Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 20, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000879101 | |
Entity Registrant Name | KIMCO REALTY CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 | 618,006,814 | |
Class M Cumulative Redeemable Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing one-thousandth of a share of 5.250% Class M Cumulative Redeemable, Preferred Stock, $1.00 par value per share. | |
Trading Symbol | KIMprM | |
Security Exchange Name | NYSE | |
Class L Cumulative Redeemable Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing one-thousandth of a share of 5.125% Class L Cumulative Redeemable, Preferred Stock, $1.00 par value per share. | |
Trading Symbol | KIMprL | |
Security Exchange Name | NYSE | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $.01 per share. | |
Trading Symbol | KIM | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Assets: | |||
Real estate, net of accumulated depreciation and amortization of $3,128,182 and $3,010,699, respectively | $ 14,950,391 | $ 15,035,900 | |
Cash and cash equivalents | 370,318 | 334,663 | |
Marketable securities | 1,334,873 | 1,211,739 | |
Accounts and notes receivable, net | 253,687 | 254,677 | |
Operating lease right-of-use assets, net | 145,784 | 147,458 | |
Other assets | 364,721 | 340,176 | |
Total assets | [1] | 18,543,581 | 18,459,199 |
Liabilities: | |||
Notes payable, net | 7,110,804 | 7,027,050 | |
Mortgages payable, net | 378,644 | 448,652 | |
Dividends payable | 5,366 | 5,366 | |
Operating lease liabilities | 122,615 | 123,779 | |
Other liabilities | 697,510 | 730,690 | |
Total liabilities | [2] | 8,314,939 | 8,335,537 |
Redeemable noncontrolling interests | 13,480 | 13,480 | |
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 618,002,532 and 616,658,593 shares, respectively | 6,180 | 6,167 | |
Paid-in capital | 9,589,955 | 9,591,871 | |
Retained earnings | 412,659 | 299,115 | |
Accumulated other comprehensive income | 2,216 | 2,216 | |
Total stockholders' equity | 10,011,030 | 9,899,389 | |
Noncontrolling interests | 204,132 | 210,793 | |
Total equity | 10,215,162 | 10,110,182 | |
Total liabilities and equity | 18,543,581 | 18,459,199 | |
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 | 1,013,940 | 1,006,899 | |
Other Real Estate Investments [Member] | |||
Assets: | |||
Other investments | $ 104,195 | $ 122,015 | |
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2022 and December 31, 2021 of $227,748 and $227,858, respectively. See Footnote 11 of the Notes to Condensed Consolidated Financial Statements. | ||
[2] | Includes non-recourse liabilities of consolidated VIEs at March 31, 2022 and December 31, 2021 of $151,955 and $153,924, respectively. See Footnote 11 of the Notes to Condensed Consolidated Financial Statements. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Real estate, accumulated depreciation | $ 3,128,182 | $ 3,010,699 | |
Total assets | [1] | 18,543,581 | 18,459,199 |
Total liabilities | [2] | $ 8,314,939 | $ 8,335,537 |
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) | 618,002,532 | 616,658,593 | |
Common stock, shares outstanding (in shares) | 618,002,532 | 616,658,593 | |
Variable Interest Entity, Primary Beneficiary [Member] | Nonrecourse [Member] | |||
Total liabilities | $ 151,955 | $ 153,924 | |
Variable Interest Entity, Primary Beneficiary [Member] | Asset Pledged as Collateral [Member] | |||
Total assets | $ 227,748 | $ 227,858 | |
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2022 and December 31, 2021 of $227,748 and $227,858, respectively. See Footnote 11 of the Notes to Condensed Consolidated Financial Statements. | ||
[2] | Includes non-recourse liabilities of consolidated VIEs at March 31, 2022 and December 31, 2021 of $151,955 and $153,924, respectively. See Footnote 11 of the Notes to Condensed Consolidated Financial Statements. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Revenues | |||
Revenues from rental properties, net | $ 422,654 | $ 278,871 | |
Management and other fee income | 4,595 | 3,437 | |
Total revenues | 427,249 | 282,308 | |
Operating expenses | |||
Rent | (4,081) | (3,035) | |
Real estate taxes | (54,314) | (38,936) | |
Operating and maintenance | (69,225) | (46,520) | |
General and administrative | (29,948) | (24,478) | |
Impairment charges | 272 | 0 | |
Depreciation and amortization | (130,294) | (74,876) | |
Total operating expenses | (288,134) | (187,845) | |
Gain on sale of properties | 4,193 | 10,005 | |
Operating income | 143,308 | 104,468 | |
Other income/(expense) | |||
Other income, net | 5,983 | 3,357 | |
Gain on marketable securities, net | 121,764 | 61,085 | |
Interest expense | (57,019) | (47,716) | |
Early extinguishment of debt charges | (7,173) | 0 | |
Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net | 206,863 | 121,194 | |
Benefit/(provision) for income taxes, net | 153 | (1,308) | |
Net income | 235,959 | 141,425 | |
Net loss/(income) attributable to noncontrolling interests | 1,343 | (3,483) | |
Net income attributable to the Company | 237,302 | 137,942 | |
Preferred dividends | (6,354) | (6,354) | |
Net income available to the Company's common shareholders | $ 230,948 | $ 131,588 | |
Per common share: | |||
-Basic (in dollars per share) | $ 0.37 | $ 0.30 | |
-Diluted (in dollars per share) | $ 0.37 | $ 0.30 | |
Weighted average shares: | |||
-Basic (in shares) | 614,767 | 430,524 | |
-Diluted (in shares) | [1] | 616,758 | 432,264 |
Joint Ventures [Member] | |||
Other income/(expense) | |||
Equity in income, net | $ 23,570 | $ 17,752 | |
Other Real Estate Investments [Member] | |||
Other income/(expense) | |||
Equity in income, net | $ 5,373 | $ 3,787 | |
[1] | The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 0.8 million stock options that were not dilutive as of March 31, 2021. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 235,959 | $ 141,425 |
Other comprehensive income: | ||
Change in unrealized gains related to defined benefit plan | 0 | 0 |
Other comprehensive income | 0 | 0 |
Comprehensive income | 235,959 | 141,425 |
Comprehensive loss/(income) attributable to noncontrolling interests | 1,343 | (3,483) |
Comprehensive income attributable to the Company | $ 237,302 | $ 137,942 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2020 | $ (162,812) | $ 0 | $ 20 | $ 4,325 | $ 5,766,511 | $ 5,608,044 | $ 62,210 | $ 5,670,254 |
Balance (in shares) at Dec. 31, 2020 | 20 | 432,519 | ||||||
Net income | 137,942 | 0 | $ 0 | $ 0 | 0 | 137,942 | 3,483 | 141,425 |
Redeemable noncontrolling interests income | 0 | 0 | 0 | 0 | 0 | 0 | (169) | (169) |
Dividends declared to common and preferred shares | (80,039) | 0 | 0 | 0 | 0 | (80,039) | 0 | (80,039) |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (370) | (370) |
Issuance of common stock | 0 | 0 | $ 0 | $ 14 | (14) | 0 | 0 | 0 |
Issuance of common stock (in shares) | 0 | 1,442 | ||||||
Surrender of common stock | 0 | 0 | $ 0 | $ (5) | (9,087) | (9,092) | 0 | (9,092) |
Surrender of common stock (in shares) | 0 | (521) | ||||||
Exercise of common stock options | 0 | 0 | $ 0 | $ 0 | 160 | 160 | 0 | 160 |
Exercise of common stock options (in shares) | 0 | 8 | ||||||
Amortization of equity awards | 0 | 0 | $ 0 | $ 0 | 6,298 | 6,298 | 0 | 6,298 |
Balance at Mar. 31, 2021 | (104,909) | 0 | $ 20 | $ 4,334 | 5,763,868 | 5,663,313 | 65,154 | 5,728,467 |
Balance (in shares) at Mar. 31, 2021 | 20 | 433,448 | ||||||
Balance at Dec. 31, 2021 | 299,115 | 2,216 | $ 20 | $ 6,167 | 9,591,871 | 9,899,389 | 210,793 | 10,110,182 |
Balance (in shares) at Dec. 31, 2021 | 20 | 616,659 | ||||||
Net income | 237,302 | 0 | $ 0 | $ 0 | 0 | 237,302 | (1,343) | 235,959 |
Redeemable noncontrolling interests income | 0 | 0 | 0 | 0 | 0 | 0 | (333) | (333) |
Dividends declared to common and preferred shares | (123,758) | 0 | 0 | 0 | 0 | (123,758) | 0 | (123,758) |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (4,340) | (4,340) |
Issuance of common stock | 0 | 0 | $ 0 | $ 17 | (17) | 0 | 0 | 0 |
Issuance of common stock (in shares) | 0 | 1,712 | ||||||
Surrender of common stock | 0 | 0 | $ 0 | $ (6) | (13,438) | (13,444) | 0 | (13,444) |
Surrender of common stock (in shares) | 0 | (570) | ||||||
Exercise of common stock options | 0 | 0 | $ 0 | $ 1 | 2,567 | 2,568 | 0 | 2,568 |
Exercise of common stock options (in shares) | 0 | 128 | ||||||
Amortization of equity awards | 0 | 0 | $ 0 | $ 0 | 7,437 | 7,437 | 0 | 7,437 |
Contributions from noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 891 | 891 |
Redemption/conversion of noncontrolling interests | 0 | 0 | $ 0 | $ 1 | 1,535 | 1,536 | (1,536) | 0 |
Redemption/conversion of noncontrolling interests (in shares) | 0 | 73 | ||||||
Balance at Mar. 31, 2022 | $ 412,659 | $ 2,216 | $ 20 | $ 6,180 | $ 9,589,955 | $ 10,011,030 | $ 204,132 | $ 10,215,162 |
Balance (in shares) at Mar. 31, 2022 | 20 | 618,002 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flow from operating activities: | ||
Net income | $ 235,959 | $ 141,425 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 130,294 | 74,876 |
Impairment charges | 272 | 0 |
Early extinguishment of debt charges | 7,173 | 0 |
Equity award expense | 7,513 | 6,457 |
Gain on sale of properties | (4,193) | (10,005) |
Gain on marketable securities, net | (121,764) | (61,085) |
Distributions from joint ventures and other investments | 25,925 | 19,198 |
Change in accounts and notes receivable, net | 990 | 18,593 |
Change in accounts payable and accrued expenses | (14,897) | 15,387 |
Change in other operating assets and liabilities, net | (43,778) | (34,936) |
Net cash flow provided by operating activities | 194,551 | 148,371 |
Cash flow from investing activities: | ||
Acquisition of operating real estate | (18,671) | (84,312) |
Improvements to operating real estate | (29,435) | (20,569) |
Investment in marketable securities | (1,469) | 0 |
Proceeds from sale of marketable securities | 100 | 50 |
Investment in cost method investment | (3,000) | 0 |
Investments in and advances to real estate joint ventures | (13,116) | (1,805) |
Reimbursements of investments in and advances to real estate joint ventures | 8,569 | 967 |
Investments in and advances to other investments | (8,445) | (419) |
Reimbursements of investments in and advances to other investments | 24,398 | 343 |
Investment in other financing receivable | (3,000) | (397) |
Collection of mortgage loans receivable | 43 | 37 |
Proceeds from sale of properties | 8,410 | 22,181 |
Net cash flow used for investing activities | (35,616) | (83,924) |
Cash flow from financing activities: | ||
Principal payments on debt, excluding normal amortization of rental property debt | (85,683) | (12,272) |
Principal payments on rental property debt | (2,600) | (2,661) |
Proceeds from mortgage loan financings | 19,000 | 0 |
Financing origination costs | (10,165) | 0 |
Payment of early extinguishment of debt charges | (6,470) | 0 |
Contributions from noncontrolling interests | 891 | 0 |
Redemption/distribution of noncontrolling interests | (4,673) | (539) |
Dividends paid | (123,758) | (80,039) |
Proceeds from issuance of stock, net | 2,568 | 160 |
Shares repurchased for employee tax withholding on equity awards | (13,428) | (9,082) |
Change in tenants' security deposits | 1,038 | 650 |
Net cash flow used for financing activities | (123,280) | (103,783) |
Net change in cash, cash equivalents and restricted cash | 35,655 | (39,336) |
Cash, cash equivalents and restricted cash, beginning of the period | 334,663 | 293,188 |
Cash, cash equivalents and restricted cash, end of the period | 370,318 | 253,852 |
Interest paid during the period including payment of early extinguishment of debt charges of $6,470 and $0, respectively (net of capitalized interest of $102 and $296, respectively) | 60,213 | 29,383 |
Senior Unsecured Notes [Member] | ||
Cash flow from financing activities: | ||
Proceeds from issuance of unsecured debt | 600,000 | 0 |
Repayments of unsecured notes | (500,000) | 0 |
Joint Ventures [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity in income, net | (23,570) | (17,752) |
Other Real Estate Investments [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity in income, net | $ (5,373) | $ (3,787) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Early extinguishment of debt charges | $ 6,470 | $ 0 |
Cash paid for capitalized interest | $ 102 | $ 296 |
Note 1 - Business and Organizat
Note 1 - Business and Organization | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Business and Organization Kimco Realty Corporation, a Maryland corporation, is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including 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, including mixed-use assets 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. The following highlights the Company’s significant activity upon completion of the $4.1 billion strategic Merger with Weingarten on August 3, 2021: ● Acquired 149 properties, including 30 held through joint venture programs. ● Assumed senior unsecured notes of $1.5 billion (including $95.6 million in fair market value adjustments) and mortgage debt of $317.7 million (including $11.0 million in fair market value adjustments) encumbering 16 operating properties. ● Issued 179.9 million shares of common stock valued at $3.8 billion and paid cash consideration of $0.3 billion. See the Company's audited Annual Report on Form 10 December 31, 2021 ( “10 COVID- 19 The coronavirus disease 2019 19” 19 19 19 19 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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 10 10 March 31, 2022 10 not Subsequent Events The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its Condensed Consolidated Financial Statements. New Accounting Pronouncements The following table represents an Accounting Standards Update (“ASU”) to the FASB’s ASCs that, as of March 31, 2022, not not ASU Description Effective Date Effect on the financial statements or other significant matters ASU 2021 08, 805 The amendments in this update require acquiring entities to apply Topic 606 805. January 1, 2023; The adoption of this ASU is 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 2021 05, July 2021, 842 This ASU amends the lessor lease classification in ASC 842 not not 842 1 January 1, 2022 The adoption of this ASU did not |
Note 3 - Real Estate
Note 3 - Real Estate | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 3. Real Estate Acquisitions During the three March 31, 2022, Dispositions The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels (dollars in millions): Three Months Ended March 31, 2022 2021 Aggregate sales price $ 8.7 $ 23.0 Gain on sale of properties (1) $ 4.2 $ 10.0 Number of properties sold - 1 Number of parcels sold 4 4 ( 1 Before noncontrolling interests of $3.0 million and taxes of $1.0 million, for the three March 31, 2021. Assets Held-For-Sale At March 31, 2022, |
Note 4 - Investments in and Adv
Note 4 - Investments in and Advances to Real Estate Joint Ventures | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Investments and Advances In Real Estate Joint Ventures [Text Block] | 4. Investments in and Advances to Real Estate Joint Ventures The Company has investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting. The Company manages certain of these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees. The table below presents unconsolidated joint venture investments for which the Company held an ownership interest at March 31, 2022 December 31, 2021 ( Ownership The Company s Investment Joint Venture Interest March 31, 2022 December 31, 2021 Prudential Investment Program 15.0% $ 154.8 $ 163.0 Kimco Income Opportunity Portfolio (“KIR”) 48.6% 192.3 186.0 Canada Pension Plan Investment Board (“CPP”) 55.0% 175.1 165.1 Other Institutional Joint Ventures Various 279.3 281.8 Other Joint Venture Programs Various 212.4 211.0 Total* $ 1,013.9 $ 1,006.9 * Representing 117 property interests and 24.0 million square feet of GLA, as of March 31, 2022, December 31, 2021. The table below presents the Company’s share of net income for the above investments which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income for the three March 31, 2022 2021 Three Months Ended March 31, Joint Venture 2022 2021 Prudential Investment Program $ 2.4 $ 2.6 KIR 13.4 8.7 CPP 3.1 2.1 Other Institutional Joint Ventures 1.5 - Other Joint Venture Programs 3.2 4.4 Total $ 23.6 $ 17.8 During the three March 31, 2022, three March 31, 2022. During the three March 31, 2021, three March 31, 2021. The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at March 31, 2022 December 31, 2021 ( As of March 31, 2022 As of December 31, 2021 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 $ 416.0 2.30 % 43.0 $ 426.9 2.02 % 45.6 KIR 468.7 2.74 % 25.1 492.6 2.55 % 27.9 CPP 83.9 2.20 % 52.1 84.2 1.85 % 55.0 Other Institutional Joint Ventures 233.0 2.00 % 56.7 232.9 1.65 % 59.7 Other Joint Venture Programs 401.5 3.63 % 80.1 402.1 3.58 % 83.0 Total $ 1,603.1 $ 1,638.7 * Includes extension options |
Note 5 - Other Investments
Note 5 - Other Investments | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Other Real Estate Investments and Other Assets [Text Block] | 5. 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 March 31, 2022, three March 31, 2022 2021, The Company has an investment with a funding commitment of $25.0 million, of which $9.4 million has been funded as of March 31, 2022. |
Note 6 - Marketable Securities
Note 6 - Marketable Securities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 6. Marketable Securities The amortized cost and unrealized gains, net of marketable securities as of March 31, 2022 December 31, 2021, As of March 31, 2022 As of December 31, 2021 Marketable securities: Amortized cost $ 115,529 $ 114,159 Unrealized gains, net 1,219,344 1,097,580 Total fair value $ 1,334,873 $ 1,211,739 During the three March 31, 2022 2021, |
Note 7 - Accounts and Notes Rec
Note 7 - Accounts and Notes Receivable | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 7. Accounts and Notes Receivable The components of accounts and notes receivable, net of potentially uncollectible amounts as of March 31, 2022 December 31, 2021, As of March 31, 2022 As of December 31, 2021 Billed tenant receivables $ 34,393 $ 20,970 Unbilled common area maintenance, insurance and tax reimbursements 33,223 55,283 Deferred rent receivables 3,671 5,029 Other receivables 16,833 15,725 Straight-line rent receivables 165,567 157,670 Total accounts and notes receivable, net $ 253,687 $ 254,677 |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8. Leases Lessor Leases The Company’s primary source of revenues is derived from lease agreements, which includes rental income and expense reimbursement. The Company’s lease income is comprised of minimum base rent, expense reimbursements, percentage rent, lease termination fee income, ancillary income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments. The disaggregation of the Company’s lease income, which is included in Revenues from rental properties, net on the Company’s Condensed Consolidated Statements of Income, as either fixed or variable lease income based on the criteria specified in ASC 842, three March 31, 2022 2021, Three Months Ended March 31, 2022 2021 Lease income: Fixed lease income (1) $ 331,998 $ 213,005 Variable lease income (2) 83,447 60,312 Above-market and below-market leases amortization, net 4,297 5,702 Adjustments for potentially uncollectible revenues and disputed amounts (3) 2,912 (148 ) Total lease income $ 422,654 $ 278,871 ( 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 one The weighted-average remaining non-cancelable lease term and weighted-average discount rates for the Company’s operating and finance leases as of March 31, 2022 Operating Leases Finance Leases Weighted-average remaining lease term (in years) 25.6 1.8 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 Income for the three March 31, 2022 2021, Three Months Ended March 31, 2022 2021 Lease cost: Finance lease cost $ 327 $ - Operating lease cost 2,983 2,830 Variable lease cost 1,407 683 Total lease cost $ 4,717 $ 3,513 |
Note 9 - Notes and Mortgages Pa
Note 9 - Notes and Mortgages Payable | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Notes and Mortgages Payable Notes Payable The Company has a $2.0 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks which is scheduled to expire in March 2024, two six March 2025. one March 31, 2022), March 31, 2022, In February 2022, April 2032 November 2022. three March 31, 2022. Mortgages Payable During the three March 31, 2022, |
Note 10 - Noncontrolling Intere
Note 10 - Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 10. Noncontrolling Interests Noncontrolling interests represent the portion of equity that the Company does not Included within noncontrolling interests are units that were determined to be contingently redeemable that are classified as Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and 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 three March 31, 2022 2021 Three Months Ended March 31, 2022 2021 Balance at January 1, $ 13,480 $ 15,784 Fair value allocation to partnership interest - 2,068 Net income 333 169 Distributions (333 ) (169 ) Balance at March 31, $ 13,480 $ 17,852 |
Note 11 - Variable Interest Ent
Note 11 - Variable Interest Entities ("VIE") | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 11. Variable Interest Entities ( “ VIE ” ) Included within the Company’s consolidated operating properties at March 31, 2022 December 31, 2021 not not March 31, 2022, December 31, 2021, The majority of the operations of these VIEs are funded with cash flows generated from the properties. The Company has not not may All liabilities of these consolidated VIEs are non-recourse to the Company (“VIE Liabilities”). The assets of the unencumbered VIEs are not third As of March 31, 2022 As of December 31, 2021 Number of unencumbered VIEs 29 30 Number of encumbered VIEs 4 4 Total number of consolidated VIEs 33 34 Restricted Assets: Real estate, net $ 220.7 $ 222.9 Cash and cash equivalents 3.1 2.0 Accounts and notes receivable, net 2.2 2.0 Other assets 1.7 1.0 Total Restricted Assets $ 227.7 $ 227.9 VIE Liabilities: Mortgages payable, net $ 79.7 $ 78.9 Accounts payable and accrued expenses 10.0 11.8 Operating lease liabilities 6.7 6.7 Other liabilities 55.6 56.5 Total VIE Liabilities $ 152.0 $ 153.9 |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 12. Fair Value Measurements All financial instruments of the Company are reflected in the accompanying Condensed Consolidated Balance Sheets at amounts which, in management’s estimation, based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values, except those listed below, for which fair values are disclosed. The valuation method used to estimate fair value for fixed-rate and variable-rate debt is based on discounted cash flow analyses, with assumptions that include credit spreads, market yield curves, trading activity, loan amounts and debt maturities. The fair values for marketable securities are based on published values, securities dealers’ estimated market values or comparable market sales. Such fair value estimates are not As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 2 3 The following are financial instruments for which the Company’s estimated fair value differs from the carrying value (in thousands): March 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Notes payable, net (1) $ 7,110,804 $ 6,875,691 $ 7,027,050 $ 7,330,723 Mortgages payable, net (2) $ 378,644 $ 361,700 $ 448,652 $ 449,758 ( 1 The Company determined that the valuation of its senior unsecured notes were classified within Level 2 3 2, March 31, 2022 December 31, 2021, ( 2 The Company determined that its valuation of its mortgages payable 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 March 31, 2022 December 31, 2021, Balance at March 31, 2022 Level 1 Level 2 Level 3 Marketable equity securities $ 1,334,873 $ 1,334,873 $ - $ - Balance at December 31, 2021 Level 1 Level 2 Level 3 Marketable equity securities $ 1,211,739 $ 1,211,739 $ - $ - The table below presents the Company’s assets measured at fair value on a non-recurring basis at December 31, 2021 ( Balance at December 31, 2021 Level 1 Level 2 Level 3 Other investments $ 9,834 $ - $ - $ 9,834 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 13 - Incentive Plans
Note 13 - Incentive Plans | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 13. Incentive Plans In May 2020, 2020 “2020 2010 2020 March 2020. 2020 March 31, 2022, 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 grants of employee stock options, restricted stock and performance shares, be recognized in the Condensed Consolidated Statements of Income over the service period based on their fair values. Fair value 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 $7.5 million and $6.5 million for the three March 31, 2022 2021, March 31, 2022, |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 14. Stockholders ’ Equity Preferred Stock The Company’s outstanding Preferred Stock is detailed below: As of March 31, 2022 and December 31, 2021 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 The Company has a share repurchase program, which is scheduled to expire February 29, 2024. may not three March 31, 2022. March 31, 2022, During August 2021, may may 415 1933, may one not three March 31, 2022. March 31, 2022, Dividends Declared The following table provides a summary of the dividends declared per share: Three Months Ended March 31, 2022 2021 Common Shares $ 0.19000 $ 0.17000 Class L Depositary Shares $ 0.32031 $ 0.32031 Class M Depositary Shares $ 0.32813 $ 0.32813 |
Note 15 - Supplemental Schedule
Note 15 - Supplemental Schedule of Non-cash Investing / Financing Activities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 15. Supplemental Schedule of Non-Cash Investing / Financing Activities The following schedule summarizes the non-cash investing and financing activities of the Company for the three March 31, 2022 2021 Three Months Ended March 31, 2022 2021 Surrender of common stock $ 13,444 $ 9,092 Declaration of dividends paid in succeeding period $ 5,366 $ 5,366 Capital expenditures accrual $ 33,885 $ 36,062 Lease liabilities arising from obtaining operating right-of-use assets $ - $ 553 Allocation of fair value to noncontrolling interests $ - $ 2,068 Decrease in redeemable noncontrolling interests from redemption of units for common stock $ 1,536 $ - Purchase price fair value adjustment to prepaid rent $ - $ 15,620 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 March 31, 2022 As of December 31, 2021 Cash and cash equivalents $ 367,331 $ 325,631 Restricted cash 2,987 9,032 Total cash, cash equivalents and restricted cash $ 370,318 $ 334,663 |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. Commitments and Contingencies Letters of Credit The Company has issued letters of credit in connection with the completion and repayment guarantees primarily on certain of the Company’s redevelopment projects and guaranty of payment related to the Company’s insurance program. At March 31, 2022, Funding Commitments The Company has an investment with a funding commitment of $25.0 million, of which $9.4 million has been funded as of March 31, 2022. Defined Benefit Plan The Company’s noncontributory qualified cash balance retirement plan (the “Benefit Plan”) was terminated as of December 31, 2021. 2022. Other In connection with the construction of its development and redevelopment projects and related infrastructure, certain public agencies require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of March 31, 2022, 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 $49.7 million outstanding at March 31, 2022. may 2040. The Company is subject to various other legal proceedings and claims that arise in the ordinary course of business. Management believes that the final outcome of such matters will not March 31, 2022. |
Note 17 - Earnings Per Share
Note 17 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 17. Earnings Per Share The following table sets forth the reconciliation of earnings and the weighted-average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands except per share data): Three Months Ended March 31, 2022 2021 Computation of Basic and Diluted Earnings Per Share: Net income available to the Company's common shareholders $ 230,948 $ 131,588 Earnings attributable to participating securities (1,360 ) (792 ) Net income available to the Company’s common shareholders for basic earnings per share 229,588 130,796 Distributions on convertible units 11 9 Net income available to the Company’s common shareholders for diluted earnings per share $ 229,599 $ 130,805 Weighted average common shares outstanding – basic 614,767 430,524 Effect of dilutive securities (1): Equity awards 1,874 1,606 Assumed conversion of convertible units 117 134 Weighted average common shares outstanding – diluted 616,758 432,264 Net income available to the Company's common shareholders: Basic earnings per share $ 0.37 $ 0.30 Diluted earnings per share $ 0.37 $ 0.30 ( 1 The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not not March 31, 2021. The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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 10 10 March 31, 2022 10 not |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its Condensed Consolidated Financial Statements. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements The following table represents an Accounting Standards Update (“ASU”) to the FASB’s ASCs that, as of March 31, 2022, not not ASU Description Effective Date Effect on the financial statements or other significant matters ASU 2021 08, 805 The amendments in this update require acquiring entities to apply Topic 606 805. January 1, 2023; The adoption of this ASU is 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 2021 05, July 2021, 842 This ASU amends the lessor lease classification in ASC 842 not not 842 1 January 1, 2022 The adoption of this ASU did not |
Note 3 - Real Estate (Tables)
Note 3 - Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended March 31, 2022 2021 Aggregate sales price $ 8.7 $ 23.0 Gain on sale of properties (1) $ 4.2 $ 10.0 Number of properties sold - 1 Number of parcels sold 4 4 |
Note 4 - Investments in and A_2
Note 4 - Investments in and Advances to Real Estate Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Ownership The Company s Investment Joint Venture Interest March 31, 2022 December 31, 2021 Prudential Investment Program 15.0% $ 154.8 $ 163.0 Kimco Income Opportunity Portfolio (“KIR”) 48.6% 192.3 186.0 Canada Pension Plan Investment Board (“CPP”) 55.0% 175.1 165.1 Other Institutional Joint Ventures Various 279.3 281.8 Other Joint Venture Programs Various 212.4 211.0 Total* $ 1,013.9 $ 1,006.9 |
Joint Venture Investments Accounted For Under The Equity Method Debt Details [Table Text Block] | As of March 31, 2022 As of December 31, 2021 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 $ 416.0 2.30 % 43.0 $ 426.9 2.02 % 45.6 KIR 468.7 2.74 % 25.1 492.6 2.55 % 27.9 CPP 83.9 2.20 % 52.1 84.2 1.85 % 55.0 Other Institutional Joint Ventures 233.0 2.00 % 56.7 232.9 1.65 % 59.7 Other Joint Venture Programs 401.5 3.63 % 80.1 402.1 3.58 % 83.0 Total $ 1,603.1 $ 1,638.7 |
Income [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three Months Ended March 31, Joint Venture 2022 2021 Prudential Investment Program $ 2.4 $ 2.6 KIR 13.4 8.7 CPP 3.1 2.1 Other Institutional Joint Ventures 1.5 - Other Joint Venture Programs 3.2 4.4 Total $ 23.6 $ 17.8 |
Note 6 - Marketable Securities
Note 6 - Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Marketable Securities [Table Text Block] | As of March 31, 2022 As of December 31, 2021 Marketable securities: Amortized cost $ 115,529 $ 114,159 Unrealized gains, net 1,219,344 1,097,580 Total fair value $ 1,334,873 $ 1,211,739 |
Note 7 - Accounts and Notes R_2
Note 7 - Accounts and Notes Receivable (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of March 31, 2022 As of December 31, 2021 Billed tenant receivables $ 34,393 $ 20,970 Unbilled common area maintenance, insurance and tax reimbursements 33,223 55,283 Deferred rent receivables 3,671 5,029 Other receivables 16,833 15,725 Straight-line rent receivables 165,567 157,670 Total accounts and notes receivable, net $ 253,687 $ 254,677 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended March 31, 2022 2021 Lease income: Fixed lease income (1) $ 331,998 $ 213,005 Variable lease income (2) 83,447 60,312 Above-market and below-market leases amortization, net 4,297 5,702 Adjustments for potentially uncollectible revenues and disputed amounts (3) 2,912 (148 ) Total lease income $ 422,654 $ 278,871 |
Lease, Cost [Table Text Block] | Operating Leases Finance Leases Weighted-average remaining lease term (in years) 25.6 1.8 Weighted-average discount rate 6.62 % 4.44 % Three Months Ended March 31, 2022 2021 Lease cost: Finance lease cost $ 327 $ - Operating lease cost 2,983 2,830 Variable lease cost 1,407 683 Total lease cost $ 4,717 $ 3,513 |
Note 10 - Noncontrolling Inte_2
Note 10 - Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | Three Months Ended March 31, 2022 2021 Balance at January 1, $ 13,480 $ 15,784 Fair value allocation to partnership interest - 2,068 Net income 333 169 Distributions (333 ) (169 ) Balance at March 31, $ 13,480 $ 17,852 |
Note 11 - Variable Interest E_2
Note 11 - Variable Interest Entities ("VIE") (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of March 31, 2022 As of December 31, 2021 Number of unencumbered VIEs 29 30 Number of encumbered VIEs 4 4 Total number of consolidated VIEs 33 34 Restricted Assets: Real estate, net $ 220.7 $ 222.9 Cash and cash equivalents 3.1 2.0 Accounts and notes receivable, net 2.2 2.0 Other assets 1.7 1.0 Total Restricted Assets $ 227.7 $ 227.9 VIE Liabilities: Mortgages payable, net $ 79.7 $ 78.9 Accounts payable and accrued expenses 10.0 11.8 Operating lease liabilities 6.7 6.7 Other liabilities 55.6 56.5 Total VIE Liabilities $ 152.0 $ 153.9 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Notes payable, net (1) $ 7,110,804 $ 6,875,691 $ 7,027,050 $ 7,330,723 Mortgages payable, net (2) $ 378,644 $ 361,700 $ 448,652 $ 449,758 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Balance at March 31, 2022 Level 1 Level 2 Level 3 Marketable equity securities $ 1,334,873 $ 1,334,873 $ - $ - Balance at December 31, 2021 Level 1 Level 2 Level 3 Marketable equity securities $ 1,211,739 $ 1,211,739 $ - $ - Balance at December 31, 2021 Level 1 Level 2 Level 3 Other investments $ 9,834 $ - $ - $ 9,834 |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | As of March 31, 2022 and December 31, 2021 Class of Preferred Stock Shares Authorized Shares Issued and Outstanding Liquidation Preference (in thousands) Dividend Rate Annual Dividend per Depositary Share Par Value Optional Redemption Date Class L 10,350 9,000 $ 225,000 5.125 % $ 1.28125 $ 1.00 8/16/2022 Class M 10,580 10,580 264,500 5.250 % $ 1.31250 $ 1.00 12/20/2022 19,580 $ 489,500 |
Dividends Declared [Table Text Block] | Three Months Ended March 31, 2022 2021 Common Shares $ 0.19000 $ 0.17000 Class L Depositary Shares $ 0.32031 $ 0.32031 Class M Depositary Shares $ 0.32813 $ 0.32813 |
Note 15 - Supplemental Schedu_2
Note 15 - Supplemental Schedule of Non-cash Investing / Financing Activities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Three Months Ended March 31, 2022 2021 Surrender of common stock $ 13,444 $ 9,092 Declaration of dividends paid in succeeding period $ 5,366 $ 5,366 Capital expenditures accrual $ 33,885 $ 36,062 Lease liabilities arising from obtaining operating right-of-use assets $ - $ 553 Allocation of fair value to noncontrolling interests $ - $ 2,068 Decrease in redeemable noncontrolling interests from redemption of units for common stock $ 1,536 $ - Purchase price fair value adjustment to prepaid rent $ - $ 15,620 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash [Table Text Block] | As of March 31, 2022 As of December 31, 2021 Cash and cash equivalents $ 367,331 $ 325,631 Restricted cash 2,987 9,032 Total cash, cash equivalents and restricted cash $ 370,318 $ 334,663 |
Note 17 - Earnings Per Share (T
Note 17 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2022 2021 Computation of Basic and Diluted Earnings Per Share: Net income available to the Company's common shareholders $ 230,948 $ 131,588 Earnings attributable to participating securities (1,360 ) (792 ) Net income available to the Company’s common shareholders for basic earnings per share 229,588 130,796 Distributions on convertible units 11 9 Net income available to the Company’s common shareholders for diluted earnings per share $ 229,599 $ 130,805 Weighted average common shares outstanding – basic 614,767 430,524 Effect of dilutive securities (1): Equity awards 1,874 1,606 Assumed conversion of convertible units 117 134 Weighted average common shares outstanding – diluted 616,758 432,264 Net income available to the Company's common shareholders: Basic earnings per share $ 0.37 $ 0.30 Diluted earnings per share $ 0.37 $ 0.30 |
Note 1 - Business and Organiz_2
Note 1 - Business and Organization (Details Textual) $ / shares in Units, $ in Millions | Aug. 03, 2021USD ($)shares | Apr. 15, 2021$ / sharesshares |
Senior Unsecured Notes Assumed in the Weingarten Acquisition [Member] | ||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 1,500 | |
Liabilities, Fair Value Adjustment | 95.6 | |
Mortgage Debt Assumed in the Weingarten Acquisition [Member] | ||
Noncash or Part Noncash Acquisition, Debt Assumed | 317.7 | |
Liabilities, Fair Value Adjustment | $ 11 | |
Number of Encumbered Operating Properties | 16 | |
Weingarten Realty Investors [Member] | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Per Each Acquired Company Share (in shares) | shares | 1.408 | |
Business Combination, Consideration Transferred, Cash Per Each Acquired Company Share (in dollars per share) | $ / shares | $ 2.20 | |
Business Combination, Consideration Transferred, Total | $ 4,100 | |
Number of Properties Acquired | 149 | |
Properties Acquired, Number Held Through Joint Venture Programs | 30 | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 179,900,000 | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 3.8 | |
Payments to Acquire Businesses, Including Additional Consideration Relating to Reimbursements | $ 0.3 |
Note 3 - Real Estate (Details T
Note 3 - Real Estate (Details Textual) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, Net of Tax, Attributable to Noncontrolling Interest | $ 3 | |
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | $ 1 | |
Property Held-for-sale, Net Carrying Amount | $ 13.7 | |
Parcels in San Marcos, CA and Columbia, MD [Member] | ||
Number of Parcels Acquired | 2 | |
Payments to Acquire Real Estate, Total | $ 18.6 |
Note 3 - Real Estate - Disposit
Note 3 - Real Estate - Disposition Activity (Details) - Disposition Activity Relating to Consolidated Operating Properties and Parcels [Member] $ in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | ||
Aggregate sales price | $ 8.7 | $ 23 | |
Gain on sale of properties | [1] | $ 4.2 | $ 10 |
Number of properties sold | 0 | 1 | |
Number of parcels sold | 4 | 4 | |
[1] | Before noncontrolling interests of $3.0 million and taxes of $1.0 million, for the three months ended March 31, 2021. |
Note 4 - Investments in and A_3
Note 4 - Investments in and Advances to Real Estate Joint Ventures (Details Textual) ft² in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($)ft² | Mar. 31, 2021USD ($) | Dec. 31, 2021ft² | |
All Equity Method Investments [Member] | |||
Number of Real Estate Properties | 117 | 120 | |
Gross Leasable Area (Square Foot) | ft² | 24 | 24.7 | |
Real Estate Joint Ventures [Member] | Operating Properties [Member] | |||
Number of Real Estate Properties, Interest Disposed of or Transferred | 3 | 2 | |
Equity Method Investment, Sales Price | $ 81.5 | $ 53.7 | |
Equity Method Investment, Realized Gain (Loss) on Disposal, Total | $ 2.6 | $ 4.2 |
Note 4 - Investments In and A_4
Note 4 - Investments In and Advances to Real Estate Joint Ventures - Investment Details (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Kim Pru and Kim Pru II [Member] | |||
Average ownership interest | 15.00% | ||
The company's investment | $ 154.8 | $ 163 | |
Kimco Income Fund [Member] | |||
Average ownership interest | 48.60% | ||
The company's investment | $ 192.3 | 186 | |
CPP [Member] | |||
Average ownership interest | 55.00% | ||
The company's investment | $ 175.1 | 165.1 | |
Other Institutional Joint Ventures [Member] | |||
The company's investment | 279.3 | 281.8 | |
Other Joint Venture Programs [Member] | |||
The company's investment | 212.4 | 211 | |
All Equity Method Investments [Member] | |||
The company's investment | [1] | $ 1,013.9 | $ 1,006.9 |
[1] | Representing 117 property interests and 24.0 million square feet of GLA, as of March 31, 2022, and 120 property interests and 24.7 million square feet of GLA, as of December 31, 2021. |
Note 4 - Investments In and A_5
Note 4 - Investments In and Advances to Real Estate Joint Ventures - The Company's Share of Net Income/(Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Prudential Investment Program [Member] | |||
Income of joint ventures, net | [1] | $ 2,400 | $ 2,600 |
KIR [Member] | |||
Income of joint ventures, net | 13,400 | 8,700 | |
CPP [Member] | |||
Income of joint ventures, net | 3,100 | 2,100 | |
Other Institutional Joint Ventures [Member] | |||
Income of joint ventures, net | 1,500 | 0 | |
Other Joint Venture Programs [Member] | |||
Income of joint ventures, net | 3,200 | 4,400 | |
Joint Ventures [Member] | |||
Income of joint ventures, net | $ 23,570 | $ 17,752 | |
[1] | During the year ended December 31, 2019, the Prudential Investment Program recognized an impairment charge on a property of $29.9 million, of which the Company’s share was $3.7 million. |
Note 4 - Investments In and A_6
Note 4 - Investments In and Advances to Real Estate Joint Ventures - Joint Venture Investments Accounted for Under the Equity Method, Debt Details (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | ||
Mortgage and notes payable | $ 1,603.1 | $ 1,638.7 | |
Prudential Investment Program [Member] | |||
Mortgage and notes payable | $ 416 | $ 426.9 | |
Weighted average interest rate | 2.30% | 2.02% | |
Weighted average remaining term (Month) | [1] | 43 months | 45 months 18 days |
KIR [Member] | |||
Mortgage and notes payable | $ 468.7 | $ 492.6 | |
Weighted average interest rate | 2.74% | 2.55% | |
Weighted average remaining term (Month) | [1] | 25 months 3 days | 27 months 27 days |
CPP [Member] | |||
Mortgage and notes payable | $ 83.9 | $ 84.2 | |
Weighted average interest rate | 2.20% | 1.85% | |
Weighted average remaining term (Month) | [1] | 52 months 3 days | 55 months |
Other Institutional Joint Ventures [Member] | |||
Mortgage and notes payable | $ 233 | $ 232.9 | |
Weighted average interest rate | 2.00% | 1.65% | |
Weighted average remaining term (Month) | [1] | 56 months 21 days | 59 months 21 days |
Other Joint Venture Programs [Member] | |||
Mortgage and notes payable | $ 401.5 | $ 402.1 | |
Weighted average interest rate | 3.63% | 3.58% | |
Weighted average remaining term (Month) | [1] | 80 months 3 days | 83 months |
[1] | Includes extension options |
Note 5 - Other Investments (Det
Note 5 - Other Investments (Details Textual) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | |
Preferred Equity Investments [Member] | ||
Equity Method Investments | $ 74.2 | |
Number of Real Estate Properties | 21 | |
Income (Loss) from Equity Method Investments, Total | $ 5.9 | $ 3.2 |
Investment With Funding Commitments [Member] | ||
Equity Method Investment, Commitment Amount | 25 | |
Payments to Acquire Equity Method Investments | $ 9.4 |
Note 6 - Marketable Securitie_2
Note 6 - Marketable Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Marketable Securities, Gain (Loss), Total | $ 121,764 | $ 61,085 |
Note 6 - Marketable Securitie_3
Note 6 - Marketable Securities - Amortized Cost and Unrealized Gain (Loss) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized cost | $ 115,529 | $ 114,159 |
Unrealized gains, net | 1,219,344 | 1,097,580 |
Marketable securities | $ 1,334,873 | $ 1,211,739 |
Note 7 - Accounts and Notes R_3
Note 7 - Accounts and Notes Receivable - Components of Accounts and Notes Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Billed tenant receivables | $ 34,393 | $ 20,970 |
Unbilled common area maintenance, insurance and tax reimbursements | 33,223 | 55,283 |
Deferred rent receivables | 3,671 | 5,029 |
Other receivables | 16,833 | 15,725 |
Straight-line rent receivables | 165,567 | 157,670 |
Total accounts and notes receivable, net | $ 253,687 | $ 254,677 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | Mar. 31, 2022 |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 64 years |
Lessee, Operating Lease, Renewal Term (Year) | 75 years |
Note 8 - Leases - Lease Income
Note 8 - Leases - Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Fixed lease income | [1] | $ 331,998 | $ 213,005 |
Variable lease income | [2] | 83,447 | 60,312 |
Above-market and below-market leases amortization, net | 4,297 | 5,702 | |
Total lease income | 422,654 | 278,871 | |
COVID 19 [Member] | |||
Adjustments for potentially uncollectible revenues and disputed amounts | [3] | $ 2,912 | $ (148) |
[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 8 - Leases - Lease Cost (D
Note 8 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Weighted-average remaining lease term, operating leases (Year) | 25 years 7 months 6 days | ||
Weighted-average remaining lease term, finance leases (Year) | 1 year 9 months 18 days | ||
Weighted-average discount rate, operating leases | 6.62% | ||
Weighted-average discount rate, finance leases | 4.44% | ||
Finance lease cost | [1] | $ 327 | $ 0 |
Operating lease cost | 2,983 | 2,830 | |
Variable lease cost | 1,407 | 683 | |
Total lease cost | $ 4,717 | $ 3,513 | |
[1] | Relates to interest expense on finance lease liabilities, which were acquired in connection with the Merger. |
Note 9 - Notes and Mortgages _2
Note 9 - Notes and Mortgages Payable (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Feb. 29, 2020 | Mar. 31, 2022 | Feb. 28, 2022 | |
Long-term Line of Credit, Total | $ 0 | ||
February 2022 Senior Unsecured Notes [Member] | |||
Debt Instrument, Face Amount | $ 600,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | ||
Senior Unsecured Notes [Member] | |||
Debt Instrument, Face Amount | $ 500,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.40% | ||
Debt Instrument, Redemption, Prepayment Charges | 6,500 | ||
Write off of Deferred Debt Issuance Cost | 700 | ||
Mortgage Relating to An Operating Property [Member] | |||
Proceeds from Issuance of Long-term Debt, Total | 19,000 | ||
Mortgage Debt Encumbered Operating Property [Member] | |||
Repayments of Long-term Debt, Total | 85,900 | ||
Liabilities, Fair Value Adjustment | $ 200 | ||
Number of Real Estate Properties | 4 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 2,000,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.22% | ||
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 |
Note 10 - Noncontrolling Inte_3
Note 10 - Noncontrolling Interests - Redemption Value of the Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Balance | $ 13,480 | $ 15,784 | |
Fair value allocation to partnership interest | [1] | 0 | 2,068 |
Net income | 333 | 169 | |
Distributions | [1] | (333) | (169) |
Balance | $ 13,480 | $ 17,852 | |
[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 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 11 - Variable Interest E_3
Note 11 - Variable Interest Entities ("VIE") (Details Textual) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
Assets, Total | [1] | $ 18,543,581 | $ 18,459,199 |
Liabilities, Total | [2] | $ 8,314,939 | $ 8,335,537 |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity, Number of Entities | 33 | 34 | |
Consolidated Operating Properties [Member] | |||
Variable Interest Entity, Number of Entities | 33 | 34 | |
Consolidated Operating Properties [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Assets, Total | $ 1,600,000 | $ 1,600,000 | |
Liabilities, Total | $ 152,000 | $ 153,900 | |
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2022 and December 31, 2021 of $227,748 and $227,858, respectively. See Footnote 11 of the Notes to Condensed Consolidated Financial Statements. | ||
[2] | Includes non-recourse liabilities of consolidated VIEs at March 31, 2022 and December 31, 2021 of $151,955 and $153,924, respectively. See Footnote 11 of the Notes to Condensed Consolidated Financial Statements. |
Note 11 - Variable Interest E_4
Note 11 - Variable Interest Entities ("VIE") - Summary of Restricted Assets and VIE Liabilities (Details) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
Cash and cash equivalents | $ 367,331 | $ 325,631 | |
Accounts and notes receivable, net | 253,687 | 254,677 | |
Other assets | 364,721 | 340,176 | |
Assets, Total | [1] | 18,543,581 | 18,459,199 |
Mortgages payable, net | 378,644 | 448,652 | |
Operating lease liabilities | 122,615 | 123,779 | |
Other liabilities | 697,510 | 730,690 | |
Liabilities, Total | [2] | $ 8,314,939 | $ 8,335,537 |
Variable Interest Entity, Unencumbered [Member] | |||
Number of consolidated VIEs | 29 | 30 | |
Variable Interest Entity, Encumbered by Third Party Non-resource Mortgage Debt [Member] | |||
Number of consolidated VIEs | 4 | 4 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Number of consolidated VIEs | 33 | 34 | |
Variable Interest Entity, Primary Beneficiary [Member] | Nonrecourse [Member] | |||
Mortgages payable, net | $ 79,700 | $ 78,900 | |
Accounts payable and accrued expenses | 10,000 | 11,800 | |
Operating lease liabilities | 6,700 | 6,700 | |
Other liabilities | 55,600 | 56,500 | |
Liabilities, Total | 151,955 | 153,924 | |
Variable Interest Entity, Primary Beneficiary [Member] | Asset Pledged as Collateral [Member] | |||
Real estate, net | 220,700 | 222,900 | |
Cash and cash equivalents | 3,100 | 2,000 | |
Accounts and notes receivable, net | 2,200 | 2,000 | |
Other assets | 1,700 | 1,000 | |
Assets, Total | $ 227,748 | $ 227,858 | |
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2022 and December 31, 2021 of $227,748 and $227,858, respectively. See Footnote 11 of the Notes to Condensed Consolidated Financial Statements. | ||
[2] | Includes non-recourse liabilities of consolidated VIEs at March 31, 2022 and December 31, 2021 of $151,955 and $153,924, respectively. See Footnote 11 of the Notes to Condensed Consolidated Financial Statements. |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements (Details Textual) - Estimate of Fair Value Measurement [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Notes Payable, Fair Value Disclosure | [1] | $ 6,875,691 | $ 7,330,723 |
Fair Value, Inputs, Level 2 [Member] | |||
Notes Payable, Fair Value Disclosure | $ 6,900,000 | $ 7,300,000 | |
[1] | The Company determined that the valuation of its senior unsecured notes were classified within Level 2 of the fair value hierarchy and its Credit Facility was classified within Level 3 of the fair value hierarchy. The estimated fair value amounts classified as Level 2, as of March 31, 2022 and December 31, 2021, were $6.9 billion and $7.3 billion, respectively. |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurements - Estimate of Fair Value Differs From Carrying Amounts (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Reported Value Measurement [Member] | |||
Notes payable, net | [1] | $ 7,110,804 | $ 7,027,050 |
Reported Value Measurement [Member] | Mortgages [Member] | |||
Mortgages payable, net | [2] | 378,644 | 448,652 |
Estimate of Fair Value Measurement [Member] | |||
Notes payable, net | [1] | 6,875,691 | 7,330,723 |
Estimate of Fair Value Measurement [Member] | Mortgages [Member] | |||
Mortgages payable, net | [2] | $ 361,700 | $ 449,758 |
[1] | The Company determined that the valuation of its senior unsecured notes were classified within Level 2 of the fair value hierarchy and its Credit Facility was classified within Level 3 of the fair value hierarchy. The estimated fair value amounts classified as Level 2, as of March 31, 2022 and December 31, 2021, were $6.9 billion and $7.3 billion, respectively. | ||
[2] | The Company determined that its valuation of its mortgages payable were classified within Level 3 of the fair value hierarchy. |
Note 12 - Fair Value Measurem_5
Note 12 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Recurring [Member] | ||
Marketable equity securities | $ 1,334,873 | $ 1,211,739 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable equity securities | 1,334,873 | 1,211,739 |
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 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Other investments | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Other investments | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Other investments | $ 9,834 |
Note 13 - Incentive Plans (Deta
Note 13 - Incentive Plans (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | May 31, 2020 | |
Share-based Payment Arrangement, Expense | $ 7.5 | $ 6.5 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 62.8 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 2 months 12 days | ||
The 2020 Equity Participation Plan [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 10,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 6,800,000 |
Note 14 - Stockholders' Equit_2
Note 14 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2021 | Aug. 31, 2021 | Feb. 28, 2020 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | ||
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) | 0 | |||
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 14 - Stockholders' Equit_3
Note 14 - Stockholders' Equity - Outstanding Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
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 14 - Stockholders' Equit_4
Note 14 - Stockholders' Equity - Dividends Declared (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Common Shares (in dollars per share) | $ 0.19000 | $ 0.17000 |
Series L Preferred Stock [Member] | ||
Preferred Shares (in dollars per share) | 0.32031 | 0.32031 |
Series M Preferred Stock [Member] | ||
Preferred Shares (in dollars per share) | $ 0.32813 | $ 0.32813 |
Note 15 - Supplemental Schedu_3
Note 15 - Supplemental Schedule of Non-cash Investing / Financing Activities - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Surrender of common stock | $ 13,444 | $ 9,092 | |
Dividends payable | 5,366 | 5,366 | $ 5,366 |
Capital expenditures accrual | 33,885 | 36,062 | |
Lease liabilities arising from obtaining operating right-of-use assets | 0 | 553 | |
Allocation of fair value to noncontrolling interests | 0 | 2,068 | |
Decrease in redeemable noncontrolling interests from redemption of units for common stock | 1,536 | 0 | |
Purchase price fair value adjustment to prepaid rent | $ 0 | $ 15,620 |
Note 15 - Supplemental Schedu_4
Note 15 - Supplemental Schedule of Non-cash Investing / Financing Activities - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 367,331 | $ 325,631 |
Restricted cash | 2,987 | 9,032 |
Total cash, cash equivalents and restricted cash | $ 370,318 | $ 334,663 |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Letters of Credit Outstanding, Amount | $ 42,600 |
Performance and Surety Bonds | 12,300 |
Series A Bond [Member] | |
Special Assessment Bond, Total | 49,700 |
The Weingarten Realty Noncontributory Qualified Cash Balance Retirement Plan [Member] | |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 0 |
Investment With Funding Commitments [Member] | |
Equity Method Investment, Commitment Amount | 25,000 |
Payments to Acquire Equity Method Investments | $ 9,400 |
Note 17 - Earnings Per Share (D
Note 17 - Earnings Per Share (Details Textual) shares in Millions | 3 Months Ended |
Mar. 31, 2021shares | |
Share-Based Payment Arrangement, Option [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.8 |
Note 17 - Earnings Per Share -
Note 17 - Earnings Per Share - Reconciliation of Earnings (Loss) and the Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Net income available to the Company's common shareholders | $ 230,948 | $ 131,588 | |
Earnings attributable to participating securities | (1,360) | (792) | |
Net income available to the Company’s common shareholders for basic earnings per share | 229,588 | 130,796 | |
Distributions on convertible units | 11 | 9 | |
Net income available to the Company’s common shareholders for diluted earnings per share | $ 229,599 | $ 130,805 | |
Weighted average common shares outstanding – basic (in shares) | 614,767 | 430,524 | |
Equity awards (in shares) | [1] | 1,874 | 1,606 |
Assumed conversion of convertible units (in shares) | [1] | 117 | 134 |
Weighted average common shares outstanding – diluted (in shares) | [1] | 616,758 | 432,264 |
Basic earnings per share (in dollars per share) | $ 0.37 | $ 0.30 | |
Diluted earnings per share (in dollars per share) | $ 0.37 | $ 0.30 | |
[1] | The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 0.8 million stock options that were not dilutive as of March 31, 2021. |