Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 27, 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 | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 | 616,428,058 | |
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 | Sep. 30, 2021 | Dec. 31, 2020 | |
Assets: | |||
Real estate, net of accumulated depreciation and amortization of $2,886,259 and $2,717,114, respectively | $ 14,778,312 | $ 9,346,041 | |
Other investments | 130,470 | 117,140 | |
Cash and cash equivalents | 483,471 | 293,188 | |
Marketable securities | 1,249,125 | 706,954 | |
Accounts and notes receivable, net | 235,082 | 219,248 | |
Operating lease right-of-use assets, net | 149,203 | 102,369 | |
Other assets | 380,675 | 233,192 | |
Total assets | [1] | 18,590,521 | 11,614,498 |
Liabilities: | |||
Notes payable, net | 7,034,047 | 5,044,208 | |
Mortgages payable, net | 482,634 | 311,272 | |
Dividends payable | 5,366 | 5,366 | |
Operating lease liabilities | 125,015 | 96,619 | |
Other liabilities | 772,251 | 470,995 | |
Total liabilities | [2] | 8,419,313 | 5,928,460 |
Redeemable noncontrolling interests | 15,784 | 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 616,413,920 and 432,518,743 shares, respectively | 6,164 | 4,325 | |
Paid-in capital | 9,579,517 | 5,766,511 | |
Retained earnings | 328,609 | ||
Cumulative distributions in excess of net income | (162,812) | ||
Total stockholders' equity | 9,914,310 | 5,608,044 | |
Noncontrolling interests | 241,114 | 62,210 | |
Total equity | 10,155,424 | 5,670,254 | |
Total liabilities and equity | 18,590,521 | 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 | $ 1,178,511 | $ 590,694 | |
[1] | Includes restricted assets of consolidated variable interest entities ("VIEs") at September 30, 2021 and December 31, 2020 of $230,847 and $102,482, respectively. See Footnote 13 of the Notes to Condensed Consolidated Financial Statements. | ||
[2] | Includes non-recourse liabilities of consolidated VIEs at September 30, 2021 and December 31, 2020 of $122,475 and $62,076, respectively. See Footnote 13 of the Notes to Condensed Consolidated Financial Statements. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Real estate, accumulated depreciation | $ 2,886,259 | $ 2,717,114 |
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) | 616,413,920 | 432,518,743 |
Common stock, shares outstanding (in shares) | 616,413,920 | 432,518,743 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Revenues | |||||
Revenues from rental properties, net | $ 364,694 | $ 256,607 | $ 929,297 | $ 778,572 | |
Management and other fee income | 3,913 | 3,185 | 10,634 | 9,880 | |
Total revenues | 368,607 | 259,792 | 939,931 | 788,452 | |
Operating expenses | |||||
Rent | (3,678) | (2,767) | (9,706) | (8,429) | |
Real estate taxes | (50,594) | (40,403) | (129,124) | (118,733) | |
Operating and maintenance | (52,063) | (42,844) | (145,480) | (124,192) | |
General and administrative | (25,904) | (28,795) | (75,136) | (72,316) | |
Impairment charges | 850 | 397 | 954 | 3,509 | |
Merger charges | (46,998) | 0 | (50,191) | 0 | |
Depreciation and amortization | (114,238) | (71,704) | (261,687) | (214,660) | |
Total operating expenses | (294,325) | (186,910) | (672,278) | (541,839) | |
Gain on sale of properties | 1,975 | 0 | 30,841 | 5,697 | |
Operating income | 76,257 | 72,882 | 298,494 | 252,310 | |
Other income/(expense) | |||||
Other income/(expense), net | 6,696 | (900) | 11,834 | 393 | |
Gain/(loss) on marketable securities, net | 457,127 | (76,931) | 542,510 | 444,646 | |
Gain on sale of cost method investment | 0 | 0 | 0 | 190,832 | |
Interest expense | (52,126) | (46,942) | (146,654) | (141,017) | |
Early extinguishment of debt charges | 0 | (7,538) | 0 | (7,538) | |
Income/(loss) before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net | 487,954 | (59,429) | 706,184 | 739,626 | |
Provision for income taxes, net | (314) | (388) | (2,897) | (482) | |
Net income/(loss) | 509,204 | (37,429) | 767,747 | 801,078 | |
Net income attributable to noncontrolling interests | (1,465) | (965) | (5,369) | (1,479) | |
Net income/(loss) attributable to the Company | 507,739 | (38,394) | 762,378 | 799,599 | |
Preferred dividends | (6,354) | (6,354) | (19,062) | (19,062) | |
Net income/(loss) available to the Company's common shareholders | $ 501,385 | $ (44,748) | $ 743,316 | $ 780,537 | |
Per common share: | |||||
-Basic (in dollars per share) | $ 0.91 | $ (0.10) | $ 1.57 | $ 1.80 | |
-Diluted (in dollars per share) | $ 0.91 | $ (0.10) | $ 1.56 | $ 1.80 | |
Weighted average shares: | |||||
-Basic (in shares) | 546,842 | 429,994 | 469,885 | 429,899 | |
-Diluted (in shares) | [1] | 548,766 | 429,994 | 474,452 | 431,602 |
Joint Ventures [Member] | |||||
Other income/(expense) | |||||
Equity in income, net | $ 20,025 | $ 11,233 | $ 54,095 | $ 35,039 | |
Other Real Estate Investments [Member] | |||||
Other income/(expense) | |||||
Equity in income, net | $ 1,539 | $ 11,155 | $ 10,365 | $ 26,895 | |
[1] | The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income/(loss) 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 0.5 million and 1.2 million stock options that were not dilutive as of September 30, 2021 and 2020, respectively, and 2.5 million shares of restricted stock that were not dilutive for the three months ended September 30, 2020. |
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 (loss)/income | 799,599 | $ 0 | $ 0 | 0 | 799,599 | 1,479 | 801,078 | |
Redeemable noncontrolling interests income | 0 | 0 | 0 | 0 | 0 | (845) | (845) | |
Dividends declared to common and preferred shares | (183,411) | 0 | 0 | 0 | (183,411) | 0 | (183,411) | |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (1,018) | (1,018) | |
Surrender of restricted common stock | 0 | $ 0 | $ (3) | (5,326) | (5,329) | 0 | (5,329) | |
Surrender of restricted common stock (in shares) | 0 | (297) | ||||||
Amortization of equity awards | 0 | $ 0 | $ 0 | 17,574 | 17,574 | 0 | 17,574 | |
Issuance of common stock, net of issuance costs | 0 | $ 0 | $ 9 | (9) | 0 | 0 | 0 | |
Issuance of common stock, net of issuance costs (in shares) | 0 | 921 | ||||||
Exercise of common stock options | 0 | $ 0 | $ 1 | 980 | 981 | 0 | 981 | |
Exercise of common stock options (in shares) | 0 | 63 | ||||||
Contributions from noncontrolling interests | 0 | $ 0 | $ 0 | 0 | 0 | 109 | 109 | |
Acquisition of noncontrolling interests | 0 | 0 | 0 | (19,348) | (19,348) | (1,271) | (20,619) | |
Balance at Sep. 30, 2020 | (288,491) | $ 20 | $ 4,325 | 5,759,104 | 5,474,958 | 62,469 | 5,537,427 | |
Balance (in shares) at Sep. 30, 2020 | 20 | 432,502 | ||||||
Balance at Jun. 30, 2020 | (200,492) | $ 20 | $ 4,325 | 5,752,658 | 5,556,511 | 61,863 | 5,618,374 | |
Balance (in shares) at Jun. 30, 2020 | 20 | 432,504 | ||||||
Net (loss)/income | (38,394) | $ 0 | $ 0 | 0 | (38,394) | 965 | (37,429) | |
Redeemable noncontrolling interests income | 0 | 0 | 0 | 0 | 0 | (240) | (240) | |
Dividends declared to common and preferred shares | (49,605) | 0 | 0 | 0 | (49,605) | 0 | (49,605) | |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (119) | (119) | |
Surrender of restricted common stock | 0 | $ 0 | $ 0 | (4) | (4) | 0 | (4) | |
Surrender of restricted common stock (in shares) | 0 | (2) | ||||||
Amortization of equity awards | 0 | $ 0 | $ 0 | 6,450 | 6,450 | 0 | 6,450 | |
Balance at Sep. 30, 2020 | (288,491) | $ 20 | $ 4,325 | 5,759,104 | 5,474,958 | 62,469 | 5,537,427 | |
Balance (in shares) at Sep. 30, 2020 | 20 | 432,502 | ||||||
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 (loss)/income | 762,378 | $ 0 | $ 0 | 0 | 762,378 | 5,369 | 767,747 | |
Redeemable noncontrolling interests income | 0 | 0 | 0 | 0 | 0 | (529) | (529) | |
Dividends declared to common and preferred shares | (270,957) | 0 | 0 | 0 | (270,957) | 0 | (270,957) | |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (1,879) | (1,879) | |
Amortization of equity awards | 0 | 0 | 0 | 17,504 | 17,504 | 0 | 17,504 | |
Issuance of common stock, net of issuance costs | 0 | $ 0 | $ 49 | 76,879 | 76,928 | 0 | 76,928 | |
Issuance of common stock, net of issuance costs (in shares) | 0 | 4,958 | ||||||
Issuance of common stock for merger | [1] | 0 | $ 0 | $ 1,799 | 3,736,936 | 3,738,735 | 0 | 3,738,735 |
Issuance of common stock for merger (in shares) | [1] | 0 | 179,920 | |||||
Surrender of common stock for taxes | 0 | $ 0 | $ (10) | (20,816) | (20,826) | 0 | (20,826) | |
Surrender of common stock for taxes (in shares) | 0 | (1,115) | ||||||
Exercise of common stock options | 0 | $ 0 | $ 1 | 2,503 | 2,504 | 0 | 2,504 | |
Exercise of common stock options (in shares) | 0 | 132 | ||||||
Noncontrolling interests assumed from the merger (1) | [1] | 0 | $ 0 | $ 0 | 0 | 0 | 179,037 | 179,037 |
Redemption/conversion of noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (3,094) | (3,094) | |
Balance at Sep. 30, 2021 | 328,609 | $ 20 | $ 6,164 | 9,579,517 | 9,914,310 | 241,114 | 10,155,424 | |
Balance (in shares) at Sep. 30, 2021 | 20 | 616,414 | ||||||
Balance at Jun. 30, 2021 | (68,265) | $ 20 | $ 4,335 | 5,771,179 | 5,707,269 | 64,946 | 5,772,215 | |
Balance (in shares) at Jun. 30, 2021 | 20 | 433,517 | ||||||
Net (loss)/income | 507,739 | $ 0 | $ 0 | 0 | 507,739 | 1,465 | 509,204 | |
Redeemable noncontrolling interests income | 0 | 0 | 0 | 0 | 0 | (353) | (353) | |
Dividends declared to common and preferred shares | (110,865) | 0 | 0 | 0 | (110,865) | 0 | (110,865) | |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (887) | (887) | |
Amortization of equity awards | 0 | 0 | 0 | 5,550 | 5,550 | 0 | 5,550 | |
Issuance of common stock, net of issuance costs | 0 | $ 0 | $ 35 | 76,893 | 76,928 | 0 | 76,928 | |
Issuance of common stock, net of issuance costs (in shares) | 0 | 3,516 | ||||||
Issuance of common stock for merger | [1] | 0 | $ 0 | $ 1,799 | 3,736,936 | 3,738,735 | 0 | 3,738,735 |
Issuance of common stock for merger (in shares) | [1] | 0 | 179,920 | |||||
Surrender of common stock for taxes | 0 | $ 0 | $ (5) | (11,575) | (11,580) | 0 | (11,580) | |
Surrender of common stock for taxes (in shares) | 0 | (567) | ||||||
Exercise of common stock options | 0 | $ 0 | $ 0 | 534 | 534 | 0 | 534 | |
Exercise of common stock options (in shares) | 0 | 28 | ||||||
Noncontrolling interests assumed from the merger (1) | [1] | 0 | $ 0 | $ 0 | 0 | 0 | 179,037 | 179,037 |
Redemption/conversion of noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (3,094) | (3,094) | |
Balance at Sep. 30, 2021 | $ 328,609 | $ 20 | $ 6,164 | $ 9,579,517 | $ 9,914,310 | $ 241,114 | $ 10,155,424 | |
Balance (in shares) at Sep. 30, 2021 | 20 | 616,414 | ||||||
[1] | See Footnotes 1 and 3 of the Company's Condensed Consolidated Financial Statements for further details. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flow from operating activities: | ||
Net income | $ 767,747 | $ 801,078 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 261,687 | 214,660 |
Impairment charges | 954 | 3,509 |
Early extinguishment of debt charges | 0 | 7,538 |
Equity award expense | 17,971 | 18,203 |
Gain on sale of properties | (30,841) | (5,697) |
Gain on marketable securities, net | (542,510) | (444,646) |
Gain on sale of cost method investment | 0 | (190,832) |
Distributions from joint ventures and other investments | 54,188 | 135,791 |
Change in accounts and notes receivable, net | (3,644) | (21,175) |
Change in accounts payable and accrued expenses | (55,569) | 42,064 |
Change in other operating assets and liabilities, net | 11,747 | (32,617) |
Net cash flow provided by operating activities | 417,270 | 465,942 |
Cash flow from investing activities: | ||
Acquisition of operating real estate | (102,682) | (7,073) |
Improvements to operating real estate | (112,792) | (164,366) |
Improvements to real estate under development | 0 | (22,358) |
Acquisition of Weingarten Realty Investors, net of cash acquired of $56,465 | (263,973) | 0 |
Proceeds from sale of marketable securities | 339 | 931 |
Proceeds from sale of cost method investment | 0 | 227,325 |
Investments in and advances to real estate joint ventures | (7,546) | (14,640) |
Reimbursements of investments in and advances to real estate joint ventures | 9,113 | 4,400 |
Investments in and advances to other investments | (59,504) | (5,418) |
Reimbursements of investments in and advances to other investments | 48,420 | 297 |
Investment in other financing receivable | (26,897) | 0 |
Collection of mortgage loans receivable | 3,742 | 114 |
Proceeds from sale of properties | 154,017 | 21,718 |
Proceeds from insurance casualty claims | 0 | 2,450 |
Net cash flow (used for)/provided by investing activities | (357,763) | 43,380 |
Cash flow from financing activities: | ||
Principal payments on debt, excluding normal amortization of rental property debt | (136,222) | (158,556) |
Principal payments on rental property debt | (7,481) | (8,036) |
Repayments of unsecured revolving credit facility, net | 0 | (200,000) |
Financing origination costs | (7,017) | (17,851) |
Payment of early extinguishment of debt charges | 0 | (7,538) |
Contributions from noncontrolling interests | 0 | 109 |
Redemption/distribution of noncontrolling interests | (7,558) | (22,483) |
Dividends paid | (270,956) | (304,320) |
Proceeds from issuance of stock, net | 79,433 | 981 |
Shares repurchased for employee tax withholding on equity awards | (20,787) | (5,313) |
Change in tenants' security deposits | 1,364 | (380) |
Net cash flow used for financing activities | 130,776 | (308,292) |
Net change in cash, cash equivalents and restricted cash | 190,283 | 201,030 |
Cash, cash equivalents and restricted cash, beginning of the period | 293,188 | 123,947 |
Cash, cash equivalents and restricted cash, end of the period | 483,471 | 324,977 |
Interest paid during the period including payment of early extinguishment of debt charges of $0 and $7,538 (net of capitalized interest of $482 and $11,283, respectively) | 122,297 | 128,591 |
Senior Unsecured Notes [Member] | ||
Cash flow from financing activities: | ||
Proceeds from issuance of unsecured debt | 500,000 | 900,000 |
Repayments of unsecured debt | 0 | (484,905) |
Term Loan [Member] | ||
Cash flow from financing activities: | ||
Proceeds from issuance of unsecured debt | 0 | 590,000 |
Repayments of unsecured debt | 0 | (590,000) |
Joint Ventures [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity in income, net | (54,095) | (35,039) |
Other Real Estate Investments [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity in income, net | $ (10,365) | $ (26,895) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Acquisition of Weingarten Realty Investors, cash acquired | $ 56,465 | |
Early extinguishment of debt charges | 0 | $ 7,538 |
Cash paid for capitalized interest | $ 482 | $ 11,283 |
Note 1 - Business and Organizat
Note 1 - Business and Organization | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Business and Organization Kimco Realty Corporation, a Maryland corporation, is a publicly traded owner and operator of open-air, grocery-anchored shopping centers and mixed-use assets. The terms “Kimco,” the “Company,” “we,” “our” and “us” each refers to Kimco Realty Corporation and our subsidiaries, unless the context indicates otherwise. The Company, its 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 Weingarten Merger On August 3, 2021, April 15, 2021. On July 15, 2021, August 2, 2021 July 28, 2021 no nine September 30, 2021, 3 COVID- 19 The coronavirus disease 2019 19” 19 19 19 19 The development and distribution of COVID- 19 19 Although the Company continues to see an increase in collections of rental payments, the effects COVID- 19 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 September 30, 2021 10 not Restricted Cash Restricted deposits are held or restricted for a specific use. The Company had restricted cash totaling $9.2 million and $0.2 million at September 30, 2021 December 31, 2020, September 30, 2021. Other Assets In connection with the Merger, the Company acquired tax increment revenue bonds issued by an agency in connection with the development of a project in Sheridan, Colorado which mature on December 15, 2039. The held to maturity bonds are evaluated for credit losses based on discounted estimated future cash flows. Any future receipts in excess of the amortized basis will be recognized as revenue when received. The credit risk associated with the amortized value of these bonds is low as the bonds are earmarked for repayments from sales and property taxes associated with a government entity. At September 30, 2021, no Commitments and Contingencies In connection with the Merger, the Company now provides a guaranty for the payment of any debt service shortfalls on the Sheridan Redevelopment Agency issued Series A bonds which are tax increment revenue bonds issued in connection with a development project in Sheridan, Colorado. These tax increment revenue bonds have a balance of $53.7 September 30, 2021. may 2040. Subsequent Events The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its Condensed Consolidated Financial Statements (see Footnote 5 of the Company’s Condensed Consolidated Financial Statements). New Accounting Pronouncements The following table represents an Accounting Standards Update (“ASU”) to the FASB’s ASCs that, as of September 30, 2021, not not ASU Description Effective Date Effect on the financial statements or other significant matters ASU 2021 05, July 2021, 842 This ASU amends the lessor lease classification in ASC 842 not not 842 1 Effective for annual periods beginning after December 15, 2021 We are currently evaluating the impact of the adoption of ASU 2021 05 not The following ASU to the FASB’s ASC has 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 - Weingarten Merger
Note 3 - Weingarten Merger | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Weingarten Merger Overview On August 3, 2021, August 3, 2021, not third August 3, 2021 Weingarten common shares outstanding as of August 3, 2021 127,784,006 Exchange ratio 1.408 Kimco common stock issued 179,919,880 The following table presents the purchase price and the total value of stock consideration paid by Kimco at the close of the Merger (in thousands except share price of Kimco common stock): Price of Kimco Common Stock Equity Consideration Given (Kimco Shares to be Issued) Calculated Value of Weingarten Consideration Cash Consideration * Total Value of Consideration As of August 3, 2021 $ 20.78 179,920 $ 3,738,735 $ 320,424 $ 4,059,159 * Amounts include additional consideration of $39.1 million relating to reimbursements paid by the Company to Weingarten at the closing of the Merger for transaction costs incurred by Weingarten. As a result of the Merger, Kimco acquired 149 properties, including 30 held through joint venture programs. The consolidated net assets and results of operations of Weingarten are included in the consolidated financial statements from the closing date, August 3, 2021. Provisional Purchase Price Allocation In accordance with ASC 805 10, Provisional Allocation as of September 30, 2021 Land $ 1,166,922 Building and improvements 4,041,244 In-place leases 374,281 Above-market leases 42,260 Real estate assets 5,624,707 Investments in and advances to real estate joint ventures 586,248 Cash, accounts receivable and other assets 242,399 Total assets acquired 6,453,354 Notes payable (1,497,632 ) Mortgages payable (317,671 ) Accounts payable and other liabilities (279,414 ) Below-market leases (120,441 ) Noncontrolling interests (179,037 ) Total liabilities assumed (2,394,195 ) Total purchase price $ 4,059,159 The provisional fair market value of the acquired properties is based upon a valuation prepared by the Company with assistance of a third third not may may may The following table details the provisional weighted average amortization periods, in years, of the purchase price provisionally allocated to real estate and related intangible assets and liabilities acquired arising from the Merger: Weighted Average Amortization Period (in Years) Land n/a Building 50.0 Building improvements 45.0 Tenant improvements 4.0 Fixtures and leasehold improvements 7.0 In-place leases 2.5 Above-market leases 5.2 Below-market leases 16.9 Operating right-of-use intangible assets 24.2 Fair market value of debt adjustment 3.8 Revenues from rental properties, net and Net income/(loss) available to the Company’s common shareholders in the Company’s Condensed Consolidated Statements of Operations includes revenues of $73.5 million and net income of $9.9 million (excluding $50.2 million of merger related charges), respectively, resulting from the Merger during the nine September 30, 2021. Pro forma Information The pro forma financial information set forth below is based upon the Company’s historical Condensed Consolidated Statements of Operations for the three nine September 30, 2021 2020, January 1, 2020. may not Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues from rental properties, net $ 401.4 $ 366.8 $ 1,186.4 $ 1,109.1 Net income/(loss) (1) $ 561.4 $ (21.9) $ 854.3 $ 797.6 Net income/(loss) available to the Company’s common shareholders $ 553.4 $ (29.8) $ 828.3 $ 775.1 Net income/(loss) available to the Company’s common shareholders per common share: Basic (1) $ 0.91 $ (0.05) $ 1.35 $ 1.27 Diluted (1) $ 0.90 $ (0.05) $ 1.34 $ 1.27 ( 1 three nine September 30, 2021 nine September 30, 2020 $50.2 |
Note 4 - Real Estate
Note 4 - Real Estate | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 4. Real Estate Acquisitions During the nine September 30, 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 12 The two distribution centers were purchased through a TRS of the Company during January 2021, June 2021 Dispositions two The purchase price for these acquisitions was allocated to real estate and related intangible assets and liabilities acquired, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocation for properties acquired during the nine September 30, 2021, Allocation as of September 30, 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): Nine Months Ended September 30, 2021 2020 Aggregate sales price $ 156.6 $ 22.6 Gain on sale of properties (1) $ 30.8 $ 5.7 Number of properties sold 5 3 Number of parcels sold 9 1 ( 1 Before noncontrolling interests of $3.0 million and taxes of $2.2 million, after utilization of net operating loss carryforwards, for the nine September 30, 2021. |
Note 5 - Investments In and Adv
Note 5 - Investments In and Advances to Real Estate Joint Ventures | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Investments and Advances In Real Estate Joint Ventures [Text Block] | 5. Investments in and Advances to Real Estate Joint Ventures The Company has investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting. The table below presents joint venture investments for which the Company held an ownership interest at September 30, 2021 December 31, 2020 ( Ownership The Company s Investment Joint Venture Interest September 30, 2021 December 31, 2020 Prudential Investment Program (1) 15.0% $ 170.5 $ 175.1 Kimco Income Opportunity Portfolio (“KIR”) (1) 48.6% 183.3 177.4 Canada Pension Plan Investment Board (“CPP”) (1) 55.0% 162.4 159.7 Other Institutional Joint Ventures (1) (2) Various 264.7 - Other Joint Venture Programs (1) (2) (3) Various 397.6 78.5 Total* $ 1,178.5 $ 590.7 * Representing 125 property interests and 25.3 million square feet of GLA, as of September 30, 2021, December 31, 2020. ( 1 The Company manages certain of 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 In connection with the Merger, the Company acquired ownership in 9 unconsolidated joint ventures, which have a provisional fair market value of $586.2 million at the time of Merger. These joint ventures represent 30 property interests and 4.4 million square feet of GLA, as of September 30, 2021. ( 3 During October 2021, October 2021, 50/50 third six The table below presents the Company’s share of net income/(loss) for the above investments which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Operations for the three nine September 30, 2021 2020 Three Months Ended Nine Months Ended, September 30, September 30, Joint Venture 2021 2020 2021 2020 Prudential Investment Program $ 1.9 $ 2.3 $ 7.2 $ 6.8 KIR 9.4 8.2 27.2 22.9 CPP 2.6 0.9 6.7 3.6 Other Institutional Joint Ventures 0.9 - 0.9 - Other Joint Venture Programs 5.2 (0.2 ) 12.1 1.7 Total $ 20.0 $ 11.2 $ 54.1 $ 35.0 During the nine September 30, 2021, nine September 30, 2021. The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at September 30, 2021 December 31, 2020 ( As of September 30, 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 $ 491.8 1.95 % 46.5 $ 495.8 2.05 % 37.2 KIR 508.4 3.11 % 24.9 536.9 3.87 % 25.3 CPP 84.5 1.83 % 58.1 84.9 3.25 % 30.0 Other Institutional Joint Ventures (1) 169.5 1.63 % 6.0 - - - Other Joint Venture Programs (1) 402.9 3.58 % 86.0 423.4 3.41 % 86.7 Total $ 1,657.1 $ 1,541.0 * Includes extension options ( 1 Includes an aggregate $191.5 million of secured debt (including a fair market value adjustment of $0.8 million) assumed in connection with the Merger. The Company will continue to monitor the economic, financial, and social conditions resulting from the COVID- 19 |
Note 6 - Other Investments
Note 6 - Other Investments | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Other Real Estate Investments and Other Assets [Text Block] | 6. Other 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 September 30, 2021, nine September 30, 2021, nine September 30, 2020, During September 2021, September 30, 2021. October 2021, During the nine September 30, 2021, |
Note 7 - Marketable Securities
Note 7 - Marketable Securities | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 7. Marketable Securities The amortized cost and unrealized gains, net of marketable securities as of September 30, 2021 December 31, 2020, As of September 30, 2021 As of December 31, 2020 Marketable securities: Amortized cost $ 114,194 $ 114,531 Unrealized gains, net 1,134,931 592,423 Total fair value $ 1,249,125 $ 706,954 During the three September 30, 2021 2020, nine September 30, 2021 2020, 14 |
Note 8 - Accounts and Notes Rec
Note 8 - Accounts and Notes Receivable | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 8. Accounts and Notes Receivable The components of accounts and notes receivable, net of potentially uncollectible amounts as of September 30, 2021 December 31, 2020, As of September 30, 2021 As of December 31, 2020 Billed tenant receivables $ 11,651 $ 25,428 Unbilled common area maintenance, insurance and tax reimbursements 55,142 35,982 Deferred rent receivables 8,569 17,328 Other receivables 10,585 4,880 Straight-line rent receivables 149,135 135,630 Total accounts and notes receivable, net $ 235,082 $ 219,248 |
Note 9 - Leases
Note 9 - Leases | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9. 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, net on the Company’s Condensed Consolidated Statements of Operations, as either fixed or variable lease income based on the criteria specified in ASC 842, nine September 30, 2021 2020, Nine Months Ended September 30, 2021 2020 Lease income: Fixed lease income (1) $ 720,174 $ 659,913 Variable lease income (2) 181,980 173,216 Above-market and below-market leases amortization, net 11,915 17,500 Adjustments for potentially uncollectible revenues and disputed amounts (3) 15,228 (72,057 ) Total lease income $ 929,297 $ 778,572 ( 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. ( 3 The amounts represent adjustments associated with potentially uncollectible revenues and disputed amounts primarily due to the COVID- 19 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 operating leases have remaining lease terms ranging from less than one not The Company’s operating lease liabilities are determined based on the estimated present value of the Company’s minimum lease payments under its lease agreements. The discount rate used to determine the lease liabilities is based on the estimated incremental borrowing rate on a lease-by-lease basis. When calculating the incremental borrowing rates, the Company utilized data from (i) its recent debt issuances, (ii) publicly available data for instruments with similar characteristics, (iii) observable mortgage rates and (iv) unlevered property yields and discount rates. The Company then applied adjustments to account for considerations related to term and security that may not In connection with the Merger, the Company obtained $32.6 million of operating right-of-use assets in exchange for new operating lease liabilities related to six two The weighted-average remaining non-cancelable lease term and weighted-average discount rates for the Company’s operating and finance leases as of September 30, 2021 Operating Leases Finance Leases Weighted-average remaining lease term (in years) 25.7 2.3 Weighted-average discount rate 6.62 % 4.44 % The components of the Company’s lease expense, which are included in interest expense, rent expense and general and administrative expense on the Company’s Condensed Consolidated Statements of Operations for the nine September 30, 2021 2020, Nine Months Ended September 30, 2021 2020 Lease cost: Finance lease cost (1) $ 263 $ - Operating lease cost 8,562 7,782 Variable lease cost 2,520 2,104 Total lease cost $ 11,345 $ 9,886 ( 1 Relates to interest expense on finance lease liabilities, which were acquired in connection with the Merger. |
Note 10 - Other Assets
Note 10 - Other Assets | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 10. Other Assets Assets Held-For-Sale At September 30, 2021, Mortgages and Other Financing Receivables During the nine September 30, 2021, Date Issued/Acquired Face Amount Interest Rate Maturity Date Sep-21 $ 21.5 12.50% Sep-27 Aug-21* $ 10.0 5.00% Jan-22 Aug-21* $ 3.4 7.00% Oct-53 Jul-21 $ 5.0 8.00% Jun-22 Mar-21 $ 0.4 7.00% Mar-31 * Acquired in connection with the Merger In addition, during the nine September 30, 2021, November 2021. |
Note 11 - Notes and Mortgages P
Note 11 - Notes and Mortgages Payable | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. Notes and Mortgages Payable Notes Payable In February 2020, March 2024, two six March 2025. one September 30, 2021), September 30, 2021, In connection with the Merger, the Company assumed senior unsecured notes aggregating $1.5 billion (including fair market value adjustment of $95.6 million), which have scheduled maturity dates ranging from October 2022 August 2028 In September 2021, December 2031 Mortgages Payable During the nine September 30, 2021, In connection with the Merger, the Company assumed mortgage debt aggregating $317.7 million (including fair market value adjustment of $11.0 million) that encumber 16 operating properties, which have scheduled maturity dates ranging from April 2022 August 2038 |
Note 12 - Noncontrolling Intere
Note 12 - Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 12. Noncontrolling Interests Noncontrolling interests represent the portion of equity that the Company does not In connection with the Merger, the Company acquired two September 30, 2021, eight 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 Stockholders equity on the Company’s Condensed Consolidated Balance Sheets. The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the nine September 30, 2021 2020 Nine Months Ended September 30, 2021 2020 Balance at January 1, $ 15,784 $ 17,943 Fair value allocation to partnership interest (1) 2,068 - Income 529 845 Distributions (1) (2,597 ) (845 ) Balance at September 30, $ 15,784 $ 17,943 ( 1 During January 2021, 4 13 June 2021, |
Note 13 - Variable Interest Ent
Note 13 - Variable Interest Entities ("VIE") | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 13. Variable Interest Entities (“VIE”) Included within the Company’s consolidated operating properties at September 30, 2021 December 31, 2020 August 2021, not not September 30, 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 September 30, 2021 As of December 31, 2020 Number of unencumbered VIEs 30 19 Number of encumbered VIEs 4 3 Total number of consolidated VIEs 34 22 Restricted Assets: Real estate, net $ 225.1 $ 97.7 Cash and cash equivalents 1.8 1.8 Accounts and notes receivable, net 2.0 1.9 Other assets 1.9 1.1 Total Restricted Assets $ 230.8 $ 102.5 VIE Liabilities: Mortgages payable, net $ 79.7 $ 36.5 Operating lease liabilities 6.7 5.5 Other liabilities 36.1 20.1 Total VIE Liabilities $ 122.5 $ 62.1 |
Note 14 - Fair Value Measuremen
Note 14 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 14. 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): September 30, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Notes payable, net (1) $ 7,034,047 $ 7,418,103 $ 5,044,208 $ 5,486,953 Mortgages payable, net (2) $ 482,634 $ 484,699 $ 311,272 $ 312,933 ( 1 The Company determined that the valuation of its Senior Unsecured Notes were classified within Level 2 3 2, September 30, 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 table below presents the Company’s financial assets measured at fair value on a recurring basis at September 30, 2021 December 31, 2020, Balance at September 30, 2021 Level 1 Level 2 Level 3 Marketable equity securities $ 1,249,125 $ 1,249,125 $ - $ - Balance at December 31, 2020 Level 1 Level 2 Level 3 Marketable equity securities $ 706,954 $ 706,954 $ - $ - The table below presents the Company’s assets measured at fair value on a non-recurring basis at September 30, 2021 December 31, 2020 ( Balance at September 30, 2021 Level 1 Level 2 Level 3 Other investments $ 9,834 $ - $ - $ 9,834 Balance at December 31, 2020 Level 1 Level 2 Level 3 Real estate $ 24,899 $ - $ - $ 24,899 Other investments $ 5,464 $ - $ - $ 5,464 The Company’s estimated fair values of these assets were primarily based upon estimated sales prices from signed contracts or letters of intent from third not third 3 |
Note 15 - Incentive Plans
Note 15 - Incentive Plans | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 15. Incentive Plans In May 2020, 2020 “2020 2010 2020 March 2020. 2020 September 30, 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 Operations over the service period based on their fair values. Fair value of performance awards is 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 $18.0 million and $18.2 million for the nine September 30, 2021 2020, September 30, 2021, Defined Benefit Plan As part of the Merger, the Company assumed sponsorship of Weingarten's noncontributory qualified cash balance retirement plan (“the Benefit Plan”). At the date of the Merger, the Benefit Plan was frozen and as a result no not December 31, 2021. January 1, 2021. Upon the Merger, the Benefit Plan’s projected benefit obligation and plan assets were fair valued as of the Merger date. The projected benefit obligation, fair value of the plan assets and the Benefit Plan’s funded status at the Merger date were (in thousands): Projected benefit obligation $ (73,081) Fair value of plan assets 74,025 Funded status (included in Other assets) $ 944 The weighted-average assumptions used to determine the benefit obligation are shown below: Discount rate 2.52 % Salary scale increases 3.50 % Interest credit rate for cash balance plan 4.50 % The Benefit Plan’s investment policy is to address the long-term needs of the Benefit Plan and consider the risk tolerances of participants, to select appropriate investments to be offered by the Benefit Plan and to establish procedures for monitoring and evaluating the performance of the investments of the Benefit Plan. The Benefit Plan’s overall objectives for selecting and monitoring investment options are (i) to promote and optimize retirement wealth accumulation, (ii) to provide a full range of asset classes and investment options that are intended to help diversify the portfolio to maximize return within reasonable and prudent levels of risk, (iii) to control costs of administering the Benefit Plan and (iv) to manage the investments held by the Benefit Plan. The selection of investment options is determined using criteria based on the following characteristics: fund history, relative performance, investment style, portfolio structure, manager tenure, minimum assets, expenses and operation considerations. Investment options selected for use in the Benefit Plan are reviewed at least on a semi-annual basis to evaluate material changes from the selection criteria. Asset allocation is used to determine how the investment portfolio should be split between stocks, bonds and cash. The asset allocation decision is influenced by investment time horizon; risk tolerance; and investment return objectives. The primary factor in establishing asset allocation is demographics of the Benefit Plan. A broad market diversification model is used in considering all these factors, and the percentage allocation to each investment category may The fair value of plan assets was determined based on publicly quoted market prices for identical assets as of the date of the Merger, which are all classified as Level 1 Fair Value Asset Allocation Cash and short-term investments $ 44,563 60 % Large company funds 11,946 16 % Fixed income funds 7,467 10 % International funds 3,247 5 % Growth funds 2,364 3 % Small company funds 2,225 3 % Mid company funds 2,213 3 % Total $ 74,025 100 % The components of net periodic benefit income include an expected return on plan assets of $0.9 million and an interest cost of $0.3 three nine September 30, 2021, No contributions are anticipated to be made to the Benefit Plan during the remainder of 2021. |
Note 16 - Earnings Per Share
Note 16 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 16. 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Computation of Basic and Diluted Earnings Per Share: Net income/(loss) available to the Company's common shareholders $ 501,385 $ (44,748 ) $ 743,316 $ 780,537 Earnings attributable to participating securities (4,078 ) (251 ) (5,749 ) (5,259 ) Net income/(loss) available to the Company’s common shareholders for basic earnings per share 497,307 (44,999 ) 737,567 775,278 Distributions on convertible units 42 - 3,009 119 Net income/(loss) available to the Company’s common shareholders for diluted earnings per share $ 497,349 $ (44,999 ) $ 740,576 $ 775,397 Weighted average common shares outstanding – basic 546,842 429,994 469,885 429,899 Effect of dilutive securities (1): Equity awards 1,718 - 1,837 1,496 Assumed conversion of convertible units 206 - 2,730 207 Weighted average common shares outstanding – diluted 548,766 429,994 474,452 431,602 Net income/(loss) available to the Company's common shareholders: Basic earnings per share $ 0.91 $ (0.10 ) $ 1.57 $ 1.80 Diluted earnings per share $ 0.91 $ (0.10 ) $ 1.56 $ 1.80 ( 1 The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income/(loss) available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not not September 30, 2021 2020, not three September 30, 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 17 - Stockholders' Equity
Note 17 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 17. Stockholders’ Equity Preferred Stock The Company’s outstanding Preferred Stock is detailed below: As of September 30, 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 nine September 30, 2021. September 30, 2021, During August 2021, may may 415 1933, may one 2021, September 30, 2021, In connection with the Merger, each Weingarten common share, issued and outstanding immediately prior to the effective time of the Merger, was converted into 1.408 shares of newly issued shares of Kimco common stock, resulting in approximately 179.9 million common shares being issued in connection with the Merger. Dividends Declared The following table provides a summary of the dividends declared per share: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Common Shares $ 0.17000 $ 0.10000 $ 0.51000 $ 0.38000 Class L Depositary Shares $ 0.32031 $ 0.32031 $ 0.96093 $ 0.96093 Class M Depositary Shares $ 0.32813 $ 0.32813 $ 0.98439 $ 0.98439 |
Note 18 - Supplemental Schedule
Note 18 - Supplemental Schedule of Non-cash Investing / Financing Activities | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 18. Supplemental Schedule of Non-Cash Investing / Financing Activities The following schedule summarizes the non-cash investing and financing activities of the Company for the nine September 30, 2021 2020 Nine Months Ended September 30, 2021 2020 Surrender of common stock $ 20,826 $ 5,329 Declaration of dividends paid in succeeding period $ 5,366 $ 5,366 Capital expenditures accrual $ 35,451 $ 41,373 Lease liabilities arising from obtaining operating right-of-use assets $ 553 $ - Allocation of fair value to noncontrolling interests $ 2,068 $ - Purchase price fair value adjustment to prepaid rent $ 15,620 $ - Weingarten Merger: Real estate assets $ 5,624,707 $ - Investments in and advances to real estate joint ventures $ 586,248 $ - Notes payable $ (1,497,632 ) $ - Mortgages payable $ (317,671 ) $ - Below-market leases $ (120,441 ) $ - Noncontrolling interests $ (179,037 ) $ - Other assets and liabilities, net $ (149,813 ) $ - Lease liabilities arising from obtaining operating right-of-use assets $ 32,569 $ - Lease liabilities arising from obtaining financing right-of-use assets $ 23,778 $ - Common stock issued in exchange for Weingarten shares $ (3,738,735 ) $ - The following table provides a reconciliation of cash, cash equivalents and restricted cash recorded on the Company’s Condensed Consolidated Balance Sheets to the Company’s Condensed Consolidated Statements of Cash Flows (in thousands): As of September 30, 2021 As of December 31, 2020 Cash and cash equivalents $ 474,260 $ 292,953 Restricted cash 9,211 235 Total cash, cash equivalents and restricted cash $ 483,471 $ 293,188 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 September 30, 2021 10 not |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted deposits are held or restricted for a specific use. The Company had restricted cash totaling $9.2 million and $0.2 million at September 30, 2021 December 31, 2020, September 30, 2021. |
Other Assets, Policy [Policy Text Block] | Other Assets In connection with the Merger, the Company acquired tax increment revenue bonds issued by an agency in connection with the development of a project in Sheridan, Colorado which mature on December 15, 2039. The held to maturity bonds are evaluated for credit losses based on discounted estimated future cash flows. Any future receipts in excess of the amortized basis will be recognized as revenue when received. The credit risk associated with the amortized value of these bonds is low as the bonds are earmarked for repayments from sales and property taxes associated with a government entity. At September 30, 2021, no |
Commitments and Contingencies, Policy [Policy Text Block] | Commitments and Contingencies In connection with the Merger, the Company now provides a guaranty for the payment of any debt service shortfalls on the Sheridan Redevelopment Agency issued Series A bonds which are tax increment revenue bonds issued in connection with a development project in Sheridan, Colorado. These tax increment revenue bonds have a balance of $53.7 September 30, 2021. may 2040. |
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 5 of the Company’s Condensed Consolidated Financial Statements). |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements The following table represents an Accounting Standards Update (“ASU”) to the FASB’s ASCs that, as of September 30, 2021, not not ASU Description Effective Date Effect on the financial statements or other significant matters ASU 2021 05, July 2021, 842 This ASU amends the lessor lease classification in ASC 842 not not 842 1 Effective for annual periods beginning after December 15, 2021 We are currently evaluating the impact of the adoption of ASU 2021 05 not The following ASU to the FASB’s ASC has 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 - Weingarten Merger (Tab
Note 3 - Weingarten Merger (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable [Table Text Block] | Weingarten common shares outstanding as of August 3, 2021 127,784,006 Exchange ratio 1.408 Kimco common stock issued 179,919,880 |
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 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues from rental properties, net $ 401.4 $ 366.8 $ 1,186.4 $ 1,109.1 Net income/(loss) (1) $ 561.4 $ (21.9) $ 854.3 $ 797.6 Net income/(loss) available to the Company’s common shareholders $ 553.4 $ (29.8) $ 828.3 $ 775.1 Net income/(loss) available to the Company’s common shareholders per common share: Basic (1) $ 0.91 $ (0.05) $ 1.35 $ 1.27 Diluted (1) $ 0.90 $ (0.05) $ 1.34 $ 1.27 |
Weingarten Realty Investors [Member] | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Price of Kimco Common Stock Equity Consideration Given (Kimco Shares to be Issued) Calculated Value of Weingarten Consideration Cash Consideration * Total Value of Consideration As of August 3, 2021 $ 20.78 179,920 $ 3,738,735 $ 320,424 $ 4,059,159 Provisional Allocation as of September 30, 2021 Land $ 1,166,922 Building and improvements 4,041,244 In-place leases 374,281 Above-market leases 42,260 Real estate assets 5,624,707 Investments in and advances to real estate joint ventures 586,248 Cash, accounts receivable and other assets 242,399 Total assets acquired 6,453,354 Notes payable (1,497,632 ) Mortgages payable (317,671 ) Accounts payable and other liabilities (279,414 ) Below-market leases (120,441 ) Noncontrolling interests (179,037 ) Total liabilities assumed (2,394,195 ) Total purchase price $ 4,059,159 Weighted Average Amortization Period (in Years) Land n/a Building 50.0 Building improvements 45.0 Tenant improvements 4.0 Fixtures and leasehold improvements 7.0 In-place leases 2.5 Above-market leases 5.2 Below-market leases 16.9 Operating right-of-use intangible assets 24.2 Fair market value of debt adjustment 3.8 |
Note 4 - Real Estate (Tables)
Note 4 - Real Estate (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 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] | Nine Months Ended September 30, 2021 2020 Aggregate sales price $ 156.6 $ 22.6 Gain on sale of properties (1) $ 30.8 $ 5.7 Number of properties sold 5 3 Number of parcels sold 9 1 |
Note 5 - Investments In and A_2
Note 5 - Investments In and Advances to Real Estate Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Ownership The Company s Investment Joint Venture Interest September 30, 2021 December 31, 2020 Prudential Investment Program (1) 15.0% $ 170.5 $ 175.1 Kimco Income Opportunity Portfolio (“KIR”) (1) 48.6% 183.3 177.4 Canada Pension Plan Investment Board (“CPP”) (1) 55.0% 162.4 159.7 Other Institutional Joint Ventures (1) (2) Various 264.7 - Other Joint Venture Programs (1) (2) (3) Various 397.6 78.5 Total* $ 1,178.5 $ 590.7 |
Joint Venture Investments Accounted For Under The Equity Method Debt Details [Table Text Block] | As of September 30, 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 $ 491.8 1.95 % 46.5 $ 495.8 2.05 % 37.2 KIR 508.4 3.11 % 24.9 536.9 3.87 % 25.3 CPP 84.5 1.83 % 58.1 84.9 3.25 % 30.0 Other Institutional Joint Ventures (1) 169.5 1.63 % 6.0 - - - Other Joint Venture Programs (1) 402.9 3.58 % 86.0 423.4 3.41 % 86.7 Total $ 1,657.1 $ 1,541.0 |
Income [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three Months Ended Nine Months Ended, September 30, September 30, Joint Venture 2021 2020 2021 2020 Prudential Investment Program $ 1.9 $ 2.3 $ 7.2 $ 6.8 KIR 9.4 8.2 27.2 22.9 CPP 2.6 0.9 6.7 3.6 Other Institutional Joint Ventures 0.9 - 0.9 - Other Joint Venture Programs 5.2 (0.2 ) 12.1 1.7 Total $ 20.0 $ 11.2 $ 54.1 $ 35.0 |
Note 7 - Marketable Securities
Note 7 - Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Marketable Securities [Table Text Block] | As of September 30, 2021 As of December 31, 2020 Marketable securities: Amortized cost $ 114,194 $ 114,531 Unrealized gains, net 1,134,931 592,423 Total fair value $ 1,249,125 $ 706,954 |
Note 8 - Accounts and Notes R_2
Note 8 - Accounts and Notes Receivable (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of September 30, 2021 As of December 31, 2020 Billed tenant receivables $ 11,651 $ 25,428 Unbilled common area maintenance, insurance and tax reimbursements 55,142 35,982 Deferred rent receivables 8,569 17,328 Other receivables 10,585 4,880 Straight-line rent receivables 149,135 135,630 Total accounts and notes receivable, net $ 235,082 $ 219,248 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Operating Lease, Lease Income [Table Text Block] | Nine Months Ended September 30, 2021 2020 Lease income: Fixed lease income (1) $ 720,174 $ 659,913 Variable lease income (2) 181,980 173,216 Above-market and below-market leases amortization, net 11,915 17,500 Adjustments for potentially uncollectible revenues and disputed amounts (3) 15,228 (72,057 ) Total lease income $ 929,297 $ 778,572 |
Lease, Cost [Table Text Block] | Operating Leases Finance Leases Weighted-average remaining lease term (in years) 25.7 2.3 Weighted-average discount rate 6.62 % 4.44 % Nine Months Ended September 30, 2021 2020 Lease cost: Finance lease cost (1) $ 263 $ - Operating lease cost 8,562 7,782 Variable lease cost 2,520 2,104 Total lease cost $ 11,345 $ 9,886 |
Note 10 - Other Assets (Tables)
Note 10 - Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Issued and Acquired Mortgage Loans and Other Financing Receivables [Table Text Block] | Date Issued/Acquired Face Amount Interest Rate Maturity Date Sep-21 $ 21.5 12.50% Sep-27 Aug-21* $ 10.0 5.00% Jan-22 Aug-21* $ 3.4 7.00% Oct-53 Jul-21 $ 5.0 8.00% Jun-22 Mar-21 $ 0.4 7.00% Mar-31 |
Note 12 - Noncontrolling Inte_2
Note 12 - Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | Nine Months Ended September 30, 2021 2020 Balance at January 1, $ 15,784 $ 17,943 Fair value allocation to partnership interest (1) 2,068 - Income 529 845 Distributions (1) (2,597 ) (845 ) Balance at September 30, $ 15,784 $ 17,943 |
Note 13 - Variable Interest E_2
Note 13 - Variable Interest Entities ("VIE") (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of September 30, 2021 As of December 31, 2020 Number of unencumbered VIEs 30 19 Number of encumbered VIEs 4 3 Total number of consolidated VIEs 34 22 Restricted Assets: Real estate, net $ 225.1 $ 97.7 Cash and cash equivalents 1.8 1.8 Accounts and notes receivable, net 2.0 1.9 Other assets 1.9 1.1 Total Restricted Assets $ 230.8 $ 102.5 VIE Liabilities: Mortgages payable, net $ 79.7 $ 36.5 Operating lease liabilities 6.7 5.5 Other liabilities 36.1 20.1 Total VIE Liabilities $ 122.5 $ 62.1 |
Note 14 - Fair Value Measurem_2
Note 14 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Notes payable, net (1) $ 7,034,047 $ 7,418,103 $ 5,044,208 $ 5,486,953 Mortgages payable, net (2) $ 482,634 $ 484,699 $ 311,272 $ 312,933 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Balance at September 30, 2021 Level 1 Level 2 Level 3 Marketable equity securities $ 1,249,125 $ 1,249,125 $ - $ - Balance at December 31, 2020 Level 1 Level 2 Level 3 Marketable equity securities $ 706,954 $ 706,954 $ - $ - Balance at September 30, 2021 Level 1 Level 2 Level 3 Other investments $ 9,834 $ - $ - $ 9,834 Balance at December 31, 2020 Level 1 Level 2 Level 3 Real estate $ 24,899 $ - $ - $ 24,899 Other investments $ 5,464 $ - $ - $ 5,464 |
Note 15 - Incentive Plans (Tabl
Note 15 - Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Projected benefit obligation $ (73,081) Fair value of plan assets 74,025 Funded status (included in Other assets) $ 944 |
Defined Benefit Plan, Assumptions [Table Text Block] | Discount rate 2.52 % Salary scale increases 3.50 % Interest credit rate for cash balance plan 4.50 % |
Defined Benefit Plan, Plan Assets, Allocation [Table Text Block] | Fair Value Asset Allocation Cash and short-term investments $ 44,563 60 % Large company funds 11,946 16 % Fixed income funds 7,467 10 % International funds 3,247 5 % Growth funds 2,364 3 % Small company funds 2,225 3 % Mid company funds 2,213 3 % Total $ 74,025 100 % |
Note 16 - Earnings Per Share (T
Note 16 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Computation of Basic and Diluted Earnings Per Share: Net income/(loss) available to the Company's common shareholders $ 501,385 $ (44,748 ) $ 743,316 $ 780,537 Earnings attributable to participating securities (4,078 ) (251 ) (5,749 ) (5,259 ) Net income/(loss) available to the Company’s common shareholders for basic earnings per share 497,307 (44,999 ) 737,567 775,278 Distributions on convertible units 42 - 3,009 119 Net income/(loss) available to the Company’s common shareholders for diluted earnings per share $ 497,349 $ (44,999 ) $ 740,576 $ 775,397 Weighted average common shares outstanding – basic 546,842 429,994 469,885 429,899 Effect of dilutive securities (1): Equity awards 1,718 - 1,837 1,496 Assumed conversion of convertible units 206 - 2,730 207 Weighted average common shares outstanding – diluted 548,766 429,994 474,452 431,602 Net income/(loss) available to the Company's common shareholders: Basic earnings per share $ 0.91 $ (0.10 ) $ 1.57 $ 1.80 Diluted earnings per share $ 0.91 $ (0.10 ) $ 1.56 $ 1.80 |
Note 17 - Stockholders' Equity
Note 17 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | As of September 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Common Shares $ 0.17000 $ 0.10000 $ 0.51000 $ 0.38000 Class L Depositary Shares $ 0.32031 $ 0.32031 $ 0.96093 $ 0.96093 Class M Depositary Shares $ 0.32813 $ 0.32813 $ 0.98439 $ 0.98439 |
Note 18 - Supplemental Schedu_2
Note 18 - Supplemental Schedule of Non-cash Investing / Financing Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Nine Months Ended September 30, 2021 2020 Surrender of common stock $ 20,826 $ 5,329 Declaration of dividends paid in succeeding period $ 5,366 $ 5,366 Capital expenditures accrual $ 35,451 $ 41,373 Lease liabilities arising from obtaining operating right-of-use assets $ 553 $ - Allocation of fair value to noncontrolling interests $ 2,068 $ - Purchase price fair value adjustment to prepaid rent $ 15,620 $ - Weingarten Merger: Real estate assets $ 5,624,707 $ - Investments in and advances to real estate joint ventures $ 586,248 $ - Notes payable $ (1,497,632 ) $ - Mortgages payable $ (317,671 ) $ - Below-market leases $ (120,441 ) $ - Noncontrolling interests $ (179,037 ) $ - Other assets and liabilities, net $ (149,813 ) $ - Lease liabilities arising from obtaining operating right-of-use assets $ 32,569 $ - Lease liabilities arising from obtaining financing right-of-use assets $ 23,778 $ - Common stock issued in exchange for Weingarten shares $ (3,738,735 ) $ - |
Reconciliation of Cash, Cash Equivalents and Restricted Cash [Table Text Block] | As of September 30, 2021 As of December 31, 2020 Cash and cash equivalents $ 474,260 $ 292,953 Restricted cash 9,211 235 Total cash, cash equivalents and restricted cash $ 483,471 $ 293,188 |
Note 1 - Business and Organiz_2
Note 1 - Business and Organization (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Aug. 03, 2021 | Jul. 15, 2021 | Apr. 15, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Business Combination, Acquisition Related Costs | $ 46,998 | $ 0 | $ 50,191 | $ 0 | |||
Weingarten Realty Investors [Member] | |||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.69 | ||||||
Dividends Payable, Date to be Paid | Aug. 2, 2021 | ||||||
Dividends Payable, Date of Record | Jul. 28, 2021 | ||||||
Weingarten Realty Investors [Member] | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Per Each Acquired Company Share (in shares) | 1.408 | 1.408 | 1.408 | ||||
Business Combination, Consideration Transferred, Cash Per Each Acquired Company Share (in dollars per share) | $ 2.20 | $ 2.89 | |||||
Business Combination, Acquisition Related Costs | $ 47,000 | $ 50,200 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Restricted Cash, Total | $ 9,200 | $ 200 |
Letters of Credit Outstanding, Amount | 6,500 | |
Tax Increment Revenue Bonds [Member] | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Ending Balance | $ 0 | |
Guaranty for Payment of Debt Service Shortfalls, Threshold, Coverage Rate | 53.7 | |
Guarantor Obligations, Current Carrying Value | $ 5,000 | |
Investment Cash Held as Collateral for Letters of Credit [Member] | ||
Restricted Cash, Total | $ 6,500 |
Note 3 - Weingarten Merger (Det
Note 3 - Weingarten Merger (Details Textual) $ / shares in Units, $ in Thousands | Aug. 03, 2021USD ($)$ / sharesshares | Jul. 15, 2021shares | Apr. 15, 2021shares | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 104,000 | $ 104,000 | |||||
Business Combination, Acquisition Related Costs | 46,998 | $ 0 | 50,191 | $ 0 | |||
Weingarten Realty Investors [Member] | |||||||
Business Combination, Consideration Transferred, Total | $ 4,059,159 | ||||||
Payments to Acquire Businesses, Gross | $ 281,100 | ||||||
Business Acquisition, Share Price (in dollars per share) | $ / shares | $ 20.78 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Per Each Acquired Company Share (in shares) | shares | 1.408 | 1.408 | 1.408 | ||||
Business Combination, Reimbursements Paid to Acquiree | $ 39,100 | ||||||
Number of Properties Acquired | 149 | ||||||
Properties Acquired, Number Held Through Joint Venture Programs | 30 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 4,100,000 | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 73,500 | ||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (9,900) | ||||||
Business Combination, Acquisition Related Costs | $ 47,000 | $ 50,200 |
Note 3 - Weingarten Merger - WR
Note 3 - Weingarten Merger - WRI Common Shares Converted to Kimco Common Shares (Details) - Weingarten Realty Investors [Member] - shares | Aug. 03, 2021 | Jul. 15, 2021 | Apr. 15, 2021 |
Weingarten common shares outstanding as of August 3, 2021 (in shares) | 127,784,006 | ||
Exchange ratio (in shares) | 1.408 | 1.408 | 1.408 |
Kimco common stock issued (in shares) | 179,919,880 |
Note 3 - Weingarten Merger - In
Note 3 - Weingarten Merger - Information Regarding Consideration Transferred, Purchase Price Allocation, and Asset Lives (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 03, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Below-market leases | $ (120,441) | $ (120,441) | $ 0 | ||
Operating right-of-use intangible assets, weighted average amortization period (Year) | 25 years 8 months 12 days | 25 years 8 months 12 days | |||
Leases, Acquired-in-Place [Member] | |||||
In-place leases | $ 11,120 | $ 11,120 | |||
Intangible assets, weighted average amortization period (Year) | 20 years | ||||
Tenant Improvements [Member] | |||||
In-place leases | 711 | $ 711 | |||
Intangible assets, weighted average amortization period (Year) | 20 years | ||||
Building [Member] | |||||
Weighted-average amortization period, Property Plant and Equipment (Year) | 50 years | ||||
Building Improvements [Member] | |||||
Weighted-average amortization period, Property Plant and Equipment (Year) | 45 years | ||||
Below-market Leases [Member] | |||||
In-place leases | 21,300 | $ 21,300 | |||
Intangible assets, weighted average amortization period (Year) | 60 years | ||||
Weingarten Realty Investors [Member] | |||||
Price of Kimco Common Stock (in dollars per share) | $ 20.78 | ||||
Kimco common stock issued (in shares) | 179,919,880 | ||||
Calculated Value of WRI Consideration | $ 3,738,735 | ||||
Cash Consideration | [1] | 320,424 | |||
Total Value of Consideration | $ 4,059,159 | ||||
Land | 1,166,922 | $ 1,166,922 | |||
Building and improvements | 4,041,244 | 4,041,244 | |||
Real estate assets | 5,624,707 | 5,624,707 | 0 | ||
Investments in and advances to real estate joint ventures | 586,248 | 586,248 | 0 | ||
Cash, accounts receivable and other assets | 242,399 | 242,399 | |||
Total assets acquired | 6,453,354 | 6,453,354 | |||
Notes payable | (1,497,632) | (1,497,632) | 0 | ||
Mortgages payable | (317,671) | (317,671) | 0 | ||
Accounts payable and other liabilities | (279,414) | (279,414) | |||
Below-market leases | (120,441) | (120,441) | |||
Noncontrolling interests | (179,037) | (179,037) | $ 0 | ||
Total liabilities assumed | (2,394,195) | (2,394,195) | |||
Total purchase price | $ 4,059,159 | $ 4,059,159 | |||
Operating right-of-use intangible assets, weighted average amortization period (Year) | 24 years 2 months 12 days | 24 years 2 months 12 days | |||
Fair market value of debt adjustment (Year) | 3 years 9 months 18 days | ||||
Weingarten Realty Investors [Member] | Leases, Acquired-in-Place [Member] | |||||
In-place leases | $ 374,281 | $ 374,281 | |||
Intangible assets, weighted average amortization period (Year) | 2 years 6 months | ||||
Weingarten Realty Investors [Member] | Above Market Leases [Member] | |||||
In-place leases | $ 42,260 | $ 42,260 | |||
Intangible assets, weighted average amortization period (Year) | 5 years 2 months 12 days | ||||
Weingarten Realty Investors [Member] | Tenant Improvements [Member] | |||||
Weighted-average amortization period, Property Plant and Equipment (Year) | 4 years | ||||
Weingarten Realty Investors [Member] | Building [Member] | |||||
Weighted-average amortization period, Property Plant and Equipment (Year) | 50 years | ||||
Weingarten Realty Investors [Member] | Building Improvements [Member] | |||||
Weighted-average amortization period, Property Plant and Equipment (Year) | 45 years | ||||
Weingarten Realty Investors [Member] | Fixtures and Leasehold Improvements [Member] | |||||
Weighted-average amortization period, Property Plant and Equipment (Year) | 7 years | ||||
Weingarten Realty Investors [Member] | Below-market Leases [Member] | |||||
Weighted-average amortization period, Property Plant and Equipment (Year) | 16 years 10 months 24 days | ||||
[1] | Amounts include additional consideration of $39.1 million relating to reimbursements paid by Kimco to WRI at the closing of the Merger. |
Note 3 - Weingarten Merger - Pr
Note 3 - Weingarten Merger - Pro Forma Information (Details) - Weingarten Realty Investors [Member] - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Revenues from rental properties, net | $ 401.4 | $ 366.8 | $ 1,186.4 | $ 1,109.1 | |
Net income | [1] | 561.4 | (21.9) | 854.3 | 797.6 |
Net income/(loss) available to the Company’s common shareholders | $ 553.4 | $ (29.8) | $ 828.3 | $ 775.1 | |
Net income/(loss) available to the Company’s common shareholders per common share: | |||||
Basic (1) (in dollars per share) | [1] | $ 0.91 | $ (0.05) | $ 1.35 | $ 1.27 |
Diluted (1) (in dollars per share) | [1] | $ 0.90 | $ (0.05) | $ 1.34 | $ 1.27 |
[1] | The pro forma earnings for the three and nine months ended September 30, 2021 were adjusted to exclude $47.0 million and $50.2 million of merger costs, respectively, while the pro forma earnings for the nine months ended September 30, 2020 were adjusted to include $50.2 million of merger costs incurred. |
Note 4 - Real Estate (Details T
Note 4 - Real Estate (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | |
Operating Lease, Lease Income, Total | $ 364,694 | $ 256,607 | $ 929,297 | $ 778,572 | ||
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 | $ 2,200 | |||||
Acquired [Member] | ||||||
Operating Lease, Lease Income, Total | $ 3,200 | |||||
Disposition Activity Relating to Consolidated Operating Properties and Parcels [Member] | ||||||
Number of Properties Sold | 2 | 5 | 3 | |||
Rite Aid Distribution Center [Member] | ||||||
Prepaid Rent | $ 17,700 | $ 17,700 |
Note 4 - Real Estate - Acquisit
Note 4 - Real Estate - Acquisition of Operating Properties (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 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 amortize over the initial term of the lease through Revenues from rental properties, net on the Company's Condensed Consolidated Statements of Operations. See Footnote 12 of 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 4 - Real Estate - Purchase
Note 4 - Real Estate - Purchase Price Allocation (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Allocation | $ 104,000 |
Tenant Improvements [Member] | |
In-place leases | $ 711 |
Weighted-average amortization period, finite-lived in tangibles (Year) | 20 years |
Allocation, finite-lived in tangibles | $ (711) |
Leases, Acquired-in-Place [Member] | |
In-place leases | $ 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] | |
In-place leases | $ 21,300 |
Weighted-average amortization period, finite-lived in tangibles (Year) | 60 years |
Allocation, finite-lived in tangibles | $ (21,300) |
Note 4 - Real Estate - Disposit
Note 4 - Real Estate - Disposition Activity (Details) - Disposition Activity Relating to Consolidated Operating Properties and Parcels [Member] $ in Millions | 1 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | ||
Aggregate sales price | $ 156.6 | $ 22.6 | ||
Gain on sale of properties | [1] | $ 30.8 | $ 5.7 | |
Number of properties sold | 2 | 5 | 3 | |
Number of parcels sold | 9 | 1 | ||
[1] | Before noncontrolling interests of $3.0 million and taxes of $2.2 million, after utilization of net operating loss carryforwards, for the nine months ended September 30, 2021. |
Note 5 - Investments In and A_3
Note 5 - Investments In and Advances to Real Estate Joint Ventures (Details Textual) $ in Thousands | 1 Months Ended | 9 Months Ended | ||||
Oct. 31, 2021USD ($) | Sep. 30, 2021USD ($)ft² | Sep. 30, 2020USD ($) | Aug. 03, 2021USD ($) | Dec. 31, 2020ft² | ||
Gross Leasable Area (Square Foot) | ft² | [1] | 1,435 | ||||
Payments to Acquire Interest in Joint Venture | $ 7,546 | $ 14,640 | ||||
Weingarten Realty Investors [Member] | ||||||
Secured Debt Assumed by Joint Ventures in Business Combination, Including Fair Market Value Adjustment | $ 191,500 | |||||
Secured Debt Assumed by Joint Ventures in Business Combination, Fair Market Value Adjustment | 800 | |||||
Subsequent Event [Member] | ||||||
Joint Venture, Ownership, Purchased, Percent | 70.00% | |||||
Joint Venture, Number of Property Interests | 6 | |||||
Payments to Acquire Interest in Joint Venture | $ 425,800 | |||||
Ownership Interest in Joint Venture, Percentage | 100.00% | |||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | $ 425,800 | |||||
All Equity Method Investments [Member] | ||||||
Number of Real Estate Properties | 125 | 97 | ||||
Gross Leasable Area (Square Foot) | ft² | 25,300,000 | 21,200,000 | ||||
Unconsolidated Joint Ventures Acquired in Weingarten Merger [Member] | ||||||
Number of Real Estate Properties | 30 | |||||
Gross Leasable Area (Square Foot) | ft² | 4,400,000 | |||||
Number of Joint Ventures | 9 | |||||
Joint Ventures, Fair Market Value | $ 586,200 | |||||
Real Estate Joint Ventures [Member] | Operating Properties [Member] | ||||||
Number of Real Estate Properties, Interest Disposed of or Transferred | 2 | |||||
Equity Method Investment, Sales Price | $ 53,700 | |||||
Equity Method Investment, Realized Gain (Loss) on Disposal, Total | $ 4,200 | |||||
[1] | Gross leasable area ("GLA") |
Note 5 - Investments In and A_4
Note 5 - Investments In and Advances to Real Estate Joint Ventures - Investment Details (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Kim Pru and Kim Pru II [Member] | |||
Average ownership interest | [1] | 15.00% | |
The company's investment | [1] | $ 170.5 | $ 175.1 |
Kimco Income Fund [Member] | |||
Average ownership interest | [1] | 48.60% | |
The company's investment | [1] | $ 183.3 | 177.4 |
CPP [Member] | |||
Average ownership interest | [1] | 55.00% | |
The company's investment | [1] | $ 162.4 | 159.7 |
Other Institutional Joint Ventures [Member] | |||
The company's investment | [1],[2] | 264.7 | 0 |
Other Joint Venture Programs [Member] | |||
The company's investment | [1],[2],[3] | 397.6 | 78.5 |
All Equity Method Investments [Member] | |||
The company's investment | [4] | $ 1,178.5 | $ 590.7 |
[1] | The Company manages certain of 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] | In connection with the Merger, the Company acquired ownership in 9 unconsolidated joint ventures, which have a provisional fair market value of $586.2 million at the time of Merger. These joint ventures represent 30 property interests and 2.8 million square feet of GLA, as of September 30, 2021. | ||
[3] | During October 2021, the Company purchased its partner’s 70% remaining interest in a joint venture which is comprised of six property interests, for a gross purchase price of $425.8 million, which the Company now owns 100%. Subsequently in October 2021, the Company entered into a new 50/50 joint venture with a third party in which it contributed the six properties for a gross sales price of $425.8 million and will remain as manager. | ||
[4] | Representing 125 property interests and 25.3 million square feet of GLA, as of September 30, 2021, and 97 property interests and 21.2 million square feet of GLA, as of December 31, 2020. |
Note 5 - Investments In and A_5
Note 5 - Investments In and Advances to Real Estate Joint Ventures - The Company's Share of Net Income/(Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Prudential Investment Program [Member] | ||||
Income of joint ventures, net | $ 1,900 | $ 2,300 | $ 7,200 | $ 6,800 |
KIR [Member] | ||||
Income of joint ventures, net | 9,400 | 8,200 | 27,200 | 22,900 |
CPP [Member] | ||||
Income of joint ventures, net | 2,600 | 900 | 6,700 | 3,600 |
Other Institutional Joint Ventures [Member] | ||||
Income of joint ventures, net | 900 | 0 | 900 | 0 |
Other Joint Venture Programs [Member] | ||||
Income of joint ventures, net | 5,200 | (200) | 12,100 | 1,700 |
Joint Ventures [Member] | ||||
Income of joint ventures, net | $ 20,025 | $ 11,233 | $ 54,095 | $ 35,039 |
Note 5 - Investments In and A_6
Note 5 - Investments In and Advances to Real Estate Joint Ventures - Joint Venture Investments Accounted for Under the Equity Method, Debt Details (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | ||
Mortgage and notes payable | $ 1,657.1 | $ 1,541 | |
Prudential Investment Program [Member] | |||
Mortgage and notes payable | $ 491.8 | $ 495.8 | |
Weighted average interest rate | 1.95% | 2.05% | |
Weighted average remaining term (Month) | [1] | 46 months 15 days | 37 months 6 days |
KIR [Member] | |||
Mortgage and notes payable | $ 508.4 | $ 536.9 | |
Weighted average interest rate | 3.11% | 3.87% | |
Weighted average remaining term (Month) | [1] | 24 months 27 days | 25 months 9 days |
CPP [Member] | |||
Mortgage and notes payable | $ 84.5 | $ 84.9 | |
Weighted average interest rate | 1.83% | 3.25% | |
Weighted average remaining term (Month) | [1] | 58 months 3 days | 30 months |
Other Institutional Joint Ventures [Member] | |||
Mortgage and notes payable | [2] | $ 169.5 | $ 0 |
Weighted average interest rate | [2] | 1.63% | 0.00% |
Weighted average remaining term (Month) | [1],[2] | 6 months | |
Other Joint Venture Programs [Member] | |||
Mortgage and notes payable | [2] | $ 402.9 | $ 423.4 |
Weighted average interest rate | [2] | 3.58% | 3.41% |
Weighted average remaining term (Month) | [1],[2] | 86 months | 86 months 21 days |
[1] | Includes extension options | ||
[2] | The joint ventures assumed an aggregate $191.5 million of secured debt (including a fair market value adjustment of $0.8 million) in connection with the Merger. |
Note 6 - Other Investments (Det
Note 6 - Other Investments (Details Textual) $ in Millions | 1 Months Ended | 9 Months Ended | |
Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | |
Preferred Equity Investments [Member] | |||
Equity Method Investments | $ 108.3 | $ 108.3 | |
Number of Real Estate Properties | 49 | 49 | |
Income (Loss) from Equity Method Investments, Total | $ 8.5 | $ 26.8 | |
Equity Method Investment, Realized Gain (Loss) on Disposal, Total | (1.2) | $ 15.9 | |
Preferred Equity Investments [Member] | San Antonio, Texas [Member] | |||
Payments to Acquire Equity Method Investments | $ 54.9 | ||
Preferred Equity Investments [Member] | Leased Properties [Member] | |||
Number of Real Estate Properties | 38 | 38 | |
Fifth Wall's Climate Technology Fund [Member] | |||
Equity Method Investment, Commitment Amount | $ 25 | $ 25 | |
Payments to Acquire Equity Method Investments | $ 2.3 |
Note 7 - Marketable Securitie_2
Note 7 - Marketable Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Marketable Securities, Gain (Loss), Total | $ 457,127 | $ (76,931) | $ 542,510 | $ 444,646 |
Note 7 - Marketable Securitie_3
Note 7 - Marketable Securities - Amortized Cost and Unrealized Gain (Loss) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Amortized cost | $ 114,194 | $ 114,531 |
Unrealized gains, net | 1,134,931 | 592,423 |
Marketable securities | $ 1,249,125 | $ 706,954 |
Note 8 - Accounts and Notes R_3
Note 8 - Accounts and Notes Receivable - Components of Accounts and Notes Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Billed tenant receivables | $ 11,651 | $ 25,428 |
Unbilled common area maintenance, insurance and tax reimbursements | 55,142 | 35,982 |
Deferred rent receivables | 8,569 | 17,328 |
Other receivables | 10,585 | 4,880 |
Straight-line rent receivables | 149,135 | 135,630 |
Total accounts and notes receivable, net | $ 235,082 | $ 219,248 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) $ in Thousands | Aug. 03, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) |
Weingarten Realty Investors [Member] | |||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 32,600 | $ 32,569 | $ 0 |
Number of Properties Associated with Operating Leases Obtained in Business Acquisition | 6 | ||
Number of Properties Associated with Finance Leases Obtained in Business Acquisition | 2 | ||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 23,800 | $ 23,778 | $ 0 |
Minimum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | ||
Maximum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term (Year) | 64 years 3 months 18 days | ||
Lessee, Operating Lease, Renewal Term (Year) | 75 years |
Note 9 - Leases - Lease Income
Note 9 - Leases - Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Fixed lease income | [1] | $ 720,174 | $ 659,913 | ||
Variable lease income | [2] | 181,980 | 173,216 | ||
Above-market and below-market leases amortization, net | 11,915 | 17,500 | |||
Total lease income | $ 364,694 | $ 256,607 | 929,297 | 778,572 | |
COVID 19 [Member] | |||||
Adjustments for potentially uncollectible revenues and disputed amounts | [3] | $ 15,228 | $ (72,057) | ||
[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. | ||||
[3] | The amounts represent adjustments associated with potentially uncollectible revenues and disputed amounts primarily due to the COVID-19 pandemic. |
Note 9 - Leases - Lease Cost (D
Note 9 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Operating right-of-use intangible assets, weighted average amortization period (Year) | 25 years 8 months 12 days | ||
Weighted-average remaining lease term, finance leases (Year) | 2 years 3 months 18 days | ||
Weighted-average discount rate, operating leases | 6.62% | ||
Weighted-average discount rate, finance leases | 4.44% | ||
Finance lease cost | [1] | $ 263 | $ 0 |
Operating lease cost | 8,562 | 7,782 | |
Variable lease cost | 2,520 | 2,104 | |
Total lease cost | $ 11,345 | $ 9,886 | |
[1] | Relates to interest expense on finance lease liabilities, which were acquired in connection with the Merger. |
Note 10 - Other Assets (Details
Note 10 - Other Assets (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Property Held-for-sale, Net Carrying Amount | $ 21,000 | |
Property Held-for-sale, Accumulated Depreciation and Amortization | 200 | |
Proceeds from Collection of Loans Receivable | 3,742 | $ 114 |
Mortgage Receivable Scheduled to Mature in November 2021 [Member] | ||
Proceeds from Collection of Loans Receivable | $ 3,600 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 4.00% |
Note 10 - Other Assets - Mortga
Note 10 - Other Assets - Mortgages and Other Financing Receivables (Details) $ in Millions | Sep. 30, 2021USD ($) | |
Mortgage or Other Financing Receivable Issued/Acquired Sep-21 and Maturing Sep-27 [Member] | ||
Mortgage and other financing receivables, face amount | $ 21.5 | |
Mortgages and other financing receivables, interest rate | 12.50% | |
Mortgage or Other Financing Receivable Issued/Acquired Aug-21 and Maturing Jan-22 [Member] | ||
Mortgage and other financing receivables, face amount | $ 10 | [1] |
Mortgages and other financing receivables, interest rate | 5.00% | [1] |
Mortgage or Other Financing Receivable Issued/Acquired Aug-21 and Maturing Oct-53 [Member] | ||
Mortgage and other financing receivables, face amount | $ 3.4 | [1] |
Mortgages and other financing receivables, interest rate | 7.00% | [1] |
Mortgage or Other Financing Receivable Issued/Acquired Jul-21 and Maturing Jun-22 [Member] | ||
Mortgage and other financing receivables, face amount | $ 5 | |
Mortgages and other financing receivables, interest rate | 8.00% | |
Mortgage or Other Financing Receivable Issued/Acquired Mar-21 and Maturing Mar-31 [Member] | ||
Mortgage and other financing receivables, face amount | $ 0.4 | |
Mortgages and other financing receivables, interest rate | 7.00% | |
[1] | Acquired in connection with the Merger |
Note 11 - Notes and Mortgages_2
Note 11 - Notes and Mortgages Payable (Details Textual) - USD ($) $ in Thousands | Aug. 03, 2021 | Sep. 30, 2021 | Feb. 29, 2020 | Sep. 30, 2021 |
Long-term Line of Credit, Total | $ 0 | $ 0 | ||
Senior Unsecured Notes Assumed in the Weingarten Acquisition [Member] | ||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 1,500,000 | |||
Liabilities, Fair Value Adjustment | $ 95,600 | |||
Senior Unsecured Notes Assumed in the Weingarten Acquisition [Member] | Minimum [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |||
Senior Unsecured Notes Assumed in the Weingarten Acquisition [Member] | Maximum [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | |||
September 2021 Senior Unsecured Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | 2.25% | ||
Proceeds from Issuance of Unsecured Debt | $ 500,000 | |||
Mortgage Debt Encumbered Operating Property [Member] | ||||
Liabilities, Fair Value Adjustment | $ 1,000 | |||
Repayments of Long-term Debt, Total | $ 137,200 | |||
Number of Real Estate Properties | 16 | 16 | ||
Mortgage Debt Assumed in the Weingarten Acquisition [Member] | ||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 317,700 | |||
Liabilities, Fair Value Adjustment | $ 11,000 | |||
Number of Encumbered Operating Properties | 16 | |||
Mortgage Debt Assumed in the Weingarten Acquisition [Member] | Minimum [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||
Mortgage Debt Assumed in the Weingarten Acquisition [Member] | Maximum [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.95% | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 2,000,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 0.85% | 0.85% | ||
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 | $ 1,900 | $ 1,900 |
Note 12 - Noncontrolling Inte_3
Note 12 - Noncontrolling Interests (Details Textual) $ in Millions | Aug. 03, 2021USD ($) | Jan. 31, 2021USD ($) | Sep. 30, 2021USD ($) |
KIM RDC, LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Discontinued Operations, Disposed of by Sale [Member] | Disposal of Two Operating Properties [Member] | |||
Number of Properties Sold | 2 | ||
Disposal Group, Including Discontinued Operation, Consideration | $ 108 | ||
KIM RDC, LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Operating Properties [Member] | |||
Number of Operating Properties Acquired | 2 | ||
Asset Acquisition, Consideration Transferred, Total | $ 104 | ||
KPR [Member] | Discontinued Operations, Disposed of by Sale [Member] | Disposal of Two Operating Properties [Member] | |||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 2.1 | ||
Joint Venture with KP Lancewood [Member] | KIM RDC, LLC [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||
Weingarten Realty Investors [Member] | Consolidated Joint Ventures Structured as DownREIT Partnerships [Member] | |||
Number of Operating Properties Acquired | 2 | ||
Redeemable Noncontrolling Interest, Equity, Fair Value, Total | $ 41.7 | ||
Weingarten Realty Investors [Member] | Consolidated Joint Ventures Other than DownREIT Partnerships [Member] | |||
Number of Operating Properties Acquired | 8 | ||
Noncontrolling Interest in Joint Ventures | $ 134.3 |
Note 12 - Noncontrolling Inte_4
Note 12 - Noncontrolling Interests - Redemption Value of the Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Balance | $ 15,784 | $ 17,943 | |
Fair value allocation to partnership interest | [1] | 2,068 | 0 |
Income | 529 | 845 | |
Distributions | [1] | (2,597) | (845) |
Balance | $ 15,784 | $ 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 4 of the Company's Condensed Consolidated Financial Statements). This joint venture was accounted for as a consolidated VIE (see Footnote 13 of the Company's Condensed Consolidated Financial Statements). During June 2021, the two joint venture properties were sold for a combined sales price of $108.0 million of which the KPR Member received a distribution of $2.1 million. |
Note 13 - Variable Interest E_3
Note 13 - Variable Interest Entities ("VIE") (Details Textual) $ in Thousands | Aug. 03, 2021 | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Assets, Total | [1] | $ 18,590,521 | $ 11,614,498 | |
Liabilities, Total | [2] | $ 8,419,313 | $ 5,928,460 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity, Number of Entities | 34 | 22 | ||
Consolidated Operating Properties [Member] | ||||
Variable Interest Entity, Number of Entities | 34 | 22 | ||
Consolidated Operating Properties [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Assets, Total | $ 1,400,000 | $ 1,000,000 | ||
Liabilities, Total | $ 122,500 | $ 62,100 | ||
Consolidated Operating Properties [Member] | Weingarten Realty Investors [Member] | ||||
Variable Interest Entity, Number of Entities Acquired During the Period | 11 | |||
[1] | Includes restricted assets of consolidated variable interest entities ("VIEs") at September 30, 2021 and December 31, 2020 of $230,847 and $102,482, respectively. See Footnote 13 of the Notes to Condensed Consolidated Financial Statements. | |||
[2] | Includes non-recourse liabilities of consolidated VIEs at September 30, 2021 and December 31, 2020 of $122,475 and $62,076, respectively. See Footnote 13 of the Notes to Condensed Consolidated Financial Statements. |
Note 13 - Variable Interest E_4
Note 13 - Variable Interest Entities ("VIE") - Summary of Restricted Assets and VIE Liabilities (Details) $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Cash and cash equivalents | $ 474,260 | $ 292,953 | |
Accounts and notes receivable, net | 235,082 | 219,248 | |
Other assets | 380,675 | 233,192 | |
Assets, Total | [1] | 18,590,521 | 11,614,498 |
Mortgages payable, net | 482,634 | 311,272 | |
Operating lease liabilities | 125,015 | 96,619 | |
Other liabilities | 772,251 | 470,995 | |
Liabilities, Total | [2] | $ 8,419,313 | $ 5,928,460 |
Variable Interest Entity, Unencumbered [Member] | |||
Number of consolidated VIEs | 30 | 19 | |
Variable Interest Entity, Encumbered by Third Party Non-resource Mortgage Debt [Member] | |||
Number of consolidated VIEs | 4 | 3 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Number of consolidated VIEs | 34 | 22 | |
Variable Interest Entity, Primary Beneficiary [Member] | Nonrecourse [Member] | |||
Mortgages payable, net | $ 79,700 | $ 36,500 | |
Operating lease liabilities | 6,700 | 5,500 | |
Other liabilities | 36,100 | 20,100 | |
Liabilities, Total | 122,500 | 62,100 | |
Variable Interest Entity, Primary Beneficiary [Member] | Asset Pledged as Collateral [Member] | |||
Real estate, net | 225,100 | 97,700 | |
Cash and cash equivalents | 1,800 | 1,800 | |
Accounts and notes receivable, net | 2,000 | 1,900 | |
Other assets | 1,900 | 1,100 | |
Assets, Total | $ 230,800 | $ 102,500 | |
[1] | Includes restricted assets of consolidated variable interest entities ("VIEs") at September 30, 2021 and December 31, 2020 of $230,847 and $102,482, respectively. See Footnote 13 of the Notes to Condensed Consolidated Financial Statements. | ||
[2] | Includes non-recourse liabilities of consolidated VIEs at September 30, 2021 and December 31, 2020 of $122,475 and $62,076, respectively. See Footnote 13 of the Notes to Condensed Consolidated Financial Statements. |
Note 14 - Fair Value Measurem_3
Note 14 - Fair Value Measurements (Details Textual) - Estimate of Fair Value Measurement [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Notes Payable, Fair Value Disclosure | [1] | $ 7,418,103 | $ 5,486,953 |
Fair Value, Inputs, Level 2 [Member] | |||
Notes Payable, Fair Value Disclosure | $ 7,400,000 | $ 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 September 30, 2021 and December 31, 2020, were $7.4 billion and $5.5 billion, respectively. |
Note 14 - Fair Value Measurem_4
Note 14 - Fair Value Measurements - Estimate of Fair Value Differs From Carrying Amounts (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Reported Value Measurement [Member] | |||
Notes payable, net | [1] | $ 7,034,047 | $ 5,044,208 |
Reported Value Measurement [Member] | Mortgages [Member] | |||
Mortgages payable, net | [2] | 482,634 | 311,272 |
Estimate of Fair Value Measurement [Member] | |||
Notes payable, net | [1] | 7,418,103 | 5,486,953 |
Estimate of Fair Value Measurement [Member] | Mortgages [Member] | |||
Mortgages payable, net | [2] | $ 484,699 | $ 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 September 30, 2021 and December 31, 2020, were $7.4 billion and $5.5 billion, respectively. | ||
[2] | The Company determined that its valuation of its mortgages loan were classified within Level 3 of the fair value hierarchy. |
Note 14 - Fair Value Measurem_5
Note 14 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Recurring [Member] | ||
Marketable equity securities | $ 1,249,125 | $ 706,954 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable equity securities | 1,249,125 | 706,954 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable equity securities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable equity securities | 0 | |
Fair Value, Nonrecurring [Member] | ||
Other investments | 9,834 | 5,464 |
Real estate | 24,899 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Other investments | 0 | 0 |
Real estate | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Other investments | 0 | 0 |
Real estate | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Other investments | $ 9,834 | 5,464 |
Real estate | $ 24,899 |
Note 15 - Incentive Plans (Deta
Note 15 - Incentive Plans (Details Textual) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | May 31, 2020 | |
Share-based Payment Arrangement, Expense | $ 18,000 | $ 18,200 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 41,900 | $ 41,900 | $ 41,900 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 9 months 18 days | ||||
The Weingarten Realty Noncontributory Qualified Cash Balance Retirement Plan [Member] | |||||
Defined Benefit Plan, Annual Additions to Each Participant's Account, Interest Credit, Percentage | 4.50% | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 0 | 0 | $ 0 | ||
The Weingarten Realty Noncontributory Qualified Cash Balance Retirement Plan [Member] | Other Income (Expense), Net [Member] | |||||
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | $ 900 | 900 | |||
Defined Benefit Plan, Interest Cost | $ 300 | ||||
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 | 8,500,000 | 8,500,000 |
Note 15 - Incentive Plans - Pro
Note 15 - Incentive Plans - Projected Benefit Obligation, Fair Value of Plan Assets and Funded Status at the Merger Date for the Defined Benefit Plan (Details) $ in Thousands | Aug. 03, 2021USD ($) |
Fair value of plan assets | $ 74,025 |
The Weingarten Realty Noncontributory Qualified Cash Balance Retirement Plan [Member] | |
Projected benefit obligation | (73,081) |
Fair value of plan assets | 74,025 |
Funded status (included in Other assets) | $ 944 |
Note 15 - Incentive Plans - Wei
Note 15 - Incentive Plans - Weighted-average Assumptions Used to Determine the Benefit Obligation, Defined Benefit Plan (Details) - The Weingarten Realty Noncontributory Qualified Cash Balance Retirement Plan [Member] | Aug. 03, 2021 |
Discount rate | 2.52% |
Salary scale increases | 3.50% |
Interest credit rate for cash balance plan | 4.50% |
Note 15 - Incentive Plans - Fai
Note 15 - Incentive Plans - Fair Value of Plan Assets, Defined Benefit Plan (Details) $ in Thousands | Aug. 03, 2021USD ($) |
Fair value of plan assets | $ 74,025 |
Asset allocation | 100.00% |
Defined Benefit Plan, Cash [Member] | |
Fair value of plan assets | $ 44,563 |
Asset allocation | 60.00% |
Large Company Funds [Member] | |
Fair value of plan assets | $ 11,946 |
Asset allocation | 16.00% |
Fixed Income Funds [Member] | |
Fair value of plan assets | $ 7,467 |
Asset allocation | 10.00% |
International Funds [Member] | |
Fair value of plan assets | $ 3,247 |
Asset allocation | 5.00% |
Growth Funds [Member] | |
Fair value of plan assets | $ 2,364 |
Asset allocation | 3.00% |
Small Company Funds [Member] | |
Fair value of plan assets | $ 2,225 |
Asset allocation | 3.00% |
Mid Company Funds [Member] | |
Fair value of plan assets | $ 2,213 |
Asset allocation | 3.00% |
Note 16 - Earnings Per Share (D
Note 16 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.5 | 1.2 | |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2.5 |
Note 16 - Earnings Per Share -
Note 16 - Earnings Per Share - Reconciliation of Earnings (Loss) and the Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Net income/(loss) available to the Company's common shareholders | $ 501,385 | $ (44,748) | $ 743,316 | $ 780,537 | |
Earnings attributable to participating securities | (4,078) | (251) | (5,749) | (5,259) | |
Net income/(loss) available to the Company’s common shareholders for basic earnings per share | 497,307 | (44,999) | 737,567 | 775,278 | |
Distributions on convertible units | 42 | 0 | 3,009 | 119 | |
Net income/(loss) available to the Company’s common shareholders for diluted earnings per share | $ 497,349 | $ (44,999) | $ 740,576 | $ 775,397 | |
Weighted average common shares outstanding – basic (in shares) | 546,842 | 429,994 | 469,885 | 429,899 | |
Equity awards (in shares) | [1] | 1,718 | 0 | 1,837 | 1,496 |
Assumed conversion of convertible units (in shares) | [1] | 206 | 0 | 2,730 | 207 |
Weighted average common shares outstanding – diluted (in shares) | [1] | 548,766 | 429,994 | 474,452 | 431,602 |
Basic earnings per share (in dollars per share) | $ 0.91 | $ (0.10) | $ 1.57 | $ 1.80 | |
Diluted earnings per share (in dollars per share) | $ 0.91 | $ (0.10) | $ 1.56 | $ 1.80 | |
[1] | The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income/(loss) 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 0.5 million and 1.2 million stock options that were not dilutive as of September 30, 2021 and 2020, respectively, and 2.5 million shares of restricted stock that were not dilutive for the three months ended September 30, 2020. |
Note 17 - Stockholders' Equit_2
Note 17 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Aug. 03, 2021 | Jul. 15, 2021 | Apr. 15, 2021 | Sep. 30, 2021 | Aug. 31, 2021 | Dec. 31, 2020 | Feb. 28, 2020 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | |||||
Weingarten Realty Investors [Member] | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Per Each Acquired Company Share (in shares) | 1.408 | 1.408 | 1.408 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 179,919,880 | ||||||
ATM Program [Member] | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | ||||||
Sales of Stock Maximum Sales Price | $ 500 | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 3,515,500 | ||||||
Proceeds from Issuance of Common Stock, Net | $ 76.9 | ||||||
Common Stock Available for Issuance, Value | $ 422.4 | ||||||
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 17 - Stockholders' Equit_3
Note 17 - Stockholders' Equity - Outstanding Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 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 | |
Redeemable Preferred Stock [Member] | ||
Shares issued and outstanding (in shares) | 19,580 | |
Preferred stock, liquidation preference | $ 489.5 |
Note 17 - Stockholders' Equit_4
Note 17 - Stockholders' Equity - Dividends Declared (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Common Shares (in dollars per share) | $ 0.17000 | $ 0.10000 | $ 0.51000 | $ 0.38000 |
Series L Preferred Stock [Member] | ||||
Preferred Shares (in dollars per share) | 0.32031 | 0.32031 | 0.96093 | 0.96093 |
Series M Preferred Stock [Member] | ||||
Preferred Shares (in dollars per share) | $ 0.32813 | $ 0.32813 | $ 0.98439 | $ 0.98439 |
Note 18 - Supplemental Schedu_3
Note 18 - Supplemental Schedule of Non-cash Investing / Financing Activities - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands | Aug. 03, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Surrender of common stock | $ 20,826 | $ 5,329 | ||||
Dividends payable | $ 5,366 | 5,366 | 5,366 | $ 5,366 | ||
Capital expenditures accrual | 35,451 | 41,373 | ||||
Lease liabilities arising from obtaining operating right-of-use assets | 553 | 0 | ||||
Allocation of fair value to noncontrolling interests | 2,068 | 0 | ||||
Purchase price fair value adjustment to prepaid rent | 15,620 | 0 | ||||
Weingarten Merger: | ||||||
Below-market leases | (120,441) | (120,441) | 0 | |||
Common stock issued in exchange for Weingarten shares | [1] | (3,738,735) | (3,738,735) | |||
Weingarten Realty Investors [Member] | ||||||
Weingarten Merger: | ||||||
Real estate assets | 5,624,707 | 5,624,707 | 0 | |||
Investments in and advances to real estate joint ventures | 586,248 | 586,248 | 0 | |||
Notes payable | (1,497,632) | (1,497,632) | 0 | |||
Mortgages payable | (317,671) | (317,671) | 0 | |||
Below-market leases | (120,441) | (120,441) | ||||
Noncontrolling interests | $ (179,037) | (179,037) | 0 | |||
Other assets and liabilities, net | (149,813) | 0 | ||||
Lease liabilities arising from obtaining operating right-of-use assets | $ 32,600 | 32,569 | 0 | |||
Lease liabilities arising from obtaining financing right-of-use assets | $ 23,800 | 23,778 | 0 | |||
Common stock issued in exchange for Weingarten shares | $ (3,738,735) | $ 0 | ||||
[1] | See Footnotes 1 and 3 of the Company's Condensed Consolidated Financial Statements for further details. |
Note 18 - Supplemental Schedu_4
Note 18 - Supplemental Schedule of Non-cash Investing / Financing Activities - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 474,260 | $ 292,953 |
Restricted cash | 9,211 | 235 |
Total cash, cash equivalents and restricted cash | $ 483,471 | $ 293,188 |