |
Mortgage Debt Encumbered Operating Property [Member] | ||
Repayments of Long-term Debt, Total | 12,300 | |
Liabilities, Fair Value Adjustment | $ 100 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 2,000,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 0.88% | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,750,000 | |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.765% | |
Letter of Credit [Member] | ||
Long-term Line of Credit, Total | $ 300 |
Note 10 - Noncontrolling Inte_3
Note 10 - Noncontrolling Interests (Details Textual) $ in Millions | 1 Months Ended | 3 Months Ended |
Jan. 31, 2021USD ($) | Mar. 31, 2021USD ($) | |
Asset Purchase, Total Consideration | $ 104 | |
KIM RDC, LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Number of Operating Property Acquired | 2 | |
Asset Purchase, Total Consideration | $ 104 | |
KIM RDC, LLC [Member] | Joint Venture with KP Lancewood [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Note 10 - Noncontrolling Inte_4
Note 10 - Noncontrolling Interests - Redemption Value of the Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Balance | $ 15,784 | $ 17,943 | |
Fair value allocation to partnership interest (1) | [1] | 2,068 | 0 |
Income | 169 | 262 | |
Distributions | (169) | (262) | |
Balance | $ 17,852 | $ 17,943 | |
[1] | During January 2021, KIM RDC, LLC (“KIM RDC”), a wholly owned subsidiary of the Company, and KP Lancewood LLC (“KPR Member”) entered into a joint venture agreement wherein KIM RDC has a 100% controlling interest and KPR Member is entitled to a profit participation. The joint venture acquired two operating properties for a gross fair value of $104.0 million (see Footnote 3 to the Notes to the Company’s Condensed Consolidated Financial Statements). This joint venture is accounted for as a consolidated VIE (see Footnote 11 to the Notes to the Company’s Condensed Consolidated Financial Statements). |
Note 11 - Variable Interest E_3
Note 11 - Variable Interest Entities ("VIE") (Details Textual) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Assets, Total | [1] | $ 11,699,703 | $ 11,614,498 |
Liabilities, Total | [2] | $ 5,953,384 | $ 5,928,460 |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity, Number of Entities | 23 | 22 | |
Consolidated Operating Properties [Member] | |||
Variable Interest Entity, Number of Entities | 23 | 22 | |
Consolidated Operating Properties [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Assets, Total | $ 1,100,000 | $ 1,000,000 | |
Liabilities, Total | $ 96,700 | $ 62,100 | |
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2021 and December 31, 2020 of $101,947 and $102,482, respectively. See Footnote 10 of the Notes to Condensed Consolidated Financial Statements. | ||
[2] | Includes non-recourse liabilities of consolidated VIEs at March 31, 2021 and December 31, 2020 of $96,660 and $62,076, respectively. See Footnote 10 of the Notes to Condensed Consolidated Financial Statements. |
Note 11 - Variable Interest E_4
Note 11 - Variable Interest Entities ("VIE") - Summary of Restricted Assets and VIE Liabilities (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Cash and cash equivalents | $ 253,852 | $ 293,188 | |
Accounts and notes receivable, net | 200,655 | 219,248 | |
Other assets | 249,835 | 233,192 | |
Assets, Total | [1] | 11,699,703 | 11,614,498 |
Mortgages payable, net | 295,613 | 311,272 | |
Operating lease liabilities | 95,833 | 96,619 | |
Other liabilities | 510,704 | 470,995 | |
Liabilities, Total | [2] | $ 5,953,384 | $ 5,928,460 |
Variable Interest Entity, Unencumbered [Member] | |||
Number of consolidated VIEs | 20 | 19 | |
Variable Interest Entity, Encumbered by Third Party Non-resource Mortgage Debt [Member] | |||
Number of consolidated VIEs | 3 | 3 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Number of consolidated VIEs | 23 | 22 | |
Variable Interest Entity, Primary Beneficiary [Member] | Nonrecourse [Member] | |||
Mortgages payable, net | $ 36,200 | $ 36,500 | |
Operating lease liabilities | 5,500 | 5,500 | |
Other liabilities | 55,000 | 20,100 | |
Liabilities, Total | 96,700 | 62,100 | |
Variable Interest Entity, Primary Beneficiary [Member] | Asset Pledged as Collateral [Member] | |||
Real estate, net | 97,100 | 97,700 | |
Cash and cash equivalents | 1,600 | 1,800 | |
Accounts and notes receivable, net | 1,600 | 1,900 | |
Other assets | 1,600 | 1,100 | |
Assets, Total | $ 101,900 | $ 102,500 | |
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2021 and December 31, 2020 of $101,947 and $102,482, respectively. See Footnote 10 of the Notes to Condensed Consolidated Financial Statements. | ||
[2] | Includes non-recourse liabilities of consolidated VIEs at March 31, 2021 and December 31, 2020 of $96,660 and $62,076, respectively. See Footnote 10 of the Notes to Condensed Consolidated Financial Statements. |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements (Details Textual) - Estimate of Fair Value Measurement [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Notes Payable, Fair Value Disclosure | [1] | $ 5,306,905 | $ 5,486,953 |
Fair Value, Inputs, Level 2 [Member] | |||
Notes Payable, Fair Value Disclosure | $ 5,300,000 | $ 5,500,000 | |
[1] | The Company determined that the valuation of its Senior Unsecured Notes were classified within Level 2 of the fair value hierarchy and its unsecured revolving credit facility was classified within Level 3 of the fair value hierarchy. The estimated fair value amounts classified as Level 2, as of March 31, 2021 and December 31, 2020, were $5.3 billion and $5.5 billion, respectively. |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurements - Estimate of Fair Value Differs From Carrying Amounts (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Reported Value Measurement [Member] | |||
Notes payable, net (1) | [1] | $ 5,045,868 | $ 5,044,208 |
Reported Value Measurement [Member] | Mortgages [Member] | |||
Mortgages payable, net (2) | [2] | 295,613 | 311,272 |
Estimate of Fair Value Measurement [Member] | |||
Notes payable, net (1) | [1] | 5,306,905 | 5,486,953 |
Estimate of Fair Value Measurement [Member] | Mortgages [Member] | |||
Mortgages payable, net (2) | [2] | $ 297,860 | $ 312,933 |
[1] | The Company determined that the valuation of its Senior Unsecured Notes were classified within Level 2 of the fair value hierarchy and its unsecured revolving credit facility was classified within Level 3 of the fair value hierarchy. The estimated fair value amounts classified as Level 2, as of March 31, 2021 and December 31, 2020, were $5.3 billion and $5.5 billion, respectively. | ||
[2] | The Company determined that its valuation of its mortgages loan were classified within Level 3 of the fair value hierarchy. |
Note 12 - Fair Value Measurem_5
Note 12 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Recurring [Member] | ||
Marketable equity securities | $ 767,989 | $ 706,954 |
Marketable equity securities | 767,989 | 706,954 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable equity securities | 767,989 | 706,954 |
Marketable equity securities | 767,989 | 706,954 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable equity securities | 0 | |
Marketable equity securities | $ 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 | 24,899 | |
Other real estate investments | 5,464 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Real estate | 0 | |
Other real estate investments | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Real estate | 0 | |
Other real estate investments | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Real estate | 24,899 | |
Other real estate investments | $ 5,464 |
Note 13 - Incentive Plans (Deta
Note 13 - Incentive Plans (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | May 31, 2020 | |
Share-based Payment Arrangement, Expense | $ 6.5 | $ 5.9 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 53.9 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 2 months 12 days | ||
The 2020 Equity Participation Plan [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 10,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 8,500,000 |
Note 14 - Earnings Per Share (D
Note 14 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.8 | 1.2 |
Note 14 - Earnings Per Share -
Note 14 - Earnings Per Share - Reconciliation of Earnings (Loss) and the Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Net income available to the Company's common shareholders | $ 131,588 | $ 83,746 | |
Earnings attributable to participating securities | (792) | (686) | |
Net income available to the Company’s common shareholders for basic earnings per share | 130,796 | 83,060 | |
Distributions on convertible units | 9 | 0 | |
Net income available to the Company’s common shareholders for diluted earnings per share | $ 130,805 | $ 83,060 | |
Weighted average common shares outstanding – basic (in shares) | 430,524 | 429,735 | |
Equity awards (in shares) | [1] | 1,606 | 717 |
Assumed conversion of convertible units (in shares) | [1] | 134 | 53 |
Weighted average common shares outstanding – diluted (in shares) | [1] | 432,264 | 430,505 |
Basic earnings per share (in dollars per share) | $ 0.30 | $ 0.19 | |
Diluted earnings per share (in dollars per share) | $ 0.30 | $ 0.19 | |
[1] | The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 0.8 million and 1.2 million stock options that were not dilutive as of March 31, 2021 and 2020, respectively. |
Note 15 - Stockholders' Equit_2
Note 15 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Feb. 28, 2020 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | |
Share Repurchase Program [Member] | |||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | ||
Stock Repurchase Program, Authorized Amount | $ 300 | ||
Stock Repurchased During Period, Shares (in 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 | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Preferred stock, shares authorized (in shares) | 7,054,000 | 7,054,000 |
Preferred stock, liquidation preference | $ 489.5 | $ 489.5 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Series L Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 10,350 | |
Shares issued and outstanding (in shares) | 9,000 | |
Preferred stock, liquidation preference | $ 225 | |
Dividend rate | 5.125% | |
Annual dividend per depository share (in dollars per share) | $ 1.28125 | |
Preferred stock, par value (in dollars per share) | $ 1 | |
Series M Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 10,580 | |
Shares issued and outstanding (in shares) | 10,580 | |
Preferred stock, liquidation preference | $ 264.5 | |
Dividend rate | 5.25% | |
Annual dividend per depository share (in dollars per share) | $ 1.31250 | |
Preferred stock, par value (in dollars per share) | $ 1 | |
Total [Member] | ||
Shares issued and outstanding (in shares) | 19,580 | |
Preferred stock, liquidation preference | $ 489.5 |
Note 15 - Stockholders' Equit_4
Note 15 - Stockholders' Equity - Dividends Declared (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Common Shares (in dollars per share) | $ 0.17000 | $ 0.28000 |
Series L Preferred Stock [Member] | ||
Preferred Shares (in dollars per share) | 0.32031 | 0.32031 |
Series M Preferred Stock [Member] | ||
Preferred Shares (in dollars per share) | $ 0.32813 | $ 0.32813 |
Note 16 - Supplemental Schedu_3
Note 16 - Supplemental Schedule of Non-cash Investing / Financing Activities - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Surrender of restricted common stock | $ 9,092 | $ 5,159 | |
Dividends payable | 5,366 | 126,473 | $ 5,366 |
Capital expenditures accrual | 36,062 | 47,533 | |
Lease liabilities arising from obtaining right-of-use assets | 553 | 0 | |
Allocation of fair value to noncontrollling interests | 2,068 | 0 | |
Purchase price fair value adjustment to prepaid rent | $ 15,620 | $ 0 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) - Weingarten Realty Investors [Member] - Subsequent Event [Member] | Apr. 15, 2021$ / sharesshares |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Per Each Acquired Company Share (in shares) | shares | 1.408 |
Business Combination, Consideration Transferred, Cash Per Each Acquired Company Share (in dollars per share) | $ 2.89 |
Business Acquisition, Share Price (in dollars per share) | $ 30.32 |