Kimco 10-Q 9-30-09

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Nine Months Ended September 30, 2009 and 2008

(Unaudited)

(in thousands)


		Retained Earnings/ (Cumulative Distributions in Excess of Net Income)		Accumulated Other Comprehensive Income		Preferred Stock		Common Stock		Paid-in Capital		Total Stockholders' Equity		Noncontrolling Interest		Total Equity		Comprehensive Income
Balance, January 1, 2008	$	180,005	$	33,299	$	884	$	2,528	$	3,677,509	$	3,894,225	$	274,916	$	4,169,141
Contributions from noncontrolling interests		-		-		-		-		-		-		89,629		89,629
Comprehensive income:
Net income		301,425		-		-		-		-		301,425		27,618		329,043	$	329,043
Other comprehensive income, net of tax:
Change in unrealized loss on marketable securities		-		(70,763)		-		-		-		(70,763)		-		(70,763)		(70,763)
Change in unrealized loss on interest rate swaps		-		(318)		-		-		-		(318)		-		(318)		(318)
Change in foreign currency translation adjustment		-		23,431		-		-		-		23,431		1,513		24,944		24,944
Comprehensive income																	$	282,906
Redeemable noncontrolling interest		-		-		-		-		-		-		(7,430)		(7,430)
Dividends ($1.24 per common share; $1.2468 per Class F Depositary Share, and $1.4532 per Class G Depositary Share, respectively)		(356,972)		-		-		-		-		(356,972)		-		(356,972)
Distributions to noncontrolling interests		-		-		-		-		-		-		(17,938)		(17,938)
Issuance of units														796		796
Issuance of common stock								115		409,250		409,365		-		409,365
Exercise of common stock options		-		-		-		19		43,478		43,497		-		43,497
Amortization of stock option expense		-		-		-		-		9,552		9,552		-		9,552
Balance, September 30, 2008	$	124,458	$	(14,351)	$	884	$	2,662	$	4,139,789	$	4,253,442	$	369,104	$	4,622,546
Balance, January 1, 2009	$	(58,162)	$	(179,541)	$	884	$	2,711	$	4,217,806	$	3,983,698	$	221,035	$	4,204,733
Contributions from noncontrolling interests		-		-		-		-		-		-		19,737		19,737
Comprehensive income:
Net (loss)/income		(56,119)		-		-		-		-		(56,119)		9,689		(46,430)	$	(46,430)
Other comprehensive income, net of tax:
Change in unrealized gain on marketable securities		-		48,724		-		-		-		48,724		-		48,724		48,724
Change in unrealized gain on interest rate swaps		-		44		-		-		-		44		-		44		44
Change in foreign currency translation adjustment		-		32,062		-		-		-		32,062		(13,360)		18,702		18,702
Comprehensive income																	$	21,040
Redeemable noncontrolling interest		-		-		-		-		-		-		(4,772)		(4,772)
Dividends ($0.56 per common share; $1.2468 per Class F Depositary Share, and $1.4532 per Class G Depositary Share, respectively)		(199,927)		-		-		-		-		(199,927)		-		(199,927)
Distributions to noncontrolling interests		-		-		-		-		-		-		(6,128)		(6,128)
Issuance of units		-		-		-		-		-		-		126		126
Unit redemptions		-		-		-		-		-		-		(346)		(346)
Issuance of common stock		-		-		-		1,052		716,208		717,260		-		717,260
Exercise of common stock options		-		-		-		4		4,495		4,499		-		4,499
Amortization of stock option expense		-		-		-		-		7,848		7,848		-		7,848
Balance, September 30, 2009	$	(314,208)	$	(98,711)	$	884	$	3,767	$	4,946,357	$	4,538,089	$	225,981	$	4,764,070

The accompanying notes are an integral part of these condensed consolidated financial statements.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30, 2009 and 2008

(Unaudited)

(in thousands)


		Nine Months Ended September 30,
		2009		2008
Cash flow from operating activities:
Net (loss) income	$	(46,430)	$	329,043
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		168,053		153,603
Loss on operating properties held for sale/sold/transferred		224		-
Impairment charges		149,171		9,710
Gain on sale of development properties		(3,476)		(34,248)
Gain on sale/transfer of operating properties		(2,870)		(11,306)
Equity in loss/income of joint ventures, net		(3,317)		(138,016)
Income from other real estate investments		(13,223)		(71,209)
Distributions from joint ventures		90,265		208,044
Cash retained from excess tax benefits		-		(1,928)
Change in accounts and notes receivable		(9,129)		(16,710)
Change in accounts payable and accrued expenses		37,387		45,513
Change in other operating assets and liabilities		(44,707)		6,807
Net cash flow provided by operating activities		321,948		479,303
Cash flow from investing activities:
Acquisition of and improvements to operating real estate		(78,073)		(202,807)
Acquisition of and improvements to real estate under development		(116,358)		(311,065)
Investment in marketable securities		-		(263,947)
Proceeds from sale of marketable securities		70,585		52,212
Proceeds from transferred operating/development properties		-		32,400
Investments and advances to real estate joint ventures		(92,186)		(131,436)
Reimbursements of advances to real estate joint ventures		79,985		85,815
Other real estate investments		(7,051)		(57,860)
Reimbursements of advances to other real estate investments		9,177		65,256
Investment in mortgage loans receivable		(4,547)		(68,525)
Collection of mortgage loans receivable		36,592		37,914
Other investments		(3,900)		(19,466)
Reimbursements of other investments		4,935		17,189
Proceeds from sale of operating properties		26,820		74,185
Proceeds from sale of development properties		19,059		47,811
Net cash flow used for investing activities		(54,962)		(642,324)
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt		(167,838)		(61,004)
Principal payments on rental property debt		(12,178)		(10,763)
Principal payments on construction loan financings		(255,386)		(23,473)
Proceeds from mortgage/construction loan financings		403,815		66,438
Borrowings under unsecured revolving credit facilities		211,858		536,443
Repayment of borrowings under unsecured revolving credit facilities		(927,647)		(272,886)
Proceeds from issuance of unsecured term loan/notes		520,000		-
Repayment of unsecured term loan/notes		(428,701)		(125,000)
Financing origination costs		(12,947)		(2,848)
Redemption of noncontrolling interests		(15,320)		(14,020)
Dividends paid		(296,599)		(340,060)
Cash retained from excess tax benefits		-		1,928
Proceeds from issuance of stock		718,537		444,858
Net cash flow (used for) provided by financing activities		(262,406)		199,613
Change in cash and cash equivalents		4,580		36,592
Cash and cash equivalents, beginning of period		136,177		87,499
Cash and cash equivalents, end of period	$	140,757	$	124,091
Interest paid during the period (net of capitalized interest of $16,628, and $22,343, respectively)	$	131,234	$	141,675
Income taxes paid during the period	$	4,265	$	10,906

The accompanying notes are an integral part of these condensed consolidated financial statements.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS

1. Interim Financial Statements

Principles of Consolidation -

The accompanying Condensed Consolidated Financial Statements include the accounts of Kimco Realty Corporation (the “Company”), its subsidiaries, all of which are wholly-owned, and all entities in 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”) or meets certain criteria of a sole general partner or managing member in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Certification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation. The information furnished 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 Consol idated Financial Statements should be read in conjunction with the Company's 2008 Annual Report on Form 10-K.

Subsequent Events -

The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through November 4, 2009, the day the financial statements were issued (see Note 19).

Income Taxes -

The Company has made an election to qualify, and believes it is operating so as to qualify, as a Real Estate Investment Trust (a “REIT”) for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under Sections 856 through 860 of the Internal Revenue Code, as amended (the “Code”). However, in connection with the Tax Relief Extension Act of 1999, which became effective January 1, 2001, the Company is permitted to participate in certain activities which it was previously precluded from in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries under the Code. As such, the Company will be subject to federal and state income taxes on the income from these activities.

Real Estate -

Upon acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), assumed debt and redeemable units issued at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the estimated fair value to the applicable assets and liabilities. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed is received and estim ates are refined, appropriate adjustments are made to the purchase price allocation on a retrospective basis. The Company expenses transaction costs associated with business combinations in the period incurred.

On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired. A property value is considered impaired only if management’s estimate of current and projected operating cash flows (undiscounted and without interest charges) of the property over its remaining useful life is less than the net carrying value of the property. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the carrying value of the property would be adjusted to an amount to reflect the estimated fair value of the property.

Noncontrolling Interests -

Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. Noncontrolling interests also includes partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. These units have a stated redemption value (classified as mezzanine equity) or a redemption amount based upon the Adjusted Current Trading Price, as defined, of the Company’s common stock ("Common Stock") and provide the unit holders various rates of return during the holding period. The unit holders generally have the right to redeem their units for cash at any time after one year from issuance. The Company typically has the option to settle redemption amounts in cash or Common Stock for the issuance of convertible units. The Company evaluates the terms of the partnership units issued and determines if the units are mandatorily redeemable in accordance wi th the Distinguishing Liabilities from Equity guidance of the FASB ASC.

The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance issued by the FASB. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Condensed Consolidated Balance Sheets. Redeemable units are classified as Redeemable noncontrolling interests and presented between Total liabilities and Stockholder’s equity on the Company’s Condensed Consolidated Balance Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented on the Company’s Condensed Consolidated Statements of Operations. When a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary is initially measured at fair value. Any gain or loss on the deconsolidation of a subsidiary is measured using the fair value of the noncontrolling equity investment rather than the carrying amount of that retained investment.

The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the nine months ended September 30, 2009 and September 30, 2008 (amounts in thousands):


		2009		2008
Balance at January 1,	$	115,853	$	173,592
Unit redemptions		(13,889)		(6,541)
Fair market value amortization		(537)		(896)
Other		(99)		(69)
Balance at September 30,	$	101,328	$	166,086

Earnings/(Loss) Per Share -

The following table sets forth the reconciliation of earnings/(loss) and the weighted average number of shares used in the calculation of basic and diluted earnings/(loss) per share (amounts presented in thousands except per share data):


		Three Months Ended September 30,				Nine Months Ended September 30,
		2009		2008		2009		2008
Computation of Basic Earnings/(Loss) Per Share:

Income/(loss) from continuing operations	$	43,076	$	110,066	$	(48,819)	$	311,897
Total net gain on transfer or sale of operating properties, net of tax		489		1,188		2,070		1,775
Net income attributable to noncontrolling interests		(3,537)		(12,006)		(9,689)		(27,618)
Discontinued operations attributable to noncontrolling interests		-		148		-		1,281
Preferred stock dividends		(11,822)		(11,822)		(35,466)		(35,466)
Income/(loss) from continuing operations available to common shareholders		28,206		87,574		(91,904)		251,869
Income from discontinued operations attributable to the Company		80		9,188		319		14,090
Net income/(loss) attributable to the Company’s common shareholders	$	28,286	$	96,762	$	(91,585)	$	265,959

Weighted average common shares Outstanding		376,559		256,164		339,018		254,286


Basic Earnings/(Loss) Per Share attributable to the Company:

Income/(loss) from continuing operations	$	0.07	$	0.34	$	(0.27)	$	0.99
Income from discontinued operations		-		0.04		-		0.06
Net income/(loss)	$	0.07	$	0.38	$	(0.27)	$	1.05

Computation of Diluted Earnings/(Loss) Per Share:

Income/(loss) from continuing operations available to common shareholders	$	28,206	$	87,574	$	(91,904)	$	251,869
Income from discontinued operations attributable to the Company		80		9,188		319		14,090
Net Income/(loss) attributable to the Company’s common shareholders	$	28,286	$	96,762	$	(91,585)	$	265,959

Weighted average common shares outstanding – basic		376,559		256,164		339,018		254,286
Effect of dilutive securities: Stock options		86		2,748		-		3,069
Assumed conversion of convertible units (a)		1,482		21		-		21
Shares for diluted earnings per common share		378,127		258,933		339,018		257,376

Diluted Earnings/(Loss) Per Share attributable to the Company:

Income/(loss) from continuing operations	$	0.07	$	0.34	$	(0.27)	$	0.98
Income from discontinued operations		-		0.03		-		0.05
Net income/(loss)	$	0.07	$	0.37	$	(0.27)	$	1.03

(a) For three and nine months ended September 30, 2009 and 2008, the effect of certain convertible units would have an anti-dilutive effect upon the calculation of Income/(loss) from continuing operations per share. Accordingly, the impact of such conversion has not been included in the determination of diluted earnings/(loss) per share calculations.

There were approximately 17,635,217 and 8,056,555 stock options that were anti-dilutive at September 30, 2009 and 2008, respectively.

New Accounting Pronouncements -

In June 2009, the FASB issued guidance which established the FASB ASC as the source of authoritative U.S. Generally Accepted Accounting Principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. This guidance was effective for financial statements issued for interim and annual periods ending after September 15, 2009. On the effective date of this Statement, the Codification superseded all existing non-SEC accounting and reporting standards. All other non-grandfathered non-SEC accounting literature not included in the Codification has become non-authoritative. The Company adopted the guidance within GAAP during the third quarter of 2009 and as such has appropriately adjusted references to authoritative accounting literature appearing in this quarterly report on Form 10-Q.

In December 2007, the FASB issued additional Business Combinations guidance. The objective of this guidance is to improve the relevance, representational faithfulness and comparability of the information that a reporting entity provides in its financial reports about a business combination and its effects. To accomplish that, this guidance establishes principles and requirements for how the acquirer: (i) recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree, (ii) recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase, (iii) determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination and (iv) requires expensing of transaction costs associated with a business combination. This guidance applies prospectively to business c ombinations for which the acquisition date is on or after the first annual reporting period beginning on or after December 15, 2008. The impact the adoption of the additional guidance will have on the Company’s financial position and results of operations will be dependent upon the volume of business combinations entered into by the Company. As of September 30, 2009 the adoption of this guidance has not had a material effect on the Company’s financial position or results of operations.

In April 2009, the FASB issued additional Business Combinations guidance, which amended and clarified the previous guidance to address application issues on initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in a business combination. This additional guidance has been applied prospectively to business combinations for which the acquisition date is on or after January 1, 2009. The impact the adoption of the additional guidance will have on the Company’s financial position and results of operations will be dependent upon the volume of business combinations entered into by the Company. As of September 30, 2009 the adoption of this guidance has not had a material effect on the Company’s results of operations or financial position.

In December 2007, the FASB issued further Consolidations guidance, which establishes accounting and reporting standards that require the ownership interests in subsidiaries held by parties other than the parent be clearly identified, labeled and presented in the consolidated statement of financial position within equity, but separate from the parent’s equity; the amount of consolidated net income attributable to the parent and to the noncontrolling interest be clearly identified and presented on the face of the consolidated statement of operations; changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary be accounted for consistently; when a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary be initially measured at fair value; and entities provide sufficient disclosures that clearly identify and distinguish between the interests of the parent and t he interests of the noncontrolling owners. The objective of the guidance is to improve the relevance, comparability, and transparency of the financial information that a reporting entity provides in its consolidated financial statements. This guidance was effective for fiscal years beginning on or after December 15, 2008. As required, the Company has retrospectively applied the presentation to its prior year balances in its Condensed Consolidated Financial Statements. The adoption of the guidance mentioned above did not have a material impact on the Company’s financial position or results of operations.

In March 2008, the FASB issued Derivatives and Hedging guidance, which amends and expands the previous disclosure requirements to require qualitative disclosure about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. This guidance is to be applied prospectively for the first annual reporting period beginning on or after November 15, 2008, with early application encouraged. This guidance also encourages, but does not require, comparative disclosures for earlier periods at initial adoption. The adoption of this guidance did not have a material impact on the Company’s disclosures.

In April 2008, the FASB issued additional Intangibles-Goodwill and Other guidance, which amended the factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset. The addition to the guidance is intended to improve the consistency between the useful life of an intangible asset and the period of expected cash flows used to measure the fair value of the asset. This additional guidance for determining the useful life of a recognized intangible asset shall be applied prospectively to intangible assets acquired after the effective date. The disclosure requirements in this guidance shall be applied prospectively to all intangible assets recognized as of, and subsequent to, the effective date. This guidance was effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. Early adoption was not permitted. The ado ption did not have a material impact on the Company’s financial position or results of operations.

In June 2008, the FASB issued additional Earnings Per Share guidance, which classifies unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities and requires them to be included in the computation of earnings per share pursuant to the two-class method This guidance was effective for financial statements issued for fiscal years beginning after December 15, 2008. All prior-period earnings per share data presented are to be adjusted retrospectively. The Company’s adoption of the guidance did not have a material impact on the Company’s financial position or results of operations.

In November 2008, the FASB issued Investments-Equity Method and Joint Ventures guidance that clarifies the accounting for certain transactions and impairment considerations involving equity method investments. This guidance applies to all investments accounted for under the equity method. It was effective for fiscal years and interim periods beginning on or after December 15, 2008. The adoption of the guidance did not have a material impact on the Company’s financial position or results of operations.

In April 2009, the FASB issued Fair Value Measurements and Disclosures guidance that provides additional direction for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased. This guidance also includes information on identifying circumstances that indicate a transaction is not orderly. Additionally, this guidance emphasizes that even if there has been a significant decrease in the volume and level of activity for the asset or

liability and regardless of the valuation technique(s) used, the objective of a fair value measurement remains the same. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. This guidance was effective for interim and annual reporting periods ending after June 15, 2009, and shall be applied prospectively. The adoption of this guidance did not have a material impact on the Company’s financial position or results of operations.

In April 2009, the FASB issued Investments-Debt and Equity Securities guidance, which amends the other-than-temporary impairment guidance in U.S. GAAP for debt securities to make the guidance more operational and to improve the presentation and disclosure of other-than-temporary impairments on debt and equity securities in the financial statements. This guidance does not amend existing recognition and measurement guidance related to other-than-temporary impairments of equity securities. The guidance shall be effective for interim and annual reporting periods ending after June 15, 2009. The adoption of this guidance did not have a material impact on the Company’s financial position or results of operations.

In April 2009, the FASB issued Financial Instruments guidance, which amends previous guidance to require disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. It also requires those disclosures in summarized financial information at interim reporting periods. This guidance is effective for interim reporting periods ending after June 15, 2009. The adoption of this guidance did not have a material impact on the Company’s disclosures.

In May 2009, the FASB issued Subsequent Events guidance, which provides further direction to establish general standards of accounting for and disclosures of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. This guidance also requires entities to disclose the date through which subsequent events were evaluated as well as the rationale for why that date was selected. This disclosure should alert all users of financial statements that an entity has not evaluated subsequent events after that date in the set of financial statements being presented. This guidance was effective for interim and annual reporting periods ending after June 15, 2009. The Company’s adoption of this guidance did not have a material impact on the Company’s financial position or results of operations.

In June 2009, the FASB issued Transfers and Servicing guidance, which amends the previous derecognition guidance and eliminates the exemption from consolidation for qualifying special-purpose entities. This guidance is effective for financial asset transfers occurring after the beginning of an entity's first fiscal year that begins after November 15, 2009. This guidance will be effective for the Company beginning in fiscal 2010. The Company is currently assessing the potential impact the adoption of this guidance will have on the Company’s financial position or results of operations.

In June 2009, the FASB issued Consolidation guidance, which amends the previous consolidation guidance applicable to variable interest entities. The amendments will significantly affect the overall consolidation analysis previously required. This guidance is effective as of the beginning of the first fiscal year that begins after November 15, 2009, early adoption is prohibited. It will be effective for the Company beginning in fiscal 2010. The Company is currently assessing the potential impact the adoption of this guidance will have on the Company’s financial position and results of operations.

Reclassifications -

Certain reclassifications have been made to the 2008 impairment charges to conform to the 2009 presentation.

2. Impairments

On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the Company’s assets (including any related amortizable intangible assets or liabilities) may be impaired. To the extent impairment has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset.

During the first half of 2009, economic conditions had continued to experience volatility resulting in further declines in equity and real estate markets. Increases in capitalization rates, discount rates, vacancies and the deterioration of real estate fundamentals, impacting net operating income and leasing contributed to further declines in real estate markets in general.

As a result of the volatility and declining market conditions described above, as well as the Company’s strategy in relation to certain of its non-retail assets, the Company recognized non-cash impairment charges during June 2009, aggregating approximately $176.5 million. Details of these non-cash impairment charges are as follows (in thousands):


Impairment of property carrying values	$	50,000
Impairments included in Equity in income of joint ventures, net		27,316
Real estate under development		2,100
Investments in other real estate investments		40,602
Marketable securities and other investments		29,573
Investments in real estate joint ventures		26,896
Total impairment charges	$	176,487

Additionally, during the third quarter 2009, various joint ventures recognized non-cash impairment charges aggregating approximately $13.4 million relating to 13 operating properties. The Company’s share of these charges were approximately $2.0 million and are included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Operations.

During the nine months ended September 30, 2008, the Company recognized a non-cash impairment charge of $9.7 million due to the decline in value of certain marketable equity security investments that were deemed to be other-than-temporary.

The Company will continue to assess declines in value of its assets on an on-going basis. Based on these assessments, the Company may determine that one or more of its assets may be impaired due to a decline in value and would therefore write-down its cost basis accordingly (see Notes 3, 5, 6, 7, 8, 9 and 12).

3. Operating Property Activities

Acquisitions -

During the nine months ended September 30, 2009, the Company acquired the remaining ownership interest in an operating property located in Novato, CA from a joint venture in which the Company held a 10% noncontrolling interest for a sales price of approximately $23.6 million, including the assumption of a $13.5 million non-recourse mortgage. The Company evaluated this transaction pursuant to the guidance relating to the FASB’s Consolidation guidance and as such recorded a gain of $0.3 million from the fair value adjustment associated with its original 10% ownership.

The aggregate purchase price of this property has been allocated to the tangible and intangible assets and liabilities of the property at the date of acquisition, based on evaluation of information and estimates available at such date. As final information regarding the fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments will be made to the purchase price allocation. The allocations are finalized no later than twelve months from the acquisition date. The total aggregate purchase price was allocated as follows (in thousands):


Land	$	7,028
Buildings		10,073
Above Market Rents		398
Below Market Rents		(1,499)
In-Place Leases		1,124
Other Intangibles		445
Building Improvements		4,685
Tenant Improvements		1,171
Mortgage Fair Value Adjustment		119
	$	23,544

Additionally, during the nine months ended September 30, 2009, the Company acquired a land parcel located in Rio Clara, Brazil through a newly formed joint venture in which the Company has a 70% controlling ownership interest for a purchase price of 3.3 million Brazilian Reals (approximately USD $1.5 million). This parcel will be developed into a 48,000 square foot retail shopping center. Due to future commitments from the partners to fund construction costs throughout the construction period the Company has determined that this joint venture is a VIE and that the Company is the primary beneficiary. As such, the Company has consolidated this entity for accounting and reporting purposes.

Dispositions -

During the nine months ended September 30, 2009, the Company disposed of, in separate transactions, portions of five operating properties for an aggregate sales price of approximately $20.2 million. The Company provided seller financing for two of these transactions aggregating approximately $1.4 million, which bear interest at 9% per annum and are scheduled to mature in January and March 2012. The Company evaluated these transactions pursuant to the FASB’s Property, Plant and Equipment guidance. These five transactions resulted in the Company’s recognition of an aggregate net gain of approximately $2.4 million, net of income tax of $0.2 million.

Additionally, during the nine months ended September 30, 2009, a consolidated joint venture in which the Company has a preferred equity investment disposed of a portion of a property for a sales price of approximately $1.1 million. As a result of this capital transaction, the Company received approximately $0.1 million of profit participation. This profit participation has been recorded as Income from other real estate investments in the Company’s Condensed Consolidated Statements of Operations.

Also during the nine months ended September 30, 2009, a consolidated joint venture in which the Company has a controlling interest disposed of a parcel of land for approximately $4.8 million and recognized a gain of approximately $4.4 million, before income taxes and noncontrolling interest. This gain has been recorded as Other income/(expense), net in the Company’s Condensed Consolidated Statements of Operations.

Consolidations –

During the nine months ended September 30, 2009, the Company provided a capital contribution to one of its joint venture investments and entered into an amendment to the LLC agreement of another joint venture investment. These events were both considered reconsideration events under FASB’s Consolidation guidance. Such reconsideration determined that these two joint ventures were now VIE’s and that the Company is the primary beneficiary of each joint venture. As such, the Company has consolidated these entities for accounting and reporting purposes. Both of these entities have been established to own and operate real estate property. These entities were deemed VIE’s primarily based on the fact that the voting rights of the equity investors is not proportional to their obligation to absorb expected losses or receive the expected residual returns of the entity and substantially all of the entity's activities are conducted on be half of the investor which has disproportionately fewer voting rights. The Company determined that it was the primary beneficiary of these VIE’s as a result of its economic ownership percentage which provides that the Company would absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both.

The Company consolidated these entities in accordance with the FASB’s Consolidation guidance, recognizing no gain or loss on consolidation as each entity’s carrying value approximated fair value. The total assets of these VIE’s were approximately $31.4 million and total liabilities were approximately $30.7 million, including $21.4 million of non-recourse mortgage debt encumbering one of the properties. The classification of these assets is primarily within Operating real estate and the classifications of liabilities are primarily within Mortgages payable in the Company’s Condensed Consolidated Balance Sheets.

Impairments –

During June 2009, as part of the Company’s ongoing impairment assessment, the Company determined that there were certain redevelopment mixed-use properties with estimated recoverable values that would not exceed their estimated costs. This was primarily due to further declines in real estate fundamentals along with adverse changes in local market conditions and the uncertainty of their recovery. As a result, the Company recorded an aggregate impairment of property carrying values of approximately $50.0 million, representing the excess of the carrying values of 10 properties, primarily located in Philadelphia, Chicago, New York and Boston, over their estimated fair values. The Company’s estimated fair values were based upon projected operating cash flows (discounted and

without interest charges) of the property over its specified holding period. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. Capitalization rates and discount rates utilized in these models were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties.

4. Discontinued Operations

The Company reports as discontinued operations, properties held-for-sale and operating properties sold in the current period. The results of these discontinued operations are included in a separate component of income on the Condensed Consolidated Statements of Operations under the caption Discontinued operations. This reporting has resulted in certain reclassifications of 2008 financial statement amounts.

The components of income and expense relating to discontinued operations for the three and nine months ended September 30, 2009 and 2008 are shown below. These include the results of operations through the date of each respective sale for properties sold during 2009 and 2008 and the operations for the applicable period for those assets classified as held-for-sale as of September 30, 2009 (in thousands):


		Three Months Ended September 30,				Nine Months Ended September 30,
		2009		2008		2009		2008
Discontinued operations:
Revenues from rental property	$	18	$	1,219	$	45	$	5,362
Rental property expenses		32		(290)		(36)		(1,090)
Depreciation and amortization		-		(406)		(47)		(1,913)
Interest expense		-		6		-		(116)
(Loss)/income from other real estate investments		-		-		(9)		3,451
Other income/(expense), net		12		(2)		25		146
Income/(loss) from discontinued operating Properties		62		527		(22)		5,840
Provision for income taxes		-		-		(235)		-
Loss on operating properties held for sale/sold		-		-		(112)		-
Gain on disposition of operating Properties		18		8,809		688		9,531
Income from discontinued operating Properties		80		9,336		319		15,371
Net income attributable to noncontrolling interests		-		(148)		-		(1,281)
Income from discontinued operations attributable to the Company	$	80	$	9,188	$	319	$	14,090

5. Ground-Up Development

The Company is engaged in ground-up development projects which consist of (i) merchant building through the Company’s wholly-owned taxable REIT subsidiaries, which develop neighborhood and community shopping centers and the subsequent sale after completion, (ii) U.S. ground-up development projects which will be held as long-term investments by the Company and (iii) various ground-up development projects located in Latin America for long-term investment. The ground-up development projects generally have significant pre-leasing prior to the commencement of construction. As of September 30, 2009, the Company had a total of 28 ground-up development projects, consisting of (i) five merchant building projects, (ii) one U.S. ground-up development project, (iii) 15 ground-up development projects located throughout Mexico, (iv) three ground-up development projects located in Chile, (v) three ground-up development projects located in Brazil and (vi) one ground-up deve lopment project located in Peru.

Merchant Building -

During the nine months ended September 30, 2009, the Company sold, in separate transactions, six out-parcels, two land parcels and one ground lease for aggregate proceeds of approximately $15.9 million. These transactions for the nine months ended September 30, 2009, resulted in gains on sale of development properties of approximately $2.1 million, net of income taxes of $1.4 million.

During the nine months ended September 30, 2009 the Company fully repaid nine construction loans aggregating approximately $212.2 million. As of September 30, 2009, total loan commitments on the Company’s four remaining construction loans aggregated approximately $67.7 million of which approximately $43.5 million has been funded. These loans have scheduled maturities ranging from 14 months to 59 months (excluding any extension options which may be available to the Company) and bear interest at rates ranging from 2.15% to 4.50% at September 30, 2009.

Impairments –

During June 2009, as part of the Company’s ongoing assessment of its merchant building projects, the Company determined that there was one project with an estimated recoverable value that will not exceed its estimated cost. This was primarily due to further declines in real estate fundamentals along with adverse changes in local market conditions and the uncertainty of their recovery. As a result, the Company recorded an impairment of approximately $2.1 million, representing the excess of the carrying value of the project over its estimate fair value. The Company’s estimated fair value was based upon projected operating cash flows (discounted and without interest charges) of the property over its specified holding period. Such cash flow projection considered factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. Capitalization rates and discount rat es utilized in the model were based upon rates that the Company believes to be within a reasonable range of current market rates for the project.

6. Investments and Advances in Real Estate Joint Ventures

Kimco Prudential Joint Venture (“KimPru”) -

On October 31, 2006, the Company completed the merger of Pan Pacific Retail Properties Inc. (“Pan Pacific”), which had a total transaction value of approximately $4.1 billion, including Pan Pacific’s outstanding debt totaling approximately $1.1 billion. As of October 31, 2006, Pan Pacific owned interests in 138 operating properties, which comprised approximately 19.9 million square feet of GLA, located primarily in California, Oregon, Washington and Nevada.

Immediately following the merger, the Company commenced its joint venture agreements with Prudential Real Estate Investors (“PREI”) through three separate accounts managed by PREI. In accordance with the joint venture agreements, all Pan Pacific assets and respective non-recourse mortgage debt and a $1.2 billion credit facility used to fund the transaction were transferred to the separate accounts. PREI contributed approximately $1.1 billion on behalf of institutional investors in three of its portfolios. The Company holds a 15% noncontrolling ownership interest in each of the joint ventures, collectively, KimPru. The Company accounts for its investment in KimPru under the equity method of accounting. In addition, the Company manages the portfolios and earns acquisition fees, leasing commissions, property management fees and construction management fees.

During August 2008, KimPru entered into a $650.0 million credit facility, which bears interest at a rate of LIBOR plus 1.25% and was initially scheduled to mature in August 2009. This facility included an option to extend the maturity date for one year, subject to certain requirements including a reduction of the outstanding balance to $485.0 million. During August 2009, KimPru exercised the one-year extension option and made an additional payment to reduce the balance to $485.0 million; as such the credit facility is scheduled to mature in August 2010. Proceeds from this credit facility were used to repay the outstanding balance of $658.7 million under the $1.2 billion credit facility, referred to above, which was scheduled to mature in October 2008 and bore interest at a rate of LIBOR plus 0.45%. This facility is guaranteed by the Company with a guarantee from PREI to the Company for 85% of any guaranty payment the Company is obligated t o make. As of September 30, 2009, the outstanding balance on the credit facility was $467.5 million.

During the nine months ended September 30, 2009 KimPru sold eight operating properties and its interest in an unconsolidated joint venture, in separate transactions, for an aggregate sales price of approximately $70.0 million. These sales resulted in an aggregate net loss of approximately $2.6 million. Proceeds from these property sales were used to repay a portion of the outstanding balance on the $650.0 million credit facility.

During March 2009, KimPru repaid a non-recourse mortgage with a balance of approximately $12.1 million which bore interest at a rate of 4.92% and matured in April 2009.

In addition, during the nine months ended September 30, 2009, KimPru refinanced an aggregate $46.5 million in mortgage debt, which bore interest at a rate of 7.10% and matured during 2009, with $48.0 million in mortgage debt which bears interest at a rate of 7.875% and is scheduled to mature in 2016.

During June 2009, the Company recognized non-cash impairment charges of $11.7 million, against the carrying value of its investment in KimPru, reflecting an other-than-temporary decline in the fair value of its investment resulting from a further decline in the real estate markets.

In addition to the impairment charges above, KimPru recognized impairment charges during June 2009 of approximately $175.3 million relating to certain properties held by an unconsolidated joint venture within the KimPru joint venture based on estimated sales prices. The Company’s share of these impairment charges were approximately $26.3 million which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Operations. During September 2009, KimPru recognized additional impairment charges of approximately $6.5 million relating to certain properties within the KimPru portfolio. The Company’s share of these impairment charges were approximately $1.0 million which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Operations.

As of September 30, 2009, the KimPru portfolio was comprised of 113 shopping center properties aggregating approximately 18.4 million square feet of GLA located in 12 states.

During June 2009, the Company recognized a non-cash impairment charge of $4.0 million, against the carrying value of its investment in a separate joint venture that is held with PREI, in which the Company holds a 15% noncontrolling interest (“KimPru II”). This impairment reflects an other-than-temporary decline in the fair value of its investment resulting from a further decline in the real estate markets.

In addition to the impairment charges above, during September 2009, KimPru II recognized an impairment charge relating to a property of approximately $4.3 million based on an estimated sales price. The Company’s share of this impairment charge was approximately $0.4 million which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Operations. This operating property was subsequently sold during September 2009 for a sales price of approximately $11.0 million, which resulted in no gain or loss.

The Company’s estimated fair values relating to the impairment assessments above are based upon discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties.

Kimco Income REIT (“KIR”) -

The Company holds a 45% noncontrolling limited partnership interest in KIR and accounts for its investment under the equity method of accounting. KIR has a master management agreement with the Company whereby the Company performs services for fees relating to the management, operation, supervision and maintenance of the joint venture properties.

During the nine months ended September 30, 2009, KIR repaid three maturing non-recourse mortgages aggregating approximately $40.3 million, which bore interest at 7.57%. KIR also obtained four new non-recourse mortgages on four previously unencumbered properties aggregating approximately $31.9 million bearing interest at rates ranging from 6.3% to 7.2% with maturity dates ranging from 2012 to 2019.

In addition, during the nine months ended September 30, 2009, KIR refinanced approximately $27.2 million of mortgage debt which bore interest at a rate of 8.3% and matured during 2009, with new mortgage debt of approximately $27.5 million which bears interest at 7.25% and is scheduled to mature in 2014.

As of September 30, 2009, the KIR portfolio was comprised of 62 operating properties aggregating 13.1 million square feet of GLA located in 18 states.

PL Retail -

PL Retail, a joint venture investment in which the Company holds a 15% noncontrolling interest had a $39.5 million unsecured revolving credit facility, which bore interest at LIBOR plus 0.45% and was scheduled to mature in February 2008. During 2008, this facility was extended to February 2009 at a rate of LIBOR plus 0.50%. This facility is guaranteed by the Company and the joint venture partner has guaranteed reimbursement to the Company of 85% of any guaranty payment the Company is obligated to make. During

the nine months ended September 30, 2009, the joint venture made a principal payment of $15.6 million and obtained a one-year extension at a rate of LIBOR plus 400 basis points, with a LIBOR floor of 1.5%, for the remaining balance of $20.0 million. During October 2009, PL Retail made an additional principal payment of $10.0 million. The remaining $10.0 million balance is due in February 2010.

In addition, PL Retail refinanced an aggregate $118.6 million in mortgage debt, which bore interest at rates ranging from 8.18% to 10.18% and matured during 2009, with $131.5 million in mortgage debt which bears interest at rates ranging from LIBOR plus 400 basis points to 7.70% and maturity dates ranging from 2014 to 2016.

During September 2009, PL Retail recognized a non-cash impairment charge of approximately $2.6 million relating to a property held-for-sale based on its estimated sales price. The Company’s share of this impairment charge was approximately $0.4 million which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Operations.

Other Real Estate Joint Ventures -

During the nine months ended September 30, 2009, the Company acquired a land parcel located in San Luis Potosi, Mexico, through a joint venture in which the Company has a noncontrolling interest, for an aggregate purchase price of approximately $0.8 million. The Company accounts for its investment in this joint venture under the equity method of accounting. The Company’s aggregate investment resulting from this transaction was approximately $0.4 million.

During the nine months ended September 30, 2009, a joint venture in which the Company held a 10% noncontrolling interest sold an operating property to the Company for a sales price of approximately $23.6 million, including the assumption of a $13.5 million non-recourse mortgage. This sale resulted in a gain of approximately $3.4 million at the joint venture level of which the Company’s share of the gain was approximately $0.3 million. As a result of this transaction, the Company has deferred its share of the gain related to its retained ownership interest in the property.

During the nine months ended September 30, 2009, joint ventures in which the Company has noncontrolling interests obtained new mortgage debt aggregating $72.6 million which bears interest at rates ranging from 4.50% to 7.85% and are scheduled to mature in 2012 and 2014. Proceeds from these mortgages and an additional $15.0 million capital contribution from the partners were used to repay an aggregate $87.6 million in mortgage debt, which were scheduled to mature in 2009 and bore interest at rates ranging from 2.1% to 6.6%.

During the nine months ended September 30, 2009, a joint venture in which the Company has a 30% noncontrolling interest obtained a new three-year non-recourse mortgage loan on a previously unencumbered property of approximately $59.0 million which bears interest at a rate of LIBOR plus 350 basis points.

During June 2009, the Company recognized non-cash impairment charges of approximately $12.2 million, against the carrying value of its investments in six joint ventures, reflecting an other-than-temporary decline in the fair value of these investments resulting from a further decline in the real estate markets.

The Company’s estimated fair values relating to the impairment assessments above were based upon discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums. Capitalization rates, discount rates and credit spreads utilized in these models were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties.

The Company’s maximum exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments. Generally such investments contain operating properties and the Company has determined these entities do not contain the characteristics of a VIE. As of September 30, 2009, the Company’s carrying value in these investments approximated $1.2 billion.

7. Other Real Estate Investments

Preferred Equity Capital -

The Company maintains a preferred equity program, which provides capital to developers and owners of real estate. During the nine months ended September 30, 2009, the Company provided an aggregate of approximately $0.4 million in investment capital to an owner of a real estate property. As of September 30, 2009, the Company’s net investment under the Preferred Equity program

was approximately $521.7 million relating to 626 properties, including 402 net leased properties. During the nine months ended September 30, 2009, the Company earned approximately $22.2 million from its preferred equity investments, including $0.8 million in profit participation earned from two capital transactions. During the nine months ended September 30, 2008, the Company earned approximately $58.9 million from its preferred equity investments, including $24.4 million in profit participation earned from eight capital transactions.

During June 2009, the Company recognized non-cash impairment charges of $40.6 million, against the carrying value of 16 preferred equity investments, which hold 28 properties, reflecting an other-than-temporary decline in the fair value of its investment resulting from a further decline in the real estate markets.

8. Mortgages and Other Financing Receivables

During March 2009, the Company committed approximately $6.0 million as its share of a $20.0 million one-year Debtor-in-Possession (“DIP”) facility to an auto parts supplier. The DIP facility bears interest at LIBOR plus 11% with a floor of 15% per annum and is collateralized by all assets of the borrower. As of September 30, 2009, there was no outstanding balance on this facility.

During the nine months ended September 30, 2009, the Company sold a portion of its participation in two mortgage receivables, at par, aggregating approximately $6.8 million to an unaffiliated third party. No gain or loss was recognized in connection with these transactions.

During June 2009, the Company recognized a non-cash impairment charge of $3.5 million, against the carrying value of a mortgage receivable that was in default. The Company began foreclosure proceedings on the underlying property and anticipates this process to be completed in the fourth quarter 2009. This impairment charge reflects the decrease in the estimated fair value, based on the estimated sales price, of the collateral.

9. Marketable Securities and Other Investments

During the nine months ended September 30, 2009, the Company received approximately $70.0 million in proceeds from the sale of certain marketable securities. The Company recognized gross realizable gains of approximately $3.9 million and gross realizable losses of approximately $3.3 million from sales of marketable securities during the nine months ended September 30, 2009.

At September 30, 2009, the Company’s investment in marketable securities was approximately $218.6 million which includes an aggregate unrealized gain of approximately $11.4 million relating to marketable equity security investments and an unrealized loss of approximately $23.1 million, which includes approximately $4.0 million in an unrealized loss due to foreign currency fluctuations, related to its investment in Valad Property Group convertible notes.

For each of the equity securities in the Company’s portfolio with unrealized losses, the Company reviews the underlying cause of the decline in value and the estimated recovery period, as well as the severity and duration of the decline. In the Company’s evaluation, the Company considers its ability and intent to hold these investments for a reasonable period of time sufficient for the Company to recover its cost basis.

For marketable debt securities, the Company assesses current interest payments and the probability of the issuer’s ability to pay all amounts due under contractual terms. Additionally, in accordance with the FASB’s Investments-Debt and Equity Securities guidance, the Company assesses whether it has the intent to sell the debt security, whether it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery (for example, if its cash or working capital requirements or contractual or regulatory obligations indicate that the debt security will be required to be sold before the Company forecasted recovery occurs) and whether it does not expect to recover the security’s entire amortized cost basis even if the entity does not intend to sell.

During June 2009, the Company recorded non-cash impairment charges of approximately $26.1 million due to the decline in value of certain marketable securities and other investments that were deemed to be other-than-temporary. Market value for the equity securities represents the closing price of each security as it appears on their respective stock exchange at the end of the period.

At September 30, 2009, marketable equity securities with unrealized loss positions for (i) less than twelve months had an aggregate unrealized loss of approximately $0.4 million and (ii) more than twelve months had an aggregate unrealized loss of less than $0.1 million.

The Company will continue to assess declines in value of its marketable securities on an on going basis. Based on these assessments, the Company may determine that a decline in value for one or more of its investments may be other-than-temporary and would therefore write-down its cost basis accordingly.

10. Notes Payable

During September 2009, the Company issued $300.0 million of 10-year Senior Unsecured Notes at an interest rate of 6.875% payable semi-annually in arrears. These notes were sold at 99.84% of par value. Net proceeds from the issuance were approximately $297.3 million, after related transaction costs of approximately $0.3 million. The proceeds from this issuance were primarily used to repay the Company’s $220.0 million unsecured term loan described below. The remaining proceeds were used to repay certain construction loans that were scheduled to mature in 2010 (see Note 5).

During April 2009, the Company obtained a two-year $220.0 million unsecured term loan with a consortium of banks, which accrued interest at a spread of 4.65% to LIBOR (subject to a 2% LIBOR floor) or at the Company’s option, at a spread of 3.65% to the “ABR,” as defined in the Credit Agreement. The term loan was scheduled to mature in April 2011. The Company utilized proceeds from this term loan to partially repay the outstanding balance under the Company’s U.S. revolving credit facility and for general corporate purposes. During September 2009, the Company fully repaid the $220.0 million outstanding balance on this loan.

During the nine months ended September 30, 2009, the Company repaid (i) its $130.0 million 6.875% senior notes, which matured on February 10, 2009, (ii) its $20.0 million 7.56% Medium Term Note, which matured in May 2009 and (iii) its $25.0 million 7.06% Medium Term Note, which matured in July 2009.

Additionally during the nine months ended September 30, 2009, the Company repurchased in aggregate approximately $36.1 million in face value of its Medium Term Notes and Fixed Rate Bonds for an aggregate discounted purchase price of approximately $33.7 million. These transactions resulted in an aggregate gain of approximately $2.4 million.

11. Mortgages Payable

During the nine months ended September 30, 2009, the Company obtained 17 new non-recourse mortgages aggregating approximately $363.8 million, which bear interest at rates ranging from 5.95% to 8.00% and have maturities ranging from three years to 15 years. The Company paid off approximately $154.7 million of individual non-recourse mortgage debt that encumbered seven operating properties.

Mortgages payable, collateralized by certain shopping center properties and related tenants' leases, are generally due in monthly installments of principal and/or interest which mature at various dates through 2031. Interest rates range from approximately 1.65% to 10.50% (weighted-average interest rate of 6.30% as of September 30, 2009). The scheduled principal payments of all mortgages payable, excluding unamortized fair value debt adjustments of approximately $4.8 million, as of September 30, 2009, were approximately as follows (in millions): 2009, $4.5; 2010, $67.3; 2011, $75.6; 2012, $125.9; 2013, $187.8; and thereafter, $607.7.

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 reflected. The valuation method used to estimate fair value for fixed-rate and variable-rate debt and noncontrolling interests relating to mandatorily redeemable noncontrolling

interests associated with finite-lived subsidiaries of the Company is based on discounted cash flow analyses, with assumptions that include credit spreads, loan amounts and debt maturities. The fair values for marketable securities are based on published or securities dealers’ estimated market values. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition. The following are financial instruments for which the Company’s estimate of fair value differs from the carrying amounts (in thousands):


		September 30, 2009
		Carrying Amounts		Estimated Fair Value

Marketable Securities	$	218,627	$	212,575
Notes Payable	$	2,854,958	$	2,906,842
Mortgages Payable	$	1,073,648	$	1,086,324
Construction Loans Payable	$	43,540	$	58,778
Mandatorily Redeemable Noncontrolling Interests (termination dates ranging from 2019 – 2027)	$	2,721	$	5,468

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, convertible notes and derivatives. The Company currently does not have non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.

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 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2009 and December 31, 2008, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):


		Balance at September 30, 2009		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	36,114	$	36,114	$	-	$	-
Convertible notes	$	138,187	$	-	$	138,187	$	-
Conversion option	$	9,039	$	-	$	9,039	$	-
Liabilities:
Interest rate swaps	$	536	$	-	$	536	$	-


		Balance at December 31, 2008		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	46,452	$	46,452	$	-	$	-
Convertible notes	$	113,713	$	-	$	113,713	$	-
Conversion option	$	6,063	$	-	$	6,063	$	-
Liabilities:
Interest rate swaps	$	734	$	-	$	734	$	-

Assets and liabilities measured at fair value on a non-recurring basis at September 30, 2009 are as follows (in thousands):


		Balance at September 30, 2009		Level 1		Level 2		Level 3
Assets:
Investments and advances in real estate joint ventures	$	184,218	$	-	$	-	$	184,218
Real estate under development/redevelopment	$	82,000	$	-	$	-	$	82,000
Other real estate investments	$	28,244	$	-	$	-	$	28,244
Mortgages receivable	$	13,854	$	-	$	-	$	13,854
Marketable debt securities	$	9,575	$	-	$	9,575	$	-

During 2008, the Company recognized nonrecurring non-cash impairment charges of $15.5 million against the carrying value of its investment in its unconsolidated joint ventures with PREI, KimPru, reflecting an other-than-temporary decline in the fair value of its investment resulting from further significant declines in the real estate markets during the fourth quarter of 2008.

The Company’s estimated fair values relating to these impairment assessments were based upon discounted cash flow models that included all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums. These cash flows are comprised of unobservable inputs which include contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models were based upon observable rates that the Company believes to be within a reasonable range of current market rates for the respective properties. Based on these inputs the Company determined that its valuation in these investments were classified within Level 3 of the fair value hierarchy.

13. Common Stock Transactions

During April 2009, the Company completed a primary public stock offering of 105,225,000 shares of the Company’s common stock. The net proceeds from this sale of common stock, totaling approximately $717.3 million (after related transaction costs of $0.7 million) were used to partially repay the outstanding balance under the Company’s U.S. revolving credit facility and for general corporate purposes.

14. 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 months ended September 30, 2009 and 2008 (in thousands):


		2009		2008
Acquisition of real estate interests by assumption of mortgage debt	$	-	$	96,226
Disposition of real estate through the issuance of an unsecured obligation	$	1,366	$	27,175
Issuance of restricted common stock	$	3,415	$	1,405
Proceeds held in escrow through sale of real estate interests	$	-	$	11,195
Consolidation of Joint Ventures:
Increase in real estate and other assets	$	47,368	$	-
Increase in mortgage payables	$	35,104	$	-
Declaration of dividends paid in succeeding period	$	34,425	$	128,964

15. Incentive Plans

The Company maintains an equity participation plan (the “Plan”) pursuant to which a maximum of 47,000,000 shares of the Company’s common stock may be issued for qualified and non-qualified options and restricted stock grants. Unless otherwise determined by the Board of Directors at its sole discretion, options granted under the Plan generally vest ratably over a range of three to five years, expire ten years from the date of grant and are exercisable at the market price on the date of grant. Restricted stock grants vest 100% on the fourth or fifth anniversary of the grant or ratably over four years. In addition, the Plan provides for the granting of certain options and restricted stock to each of the Company’s non-employee directors (the “Independent Directors”) and permits such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees.

The Company recognized stock options expense of approximately $7.8 million and $9.1 million for the nine months ended September 30, 2009 and 2008, respectively. The $7.8 million expense for the nine months ended September 30, 2009, includes incremental expense related to the modification of stock awards in connection with the terminations of employees discussed below. As of September 30, 2009, the Company had approximately $26.3 million of total unrecognized compensation cost related to unvested stock compensation granted under the Company’s Plan. That cost is expected to be recognized over a weighted average period of approximately 2.4 years.

Due to declining economic conditions resulting in the lack of transactional activity within the real estate industry as a whole, the Company had accrued approximately $3.6 million at December 31, 2008, relating to severance costs associated with employees that had been terminated during January 2009. Also, as a result of continued economic decline, the Company recorded an additional accrual of approximately $2.3 million for severance costs associated with terminations during the nine months ended September 30, 2009.

16. Taxable REIT Subsidiaries (“TRS”)

The Company is subject to federal, state and local income taxes on the income from its TRS activities, which include Kimco Realty Services ("KRS"), a wholly owned subsidiary of the Company and the consolidated entities of FNC Realty Corporation (“FNC”), Kimsouth and Blue Ridge Real Estate Company/Big Boulder Corporation.

Income taxes have been provided for on the asset and liability method as required by the FASB’s Income Taxes guidance. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of the TRS assets and liabilities.

The Company’s deferred tax assets and liabilities at September 30, 2009 and December 31, 2008, were as follows (in thousands):


		September 30, 2009		December 31, 2008
Deferred tax assets:
Operating losses	$	47,431	$	48,863
Other timing differences		96,030		71,747
Valuation allowance		(68,583)		(33,783)
Total deferred tax assets		74,878		86,827
Deferred tax liabilities		(13,444)		(2,656)
Net deferred tax assets	$	61,434	$	84,171

Deferred tax assets and deferred tax liabilities are included in the captions Other assets and Other liabilities on the accompanying Condensed Consolidated Balance Sheets. The valuation allowances are primarily due to (i) a $34.8 million valuation allowance against timing differences related to impairment charges in KRS and (ii) a valuation allowance of approximately $33.8 million related to net operating loss (“NOL”) carry forwards that expire from 2022 through 2025 held in FNC.

Other deferred tax assets and deferred tax liabilities relate primarily to differences in the timing of the recognition of income/(loss) between the GAAP and tax basis of accounting for (i) real estate joint ventures, (ii) other real estate investments, (iii) other deductible temporary differences and (iv) timing differences related to non-cash impairment charges. The Company believes that, based on its operating strategy and consistent history of profitability, it is more likely than not that the total deferred tax assets of $74.9 million will be realized on future tax returns, primarily from the generation of future taxable income and the implementation of tax planning strategies that include the potential disposition of certain real estate assets and equity securities.

17. Commitments and Contingencies

During August 2009, the Company became obligated to issue a letter of credit for approximately CAD $66.0 million (approximately USD $61.7 million) relating to a tax assessment dispute with the Canada Revenue Agency (“CRA”). The letter of credit has been issued under the Company’s CAD $250 million credit facility. The dispute is in regards to three of the Company’s wholly-owned subsidiaries which hold a 50% co-ownership interest in Canadian real estate. However, applicable Canadian law requires that a non-resident corporation post sufficient collateral to cover a claim for taxes assessed. As such, the Company issued its letter of credit as required by the governing law. The Company strongly believes that it has a justifiable defense against the dispute which will release the Company from any and all liability.

18. Pro Forma Financial Information

As discussed in Note 3, the Company and certain of its affiliates acquired and disposed of interests in certain operating properties during the nine months ended September 30, 2009. The pro forma financial information set forth below is based upon the Company’s historical Condensed Consolidated Statements of Operations for the nine months ended September 30, 2009 and 2008, adjusted to give effect to these transactions at the beginning of each year.

The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of each year, nor does it purport to represent the results of future operations. (Amounts presented in millions, except per share figures.)


		Nine Months ended September 30,
		2009		2008

Revenues from rental property	$	576.5	$	563.6
Net (loss)/income	$	(48.5)	$	312.7
Net (loss)/income attributable to the Company’s common shareholders	$	(93.7)	$	250.8
Net (loss)/income attributable to the Company’s common shareholders per common share:
Basic	$	(0.28)	$	0.99
Diluted	$	(0.28)	$	0.97

19. Subsequent Event

On November 4, 2009, the Company, through a wholly-owned subsidiary, entered into an Entity Purchase and Sale Agreement, (the “Agreement”) with DRA PL Retail Real Estate Investment Trust, pursuant to which the Company purchased the remaining 85% interest in PL Retail LLC, an entity that indirectly owns through wholly-owned subsidiaries 21 shopping centers in which the Company held a 15% non-controlling interest prior to this transaction. The 21 shopping centers comprising approximately 5.2 million square feet of GLA are located in California (8 assets; 27% of GLA), Florida (6 assets; 42% of GLA), the Phoenix, Arizona metro area (2 assets; 7.3% of GLA), New Jersey (2), Long Island, New York (1), Arlington, Virginia, near metro Washington, D.C. (1) and Greenville, South Carolina (1). Pursuant to the terms of the Agreement, the Company paid a purchase price equal to approximately $175.0 million, after customary adjustments and closing prorations, which is equivalent to 85% of PL Retail LLC’s gross asset value, as defined in the Agreement, which currently equals approximately $825 million, less assumption of $564 million of non-recourse mortgage debt and $50 million of perpetual preferred stock. The purchase price includes approximately $20 million for the purchase of development rights for the Pentagon Centre shopping center in Arlington, Virginia. The Company funded the purchase using the Company’s $1.5 billion unsecured revolving credit facility. As of November 4, 2009, the Company had $205.0 million outstanding on this credit facility. Indebtedness assumed by the Company in connection with the acquisition matures on various dates between January 1, 2010 through February 1, 2017, and bears interest at annual rates ranging from approximately 2.2% to 9.0%.

The Company is currently determining the fair value of assets acquired and liabilities assumed in this transaction in accordance with the FASB’s Business Combinations and Fair Value Measurements and Disclosure guidance to determine the appropriate purchase price allocation. Additionally, the Company is currently determining, in accordance with the FASB’s Consolidations guidance, the fair value of the 15% equity interest held by the Company immediately prior to the acquisition to determine the amount of any gain or loss to be recognized as a result of remeasuring the equity interest to fair value.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This quarterly report on Form 10-Q, together with other statements and information publicly disseminated by the Company contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions. You should not rely on forward-loo king statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect actual results, performances or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in Part II, Item 1A. included in this Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2008, and (i) general adverse economic and local real estate conditions, including the current economic recession, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms, (iv) the Company’s ability to raise capital by selling its assets, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates and foreign currency exchange rates, (vii) the availability of suitable acquisition opportunities, (viii) valuation of joint venture investments, (ix) valuation of marketable securities and other investments, (x) increases in operating costs, (xi) changes in the dividend policy for the Company’s common stock, (xii) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiii) impairment charges and (xiv) unanticipated changes in the Company's intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity. Accordingly, there is no assurance that the Company’s expectations will be realized.

The following discussion should be read in conjunction with the accompanying Condensed Consolidated Financial Statements and Notes thereto. These unaudited financial statements include 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.

Executive Summary

Kimco Realty Corporation is one of the nation’s largest publicly-traded owners and operators of neighborhood and community shopping centers. As of September 30, 2009, the Company had interests in 1,934 properties, including 1,462 in retail shopping center properties and 472 in non-retail properties, totaling approximately 179.4 million square feet of gross leaseable area (“GLA”) located in 45 states, Puerto Rico, Canada, Mexico and South America.

The Company is self-administered and self-managed through present management, which has owned and managed neighborhood and community shopping centers for over 50 years. The executive officers are engaged in the day-to-day management and operation of real estate exclusively with the Company, with nearly all operating functions, including leasing, asset management, maintenance, construction, legal, finance and accounting administered by the Company.

The Company’s vision is to be the premier owner and operator of retail shopping centers with its core business operations focusing on owning and operating neighborhood and community shopping centers through equity investments in North America. This will entail a shift away from certain non-strategic assets that the Company currently holds. These investments include non-retail preferred equity investments, marketable securities, mortgages on non-retail properties and several urban mixed-use properties. In order to execute this vision, the Company’s strategy is to maintain a strong balance sheet providing it the necessary flexibility to invest opportunistically and selectively, primarily focusing on neighborhood and community shopping centers.

specific deal terms, in general, spreads are higher and loan-to-values are lower, but the lenders are continuing to complete financing agreements. During the recent quarter, the unsecured public debt markets became accessible for certain REITs and the Company successfully issued a new $300.0 million 6.875% 10-year unsecured Senior Note. Moreover, the Company continues to assess 2009 and beyond to ensure the Company is prepared if the current credit market dislocation continues.

The retail shopping sector has been negatively affected by recent economic conditions. These conditions have forced some weaker retailers, in some cases, to declare bankruptcy and/or close stores. Certain retailers have announced store closings even though they have not filed for bankruptcy protection. However, any of these particular store closings affecting the Company often represent a small percentage of the Company’s overall gross leasable area and the Company does not currently expect store closings to have a material adverse effect on the Company’s overall performance.

The decline in market conditions has also had a negative effect on real estate transactional activity as it relates to the acquisition and sale of real estate assets. The Company believes that the lack of real estate transactions will continue throughout 2009 which will curtail the Company’s growth in the near term.

Results of Operations

Comparison of the three months ended September 30, 2009 to 2008


		Three Months Ended
		September 30,				Increase/
		2009		2008		(Decrease)	% change
		(amounts in millions)
Revenues from rental property (1)	$	191.9	$	190.0	$	1.9	1.0%
Rental property expenses: (2)
Rent	$	3.7	$	3.3	$	0.4	12.1%
Real estate taxes		29.0		24.0		5.0	20.8%
Operating and maintenance		25.6		26.8		(1.2)	(4.5%)
	$	58.3	$	54.1	$	4.2	7.8%
Depreciation and amortization (3)	$	55.6	$	53.0	$	2.6	4.9%

Comparison of the nine months ended September 30, 2009 to 2008


		Nine Months Ended
		September 30,				Increase/
		2009		2008		(Decrease)	% change
		(amounts in millions)
Revenues from rental property (1)	$	575.1	$	561.7	$	13.4	2.4%
Rental property expenses: (2)
Rent	$	10.3	$	9.8	$	0.5	5.1%
Real estate taxes		80.8		70.8		10.0	14.1%
Operating and maintenance		80.8		77.6		3.2	4.1%
	$	171.9	$	158.2	$	13.7	8.7%
Depreciation and amortization (3)	$	168.0	$	152.9	$	15.1	9.9%

(1) Revenues from rental property increased primarily from the combined effect of (i) the acquisition of operating properties during 2008 and 2009, providing incremental revenues for the three and nine months ended September 30, 2009 of $3.2 million and $11.4 million, respectively, as compared to the corresponding periods in 2008 and (ii) the completion of certain development and redevelopment projects and tenant buyouts providing incremental revenues of approximately $1.4 million and $3.6 million, for the three and nine months ended September 30, 2009, respectively, as compared to the corresponding periods in 2008 which was partially offset by (iii) a decrease in revenues of approximately $2.7 million and $1.6 million for the three and nine months ended September 30, 2009, as compared to the corresponding periods in 2008, respectively, primarily resulting from the sale of certain properties during 2008 and 2009, and (iv) an overall occupancy decrease in the consolidated shopping center portfolio from 95.1% at September 30, 2008, to 91.3% at September 30, 2009.

(2) Rental property expenses increased for the three and nine months ended September 30, 2009 as compared to the corresponding periods in 2008 primarily due to (i) the placement of certain development properties into service, which resulted in lower capitalization of carry costs, (ii) operating property acquisitions during 2008 and 2009 and (iii) an increase in snow removal costs during the nine months ended September 30, 2009 as compared to 2008, partially offset by (iv) a decrease in insurance costs during the three months ended September 30, 2009 as compared to 2008 and (v) operating property dispositions during 2008 and 2009.

(3) Depreciation and amortization increased for the three and nine months ended September 30, 2009, as compared to the corresponding period in 2008, primarily due to (i) operating property acquisitions during 2008 and 2009, (ii) the placement of certain development properties into service and (iii) tenant vacates, partially offset by operating property dispositions during 2008 and 2009.

Management and other fee income decreased approximately $2.8 million and $5.4 million for the three and nine months ended September 30, 2009, respectively, as compared to the corresponding periods in 2008. These decreases are primarily due to (i) a decrease in property management fees of approximately $1.0 million and $3.5 million for the three and nine months ended September 30, 2009, respectively, due to lower revenues attributable to lower occupancy and the sale of certain properties during 2008 and 2009 and (ii) a decrease in other transaction related fees of approximately $1.8 million and $1.9 million recognized during the three and nine months ended September 30, 2009, respectively.

General and administrative expense decreased approximately $2.6 million, for the three months ended September 30, 2009, as compared to the corresponding period in 2008, primarily due to decreased personnel-related costs, including a decrease in stock option expense of approximately $1.3 million, due to a reduction in force as a result of declines in economic conditions and the lack of transactional activity. Conversely, general and administrative expense increased approximately $3.2 million, for the nine months ended September 30, 2009, as compared to the corresponding period in 2008. This increase is primarily due to (i) a decrease in capitalized payroll of approximately $2.6 million, which was due to the completion of certain development projects which were previously under construction and (ii) severance costs of approximately $2.3 million expensed during the nine months ended September 30, 2009 associated with employees whom were terminated during the first six mon ths of 2009, primarily due to declines in economic conditions and the lack of transactional activity within the real estate industry as a whole.

Interest, dividends and other investment income increased approximately $2.1 million to $9.2 million for the three months ended September 30, 2009, respectively, as compared to $7.1 million for the corresponding period in 2008. This increase is primarily due to (i) an increase in realized gains of approximately $3.2 million resulting from the sale of certain marketable securities, partially offset by (ii) a decrease in interest and dividend income of approximately $1.1 million primarily resulting from the sale of investments in marketable securities and reductions in dividends declared from certain marketable securities during 2009 and 2008. Conversely, interest, dividends and other investment income decreased approximately $26.2 million to $22.4 million for the nine months ended September 30, 2009, as compared to $48.6 million for the corresponding period in 2008. This decrease is primarily due to (i) a decrease in realized gains of approximately $13 .5 million for the nine months ended September 30, 2009 resulting from the sale of certain marketable securities during the corresponding period in 2008 as compared to 2009 and (ii) a decrease in interest and dividend income of approximately $12.8 million for the nine months ended September 30, 2009, as compared to the corresponding period in 2008, primarily resulting from the sale of investments in marketable securities and reductions in dividends declared from certain marketable securities during 2009 and 2008.

Other income/(expense), net changed by approximately $6.0 million to $4.4 million of income for the three months ended September 30, 2009, as compared to the corresponding period in 2008. This change is primarily due to (i) increased gains from land sales of approximately $4.4 million, (ii) an increase in the fair value of an embedded derivative instrument relating to the convertible option of the Valad notes of approximately $6.3 million and (iii) an increase in foreign conversion adjustments of approximately $4.0 million relating to various foreign investments which have US dollar functional currency, partially offset by (iv) a decrease in income due to the receipt of $6.3 million in shares of Sears Holding Corp. common stock received as partial settlement of Kmart pre-petition claims during 2008 and (v) an increase in foreign withholding taxes. Other income/(expense), net changed by approximately $2.3 million to $0.5 million of income for the ;nine months ended September 30, 2009 as compared to the corresponding period in 2008. This change is primarily due to (i) increased gains from land sales of approximately $3.4 million and (ii) an increase in the fair value of an embedded derivative instrument relating to the convertible option of the Valad notes of approximately $12.7 million, partially offset by (iii) a decrease in foreign conversion adjustments of approximately $2.3 million relating to various foreign investments which have US dollar functional currency, (iv) the receipt of $6.3 million in shares of Sears Holding Corp. common stock received as partial settlement of Kmart pre-petition claims during 2008 and (v) an increase in foreign withholding taxes.

Interest expense decreased approximately $8.3 million for the nine months ended September 30, 2009, as compared to the corresponding period in 2008. This decrease is primarily due to lower outstanding levels of debt during the nine months ended September 30, 2009, as compared to the same period in the preceding year.

Benefit/(provision) for income taxes changed approximately $13.5 million to a benefit of $1.1 million for the three months ended September 30, 2009, as compared to a provision of $12.3 million for the corresponding period in 2008. Benefit/(provision) for income taxes changed approximately $24.1 million to a benefit of $3.5 million for the nine months ended September 30, 2009, as compared to a

provision of $20.6 million for the corresponding period in 2008. These changes are primarily due to (i) a decrease in the tax provision of approximately $15.1 million and $19.8 million resulting from equity income recognized in connection with the Albertson’s investment during the three and nine months ended September 30, 2009, respectively, as compared to the corresponding periods in 2008, (ii) an income tax provision of approximately $3.1 million related to equity in income of real estate joint ventures during the nine months ended September 30, 2008 and (iii) an income tax provision of approximately $2.0 million related to gains on sale of operating properties during the nine months ended September 30, 2008, partially offset by an increase in the tax provision of approximately $1.5 million and $2.0 million related to the income of a consolidated joint venture during the three and nine months ended September 30, 2009, respectively, as compared to t he corresponding periods in 2008.

Income from other real estate investments decreased $14.8 million and $50.5 million for the three and nine months ended September 30, 2009, respectively, as compared to the corresponding periods in 2008. These decreases are primarily due to (i) a decrease from the Company’s Preferred Equity Program of approximately $9.0 million and $36.7 million in contributed income for the three and nine months ended September 30, 2009, respectively, including a decrease of approximately $4.7 million and $23.7 million in profit participation earned from capital transactions for the three and nine months ended September 30, 2009, respectively, as compared to the corresponding periods in 2008 and (ii) a gain of approximately $7.2 million from the sale of the Company’s interest in a real estate company located in Mexico during the three months ended September 30, 2008.

Equity in income of real estate joint ventures, net decreased $69.5 million and $134.7 million for the three and nine months ended September 30, 2009, respectively, as compared to the corresponding periods in 2008. These decreases are primarily the result of (i) the recognition of non-cash impairment charges of approximately $2.0 million and $29.3 million recorded during the three and nine months ended September 30, 2009, respectively, against the carrying value of the Company’s investment in three unconsolidated joint ventures, (ii) the recognition of approximately $1.1 million and $3.1 million of equity in income from the Albertson’s joint venture during the three and nine months ended September 30, 2009, respectively, as compared to $46.8 million and $61.8 million of equity in income recognized during the three and nine months ended September 30, 2008 from the Albertson’s joint venture resulting from the sale of 121 properties in the joint ventu re, (iii) a decrease in income related to the recognition of approximately $8.5 million and $19.6 million in income resulting from cash distributions received in excess of the Company’s carrying value of its investment in various unconsolidated limited liability partnerships during the corresponding three and nine month periods, respectively, in 2008, (iv) a decrease in income of $4.6 million and $10.5 million during the three and nine months ended September 30, 2009, respectively, from a joint venture which holds interests in extended stay residential properties primarily due to overall decreases in occupancy, (v) a decrease in profit participation of approximately $3.6 million and $8.3 million for the three and nine months ended September 30, 2009, respectively, as compared to the corresponding periods in 2009, resulting from the sale/transfer of operating properties from two joint venture investments, (vi) lower gains on sales of approximately $2.3 million for the nine months ended September 30, 2009 , resulting from the sale of operating properties during the corresponding period in 2008 and (vii) a decrease in occupancy levels within certain real estate joint venture investments.

During the nine months ended September 30, 2008, the Company sold, in separate transactions, (i) one completed merchant building project, (ii) 15 out-parcels, (iii) a partial sale of one property and (iv) a partnership interest in one project for aggregate proceeds of approximately $64.3 million and received approximately $4.1 million of proceeds from completed earn-out requirements on three previously sold merchant building projects. These sales resulted in gains on sale of development properties of approximately $20.5 million, net of income taxes of $13.7 million.

During June 2009, the Company recognized nonrecurring non-cash impairment charges of approximately $119.6 million relating to adjustments to property carrying values, investments in real estate joint ventures, real estate under development and other real estate investments. The Company’s estimated fair values relating to these impairment assessments were based upon discounted cash flow models that included all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums. These cash flows are comprised of unobservable inputs which include contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models were based upon observable rates that the Company believes to be within a reasonable range of current market rates for the respective properties. Based on these inputs th e Company determined that its valuation in these investments was classified within Level 3 of the fair value hierarchy.

Additionally, the Company recorded non-cash impairment charges of approximately $29.6 million and $9.7 million during the nine months ended September 30, 2009 and 2008, respectively, due to the decline in value of certain marketable securities and other investments that were deemed to be other-than-temporary. Market value for the equity securities represents the closing price of each security as it appears on their respective stock exchange at the end of the period.

During the nine months ended September 30, 2009, the Company disposed of, in separate transactions, portions of five operating properties for an aggregate sales price of approximately $20.2 million. The Company provided seller financing for two of these transactions aggregating approximately $1.4 million, which bear interest at 9% per annum and are scheduled to mature in January and March 2012. These five transactions resulted in the Company’s recognition of an aggregate net gain of approximately $2.4 million, net of income tax of $0.2 million.

During the nine months ended September 30, 2008, the Company disposed of four operating properties and a portion of two operating properties, in separate transactions, for an aggregate sales price of approximately $30.5 million, which resulted in an aggregate gain of approximately $10.1 million. In addition, the Company partially recognized deferred gains of approximately $1.2 million on three properties relating to their transfer and partial sale in connection with the Kimco Income Fund II joint venture.

Additionally, during the nine months ended September 30, 2008, a consolidated joint venture in which the Company had a preferred equity investment disposed of a property for a sales price of approximately $35.0 million. As a result of this capital transaction, the Company received approximately $3.5 million of profit participation, before minority interest of approximately $1.1 million. This profit participation has been recorded as income from other real estate investments and is reflected in Income from discontinued operating properties in the Company’s Condensed Consolidated Statements of Income.

Net income/(loss) attributable to the Company for the three and nine months ended September 30, 2009 was $40.1 million and $(56.1) million, respectively. Net income attributable to the Company for the three and nine months ended September 30, 2008 was $108.6 million and $301.4 million, respectively. On a diluted per share basis, net income/(loss) attributable to the Company was $0.07 and $(0.27) for the three and nine month period ended September 30, 2009, respectively, as compared to $0.37 and $1.03 for the three and nine month period ended September 30, 2008, respectively. These changes are primarily attributable to (i) the recognition of non-cash impairment charges aggregating approximately $178.5 million, resulting from continuing declines in the real estate markets and equity securities, (ii) a reduction in Income from other real estate investments, primarily due to a decrease in profit participation from the Company’s Preferred Equity progr am, (iii) a decrease in equity in income of joint ventures, primarily due to a decrease in income from the Albertson’s investment, and (iv) lower gains on sales of development properties, partially offset by (v) an increase in revenues from rental properties primarily due to acquisitions of operating properties during 2009 and 2008.

Tenant Concentration

The Company seeks to reduce its operating and leasing risks through diversification achieved by the geographic distribution of its properties, avoiding dependence on any single property, and a large tenant base. At September 30, 2009, the Company’s five largest tenants were The Home Depot, TJX Companies, Sears Holdings, Wal-Mart and Kohl’s, which represented approximately 3.3%, 2.6%, 2.5%, 2.4% and 2.2%, respectively, of the Company’s annualized base rental revenues including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest.

Liquidity and Capital Resources

The Company’s capital resources include accessing the public debt and equity capital markets, when available, mortgage and construction loan financing and immediate access to unsecured revolving credit facilities with aggregate bank commitments of approximately $1.7 billion.

The Company’s cash flow activities are summarized as follows (in millions):


		Nine Months Ended
		September 30,
		2009		2008
Net cash flow provided by operating activities	$	321.9	$	479.3
Net cash flow used for investing activities	$	(55.0)	$	(642.3)
Net cash flow (used for)/provided by financing activities	$	(262.4)	$	199.6

Operating Activities

Cash flows provided by operating activities for the nine months ended September 30, 2009, were approximately $321.9 million, as compared to approximately $479.3 million for the comparable period in 2008. The change of approximately $157.4 million is primarily attributable to (i) a decrease in distributions from joint ventures of approximately $117.8 million, primarily from a decrease in distributions from the Albertson’s investment, profit participation from the Company’s Preferred Equity program and a decrease from various other real estate joint ventures, (ii) a decrease in interest, dividends and other investment income of approximately $12.8 million primarily due to the sale and reductions in dividends of certain marketable securities during the corresponding period in 2008 as compared to 2009, and (iii) an increase in prepaid expenses of approximately $32.7 million primarily related to the increase in prepaid income taxes, partially offset by the a cquisition of properties during 2008 and growth in rental rates from lease renewals and the completion of certain re-development and development projects.

During the nine months ended September 30, 2009, the Company (i) completed a primary public stock offering, which provided net proceeds to the Company of approximately $717.3 million, (ii) closed on a two-year $220.0 million unsecured term loan with a consortium of banks, (iii) closed on a 10-year $300.0 million unsecured Senior Note, which was used to repay the two-year $220 million unsecured term loan and to repay various construction loans, and (iv) completed mortgage financings of approximately $363.8 million (see financing activities below). However, capital and credit markets remain increasingly volatile and constrained. If these markets continue to experience volatility and the availability of funds remains limited, the Company will incur increased costs associated with issuing or obtaining debt. In addition, it is possible that the Company’s ability to access the capital and credit markets may be limited by these or other factors. Notwith standing the foregoing, at this time the Company anticipates that cash flows from operating activities will continue to provide adequate capital to fund its operating and administrative expenses, regular debt service obligations and dividend payments in accordance with REIT requirements in both the short term and long term.

The Company continually evaluates its debt maturities, and, based on management’s current assessment, believes it has viable financing and refinancing alternatives that will not materially adversely impact its expected financial results. Although the credit environment has become much more constrained, the Company continues to pursue opportunities with large commercial U.S. and global banks, select life insurance companies and certain regional and local banks. The Company has noticed a trend that the approval process from mortgage lenders has slowed, while pricing and loan-to-value ratios remain dependent on specific deal terms, in general, spreads are higher and loan-to-values are lower, but the lenders are continuing to complete financing agreements. During the recent quarter, the unsecured public debt markets became accessible for certain REITs . Moreover, the Company continues to assess 2009 and beyond to ensure the Company is prepared if the current credit market dislocation continues.

Debt maturities for the remainder of 2009 consist of: $160.0 million of unconsolidated joint venture debt and $77.1 million of debt on properties included in the Company’s Preferred Equity program, assuming the utilization of extension options where available. The Company has no consolidated debt maturing during the remainder of 2009. The 2009 unconsolidated joint venture and preferred equity debt maturities are anticipated to be repaid through debt refinancing and partner capital contributions, as deemed appropriate.

The Company anticipates that cash on hand, borrowings under its revolving credit facilities, issuance of equity and public debt, as well as other debt and equity alternatives, will provide the necessary capital required by the Company. Net cash flow provided by operating activities for the nine months ended September 30, 2009, was primarily attributable to (i) cash flow from the diverse portfolio of rental properties, (ii) the acquisition of operating properties during 2008, (iii) new leasing, expansion and re-tenanting of core portfolio properties and (iv) distributions from the Company’s joint venture programs.

Investing Activities

Cash flows used for investing activities for the nine months ended September 30, 2009, were approximately $55.0 million, as compared to approximately $642.3 million for the comparable period in 2008. This decrease in cash utilization of approximately $587.4 million resulted primarily from decreases in (i) the acquisition of and improvements to operating real estate, (ii) the acquisition of and improvements to real estate under development, (iii) investments in marketable securities, including the acquisition of the Valad Property Group convertible notes and equity securities during 2008, (iv) investments and advances in real estate joint ventures and (v) investments in mortgage loans receivable, partially offset by (vi) a decrease in proceeds from the sale of operating and development properties, (vii) a decrease in proceeds from transferred operating/development properties and (viii) a decrease in reimbursements of advances to real estate joint ventures and othe r real estate investments during the nine months ended September 30, 2009, as compared to the corresponding period in 2008.

Acquisitions of and Improvements to Operating Real Estate -

During the nine months ended September 30, 2009, the Company expended approximately $78.1 million towards improvements to operating real estate including $33.3 million expended in connection with redevelopments and re-tenanting projects as described below.

The Company has an ongoing program to reformat and re-tenant its properties to maintain or enhance its competitive position in the marketplace. The Company anticipates its capital commitment toward these and other redevelopment projects during 2009 will be approximately $25.0 million to $35.0 million. The funding of these capital requirements will be provided by cash flow from operating activities and availability under the Company’s revolving lines of credit.

Investments and Advances to Joint Ventures -

During the nine months ended September 30, 2009, the Company expended approximately $92.2 million for investments and advances to real estate joint ventures and received approximately $80.0 million from reimbursements of advances to real estate joint ventures.

Ground-up Development –

During the nine months ended September 30, 2009, the Company expended approximately $116.4 million primarily in connection with construction costs relating to its ground-up development projects. The Company anticipates its remaining capital commitment during 2009 toward these and other development projects will be approximately $30 million to $50 million. The proceeds from the sales of the completed ground-up development projects, proceeds from unfunded construction loan commitments and availability under the Company’s revolving lines of credit are expected to be sufficient to fund these anticipated capital requirements.

Dispositions and Transfers -

During the nine months ended September 30, 2009, the Company received net proceeds of approximately $45.9 million relating to the sale of various operating properties and ground-up development projects.

Financing Activities

Cash flows used for financing activities for the nine months ended September 30, 2009, were approximately $262.4 million, as compared to Cash flows provided by financing activities of approximately $199.6 million for the comparable period in 2008. This change of approximately $462.0 million resulted primarily from (i) a change in the repayment of approximately $303.7 million of unsecured senior notes, (ii) a change in the repayment of approximately $654.8 million of borrowings under unsecured revolving credit facilities and (iii) a decrease of $324.6 million in net borrowings under the Company’s unsecured revolving credit facilities, partially offset by (iv) an increase in proceeds from issuance of stock of approximately $273.7 million, (v) an increase in proceeds from mortgage/construction loan financing of approximately $337.4 million, offset by an increase in principal repayments of approximately $340.2 million and (vi) increased proceeds received from a $220.0 million unsecured term loan and a $300.0 million senior unsecured notes during 2009 as compared to the corresponding period in 2008.

The Company intends to maintain strong debt service coverage and fixed charge coverage ratios as part of its commitment to maintaining its investment-grade debt ratings. The Company may, from time-to-time, seek to obtain funds through additional common and preferred equity offerings, unsecured debt financings and/or mortgage/construction loan financings and other capital alternatives in a manner consistent with its intention to operate with a conservative debt structure.

Since the completion of the Company’s IPO in 1991, the Company has utilized the public debt and equity markets as its principal source of capital for its expansion needs. Since the IPO, the Company has completed additional offerings of its public unsecured debt and equity, raising in the aggregate over $7.1 billion. Proceeds from public capital market activities have been used for the purposes of, among other things, repaying indebtedness, acquiring interests in neighborhood and community shopping centers, funding ground-up development projects, expanding and improving properties in the portfolio and other investments. These markets have experienced extreme volatility and deterioration since the third quarter of 2008. As available, the Company will continue to access these markets. The Company was added in March 2006 to the S & P 500 Index, an index containing the stock of 500 Large Cap corporations, most of which are U.S. corporations.

The Company has a $1.5 billion unsecured U.S. revolving credit facility (the "U.S. Credit Facility") with a group of banks, which is scheduled to expire in October 2011. The Company has a one-year extension option related to this facility. This credit facility has made available funds to finance general corporate purposes, including (i) property acquisitions, (ii) investments in the Company’s institutional management programs, (iii) development and redevelopment costs, and (iv) any short-term working capital requirements. Interest on borrowings under the U.S. Credit Facility accrues at LIBOR plus 0.425% and fluctuates in accordance with changes in the Company’s senior debt ratings. As part of this U.S. Credit Facility, the Company has a competitive bid option whereby the Company may auction up to $750.0 million of its requested borrowings to the bank group. This competitive bid option provides the Company the opportunity to o btain pricing below the currently stated spread. A facility fee of 0.15% per annum is payable quarterly in arrears. As part of the U.S. Credit Facility, the Company has a $200.0 million sub-limit which provides it the opportunity to borrow in alternative currencies such as Pounds Sterling, Japanese Yen or Euros. Pursuant to the terms of the U.S. Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum leverage ratios on both unsecured and secured debt, and (ii) minimum interest and fixed coverage ratios. As of September 30, 2009, there was no outstanding balance under this credit facility and approximately $19.0 million appropriated for letters of credit.

Pursuant to the terms of the U.S. Credit Facility, the Company, among other things, is subject to maintenance of various covenants. The Company is not in violation of these covenants. The financial covenants for the U.S. Credit Facility are as follows:


Covenant	Must Be	As of 9/30/09
Total Indebtedness to Gross Asset Value(“GAV”)	<60%	46%
Total Priority Indebtedness to GAV	<35%	13%
Unencumbered Asset Net Operating Income to Total Unsecured Interest Expense	>1.75x	2.75x
Fixed Charge Total Adjusted EBITDA to Total Debt Service	>1.50x	1.99x
Limitation of Investments, Loans and Advances	<30% of GAV	19% of GAV

For a full description of the US Credit Facility’s covenants refer to the Credit Agreement dated as of October 25, 2007 filed in the Company’s Current Report on Form 8-K dated October 25, 2007.

The Company also has a three-year CAD $250.0 million unsecured credit facility with a group of banks. This facility bears interest at the CDOR Rate, as defined, plus 0.425%, subject to change in accordance with the Company’s senior debt and is scheduled to expire in March 2011, with an additional one-year extension option. Proceeds from this facility are used for general corporate purposes, including the funding of Canadian denominated investments. As of September 30, 2009, there was no outstanding balance under this credit facility and approximately CAD $67.4 million (approximately USD $63.0 million) appropriated for letters of credit. The Canadian facility covenants are the same as the U.S. Credit Facility covenants described above.

During August 2009, the Company became obligated to issue a letter of credit for approximately CAD $66.0 million (approximately USD $61.7 million) relating to a tax assessment dispute with the Canada Revenue Agency (“CRA”). The letter of credit has been issued under the Company’s CAD $250 million credit facility referred to above. The dispute is in regards to three of the Company’s wholly-owned subsidiaries which hold a 50% co-ownership interest in Canadian real estate. However, applicable Canadian law requires that a non-resident corporation post sufficient collateral to cover a claim for taxes assessed. As such, the Company issued its letter of credit as required by the governing law. The Company strongly believes that it has a justifiable defense against the dispute which will release the Company from any and all liability.

During March 2008, the Company obtained a MXP 1.0 billion term loan, which bears interest at a fixed rate of 8.58% and is scheduled to mature in March 2013. The Company utilized proceeds from this term loan to fully repay the outstanding balance of its MXP 500.0 million unsecured revolving credit facility, which was terminated by the Company. Remaining proceeds from this term loan were used for funding MXP denominated investments. As of September 30, 2009, the outstanding balance on this term loan was MXP 1.0 billion (approximately USD $74.1 million). The Mexican term loan covenants are the same as the U.S. and Canadian Credit Facilities covenants described above.

The Company, pursuant to its shelf registration, may from time-to-time, offer for sale its senior unsecured debt for any general corporate purposes, including (i) funding specific liquidity requirements in its business, including property acquisitions, development and redevelopment costs and (ii) managing the Company’s debt maturities.

The Company’s supplemental indenture governing its medium term notes and senior notes contains the following covenants, all of which the Company is compliant with:


Covenant	Must Be	As of 9/30/09
Consolidated Indebtedness to Total Assets	<60%	43%
Consolidated Secured Indebtedness to Total Assets	<40%	11%
Consolidated Income Available for Debt Service to Maximum Annual Service Charge	>1.50x	2.5x
Unencumbered Total Asset Value to Consolidated Unsecured Indebtedness	>1.50x	2.4x

For a full description of the various indenture covenants refer to the Indenture dated September 1, 1993, First Supplemental Indenture dated August 4, 1994, the Second Supplemental Indenture dated April 7, 1995, the Third Supplemental Indenture dated June 2, 2006, the Fifth Supplemental Indenture dated as of September 24, 2009, the Fifth Supplemental Indenture dated as of October 31, 2006 and First Supplemental Indenture dated October 31, 2006, as filed with the SEC.

Additionally during the nine months ended September 30, 2009, the Company repurchased in aggregate approximately $36.1 million in face value of its Medium Term Notes and Fixed Rate Bonds at an aggregate discounted purchase price of approximately $33.7 million. These transactions resulted in an aggregate gain of approximately $2.4 million.

During April 2009, the Company filed a shelf registration statement on Form S-3ASR, which is effective for a term of three years, for the future unlimited offerings, from time-to-time, of debt securities, preferred stock, depositary shares, common stock and common stock warrants.

In addition to the public equity and debt markets as capital sources, the Company may, from time-to-time, obtain mortgage financing on selected properties and construction loans to partially fund the capital needs of its ground-up development projects. As of September 30, 2009, the Company had over 385 unencumbered property interests in its portfolio.

During the nine months ended September 30, 2009, the Company obtained 17 new non-recourse mortgages aggregating approximately $363.8 million, which bear interest at rates ranging from 5.95% to 8.00% and have maturities ranging from three years to 15 years. Additionally, the Company paid off approximately $154.7 million of individual non-recourse mortgage debt that encumbered seven operating properties.

In connection with its intention to continue to qualify as a REIT for federal income tax purposes, the Company expects to continue paying regular dividends to its stockholders. These dividends will be paid from operating cash flows. The decision to declare and pay dividends on the Company’s Common Stock (“Common Stock”) in the future, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of the Company’s Board of Directors and will depend on the Company’s earnings, funds from operations, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under the Company’s indebtedness and preferred stock, the annual distribution requirements under the REIT provisions of the Code, state law and such other factors as the Company’s Board of Directors deems relevant. The Company’s Board of Directors will continue to evaluate the Company ’s dividend policy on a quarterly basis as they monitor sources of capital and evaluate the impact of the economy and capital markets availability on operating fundamentals.

Since cash used to pay dividends reduces amounts available for capital investment, the Company generally intends to maintain a conservative dividend payout ratio, reserving such amounts as it considers necessary for the expansion and renovation of shopping centers in its portfolio, debt reduction, the acquisition of interests in new properties and other investments as suitable opportunities arise and such other factors as the Board of Directors considers appropriate.

The Company had paid a dividend of $0.94 per common share during the nine months ended September 30, 2009. On July 30, 2009, the Company’s Board of Directors declared a quarterly cash dividend of $0.06 per common share payable to shareholders of record on October 6, 2009. This dividend was paid on October 15, 2009. As such, a common dividend in cash of $1.00 was paid during 2009. The Company expects to return to a ratable quarterly dividend with the announcement of the next dividend payable in January of 2010.

Although the Company receives substantially all of its rental payments on a monthly basis, it generally intends to continue paying dividends quarterly. Amounts accumulated in advance of each quarterly distribution will be invested by the Company in short-term money market or other suitable instruments. Cash dividends paid for the nine months ended September 30, 2009 and 2008 were $296.6 million and $340.1 million, respectively.

Effects of Inflation

Many of the Company's leases contain provisions designed to mitigate the adverse impact of inflation. Such provisions include clauses enabling the Company to receive payment of additional rent calculated as a percentage of tenants' gross sales above pre-determined thresholds, which generally increase as prices rise, and/or escalation clauses, which generally increase rental rates during the terms of the leases. Such escalation clauses often include increases based upon changes in the consumer price index or similar inflation indices. In addition, many of the Company's leases are for terms of 10 years or less, which permits the Company to seek to increase rents to market rates upon renewal. Most of the Company's leases require the tenant to pay an allocable share of operating expenses, including common area maintenance costs, real estate taxes and insurance, thereby reducing the Company's exposure

to increases in costs and operating expenses resulting from inflation. The Company periodically evaluates its exposure to short-term interest rates and foreign currency exchange rates and will, from time to time, enter into interest rate protection agreements and/or foreign currency hedge agreements which mitigate, but do not eliminate, the effect of changes in interest rates on its floating-rate debt and fluctuations in foreign currency exchange rates.

Global Market and Economic Conditions; Real Estate and Retail Shopping Sector

In the U.S., recent market and economic conditions have been unprecedented and challenging with tighter credit conditions and slower growth. During 2009, continued concerns about the systemic impact of the availability and cost of credit, the U.S. mortgage market, inflation, energy costs, geopolitical issues and fluctuations in the equity and real estate markets have contributed to increased market volatility and diminished expectations for the U.S. economy. These conditions, combined with volatile oil prices, declining business and consumer confidence and increased unemployment have contributed to increased volatility and deterioration of the U.S. and international equity markets.

Historically, real estate has been subject to a wide range of cyclical economic conditions that affect various real estate markets and geographic regions with differing intensities and at different times. Different regions of the United States have and may continue to experience varying degrees of economic growth or distress. Adverse changes in general or local economic conditions could result in the inability of some tenants of the Company to meet their lease obligations and could otherwise adversely affect the Company’s ability to attract or retain tenants. The Company’s shopping centers are typically anchored by two or more national tenants which generally offer day-to-day necessities, rather than high-priced luxury items. In addition, the Company seeks to reduce its operating and leasing risks through ownership of a portfolio of properties with a diverse geographic and tenant base.

The Company monitors potential credit issues of its tenants, and analyzes the possible effects to the financial statements of the Company and its unconsolidated joint ventures. In addition to the collectability assessment of outstanding accounts receivable, the Company evaluates the related real estate for recoverability as well as any tenant related deferred charges for recoverability, which may include straight-line rents, deferred lease costs, tenant improvements, tenant inducements and intangible assets.

The retail shopping sector has been negatively affected by recent economic conditions, particularly in the Western United States (primarily California). These conditions may result in the Company’s tenants delaying lease commencements or declining to extend or renew leases upon expiration. These conditions also have forced some weaker retailers, in some cases, to declare bankruptcy and/or close stores. Certain retailers have announced store closings even though they have not filed for bankruptcy protection. However, any of these particular store closings affecting the Company often represent a small percentage of the Company’s overall gross leasable area and the Company does not currently expect store closings to have a material adverse effect on the Company’s overall performance.

The decline in market conditions has also had a negative effect on real estate transactional activity as it relates to the acquisition and sale of real estate assets. The Company believes that the lack of real estate transactions will continue throughout the remainder of 2009, which will curtail the Company’s growth in the near term.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company’s primary market risk exposure is interest rate risk and fluctuations in foreign currency exchange rate risk. The following table presents the Company’s aggregate fixed rate and variable rate domestic and foreign debt obligations outstanding as of September 30, 2009, with corresponding weighted-average interest rates sorted by maturity date. The table does not include extension options where available. The information is presented in U.S. dollar equivalents, which is the Company’s reporting currency. The instruments’ actual cash flows are denominated in U.S. dollars, Canadian dollars, and Mexican pesos as indicated by geographic description ($ in USD equivalent in millions).


	2009	2010	2011	2012	2013	2014+	Total	Fair Value
U.S. Dollar Denominated
Secured Debt
Fixed Rate	$ -	$16.5	$42.0	$97.3	$183.1	$657.4	$996.3	$1,028.5
Average Interest Rate	-	8.47%	7.20%	6.35%	6.55%	6.64%	6.65%

Variable Rate	$ -	$33.4	$42.0	$24.7	$-	$20.7	$120.8	$116.6
Average Interest Rate	-	2.08%	4.49%	3.08%	-	2.15%	3.13%

Unsecured Debt
Fixed Rate	$ -	$71.9	$342.9	$215.9	$276.3	$1,536.2	$2,443.2	$2,508.0
Average Interest Rate	-	5.53%	6.26%	6.00%	5.37%	5.76%	5.80%

Variable Rate	$ -	$10.4	$ -	$ -	$-	$ -	$10.4	$10.4
Average Interest Rate	-	5.50%	-	-	-	-	5.50%

Canadian Dollar Denominated
Unsecured Debt
Fixed Rate	$ -	$140.3	$ -	$ -	$187.0	$ -	$327.3	$323.7
Average Interest Rate	-	4.45%	-	-	5.18%	-	4.87%

Mexican Pesos Denominated
Unsecured Debt
Fixed Rate	$ -	$ -	$ -	$ -	$74.1	$ -	$74.1	$64.7
Average Interest Rate	$ -	$ -	$ -	$ -	8.58%	-	8.58%

Based on the Company’s variable-rate debt balances, interest expense would have increased by approximately $1.0 million for the nine months ended September 30, 2009 if short-term interest rates were 1% higher.

As of September 30, 2009, the Company had (i) Canadian investments totaling CAD $498.5 million (approximately USD $465.7 million) comprised of real estate joint venture investments and marketable securities, (ii) Mexican real estate investments of approximately MXP 8.3 billion (approximately USD $629.4 million), (iii) Chilean real estate investments of approximately 14.2 billion Chilean Pesos (approximately USD $26.2 million), (iv) Peruvian real estate investments of approximately 7.2 million Peruvian Nuevo Sol (approximately USD $2.4 million), (v) Brazilian real estate investments of approximately 50.8 million Brazilian Reals (“BRL”) (approximately USD $27.1 million) and (vi) Australian investments in marketable securities of approximately AUD 188.7 million (approximately USD $149.5 million). The foreign currency exchange risk has been partially mitigated through the use of local currency denominated debt.

The Company has not, and does not plan to, enter into any derivative financial instruments for trading or speculative purposes. As of September 30, 2009, the Company has no other material exposure to market risk.

Item 4. Controls and Procedures

The Company’s management, with the participation of the Company’s chief executive officer and chief financial officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the Company’s chief executive officer and chief financial officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective.

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1. Legal Proceedings

The Company is not presently involved in any litigation, nor to its knowledge is any litigation threatened against the Company or its subsidiaries, that in management's opinion, would result in any material adverse effect on the Company's ownership, management or operation of its properties taken as a whole, or which is not covered by the Company's liability insurance.

Item 1A. Risk Factors

Adverse global market and economic conditions and competition may impede our ability to generate sufficient income to pay expenses and maintain properties.

Recent market and economic conditions have been unprecedented and challenging with slower growth and tighter credit conditions. Continued concerns about the systemic impact of the availability and cost of credit, the U.S. mortgage market, inflation, energy costs, geopolitical issues and declining equity and real estate markets have contributed to increased market volatility and diminished expectations for the U.S. economy. These adverse market conditions and competition may impede our ability to generate sufficient income to pay expenses, maintain properties, pay dividends and refinance debt.

The retail shopping sector has been negatively affected by recent economic conditions. These conditions may result in our tenants delaying lease commencements, declining to extend or renew leases upon expiration and/or renewing at lower rates. Adverse economic conditions have forced some weaker retailers, in some cases, to declare bankruptcy and close stores. Certain retailers have announced store closings even though they have not filed for bankruptcy protection. These downturns in the retailing industry likely will have a direct impact on our performance. Continued store closings or declarations of bankruptcy by our tenants may have a material adverse effect on the Company’s overall performance. Adverse general or local economic conditions could result in the inability of some tenants of the Company to meet their lease obligations and could otherwise adversely affect the Company’s ability to attract or retain tenants. Lea se terminations by certain tenants or a failure by certain tenants to occupy their premises in a shopping center could result in lease terminations or significant reductions in rent by other tenants in the same shopping centers under the terms of some leases, in which case we may be unable to re-lease the vacated space at attractive rents or at all, and our rental payments from our continuing tenants could significantly decrease.

We are unable to predict whether, or to what extent or for how long, these adverse market and economic conditions will persist. The continuation and/or intensification of these conditions may impede our ability to generate sufficient operating cash flow to pay expenses, maintain properties, pay dividends and refinance debt.

Ongoing adverse market and economic conditions and market volatility will likely continue to make it difficult to value the properties and investments owned by us and our unconsolidated joint ventures. There may be significant uncertainty in the valuation, or in the stability of the value, of such properties and investments that could result in a substantial decrease in the value thereof. In addition, we intend to sell many of our non-core assets over the next several years. No assurance can be given that we will be able to recover the current carrying amount of all of our properties and investments and those of our unconsolidated joint ventures in the future. Our failure to do so would require us to recognize additional impairment charges for the period in which we reached that conclusion, which could materially and adversely affect us.

We may change the dividend policy for our common stock in the future.

In addition, a recent Internal Revenue Service (“IRS”) revenue procedure allows us to satisfy the REIT income distribution requirement by distributing up to 90% of our dividends on our common stock in shares of our common stock in lieu of paying dividends entirely in cash. Although we reserve the right to utilize this procedure in the future, we currently have no intent to do so. In the event that we pay a portion of a dividend in shares of our common stock, taxable U.S. stockholders would be required to pay tax on the entire amount of the dividend, including the portion paid in shares of common stock, in which case such stockholders might have to pay the tax using cash from other sources. If a U.S. stockholder sells the stock it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our stock at the time of the sale.

Furthermore, with respect to non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such dividend, including in respect of all or a portion of such dividend that is payable in stock. In addition, if a significant number of our stockholders sell shares of our common stock in order to pay taxes owed on dividends, such sales would put downward pressure on the market price of our common stock.

The decision to declare and pay dividends on our common stock in the future, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of our Board of Directors and will depend on our earnings, funds from operations, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under our indebtedness and preferred stock, the annual distribution requirements under the REIT provisions of the Code, state law and such other factors as our Board of Directors deems relevant. While the statements in the financing activities section above concerning the remaining dividends for 2009 are the Company’s current expectation, the actual dividend payable will be determined by our Board of Directors based upon the circumstances at the time of declaration and the actual dividend payable may vary from such expected amounts. Any change in our dividend policy could have a material adverse effe ct on the market price of our common stock.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults upon Senior Securities

None.

Item 4. Submission of Matters to a Vote of Security Holders

None.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibits –

4.1 Agreement to File Instruments

Kimco Realty Corporation (the “Registrant”) hereby agrees to file with the Securities and Exchange Commission, upon request of the Commission, all instruments defining the rights of holders of long-term debt of the Registrant and its consolidated subsidiaries, and for any of its unconsolidated subsidiaries for which financial statements are required to be filed, and for which the total amount of securities authorized thereunder does not exceed 10 percent of the total assets of the Registrant and its subsidiaries on a consolidated basis.

12.1 Computation of Ratio of Earnings to Fixed Charges

12.2 Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

31.1 Certification of the Company’s Chief Executive Officer, Milton Cooper, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2 Certification of the Company’s Chief Financial Officer, Michael V. Pappagallo, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 Certification of the Company’s Chief Executive Officer, Milton Cooper, and the Company’s Chief Financial Officer, Michael V. Pappagallo, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			KIMCO REALTY CORPORATION



November 4, 2009			/s/ Milton Cooper
(Date)			Milton Cooper
			Chief Executive Officer


November 4, 2009			/s/ Michael V. Pappagallo
(Date)			Michael V. Pappagallo
			Chief Financial Officer

EX-12.1 2 exh12_1.htm Exhibit 99

Exhibit 12.1

Kimco Realty Corporation and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

For the nine months ended September 30, 2009


Pretax loss from continuing operations before adjustment for
noncontrolling interests or income loss from equity investees	$	(75,286,270)


Add:
Interest on indebtedness (excluding capitalized interest)		151,231,289
Amortization of debt related expenses		6,356,110
Portion of rents representative of the
interest factor		5,669,339
		87,970,468

Distributed income from equity investees		90,265,102

Pretax earnings from continuing operations, as adjusted	$	178,235,570


Fixed charges -
Interest on indebtedness (including capitalized interest)	$	167,859,493
Amortization of debt related expenses		3,653,334
Portion of rents representative of the
interest factor		5,669,339

Fixed charges	$	177,182,166

Ratio of earnings to fixed charges		1.01

EX-12.2 3 exh12_2.htm Exhibit 99

Exhibit 12.2

Kimco Realty Corporation and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

For the nine months ended September 30, 2009


Pretax loss from continuing operations before adjustment for
noncontrolling interests or income loss from equity investees (1)	$	(75,286,270)


Add:
Interest on indebtedness (excluding capitalized interest)		151,231,289
Amortization of debt related expenses		6,356,110
Portion of rents representative of the
interest factor		5,669,339
		87,970,468

Distributed income from equity investees		90,265,102

Pretax earnings from continuing operations, as adjusted	$	178,235,570


Combined fixed charges and preferred stock dividends -
Interest on indebtedness (including capitalized interest)	$	167,859,493
Preferred dividend factor		36,780,664
Amortization of debt related expenses		3,653,334
Portion of rents representative of the
interest factor		5,669,339

Combined fixed charges and preferred stock dividends	$	213,962,830

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		0.83

(1)

Pretax loss from continuing operations before adjustment for noncontrolling interests or income loss from equity investees includes impairment charges of approximately $178.5 million that are discussed in our Quarterly Report on Form 10-Q for the period ended September 30, 2009. Due to these impairment charges, our combined fixed charges and preferred stock dividends exceed our pretax earnings from continuing operations, as adjusted by approximately $35.7 million.

EX-31.1 4 ex31_1.htm Exhibit 31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Milton Cooper certify that:

1. I have reviewed this report on Form 10-Q of Kimco Realty Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2009

/s/ Milton Cooper

Milton Cooper

Chief Executive Officer

EX-31.2 5 ex31_2.htm Exhibit 31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael V. Pappagallo certify that:

1. I have reviewed this report on Form 10-Q of Kimco Realty Corporation;

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2009

/s/ Michael V. Pappagallo

Michael V. Pappagallo

Chief Financial Officer

EX-32.1 6 ex32_1.htm Exhibit 32.1

Exhibit 32.1

Section 906 Certification

Pursuant to 18 U.S.C. ss. 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Kimco Realty Corporation (the “Company”) hereby certifies, to such officer’s knowledge, that:

(i) the accompanying Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2009 (the “Report”) fully complies with the requirements of Section 13 (a) or Section 15 (d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 4, 2009

/s/ Milton Cooper

Milton Cooper

Chief Executive Officer

Date: November 4, 2009

/s/ Michael V. Pappagallo

Michael V. Pappagallo

Chief Financial Officer

EX-101.INS 7 kim-20090930.xml 0000879101 2009-09-30 0000879101 2008-12-31 0000879101 us-gaap:SeriesFPreferredStockMember 2009-09-30 0000879101 us-gaap:SeriesFPreferredStockMember 2008-12-31 0000879101 us-gaap:SeriesGPreferredStockMember 2009-09-30 0000879101 us-gaap:SeriesGPreferredStockMember 2008-12-31 0000879101 2009-07-01 2009-09-30 0000879101 2008-07-01 2008-09-30 0000879101 2009-01-01 2009-09-30 0000879101 2008-01-01 2008-09-30 0000879101 2009-01-11 2009-09-30 0000879101 us-gaap:RetainedEarningsMember 2007-12-31 0000879101 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2007-12-31 0000879101 us-gaap:PreferredStockMember 2007-12-31 0000879101 us-gaap:CommonStockMember 2007-12-31 0000879101 us-gaap:AdditionalPaidInCapitalMember 2007-12-31 0000879101 us-gaap:ParentMember 2007-12-31 0000879101 us-gaap:NoncontrollingInterestMember 2007-12-31 0000879101 2007-12-31 0000879101 us-gaap:NoncontrollingInterestMember 2008-01-01 2008-09-30 0000879101 us-gaap:RetainedEarningsMember 2008-01-01 2008-09-30 0000879101 us-gaap:ParentMember 2008-01-01 2008-09-30 0000879101 us-gaap:ComprehensiveIncomeMember 2008-01-01 2008-09-30 0000879101 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2008-01-01 2008-09-30 0000879101 us-gaap:SeriesFPreferredStockMember 2008-01-01 2008-09-30 0000879101 us-gaap:SeriesGPreferredStockMember 2008-01-01 2008-09-30 0000879101 us-gaap:CommonStockMember 2008-01-01 2008-09-30 0000879101 us-gaap:AdditionalPaidInCapitalMember 2008-01-01 2008-09-30 0000879101 us-gaap:RetainedEarningsMember 2008-09-30 0000879101 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2008-09-30 0000879101 us-gaap:PreferredStockMember 2008-09-30 0000879101 us-gaap:CommonStockMember 2008-09-30 0000879101 us-gaap:AdditionalPaidInCapitalMember 2008-09-30 0000879101 us-gaap:ParentMember 2008-09-30 0000879101 us-gaap:NoncontrollingInterestMember 2008-09-30 0000879101 2008-09-30 0000879101 us-gaap:RetainedEarningsMember 2008-12-31 0000879101 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2008-12-31 0000879101 us-gaap:PreferredStockMember 2008-12-31 0000879101 us-gaap:CommonStockMember 2008-12-31 0000879101 us-gaap:AdditionalPaidInCapitalMember 2008-12-31 0000879101 us-gaap:ParentMember 2008-12-31 0000879101 us-gaap:NoncontrollingInterestMember 2008-12-31 0000879101 us-gaap:NoncontrollingInterestMember 2009-01-01 2009-09-30 0000879101 us-gaap:RetainedEarningsMember 2009-01-01 2009-09-30 0000879101 us-gaap:ParentMember 2009-01-01 2009-09-30 0000879101 us-gaap:ComprehensiveIncomeMember 2009-01-01 2009-09-30 0000879101 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-01-01 2009-09-30 0000879101 us-gaap:SeriesFPreferredStockMember 2009-01-01 2009-09-30 0000879101 us-gaap:SeriesGPreferredStockMember 2009-01-01 2009-09-30 0000879101 us-gaap:CommonStockMember 2009-01-01 2009-09-30 0000879101 us-gaap:AdditionalPaidInCapitalMember 2009-01-01 2009-09-30 0000879101 us-gaap:RetainedEarningsMember 2009-09-30 0000879101 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-09-30 0000879101 us-gaap:PreferredStockMember 2009-09-30 0000879101 us-gaap:CommonStockMember 2009-09-30 0000879101 us-gaap:AdditionalPaidInCapitalMember 2009-09-30 0000879101 us-gaap:ParentMember 2009-09-30 0000879101 us-gaap:NoncontrollingInterestMember 2009-09-30 0000879101 2009-10-22 0000879101 2009-06-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

5825326000

5690277000

1292319000

1159664000

1178177000

1161382000

759964000

968975000

553799000

566324000

153750000

181992000

140757000

136177000

218627000

258174000

106840000

97702000

350801000

336144000

9288041000

9397147000

2854958000

3440818000

1073648000

847491000

43540000

268337000

34425000

131097000

416072000

388818000

4422643000

5076561000

101328000

115853000

700000

1.00

700000

175000000 175000000

1.00

3232000

184000

1.00

184000

460000000 460000000

3767000

2711000

0.01

750000000

376720376

271080525

376720376

271080525

4946357000

4217806000

314208000

58162000

4636800000 4163239000

-98711000

-179541000

4538089000

3983698000

225981000

221035000

4764070000

4204733000

9288041000

9397147000

184000 700000 184000 700000

191886000

189952000

575065000

561715000

3669000

3320000

10308000

9804000

28983000

23991000

80841000

70760000

25572000

26798000

80799000

77635000

50000000

3747000

5136000

11619000

13602000

10173000

12959000

30397000

35816000

55596000

53013000

168006000

152903000

27965000

30591000

83449000

80225000

9236000

7092000

22370000

48605000

4383000

-1643000

468000

-1869000

54551000

52775000

152023000

160335000

23089000

23008000

14493000

106207000

-1148000

12336000

-3483000

20608000

9249000 24032000 26973000 77443000

8946000

78469000

3317000

138016000

644000 2795000 2086000 20549000

429000

1863000

1390000

13699000

2100000

40602000

5902000

29573000

9710000

26896000

43076000

110066000

-48819000

311897000

62000

527000

-22000

5840000

-80000

18000

8809000

421000

9531000

80000

9336000

319000

15371000

1188000 26000 1188000 -111000 -111000

600000

2155000

587000

489000 1188000 2070000 1775000

43645000

120590000

-46430000

329043000

3537000

12006000

9689000

27618000

40108000

108584000

-56119000

301425000

11822000

35466000

28286000

96762000

-91585000

265959000

0.07

0.34

-0.27

0.99

0.07

0.34

-0.27

0.98

0.07

0.38

-0.27

1.05

0.07

0.37

-0.27

1.03

376559000

256164000

339018000

254286000

378127000

258933000

339018000

257376000

28206000

87574000

-91904000

251869000

80000

9188000

319000

14090000

-46430000

23973000

-38848000

48724000

-70763000

162000

376000

44000

-318000

44574000

21345000

18702000

24944000

68709000

-17127000

67470000

-46137000

112354000

103463000

21040000

282906000

-1261000

13358000

-3672000

29131000

113615000

90105000

24712000

253775000

180005000

33299000

884000

2528000

3677509000

3894225000

274916000

4169141000

89629000

301425000

27618000

329043000

-70763000

-318000

23431000

1513000

24944000

282906000

-7430000

-356972000

1.24

1.2468 1.4532

-17938000

796000 796000

115000

409250000

409365000

19000

43478000

43497000

9552000

124458000

-14351000

884000

2662000

4139789000

4253442000

369104000

4622546000

-58162000

-179541000

884000

2711000

4217806000

3983698000

221035000

19737000

-56119000

9689000

-46430000

48724000

44000

32062000

-13360000

18702000

21040000

-4772000

-199927000

0.56

1.2468 1.4532

-6128000

126000 126000 -346000 -346000

1052000

716208000

717260000

4000

4495000

4499000

7848000

-314208000

-98711000

884000

3767000

4946357000

4538089000

225981000

168053000

153603000

224000

149171000

9710000

-3476000

-34248000

-2870000 -11306000 -3317000 -138016000 -13223000 -71209000

90265000

208044000

-1928000

-9129000

-16710000

37387000

45513000

-44707000

6807000

321948000

479303000

78073000

202807000

116358000

311065000

263947000

70585000

52212000

32400000

92186000

131436000

-79985000 -85815000

7051000

57860000

-9177000

-65256000

4547000

68525000

36592000

37914000

3900000

19466000

4935000 17189000

26820000

74185000

19059000

47811000

-54962000

-642324000

167838000

61004000

12178000

10763000

255386000

23473000

403815000

66438000

211858000

536443000

927647000

272886000

520000000

428701000

125000000

12947000

2848000

-15320000

-14020000

296599000

340060000

1928000

718537000

444858000

-262406000

199613000

4580000

36592000

87499000

124091000

131234000

141675000

16628000

22343000

4265000

10906000

Kimco Realty Corporation 10-Q --12-31 376724704 3700000000 false 0000879101 Yes No Large Accelerated Filer Yes 2009-09-30

1.    Interim Financial Statements Principles of Consolidation - The accompanying Condensed Consolidated Financial Statements include the accounts of Kimco Realty Corporation (the Company), its subsidiaries, all of which are wholly-owned, and all entities in 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) or meets certain criteria of a sole general partner or managing member in accordance with the Consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Certification (ASC). All inter-company balances and transactions have been eliminated in consolidation.  The information furnished 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 2008 Annual Report on Form 10-K. Subsequent Events - The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through November 4, 2009, the day the financial statements were issued (see Note 19). Income Taxes - The Company has made an election to qualify, and believes it is operating so as to qualify, as a Real Estate Investment Trust (a REIT) for federal income tax purposes.  Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under Sections 856 through 860 of the Internal Revenue Code, as amended (the Code).  However, in connection with the Tax Relief Extension Act of 1999, which became effective January 1, 2001, the Company is permitted to participate in certain activities which it was previously precluded from in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries under the Code.  As such, the Company will be subject to federal and state income taxes on the income from these activities. Real Estate  - Upon acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), assumed debt and redeemable units issued at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the estimated fair value to the applicable assets and liabilities. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  If, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made to the purchase price allocation on a retrospective basis.  The Company expenses transaction costs associated with business combinations in the period incurred.   On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired.  A property value is considered impaired only if managements estimate of current and projected operating cash flows (undiscounted and without interest charges) of the property over its remaining useful life is less than the net carrying value of the property.  Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors.  To the extent impairment has occurred, the carrying value of the property would be adjusted to an amount to reflect the estimated fair value of the property. Noncontrolling Interests - Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. Noncontrolling interests also includes partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions.  These units have a stated redemption value (classified as mezzanine equity) or a redemption amount based upon the Adjusted Current Trading Price, as defined, of the Companys common stock ("Common Stock") and provide the unit holders various rates of return during the holding period.  The unit holders generally have the right to redeem their units for cash at any time after one year from issuance.  The Company typically has the option to settle redemption amounts in cash or Common Stock for the issuance of convertible units.  The Company evaluates the terms of the partnership units issued and determines if the units are mandatorily redeemable in accordance with the Distinguishing Liabilities from Equity guidance of the FASB ASC.   The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance issued by the FASB.  The Company identifies its noncontrolling interests separately within the equity section on the Companys Condensed Consolidated Balance Sheets.  Redeemable units are classified as Redeemable noncontrolling interests and presented between Total liabilities and Stockholders equity on the Companys Condensed Consolidated Balance Sheets.  The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented on the Companys Condensed Consolidated Statements of Operations.  When a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary is initially measured at fair value.  Any gain or loss on the deconsolidation of a subsidiary is measured using the fair value of the noncontrolling equity investment rather than the carrying amount of that retained investment.   The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the nine months ended September 30, 2009 and September 30, 2008 (amounts in thousands): <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="256.333"></td> <td width="29.267"></td> <td width="89.267"></td> <td width="22.2"></td> <td width="103.133"></td> </tr> <tr> <td width="256.333" valign="top">   </td> <td width="29.267" valign="top">   </td> <td width="89.267" valign="top"> 2009 </td> <td width="22.2" valign="top">   </td> <td width="103.133" valign="top"> 2008 </td> </tr> <tr> <td width="256.333" valign="top" style="background-color:#CCFFFF"> Balance at January 1, </td> <td width="29.267" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="89.267" valign="bottom" style="background-color:#CCFFFF"> 115,853 </td> <td width="22.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="103.133" valign="bottom" style="background-color:#CCFFFF"> 173,592 </td> </tr> <tr> <td width="256.333" valign="top">    Unit redemptions </td> <td width="29.267" valign="bottom">   </td> <td width="89.267" valign="bottom"> (13,889) </td> <td width="22.2" valign="bottom">   </td> <td width="103.133" valign="bottom"> (6,541) </td> </tr> <tr> <td width="256.333" valign="top" style="background-color:#CCFFFF">    Fair market value amortization </td> <td width="29.267" valign="bottom" style="background-color:#CCFFFF">   </td> <td width="89.267" valign="bottom" style="background-color:#CCFFFF"> (537) </td> <td width="22.2" valign="bottom" style="background-color:#CCFFFF">   </td> <td width="103.133" valign="bottom" style="background-color:#CCFFFF"> (896) </td> </tr> <tr> <td width="256.333" valign="top">    Other </td> <td width="29.267" valign="bottom">   </td> <td width="89.267" valign="bottom" style="border-bottom:1px solid #000000"> (99) </td> <td width="22.2" valign="bottom">   </td> <td width="103.133" valign="bottom" style="border-bottom:1px solid #000000"> (69) </td> </tr> <tr> <td width="256.333" valign="top" style="background-color:#CCFFFF"> Balance at September 30, </td> <td width="29.267" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="89.267" valign="bottom" style="background-color:#CCFFFF; border-bottom:3px double #000000"> 101,328 </td> <td width="22.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="103.133" valign="bottom" style="background-color:#CCFFFF; border-bottom:3px double #000000"> 166,086 </td> </tr> </table> Earnings/(Loss) Per Share - The following table sets forth the reconciliation of earnings/(loss) and the weighted average number of shares used in the calculation of basic and diluted earnings/(loss) per share (amounts presented in thousands except per share data): <table width="720" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="364.2"></td> <td width="13"></td> <td width="73.8"></td> <td width="15"></td> <td width="73.2"></td> <td width="16.8"></td> <td width="73.2"></td> <td width="21"></td> <td width="72"></td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td colspan="3" width="162" valign="bottom" style="border-bottom:1px solid #000000"> Three Months Ended September 30, </td> <td width="16.8" valign="bottom">   </td> <td colspan="3" width="166.2" valign="bottom" style="border-bottom:1px solid #000000"> Nine Months Ended September 30, </td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom" style="border-bottom:1px solid #000000"> 2009 </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom" style="border-bottom:1px solid #000000"> 2008 </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom" style="border-bottom:1px solid #000000"> 2009 </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom" style="border-bottom:1px solid #000000"> 2008 </td> </tr> <tr> <td width="364.2" valign="bottom"> Computation of Basic Earnings/(Loss) Per Share: </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Income/(loss) from continuing operations </td> <td bgcolor="ccffff" valign="bottom" width="13"> $ </td> <td bgcolor="ccffff" valign="bottom" width="73.8"> 43,076 </td> <td bgcolor="ccffff" valign="bottom" width="15"> $ </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> 110,066 </td> <td bgcolor="ccffff" valign="bottom" width="16.8"> $ </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> (48,819) </td> <td bgcolor="ccffff" valign="bottom" width="21"> $ </td> <td bgcolor="ccffff" valign="bottom" width="72"> 311,897 </td> </tr> <tr> <td width="364.2" valign="bottom"> Total net gain on transfer or sale of operating properties, net of tax </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom"> 489 </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom"> 1,188 </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom"> 2,070 </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom"> 1,775 </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Net income attributable to noncontrolling interests </td> <td bgcolor="ccffff" valign="bottom" width="13">   </td> <td bgcolor="ccffff" valign="bottom" width="73.8"> (3,537) </td> <td bgcolor="ccffff" valign="bottom" width="15">   </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> (12,006) </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> (9,689) </td> <td bgcolor="ccffff" valign="bottom" width="21">   </td> <td bgcolor="ccffff" valign="bottom" width="72"> (27,618) </td> </tr> <tr> <td width="364.2" valign="bottom"> Discontinued operations attributable to noncontrolling interests </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom"> - </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom"> 148 </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom"> - </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom"> 1,281 </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Preferred stock dividends </td> <td bgcolor="ccffff" valign="bottom" width="13">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="73.8"> (11,822) </td> <td bgcolor="ccffff" valign="bottom" width="15">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="73.2"> (11,822) </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="73.2"> (35,466) </td> <td bgcolor="ccffff" valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="72"> (35,466) </td> </tr> <tr> <td width="364.2" valign="bottom"> Income/(loss) from continuing operations available to common shareholders </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom"> 28,206 </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom"> 87,574 </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom"> (91,904) </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom"> 251,869 </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Income from discontinued operations attributable to the Company </td> <td bgcolor="ccffff" valign="bottom" width="13">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="73.8"> 80 </td> <td bgcolor="ccffff" valign="bottom" width="15">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="73.2"> 9,188 </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="73.2"> 319 </td> <td bgcolor="ccffff" valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="72"> 14,090 </td> </tr> <tr> <td width="364.2" valign="bottom"> Net income/(loss) attributable to the Companys common shareholders </td> <td width="13" valign="bottom"> $ </td> <td width="73.8" valign="bottom" style="border-bottom:3px double #000000"> 28,286 </td> <td width="15" valign="bottom"> $ </td> <td width="73.2" valign="bottom" style="border-bottom:3px double #000000"> 96,762 </td> <td width="16.8" valign="bottom"> $ </td> <td width="73.2" valign="bottom" style="border-bottom:3px double #000000"> (91,585) </td> <td width="21" valign="bottom"> $ </td> <td width="72" valign="bottom" style="border-bottom:3px double #000000"> 265,959 </td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Weighted average common shares Outstanding </td> <td bgcolor="ccffff" valign="bottom" width="13">   </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.8"> 376,559 </td> <td bgcolor="ccffff" valign="bottom" width="15">   </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.2"> 256,164 </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.2"> 339,018 </td> <td bgcolor="ccffff" valign="bottom" width="21">   </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="72"> 254,286 </td> </tr> </table> <table width="720" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="364.2"></td> <td width="13"></td> <td width="73.8"></td> <td width="15"></td> <td width="73.2"></td> <td width="16.8"></td> <td width="73.2"></td> <td width="21"></td> <td width="72"></td> </tr> <tr> <td width="364.2" valign="bottom"> Basic Earnings/(Loss) Per Share attributable to the Company: </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Income/(loss) from continuing operations </td> <td bgcolor="ccffff" valign="bottom" width="13"> $ </td> <td bgcolor="ccffff" valign="bottom" width="73.8"> 0.07 </td> <td bgcolor="ccffff" valign="bottom" width="15"> $ </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> 0.34 </td> <td bgcolor="ccffff" valign="bottom" width="16.8"> $ </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> (0.27) </td> <td bgcolor="ccffff" valign="bottom" width="21"> $ </td> <td bgcolor="ccffff" valign="bottom" width="72"> 0.99 </td> </tr> <tr> <td width="364.2" valign="bottom"> Income from discontinued operations </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom" style="border-bottom:1px solid #000000"> - </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom" style="border-bottom:1px solid #000000"> 0.04 </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom" style="border-bottom:1px solid #000000"> - </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom" style="border-bottom:1px solid #000000"> 0.06 </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Net income/(loss) </td> <td bgcolor="ccffff" valign="bottom" width="13"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.8"> 0.07 </td> <td bgcolor="ccffff" valign="bottom" width="15"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.2"> 0.38 </td> <td bgcolor="ccffff" valign="bottom" width="16.8"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.2"> (0.27) </td> <td bgcolor="ccffff" valign="bottom" width="21"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="72"> 1.05 </td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td width="364.2" valign="bottom"> Computation of Diluted Earnings/(Loss) Per Share: </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Income/(loss) from continuing operations available to common shareholders </td> <td bgcolor="ccffff" valign="bottom" width="13"> $ </td> <td bgcolor="ccffff" valign="bottom" width="73.8"> 28,206 </td> <td bgcolor="ccffff" valign="bottom" width="15"> $ </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> 87,574 </td> <td bgcolor="ccffff" valign="bottom" width="16.8"> $ </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> (91,904) </td> <td bgcolor="ccffff" valign="bottom" width="21"> $ </td> <td bgcolor="ccffff" valign="bottom" width="72"> 251,869 </td> </tr> <tr> <td width="364.2" valign="bottom"> Income from discontinued operations attributable to the Company </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom" style="border-bottom:1px solid #000000"> 80 </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom" style="border-bottom:1px solid #000000"> 9,188 </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom" style="border-bottom:1px solid #000000"> 319 </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom" style="border-bottom:1px solid #000000"> 14,090 </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Net Income/(loss) attributable to the Companys common shareholders </td> <td bgcolor="ccffff" valign="bottom" width="13"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.8"> 28,286 </td> <td bgcolor="ccffff" valign="bottom" width="15"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.2"> 96,762 </td> <td bgcolor="ccffff" valign="bottom" width="16.8"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.2"> (91,585) </td> <td bgcolor="ccffff" valign="bottom" width="21"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="72"> 265,959 </td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td width="364.2" valign="bottom"> Weighted average common shares outstanding basic </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom"> 376,559 </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom"> 256,164 </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom"> 339,018 </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom"> 254,286 </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Effect of dilutive securities:   Stock options </td> <td bgcolor="ccffff" valign="bottom" width="13">   </td> <td bgcolor="ccffff" valign="bottom" width="73.8"> 86 </td> <td bgcolor="ccffff" valign="bottom" width="15">   </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> 2,748 </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> - </td> <td bgcolor="ccffff" valign="bottom" width="21">   </td> <td bgcolor="ccffff" valign="bottom" width="72"> 3,069 </td> </tr> <tr> <td width="364.2" valign="bottom"> Assumed conversion of convertible units (a) </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom" style="border-bottom:1px solid #000000"> 1,482 </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom" style="border-bottom:1px solid #000000"> 21 </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom" style="border-bottom:1px solid #000000"> - </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom" style="border-bottom:1px solid #000000"> 21 </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Shares for diluted earnings per common share </td> <td bgcolor="ccffff" valign="bottom" width="13">   </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.8"> 378,127 </td> <td bgcolor="ccffff" valign="bottom" width="15">   </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.2"> 258,933 </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.2"> 339,018 </td> <td bgcolor="ccffff" valign="bottom" width="21">   </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="72"> 257,376 </td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td width="364.2" valign="bottom"> Diluted Earnings/(Loss) Per Share attributable to the Company: </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td width="364.2" valign="bottom"> Income/(loss) from continuing operations </td> <td width="13" valign="bottom"> $ </td> <td width="73.8" valign="bottom"> 0.07 </td> <td width="15" valign="bottom"> $ </td> <td width="73.2" valign="bottom"> 0.34 </td> <td width="16.8" valign="bottom"> $ </td> <td width="73.2" valign="bottom"> (0.27) </td> <td width="21" valign="bottom"> $ </td> <td width="72" valign="bottom"> 0.98 </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Income from discontinued operations </td> <td bgcolor="ccffff" valign="bottom" width="13">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="73.8"> - </td> <td bgcolor="ccffff" valign="bottom" width="15">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="73.2"> 0.03 </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="73.2"> - </td> <td bgcolor="ccffff" valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="72"> 0.05 </td> </tr> <tr> <td width="364.2" valign="bottom"> Net income/(loss) </td> <td width="13" valign="bottom"> $ </td> <td width="73.8" valign="bottom" style="border-bottom:3px double #000000"> 0.07 </td> <td width="15" valign="bottom"> $ </td> <td width="73.2" valign="bottom" style="border-bottom:3px double #000000"> 0.37 </td> <td width="16.8" valign="bottom"> $ </td> <td width="73.2" valign="bottom" style="border-bottom:3px double #000000"> (0.27) </td> <td width="21" valign="bottom"> $ </td> <td width="72" valign="bottom" style="border-bottom:3px double #000000"> 1.03 </td> </tr> </table> (a)   For three and nine months ended September 30, 2009 and 2008, the effect of certain convertible units would have an anti-dilutive effect upon the calculation of Income/(loss) from continuing operations per share.  Accordingly, the impact of such conversion has not been included in the determination of diluted earnings/(loss) per share calculations. There were approximately 17,635,217 and 8,056,555 stock options that were anti-dilutive at September 30, 2009 and 2008, respectively. New Accounting Pronouncements - In June 2009, the FASB issued guidance which established the FASB ASC as the source of authoritative U.S. Generally Accepted Accounting Principles (GAAP) recognized by the FASB to be applied by nongovernmental entities.  This guidance was effective for financial statements issued for interim and annual periods ending after September 15, 2009.  On the effective date of this Statement, the Codification superseded all existing non-SEC accounting and reporting standards. All other non-grandfathered non-SEC accounting literature not included in the Codification has become non-authoritative. The Company adopted the guidance within GAAP during the third quarter of 2009 and as such has appropriately adjusted references to authoritative accounting literature appearing in this quarterly report on Form 10-Q. In December 2007, the FASB issued additional Business Combinations guidance. The objective of this guidance is to improve the relevance, representational faithfulness and comparability of the information that a reporting entity provides in its financial reports about a business combination and its effects. To accomplish that, this guidance establishes principles and requirements for how the acquirer: (i) recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree, (ii) recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase, (iii) determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination and (iv) requires expensing of transaction costs associated with a business combination. This guidance applies prospectively to business combinations for which the acquisition date is on or after the first annual reporting period beginning on or after December 15, 2008.  The impact the adoption of the additional guidance will have on the Companys financial position and results of operations will be dependent upon the volume of business combinations entered into by the Company.  As of September 30, 2009 the adoption of this guidance has not had a material effect on the Companys financial position or results of operations. In April 2009, the FASB issued additional Business Combinations guidance, which amended and clarified the previous guidance to address application issues on initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in a business combination. This additional guidance has been applied prospectively to business combinations for which the acquisition date is on or after January 1, 2009. The impact the adoption of the additional guidance will have on the Companys financial position and results of operations will be dependent upon the volume of business combinations entered into by the Company.  As of September 30, 2009 the adoption of this guidance has not had a material effect on the Companys results of operations or financial position. In December 2007, the FASB issued further Consolidations guidance, which establishes accounting and reporting standards that require the ownership interests in subsidiaries held by parties other than the parent be clearly identified, labeled and presented in the consolidated statement of financial position within equity, but separate from the parents equity; the amount of consolidated net income attributable to the parent and to the noncontrolling interest be clearly identified and presented on the face of the consolidated statement of operations; changes in a parents ownership interest while the parent retains its controlling financial interest in its subsidiary be accounted for consistently; when a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary be initially measured at fair value; and entities provide sufficient disclosures that clearly identify and distinguish between the interests of the parent and the interests of the noncontrolling owners. The objective of the guidance is to improve the relevance, comparability, and transparency of the financial information that a reporting entity provides in its consolidated financial statements. This guidance was effective for fiscal years beginning on or after December 15, 2008.  As required, the Company has retrospectively applied the presentation to its prior year balances in its Condensed Consolidated Financial Statements.   The adoption of the guidance mentioned above did not have a material impact on the Companys financial position or results of operations. In March 2008, the FASB issued Derivatives and Hedging guidance, which amends and expands the previous disclosure requirements to require qualitative disclosure about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. This guidance is to be applied prospectively for the first annual reporting period beginning on or after November 15, 2008, with early application encouraged.  This guidance also encourages, but does not require, comparative disclosures for earlier periods at initial adoption.  The adoption of this guidance did not have a material impact on the Companys disclosures. In April 2008, the FASB issued additional Intangibles-Goodwill and Other guidance, which amended the factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset. The addition to the guidance is intended to improve the consistency between the useful life of an intangible asset and the period of expected cash flows used to measure the fair value of the asset. This additional guidance for determining the useful life of a recognized intangible asset shall be applied prospectively to intangible assets acquired after the effective date. The disclosure requirements in this guidance shall be applied prospectively to all intangible assets recognized as of, and subsequent to, the effective date. This guidance was effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. Early adoption was not permitted. The adoption did not have a material impact on the Companys financial position or results of operations. In June 2008, the FASB issued additional Earnings Per Share guidance, which classifies unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities and requires them to be included in the computation of earnings per share pursuant to the two-class method  This guidance was effective for financial statements issued for fiscal years beginning after December 15, 2008. All prior-period earnings per share data presented are to be adjusted retrospectively. The Companys adoption of the guidance did not have a material impact on the Companys financial position or results of operations. In November 2008, the FASB issued Investments-Equity Method and Joint Ventures guidance that clarifies the accounting for certain transactions and impairment considerations involving equity method investments. This guidance applies to all investments accounted for under the equity method. It was effective for fiscal years and interim periods beginning on or after December 15, 2008. The adoption of the guidance did not have a material impact on the Companys financial position or results of operations. In April 2009, the FASB issued Fair Value Measurements and Disclosures guidance that provides additional direction for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased. This guidance also includes information on identifying circumstances that indicate a transaction is not orderly.  Additionally, this guidance emphasizes that even if there has been a significant decrease in the volume and level of activity for the asset or liability and regardless of the valuation technique(s) used, the objective of a fair value measurement remains the same. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions.  This guidance was effective for interim and annual reporting periods ending after June 15, 2009, and shall be applied prospectively. The adoption of this guidance did not have a material impact on the Companys financial position or results of operations. In April 2009, the FASB issued Investments-Debt and Equity Securities guidance, which amends the other-than-temporary impairment guidance in U.S. GAAP for debt securities to make the guidance more operational and to improve the presentation and disclosure of other-than-temporary impairments on debt and equity securities in the financial statements. This guidance does not amend existing recognition and measurement guidance related to other-than-temporary impairments of equity securities.  The guidance shall be effective for interim and annual reporting periods ending after June 15, 2009.  The adoption of this guidance did not have a material impact on the Companys financial position or results of operations. In April 2009, the FASB issued Financial Instruments guidance, which amends previous guidance to require disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. It also requires those disclosures in summarized financial information at interim reporting periods.  This guidance is effective for interim reporting periods ending after June 15, 2009. The adoption of this guidance did not have a material impact on the Companys disclosures. In May 2009, the FASB issued Subsequent Events guidance, which provides further direction to establish general standards of accounting for and disclosures of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. This guidance also requires entities to disclose the date through which subsequent events were evaluated as well as the rationale for why that date was selected. This disclosure should alert all users of financial statements that an entity has not evaluated subsequent events after that date in the set of financial statements being presented. This guidance was effective for interim and annual reporting periods ending after June 15, 2009.  The Companys adoption of this guidance did not have a material impact on the Companys financial position or results of operations. In June 2009, the FASB issued Transfers and Servicing guidance, which amends the previous derecognition guidance and eliminates the exemption from consolidation for qualifying special-purpose entities. This guidance is effective for financial asset transfers occurring after the beginning of an entity's first fiscal year that begins after November 15, 2009. This guidance will be effective for the Company beginning in fiscal 2010. The Company is currently assessing the potential impact the adoption of this guidance will have on the Companys financial position or results of operations. In June 2009, the FASB issued Consolidation guidance, which amends the previous consolidation guidance applicable to variable interest entities. The amendments will significantly affect the overall consolidation analysis previously required. This guidance is effective as of the beginning of the first fiscal year that begins after November 15, 2009, early adoption is prohibited. It will be effective for the Company beginning in fiscal 2010. The Company is currently assessing the potential impact the adoption of this guidance will have on the Companys financial position and results of operations. Reclassifications - Certain reclassifications have been made to the 2008 impairment charges to conform to the 2009 presentation.

2.    Impairments On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the Companys assets (including any related amortizable intangible assets or liabilities) may be impaired.  To the extent impairment has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset. During the first half of 2009, economic conditions had continued to experience volatility resulting in further declines in equity and real estate markets. Increases in capitalization rates, discount rates, vacancies and the deterioration of real estate fundamentals, impacting net operating income and leasing contributed to further declines in real estate markets in general.    As a result of the volatility and declining market conditions described above, as well as the Companys strategy in relation to certain of its non-retail assets, the Company recognized non-cash impairment charges during June 2009, aggregating approximately $176.5 million.  Details of these non-cash impairment charges are as follows (in thousands): <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="391.2"></td> <td width="21.067"></td> <td width="70.867"></td> </tr> <tr bgcolor="ccffff"> <td valign="bottom" width="391.2"> Impairment of property carrying values </td> <td valign="top" width="21.067"> $ </td> <td valign="bottom" width="70.867"> 50,000 </td> </tr> <tr> <td width="391.2" valign="bottom"> Impairments included in Equity in income of joint ventures, net </td> <td width="21.067" valign="top">   </td> <td width="70.867" valign="bottom"> 27,316 </td> </tr> <tr bgcolor="ccffff"> <td valign="bottom" width="391.2"> Real estate under development </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70.867"> 2,100 </td> </tr> <tr> <td width="391.2" valign="bottom"> Investments in other real estate investments </td> <td width="21.067" valign="top">   </td> <td width="70.867" valign="bottom"> 40,602 </td> </tr> <tr bgcolor="ccffff"> <td valign="bottom" width="391.2"> Marketable securities and other investments </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70.867"> 29,573 </td> </tr> <tr> <td width="391.2" valign="bottom"> Investments in real estate joint ventures </td> <td width="21.067" valign="top">   </td> <td width="70.867" valign="bottom" style="border-bottom:1px solid #000000"> 26,896 </td> </tr> <tr bgcolor="ccffff"> <td valign="bottom" width="391.2">      Total impairment charges </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="70.867"> 176,487 </td> </tr> </table> Additionally, during the third quarter 2009, various joint ventures recognized non-cash impairment charges aggregating approximately $13.4 million relating to 13 operating properties. The Companys share of these charges were approximately $2.0 million and are included in Equity in income of joint ventures, net on the Companys Condensed Consolidated Statements of Operations. During the nine months ended September 30, 2008, the Company recognized a non-cash impairment charge of $9.7 million due to the decline in value of certain marketable equity security investments that were deemed to be other-than-temporary. The Company will continue to assess declines in value of its assets on an on-going basis.  Based on these assessments, the Company may determine that one or more of its assets may be impaired due to a decline in value and would therefore write-down its cost basis accordingly (see Notes 3, 5, 6, 7, 8, 9 and 12).

3.    Operating Property Activities Acquisitions - During the nine months ended September 30, 2009, the Company acquired the remaining ownership interest in an operating property located in Novato, CA from a joint venture in which the Company held a 10% noncontrolling interest for a sales price of approximately $23.6 million, including the assumption of a $13.5 million non-recourse mortgage.  The Company evaluated this transaction pursuant to the guidance relating to the FASBs Consolidation guidance and as such recorded a gain of $0.3 million from the fair value adjustment associated with its original 10% ownership. The aggregate purchase price of this property has been allocated to the tangible and intangible assets and liabilities of the property at the date of acquisition, based on evaluation of information and estimates available at such date.  As final information regarding the fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments will be made to the purchase price allocation.  The allocations are finalized no later than twelve months from the acquisition date.  The total aggregate purchase price was allocated as follows (in thousands): <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="391.2"></td> <td width="21.067"></td> <td width="70.733"></td> </tr> <tr bgcolor="ccffff"> <td valign="top" width="391.2"> Land </td> <td valign="top" width="21.067"> $ </td> <td valign="bottom" width="70.733"> 7,028 </td> </tr> <tr> <td width="391.2" valign="top"> Buildings </td> <td width="21.067" valign="top">   </td> <td width="70.733" valign="bottom"> 10,073 </td> </tr> <tr bgcolor="ccffff"> <td valign="top" width="391.2"> Above Market Rents </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70.733"> 398 </td> </tr> <tr> <td width="391.2" valign="top"> Below Market Rents </td> <td width="21.067" valign="top">   </td> <td width="70.733" valign="bottom"> (1,499) </td> </tr> <tr bgcolor="ccffff"> <td valign="top" width="391.2"> In-Place Leases </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70.733"> 1,124 </td> </tr> <tr> <td width="391.2" valign="top"> Other Intangibles </td> <td width="21.067" valign="top">   </td> <td width="70.733" valign="bottom"> 445 </td> </tr> <tr bgcolor="ccffff"> <td valign="top" width="391.2"> Building Improvements </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70.733"> 4,685 </td> </tr> <tr> <td width="391.2" valign="top"> Tenant Improvements </td> <td width="21.067" valign="top">   </td> <td width="70.733" valign="bottom"> 1,171 </td> </tr> <tr bgcolor="ccffff"> <td valign="top" width="391.2"> Mortgage Fair Value Adjustment </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="70.733"> 119 </td> </tr> <tr> <td width="391.2" valign="bottom">   </td> <td width="21.067" valign="top"> $ </td> <td width="70.733" valign="bottom" style="border-bottom:3px double #000000"> 23,544 </td> </tr> </table> Additionally, during the nine months ended September 30, 2009, the Company acquired a land parcel located in Rio Clara, Brazil through a newly formed joint venture in which the Company has a 70% controlling ownership interest for a purchase price of 3.3 million Brazilian Reals (approximately USD $1.5 million).  This parcel will be developed into a 48,000 square foot retail shopping center.  Due to future commitments from the partners to fund construction costs throughout the construction period the Company has determined that this joint venture is a VIE and that the Company is the primary beneficiary. As such, the Company has consolidated this entity for accounting and reporting purposes.   Dispositions - During the nine months ended September 30, 2009, the Company disposed of, in separate transactions, portions of five operating properties for an aggregate sales price of approximately $20.2 million. The Company provided seller financing for two of these transactions aggregating approximately $1.4 million, which bear interest at 9% per annum and are scheduled to mature in January and March 2012.  The Company evaluated these transactions pursuant to the FASBs Property, Plant and Equipment guidance.  These five transactions resulted in the Companys recognition of an aggregate net gain of approximately $2.4 million, net of income tax of $0.2 million. Additionally, during the nine months ended September 30, 2009, a consolidated joint venture in which the Company has a preferred equity investment disposed of a portion of a property for a sales price of approximately $1.1 million. As a result of this capital transaction, the Company received approximately $0.1 million of profit participation.  This profit participation has been recorded as Income from other real estate investments in the Companys Condensed Consolidated Statements of Operations. Also during the nine months ended September 30, 2009, a consolidated joint venture in which the Company has a controlling interest disposed of a parcel of land for approximately $4.8 million and recognized a gain of approximately $4.4 million, before income taxes and noncontrolling interest.  This gain has been recorded as Other income/(expense), net in the Companys Condensed Consolidated Statements of Operations. Consolidations During the nine months ended September 30, 2009, the Company provided a capital contribution to one of its joint venture investments and entered into an amendment to the LLC agreement of another joint venture investment.  These events were both considered reconsideration events under FASBs Consolidation guidance.  Such reconsideration determined that these two joint ventures were now VIEs and that the Company is the primary beneficiary of each joint venture.  As such, the Company has consolidated these entities for accounting and reporting purposes.  Both of these entities have been established to own and operate real estate property. These entities were deemed VIEs primarily  based on the fact that the voting rights of the equity investors is not proportional to their obligation to absorb expected losses or receive the expected residual returns of the entity and substantially all of the entity's activities are conducted on behalf of the investor which has disproportionately fewer voting rights. The Company determined that it was the primary beneficiary of these VIEs as a result of its economic ownership percentage which provides that the Company would absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both. The Company consolidated these entities in accordance with the FASBs Consolidation guidance, recognizing no gain or loss on consolidation as each entitys carrying value approximated fair value.  The total assets of these VIEs were approximately $31.4 million and total liabilities were approximately $30.7 million, including $21.4 million of non-recourse mortgage debt encumbering one of the properties.  The classification of these assets is primarily within Operating real estate and the classifications of liabilities are primarily within Mortgages payable in the Companys Condensed Consolidated Balance Sheets.   Impairments During June 2009, as part of the Companys ongoing impairment assessment, the Company determined that there were certain redevelopment mixed-use properties with estimated recoverable values that would not exceed their estimated costs.  This was primarily due to further declines in real estate fundamentals along with adverse changes in local market conditions and the uncertainty of their recovery.  As a result, the Company recorded an aggregate impairment of property carrying values of approximately $50.0 million, representing the excess of the carrying values of 10 properties, primarily located in Philadelphia, Chicago, New York and Boston, over their estimated fair values.  The Companys estimated fair values were based upon projected operating cash flows (discounted and without interest charges) of the property over its specified holding period. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors.  Capitalization rates and discount rates utilized in these models were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties.

4.    Discontinued Operations The Company reports as discontinued operations, properties held-for-sale and operating properties sold in the current period.  The results of these discontinued operations are included in a separate component of income on the Condensed Consolidated Statements of Operations under the caption Discontinued operations.  This reporting has resulted in certain reclassifications of 2008 financial statement amounts. The components of income and expense relating to discontinued operations for the three and nine months ended September 30, 2009 and 2008 are shown below. These include the results of operations through the date of each respective sale for properties sold during 2009 and 2008 and the operations for the applicable period for those assets classified as held-for-sale as of September 30, 2009 (in thousands): <table width="720" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="376.2"></td> <td width="16.8"></td> <td width="57"></td> <td width="18"></td> <td width="67.2"></td> <td width="22.2"></td> <td width="46.8"></td> <td width="16.2"></td> <td width="53.8"></td> </tr> <tr> <td width="376.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td colspan="3" width="142.2" valign="bottom" style="border-bottom:1px solid #000000"> Three Months Ended September 30, </td> <td width="22.2" valign="bottom">   </td> <td colspan="3" width="116.8" valign="bottom" style="border-bottom:1px solid #000000"> Nine Months Ended September 30, </td> </tr> <tr> <td width="376.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="57" valign="bottom" style="border-bottom:1px solid #000000"> 2009 </td> <td width="18" valign="bottom">   </td> <td width="67.2" valign="bottom" style="border-bottom:1px solid #000000"> 2008 </td> <td width="22.2" valign="bottom">   </td> <td width="46.8" valign="bottom" style="border-bottom:1px solid #000000"> 2009 </td> <td width="16.2" valign="bottom">   </td> <td width="53.8" valign="bottom" style="border-bottom:1px solid #000000"> 2008 </td> </tr> <tr> <td width="376.2" valign="top"> Discontinued operations: </td> <td width="16.8" valign="bottom">   </td> <td width="57" valign="bottom">   </td> <td width="18" valign="bottom">   </td> <td width="67.2" valign="bottom">   </td> <td width="22.2" valign="bottom">   </td> <td width="46.8" valign="bottom">   </td> <td width="16.2" valign="bottom">   </td> <td width="53.8" valign="bottom">   </td> </tr> <tr> <td bgcolor="ccffff" valign="top" width="376.2"> Revenues from rental property </td> <td bgcolor="ccffff" valign="bottom" width="16.8"> $ </td> <td bgcolor="ccffff" valign="bottom" width="57"> 18 </td> <td bgcolor="ccffff" valign="bottom" width="18"> $ </td> <td bgcolor="ccffff" valign="bottom" width="67.2"> 1,219 </td> <td bgcolor="ccffff" valign="bottom" width="22.2"> $ </td> <td bgcolor="ccffff" valign="bottom" width="46.8"> 45 </td> <td bgcolor="ccffff" valign="bottom" width="16.2"> $ </td> <td bgcolor="ccffff" valign="bottom" width="53.8"> 5,362 </td> </tr> <tr> <td width="376.2" valign="top"> Rental property expenses </td> <td width="16.8" valign="bottom">   </td> <td width="57" valign="bottom"> 32 </td> <td width="18" valign="bottom">   </td> <td width="67.2" valign="bottom"> (290) </td> <td width="22.2" valign="bottom">   </td> <td width="46.8" valign="bottom"> (36) </td> <td width="16.2" valign="bottom">   </td> <td width="53.8" valign="bottom"> (1,090) </td> </tr> <tr> <td bgcolor="ccffff" valign="top" width="376.2"> Depreciation and amortization </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td bgcolor="ccffff" valign="bottom" width="57"> - </td> <td bgcolor="ccffff" valign="bottom" width="18">   </td> <td bgcolor="ccffff" valign="bottom" width="67.2"> (406) </td> <td bgcolor="ccffff" valign="bottom" width="22.2">   </td> <td bgcolor="ccffff" valign="bottom" width="46.8"> (47) </td> <td bgcolor="ccffff" valign="bottom" width="16.2">   </td> <td bgcolor="ccffff" valign="bottom" width="53.8"> (1,913) </td> </tr> <tr> <td width="376.2" valign="top"> Interest expense </td> <td width="16.8" valign="bottom">   </td> <td width="57" valign="bottom"> - </td> <td width="18" valign="bottom">   </td> <td width="67.2" valign="bottom"> 6 </td> <td width="22.2" valign="bottom">   </td> <td width="46.8" valign="bottom"> - </td> <td width="16.2" valign="bottom">   </td> <td width="53.8" valign="bottom"> (116) </td> </tr> <tr> <td bgcolor="ccffff" valign="top" width="376.2"> (Loss)/income from other real estate investments </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td bgcolor="ccffff" valign="bottom" width="57"> - </td> <td bgcolor="ccffff" valign="bottom" width="18">   </td> <td bgcolor="ccffff" valign="bottom" width="67.2"> - </td> <td bgcolor="ccffff" valign="bottom" width="22.2">   </td> <td bgcolor="ccffff" valign="bottom" width="46.8"> (9) </td> <td bgcolor="ccffff" valign="bottom" width="16.2">   </td> <td bgcolor="ccffff" valign="bottom" width="53.8"> 3,451 </td> </tr> <tr> <td width="376.2" valign="top"> Other income/(expense), net </td> <td width="16.8" valign="bottom">   </td> <td width="57" valign="bottom" style="border-bottom:1px solid #000000"> 12 </td> <td width="18" valign="bottom">   </td> <td width="67.2" valign="bottom" style="border-bottom:1px solid #000000"> (2) </td> <td width="22.2" valign="bottom">   </td> <td width="46.8" valign="bottom" style="border-bottom:1px solid #000000"> 25 </td> <td width="16.2" valign="bottom">   </td> <td width="53.8" valign="bottom" style="border-bottom:1px solid #000000"> 146 </td> </tr> <tr> <td bgcolor="ccffff" valign="top" width="376.2"> Income/(loss) from discontinued operating Properties </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td bgcolor="ccffff" valign="bottom" width="57"> 62 </td> <td bgcolor="ccffff" valign="bottom" width="18">   </td> <td bgcolor="ccffff" valign="bottom" width="67.2"> 527 </td> <td bgcolor="ccffff" valign="bottom" width="22.2">   </td> <td bgcolor="ccffff" valign="bottom" width="46.8"> (22) </td> <td bgcolor="ccffff" valign="bottom" width="16.2">   </td> <td bgcolor="ccffff" valign="bottom" width="53.8"> 5,840 </td> </tr> <tr> <td width="376.2" valign="top"> Provision for income taxes </td> <td width="16.8" valign="bottom">   </td> <td width="57" valign="bottom"> - </td> <td width="18" valign="bottom">   </td> <td width="67.2" valign="bottom"> - </td> <td width="22.2" valign="bottom">   </td> <td width="46.8" valign="bottom"> (235) </td> <td width="16.2" valign="bottom">   </td> <td width="53.8" valign="bottom"> - </td> </tr> <tr> <td bgcolor="ccffff" valign="top" width="376.2"> Loss on operating properties held for sale/sold </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td bgcolor="ccffff" valign="bottom" width="57"> - </td> <td bgcolor="ccffff" valign="bottom" width="18">   </td> <td bgcolor="ccffff" valign="bottom" width="67.2"> - </td> <td bgcolor="ccffff" valign="bottom" width="22.2">   </td> <td bgcolor="ccffff" valign="bottom" width="46.8"> (112) </td> <td bgcolor="ccffff" valign="bottom" width="16.2">   </td> <td bgcolor="ccffff" valign="bottom" width="53.8"> - </td> </tr> <tr> <td width="376.2" valign="top"> Gain on disposition of operating Properties </td> <td width="16.8" valign="bottom">   </td> <td width="57" valign="bottom" style="border-bottom:1px solid #000000"> 18 </td> <td width="18" valign="bottom">   </td> <td width="67.2" valign="bottom" style="border-bottom:1px solid #000000"> 8,809 </td> <td width="22.2" valign="bottom">   </td> <td width="46.8" valign="bottom" style="border-bottom:1px solid #000000"> 688 </td> <td width="16.2" valign="bottom">   </td> <td width="53.8" valign="bottom" style="border-bottom:1px solid #000000"> 9,531 </td> </tr> <tr> <td bgcolor="ccffff" valign="top" width="376.2"> Income from discontinued operating Properties </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td bgcolor="ccffff" valign="bottom" width="57"> 80 </td> <td bgcolor="ccffff" valign="bottom" width="18">   </td> <td bgcolor="ccffff" valign="bottom" width="67.2"> 9,336 </td> <td bgcolor="ccffff" valign="bottom" width="22.2">   </td> <td bgcolor="ccffff" valign="bottom" width="46.8"> 319 </td> <td bgcolor="ccffff" valign="bottom" width="16.2">   </td> <td bgcolor="ccffff" valign="bottom" width="53.8"> 15,371 </td> </tr> <tr> <td width="376.2" valign="top"> Net income attributable to noncontrolling interests </td> <td width="16.8" valign="bottom">   </td> <td width="57" valign="bottom" style="border-bottom:1px solid #000000"> - </td> <td width="18" valign="bottom">   </td> <td width="67.2" valign="bottom" style="border-bottom:1px solid #000000"> (148) </td> <td width="22.2" valign="bottom">   </td> <td width="46.8" valign="bottom" style="border-bottom:1px solid #000000"> - </td> <td width="16.2" valign="bottom">   </td> <td width="53.8" valign="bottom" style="border-bottom:1px solid #000000"> (1,281) </td> </tr> <tr> <td bgcolor="ccffff" valign="top" width="376.2"> Income from discontinued operations attributable to the Company </td> <td bgcolor="ccffff" valign="bottom" width="16.8"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="57"> 80 </td> <td bgcolor="ccffff" valign="bottom" width="18"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="67.2"> 9,188 </td> <td bgcolor="ccffff" valign="bottom" width="22.2"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="46.8"> 319 </td> <td bgcolor="ccffff" valign="bottom" width="16.2"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="53.8"> 14,090 </td> </tr> </table>

5.    Ground-Up Development The Company is engaged in ground-up development projects which consist of (i) merchant building through the Companys wholly-owned taxable REIT subsidiaries, which develop neighborhood and community shopping centers and the subsequent sale after completion, (ii) U.S. ground-up development projects which will be held as long-term investments by the Company and (iii) various ground-up development projects located in Latin America for long-term investment.  The ground-up development projects generally have significant pre-leasing prior to the commencement of construction. As of September 30, 2009, the Company had a total of 28 ground-up development projects, consisting of (i) five merchant building projects, (ii) one U.S. ground-up development project, (iii) 15 ground-up development projects located throughout Mexico, (iv) three ground-up development projects located in Chile, (v) three ground-up development projects located in Brazil and (vi) one ground-up development project located in Peru. Merchant Building - During the nine months ended September 30, 2009, the Company sold, in separate transactions, six out-parcels, two land parcels and one ground lease for aggregate proceeds of approximately $15.9 million.  These transactions for the nine months ended September 30, 2009, resulted in gains on sale of development properties of approximately $2.1 million, net of income taxes of $1.4 million. During the nine months ended September 30, 2009 the Company fully repaid nine construction loans aggregating approximately $212.2 million.  As of September 30, 2009, total loan commitments on the Companys four remaining construction loans aggregated approximately $67.7 million of which approximately $43.5 million has been funded.  These loans have scheduled maturities ranging from 14 months to 59 months (excluding any extension options which may be available to the Company) and bear interest at rates ranging from 2.15% to 4.50% at September 30, 2009.   Impairments During June 2009, as part of the Companys ongoing assessment of its merchant building projects, the Company determined that there was one project with an estimated recoverable value that will not exceed its estimated cost.  This was primarily due to further declines in real estate fundamentals along with adverse changes in local market conditions and the uncertainty of their recovery.  As a result, the Company recorded an impairment of approximately $2.1 million, representing the excess of the carrying value of the project over its estimate fair value.  The Companys estimated fair value was based upon projected operating cash flows (discounted and without interest charges) of the property over its specified holding period.  Such cash flow projection considered factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors.  Capitalization rates and discount rates utilized in the model were based upon rates that the Company believes to be within a reasonable range of current market rates for the project.

6.    Investments and Advances in Real Estate Joint Ventures Kimco Prudential Joint Venture (KimPru) - On October 31, 2006, the Company completed the merger of Pan Pacific Retail Properties Inc. (Pan Pacific), which had a total transaction value of approximately $4.1 billion, including Pan Pacifics outstanding debt totaling approximately $1.1 billion.  As of October 31, 2006, Pan Pacific owned interests in 138 operating properties, which comprised approximately 19.9 million square feet of GLA, located primarily in California, Oregon, Washington and Nevada. Immediately following the merger, the Company commenced its joint venture agreements with Prudential Real Estate Investors (PREI) through three separate accounts managed by PREI.  In accordance with the joint venture agreements, all Pan Pacific assets and respective non-recourse mortgage debt and a $1.2 billion credit facility used to fund the transaction were transferred to the separate accounts.  PREI contributed approximately $1.1 billion on behalf of institutional investors in three of its portfolios.  The Company holds a 15% noncontrolling ownership interest in each of the joint ventures, collectively, KimPru. The Company accounts for its investment in KimPru under the equity method of accounting.  In addition, the Company manages the portfolios and earns acquisition fees, leasing commissions, property management fees and construction management fees.   During August 2008, KimPru entered into a $650.0 million credit facility, which bears interest at a rate of LIBOR plus 1.25% and was initially scheduled to mature in August 2009.  This facility included an option to extend the maturity date for one year, subject to certain requirements including a reduction of the outstanding balance to $485.0 million.  During August 2009, KimPru exercised the one-year extension option and made an additional payment to reduce the balance to $485.0 million; as such the credit facility is scheduled to mature in August 2010.  Proceeds from this credit facility were used to repay the outstanding balance of $658.7 million under the $1.2 billion credit facility, referred to above, which was scheduled to mature in October 2008 and bore interest at a rate of LIBOR plus 0.45%.   This facility is guaranteed by the Company with a guarantee from PREI to the Company for 85% of any guaranty payment the Company is obligated to make.  As of September 30, 2009, the outstanding balance on the credit facility was $467.5 million. During the nine months ended September 30, 2009 KimPru sold eight operating properties and its interest in an unconsolidated joint venture, in separate transactions, for an aggregate sales price of approximately $70.0 million.  These sales resulted in an aggregate net loss of approximately $2.6 million.  Proceeds from these property sales were used to repay a portion of the outstanding balance on the $650.0 million credit facility.   During March 2009, KimPru repaid a non-recourse mortgage with a balance of approximately $12.1 million which bore interest at a rate of 4.92% and matured in April 2009.   In addition, during the nine months ended September 30, 2009, KimPru refinanced an aggregate $46.5 million in mortgage debt, which bore interest at a rate of 7.10% and matured during 2009, with $48.0 million in mortgage debt which bears interest at a rate of 7.875% and is scheduled to mature in 2016.   During June 2009, the Company recognized non-cash impairment charges of $11.7 million, against the carrying value of its investment in KimPru, reflecting an other-than-temporary decline in the fair value of its investment resulting from a further decline in the real estate markets. In addition to the impairment charges above, KimPru recognized impairment charges during June 2009 of approximately $175.3 million relating to certain properties held by an unconsolidated joint venture within the KimPru joint venture based on estimated sales prices.  The Companys share of these impairment charges were approximately $26.3 million which is included in Equity in income of joint ventures, net on the Companys Condensed Consolidated Statements of Operations.  During September 2009, KimPru recognized additional impairment charges of approximately $6.5 million relating to certain properties within the KimPru portfolio.  The Companys share of these impairment charges were approximately $1.0 million which is included in Equity in income of joint ventures, net on the Companys Condensed Consolidated Statements of Operations.   As of September 30, 2009, the KimPru portfolio was comprised of 113 shopping center properties aggregating approximately 18.4 million square feet of GLA located in 12 states. During June 2009, the Company recognized a non-cash impairment charge of $4.0 million, against the carrying value of its investment in a separate joint venture that is held with PREI, in which the Company holds a 15% noncontrolling interest (KimPru II).  This impairment reflects an other-than-temporary decline in the fair value of its investment resulting from a further decline in the real estate markets.   In addition to the impairment charges above, during September 2009, KimPru II recognized an impairment charge relating to a property of approximately $4.3 million based on an estimated sales price.  The Companys share of this impairment charge was approximately $0.4 million which is included in Equity in income of joint ventures, net on the Companys Condensed Consolidated Statements of Operations.  This operating property was subsequently sold during September 2009 for a sales price of approximately $11.0 million, which resulted in no gain or loss.   The Companys estimated fair values relating to the impairment assessments above are based upon discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums.  Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties. Kimco Income REIT (KIR) - The Company holds a 45% noncontrolling limited partnership interest in KIR and accounts for its investment under the equity method of accounting.  KIR has a master management agreement with the Company whereby the Company performs services for fees relating to the management, operation, supervision and maintenance of the joint venture properties. During the nine months ended September 30, 2009, KIR repaid three maturing non-recourse mortgages aggregating approximately $40.3 million, which bore interest at 7.57%. KIR also obtained four new non-recourse mortgages on four previously unencumbered properties aggregating approximately $31.9 million bearing interest at rates ranging from 6.3% to 7.2% with maturity dates ranging from 2012 to 2019.   In addition, during the nine months ended September 30, 2009, KIR refinanced approximately $27.2 million of mortgage debt which bore interest at a rate of 8.3% and matured during 2009, with new mortgage debt of approximately $27.5 million which bears interest at 7.25% and is scheduled to mature in 2014.   As of September 30, 2009, the KIR portfolio was comprised of 62 operating properties aggregating 13.1 million square feet of GLA located in 18 states. PL Retail - PL Retail, a joint venture investment in which the Company holds a 15% noncontrolling interest had a $39.5 million unsecured revolving credit facility, which bore interest at LIBOR plus 0.45% and was scheduled to mature in February 2008. During 2008, this facility was extended to February 2009 at a rate of LIBOR plus 0.50%. This facility is guaranteed by the Company and the joint venture partner has guaranteed reimbursement to the Company of 85% of any guaranty payment the Company is obligated to make.  During the nine months ended September 30, 2009, the joint venture made a principal payment of $15.6 million and obtained a one-year extension at a rate of LIBOR plus 400 basis points, with a LIBOR floor of 1.5%, for the remaining balance of $20.0 million.  During October 2009, PL Retail made an additional principal payment of $10.0 million.  The remaining $10.0 million balance is due in February 2010. In addition, PL Retail refinanced an aggregate $118.6 million in mortgage debt, which bore interest at rates ranging from 8.18% to 10.18% and matured during 2009, with $131.5 million in mortgage debt which bears interest at rates ranging from LIBOR plus 400 basis points to 7.70% and maturity dates ranging from 2014 to 2016. During September 2009, PL Retail recognized a non-cash impairment charge of approximately $2.6 million relating to a property held-for-sale based on its estimated sales price.  The Companys share of this impairment charge was approximately $0.4 million which is included in Equity in income of joint ventures, net on the Companys Condensed Consolidated Statements of Operations.    Other Real Estate Joint Ventures - During the nine months ended September 30, 2009, the Company acquired a land parcel located in San Luis Potosi, Mexico, through a joint venture in which the Company has a noncontrolling interest, for an aggregate purchase price of approximately $0.8 million.  The Company accounts for its investment in this joint venture under the equity method of accounting.  The Companys aggregate investment resulting from this transaction was approximately $0.4 million.   During the nine months ended September 30, 2009, a joint venture in which the Company held a 10% noncontrolling interest sold an operating property to the Company for a sales price of approximately $23.6 million, including the assumption of a $13.5 million non-recourse mortgage.  This sale resulted in a gain of approximately $3.4 million at the joint venture level of which the Companys share of the gain was approximately $0.3 million.  As a result of this transaction, the Company has deferred its share of the gain related to its retained ownership interest in the property.   During the nine months ended September 30, 2009, joint ventures in which the Company has noncontrolling interests obtained new mortgage debt aggregating $72.6 million which bears interest at rates ranging from 4.50% to 7.85% and are scheduled to mature in 2012 and 2014.  Proceeds from these mortgages and an additional $15.0 million capital contribution from the partners were used to repay an aggregate $87.6 million in mortgage debt, which were scheduled to mature in 2009 and bore interest at rates ranging from 2.1% to 6.6%. During the nine months ended September 30, 2009, a joint venture in which the Company has a 30% noncontrolling interest obtained a new three-year non-recourse mortgage loan on a previously unencumbered property of approximately $59.0 million which bears interest at a rate of LIBOR plus 350 basis points. During June 2009, the Company recognized non-cash impairment charges of approximately $12.2 million, against the carrying value of its investments in six joint ventures, reflecting an other-than-temporary decline in the fair value of these investments resulting from a further decline in the real estate markets.   The Companys estimated fair values relating to the impairment assessments above were based upon discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums.  Capitalization rates, discount rates and credit spreads utilized in these models were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties. The Companys maximum exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments.  Generally such investments contain operating properties and the Company has determined these entities do not contain the characteristics of a VIE.  As of September 30, 2009, the Companys carrying value in these investments approximated $1.2 billion.   7.    Other Real Estate Investments Preferred Equity Capital - The Company maintains a preferred equity program, which provides capital to developers and owners of real estate.  During the nine months ended September 30, 2009, the Company provided an aggregate of approximately $0.4 million in investment capital to an owner of a real estate property.  As of September 30, 2009, the Companys net investment under the Preferred Equity program was approximately $521.7 million relating to 626 properties, including 402 net leased properties.  During the nine months ended September 30, 2009, the Company earned approximately $22.2 million from its preferred equity investments, including $0.8 million in profit participation earned from two capital transactions.  During the nine months ended September 30, 2008, the Company earned approximately $58.9 million from its preferred equity investments, including $24.4 million in profit participation earned from eight capital transactions. During June 2009, the Company recognized non-cash impairment charges of $40.6 million, against the carrying value of 16 preferred equity investments, which hold 28 properties, reflecting an other-than-temporary decline in the fair value of its investment resulting from a further decline in the real estate markets. The Companys estimated fair values relating to the impairment assessments above were based upon discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums.  Capitalization rates, discount rates and credit spreads utilized in these models were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties.

8.    Mortgages and Other Financing Receivables During March 2009, the Company committed approximately $6.0 million as its share of a $20.0 million one-year Debtor-in-Possession (DIP) facility to an auto parts supplier.  The DIP facility bears interest at LIBOR plus 11% with a floor of 15% per annum and is collateralized by all assets of the borrower.  As of September 30, 2009, there was no outstanding balance on this facility.   During the nine months ended September 30, 2009, the Company sold a portion of its participation in two mortgage receivables, at par, aggregating approximately $6.8 million to an unaffiliated third party.   No gain or loss was recognized in connection with these transactions. During June 2009, the Company recognized a non-cash impairment charge of $3.5 million, against the carrying value of a mortgage receivable that was in default.  The Company began foreclosure proceedings on the underlying property and anticipates this process to be completed in the fourth quarter 2009.  This impairment charge reflects the decrease in the estimated fair value, based on the estimated sales price, of the collateral.

9.    Marketable Securities and Other Investments During the nine months ended September 30, 2009, the Company received approximately $70.0 million in proceeds from the sale of certain marketable securities.  The Company recognized gross realizable gains of approximately $3.9 million and gross realizable losses of approximately $3.3 million from sales of marketable securities during the nine months ended September 30, 2009.   At September 30, 2009, the Companys investment in marketable securities was approximately $218.6 million which includes an aggregate unrealized gain of approximately $11.4 million relating to marketable equity security investments and an unrealized loss of approximately $23.1 million, which includes approximately $4.0 million in an unrealized loss due to foreign currency fluctuations, related to its investment in Valad Property Group convertible notes.   For each of the equity securities in the Companys portfolio with unrealized losses, the Company reviews the underlying cause of the decline in value and the estimated recovery period, as well as the severity and duration of the decline. In the Companys evaluation, the Company considers its ability and intent to hold these investments for a reasonable period of time sufficient for the Company to recover its cost basis.   For marketable debt securities, the Company assesses current interest payments and the probability of the issuers ability to pay all amounts due under contractual terms. Additionally, in accordance with the FASBs Investments-Debt and Equity Securities guidance, the Company assesses whether it has the intent to sell the debt security, whether it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery (for example, if its cash or working capital requirements or contractual or regulatory obligations indicate that the debt security will be required to be sold before the Company forecasted recovery occurs) and whether it does not expect to recover the securitys entire amortized cost basis even if the entity does not intend to sell. During June 2009, the Company recorded non-cash impairment charges of approximately $26.1 million due to the decline in value of certain marketable securities and other investments that were deemed to be other-than-temporary. Market value for the equity securities represents the closing price of each security as it appears on their respective stock exchange at the end of the period. At September 30, 2009, marketable equity securities with unrealized loss positions for (i) less than twelve months had an aggregate unrealized loss of approximately $0.4 million and (ii) more than twelve months had an aggregate unrealized loss of less than $0.1 million. The Company will continue to assess declines in value of its marketable securities on an on going basis.  Based on these assessments, the Company may determine that a decline in value for one or more of its investments may be other-than-temporary and would therefore write-down its cost basis accordingly.

10.    Notes Payable During September 2009, the Company issued $300.0 million of 10-year Senior Unsecured Notes at an interest rate of 6.875% payable semi-annually in arrears.  These notes were sold at 99.84% of par value.  Net proceeds from the issuance were approximately $297.3 million, after related transaction costs of approximately $0.3 million.  The proceeds from this issuance were primarily used to repay the Companys $220.0 million unsecured term loan described below.  The remaining proceeds were used to repay certain construction loans that were scheduled to mature in 2010 (see Note 5).   During April 2009, the Company obtained a two-year $220.0 million unsecured term loan with a consortium of banks, which accrued interest at a spread of 4.65% to LIBOR (subject to a 2% LIBOR floor) or at the Companys option, at a spread of 3.65% to the ABR, as defined in the Credit Agreement.  The term loan was scheduled to mature in April 2011.  The Company utilized proceeds from this term loan to partially repay the outstanding balance under the Companys U.S. revolving credit facility and for general corporate purposes.  During September 2009, the Company fully repaid the $220.0 million outstanding balance on this loan.   During the nine months ended September 30, 2009, the Company repaid (i) its $130.0 million 6.875% senior notes, which matured on February 10, 2009, (ii) its $20.0 million 7.56% Medium Term Note, which matured in May 2009 and (iii) its $25.0 million 7.06% Medium Term Note, which matured in July 2009. Additionally during the nine months ended September 30, 2009, the Company repurchased in aggregate approximately $36.1 million in face value of its Medium Term Notes  and Fixed Rate Bonds for an aggregate discounted purchase price of approximately $33.7 million.  These transactions resulted in an aggregate gain of approximately $2.4 million.

11.    Mortgages Payable During the nine months ended September 30, 2009, the Company obtained 17 new non-recourse mortgages aggregating approximately $363.8 million, which bear interest at rates ranging from 5.95% to 8.00% and have maturities ranging from three years to 15 years.  The Company paid off approximately $154.7 million of individual non-recourse mortgage debt that encumbered seven operating properties. Mortgages payable, collateralized by certain shopping center properties and related tenants' leases, are generally due in monthly installments of principal and/or interest which mature at various dates through 2031. Interest rates range from approximately 1.65% to 10.50% (weighted-average interest rate of 6.30% as of September 30, 2009).  The scheduled principal payments of all mortgages payable, excluding unamortized fair value debt adjustments of approximately $4.8 million, as of September 30, 2009, were approximately as follows (in millions): 2009, $4.5; 2010, $67.3; 2011, $75.6; 2012, $125.9; 2013, $187.8; and thereafter, $607.7.

12.    Fair Value Measurements All financial instruments of the Company are reflected in the accompanying Condensed Consolidated Balance Sheets at amounts which, in managements 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 reflected.  The valuation method used to estimate fair value for fixed-rate and variable-rate debt and noncontrolling interests relating to mandatorily redeemable noncontrolling interests associated with finite-lived subsidiaries of the Company is based on discounted cash flow analyses, with assumptions that include credit spreads, loan amounts and debt maturities.  The fair values for marketable securities are based on published or securities dealers estimated market values.  Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition.  The following are financial instruments for which the Companys estimate of fair value differs from the carrying amounts (in thousands): <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="388.2"></td> <td width="25.8"></td> <td width="91.533"></td> <td width="22.467"></td> <td width="85.2"></td> </tr> <tr> <td width="388.2" valign="top">   </td> <td width="25.8" valign="top">   </td> <td colspan="3" width="199.2" valign="top"> September 30, 2009 </td> </tr> <tr> <td width="388.2" valign="top">   </td> <td width="25.8" valign="top">   </td> <td width="91.533" valign="top" style="border-bottom:1px solid #000000"> Carrying Amounts </td> <td width="22.467" valign="top">   </td> <td width="85.2" valign="top" style="border-bottom:1px solid #000000"> Estimated Fair Value </td> </tr> <tr> <td width="388.2" valign="top">   </td> <td width="25.8" valign="top">   </td> <td width="91.533" valign="top">   </td> <td width="22.467" valign="top">   </td> <td width="85.2" valign="top">   </td> </tr> <tr> <td width="388.2" valign="top" style="background-color:#CCFFFF"> Marketable Securities </td> <td width="25.8" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="91.533" valign="bottom" style="background-color:#CCFFFF"> 218,627 </td> <td width="22.467" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="85.2" valign="bottom" style="background-color:#CCFFFF"> 212,575 </td> </tr> <tr> <td width="388.2" valign="top"> Notes Payable </td> <td width="25.8" valign="bottom"> $ </td> <td width="91.533" valign="bottom"> 2,854,958 </td> <td width="22.467" valign="bottom"> $ </td> <td width="85.2" valign="bottom"> 2,906,842 </td> </tr> <tr> <td width="388.2" valign="top" style="background-color:#CCFFFF"> Mortgages Payable </td> <td width="25.8" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="91.533" valign="bottom" style="background-color:#CCFFFF"> 1,073,648 </td> <td width="22.467" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="85.2" valign="bottom" style="background-color:#CCFFFF"> 1,086,324 </td> </tr> <tr> <td width="388.2" valign="top"> Construction Loans Payable </td> <td width="25.8" valign="bottom"> $ </td> <td width="91.533" valign="bottom"> 43,540 </td> <td width="22.467" valign="bottom"> $ </td> <td width="85.2" valign="bottom"> 58,778 </td> </tr> <tr> <td width="388.2" valign="bottom" style="background-color:#CCFFFF"> Mandatorily Redeemable Noncontrolling Interests (termination dates ranging from 2019 2027) </td> <td width="25.8" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="91.533" valign="bottom" style="background-color:#CCFFFF"> 2,721 </td> <td width="22.467" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="85.2" valign="bottom" style="background-color:#CCFFFF"> 5,468 </td> </tr> </table> The Company has certain financial instruments that must be measured under the FASBs Fair Value Measurements and Disclosures guidance, including: available for sale securities, convertible notes and derivatives. The Company currently does not have non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.   As a basis for considering market participant assumptions in fair value measurements, the FASBs 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 and 2 of the hierarchy) and the reporting entitys own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The table below presents the Companys financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2009 and December 31, 2008, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="237.2"></td> <td width="15.733"></td> <td width="128.267"></td> <td width="15.733"></td> <td width="63"></td> <td width="16.2"></td> <td width="58.8"></td> <td width="16.2"></td> <td width="64.2"></td> </tr> <tr> <td width="237.2" valign="bottom">   </td> <td width="15.733" valign="bottom">   </td> <td width="128.267" valign="bottom" style="border-bottom:1px solid #000000"> Balance at September 30, 2009 </td> <td width="15.733" valign="bottom">   </td> <td width="63" valign="bottom" style="border-bottom:1px solid #000000"> Level 1 </td> <td width="16.2" valign="bottom">   </td> <td width="58.8" valign="bottom" style="border-bottom:1px solid #000000"> Level 2 </td> <td width="16.2" valign="bottom">   </td> <td width="64.2" valign="bottom" style="border-bottom:1px solid #000000"> Level 3 </td> </tr> <tr> <td width="237.2" valign="top"> Assets: </td> <td width="15.733" valign="top">   </td> <td width="128.267" valign="top">   </td> <td width="15.733" valign="top">   </td> <td width="63" valign="top">   </td> <td width="16.2" valign="top">   </td> <td width="58.8" valign="top">   </td> <td width="16.2" valign="top">   </td> <td width="64.2" valign="top">   </td> </tr> <tr> <td width="237.2" valign="top" style="background-color:#CCFFFF">   Marketable equity securities </td> <td width="15.733" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="128.267" valign="bottom" style="background-color:#CCFFFF"> 36,114 </td> <td width="15.733" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="63" valign="bottom" style="background-color:#CCFFFF"> 36,114 </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="58.8" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="64.2" valign="bottom" style="background-color:#CCFFFF"> - </td> </tr> <tr> <td width="237.2" valign="top">   Convertible notes </td> <td width="15.733" valign="bottom"> $ </td> <td width="128.267" valign="bottom"> 138,187 </td> <td width="15.733" valign="bottom"> $ </td> <td width="63" valign="bottom"> - </td> <td width="16.2" valign="bottom"> $ </td> <td width="58.8" valign="bottom"> 138,187 </td> <td width="16.2" valign="bottom"> $ </td> <td width="64.2" valign="bottom"> - </td> </tr> <tr> <td width="237.2" valign="top" style="background-color:#CCFFFF">   Conversion option </td> <td width="15.733" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="128.267" valign="bottom" style="background-color:#CCFFFF"> 9,039 </td> <td width="15.733" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="63" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="58.8" valign="bottom" style="background-color:#CCFFFF"> 9,039 </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="64.2" valign="bottom" style="background-color:#CCFFFF"> - </td> </tr> <tr> <td width="237.2" valign="top"> Liabilities: </td> <td width="15.733" valign="bottom">   </td> <td width="128.267" valign="bottom">   </td> <td width="15.733" valign="bottom">   </td> <td width="63" valign="bottom">   </td> <td width="16.2" valign="bottom">   </td> <td width="58.8" valign="bottom">   </td> <td width="16.2" valign="bottom">   </td> <td width="64.2" valign="bottom">   </td> </tr> <tr> <td width="237.2" valign="top" style="background-color:#CCFFFF">   Interest rate swaps </td> <td width="15.733" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="128.267" valign="bottom" style="background-color:#CCFFFF"> 536 </td> <td width="15.733" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="63" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="58.8" valign="bottom" style="background-color:#CCFFFF"> 536 </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="64.2" valign="bottom" style="background-color:#CCFFFF"> - </td> </tr> </table> <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="236.133"></td> <td width="16.2"></td> <td width="128.867"></td> <td width="15.733"></td> <td width="63"></td> <td width="16.2"></td> <td width="58.8"></td> <td width="17.4"></td> <td width="63.6"></td> </tr> <tr> <td width="236.133" valign="bottom">   </td> <td width="16.2" valign="bottom">   </td> <td width="128.867" valign="bottom" style="border-bottom:1px solid #000000"> Balance at December 31, 2008 </td> <td width="15.733" valign="bottom">   </td> <td width="63" valign="bottom" style="border-bottom:1px solid #000000"> Level 1 </td> <td width="16.2" valign="bottom">   </td> <td width="58.8" valign="bottom" style="border-bottom:1px solid #000000"> Level 2 </td> <td width="17.4" valign="bottom">   </td> <td width="63.6" valign="bottom" style="border-bottom:1px solid #000000"> Level 3 </td> </tr> <tr> <td width="236.133" valign="top"> Assets: </td> <td width="16.2" valign="top">   </td> <td width="128.867" valign="top">   </td> <td width="15.733" valign="top">   </td> <td width="63" valign="top">   </td> <td width="16.2" valign="top">   </td> <td width="58.8" valign="top">   </td> <td width="17.4" valign="top">   </td> <td width="63.6" valign="top">   </td> </tr> <tr> <td width="236.133" valign="top" style="background-color:#CCFFFF">   Marketable equity securities </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="128.867" valign="bottom" style="background-color:#CCFFFF"> 46,452 </td> <td width="15.733" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="63" valign="bottom" style="background-color:#CCFFFF"> 46,452 </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="58.8" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="17.4" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="63.6" valign="bottom" style="background-color:#CCFFFF"> - </td> </tr> <tr> <td width="236.133" valign="top">   Convertible notes </td> <td width="16.2" valign="bottom"> $ </td> <td width="128.867" valign="bottom"> 113,713 </td> <td width="15.733" valign="bottom"> $ </td> <td width="63" valign="bottom"> - </td> <td width="16.2" valign="bottom"> $ </td> <td width="58.8" valign="bottom"> 113,713 </td> <td width="17.4" valign="bottom"> $ </td> <td width="63.6" valign="bottom"> - </td> </tr> <tr> <td width="236.133" valign="top" style="background-color:#CCFFFF">   Conversion option </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="128.867" valign="bottom" style="background-color:#CCFFFF"> 6,063 </td> <td width="15.733" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="63" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="58.8" valign="bottom" style="background-color:#CCFFFF"> 6,063 </td> <td width="17.4" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="63.6" valign="bottom" style="background-color:#CCFFFF"> - </td> </tr> <tr> <td width="236.133" valign="top"> Liabilities: </td> <td width="16.2" valign="bottom">   </td> <td width="128.867" valign="bottom">   </td> <td width="15.733" valign="bottom">   </td> <td width="63" valign="bottom">   </td> <td width="16.2" valign="bottom">   </td> <td width="58.8" valign="bottom">   </td> <td width="17.4" valign="bottom">   </td> <td width="63.6" valign="bottom">   </td> </tr> <tr> <td width="236.133" valign="top" style="background-color:#CCFFFF">   Interest rate swaps </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="128.867" valign="bottom" style="background-color:#CCFFFF"> 734 </td> <td width="15.733" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="63" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="58.8" valign="bottom" style="background-color:#CCFFFF"> 734 </td> <td width="17.4" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="63.6" valign="bottom" style="background-color:#CCFFFF"> - </td> </tr> </table> Assets and liabilities measured at fair value on a non-recurring basis at September 30, 2009 are as follows (in thousands): <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="236.133"></td> <td width="16.2"></td> <td width="129.6"></td> <td width="16.2"></td> <td width="60"></td> <td width="19.2"></td> <td width="58.8"></td> <td width="16.2"></td> <td width="66"></td> </tr> <tr> <td width="236.133" valign="bottom">   </td> <td width="16.2" valign="bottom">   </td> <td width="129.6" valign="bottom" style="border-bottom:1px solid #000000"> Balance at September 30, 2009 </td> <td width="16.2" valign="bottom">   </td> <td width="60" valign="bottom" style="border-bottom:1px solid #000000"> Level 1 </td> <td width="19.2" valign="bottom">   </td> <td width="58.8" valign="bottom" style="border-bottom:1px solid #000000"> Level 2 </td> <td width="16.2" valign="bottom">   </td> <td width="66" valign="bottom" style="border-bottom:1px solid #000000"> Level 3 </td> </tr> <tr> <td width="236.133" valign="top"> Assets: </td> <td width="16.2" valign="top">   </td> <td width="129.6" valign="top">   </td> <td width="16.2" valign="top">   </td> <td width="60" valign="top">   </td> <td width="19.2" valign="top">   </td> <td width="58.8" valign="top">   </td> <td width="16.2" valign="top">   </td> <td width="66" valign="top">   </td> </tr> <tr> <td width="236.133" valign="top" style="background-color:#CCFFFF">   Investments and advances in real estate joint ventures </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="129.6" valign="bottom" style="background-color:#CCFFFF"> 184,218 </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="60" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="19.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="58.8" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="66" valign="bottom" style="background-color:#CCFFFF"> 184,218 </td> </tr> <tr> <td width="236.133" valign="top">  Real estate under development/redevelopment </td> <td width="16.2" valign="bottom"> $ </td> <td width="129.6" valign="bottom"> 82,000 </td> <td width="16.2" valign="bottom"> $ </td> <td width="60" valign="bottom"> - </td> <td width="19.2" valign="bottom"> $ </td> <td width="58.8" valign="bottom"> - </td> <td width="16.2" valign="bottom"> $ </td> <td width="66" valign="bottom"> 82,000 </td> </tr> <tr> <td width="236.133" valign="top" style="background-color:#CCFFFF">  Other real estate investments </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="129.6" valign="bottom" style="background-color:#CCFFFF"> 28,244 </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="60" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="19.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="58.8" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="66" valign="bottom" style="background-color:#CCFFFF"> 28,244 </td> </tr> <tr> <td width="236.133" valign="top">  Mortgages receivable </td> <td width="16.2" valign="bottom"> $ </td> <td width="129.6" valign="bottom"> 13,854 </td> <td width="16.2" valign="bottom"> $ </td> <td width="60" valign="bottom"> - </td> <td width="19.2" valign="bottom"> $ </td> <td width="58.8" valign="bottom"> - </td> <td width="16.2" valign="bottom"> $ </td> <td width="66" valign="bottom"> 13,854 </td> </tr> <tr> <td width="236.133" valign="top" style="background-color:#CCFFFF">  Marketable debt securities </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="129.6" valign="bottom" style="background-color:#CCFFFF">   9,575 </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="60" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="19.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="58.8" valign="bottom" style="background-color:#CCFFFF"> 9,575 </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="66" valign="bottom" style="background-color:#CCFFFF"> - </td> </tr> </table> During June 2009, the Company recognized nonrecurring non-cash impairment charges of approximately $119.6 million relating to adjustments to property carrying values, investments in real estate joint ventures, real estate under development and other real estate investments.   During 2008, the Company recognized nonrecurring non-cash impairment charges of $15.5 million against the carrying value of its investment in its unconsolidated joint ventures with PREI, KimPru, reflecting an other-than-temporary decline in the fair value of its investment resulting from further significant declines in the real estate markets during the fourth quarter of 2008. The Companys estimated fair values relating to these impairment assessments were based upon discounted cash flow models that included all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums. These cash flows are comprised of unobservable inputs which include contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models were based upon observable rates that the Company believes to be within a reasonable range of current market rates for the respective properties.  Based on these inputs the Company determined that its valuation in these investments were classified within Level 3 of the fair value hierarchy.

13.    Common Stock Transactions During April 2009, the Company completed a primary public stock offering of 105,225,000 shares of the Companys common stock.  The net proceeds from this sale of common stock, totaling approximately $717.3 million (after related transaction costs of $0.7 million) were used to partially repay the outstanding balance under the Companys U.S. revolving credit facility and for general corporate purposes.

14.    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 months ended September 30, 2009 and 2008 (in thousands): <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="429"></td> <td width="25.2"></td> <td width="75.6"></td> <td width="24"></td> <td width="85.2"></td> </tr> <tr> <td width="429" valign="top">   </td> <td width="25.2" valign="top">   </td> <td width="75.6" valign="bottom" style="border-bottom:1px solid #000000"> 2009 </td> <td width="24" valign="top">   </td> <td width="85.2" valign="bottom" style="border-bottom:1px solid #000000"> 2008 </td> </tr> <tr> <td width="429" valign="top" style="background-color:#CCFFFF"> Acquisition of real estate interests by assumption of mortgage debt </td> <td width="25.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="75.6" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="24" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="85.2" valign="bottom" style="background-color:#CCFFFF"> 96,226 </td> </tr> <tr> <td width="429" valign="top"> Disposition of real estate through the issuance of an unsecured obligation </td> <td width="25.2" valign="bottom"> $ </td> <td width="75.6" valign="bottom"> 1,366 </td> <td width="24" valign="bottom"> $ </td> <td width="85.2" valign="bottom"> 27,175 </td> </tr> <tr> <td width="429" valign="top" style="background-color:#CCFFFF"> Issuance of restricted common stock </td> <td width="25.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="75.6" valign="bottom" style="background-color:#CCFFFF"> 3,415 </td> <td width="24" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="85.2" valign="bottom" style="background-color:#CCFFFF"> 1,405 </td> </tr> <tr> <td width="429" valign="top"> Proceeds held in escrow through sale of real estate interests </td> <td width="25.2" valign="bottom"> $ </td> <td width="75.6" valign="bottom"> - </td> <td width="24" valign="bottom"> $ </td> <td width="85.2" valign="bottom"> 11,195 </td> </tr> <tr> <td width="429" valign="top" style="background-color:#CCFFFF"> Consolidation of Joint Ventures: </td> <td width="25.2" valign="bottom" style="background-color:#CCFFFF">   </td> <td width="75.6" valign="bottom" style="background-color:#CCFFFF">   </td> <td width="24" valign="bottom" style="background-color:#CCFFFF">   </td> <td width="85.2" valign="bottom" style="background-color:#CCFFFF">   </td> </tr> <tr> <td width="429" valign="top"> Increase in real estate and other assets </td> <td width="25.2" valign="bottom"> $ </td> <td width="75.6" valign="bottom"> 47,368 </td> <td width="24" valign="bottom"> $ </td> <td width="85.2" valign="bottom"> - </td> </tr> <tr> <td width="429" valign="top" style="background-color:#CCFFFF"> Increase in mortgage payables </td> <td width="25.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="75.6" valign="bottom" style="background-color:#CCFFFF"> 35,104 </td> <td width="24" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="85.2" valign="bottom" style="background-color:#CCFFFF"> - </td> </tr> <tr> <td width="429" valign="top"> Declaration of dividends paid in succeeding period </td> <td width="25.2" valign="bottom"> $ </td> <td width="75.6" valign="bottom"> 34,425 </td> <td width="24" valign="bottom"> $ </td> <td width="85.2" valign="bottom"> 128,964 </td> </tr> </table>

15.    Incentive Plans The Company maintains an equity participation plan (the Plan) pursuant to which a maximum of 47,000,000 shares of the Companys common stock may be issued for qualified and non-qualified options and restricted stock grants.  Unless otherwise determined by the Board of Directors at its sole discretion, options granted under the Plan generally vest ratably over a range of three to five years, expire ten years from the date of grant and are exercisable at the market price on the date of grant.  Restricted stock grants vest 100% on the fourth or fifth anniversary of the grant or ratably over four years.  In addition, the Plan provides for the granting of certain options and restricted stock to each of the Companys non-employee directors (the Independent Directors) and permits such Independent Directors to elect to receive deferred stock awards in lieu of directors fees. The Company recognized stock options expense of approximately $7.8 million and $9.1 million for the nine months ended September 30, 2009 and 2008, respectively.  The $7.8 million expense for the nine months ended September 30, 2009, includes incremental expense related to the modification of stock awards in connection with the terminations of employees discussed below.  As of September 30, 2009, the Company had approximately $26.3 million of total unrecognized compensation cost related to unvested stock compensation granted under the Companys Plan.  That cost is expected to be recognized over a weighted average period of approximately 2.4 years. Due to declining economic conditions resulting in the lack of transactional activity within the real estate industry as a whole, the Company had accrued approximately $3.6 million at December 31, 2008, relating to severance costs associated with employees that had been terminated during January 2009.  Also, as a result of continued economic decline, the Company recorded an additional accrual of approximately $2.3 million for severance costs associated with terminations during the nine months ended September 30, 2009.

16.    Taxable REIT Subsidiaries (TRS) The Company is subject to federal, state and local income taxes on the income from its TRS activities, which include Kimco Realty Services ("KRS"), a wholly owned subsidiary of the Company and the consolidated entities of FNC Realty Corporation (FNC), Kimsouth and Blue Ridge Real Estate Company/Big Boulder Corporation. Income taxes have been provided for on the asset and liability method as required by the FASBs Income Taxes guidance. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of the TRS assets and liabilities. The Companys deferred tax assets and liabilities at September 30, 2009 and December 31, 2008, were as follows (in thousands): <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="277.4"></td> <td width="21.067"></td> <td width="137.533"></td> <td width="28.333"></td> <td width="136.867"></td> </tr> <tr> <td width="277.4" valign="top">   </td> <td width="21.067" valign="top">   </td> <td width="137.533" valign="top" style="border-bottom:1px solid #000000"> September  30, 2009 </td> <td width="28.333" valign="top">   </td> <td width="136.867" valign="top" style="border-bottom:1px solid #000000"> December 31, 2008 </td> </tr> <tr> <td width="277.4" valign="top"> Deferred tax assets: </td> <td width="21.067" valign="top">   </td> <td width="137.533" valign="bottom">   </td> <td width="28.333" valign="top">   </td> <td width="136.867" valign="bottom">   </td> </tr> <tr bgcolor="ccffff"> <td valign="top" width="277.4">    Operating losses </td> <td valign="top" width="21.067"> $ </td> <td valign="bottom" width="137.533"> 47,431 </td> <td valign="top" width="28.333"> $ </td> <td valign="bottom" width="136.867"> 48,863  </td> </tr> <tr> <td width="277.4" valign="top">    Other timing differences </td> <td width="21.067" valign="top">   </td> <td width="137.533" valign="bottom"> 96,030 </td> <td width="28.333" valign="top">   </td> <td width="136.867" valign="bottom"> 71,747  </td> </tr> <tr bgcolor="ccffff"> <td valign="top" width="277.4">    Valuation allowance </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="137.533"> (68,583) </td> <td valign="top" width="28.333">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="136.867"> (33,783) </td> </tr> <tr> <td width="277.4" valign="top"> Total deferred tax assets </td> <td width="21.067" valign="top">   </td> <td width="137.533" valign="bottom"> 74,878 </td> <td width="28.333" valign="top">   </td> <td width="136.867" valign="bottom"> 86,827  </td> </tr> <tr bgcolor="ccffff"> <td valign="top" width="277.4"> Deferred tax liabilities </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="137.533"> (13,444) </td> <td valign="top" width="28.333">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="136.867"> (2,656) </td> </tr> <tr> <td width="277.4" valign="top"> Net deferred tax assets </td> <td width="21.067" valign="top"> $ </td> <td width="137.533" valign="bottom" style="border-bottom:3px double #000000"> 61,434 </td> <td width="28.333" valign="top"> $ </td> <td width="136.867" valign="bottom" style="border-bottom:3px double #000000"> 84,171  </td> </tr> </table> Deferred tax assets and deferred tax liabilities are included in the captions Other assets and Other liabilities on the accompanying Condensed Consolidated Balance Sheets.  The valuation allowances are primarily due to (i) a $34.8 million valuation allowance against timing differences related to impairment charges in KRS and  (ii) a valuation allowance of approximately $33.8 million related to net operating loss (NOL) carry forwards that expire from 2022 through 2025 held in FNC. Other deferred tax assets and deferred tax liabilities relate primarily to differences in the timing of the recognition of income/(loss) between the GAAP and tax basis of accounting for (i) real estate joint ventures, (ii) other real estate investments, (iii) other deductible temporary differences and (iv) timing differences related to non-cash impairment charges.  The Company believes that, based on its operating strategy and consistent history of profitability, it is more likely than not that the total deferred tax assets of $74.9 million will be realized on future tax returns, primarily from the generation of future taxable income and the implementation of tax planning strategies that include the potential disposition of certain real estate assets and equity securities.

17.    Commitments and Contingencies During August 2009, the Company became obligated to issue a letter of credit for approximately CAD $66.0 million (approximately USD $61.7 million) relating to a tax assessment dispute with the Canada Revenue Agency (CRA).  The letter of credit has been issued under the Companys CAD $250 million credit facility.  The dispute is in regards to three of the Companys wholly-owned subsidiaries which hold a 50% co-ownership interest in Canadian real estate.  However, applicable Canadian law requires that a non-resident corporation post sufficient collateral to cover a claim for taxes assessed.  As such, the Company issued its letter of credit as required by the governing law.  The Company strongly believes that it has a justifiable defense against the dispute which will release the Company from any and all liability.

18.    Pro Forma Financial Information As discussed in Note 3, the Company and certain of its affiliates acquired and disposed of interests in certain operating properties during the nine months ended September 30, 2009.  The pro forma financial information set forth below is based upon the Companys historical Condensed Consolidated Statements of Operations for the nine months ended September 30, 2009 and 2008, adjusted to give effect to these transactions at the beginning of each year. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of each year, nor does it purport to represent the results of future operations.  (Amounts presented in millions, except per share figures.) <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="357"></td> <td width="21.2"></td> <td width="93.733"></td> <td width="36"></td> <td width="87.867"></td> </tr> <tr> <td width="357" valign="top">   </td> <td width="21.2" valign="top">   </td> <td colspan="3" width="217.6" valign="top" style="border-bottom:1px solid #000000"> Nine Months ended September 30, </td> </tr> <tr> <td width="357" valign="top">   </td> <td width="21.2" valign="top">   </td> <td width="93.733" valign="top" style="border-bottom:1px solid #000000"> 2009 </td> <td width="36" valign="top">   </td> <td width="87.867" valign="top" style="border-bottom:1px solid #000000"> 2008 </td> </tr> <tr> <td width="357" valign="top">   </td> <td width="21.2" valign="top">   </td> <td width="93.733" valign="bottom">   </td> <td width="36" valign="top">   </td> <td width="87.867" valign="bottom">   </td> </tr> <tr> <td width="357" valign="top" style="background-color:#CCFFFF"> Revenues from rental property </td> <td width="21.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="93.733" valign="bottom" style="background-color:#CCFFFF"> 576.5 </td> <td width="36" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="87.867" valign="bottom" style="background-color:#CCFFFF"> 563.6 </td> </tr> <tr> <td width="357" valign="top"> Net (loss)/income </td> <td width="21.2" valign="bottom"> $ </td> <td width="93.733" valign="bottom"> (48.5) </td> <td width="36" valign="bottom"> $ </td> <td width="87.867" valign="bottom"> 312.7 </td> </tr> <tr> <td width="357" valign="top" style="background-color:#CCFFFF"> Net (loss)/income attributable to the Companys common shareholders </td> <td width="21.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="93.733" valign="bottom" style="background-color:#CCFFFF"> (93.7) </td> <td width="36" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="87.867" valign="bottom" style="background-color:#CCFFFF"> 250.8 </td> </tr> <tr> <td width="357" valign="top"> Net (loss)/income attributable to the Companys common shareholders per common share: </td> <td width="21.2" valign="bottom">   </td> <td width="93.733" valign="bottom">   </td> <td width="36" valign="bottom">   </td> <td width="87.867" valign="bottom">   </td> </tr> <tr> <td width="357" valign="top">    Basic </td> <td width="21.2" valign="bottom"> $ </td> <td width="93.733" valign="bottom"> (0.28) </td> <td width="36" valign="bottom"> $ </td> <td width="87.867" valign="bottom"> 0.99 </td> </tr> <tr> <td width="357" valign="top" style="background-color:#CCFFFF">    Diluted </td> <td width="21.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="93.733" valign="bottom" style="background-color:#CCFFFF"> (0.28) </td> <td width="36" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="87.867" valign="bottom" style="background-color:#CCFFFF"> 0.97 </td> </tr> </table>

19.    Subsequent Event On November 4, 2009, the Company, through a wholly-owned subsidiary, entered into an Entity Purchase and Sale Agreement, (the Agreement) with DRA PL Retail Real Estate Investment Trust, pursuant to which the Company purchased the remaining 85% interest in PL Retail LLC, an entity that indirectly owns through wholly-owned subsidiaries 21 shopping centers in which the Company held a 15% non-controlling interest prior to this transaction. The 21 shopping centers comprising approximately 5.2 million square feet of GLA are located in California (8 assets; 27% of GLA), Florida (6 assets; 42% of GLA), the Phoenix, Arizona metro area (2 assets; 7.3% of GLA), New Jersey (2), Long Island, New York (1), Arlington, Virginia, near metro Washington, D.C. (1) and Greenville, South Carolina (1).  Pursuant to the terms of the Agreement, the Company paid a purchase price equal to approximately $175.0 million, after customary adjustments and closing prorations, which is equivalent to 85% of PL Retail LLCs gross asset value, as defined in the Agreement, which currently equals approximately $825 million, less assumption of $564 million of non-recourse mortgage debt and $50 million of perpetual preferred stock.  The purchase price includes approximately $20 million for the purchase of development rights for the Pentagon Centre shopping center in Arlington, Virginia. The Company funded the purchase using the Companys $1.5 billion unsecured revolving credit facility. As of November 4, 2009, the Company had $205.0 million outstanding on this credit facility. Indebtedness assumed by the Company in connection with the acquisition matures on various dates between January 1, 2010 through February 1, 2017, and bears interest at annual rates ranging from approximately 2.2% to 9.0%. The Company is currently determining the fair value of assets acquired and liabilities assumed in this transaction in accordance with the FASBs Business Combinations and Fair Value Measurements and Disclosure guidance to determine the appropriate purchase price allocation. Additionally, the Company is currently determining, in accordance with the FASBs Consolidations guidance, the fair value of the 15% equity interest held by the Company immediately prior to the acquisition to determine the amount of any gain or loss to be recognized as a result of remeasuring the equity interest to fair value.

EX-101.CAL 8 kim-20090930_cal.xml EX-101.DEF 9 kim-20090930_def.xml EX-101.LAB 10 kim-20090930_lab.xml Condensed Consolidated Balance Sheets Operating real estate, net of accumulated depreciation of $1,292,319 and $1,159,664, respectively Investments and advances in real estate joint ventures Real estate under development Other real estate investments Mortgages and other financing receivables Cash and cash equivalents Marketable securities Accounts and notes receivable Other assets Total assets Liabilities: Notes payable Mortgages payable Construction loans payable Dividends payable Other liabilities Total liabilities Redeemable noncontrolling interests Stockholders' equity: Preferred stock, $1.00 par value, authorized 3,232,000 shares Preferred stock Common stock, $.01 par value, authorized 750,000,000, issued and outstanding 376,720,376 and 271,080,525 shares, respectively Paid-in capital Cumulative distributions in excess of net income Total stockholders' equity excluding accumulated other comprehensive income Accumulated other comprehensive income Total stockholders' equity Noncontrolling interests Total equity Total liabilities and equity Condensed Consolidated Balance Sheets (Parentheticals) Real Estate Investment Property, Accumulated Depreciation (in dollars) Preferred Stock, Par or Stated Value Per Share (in dollars per share) Preferred Stock, Shares Authorized Preferred Stock, Shares Issued Preferred Stock, Shares Outstanding Aggregate liquidation preference Aggregate liquidation preference (in dollars) Common Stock, Par or Stated Value Per Share (in dollars per share) Common Stock, Shares Authorized Common Stock, Shares, Issued Common Stock, Shares, Outstanding Condensed Consolidated Statements Of Operations Revenues from rental property Rental property expenses: Rent Real estate taxes Operating and maintenance Impairment of property carrying values Mortgage and other financing income Management and other fee income Depreciation and amortization General and administrative expenses Interest, dividends and other investment income Other income/(expense), net Interest expense Income from continuing operations before income taxes, income from other real estate investments, equity in income of joint ventures, gain on sale of development properties and impairments Benefit/(provision) for income taxes Income from other real estate investments Income from other real estate investments Equity in income of joint ventures, net Gain on sale of development properties Gain on sale of development properties, net of tax of $429, $1,863, $1,390 and $13,699, respectively Impairments: Impairments of Real estate under development Real estate under development Investments in other real estate investments Marketable securities and other investments Investments in real estate joint ventures Income/(loss) from continuing operations Discontinued operations: Income/(loss) from discontinued operating properties Loss on operating properties held for sale/sold, net of tax Gain on disposition of operating properties, net of tax Income from discontinued operations Gain on transfer of operating properties Gain on transfer of operating properties Loss on sale of operating properties Loss on sale of operating properties Gain on sale of operating properties, net of tax Total gain on transfer or sale of operating properties, net of tax Total net gain on transfer or sale of operating properties, net of tax Net income/(loss) Net income attributable to noncontrolling interests Net income/(loss) attributable to the Company Preferred stock dividends Net income/(loss) available to the Company's common shareholders Per common share: Income/(loss) from continuing operations: -Basic (in dollars per share) -Diluted (in dollars per share) Net income/(loss) : -Basic (in dollars per share) -Diluted (in dollars per share) Weighted average shares: -Basic (in shares) -Diluted (in shares) Amounts attributable to the Company's common shareholders: Income/(loss) from continuing operations, net of tax Income from discontinued operations Net income/(loss) Condensed Consolidated Statements Of Operations (Parentheticals) Gain (Loss) on Sale of Properties, Applicable Income Taxes Condensed Consolidated Statements Of Comprehensive Income Net income /(loss) Other comprehensive income: Change in unrealized gain/(loss) on marketable securities Change in unrealized gain/(loss) on interest rate swaps Change in foreign currency translation adjustment Other comprehensive income/(loss) Comprehensive income Comprehensive loss/(income) attributable to noncontrolling interests Comprehensive income attributable to the Company Condensed Consolidated Statements Of Changes In Equity Stockholders' Equity, Beginning Balance Contributions from noncontrolling interests Comprehensive income: Net income (loss) Other comprehensive income, net of tax: Change in unrealized gain (loss) on marketable securities Change in unrealized loss on interest rate swaps Comprehensive income Redeemable noncontrolling interest Dividends Distributions to noncontrolling interests Issuance of units Issuance of units Issuance of common stock Exercise of common stock options Amortization of stock option expense Stockholders' Equity, Ending Balance Unit Redemptions Unit redemptions Condensed Consolidated Statements Of Changes In Equity (Parentheticals) Dividends, Common Stock, Cash Dividends, Preferred Stock, Cash Condensed Consolidated Statements Of Cash Flows Cash flow from operating activities: Net (loss) income Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization Loss on operating properties held for sale/sold/transferred Impairment charges Gain on sale of development properties Gain on sale or transfer of operating properties. Gain on sale/transfer of operating properties Equity in income of joint ventures, net Equity in loss/income of joint ventures, net Income from other real estate investments Income from other real estate investments Distributions from joint ventures Cash retained from excess tax benefits Change in accounts and notes receivable Change in accounts payable and accrued expenses Change in other operating assets and liabilities Net cash flow provided by operating activities Cash flow from investing activities: Acquisition of and improvements to operating real estate Acquisition of and improvements to real estate under development Investment in marketable securities Proceeds from sale of marketable securities Proceeds from transferred operating/development properties Investments and advances to real estate joint ventures The cash inflow from real estate joint ventures. Reimbursements of advances to real estate joint ventures Other real estate investments Reimbursements of advances to other real estate investments Investment in mortgage loans receivable Collection of mortgage loans receivable Other investments The cash inflow from other investments. Reimbursements of other investments Proceeds from sale of operating properties Proceeds from sale of development properties Net cash flow used for investing activities Cash flow from financing activities: Principal payments on debt, excluding normal amortization of rental property debt Principal payments on rental property debt Principal payments on construction loan financings Proceeds from mortgage/construction loan financings Borrowings under unsecured revolving credit facilities Repayment of borrowings under unsecured revolving credit facilities Proceeds from issuance of unsecured term loan/notes Repayment of unsecured term loan/notes Financing origination costs Redemption of noncontrolling interests Dividends paid Cash retained from excess tax benefits Proceeds from issuance of stock Net cash flow (used for) provided by financing activities Change in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Interest paid during the period (net of capitalized interest of $16,628, and $22,343, respectively) Income taxes paid during the period Condensed Consolidated Statements Of Cash Flows (Parentheticals) Cash Paid for Capitalized Interest Significant Accounting Policies [Text Block] Significant Accounting Policies [Text Block] (abstract) Significant Accounting Policies [Text Block] Details of Impairment of Long-Lived Assets Held and Used by Asset [Text Block] Details of Impairment of Long-Lived Assets Held and Used by Asset [Text Block] (abstract) Details of Impairment of Long-Lived Assets Held and Used by Asset [Text Block] Business Combination Disclosure [Text Block] Business Combination Disclosure [Text Block] (abstract) Business Combination Disclosure [Text Block] Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] EX-101.PRE 11 kim-20090930_pre.xml EX-101.SCH 12 kim-20090930.xsd 01 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:definitionLink link:calculationLink 02 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 03 - Statement - Condensed Consolidated Statements Of Operations link:presentationLink link:definitionLink link:calculationLink 03 - Statement - Condensed Consolidated Statements Of Operations Alternate 0 link:presentationLink link:definitionLink link:calculationLink 04 - Statement - Condensed Consolidated Statements Of Operations (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 05 - Statement - Condensed Consolidated Statements Of Comprehensive Income link:presentationLink link:definitionLink link:calculationLink 06 - Statement - Condensed Consolidated Statements Of Changes In Equity link:presentationLink link:definitionLink link:calculationLink 07 - Statement - Condensed Consolidated Statements Of Changes In Equity (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 08 - Statement - Condensed Consolidated Statements Of Cash Flows link:presentationLink link:definitionLink link:calculationLink 09 - Statement - Condensed Consolidated Statements Of Cash Flows (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 10 - Disclosure - Interim Financial Statements link:presentationLink link:definitionLink link:calculationLink 11 - Disclosure - Impairments link:presentationLink link:definitionLink link:calculationLink 12 - Disclosure - Operating Property Activities link:presentationLink link:definitionLink link:calculationLink 13 - Disclosure - Discontinued Operations link:presentationLink link:definitionLink link:calculationLink 14 - Disclosure - Ground-Up Development link:presentationLink link:definitionLink link:calculationLink 15 - Disclosure - Investments and Advances in Real Estate Joint Ventures link:presentationLink link:definitionLink link:calculationLink 16 - Disclosure - Other Real Estate Investments link:presentationLink link:definitionLink link:calculationLink 17 - Disclosure - Mortgages and Other Financing Receivables link:presentationLink link:definitionLink link:calculationLink 18 - Disclosure - Marketable Securities and Other Investments link:presentationLink link:definitionLink link:calculationLink 19 - Disclosure - Notes Payable link:presentationLink link:definitionLink link:calculationLink 20 - Disclosure - Mortgages Payable link:presentationLink link:definitionLink link:calculationLink 21 - Disclosure - Fair Value Measurements link:presentationLink link:definitionLink link:calculationLink 22 - Disclosure - Common Stock Transactions link:presentationLink link:definitionLink link:calculationLink 23 - Disclosure - Supplemental Schedule of Non-Cash Investing / Financing Activities link:presentationLink link:definitionLink link:calculationLink 24 - Disclosure - Incentive Plans link:presentationLink link:definitionLink link:calculationLink 25 - Disclosure - Taxable REIT Subsidiaries (TRS) link:presentationLink link:definitionLink link:calculationLink 26 - Disclosure - Commitments and Contingencies link:presentationLink link:definitionLink link:calculationLink 27 - Disclosure - Pro Forma Financial Information link:presentationLink link:definitionLink link:calculationLink 28 - Disclosure - Subsequent Event link:presentationLink link:definitionLink link:calculationLink XML 13 R19.xml IDEA: Notes Payable 1.0.0.3 false Notes Payable false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Long-term Debt [Text Block] (abstract) 0 kim_LongTermDebtTextBlockkimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Long-term Debt [Text Block] 1 us-gaap_LongTermDebtTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 10.    Notes Payable During September 2009, the Company issued $300.0 million of 10-year Senior Unsecured Notes at an interest rate of 6.875% payable semi-annually in arrears.  These notes were sold at 99.84% of par value.  Net proceeds from the issuance were approximately $297.3 million, after related transaction costs of approximately $0.3 million.  The proceeds from this issuance were primarily used to repay the Companys $220.0 million unsecured term loan described below.  The remaining proceeds were used to repay certain construction loans that were scheduled to mature in 2010 (see Note 5).   During April 2009, the Company obtained a two-year $220.0 million unsecured term loan with a consortium of banks, which accrued interest at a spread of 4.65% to LIBOR (subject to a 2% LIBOR floor) or at the Companys option, at a spread of 3.65% to the ABR, as defined in the Credit Agreement.  The term loan was scheduled to mature in April 2011.  The Company utilized proceeds from this term loan to partially repay the outstanding balance under the Companys U.S. revolving credit facility and for general corporate purposes.  During September 2009, the Company fully repaid the $220.0 million outstanding balance on this loan.   During the nine months ended September 30, 2009, the Company repaid (i) its $130.0 million 6.875% senior notes, which matured on February 10, 2009, (ii) its $20.0 million 7.56% Medium Term Note, which matured in May 2009 and (iii) its $25.0 million 7.06% Medium Term Note, which matured in July 2009. Additionally during the nine months ended September 30, 2009, the Company repurchased in aggregate approximately $36.1 million in face value of its Medium Term Notes  and Fixed Rate Bonds for an aggregate discounted purchase price of approximately $33.7 million.  These transactions resulted in an aggregate gain of approximately $2.4 million.   10.    Notes Payable During September 2009, the Company issued $300.0 million of 10-year Senior Unsecured Notes at an interest rate of 6.875% false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 14 R29.xml IDEA: Document Information 1.0.0.3 false Document Information false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 4 Document Information [Line Items] 2 dei_DocumentInformationLineItems dei false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 5 Document Type 3 dei_DocumentType dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 10-Q 10-Q false false No definition available. No authoritative reference available. false 6 Amendment Flag 3 dei_AmendmentFlag dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 false false false false No definition available. No authoritative reference available. false 7 Document Period End Date 3 dei_DocumentPeriodEndDate dei false na duration date No definition available. false false false false false false false false false 1 false false 0 0 2009-09-30 2009-09-30 false false No definition available. No authoritative reference available. false false 1 4 false UnKnown UnKnown UnKnown false true XML 15 R11.xml IDEA: Impairments 1.0.0.3 false Impairments false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Details of Impairment of Long-Lived Assets Held and Used by Asset [Text Block] (abstract) 0 kim_DetailsOfImpairmentOfLongLivedAssetsHeldAndUsedByAssetTextBlockkimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Details of Impairment of Long-Lived Assets Held and Used by Asset [Text Block] 1 us-gaap_DetailsOfImpairmentOfLongLivedAssetsHeldAndUsedByAssetTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 2.    Impairments On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the Companys assets (including any related amortizable intangible assets or liabilities) may be impaired.  To the extent impairment has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset. During the first half of 2009, economic conditions had continued to experience volatility resulting in further declines in equity and real estate markets. Increases in capitalization rates, discount rates, vacancies and the deterioration of real estate fundamentals, impacting net operating income and leasing contributed to further declines in real estate markets in general.    As a result of the volatility and declining market conditions described above, as well as the Companys strategy in relation to certain of its non-retail assets, the Company recognized non-cash impairment charges during June 2009, aggregating approximately $176.5 million.  Details of these non-cash impairment charges are as follows (in thousands): <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="391.2"></td> <td width="21.067"></td> <td width="70.867"></td> </tr> <tr bgcolor="ccffff"> <td valign="bottom" width="391.2"> Impairment of property carrying values </td> <td valign="top" width="21.067"> $ </td> <td valign="bottom" width="70.867"> 50,000 </td> </tr> <tr> <td width="391.2" valign="bottom"> Impairments included in Equity in income of joint ventures, net </td> <td width="21.067" valign="top">   </td> <td width="70.867" valign="bottom"> 27,316 </td> </tr> <tr bgcolor="ccffff"> <td valign="bottom" width="391.2"> Real estate under development </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70.867"> 2,100 </td> </tr> <tr> <td width="391.2" valign="bottom"> Investments in other real estate investments </td> <td width="21.067" valign="top">   </td> <td width="70.867" valign="bottom"> 40,602 </td> </tr> <tr bgcolor="ccffff"> <td valign="bottom" width="391.2"> Marketable securities and other investments </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70.867"> 29,573 </td> </tr> <tr> <td width="391.2" valign="bottom"> Investments in real estate joint ventures </td> <td width="21.067" valign="top">   </td> <td width="70.867" valign="bottom" style="border-bottom:1px solid #000000"> 26,896 </td> </tr> <tr bgcolor="ccffff"> <td valign="bottom" width="391.2">      Total impairment charges </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="70.867"> 176,487 </td> </tr> </table> Additionally, during the third quarter 2009, various joint ventures recognized non-cash impairment charges aggregating approximately $13.4 million relating to 13 operating properties. The Companys share of these charges were approximately $2.0 million and are included in Equity in income of joint ventures, net on the Companys Condensed Consolidated Statements of Operations. During the nine months ended September 30, 2008, the Company recognized a non-cash impairment charge of $9.7 million due to the decline in value of certain marketable equity security investments that were deemed to be other-than-temporary. The Company will continue to assess declines in value of its assets on an on-going basis.  Based on these assessments, the Company may determine that one or more of its assets may be impaired due to a decline in value and would therefore write-down its cost basis accordingly (see Notes 3, 5, 6, 7, 8, 9 and 12). 2.    Impairments On a continuous basis, management assesses whether there are any indicators, including property operating performance and false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 16 R10.xml IDEA: Interim Financial Statements 1.0.0.3 false Interim Financial Statements false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Significant Accounting Policies [Text Block] (abstract) 0 kim_SignificantAccountingPoliciesTextBlockkimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Significant Accounting Policies [Text Block] 1 us-gaap_SignificantAccountingPoliciesTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 1.    Interim Financial Statements Principles of Consolidation - The accompanying Condensed Consolidated Financial Statements include the accounts of Kimco Realty Corporation (the Company), its subsidiaries, all of which are wholly-owned, and all entities in 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) or meets certain criteria of a sole general partner or managing member in accordance with the Consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Certification (ASC). All inter-company balances and transactions have been eliminated in consolidation.  The information furnished 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 2008 Annual Report on Form 10-K. Subsequent Events - The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through November 4, 2009, the day the financial statements were issued (see Note 19). Income Taxes - The Company has made an election to qualify, and believes it is operating so as to qualify, as a Real Estate Investment Trust (a REIT) for federal income tax purposes.  Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under Sections 856 through 860 of the Internal Revenue Code, as amended (the Code).  However, in connection with the Tax Relief Extension Act of 1999, which became effective January 1, 2001, the Company is permitted to participate in certain activities which it was previously precluded from in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries under the Code.  As such, the Company will be subject to federal and state income taxes on the income from these activities. Real Estate  - Upon acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), assumed debt and redeemable units issued at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the estimated fair value to the applicable assets and liabilities. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  If, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made to the purchase price allocation on a retrospective basis.  The Company expenses transaction costs associated with business combinations in the period incurred.   On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired.  A property value is considered impaired only if managements estimate of current and projected operating cash flows (undiscounted and without interest charges) of the property over its remaining useful life is less than the net carrying value of the property.  Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors.  To the extent impairment has occurred, the carrying value of the property would be adjusted to an amount to reflect the estimated fair value of the property. Noncontrolling Interests - Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. Noncontrolling interests also includes partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions.  These units have a stated redemption value (classified as mezzanine equity) or a redemption amount based upon the Adjusted Current Trading Price, as defined, of the Companys common stock ("Common Stock") and provide the unit holders various rates of return during the holding period.  The unit holders generally have the right to redeem their units for cash at any time after one year from issuance.  The Company typically has the option to settle redemption amounts in cash or Common Stock for the issuance of convertible units.  The Company evaluates the terms of the partnership units issued and determines if the units are mandatorily redeemable in accordance with the Distinguishing Liabilities from Equity guidance of the FASB ASC.   The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance issued by the FASB.  The Company identifies its noncontrolling interests separately within the equity section on the Companys Condensed Consolidated Balance Sheets.  Redeemable units are classified as Redeemable noncontrolling interests and presented between Total liabilities and Stockholders equity on the Companys Condensed Consolidated Balance Sheets.  The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented on the Companys Condensed Consolidated Statements of Operations.  When a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary is initially measured at fair value.  Any gain or loss on the deconsolidation of a subsidiary is measured using the fair value of the noncontrolling equity investment rather than the carrying amount of that retained investment.   The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the nine months ended September 30, 2009 and September 30, 2008 (amounts in thousands): <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="256.333"></td> <td width="29.267"></td> <td width="89.267"></td> <td width="22.2"></td> <td width="103.133"></td> </tr> <tr> <td width="256.333" valign="top">   </td> <td width="29.267" valign="top">   </td> <td width="89.267" valign="top"> 2009 </td> <td width="22.2" valign="top">   </td> <td width="103.133" valign="top"> 2008 </td> </tr> <tr> <td width="256.333" valign="top" style="background-color:#CCFFFF"> Balance at January 1, </td> <td width="29.267" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="89.267" valign="bottom" style="background-color:#CCFFFF"> 115,853 </td> <td width="22.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="103.133" valign="bottom" style="background-color:#CCFFFF"> 173,592 </td> </tr> <tr> <td width="256.333" valign="top">    Unit redemptions </td> <td width="29.267" valign="bottom">   </td> <td width="89.267" valign="bottom"> (13,889) </td> <td width="22.2" valign="bottom">   </td> <td width="103.133" valign="bottom"> (6,541) </td> </tr> <tr> <td width="256.333" valign="top" style="background-color:#CCFFFF">    Fair market value amortization </td> <td width="29.267" valign="bottom" style="background-color:#CCFFFF">   </td> <td width="89.267" valign="bottom" style="background-color:#CCFFFF"> (537) </td> <td width="22.2" valign="bottom" style="background-color:#CCFFFF">   </td> <td width="103.133" valign="bottom" style="background-color:#CCFFFF"> (896) </td> </tr> <tr> <td width="256.333" valign="top">    Other </td> <td width="29.267" valign="bottom">   </td> <td width="89.267" valign="bottom" style="border-bottom:1px solid #000000"> (99) </td> <td width="22.2" valign="bottom">   </td> <td width="103.133" valign="bottom" style="border-bottom:1px solid #000000"> (69) </td> </tr> <tr> <td width="256.333" valign="top" style="background-color:#CCFFFF"> Balance at September 30, </td> <td width="29.267" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="89.267" valign="bottom" style="background-color:#CCFFFF; border-bottom:3px double #000000"> 101,328 </td> <td width="22.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="103.133" valign="bottom" style="background-color:#CCFFFF; border-bottom:3px double #000000"> 166,086 </td> </tr> </table> Earnings/(Loss) Per Share - The following table sets forth the reconciliation of earnings/(loss) and the weighted average number of shares used in the calculation of basic and diluted earnings/(loss) per share (amounts presented in thousands except per share data): <table width="720" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="364.2"></td> <td width="13"></td> <td width="73.8"></td> <td width="15"></td> <td width="73.2"></td> <td width="16.8"></td> <td width="73.2"></td> <td width="21"></td> <td width="72"></td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td colspan="3" width="162" valign="bottom" style="border-bottom:1px solid #000000"> Three Months Ended September 30, </td> <td width="16.8" valign="bottom">   </td> <td colspan="3" width="166.2" valign="bottom" style="border-bottom:1px solid #000000"> Nine Months Ended September 30, </td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom" style="border-bottom:1px solid #000000"> 2009 </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom" style="border-bottom:1px solid #000000"> 2008 </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom" style="border-bottom:1px solid #000000"> 2009 </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom" style="border-bottom:1px solid #000000"> 2008 </td> </tr> <tr> <td width="364.2" valign="bottom"> Computation of Basic Earnings/(Loss) Per Share: </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Income/(loss) from continuing operations </td> <td bgcolor="ccffff" valign="bottom" width="13"> $ </td> <td bgcolor="ccffff" valign="bottom" width="73.8"> 43,076 </td> <td bgcolor="ccffff" valign="bottom" width="15"> $ </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> 110,066 </td> <td bgcolor="ccffff" valign="bottom" width="16.8"> $ </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> (48,819) </td> <td bgcolor="ccffff" valign="bottom" width="21"> $ </td> <td bgcolor="ccffff" valign="bottom" width="72"> 311,897 </td> </tr> <tr> <td width="364.2" valign="bottom"> Total net gain on transfer or sale of operating properties, net of tax </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom"> 489 </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom"> 1,188 </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom"> 2,070 </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom"> 1,775 </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Net income attributable to noncontrolling interests </td> <td bgcolor="ccffff" valign="bottom" width="13">   </td> <td bgcolor="ccffff" valign="bottom" width="73.8"> (3,537) </td> <td bgcolor="ccffff" valign="bottom" width="15">   </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> (12,006) </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> (9,689) </td> <td bgcolor="ccffff" valign="bottom" width="21">   </td> <td bgcolor="ccffff" valign="bottom" width="72"> (27,618) </td> </tr> <tr> <td width="364.2" valign="bottom"> Discontinued operations attributable to noncontrolling interests </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom"> - </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom"> 148 </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom"> - </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom"> 1,281 </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Preferred stock dividends </td> <td bgcolor="ccffff" valign="bottom" width="13">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="73.8"> (11,822) </td> <td bgcolor="ccffff" valign="bottom" width="15">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="73.2"> (11,822) </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="73.2"> (35,466) </td> <td bgcolor="ccffff" valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="72"> (35,466) </td> </tr> <tr> <td width="364.2" valign="bottom"> Income/(loss) from continuing operations available to common shareholders </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom"> 28,206 </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom"> 87,574 </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom"> (91,904) </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom"> 251,869 </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Income from discontinued operations attributable to the Company </td> <td bgcolor="ccffff" valign="bottom" width="13">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="73.8"> 80 </td> <td bgcolor="ccffff" valign="bottom" width="15">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="73.2"> 9,188 </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="73.2"> 319 </td> <td bgcolor="ccffff" valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="72"> 14,090 </td> </tr> <tr> <td width="364.2" valign="bottom"> Net income/(loss) attributable to the Companys common shareholders </td> <td width="13" valign="bottom"> $ </td> <td width="73.8" valign="bottom" style="border-bottom:3px double #000000"> 28,286 </td> <td width="15" valign="bottom"> $ </td> <td width="73.2" valign="bottom" style="border-bottom:3px double #000000"> 96,762 </td> <td width="16.8" valign="bottom"> $ </td> <td width="73.2" valign="bottom" style="border-bottom:3px double #000000"> (91,585) </td> <td width="21" valign="bottom"> $ </td> <td width="72" valign="bottom" style="border-bottom:3px double #000000"> 265,959 </td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Weighted average common shares Outstanding </td> <td bgcolor="ccffff" valign="bottom" width="13">   </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.8"> 376,559 </td> <td bgcolor="ccffff" valign="bottom" width="15">   </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.2"> 256,164 </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.2"> 339,018 </td> <td bgcolor="ccffff" valign="bottom" width="21">   </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="72"> 254,286 </td> </tr> </table> <table width="720" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="364.2"></td> <td width="13"></td> <td width="73.8"></td> <td width="15"></td> <td width="73.2"></td> <td width="16.8"></td> <td width="73.2"></td> <td width="21"></td> <td width="72"></td> </tr> <tr> <td width="364.2" valign="bottom"> Basic Earnings/(Loss) Per Share attributable to the Company: </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Income/(loss) from continuing operations </td> <td bgcolor="ccffff" valign="bottom" width="13"> $ </td> <td bgcolor="ccffff" valign="bottom" width="73.8"> 0.07 </td> <td bgcolor="ccffff" valign="bottom" width="15"> $ </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> 0.34 </td> <td bgcolor="ccffff" valign="bottom" width="16.8"> $ </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> (0.27) </td> <td bgcolor="ccffff" valign="bottom" width="21"> $ </td> <td bgcolor="ccffff" valign="bottom" width="72"> 0.99 </td> </tr> <tr> <td width="364.2" valign="bottom"> Income from discontinued operations </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom" style="border-bottom:1px solid #000000"> - </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom" style="border-bottom:1px solid #000000"> 0.04 </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom" style="border-bottom:1px solid #000000"> - </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom" style="border-bottom:1px solid #000000"> 0.06 </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Net income/(loss) </td> <td bgcolor="ccffff" valign="bottom" width="13"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.8"> 0.07 </td> <td bgcolor="ccffff" valign="bottom" width="15"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.2"> 0.38 </td> <td bgcolor="ccffff" valign="bottom" width="16.8"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.2"> (0.27) </td> <td bgcolor="ccffff" valign="bottom" width="21"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="72"> 1.05 </td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td width="364.2" valign="bottom"> Computation of Diluted Earnings/(Loss) Per Share: </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Income/(loss) from continuing operations available to common shareholders </td> <td bgcolor="ccffff" valign="bottom" width="13"> $ </td> <td bgcolor="ccffff" valign="bottom" width="73.8"> 28,206 </td> <td bgcolor="ccffff" valign="bottom" width="15"> $ </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> 87,574 </td> <td bgcolor="ccffff" valign="bottom" width="16.8"> $ </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> (91,904) </td> <td bgcolor="ccffff" valign="bottom" width="21"> $ </td> <td bgcolor="ccffff" valign="bottom" width="72"> 251,869 </td> </tr> <tr> <td width="364.2" valign="bottom"> Income from discontinued operations attributable to the Company </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom" style="border-bottom:1px solid #000000"> 80 </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom" style="border-bottom:1px solid #000000"> 9,188 </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom" style="border-bottom:1px solid #000000"> 319 </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom" style="border-bottom:1px solid #000000"> 14,090 </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Net Income/(loss) attributable to the Companys common shareholders </td> <td bgcolor="ccffff" valign="bottom" width="13"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.8"> 28,286 </td> <td bgcolor="ccffff" valign="bottom" width="15"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.2"> 96,762 </td> <td bgcolor="ccffff" valign="bottom" width="16.8"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.2"> (91,585) </td> <td bgcolor="ccffff" valign="bottom" width="21"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="72"> 265,959 </td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td width="364.2" valign="bottom"> Weighted average common shares outstanding basic </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom"> 376,559 </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom"> 256,164 </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom"> 339,018 </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom"> 254,286 </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Effect of dilutive securities:   Stock options </td> <td bgcolor="ccffff" valign="bottom" width="13">   </td> <td bgcolor="ccffff" valign="bottom" width="73.8"> 86 </td> <td bgcolor="ccffff" valign="bottom" width="15">   </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> 2,748 </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td bgcolor="ccffff" valign="bottom" width="73.2"> - </td> <td bgcolor="ccffff" valign="bottom" width="21">   </td> <td bgcolor="ccffff" valign="bottom" width="72"> 3,069 </td> </tr> <tr> <td width="364.2" valign="bottom"> Assumed conversion of convertible units (a) </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom" style="border-bottom:1px solid #000000"> 1,482 </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom" style="border-bottom:1px solid #000000"> 21 </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom" style="border-bottom:1px solid #000000"> - </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom" style="border-bottom:1px solid #000000"> 21 </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Shares for diluted earnings per common share </td> <td bgcolor="ccffff" valign="bottom" width="13">   </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.8"> 378,127 </td> <td bgcolor="ccffff" valign="bottom" width="15">   </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.2"> 258,933 </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="73.2"> 339,018 </td> <td bgcolor="ccffff" valign="bottom" width="21">   </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="72"> 257,376 </td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td width="364.2" valign="bottom"> Diluted Earnings/(Loss) Per Share attributable to the Company: </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td width="364.2" valign="bottom">   </td> <td width="13" valign="bottom">   </td> <td width="73.8" valign="bottom">   </td> <td width="15" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="73.2" valign="bottom">   </td> <td width="21" valign="bottom">   </td> <td width="72" valign="bottom">   </td> </tr> <tr> <td width="364.2" valign="bottom"> Income/(loss) from continuing operations </td> <td width="13" valign="bottom"> $ </td> <td width="73.8" valign="bottom"> 0.07 </td> <td width="15" valign="bottom"> $ </td> <td width="73.2" valign="bottom"> 0.34 </td> <td width="16.8" valign="bottom"> $ </td> <td width="73.2" valign="bottom"> (0.27) </td> <td width="21" valign="bottom"> $ </td> <td width="72" valign="bottom"> 0.98 </td> </tr> <tr> <td bgcolor="ccffff" valign="bottom" width="364.2"> Income from discontinued operations </td> <td bgcolor="ccffff" valign="bottom" width="13">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="73.8"> - </td> <td bgcolor="ccffff" valign="bottom" width="15">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="73.2"> 0.03 </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="73.2"> - </td> <td bgcolor="ccffff" valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" bgcolor="ccffff" valign="bottom" width="72"> 0.05 </td> </tr> <tr> <td width="364.2" valign="bottom"> Net income/(loss) </td> <td width="13" valign="bottom"> $ </td> <td width="73.8" valign="bottom" style="border-bottom:3px double #000000"> 0.07 </td> <td width="15" valign="bottom"> $ </td> <td width="73.2" valign="bottom" style="border-bottom:3px double #000000"> 0.37 </td> <td width="16.8" valign="bottom"> $ </td> <td width="73.2" valign="bottom" style="border-bottom:3px double #000000"> (0.27) </td> <td width="21" valign="bottom"> $ </td> <td width="72" valign="bottom" style="border-bottom:3px double #000000"> 1.03 </td> </tr> </table> (a)   For three and nine months ended September 30, 2009 and 2008, the effect of certain convertible units would have an anti-dilutive effect upon the calculation of Income/(loss) from continuing operations per share.  Accordingly, the impact of such conversion has not been included in the determination of diluted earnings/(loss) per share calculations. There were approximately 17,635,217 and 8,056,555 stock options that were anti-dilutive at September 30, 2009 and 2008, respectively. New Accounting Pronouncements - In June 2009, the FASB issued guidance which established the FASB ASC as the source of authoritative U.S. Generally Accepted Accounting Principles (GAAP) recognized by the FASB to be applied by nongovernmental entities.  This guidance was effective for financial statements issued for interim and annual periods ending after September 15, 2009.  On the effective date of this Statement, the Codification superseded all existing non-SEC accounting and reporting standards. All other non-grandfathered non-SEC accounting literature not included in the Codification has become non-authoritative. The Company adopted the guidance within GAAP during the third quarter of 2009 and as such has appropriately adjusted references to authoritative accounting literature appearing in this quarterly report on Form 10-Q. In December 2007, the FASB issued additional Business Combinations guidance. The objective of this guidance is to improve the relevance, representational faithfulness and comparability of the information that a reporting entity provides in its financial reports about a business combination and its effects. To accomplish that, this guidance establishes principles and requirements for how the acquirer: (i) recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree, (ii) recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase, (iii) determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination and (iv) requires expensing of transaction costs associated with a business combination. This guidance applies prospectively to business combinations for which the acquisition date is on or after the first annual reporting period beginning on or after December 15, 2008.  The impact the adoption of the additional guidance will have on the Companys financial position and results of operations will be dependent upon the volume of business combinations entered into by the Company.  As of September 30, 2009 the adoption of this guidance has not had a material effect on the Companys financial position or results of operations. In April 2009, the FASB issued additional Business Combinations guidance, which amended and clarified the previous guidance to address application issues on initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in a business combination. This additional guidance has been applied prospectively to business combinations for which the acquisition date is on or after January 1, 2009. The impact the adoption of the additional guidance will have on the Companys financial position and results of operations will be dependent upon the volume of business combinations entered into by the Company.  As of September 30, 2009 the adoption of this guidance has not had a material effect on the Companys results of operations or financial position. In December 2007, the FASB issued further Consolidations guidance, which establishes accounting and reporting standards that require the ownership interests in subsidiaries held by parties other than the parent be clearly identified, labeled and presented in the consolidated statement of financial position within equity, but separate from the parents equity; the amount of consolidated net income attributable to the parent and to the noncontrolling interest be clearly identified and presented on the face of the consolidated statement of operations; changes in a parents ownership interest while the parent retains its controlling financial interest in its subsidiary be accounted for consistently; when a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary be initially measured at fair value; and entities provide sufficient disclosures that clearly identify and distinguish between the interests of the parent and the interests of the noncontrolling owners. The objective of the guidance is to improve the relevance, comparability, and transparency of the financial information that a reporting entity provides in its consolidated financial statements. This guidance was effective for fiscal years beginning on or after December 15, 2008.  As required, the Company has retrospectively applied the presentation to its prior year balances in its Condensed Consolidated Financial Statements.   The adoption of the guidance mentioned above did not have a material impact on the Companys financial position or results of operations. In March 2008, the FASB issued Derivatives and Hedging guidance, which amends and expands the previous disclosure requirements to require qualitative disclosure about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. This guidance is to be applied prospectively for the first annual reporting period beginning on or after November 15, 2008, with early application encouraged.  This guidance also encourages, but does not require, comparative disclosures for earlier periods at initial adoption.  The adoption of this guidance did not have a material impact on the Companys disclosures. In April 2008, the FASB issued additional Intangibles-Goodwill and Other guidance, which amended the factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset. The addition to the guidance is intended to improve the consistency between the useful life of an intangible asset and the period of expected cash flows used to measure the fair value of the asset. This additional guidance for determining the useful life of a recognized intangible asset shall be applied prospectively to intangible assets acquired after the effective date. The disclosure requirements in this guidance shall be applied prospectively to all intangible assets recognized as of, and subsequent to, the effective date. This guidance was effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. Early adoption was not permitted. The adoption did not have a material impact on the Companys financial position or results of operations. In June 2008, the FASB issued additional Earnings Per Share guidance, which classifies unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities and requires them to be included in the computation of earnings per share pursuant to the two-class method  This guidance was effective for financial statements issued for fiscal years beginning after December 15, 2008. All prior-period earnings per share data presented are to be adjusted retrospectively. The Companys adoption of the guidance did not have a material impact on the Companys financial position or results of operations. In November 2008, the FASB issued Investments-Equity Method and Joint Ventures guidance that clarifies the accounting for certain transactions and impairment considerations involving equity method investments. This guidance applies to all investments accounted for under the equity method. It was effective for fiscal years and interim periods beginning on or after December 15, 2008. The adoption of the guidance did not have a material impact on the Companys financial position or results of operations. In April 2009, the FASB issued Fair Value Measurements and Disclosures guidance that provides additional direction for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased. This guidance also includes information on identifying circumstances that indicate a transaction is not orderly.  Additionally, this guidance emphasizes that even if there has been a significant decrease in the volume and level of activity for the asset or liability and regardless of the valuation technique(s) used, the objective of a fair value measurement remains the same. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions.  This guidance was effective for interim and annual reporting periods ending after June 15, 2009, and shall be applied prospectively. The adoption of this guidance did not have a material impact on the Companys financial position or results of operations. In April 2009, the FASB issued Investments-Debt and Equity Securities guidance, which amends the other-than-temporary impairment guidance in U.S. GAAP for debt securities to make the guidance more operational and to improve the presentation and disclosure of other-than-temporary impairments on debt and equity securities in the financial statements. This guidance does not amend existing recognition and measurement guidance related to other-than-temporary impairments of equity securities.  The guidance shall be effective for interim and annual reporting periods ending after June 15, 2009.  The adoption of this guidance did not have a material impact on the Companys financial position or results of operations. In April 2009, the FASB issued Financial Instruments guidance, which amends previous guidance to require disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. It also requires those disclosures in summarized financial information at interim reporting periods.  This guidance is effective for interim reporting periods ending after June 15, 2009. The adoption of this guidance did not have a material impact on the Companys disclosures. In May 2009, the FASB issued Subsequent Events guidance, which provides further direction to establish general standards of accounting for and disclosures of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. This guidance also requires entities to disclose the date through which subsequent events were evaluated as well as the rationale for why that date was selected. This disclosure should alert all users of financial statements that an entity has not evaluated subsequent events after that date in the set of financial statements being presented. This guidance was effective for interim and annual reporting periods ending after June 15, 2009.  The Companys adoption of this guidance did not have a material impact on the Companys financial position or results of operations. In June 2009, the FASB issued Transfers and Servicing guidance, which amends the previous derecognition guidance and eliminates the exemption from consolidation for qualifying special-purpose entities. This guidance is effective for financial asset transfers occurring after the beginning of an entity's first fiscal year that begins after November 15, 2009. This guidance will be effective for the Company beginning in fiscal 2010. The Company is currently assessing the potential impact the adoption of this guidance will have on the Companys financial position or results of operations. In June 2009, the FASB issued Consolidation guidance, which amends the previous consolidation guidance applicable to variable interest entities. The amendments will significantly affect the overall consolidation analysis previously required. This guidance is effective as of the beginning of the first fiscal year that begins after November 15, 2009, early adoption is prohibited. It will be effective for the Company beginning in fiscal 2010. The Company is currently assessing the potential impact the adoption of this guidance will have on the Companys financial position and results of operations. Reclassifications - Certain reclassifications have been made to the 2008 impairment charges to conform to the 2009 presentation.   1.    Interim Financial Statements Principles of Consolidation - The accompanying Condensed Consolidated Financial Statements include the false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 17 R30.xml IDEA: Entity Information 1.0.0.3 false Entity Information (USD $) false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 false 3 $ false false usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 4 Entity Information [Line Items] 2 dei_EntityInformationLineItems dei false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 5 Entity Registrant Name 3 dei_EntityRegistrantName dei false na duration normalizedstring No definition available. false false false false false false false false false 1 false false 0 0 Kimco Realty Corporation Kimco Realty Corporation false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 6 Entity Central Index Key 3 dei_EntityCentralIndexKey dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 0000879101 0000879101 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 7 Current Fiscal Year End Date 3 dei_CurrentFiscalYearEndDate dei false na duration monthday No definition available. false false false false false false false false false 1 false false 0 0 --12-31 --12-31 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 8 Entity Well-known Seasoned Issuer 3 dei_EntityWellKnownSeasonedIssuer dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 Yes Yes false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 9 Entity Voluntary Filers 3 dei_EntityVoluntaryFilers dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 No No false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 10 Entity Current Reporting Status 3 dei_EntityCurrentReportingStatus dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 Yes Yes false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 11 Entity Filer Category 3 dei_EntityFilerCategory dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 Large Accelerated Filer Large Accelerated Filer false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 12 Entity Public Float 3 dei_EntityPublicFloat dei false credit instant monetary No definition available. false false false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 true true 3700000000 3700000000 false false No definition available. No authoritative reference available. false 14 Entity Listings [Line Items] 2 dei_EntityListingsLineItems dei false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 15 Entity Common Stock, Shares Outstanding 3 dei_EntityCommonStockSharesOutstanding dei false na instant shares No definition available. false false false false false false false false false 1 false false 0 0 false false 2 false true 376724704 376724704 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false false 3 11 false NoRounding NoRounding UnKnown false true XML 18 R8.xml IDEA: Condensed Consolidated Statements Of Cash Flows 1.0.0.3 false Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 3 Cash flow from operating activities: 1 kim_CashflowfromoperatingactivitieskimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 4 Net (loss) income 2 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 true true -46430000 -46430 false false 2 true true 329043000 329043 false false No definition available. No authoritative reference available. false 5 Adjustments to reconcile net (loss) income to net cash provided by operating activities: 2 kim_AdjustmentstoreconcilenetlossincometonetcashprovidedbyoperatingactivitieskimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 6 Depreciation and amortization 3 us-gaap_DepreciationDepletionAndAmortization us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 168053000 168053 false false 2 false true 153603000 153603 false false No definition available. No authoritative reference available. false 7 Loss on operating properties held for sale/sold/transferred 3 us-gaap_GainLossOnSaleOfProperty us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 224000 224 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 8 Impairment charges 3 us-gaap_AssetImpairmentCharges us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 149171000 149171 false false 2 false true 9710000 9710 false false No definition available. No authoritative reference available. false 9 Gain on sale of development properties 3 us-gaap_GainLossOnSaleOfProperties us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -3476000 -3476 false false 2 false true -34248000 -34248 false false No definition available. No authoritative reference available. false 10 Gain on sale/transfer of operating properties 3 kim_GainOnSaleTransferOfOperatingProperties kim false credit duration monetary Gain on sale or transfer of operating properties. false false false false false false false false false 1 false true -2870000 -2870 false false 2 false true -11306000 -11306 false false Gain on sale or transfer of operating properties. No authoritative reference available. false 11 Equity in loss/income of joint ventures, net 1 kim_EquityInIncomeOfJointVenturesNet kim false debit duration monetary Equity in income of joint ventures, net false false false false false false false false false 1 false true -3317000 -3317 false false 2 false true -138016000 -138016 false false Equity in income of joint ventures, net No authoritative reference available. false 12 Income from other real estate investments 2 kim_IncomeFromOtherRealEstateInvestments kim false credit duration monetary Income from other real estate investments false false false false false false false false false 1 false true -13223000 -13223 false false 2 false true -71209000 -71209 false false Income from other real estate investments No authoritative reference available. false 13 Distributions from joint ventures 2 us-gaap_EquityMethodInvestmentDividendsOrDistributions us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 90265000 90265 false false 2 false true 208044000 208044 false false No definition available. No authoritative reference available. false 14 Cash retained from excess tax benefits 2 us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 false false 2 false true -1928000 -1928 false false No definition available. No authoritative reference available. false 15 Change in accounts and notes receivable 2 us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -9129000 -9129 false false 2 false true -16710000 -16710 false false No definition available. No authoritative reference available. false 16 Change in accounts payable and accrued expenses 2 us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 37387000 37387 false false 2 false true 45513000 45513 false false No definition available. No authoritative reference available. false 17 Change in other operating assets and liabilities 2 us-gaap_IncreaseDecreaseInOtherOperatingAssets us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -44707000 -44707 false false 2 false true 6807000 6807 false false No definition available. No authoritative reference available. false 18 Net cash flow provided by operating activities 3 us-gaap_NetCashProvidedByUsedInOperatingActivities us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true 321948000 321948 false false 2 false true 479303000 479303 false false No definition available. No authoritative reference available. true 19 Cash flow from investing activities: 1 kim_CashflowfrominvestingactivitieskimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 20 Acquisition of and improvements to operating real estate 2 us-gaap_PaymentsToAcquireRealEstate us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -78073000 -78073 false false 2 false true -202807000 -202807 false false No definition available. No authoritative reference available. false 21 Acquisition of and improvements to real estate under development 2 us-gaap_PaymentsToDevelopRealEstateAssets us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -116358000 -116358 false false 2 false true -311065000 -311065 false false No definition available. No authoritative reference available. false 22 Investment in marketable securities 2 us-gaap_PaymentsToAcquireMarketableSecurities us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 false false 2 false true -263947000 -263947 false false No definition available. No authoritative reference available. false 23 Proceeds from sale of marketable securities 2 us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 70585000 70585 false false 2 false true 52212000 52212 false false No definition available. No authoritative reference available. false 24 Proceeds from transferred operating/development properties 2 us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 false false 2 false true 32400000 32400 false false No definition available. No authoritative reference available. false 25 Investments and advances to real estate joint ventures 2 us-gaap_PaymentsToAcquireInterestInJointVenture us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -92186000 -92186 false false 2 false true -131436000 -131436 false false No definition available. No authoritative reference available. false 26 Reimbursements of advances to real estate joint ventures 2 kim_ReimbursementsOfAdvancesToRealEstateJointVentures kim false credit duration monetary The cash inflow from real estate joint ventures. false false false false false false false false false 1 false true 79985000 79985 false false 2 false true 85815000 85815 false false The cash inflow from real estate joint ventures. No authoritative reference available. false 27 Other real estate investments 2 us-gaap_PaymentsForProceedsFromOtherRealEstatePartnerships us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -7051000 -7051 false false 2 false true -57860000 -57860 false false No definition available. No authoritative reference available. false 28 Reimbursements of advances to other real estate investments 2 us-gaap_PaymentsForProceedsFromRealEstatePartnershipInvestmentNet us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 9177000 9177 false false 2 false true 65256000 65256 false false No definition available. No authoritative reference available. false 29 Investment in mortgage loans receivable 2 us-gaap_PaymentsToAcquireLoansReceivable us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -4547000 -4547 false false 2 false true -68525000 -68525 false false No definition available. No authoritative reference available. false 30 Collection of mortgage loans receivable 2 us-gaap_ProceedsFromCollectionOfLoansReceivable us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 36592000 36592 false false 2 false true 37914000 37914 false false No definition available. No authoritative reference available. false 31 Other investments 2 us-gaap_PaymentsForProceedsFromOtherInvestingActivities us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -3900000 -3900 false false 2 false true -19466000 -19466 false false No definition available. No authoritative reference available. false 32 Reimbursements of other investments 2 kim_ReimbursementsOfOtherInvestments kim false debit duration monetary The cash inflow from other investments. false false false false false false false false false 1 false true 4935000 4935 false false 2 false true 17189000 17189 false false The cash inflow from other investments. No authoritative reference available. false 33 Proceeds from sale of operating properties 2 us-gaap_ProceedsFromSaleOfPropertyHeldForSale us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 26820000 26820 false false 2 false true 74185000 74185 false false No definition available. No authoritative reference available. false 34 Proceeds from sale of development properties 2 us-gaap_ProceedsFromSaleOfOtherRealEstate us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 19059000 19059 false false 2 false true 47811000 47811 false false No definition available. No authoritative reference available. false 35 Net cash flow used for investing activities 3 us-gaap_NetCashProvidedByUsedInInvestingActivities us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -54962000 -54962 false false 2 false true -642324000 -642324 false false No definition available. No authoritative reference available. true 36 Cash flow from financing activities: 1 kim_CashflowfromfinancingactivitieskimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 37 Principal payments on debt, excluding normal amortization of rental property debt 2 us-gaap_RepaymentsOfNotesPayable us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -167838000 -167838 false false 2 false true -61004000 -61004 false false No definition available. No authoritative reference available. false 38 Principal payments on rental property debt 2 us-gaap_RepaymentsOfOtherLongTermDebt us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -12178000 -12178 false false 2 false true -10763000 -10763 false false No definition available. No authoritative reference available. false 39 Principal payments on construction loan financings 2 us-gaap_RepaymentsOfConstructionLoansPayable us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -255386000 -255386 false false 2 false true -23473000 -23473 false false No definition available. No authoritative reference available. false 40 Proceeds from mortgage/construction loan financings 2 us-gaap_ProceedsFromConstructionLoansPayable us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 403815000 403815 false false 2 false true 66438000 66438 false false No definition available. No authoritative reference available. false 41 Borrowings under unsecured revolving credit facilities 2 us-gaap_ProceedsFromLongTermLinesOfCredit us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 211858000 211858 false false 2 false true 536443000 536443 false false No definition available. No authoritative reference available. false 42 Repayment of borrowings under unsecured revolving credit facilities 2 us-gaap_RepaymentsOfLongTermLinesOfCredit us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -927647000 -927647 false false 2 false true -272886000 -272886 false false No definition available. No authoritative reference available. false 43 Proceeds from issuance of unsecured term loan/notes 2 us-gaap_ProceedsFromIssuanceOfUnsecuredDebt us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 520000000 520000 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 44 Repayment of unsecured term loan/notes 2 us-gaap_RepaymentsOfSeniorDebt us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -428701000 -428701 false false 2 false true -125000000 -125000 false false No definition available. No authoritative reference available. false 45 Financing origination costs 2 us-gaap_PaymentOfFinancingAndStockIssuanceCosts us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -12947000 -12947 false false 2 false true -2848000 -2848 false false No definition available. No authoritative reference available. false 46 Redemption of noncontrolling interests 2 us-gaap_ProceedsFromPaymentsToMinorityShareholders us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -15320000 -15320 false false 2 false true -14020000 -14020 false false No definition available. No authoritative reference available. false 47 Dividends paid 2 us-gaap_PaymentsOfDividendsCommonStock us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -296599000 -296599 false false 2 false true -340060000 -340060 false false No definition available. No authoritative reference available. false 48 Cash retained from excess tax benefits 2 us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 false false 2 false true 1928000 1928 false false No definition available. No authoritative reference available. false 49 Proceeds from issuance of stock 2 us-gaap_ProceedsFromIssuanceOfCommonStock us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 718537000 718537 false false 2 false true 444858000 444858 false false No definition available. No authoritative reference available. false 50 Net cash flow (used for) provided by financing activities 3 us-gaap_NetCashProvidedByUsedInFinancingActivities us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -262406000 -262406 false false 2 false true 199613000 199613 false false No definition available. No authoritative reference available. true 51 Change in cash and cash equivalents 3 us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true 4580000 4580 false false 2 false true 36592000 36592 false false No definition available. No authoritative reference available. true 52 Cash and cash equivalents, beginning of period 1 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary No definition available. false false false false false false true false false 1 false true 136177000 136177 false false 2 false true 87499000 87499 false false No definition available. No authoritative reference available. false 53 Cash and cash equivalents, end of period 1 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary No definition available. false false false false false false false true false 1 false true 140757000 140757 false false 2 false true 124091000 124091 false false No definition available. No authoritative reference available. false 54 Interest paid during the period (net of capitalized interest of $16,628, and $22,343, respectively) 1 us-gaap_InterestPaidNet us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 131234000 131234 false false 2 false true 141675000 141675 false false No definition available. No authoritative reference available. false 55 Income taxes paid during the period 1 us-gaap_IncomeTaxesPaidNet us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 true true 4265000 4265 false false 2 true true 10906000 10906 false false No definition available. No authoritative reference available. false false 2 53 false Thousands UnKnown UnKnown false true XML 19 R22.xml IDEA: Common Stock Transactions 1.0.0.3 false Common Stock Transactions false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Schedule of Stock by Class [Text Block] (abstract) 0 kim_ScheduleOfStockByClassTextBlockkimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Schedule of Stock by Class [Text Block] 1 us-gaap_ScheduleOfStockByClassTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 13.    Common Stock Transactions During April 2009, the Company completed a primary public stock offering of 105,225,000 shares of the Companys common stock.  The net proceeds from this sale of common stock, totaling approximately $717.3 million (after related transaction costs of $0.7 million) were used to partially repay the outstanding balance under the Companys U.S. revolving credit facility and for general corporate purposes.   13.    Common Stock Transactions During April 2009, the Company completed a primary public stock offering of 105,225,000 shares of the false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 20 R18.xml IDEA: Marketable Securities and Other Investments 1.0.0.3 false Marketable Securities and Other Investments false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Marketable Securities [Text Block] (abstract) 0 kim_MarketableSecuritiesTextBlockkimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Marketable Securities [Text Block] 1 us-gaap_MarketableSecuritiesTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 9.    Marketable Securities and Other Investments During the nine months ended September 30, 2009, the Company received approximately $70.0 million in proceeds from the sale of certain marketable securities.  The Company recognized gross realizable gains of approximately $3.9 million and gross realizable losses of approximately $3.3 million from sales of marketable securities during the nine months ended September 30, 2009.   At September 30, 2009, the Companys investment in marketable securities was approximately $218.6 million which includes an aggregate unrealized gain of approximately $11.4 million relating to marketable equity security investments and an unrealized loss of approximately $23.1 million, which includes approximately $4.0 million in an unrealized loss due to foreign currency fluctuations, related to its investment in Valad Property Group convertible notes.   For each of the equity securities in the Companys portfolio with unrealized losses, the Company reviews the underlying cause of the decline in value and the estimated recovery period, as well as the severity and duration of the decline. In the Companys evaluation, the Company considers its ability and intent to hold these investments for a reasonable period of time sufficient for the Company to recover its cost basis.   For marketable debt securities, the Company assesses current interest payments and the probability of the issuers ability to pay all amounts due under contractual terms. Additionally, in accordance with the FASBs Investments-Debt and Equity Securities guidance, the Company assesses whether it has the intent to sell the debt security, whether it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery (for example, if its cash or working capital requirements or contractual or regulatory obligations indicate that the debt security will be required to be sold before the Company forecasted recovery occurs) and whether it does not expect to recover the securitys entire amortized cost basis even if the entity does not intend to sell. During June 2009, the Company recorded non-cash impairment charges of approximately $26.1 million due to the decline in value of certain marketable securities and other investments that were deemed to be other-than-temporary. Market value for the equity securities represents the closing price of each security as it appears on their respective stock exchange at the end of the period. At September 30, 2009, marketable equity securities with unrealized loss positions for (i) less than twelve months had an aggregate unrealized loss of approximately $0.4 million and (ii) more than twelve months had an aggregate unrealized loss of less than $0.1 million. The Company will continue to assess declines in value of its marketable securities on an on going basis.  Based on these assessments, the Company may determine that a decline in value for one or more of its investments may be other-than-temporary and would therefore write-down its cost basis accordingly. 9.    Marketable Securities and Other Investments During the nine months ended September 30, 2009, the Company received approximately false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 21 R12.xml IDEA: Operating Property Activities 1.0.0.3 false Operating Property Activities false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Business Combination Disclosure [Text Block] (abstract) 0 kim_BusinessCombinationDisclosureTextBlockkimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Business Combination Disclosure [Text Block] 1 us-gaap_BusinessCombinationDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 3.    Operating Property Activities Acquisitions - During the nine months ended September 30, 2009, the Company acquired the remaining ownership interest in an operating property located in Novato, CA from a joint venture in which the Company held a 10% noncontrolling interest for a sales price of approximately $23.6 million, including the assumption of a $13.5 million non-recourse mortgage.  The Company evaluated this transaction pursuant to the guidance relating to the FASBs Consolidation guidance and as such recorded a gain of $0.3 million from the fair value adjustment associated with its original 10% ownership. The aggregate purchase price of this property has been allocated to the tangible and intangible assets and liabilities of the property at the date of acquisition, based on evaluation of information and estimates available at such date.  As final information regarding the fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments will be made to the purchase price allocation.  The allocations are finalized no later than twelve months from the acquisition date.  The total aggregate purchase price was allocated as follows (in thousands): <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="391.2"></td> <td width="21.067"></td> <td width="70.733"></td> </tr> <tr bgcolor="ccffff"> <td valign="top" width="391.2"> Land </td> <td valign="top" width="21.067"> $ </td> <td valign="bottom" width="70.733"> 7,028 </td> </tr> <tr> <td width="391.2" valign="top"> Buildings </td> <td width="21.067" valign="top">   </td> <td width="70.733" valign="bottom"> 10,073 </td> </tr> <tr bgcolor="ccffff"> <td valign="top" width="391.2"> Above Market Rents </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70.733"> 398 </td> </tr> <tr> <td width="391.2" valign="top"> Below Market Rents </td> <td width="21.067" valign="top">   </td> <td width="70.733" valign="bottom"> (1,499) </td> </tr> <tr bgcolor="ccffff"> <td valign="top" width="391.2"> In-Place Leases </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70.733"> 1,124 </td> </tr> <tr> <td width="391.2" valign="top"> Other Intangibles </td> <td width="21.067" valign="top">   </td> <td width="70.733" valign="bottom"> 445 </td> </tr> <tr bgcolor="ccffff"> <td valign="top" width="391.2"> Building Improvements </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70.733"> 4,685 </td> </tr> <tr> <td width="391.2" valign="top"> Tenant Improvements </td> <td width="21.067" valign="top">   </td> <td width="70.733" valign="bottom"> 1,171 </td> </tr> <tr bgcolor="ccffff"> <td valign="top" width="391.2"> Mortgage Fair Value Adjustment </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="70.733"> 119 </td> </tr> <tr> <td width="391.2" valign="bottom">   </td> <td width="21.067" valign="top"> $ </td> <td width="70.733" valign="bottom" style="border-bottom:3px double #000000"> 23,544 </td> </tr> </table> Additionally, during the nine months ended September 30, 2009, the Company acquired a land parcel located in Rio Clara, Brazil through a newly formed joint venture in which the Company has a 70% controlling ownership interest for a purchase price of 3.3 million Brazilian Reals (approximately USD $1.5 million).  This parcel will be developed into a 48,000 square foot retail shopping center.  Due to future commitments from the partners to fund construction costs throughout the construction period the Company has determined that this joint venture is a VIE and that the Company is the primary beneficiary. As such, the Company has consolidated this entity for accounting and reporting purposes.   Dispositions - During the nine months ended September 30, 2009, the Company disposed of, in separate transactions, portions of five operating properties for an aggregate sales price of approximately $20.2 million. The Company provided seller financing for two of these transactions aggregating approximately $1.4 million, which bear interest at 9% per annum and are scheduled to mature in January and March 2012.  The Company evaluated these transactions pursuant to the FASBs Property, Plant and Equipment guidance.  These five transactions resulted in the Companys recognition of an aggregate net gain of approximately $2.4 million, net of income tax of $0.2 million. Additionally, during the nine months ended September 30, 2009, a consolidated joint venture in which the Company has a preferred equity investment disposed of a portion of a property for a sales price of approximately $1.1 million. As a result of this capital transaction, the Company received approximately $0.1 million of profit participation.  This profit participation has been recorded as Income from other real estate investments in the Companys Condensed Consolidated Statements of Operations. Also during the nine months ended September 30, 2009, a consolidated joint venture in which the Company has a controlling interest disposed of a parcel of land for approximately $4.8 million and recognized a gain of approximately $4.4 million, before income taxes and noncontrolling interest.  This gain has been recorded as Other income/(expense), net in the Companys Condensed Consolidated Statements of Operations. Consolidations During the nine months ended September 30, 2009, the Company provided a capital contribution to one of its joint venture investments and entered into an amendment to the LLC agreement of another joint venture investment.  These events were both considered reconsideration events under FASBs Consolidation guidance.  Such reconsideration determined that these two joint ventures were now VIEs and that the Company is the primary beneficiary of each joint venture.  As such, the Company has consolidated these entities for accounting and reporting purposes.  Both of these entities have been established to own and operate real estate property. These entities were deemed VIEs primarily  based on the fact that the voting rights of the equity investors is not proportional to their obligation to absorb expected losses or receive the expected residual returns of the entity and substantially all of the entity's activities are conducted on behalf of the investor which has disproportionately fewer voting rights. The Company determined that it was the primary beneficiary of these VIEs as a result of its economic ownership percentage which provides that the Company would absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both. The Company consolidated these entities in accordance with the FASBs Consolidation guidance, recognizing no gain or loss on consolidation as each entitys carrying value approximated fair value.  The total assets of these VIEs were approximately $31.4 million and total liabilities were approximately $30.7 million, including $21.4 million of non-recourse mortgage debt encumbering one of the properties.  The classification of these assets is primarily within Operating real estate and the classifications of liabilities are primarily within Mortgages payable in the Companys Condensed Consolidated Balance Sheets.   Impairments During June 2009, as part of the Companys ongoing impairment assessment, the Company determined that there were certain redevelopment mixed-use properties with estimated recoverable values that would not exceed their estimated costs.  This was primarily due to further declines in real estate fundamentals along with adverse changes in local market conditions and the uncertainty of their recovery.  As a result, the Company recorded an aggregate impairment of property carrying values of approximately $50.0 million, representing the excess of the carrying values of 10 properties, primarily located in Philadelphia, Chicago, New York and Boston, over their estimated fair values.  The Companys estimated fair values were based upon projected operating cash flows (discounted and without interest charges) of the property over its specified holding period. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors.  Capitalization rates and discount rates utilized in these models were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties. 3.    Operating Property Activities Acquisitions - During the nine months ended September 30, 2009, the Company acquired the false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 22 R3.xml IDEA: Condensed Consolidated Statements Of Operations 1.0.0.3 false Condensed Consolidated Statements Of Operations (USD $) In Thousands, except Per Share data false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 3 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 4 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Condensed Consolidated Statements Of Operations 0 kim_CondensedConsolidatedStatementsOfOperationskimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 3 Revenues from rental property 1 us-gaap_RealEstateRevenueNet us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 true true 191886000 191886 false false 2 true true 189952000 189952 false false 3 true true 575065000 575065 false false 4 true true 561715000 561715 false false No definition available. No authoritative reference available. false 4 Rental property expenses: 1 kim_RentalpropertyexpenseskimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 5 Rent 2 us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -3669000 -3669 false false 2 false true -3320000 -3320 false false 3 false true -10308000 -10308 false false 4 false true -9804000 -9804 false false No definition available. No authoritative reference available. false 6 Real estate taxes 2 us-gaap_RealEstateTaxExpense us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -28983000 -28983 false false 2 false true -23991000 -23991 false false 3 false true -80841000 -80841 false false 4 false true -70760000 -70760 false false No definition available. No authoritative reference available. false 7 Operating and maintenance 2 us-gaap_OtherCostAndExpenseOperating us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -25572000 -25572 false false 2 false true -26798000 -26798 false false 3 false true -80799000 -80799 false false 4 false true -77635000 -77635 false false No definition available. No authoritative reference available. false 8 Impairment of property carrying values 1 us-gaap_ImpairmentOfRealEstate us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false true -50000000 -50000 false false 4 false false 0 0 false false No definition available. No authoritative reference available. false 9 Mortgage and other financing income 1 us-gaap_OtherRealEstateRevenue us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 3747000 3747 false false 2 false true 5136000 5136 false false 3 false true 11619000 11619 false false 4 false true 13602000 13602 false false No definition available. No authoritative reference available. false 10 Management and other fee income 1 us-gaap_ManagementFeesRevenue us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 10173000 10173 false false 2 false true 12959000 12959 false false 3 false true 30397000 30397 false false 4 false true 35816000 35816 false false No definition available. No authoritative reference available. false 11 Depreciation and amortization 1 us-gaap_DepreciationAndAmortization us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -55596000 -55596 false false 2 false true -53013000 -53013 false false 3 false true -168006000 -168006 false false 4 false true -152903000 -152903 false false No definition available. No authoritative reference available. false 12 General and administrative expenses 1 us-gaap_GeneralAndAdministrativeExpense us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -27965000 -27965 false false 2 false true -30591000 -30591 false false 3 false true -83449000 -83449 false false 4 false true -80225000 -80225 false false No definition available. No authoritative reference available. false 13 Interest, dividends and other investment income 1 us-gaap_InvestmentIncomeNet us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 9236000 9236 false false 2 false true 7092000 7092 false false 3 false true 22370000 22370 false false 4 false true 48605000 48605 false false No definition available. No authoritative reference available. false 14 Other income/(expense), net 1 us-gaap_OtherNonoperatingIncomeExpense us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 4383000 4383 false false 2 false true -1643000 -1643 false false 3 false true 468000 468 false false 4 false true -1869000 -1869 false false No definition available. No authoritative reference available. false 15 Interest expense 1 us-gaap_InterestExpense us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -54551000 -54551 false false 2 false true -52775000 -52775 false false 3 false true -152023000 -152023 false false 4 false true -160335000 -160335 false false No definition available. No authoritative reference available. false 16 Income from continuing operations before income taxes, income from other real estate investments, equity in income of joint ventures, gain on sale of development properties and impairments 2 us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 23089000 23089 false false 2 false true 23008000 23008 false false 3 false true 14493000 14493 false false 4 false true 106207000 106207 false false No definition available. No authoritative reference available. true 17 Benefit/(provision) for income taxes 1 us-gaap_IncomeTaxExpenseBenefit us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 1148000 1148 false false 2 false true -12336000 -12336 false false 3 false true 3483000 3483 false false 4 false true -20608000 -20608 false false No definition available. No authoritative reference available. false 18 Income from other real estate investments 1 kim_IncomeFromOtherRealEstateInvestmentsIS kim false credit duration monetary Income from other real estate investments false false false false false false false false false 1 false true 9249000 9249 false false 2 false true 24032000 24032 false false 3 false true 26973000 26973 false false 4 false true 77443000 77443 false false Income from other real estate investments No authoritative reference available. false 19 Equity in income of joint ventures, net 1 us-gaap_IncomeLossFromEquityMethodInvestments us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 8946000 8946 false false 2 false true 78469000 78469 false false 3 false true 3317000 3317 false false 4 false true 138016000 138016 false false No definition available. No authoritative reference available. false 20 Gain on sale of development properties, net of tax of $429, $1,863, $1,390 and $13,699, respectively 1 kim_GainOnSaleOfDevelopmentProperties kim false credit duration monetary Gain on sale of development properties false false false false false false false false false 1 false true 644000 644 false false 2 false true 2795000 2795 false false 3 false true 2086000 2086 false false 4 false true 20549000 20549 false false Gain on sale of development properties No authoritative reference available. false 21 Impairments: 1 kim_ImpairmentskimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 22 Real estate under development 2 kim_RealEstateUnderDevelopment kim false debit duration monetary Impairments of Real estate under development false false false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false true -2100000 -2100 false false 4 false false 0 0 false false Impairments of Real estate under development No authoritative reference available. false 23 Investments in other real estate investments 2 us-gaap_ImpairmentOfInvestments us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false true -40602000 -40602 false false 4 false false 0 0 false false No definition available. No authoritative reference available. false 24 Marketable securities and other investments 2 us-gaap_OtherAssetImpairmentCharges us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 false false 2 false true -5902000 -5902 false false 3 false true -29573000 -29573 false false 4 false true -9710000 -9710 false false No definition available. No authoritative reference available. false 25 Investments in real estate joint ventures 2 us-gaap_ImpairmentLossesRelatedToRealEstatePartnerships us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false true -26896000 -26896 false false 4 false false 0 0 false false No definition available. No authoritative reference available. false 26 Income/(loss) from continuing operations 3 us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 43076000 43076 false false 2 false true 110066000 110066 false false 3 false true -48819000 -48819 false false 4 false true 311897000 311897 false false No definition available. No authoritative reference available. true 27 Discontinued operations: 1 kim_DiscontinuedoperationskimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 28 Income/(loss) from discontinued operating properties 2 us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 62000 62 false false 2 false true 527000 527 false false 3 false true -22000 -22 false false 4 false true 5840000 5840 false false No definition available. No authoritative reference available. false 29 Loss on operating properties held for sale/sold, net of tax 2 us-gaap_DiscontinuedOperationAmountOfOtherIncomeLossFromDispositionOfDiscontinuedOperationNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false true -80000 -80 false false 4 false false 0 0 false false No definition available. No authoritative reference available. false 30 Gain on disposition of operating properties, net of tax 2 us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 18000 18 false false 2 false true 8809000 8809 false false 3 false true 421000 421 false false 4 false true 9531000 9531 false false No definition available. No authoritative reference available. false 31 Income from discontinued operations 3 us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 80000 80 false false 2 false true 9336000 9336 false false 3 false true 319000 319 false false 4 false true 15371000 15371 false false No definition available. No authoritative reference available. true 32 Gain on transfer of operating properties 2 kim_GainOnTransferOfOperatingProperties kim false credit duration monetary Gain on transfer of operating properties false false false false false false false false false 1 false false 0 0 false false 2 false true 1188000 1188 false false 3 false true 26000 26 false false 4 false true 1188000 1188 false false Gain on transfer of operating properties No authoritative reference available. false 33 Loss on sale of operating properties 2 kim_LossOnSaleOfOperatingProperties kim false credit duration monetary Loss on sale of operating properties false false false false false false false false false 1 false true -111000 -111 false false 2 false false 0 0 false false 3 false true -111000 -111 false false 4 false false 0 0 false false Loss on sale of operating properties No authoritative reference available. false 34 Gain on sale of operating properties, net of tax 2 us-gaap_GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 600000 600 false false 2 false false 0 0 false false 3 false true 2155000 2155 false false 4 false true 587000 587 false false No definition available. No authoritative reference available. false 35 Total net gain on transfer or sale of operating properties, net of tax 3 kim_TotalGainOnTransferOrSaleOfOperatingPropertiesNetOfTax kim false credit duration monetary Total gain on transfer or sale of operating properties, net of tax false false false false false false false false false 1 false true 489000 489 false false 2 false true 1188000 1188 false false 3 false true 2070000 2070 false false 4 false true 1775000 1775 false false Total gain on transfer or sale of operating properties, net of tax No authoritative reference available. true 36 Net income/(loss) 3 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 43645000 43645 false false 2 false true 120590000 120590 false false 3 false true -46430000 -46430 false false 4 false true 329043000 329043 false false No definition available. No authoritative reference available. true 37 Net income attributable to noncontrolling interests 3 us-gaap_NetIncomeLossAttributableToNoncontrollingInterest us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -3537000 -3537 false false 2 false true -12006000 -12006 false false 3 false true -9689000 -9689 false false 4 false true -27618000 -27618 false false No definition available. No authoritative reference available. false 38 Net income/(loss) attributable to the Company 4 us-gaap_NetIncomeLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 40108000 40108 false false 2 false true 108584000 108584 false false 3 false true -56119000 -56119 false false 4 false true 301425000 301425 false false No definition available. No authoritative reference available. true 39 Preferred stock dividends 3 us-gaap_PreferredStockDividends us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -11822000 -11822 false false 2 false true -11822000 -11822 false false 3 false true -35466000 -35466 false false 4 false true -35466000 -35466 false false No definition available. No authoritative reference available. false 40 Net income/(loss) available to the Company's common shareholders 4 us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 28286000 28286 false false 2 false true 96762000 96762 false false 3 false true -91585000 -91585 false false 4 false true 265959000 265959 false false No definition available. No authoritative reference available. false 42 Income/(loss) from continuing operations: 3 kim_IncomelossfromcontinuingoperationskimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 43 -Basic (in dollars per share) 4 us-gaap_IncomeLossFromContinuingOperationsPerBasicShare us-gaap true na duration decimal No definition available. false false false false false false false false true 1 true true 0.07 0.07 false false 2 true true 0.34 0.34 false false 3 true true -0.27 -0.27 false false 4 true true 0.99 0.99 false false No definition available. No authoritative reference available. false 44 -Diluted (in dollars per share) 4 us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare us-gaap true na duration decimal No definition available. false false false false false false false false true 1 true true 0.07 0.07 false false 2 true true 0.34 0.34 false false 3 true true -0.27 -0.27 false false 4 true true 0.98 0.98 false false No definition available. No authoritative reference available. false 45 Net income/(loss) : 4 kim_NetincomelosskimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 46 -Basic (in dollars per share) 5 us-gaap_EarningsPerShareBasic us-gaap true na duration decimal No definition available. false false false false false false false false true 1 true true 0.07 0.07 false false 2 true true 0.38 0.38 false false 3 true true -0.27 -0.27 false false 4 true true 1.05 1.05 false false No definition available. No authoritative reference available. false 47 -Diluted (in dollars per share) 5 us-gaap_EarningsPerShareDiluted us-gaap true na duration decimal No definition available. false false false false false false false false true 1 true true 0.07 0.07 false false 2 true true 0.37 0.37 false false 3 true true -0.27 -0.27 false false 4 true true 1.03 1.03 false false No definition available. No authoritative reference available. false 48 Weighted average shares: 2 kim_WeightedaverageshareskimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 49 -Basic (in shares) 3 us-gaap_WeightedAverageNumberOfSharesOutstandingBasic us-gaap true na duration shares No definition available. false false false false false false false false false 1 false true 376559000 376559 false false 2 false true 256164000 256164 false false 3 false true 339018000 339018 false false 4 false true 254286000 254286 false false No definition available. No authoritative reference available. false 50 -Diluted (in shares) 3 us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding us-gaap true na duration shares No definition available. false false false false false false false false false 1 false true 378127000 378127 false false 2 false true 258933000 258933 false false 3 false true 339018000 339018 false false 4 false true 257376000 257376 false false No definition available. No authoritative reference available. false 51 Amounts attributable to the Company's common shareholders: 1 kim_AmountsattributabletotheCompanyscommonshareholderskimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 52 Income/(loss) from continuing operations, net of tax 2 us-gaap_IncomeLossFromContinuingOperations us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 28206000 28206 false false 2 false true 87574000 87574 false false 3 false true -91904000 -91904 false false 4 false true 251869000 251869 false false No definition available. No authoritative reference available. false 53 Income from discontinued operations 2 us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 80000 80 false false 2 false true 9188000 9188 false false 3 false true 319000 319 false false 4 false true 14090000 14090 false false No definition available. No authoritative reference available. false 54 Net income/(loss) 2 us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 true true 28286000 28286 false false 2 true true 96762000 96762 false false 3 true true -91585000 -91585 false false 4 true true 265959000 265959 false false No definition available. No authoritative reference available. true false 4 52 false Thousands Thousands Hundreds false true XML 23 R14.xml IDEA: Ground-Up Development 1.0.0.3 false Ground-Up Development false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Real Estate Owned [Text Block] (abstract) 0 kim_RealEstateOwnedTextBlockkimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Real Estate Owned [Text Block] 1 us-gaap_RealEstateOwnedTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 5.    Ground-Up Development The Company is engaged in ground-up development projects which consist of (i) merchant building through the Companys wholly-owned taxable REIT subsidiaries, which develop neighborhood and community shopping centers and the subsequent sale after completion, (ii) U.S. ground-up development projects which will be held as long-term investments by the Company and (iii) various ground-up development projects located in Latin America for long-term investment.  The ground-up development projects generally have significant pre-leasing prior to the commencement of construction. As of September 30, 2009, the Company had a total of 28 ground-up development projects, consisting of (i) five merchant building projects, (ii) one U.S. ground-up development project, (iii) 15 ground-up development projects located throughout Mexico, (iv) three ground-up development projects located in Chile, (v) three ground-up development projects located in Brazil and (vi) one ground-up development project located in Peru. Merchant Building - During the nine months ended September 30, 2009, the Company sold, in separate transactions, six out-parcels, two land parcels and one ground lease for aggregate proceeds of approximately $15.9 million.  These transactions for the nine months ended September 30, 2009, resulted in gains on sale of development properties of approximately $2.1 million, net of income taxes of $1.4 million. During the nine months ended September 30, 2009 the Company fully repaid nine construction loans aggregating approximately $212.2 million.  As of September 30, 2009, total loan commitments on the Companys four remaining construction loans aggregated approximately $67.7 million of which approximately $43.5 million has been funded.  These loans have scheduled maturities ranging from 14 months to 59 months (excluding any extension options which may be available to the Company) and bear interest at rates ranging from 2.15% to 4.50% at September 30, 2009.   Impairments During June 2009, as part of the Companys ongoing assessment of its merchant building projects, the Company determined that there was one project with an estimated recoverable value that will not exceed its estimated cost.  This was primarily due to further declines in real estate fundamentals along with adverse changes in local market conditions and the uncertainty of their recovery.  As a result, the Company recorded an impairment of approximately $2.1 million, representing the excess of the carrying value of the project over its estimate fair value.  The Companys estimated fair value was based upon projected operating cash flows (discounted and without interest charges) of the property over its specified holding period.  Such cash flow projection considered factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors.  Capitalization rates and discount rates utilized in the model were based upon rates that the Company believes to be within a reasonable range of current market rates for the project. 5.    Ground-Up Development The Company is engaged in ground-up development projects which consist of (i) merchant building through the false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 24 R15.xml IDEA: Investments and Advances in Real Estate Joint Ventures 1.0.0.3 false Investments and Advances in Real Estate Joint Ventures false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Investments and Advances in Real Estate Joint Ventures (abstract) 0 kim_InvestmentsAndAdvancesInRealEstateJointVentureskimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Investments and Advances in Real Estate Joint Ventures 1 kim_InvestmentsAndAdvancesInRealEstateJointVentures kim false na duration string Investments and Advances in Real Estate Joint Ventures [Abstract] false false false false false false false false false 1 false false 0 0 6.    Investments and Advances in Real Estate Joint Ventures Kimco Prudential Joint Venture (KimPru) - On October 31, 2006, the Company completed the merger of Pan Pacific Retail Properties Inc. (Pan Pacific), which had a total transaction value of approximately $4.1 billion, including Pan Pacifics outstanding debt totaling approximately $1.1 billion.  As of October 31, 2006, Pan Pacific owned interests in 138 operating properties, which comprised approximately 19.9 million square feet of GLA, located primarily in California, Oregon, Washington and Nevada. Immediately following the merger, the Company commenced its joint venture agreements with Prudential Real Estate Investors (PREI) through three separate accounts managed by PREI.  In accordance with the joint venture agreements, all Pan Pacific assets and respective non-recourse mortgage debt and a $1.2 billion credit facility used to fund the transaction were transferred to the separate accounts.  PREI contributed approximately $1.1 billion on behalf of institutional investors in three of its portfolios.  The Company holds a 15% noncontrolling ownership interest in each of the joint ventures, collectively, KimPru. The Company accounts for its investment in KimPru under the equity method of accounting.  In addition, the Company manages the portfolios and earns acquisition fees, leasing commissions, property management fees and construction management fees.   During August 2008, KimPru entered into a $650.0 million credit facility, which bears interest at a rate of LIBOR plus 1.25% and was initially scheduled to mature in August 2009.  This facility included an option to extend the maturity date for one year, subject to certain requirements including a reduction of the outstanding balance to $485.0 million.  During August 2009, KimPru exercised the one-year extension option and made an additional payment to reduce the balance to $485.0 million; as such the credit facility is scheduled to mature in August 2010.  Proceeds from this credit facility were used to repay the outstanding balance of $658.7 million under the $1.2 billion credit facility, referred to above, which was scheduled to mature in October 2008 and bore interest at a rate of LIBOR plus 0.45%.   This facility is guaranteed by the Company with a guarantee from PREI to the Company for 85% of any guaranty payment the Company is obligated to make.  As of September 30, 2009, the outstanding balance on the credit facility was $467.5 million. During the nine months ended September 30, 2009 KimPru sold eight operating properties and its interest in an unconsolidated joint venture, in separate transactions, for an aggregate sales price of approximately $70.0 million.  These sales resulted in an aggregate net loss of approximately $2.6 million.  Proceeds from these property sales were used to repay a portion of the outstanding balance on the $650.0 million credit facility.   During March 2009, KimPru repaid a non-recourse mortgage with a balance of approximately $12.1 million which bore interest at a rate of 4.92% and matured in April 2009.   In addition, during the nine months ended September 30, 2009, KimPru refinanced an aggregate $46.5 million in mortgage debt, which bore interest at a rate of 7.10% and matured during 2009, with $48.0 million in mortgage debt which bears interest at a rate of 7.875% and is scheduled to mature in 2016.   During June 2009, the Company recognized non-cash impairment charges of $11.7 million, against the carrying value of its investment in KimPru, reflecting an other-than-temporary decline in the fair value of its investment resulting from a further decline in the real estate markets. In addition to the impairment charges above, KimPru recognized impairment charges during June 2009 of approximately $175.3 million relating to certain properties held by an unconsolidated joint venture within the KimPru joint venture based on estimated sales prices.  The Companys share of these impairment charges were approximately $26.3 million which is included in Equity in income of joint ventures, net on the Companys Condensed Consolidated Statements of Operations.  During September 2009, KimPru recognized additional impairment charges of approximately $6.5 million relating to certain properties within the KimPru portfolio.  The Companys share of these impairment charges were approximately $1.0 million which is included in Equity in income of joint ventures, net on the Companys Condensed Consolidated Statements of Operations.   As of September 30, 2009, the KimPru portfolio was comprised of 113 shopping center properties aggregating approximately 18.4 million square feet of GLA located in 12 states. During June 2009, the Company recognized a non-cash impairment charge of $4.0 million, against the carrying value of its investment in a separate joint venture that is held with PREI, in which the Company holds a 15% noncontrolling interest (KimPru II).  This impairment reflects an other-than-temporary decline in the fair value of its investment resulting from a further decline in the real estate markets.   In addition to the impairment charges above, during September 2009, KimPru II recognized an impairment charge relating to a property of approximately $4.3 million based on an estimated sales price.  The Companys share of this impairment charge was approximately $0.4 million which is included in Equity in income of joint ventures, net on the Companys Condensed Consolidated Statements of Operations.  This operating property was subsequently sold during September 2009 for a sales price of approximately $11.0 million, which resulted in no gain or loss.   The Companys estimated fair values relating to the impairment assessments above are based upon discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums.  Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties. Kimco Income REIT (KIR) - The Company holds a 45% noncontrolling limited partnership interest in KIR and accounts for its investment under the equity method of accounting.  KIR has a master management agreement with the Company whereby the Company performs services for fees relating to the management, operation, supervision and maintenance of the joint venture properties. During the nine months ended September 30, 2009, KIR repaid three maturing non-recourse mortgages aggregating approximately $40.3 million, which bore interest at 7.57%. KIR also obtained four new non-recourse mortgages on four previously unencumbered properties aggregating approximately $31.9 million bearing interest at rates ranging from 6.3% to 7.2% with maturity dates ranging from 2012 to 2019.   In addition, during the nine months ended September 30, 2009, KIR refinanced approximately $27.2 million of mortgage debt which bore interest at a rate of 8.3% and matured during 2009, with new mortgage debt of approximately $27.5 million which bears interest at 7.25% and is scheduled to mature in 2014.   As of September 30, 2009, the KIR portfolio was comprised of 62 operating properties aggregating 13.1 million square feet of GLA located in 18 states. PL Retail - PL Retail, a joint venture investment in which the Company holds a 15% noncontrolling interest had a $39.5 million unsecured revolving credit facility, which bore interest at LIBOR plus 0.45% and was scheduled to mature in February 2008. During 2008, this facility was extended to February 2009 at a rate of LIBOR plus 0.50%. This facility is guaranteed by the Company and the joint venture partner has guaranteed reimbursement to the Company of 85% of any guaranty payment the Company is obligated to make.  During the nine months ended September 30, 2009, the joint venture made a principal payment of $15.6 million and obtained a one-year extension at a rate of LIBOR plus 400 basis points, with a LIBOR floor of 1.5%, for the remaining balance of $20.0 million.  During October 2009, PL Retail made an additional principal payment of $10.0 million.  The remaining $10.0 million balance is due in February 2010. In addition, PL Retail refinanced an aggregate $118.6 million in mortgage debt, which bore interest at rates ranging from 8.18% to 10.18% and matured during 2009, with $131.5 million in mortgage debt which bears interest at rates ranging from LIBOR plus 400 basis points to 7.70% and maturity dates ranging from 2014 to 2016. During September 2009, PL Retail recognized a non-cash impairment charge of approximately $2.6 million relating to a property held-for-sale based on its estimated sales price.  The Companys share of this impairment charge was approximately $0.4 million which is included in Equity in income of joint ventures, net on the Companys Condensed Consolidated Statements of Operations.    Other Real Estate Joint Ventures - During the nine months ended September 30, 2009, the Company acquired a land parcel located in San Luis Potosi, Mexico, through a joint venture in which the Company has a noncontrolling interest, for an aggregate purchase price of approximately $0.8 million.  The Company accounts for its investment in this joint venture under the equity method of accounting.  The Companys aggregate investment resulting from this transaction was approximately $0.4 million.   During the nine months ended September 30, 2009, a joint venture in which the Company held a 10% noncontrolling interest sold an operating property to the Company for a sales price of approximately $23.6 million, including the assumption of a $13.5 million non-recourse mortgage.  This sale resulted in a gain of approximately $3.4 million at the joint venture level of which the Companys share of the gain was approximately $0.3 million.  As a result of this transaction, the Company has deferred its share of the gain related to its retained ownership interest in the property.   During the nine months ended September 30, 2009, joint ventures in which the Company has noncontrolling interests obtained new mortgage debt aggregating $72.6 million which bears interest at rates ranging from 4.50% to 7.85% and are scheduled to mature in 2012 and 2014.  Proceeds from these mortgages and an additional $15.0 million capital contribution from the partners were used to repay an aggregate $87.6 million in mortgage debt, which were scheduled to mature in 2009 and bore interest at rates ranging from 2.1% to 6.6%. During the nine months ended September 30, 2009, a joint venture in which the Company has a 30% noncontrolling interest obtained a new three-year non-recourse mortgage loan on a previously unencumbered property of approximately $59.0 million which bears interest at a rate of LIBOR plus 350 basis points. During June 2009, the Company recognized non-cash impairment charges of approximately $12.2 million, against the carrying value of its investments in six joint ventures, reflecting an other-than-temporary decline in the fair value of these investments resulting from a further decline in the real estate markets.   The Companys estimated fair values relating to the impairment assessments above were based upon discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums.  Capitalization rates, discount rates and credit spreads utilized in these models were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties. The Companys maximum exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments.  Generally such investments contain operating properties and the Company has determined these entities do not contain the characteristics of a VIE.  As of September 30, 2009, the Companys carrying value in these investments approximated $1.2 billion.   6.    Investments and Advances in Real Estate Joint Ventures Kimco Prudential Joint Venture (KimPru) - On October 31, 2006, false false Investments and Advances in Real Estate Joint Ventures [Abstract] No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 25 R24.xml IDEA: Incentive Plans 1.0.0.3 false Incentive Plans false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Incentive Plans (abstract) 0 kim_IncentivePlanskimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Incentive Plans 1 kim_IncentivePlans kim false na duration string Incentive Plans false false false false false false false false false 1 false false 0 0 15.    Incentive Plans The Company maintains an equity participation plan (the Plan) pursuant to which a maximum of 47,000,000 shares of the Companys common stock may be issued for qualified and non-qualified options and restricted stock grants.  Unless otherwise determined by the Board of Directors at its sole discretion, options granted under the Plan generally vest ratably over a range of three to five years, expire ten years from the date of grant and are exercisable at the market price on the date of grant.  Restricted stock grants vest 100% on the fourth or fifth anniversary of the grant or ratably over four years.  In addition, the Plan provides for the granting of certain options and restricted stock to each of the Companys non-employee directors (the Independent Directors) and permits such Independent Directors to elect to receive deferred stock awards in lieu of directors fees. The Company recognized stock options expense of approximately $7.8 million and $9.1 million for the nine months ended September 30, 2009 and 2008, respectively.  The $7.8 million expense for the nine months ended September 30, 2009, includes incremental expense related to the modification of stock awards in connection with the terminations of employees discussed below.  As of September 30, 2009, the Company had approximately $26.3 million of total unrecognized compensation cost related to unvested stock compensation granted under the Companys Plan.  That cost is expected to be recognized over a weighted average period of approximately 2.4 years. Due to declining economic conditions resulting in the lack of transactional activity within the real estate industry as a whole, the Company had accrued approximately $3.6 million at December 31, 2008, relating to severance costs associated with employees that had been terminated during January 2009.  Also, as a result of continued economic decline, the Company recorded an additional accrual of approximately $2.3 million for severance costs associated with terminations during the nine months ended September 30, 2009.   15.    Incentive Plans The Company maintains an equity participation plan (the Plan) pursuant to which a maximum of 47,000,000 false false Incentive Plans No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 26 R20.xml IDEA: Mortgages Payable 1.0.0.3 false Mortgages Payable false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Schedule of Participating Mortgage Loans [Text Block] (abstract) 0 kim_ScheduleOfParticipatingMortgageLoansTextBlockkimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Schedule of Participating Mortgage Loans [Text Block] 1 us-gaap_ScheduleOfParticipatingMortgageLoansTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 11.    Mortgages Payable During the nine months ended September 30, 2009, the Company obtained 17 new non-recourse mortgages aggregating approximately $363.8 million, which bear interest at rates ranging from 5.95% to 8.00% and have maturities ranging from three years to 15 years.  The Company paid off approximately $154.7 million of individual non-recourse mortgage debt that encumbered seven operating properties. Mortgages payable, collateralized by certain shopping center properties and related tenants' leases, are generally due in monthly installments of principal and/or interest which mature at various dates through 2031. Interest rates range from approximately 1.65% to 10.50% (weighted-average interest rate of 6.30% as of September 30, 2009).  The scheduled principal payments of all mortgages payable, excluding unamortized fair value debt adjustments of approximately $4.8 million, as of September 30, 2009, were approximately as follows (in millions): 2009, $4.5; 2010, $67.3; 2011, $75.6; 2012, $125.9; 2013, $187.8; and thereafter, $607.7. 11.    Mortgages Payable During the nine months ended September 30, 2009, the Company obtained 17 new non-recourse mortgages aggregating false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 27 R4.xml IDEA: Condensed Consolidated Statements Of Operations (Parenthetical) 1.0.0.3 false Condensed Consolidated Statements Of Operations (Parenthetical) (USD $) In Thousands false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 3 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 4 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Condensed Consolidated Statements Of Operations (Parentheticals) 0 kim_CondensedConsolidatedStatementsOfOperationsParentheticalskimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 3 Gain (Loss) on Sale of Properties, Applicable Income Taxes 1 us-gaap_GainLossOnSaleOfPropertiesApplicableIncomeTaxes us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 true true 429000 429 false false 2 true true 1863000 1863 false false 3 true true 1390000 1390 false false 4 true true 13699000 13699 false false No definition available. No authoritative reference available. false false 4 2 false Thousands UnKnown UnKnown false true XML 28 R27.xml IDEA: Pro Forma Financial Information 1.0.0.3 false Pro Forma Financial Information false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Pro Forma Financial Information (abstract) 0 kim_ProFormaFinancialInformationkimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Pro Forma Financial Information 1 kim_ProFormaFinancialInformation kim false na duration string Pro Forma Financial Information false false false false false false false false false 1 false false 0 0 18.    Pro Forma Financial Information As discussed in Note 3, the Company and certain of its affiliates acquired and disposed of interests in certain operating properties during the nine months ended September 30, 2009.  The pro forma financial information set forth below is based upon the Companys historical Condensed Consolidated Statements of Operations for the nine months ended September 30, 2009 and 2008, adjusted to give effect to these transactions at the beginning of each year. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of each year, nor does it purport to represent the results of future operations.  (Amounts presented in millions, except per share figures.) <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="357"></td> <td width="21.2"></td> <td width="93.733"></td> <td width="36"></td> <td width="87.867"></td> </tr> <tr> <td width="357" valign="top">   </td> <td width="21.2" valign="top">   </td> <td colspan="3" width="217.6" valign="top" style="border-bottom:1px solid #000000"> Nine Months ended September 30, </td> </tr> <tr> <td width="357" valign="top">   </td> <td width="21.2" valign="top">   </td> <td width="93.733" valign="top" style="border-bottom:1px solid #000000"> 2009 </td> <td width="36" valign="top">   </td> <td width="87.867" valign="top" style="border-bottom:1px solid #000000"> 2008 </td> </tr> <tr> <td width="357" valign="top">   </td> <td width="21.2" valign="top">   </td> <td width="93.733" valign="bottom">   </td> <td width="36" valign="top">   </td> <td width="87.867" valign="bottom">   </td> </tr> <tr> <td width="357" valign="top" style="background-color:#CCFFFF"> Revenues from rental property </td> <td width="21.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="93.733" valign="bottom" style="background-color:#CCFFFF"> 576.5 </td> <td width="36" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="87.867" valign="bottom" style="background-color:#CCFFFF"> 563.6 </td> </tr> <tr> <td width="357" valign="top"> Net (loss)/income </td> <td width="21.2" valign="bottom"> $ </td> <td width="93.733" valign="bottom"> (48.5) </td> <td width="36" valign="bottom"> $ </td> <td width="87.867" valign="bottom"> 312.7 </td> </tr> <tr> <td width="357" valign="top" style="background-color:#CCFFFF"> Net (loss)/income attributable to the Companys common shareholders </td> <td width="21.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="93.733" valign="bottom" style="background-color:#CCFFFF"> (93.7) </td> <td width="36" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="87.867" valign="bottom" style="background-color:#CCFFFF"> 250.8 </td> </tr> <tr> <td width="357" valign="top"> Net (loss)/income attributable to the Companys common shareholders per common share: </td> <td width="21.2" valign="bottom">   </td> <td width="93.733" valign="bottom">   </td> <td width="36" valign="bottom">   </td> <td width="87.867" valign="bottom">   </td> </tr> <tr> <td width="357" valign="top">    Basic </td> <td width="21.2" valign="bottom"> $ </td> <td width="93.733" valign="bottom"> (0.28) </td> <td width="36" valign="bottom"> $ </td> <td width="87.867" valign="bottom"> 0.99 </td> </tr> <tr> <td width="357" valign="top" style="background-color:#CCFFFF">    Diluted </td> <td width="21.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="93.733" valign="bottom" style="background-color:#CCFFFF"> (0.28) </td> <td width="36" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="87.867" valign="bottom" style="background-color:#CCFFFF"> 0.97 </td> </tr> </table> 18.    Pro Forma Financial Information As discussed in Note 3, the Company and certain of its affiliates acquired and disposed of interests in false false Pro Forma Financial Information No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 29 R16.xml IDEA: Other Real Estate Investments 1.0.0.3 false Other Real Estate Investments false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Other Real Estate Investments (abstract) 0 kim_OtherRealEstateInvestmentskimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Other Real Estate Investments 1 kim_OtherRealEstateInvestments kim false na duration string Other Real Estate Investments false false false false false false false false false 1 false false 0 0 7.    Other Real Estate Investments Preferred Equity Capital - The Company maintains a preferred equity program, which provides capital to developers and owners of real estate.  During the nine months ended September 30, 2009, the Company provided an aggregate of approximately $0.4 million in investment capital to an owner of a real estate property.  As of September 30, 2009, the Companys net investment under the Preferred Equity program was approximately $521.7 million relating to 626 properties, including 402 net leased properties.  During the nine months ended September 30, 2009, the Company earned approximately $22.2 million from its preferred equity investments, including $0.8 million in profit participation earned from two capital transactions.  During the nine months ended September 30, 2008, the Company earned approximately $58.9 million from its preferred equity investments, including $24.4 million in profit participation earned from eight capital transactions. During June 2009, the Company recognized non-cash impairment charges of $40.6 million, against the carrying value of 16 preferred equity investments, which hold 28 properties, reflecting an other-than-temporary decline in the fair value of its investment resulting from a further decline in the real estate markets. The Companys estimated fair values relating to the impairment assessments above were based upon discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums.  Capitalization rates, discount rates and credit spreads utilized in these models were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties. 7.    Other Real Estate Investments Preferred Equity Capital - The Company maintains a preferred equity program, which provides capital to false false Other Real Estate Investments No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 30 R28.xml IDEA: Subsequent Event 1.0.0.3 false Subsequent Event false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Schedule of Subsequent Events [Text Block] (abstract) 0 kim_ScheduleOfSubsequentEventsTextBlockkimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Schedule of Subsequent Events [Text Block] 1 us-gaap_ScheduleOfSubsequentEventsTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 19.    Subsequent Event On November 4, 2009, the Company, through a wholly-owned subsidiary, entered into an Entity Purchase and Sale Agreement, (the Agreement) with DRA PL Retail Real Estate Investment Trust, pursuant to which the Company purchased the remaining 85% interest in PL Retail LLC, an entity that indirectly owns through wholly-owned subsidiaries 21 shopping centers in which the Company held a 15% non-controlling interest prior to this transaction. The 21 shopping centers comprising approximately 5.2 million square feet of GLA are located in California (8 assets; 27% of GLA), Florida (6 assets; 42% of GLA), the Phoenix, Arizona metro area (2 assets; 7.3% of GLA), New Jersey (2), Long Island, New York (1), Arlington, Virginia, near metro Washington, D.C. (1) and Greenville, South Carolina (1).  Pursuant to the terms of the Agreement, the Company paid a purchase price equal to approximately $175.0 million, after customary adjustments and closing prorations, which is equivalent to 85% of PL Retail LLCs gross asset value, as defined in the Agreement, which currently equals approximately $825 million, less assumption of $564 million of non-recourse mortgage debt and $50 million of perpetual preferred stock.  The purchase price includes approximately $20 million for the purchase of development rights for the Pentagon Centre shopping center in Arlington, Virginia. The Company funded the purchase using the Companys $1.5 billion unsecured revolving credit facility. As of November 4, 2009, the Company had $205.0 million outstanding on this credit facility. Indebtedness assumed by the Company in connection with the acquisition matures on various dates between January 1, 2010 through February 1, 2017, and bears interest at annual rates ranging from approximately 2.2% to 9.0%. The Company is currently determining the fair value of assets acquired and liabilities assumed in this transaction in accordance with the FASBs Business Combinations and Fair Value Measurements and Disclosure guidance to determine the appropriate purchase price allocation. Additionally, the Company is currently determining, in accordance with the FASBs Consolidations guidance, the fair value of the 15% equity interest held by the Company immediately prior to the acquisition to determine the amount of any gain or loss to be recognized as a result of remeasuring the equity interest to fair value. 19.    Subsequent Event On November 4, 2009, the Company, through a wholly-owned subsidiary, entered into an Entity Purchase and Sale Agreement, false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 31 R9.xml IDEA: Condensed Consolidated Statements Of Cash Flows (Parenthetical) 1.0.0.3 false Condensed Consolidated Statements Of Cash Flows (Parenthetical) (USD $) In Thousands false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Condensed Consolidated Statements Of Cash Flows (Parentheticals) 0 kim_CondensedConsolidatedStatementsOfCashFlowsParentheticalskimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 3 Cash Paid for Capitalized Interest 1 us-gaap_CashPaidForCapitalizedInterest us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 true true 16628000 16628 false false 2 true true 22343000 22343 false false No definition available. No authoritative reference available. false false 2 2 false Thousands UnKnown UnKnown false true XML 32 R6.xml IDEA: Condensed Consolidated Statements Of Changes In Equity 1.0.0.3 true Condensed Consolidated Statements Of Changes In Equity (USD $) In Thousands false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Stockholders' Equity, Beginning Balance 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false true false false 1 true true 4204733000 4204733 false false 2 true true 4169141000 4169141 false false No definition available. No authoritative reference available. false 3 Contributions from noncontrolling interests 2 us-gaap_MinorityInterestIncreaseFromStockIssuance us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 19737000 19737 false false 2 false true 89629000 89629 false false No definition available. No authoritative reference available. false 4 Comprehensive income: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 5 Net income (loss) 2 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -46430000 -46430 false false 2 false true 329043000 329043 false false No definition available. No authoritative reference available. false 6 Other comprehensive income, net of tax: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 7 Change in unrealized gain (loss) on marketable securities 2 us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 48724000 48724 false false 2 false true -70763000 -70763 false false No definition available. No authoritative reference available. false 8 Change in unrealized loss on interest rate swaps 2 us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 44000 44 false false 2 false true -318000 -318 false false No definition available. No authoritative reference available. false 9 Change in foreign currency translation adjustment 2 us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true 18702000 18702 false false 2 false true 24944000 24944 false false No definition available. No authoritative reference available. false 10 Comprehensive income 2 us-gaap_ComprehensiveIncomeNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 false false 2 false true 282906000 282906 false false No definition available. No authoritative reference available. false 11 Redeemable noncontrolling interest 2 us-gaap_MinorityInterestDecreaseFromRedemptions us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -4772000 -4772 false false 2 false true -7430000 -7430 false false No definition available. No authoritative reference available. false 12 Dividends 2 us-gaap_Dividends us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -199927000 -199927 false false 2 false true -356972000 -356972 false false No definition available. No authoritative reference available. false 13 Distributions to noncontrolling interests 2 us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -6128000 -6128 false false 2 false true -17938000 -17938 false false No definition available. No authoritative reference available. false 14 Issuance of units 2 kim_IssuanceOfUnits kim false debit duration monetary Issuance of units false false false false false false false false false 1 false true 126000 126 false false 2 false true 796000 796 false false Issuance of units No authoritative reference available. false 15 Issuance of common stock 2 us-gaap_StockIssuedDuringPeriodValueNewIssues us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 717260000 717260 false false 2 false true 409365000 409365 false false No definition available. No authoritative reference available. false 16 Exercise of common stock options 2 us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 4499000 4499 false false 2 false true 43497000 43497 false false No definition available. No authoritative reference available. false 17 Amortization of stock option expense 2 us-gaap_AmortizationOfESOPAward us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 7848000 7848 false false 2 false true 9552000 9552 false false No definition available. No authoritative reference available. false 18 Stockholders' Equity, Ending Balance 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false false true false 1 false true 4764070000 4764070 false false 2 false true 4622546000 4622546 false false No definition available. No authoritative reference available. false 19 Unit redemptions 2 kim_UnitRedemptions kim false debit duration monetary Unit Redemptions false false false false false false false false false 1 false true -346000 -346 false false 2 false false 0 0 false false Unit Redemptions No authoritative reference available. false 20 Retained Earnings [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 21 Stockholders' Equity, Beginning Balance 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false true false false 1 false true -58162000 -58162 false false 2 false true 180005000 180005 false false No definition available. No authoritative reference available. false 23 Comprehensive income: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 24 Net income (loss) 2 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -56119000 -56119 false false 2 false true 301425000 301425 false false No definition available. No authoritative reference available. false 25 Other comprehensive income, net of tax: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 31 Dividends 2 us-gaap_Dividends us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -199927000 -199927 false false 2 false true -356972000 -356972 false false No definition available. No authoritative reference available. false 37 Stockholders' Equity, Ending Balance 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false false true false 1 false true -314208000 -314208 false false 2 false true 124458000 124458 false false No definition available. No authoritative reference available. false 39 Accumulated Other Comprehensive Income [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 40 Stockholders' Equity, Beginning Balance 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false true false false 1 false true -179541000 -179541 false false 2 false true 33299000 33299 false false No definition available. No authoritative reference available. false 44 Other comprehensive income, net of tax: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 45 Change in unrealized gain (loss) on marketable securities 2 us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 48724000 48724 false false 2 false true -70763000 -70763 false false No definition available. No authoritative reference available. false 46 Change in unrealized loss on interest rate swaps 2 us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 44000 44 false false 2 false true -318000 -318 false false No definition available. No authoritative reference available. false 47 Change in foreign currency translation adjustment 2 us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true 32062000 32062 false false 2 false true 23431000 23431 false false No definition available. No authoritative reference available. false 56 Stockholders' Equity, Ending Balance 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false false true false 1 false true -98711000 -98711 false false 2 false true -14351000 -14351 false false No definition available. No authoritative reference available. false 58 Preferred Stock [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 59 Stockholders' Equity, Beginning Balance 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false true false false 1 false true 884000 884 false false 2 false true 884000 884 false false No definition available. No authoritative reference available. false 77 Common Stock [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 78 Stockholders' Equity, Beginning Balance 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false true false false 1 false true 2711000 2711 false false 2 false true 2528000 2528 false false No definition available. No authoritative reference available. false 82 Other comprehensive income, net of tax: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 91 Issuance of common stock 2 us-gaap_StockIssuedDuringPeriodValueNewIssues us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 1052000 1052 false false 2 false true 115000 115 false false No definition available. No authoritative reference available. false 92 Exercise of common stock options 2 us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 4000 4 false false 2 false true 19000 19 false false No definition available. No authoritative reference available. false 94 Stockholders' Equity, Ending Balance 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false false true false 1 false true 3767000 3767 false false 2 false true 2662000 2662 false false No definition available. No authoritative reference available. false 96 Additional Paid-in Capital [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 97 Stockholders' Equity, Beginning Balance 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false true false false 1 false true 4217806000 4217806 false false 2 false true 3677509000 3677509 false false No definition available. No authoritative reference available. false 101 Other comprehensive income, net of tax: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 110 Issuance of common stock 2 us-gaap_StockIssuedDuringPeriodValueNewIssues us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 716208000 716208 false false 2 false true 409250000 409250 false false No definition available. No authoritative reference available. false 111 Exercise of common stock options 2 us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 4495000 4495 false false 2 false true 43478000 43478 false false No definition available. No authoritative reference available. false 112 Amortization of stock option expense 2 us-gaap_AmortizationOfESOPAward us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 7848000 7848 false false 2 false true 9552000 9552 false false No definition available. No authoritative reference available. false 113 Stockholders' Equity, Ending Balance 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false false true false 1 false true 4946357000 4946357 false false 2 false true 4139789000 4139789 false false No definition available. No authoritative reference available. false 115 Parent [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 116 Stockholders' Equity, Beginning Balance 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false true false false 1 false true 3983698000 3983698 false false 2 false true 3894225000 3894225 false false No definition available. No authoritative reference available. false 118 Comprehensive income: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 119 Net income (loss) 2 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -56119000 -56119 false false 2 false true 301425000 301425 false false No definition available. No authoritative reference available. false 120 Other comprehensive income, net of tax: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 121 Change in unrealized gain (loss) on marketable securities 2 us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 48724000 48724 false false 2 false true -70763000 -70763 false false No definition available. No authoritative reference available. false 122 Change in unrealized loss on interest rate swaps 2 us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 44000 44 false false 2 false true -318000 -318 false false No definition available. No authoritative reference available. false 123 Change in foreign currency translation adjustment 2 us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true 32062000 32062 false false 2 false true 23431000 23431 false false No definition available. No authoritative reference available. false 126 Dividends 2 us-gaap_Dividends us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -199927000 -199927 false false 2 false true -356972000 -356972 false false No definition available. No authoritative reference available. false 129 Issuance of common stock 2 us-gaap_StockIssuedDuringPeriodValueNewIssues us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 717260000 717260 false false 2 false true 409365000 409365 false false No definition available. No authoritative reference available. false 130 Exercise of common stock options 2 us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 4499000 4499 false false 2 false true 43497000 43497 false false No definition available. No authoritative reference available. false 131 Amortization of stock option expense 2 us-gaap_AmortizationOfESOPAward us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 7848000 7848 false false 2 false true 9552000 9552 false false No definition available. No authoritative reference available. false 132 Stockholders' Equity, Ending Balance 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false false true false 1 false true 4538089000 4538089 false false 2 false true 4253442000 4253442 false false No definition available. No authoritative reference available. false 134 Noncontrolling Interest [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 135 Stockholders' Equity, Beginning Balance 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false true false false 1 false true 221035000 221035 false false 2 false true 274916000 274916 false false No definition available. No authoritative reference available. false 136 Contributions from noncontrolling interests 2 us-gaap_MinorityInterestIncreaseFromStockIssuance us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 19737000 19737 false false 2 false true 89629000 89629 false false No definition available. No authoritative reference available. false 137 Comprehensive income: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 138 Net income (loss) 2 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 9689000 9689 false false 2 false true 27618000 27618 false false No definition available. No authoritative reference available. false 139 Other comprehensive income, net of tax: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 142 Change in foreign currency translation adjustment 2 us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true -13360000 -13360 false false 2 false true 1513000 1513 false false No definition available. No authoritative reference available. false 144 Redeemable noncontrolling interest 2 us-gaap_MinorityInterestDecreaseFromRedemptions us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -4772000 -4772 false false 2 false true -7430000 -7430 false false No definition available. No authoritative reference available. false 146 Distributions to noncontrolling interests 2 us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -6128000 -6128 false false 2 false true -17938000 -17938 false false No definition available. No authoritative reference available. false 147 Issuance of units 2 kim_IssuanceOfUnits kim false debit duration monetary Issuance of units false false false false false false false false false 1 false true 126000 126 false false 2 false true 796000 796 false false Issuance of units No authoritative reference available. false 151 Stockholders' Equity, Ending Balance 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false false true false 1 false true 225981000 225981 false false 2 false true 369104000 369104 false false No definition available. No authoritative reference available. false 152 Unit redemptions 2 kim_UnitRedemptions kim false debit duration monetary Unit Redemptions false false false false false false false false false 1 false true -346000 -346 false false 2 false false 0 0 false false Unit Redemptions No authoritative reference available. false 153 Comprehensive Income [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 156 Comprehensive income: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 157 Net income (loss) 2 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -46430000 -46430 false false 2 false true 329043000 329043 false false No definition available. No authoritative reference available. false 158 Other comprehensive income, net of tax: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 159 Change in unrealized gain (loss) on marketable securities 2 us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 48724000 48724 false false 2 false true -70763000 -70763 false false No definition available. No authoritative reference available. false 160 Change in unrealized loss on interest rate swaps 2 us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 44000 44 false false 2 false true -318000 -318 false false No definition available. No authoritative reference available. false 161 Change in foreign currency translation adjustment 2 us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true 18702000 18702 false false 2 false true 24944000 24944 false false No definition available. No authoritative reference available. false 162 Comprehensive income 2 us-gaap_ComprehensiveIncomeNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 true true 21040000 21040 false false 2 true true 282906000 282906 false false No definition available. No authoritative reference available. false false 2 80 false Thousands UnKnown UnKnown false true XML 33 R5.xml IDEA: Condensed Consolidated Statements Of Comprehensive Income 1.0.0.3 false Condensed Consolidated Statements Of Comprehensive Income (USD $) In Thousands false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 3 $ false false usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 false 4 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Condensed Consolidated Statements Of Comprehensive Income 0 kim_CondensedConsolidatedStatementsOfComprehensiveIncomekimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 3 Net income /(loss) 1 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 true true 43645000 43645 false false 2 true true 120590000 120590 false false 3 true true -46430000 -46430 false false 4 true true 329043000 329043 false false No definition available. No authoritative reference available. false 4 Other comprehensive income: 1 kim_OthercomprehensiveincomekimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 5 Change in unrealized gain/(loss) on marketable securities 2 us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 23973000 23973 false false 2 false true -38848000 -38848 false false 3 false true 48724000 48724 false false 4 false true -70763000 -70763 false false No definition available. No authoritative reference available. false 6 Change in unrealized gain/(loss) on interest rate swaps 2 us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 162000 162 false false 2 false true 376000 376 false false 3 false true 44000 44 false false 4 false true -318000 -318 false false No definition available. No authoritative reference available. false 7 Change in foreign currency translation adjustment 2 us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true 44574000 44574 false false 2 false true 21345000 21345 false false 3 false true 18702000 18702 false false 4 false true 24944000 24944 false false No definition available. No authoritative reference available. false 8 Other comprehensive income/(loss) 3 us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 68709000 68709 false false 2 false true -17127000 -17127 false false 3 false true 67470000 67470 false false 4 false true -46137000 -46137 false false No definition available. No authoritative reference available. true 9 Comprehensive income 1 us-gaap_ComprehensiveIncomeNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 112354000 112354 false false 2 false true 103463000 103463 false false 3 false true 21040000 21040 false false 4 false true 282906000 282906 false false No definition available. No authoritative reference available. true 10 Comprehensive loss/(income) attributable to noncontrolling interests 1 us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 1261000 1261 false false 2 false true -13358000 -13358 false false 3 false true 3672000 3672 false false 4 false true -29131000 -29131 false false No definition available. No authoritative reference available. false 11 Comprehensive income attributable to the Company 1 us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 true true 113615000 113615 false false 2 true true 90105000 90105 false false 3 true true 24712000 24712 false false 4 true true 253775000 253775 false false No definition available. No authoritative reference available. true false 4 10 false Thousands UnKnown UnKnown false true XML 34 R23.xml IDEA: Financing Activities 1.0.0.3 false Financing Activities false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Cash Flow, Supplemental Disclosures [Text Block] (abstract) 0 kim_CashFlowSupplementalDisclosuresTextBlockkimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Cash Flow, Supplemental Disclosures [Text Block] 1 us-gaap_CashFlowSupplementalDisclosuresTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 14.    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 months ended September 30, 2009 and 2008 (in thousands): <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="429"></td> <td width="25.2"></td> <td width="75.6"></td> <td width="24"></td> <td width="85.2"></td> </tr> <tr> <td width="429" valign="top">   </td> <td width="25.2" valign="top">   </td> <td width="75.6" valign="bottom" style="border-bottom:1px solid #000000"> 2009 </td> <td width="24" valign="top">   </td> <td width="85.2" valign="bottom" style="border-bottom:1px solid #000000"> 2008 </td> </tr> <tr> <td width="429" valign="top" style="background-color:#CCFFFF"> Acquisition of real estate interests by assumption of mortgage debt </td> <td width="25.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="75.6" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="24" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="85.2" valign="bottom" style="background-color:#CCFFFF"> 96,226 </td> </tr> <tr> <td width="429" valign="top"> Disposition of real estate through the issuance of an unsecured obligation </td> <td width="25.2" valign="bottom"> $ </td> <td width="75.6" valign="bottom"> 1,366 </td> <td width="24" valign="bottom"> $ </td> <td width="85.2" valign="bottom"> 27,175 </td> </tr> <tr> <td width="429" valign="top" style="background-color:#CCFFFF"> Issuance of restricted common stock </td> <td width="25.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="75.6" valign="bottom" style="background-color:#CCFFFF"> 3,415 </td> <td width="24" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="85.2" valign="bottom" style="background-color:#CCFFFF"> 1,405 </td> </tr> <tr> <td width="429" valign="top"> Proceeds held in escrow through sale of real estate interests </td> <td width="25.2" valign="bottom"> $ </td> <td width="75.6" valign="bottom"> - </td> <td width="24" valign="bottom"> $ </td> <td width="85.2" valign="bottom"> 11,195 </td> </tr> <tr> <td width="429" valign="top" style="background-color:#CCFFFF"> Consolidation of Joint Ventures: </td> <td width="25.2" valign="bottom" style="background-color:#CCFFFF">   </td> <td width="75.6" valign="bottom" style="background-color:#CCFFFF">   </td> <td width="24" valign="bottom" style="background-color:#CCFFFF">   </td> <td width="85.2" valign="bottom" style="background-color:#CCFFFF">   </td> </tr> <tr> <td width="429" valign="top"> Increase in real estate and other assets </td> <td width="25.2" valign="bottom"> $ </td> <td width="75.6" valign="bottom"> 47,368 </td> <td width="24" valign="bottom"> $ </td> <td width="85.2" valign="bottom"> - </td> </tr> <tr> <td width="429" valign="top" style="background-color:#CCFFFF"> Increase in mortgage payables </td> <td width="25.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="75.6" valign="bottom" style="background-color:#CCFFFF"> 35,104 </td> <td width="24" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="85.2" valign="bottom" style="background-color:#CCFFFF"> - </td> </tr> <tr> <td width="429" valign="top"> Declaration of dividends paid in succeeding period </td> <td width="25.2" valign="bottom"> $ </td> <td width="75.6" valign="bottom"> 34,425 </td> <td width="24" valign="bottom"> $ </td> <td width="85.2" valign="bottom"> 128,964 </td> </tr> </table> 14.    Supplemental Schedule of Non-Cash Investing / Financing Activities The following schedule summarizes the non-cash investing and financing false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 35 defnref.xml IDEA: XBRL DOCUMENT No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. The cash inflow from other investments. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Loss on sale of operating properties No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Incentive Plans No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Aggregate liquidation preference No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Total gain on transfer or sale of operating properties, net of tax No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Income from other real estate investments No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Gain on sale or transfer of operating properties. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Gain on transfer of operating properties No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Total stockholders' equity excluding accumulated other comprehensive income No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Issuance of units No authoritative reference available. No authoritative reference available. No authoritative reference available. Investments and Advances in Real Estate Joint Ventures [Abstract] No authoritative reference available. Equity in income of joint ventures, net No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Income from other real estate investments No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. The cash inflow from real estate joint ventures. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Pro Forma Financial Information No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Unit Redemptions No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Impairments of Real estate under development No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Gain on sale of development properties No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Other Real Estate Investments No authoritative reference available. No authoritative reference available. No authoritative reference available. XML 36 R21.xml IDEA: Fair Value Measurements 1.0.0.3 false Fair Value Measurements false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Fair Value Disclosures [Text Block] (abstract) 0 kim_FairValueDisclosuresTextBlockkimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Fair Value Disclosures [Text Block] 1 us-gaap_FairValueDisclosuresTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 12.    Fair Value Measurements All financial instruments of the Company are reflected in the accompanying Condensed Consolidated Balance Sheets at amounts which, in managements 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 reflected.  The valuation method used to estimate fair value for fixed-rate and variable-rate debt and noncontrolling interests relating to mandatorily redeemable noncontrolling interests associated with finite-lived subsidiaries of the Company is based on discounted cash flow analyses, with assumptions that include credit spreads, loan amounts and debt maturities.  The fair values for marketable securities are based on published or securities dealers estimated market values.  Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition.  The following are financial instruments for which the Companys estimate of fair value differs from the carrying amounts (in thousands): <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="388.2"></td> <td width="25.8"></td> <td width="91.533"></td> <td width="22.467"></td> <td width="85.2"></td> </tr> <tr> <td width="388.2" valign="top">   </td> <td width="25.8" valign="top">   </td> <td colspan="3" width="199.2" valign="top"> September 30, 2009 </td> </tr> <tr> <td width="388.2" valign="top">   </td> <td width="25.8" valign="top">   </td> <td width="91.533" valign="top" style="border-bottom:1px solid #000000"> Carrying Amounts </td> <td width="22.467" valign="top">   </td> <td width="85.2" valign="top" style="border-bottom:1px solid #000000"> Estimated Fair Value </td> </tr> <tr> <td width="388.2" valign="top">   </td> <td width="25.8" valign="top">   </td> <td width="91.533" valign="top">   </td> <td width="22.467" valign="top">   </td> <td width="85.2" valign="top">   </td> </tr> <tr> <td width="388.2" valign="top" style="background-color:#CCFFFF"> Marketable Securities </td> <td width="25.8" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="91.533" valign="bottom" style="background-color:#CCFFFF"> 218,627 </td> <td width="22.467" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="85.2" valign="bottom" style="background-color:#CCFFFF"> 212,575 </td> </tr> <tr> <td width="388.2" valign="top"> Notes Payable </td> <td width="25.8" valign="bottom"> $ </td> <td width="91.533" valign="bottom"> 2,854,958 </td> <td width="22.467" valign="bottom"> $ </td> <td width="85.2" valign="bottom"> 2,906,842 </td> </tr> <tr> <td width="388.2" valign="top" style="background-color:#CCFFFF"> Mortgages Payable </td> <td width="25.8" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="91.533" valign="bottom" style="background-color:#CCFFFF"> 1,073,648 </td> <td width="22.467" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="85.2" valign="bottom" style="background-color:#CCFFFF"> 1,086,324 </td> </tr> <tr> <td width="388.2" valign="top"> Construction Loans Payable </td> <td width="25.8" valign="bottom"> $ </td> <td width="91.533" valign="bottom"> 43,540 </td> <td width="22.467" valign="bottom"> $ </td> <td width="85.2" valign="bottom"> 58,778 </td> </tr> <tr> <td width="388.2" valign="bottom" style="background-color:#CCFFFF"> Mandatorily Redeemable Noncontrolling Interests (termination dates ranging from 2019 2027) </td> <td width="25.8" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="91.533" valign="bottom" style="background-color:#CCFFFF"> 2,721 </td> <td width="22.467" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="85.2" valign="bottom" style="background-color:#CCFFFF"> 5,468 </td> </tr> </table> The Company has certain financial instruments that must be measured under the FASBs Fair Value Measurements and Disclosures guidance, including: available for sale securities, convertible notes and derivatives. The Company currently does not have non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.   As a basis for considering market participant assumptions in fair value measurements, the FASBs 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 and 2 of the hierarchy) and the reporting entitys own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The table below presents the Companys financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2009 and December 31, 2008, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="237.2"></td> <td width="15.733"></td> <td width="128.267"></td> <td width="15.733"></td> <td width="63"></td> <td width="16.2"></td> <td width="58.8"></td> <td width="16.2"></td> <td width="64.2"></td> </tr> <tr> <td width="237.2" valign="bottom">   </td> <td width="15.733" valign="bottom">   </td> <td width="128.267" valign="bottom" style="border-bottom:1px solid #000000"> Balance at September 30, 2009 </td> <td width="15.733" valign="bottom">   </td> <td width="63" valign="bottom" style="border-bottom:1px solid #000000"> Level 1 </td> <td width="16.2" valign="bottom">   </td> <td width="58.8" valign="bottom" style="border-bottom:1px solid #000000"> Level 2 </td> <td width="16.2" valign="bottom">   </td> <td width="64.2" valign="bottom" style="border-bottom:1px solid #000000"> Level 3 </td> </tr> <tr> <td width="237.2" valign="top"> Assets: </td> <td width="15.733" valign="top">   </td> <td width="128.267" valign="top">   </td> <td width="15.733" valign="top">   </td> <td width="63" valign="top">   </td> <td width="16.2" valign="top">   </td> <td width="58.8" valign="top">   </td> <td width="16.2" valign="top">   </td> <td width="64.2" valign="top">   </td> </tr> <tr> <td width="237.2" valign="top" style="background-color:#CCFFFF">   Marketable equity securities </td> <td width="15.733" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="128.267" valign="bottom" style="background-color:#CCFFFF"> 36,114 </td> <td width="15.733" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="63" valign="bottom" style="background-color:#CCFFFF"> 36,114 </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="58.8" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="64.2" valign="bottom" style="background-color:#CCFFFF"> - </td> </tr> <tr> <td width="237.2" valign="top">   Convertible notes </td> <td width="15.733" valign="bottom"> $ </td> <td width="128.267" valign="bottom"> 138,187 </td> <td width="15.733" valign="bottom"> $ </td> <td width="63" valign="bottom"> - </td> <td width="16.2" valign="bottom"> $ </td> <td width="58.8" valign="bottom"> 138,187 </td> <td width="16.2" valign="bottom"> $ </td> <td width="64.2" valign="bottom"> - </td> </tr> <tr> <td width="237.2" valign="top" style="background-color:#CCFFFF">   Conversion option </td> <td width="15.733" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="128.267" valign="bottom" style="background-color:#CCFFFF"> 9,039 </td> <td width="15.733" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="63" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="58.8" valign="bottom" style="background-color:#CCFFFF"> 9,039 </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="64.2" valign="bottom" style="background-color:#CCFFFF"> - </td> </tr> <tr> <td width="237.2" valign="top"> Liabilities: </td> <td width="15.733" valign="bottom">   </td> <td width="128.267" valign="bottom">   </td> <td width="15.733" valign="bottom">   </td> <td width="63" valign="bottom">   </td> <td width="16.2" valign="bottom">   </td> <td width="58.8" valign="bottom">   </td> <td width="16.2" valign="bottom">   </td> <td width="64.2" valign="bottom">   </td> </tr> <tr> <td width="237.2" valign="top" style="background-color:#CCFFFF">   Interest rate swaps </td> <td width="15.733" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="128.267" valign="bottom" style="background-color:#CCFFFF"> 536 </td> <td width="15.733" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="63" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="58.8" valign="bottom" style="background-color:#CCFFFF"> 536 </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="64.2" valign="bottom" style="background-color:#CCFFFF"> - </td> </tr> </table> <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="236.133"></td> <td width="16.2"></td> <td width="128.867"></td> <td width="15.733"></td> <td width="63"></td> <td width="16.2"></td> <td width="58.8"></td> <td width="17.4"></td> <td width="63.6"></td> </tr> <tr> <td width="236.133" valign="bottom">   </td> <td width="16.2" valign="bottom">   </td> <td width="128.867" valign="bottom" style="border-bottom:1px solid #000000"> Balance at December 31, 2008 </td> <td width="15.733" valign="bottom">   </td> <td width="63" valign="bottom" style="border-bottom:1px solid #000000"> Level 1 </td> <td width="16.2" valign="bottom">   </td> <td width="58.8" valign="bottom" style="border-bottom:1px solid #000000"> Level 2 </td> <td width="17.4" valign="bottom">   </td> <td width="63.6" valign="bottom" style="border-bottom:1px solid #000000"> Level 3 </td> </tr> <tr> <td width="236.133" valign="top"> Assets: </td> <td width="16.2" valign="top">   </td> <td width="128.867" valign="top">   </td> <td width="15.733" valign="top">   </td> <td width="63" valign="top">   </td> <td width="16.2" valign="top">   </td> <td width="58.8" valign="top">   </td> <td width="17.4" valign="top">   </td> <td width="63.6" valign="top">   </td> </tr> <tr> <td width="236.133" valign="top" style="background-color:#CCFFFF">   Marketable equity securities </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="128.867" valign="bottom" style="background-color:#CCFFFF"> 46,452 </td> <td width="15.733" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="63" valign="bottom" style="background-color:#CCFFFF"> 46,452 </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="58.8" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="17.4" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="63.6" valign="bottom" style="background-color:#CCFFFF"> - </td> </tr> <tr> <td width="236.133" valign="top">   Convertible notes </td> <td width="16.2" valign="bottom"> $ </td> <td width="128.867" valign="bottom"> 113,713 </td> <td width="15.733" valign="bottom"> $ </td> <td width="63" valign="bottom"> - </td> <td width="16.2" valign="bottom"> $ </td> <td width="58.8" valign="bottom"> 113,713 </td> <td width="17.4" valign="bottom"> $ </td> <td width="63.6" valign="bottom"> - </td> </tr> <tr> <td width="236.133" valign="top" style="background-color:#CCFFFF">   Conversion option </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="128.867" valign="bottom" style="background-color:#CCFFFF"> 6,063 </td> <td width="15.733" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="63" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="58.8" valign="bottom" style="background-color:#CCFFFF"> 6,063 </td> <td width="17.4" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="63.6" valign="bottom" style="background-color:#CCFFFF"> - </td> </tr> <tr> <td width="236.133" valign="top"> Liabilities: </td> <td width="16.2" valign="bottom">   </td> <td width="128.867" valign="bottom">   </td> <td width="15.733" valign="bottom">   </td> <td width="63" valign="bottom">   </td> <td width="16.2" valign="bottom">   </td> <td width="58.8" valign="bottom">   </td> <td width="17.4" valign="bottom">   </td> <td width="63.6" valign="bottom">   </td> </tr> <tr> <td width="236.133" valign="top" style="background-color:#CCFFFF">   Interest rate swaps </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="128.867" valign="bottom" style="background-color:#CCFFFF"> 734 </td> <td width="15.733" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="63" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="58.8" valign="bottom" style="background-color:#CCFFFF"> 734 </td> <td width="17.4" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="63.6" valign="bottom" style="background-color:#CCFFFF"> - </td> </tr> </table> Assets and liabilities measured at fair value on a non-recurring basis at September 30, 2009 are as follows (in thousands): <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="236.133"></td> <td width="16.2"></td> <td width="129.6"></td> <td width="16.2"></td> <td width="60"></td> <td width="19.2"></td> <td width="58.8"></td> <td width="16.2"></td> <td width="66"></td> </tr> <tr> <td width="236.133" valign="bottom">   </td> <td width="16.2" valign="bottom">   </td> <td width="129.6" valign="bottom" style="border-bottom:1px solid #000000"> Balance at September 30, 2009 </td> <td width="16.2" valign="bottom">   </td> <td width="60" valign="bottom" style="border-bottom:1px solid #000000"> Level 1 </td> <td width="19.2" valign="bottom">   </td> <td width="58.8" valign="bottom" style="border-bottom:1px solid #000000"> Level 2 </td> <td width="16.2" valign="bottom">   </td> <td width="66" valign="bottom" style="border-bottom:1px solid #000000"> Level 3 </td> </tr> <tr> <td width="236.133" valign="top"> Assets: </td> <td width="16.2" valign="top">   </td> <td width="129.6" valign="top">   </td> <td width="16.2" valign="top">   </td> <td width="60" valign="top">   </td> <td width="19.2" valign="top">   </td> <td width="58.8" valign="top">   </td> <td width="16.2" valign="top">   </td> <td width="66" valign="top">   </td> </tr> <tr> <td width="236.133" valign="top" style="background-color:#CCFFFF">   Investments and advances in real estate joint ventures </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="129.6" valign="bottom" style="background-color:#CCFFFF"> 184,218 </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="60" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="19.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="58.8" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="66" valign="bottom" style="background-color:#CCFFFF"> 184,218 </td> </tr> <tr> <td width="236.133" valign="top">  Real estate under development/redevelopment </td> <td width="16.2" valign="bottom"> $ </td> <td width="129.6" valign="bottom"> 82,000 </td> <td width="16.2" valign="bottom"> $ </td> <td width="60" valign="bottom"> - </td> <td width="19.2" valign="bottom"> $ </td> <td width="58.8" valign="bottom"> - </td> <td width="16.2" valign="bottom"> $ </td> <td width="66" valign="bottom"> 82,000 </td> </tr> <tr> <td width="236.133" valign="top" style="background-color:#CCFFFF">  Other real estate investments </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="129.6" valign="bottom" style="background-color:#CCFFFF"> 28,244 </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="60" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="19.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="58.8" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="66" valign="bottom" style="background-color:#CCFFFF"> 28,244 </td> </tr> <tr> <td width="236.133" valign="top">  Mortgages receivable </td> <td width="16.2" valign="bottom"> $ </td> <td width="129.6" valign="bottom"> 13,854 </td> <td width="16.2" valign="bottom"> $ </td> <td width="60" valign="bottom"> - </td> <td width="19.2" valign="bottom"> $ </td> <td width="58.8" valign="bottom"> - </td> <td width="16.2" valign="bottom"> $ </td> <td width="66" valign="bottom"> 13,854 </td> </tr> <tr> <td width="236.133" valign="top" style="background-color:#CCFFFF">  Marketable debt securities </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="129.6" valign="bottom" style="background-color:#CCFFFF">   9,575 </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="60" valign="bottom" style="background-color:#CCFFFF"> - </td> <td width="19.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="58.8" valign="bottom" style="background-color:#CCFFFF"> 9,575 </td> <td width="16.2" valign="bottom" style="background-color:#CCFFFF"> $ </td> <td width="66" valign="bottom" style="background-color:#CCFFFF"> - </td> </tr> </table> During June 2009, the Company recognized nonrecurring non-cash impairment charges of approximately $119.6 million relating to adjustments to property carrying values, investments in real estate joint ventures, real estate under development and other real estate investments.   During 2008, the Company recognized nonrecurring non-cash impairment charges of $15.5 million against the carrying value of its investment in its unconsolidated joint ventures with PREI, KimPru, reflecting an other-than-temporary decline in the fair value of its investment resulting from further significant declines in the real estate markets during the fourth quarter of 2008. The Companys estimated fair values relating to these impairment assessments were based upon discounted cash flow models that included all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums. These cash flows are comprised of unobservable inputs which include contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models were based upon observable rates that the Company believes to be within a reasonable range of current market rates for the respective properties.  Based on these inputs the Company determined that its valuation in these investments were classified within Level 3 of the fair value hierarchy.  12.    Fair Value Measurements All financial instruments of the Company are reflected in the accompanying Condensed Consolidated Balance Sheets false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 37 R13.xml IDEA: Discontinued Operations 1.0.0.3 false Discontinued Operations false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] (abstract) 0 kim_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlockkimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] 1 us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 4.    Discontinued Operations The Company reports as discontinued operations, properties held-for-sale and operating properties sold in the current period.  The results of these discontinued operations are included in a separate component of income on the Condensed Consolidated Statements of Operations under the caption Discontinued operations.  This reporting has resulted in certain reclassifications of 2008 financial statement amounts. The components of income and expense relating to discontinued operations for the three and nine months ended September 30, 2009 and 2008 are shown below. These include the results of operations through the date of each respective sale for properties sold during 2009 and 2008 and the operations for the applicable period for those assets classified as held-for-sale as of September 30, 2009 (in thousands): <table width="720" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="376.2"></td> <td width="16.8"></td> <td width="57"></td> <td width="18"></td> <td width="67.2"></td> <td width="22.2"></td> <td width="46.8"></td> <td width="16.2"></td> <td width="53.8"></td> </tr> <tr> <td width="376.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td colspan="3" width="142.2" valign="bottom" style="border-bottom:1px solid #000000"> Three Months Ended September 30, </td> <td width="22.2" valign="bottom">   </td> <td colspan="3" width="116.8" valign="bottom" style="border-bottom:1px solid #000000"> Nine Months Ended September 30, </td> </tr> <tr> <td width="376.2" valign="bottom">   </td> <td width="16.8" valign="bottom">   </td> <td width="57" valign="bottom" style="border-bottom:1px solid #000000"> 2009 </td> <td width="18" valign="bottom">   </td> <td width="67.2" valign="bottom" style="border-bottom:1px solid #000000"> 2008 </td> <td width="22.2" valign="bottom">   </td> <td width="46.8" valign="bottom" style="border-bottom:1px solid #000000"> 2009 </td> <td width="16.2" valign="bottom">   </td> <td width="53.8" valign="bottom" style="border-bottom:1px solid #000000"> 2008 </td> </tr> <tr> <td width="376.2" valign="top"> Discontinued operations: </td> <td width="16.8" valign="bottom">   </td> <td width="57" valign="bottom">   </td> <td width="18" valign="bottom">   </td> <td width="67.2" valign="bottom">   </td> <td width="22.2" valign="bottom">   </td> <td width="46.8" valign="bottom">   </td> <td width="16.2" valign="bottom">   </td> <td width="53.8" valign="bottom">   </td> </tr> <tr> <td bgcolor="ccffff" valign="top" width="376.2"> Revenues from rental property </td> <td bgcolor="ccffff" valign="bottom" width="16.8"> $ </td> <td bgcolor="ccffff" valign="bottom" width="57"> 18 </td> <td bgcolor="ccffff" valign="bottom" width="18"> $ </td> <td bgcolor="ccffff" valign="bottom" width="67.2"> 1,219 </td> <td bgcolor="ccffff" valign="bottom" width="22.2"> $ </td> <td bgcolor="ccffff" valign="bottom" width="46.8"> 45 </td> <td bgcolor="ccffff" valign="bottom" width="16.2"> $ </td> <td bgcolor="ccffff" valign="bottom" width="53.8"> 5,362 </td> </tr> <tr> <td width="376.2" valign="top"> Rental property expenses </td> <td width="16.8" valign="bottom">   </td> <td width="57" valign="bottom"> 32 </td> <td width="18" valign="bottom">   </td> <td width="67.2" valign="bottom"> (290) </td> <td width="22.2" valign="bottom">   </td> <td width="46.8" valign="bottom"> (36) </td> <td width="16.2" valign="bottom">   </td> <td width="53.8" valign="bottom"> (1,090) </td> </tr> <tr> <td bgcolor="ccffff" valign="top" width="376.2"> Depreciation and amortization </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td bgcolor="ccffff" valign="bottom" width="57"> - </td> <td bgcolor="ccffff" valign="bottom" width="18">   </td> <td bgcolor="ccffff" valign="bottom" width="67.2"> (406) </td> <td bgcolor="ccffff" valign="bottom" width="22.2">   </td> <td bgcolor="ccffff" valign="bottom" width="46.8"> (47) </td> <td bgcolor="ccffff" valign="bottom" width="16.2">   </td> <td bgcolor="ccffff" valign="bottom" width="53.8"> (1,913) </td> </tr> <tr> <td width="376.2" valign="top"> Interest expense </td> <td width="16.8" valign="bottom">   </td> <td width="57" valign="bottom"> - </td> <td width="18" valign="bottom">   </td> <td width="67.2" valign="bottom"> 6 </td> <td width="22.2" valign="bottom">   </td> <td width="46.8" valign="bottom"> - </td> <td width="16.2" valign="bottom">   </td> <td width="53.8" valign="bottom"> (116) </td> </tr> <tr> <td bgcolor="ccffff" valign="top" width="376.2"> (Loss)/income from other real estate investments </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td bgcolor="ccffff" valign="bottom" width="57"> - </td> <td bgcolor="ccffff" valign="bottom" width="18">   </td> <td bgcolor="ccffff" valign="bottom" width="67.2"> - </td> <td bgcolor="ccffff" valign="bottom" width="22.2">   </td> <td bgcolor="ccffff" valign="bottom" width="46.8"> (9) </td> <td bgcolor="ccffff" valign="bottom" width="16.2">   </td> <td bgcolor="ccffff" valign="bottom" width="53.8"> 3,451 </td> </tr> <tr> <td width="376.2" valign="top"> Other income/(expense), net </td> <td width="16.8" valign="bottom">   </td> <td width="57" valign="bottom" style="border-bottom:1px solid #000000"> 12 </td> <td width="18" valign="bottom">   </td> <td width="67.2" valign="bottom" style="border-bottom:1px solid #000000"> (2) </td> <td width="22.2" valign="bottom">   </td> <td width="46.8" valign="bottom" style="border-bottom:1px solid #000000"> 25 </td> <td width="16.2" valign="bottom">   </td> <td width="53.8" valign="bottom" style="border-bottom:1px solid #000000"> 146 </td> </tr> <tr> <td bgcolor="ccffff" valign="top" width="376.2"> Income/(loss) from discontinued operating Properties </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td bgcolor="ccffff" valign="bottom" width="57"> 62 </td> <td bgcolor="ccffff" valign="bottom" width="18">   </td> <td bgcolor="ccffff" valign="bottom" width="67.2"> 527 </td> <td bgcolor="ccffff" valign="bottom" width="22.2">   </td> <td bgcolor="ccffff" valign="bottom" width="46.8"> (22) </td> <td bgcolor="ccffff" valign="bottom" width="16.2">   </td> <td bgcolor="ccffff" valign="bottom" width="53.8"> 5,840 </td> </tr> <tr> <td width="376.2" valign="top"> Provision for income taxes </td> <td width="16.8" valign="bottom">   </td> <td width="57" valign="bottom"> - </td> <td width="18" valign="bottom">   </td> <td width="67.2" valign="bottom"> - </td> <td width="22.2" valign="bottom">   </td> <td width="46.8" valign="bottom"> (235) </td> <td width="16.2" valign="bottom">   </td> <td width="53.8" valign="bottom"> - </td> </tr> <tr> <td bgcolor="ccffff" valign="top" width="376.2"> Loss on operating properties held for sale/sold </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td bgcolor="ccffff" valign="bottom" width="57"> - </td> <td bgcolor="ccffff" valign="bottom" width="18">   </td> <td bgcolor="ccffff" valign="bottom" width="67.2"> - </td> <td bgcolor="ccffff" valign="bottom" width="22.2">   </td> <td bgcolor="ccffff" valign="bottom" width="46.8"> (112) </td> <td bgcolor="ccffff" valign="bottom" width="16.2">   </td> <td bgcolor="ccffff" valign="bottom" width="53.8"> - </td> </tr> <tr> <td width="376.2" valign="top"> Gain on disposition of operating Properties </td> <td width="16.8" valign="bottom">   </td> <td width="57" valign="bottom" style="border-bottom:1px solid #000000"> 18 </td> <td width="18" valign="bottom">   </td> <td width="67.2" valign="bottom" style="border-bottom:1px solid #000000"> 8,809 </td> <td width="22.2" valign="bottom">   </td> <td width="46.8" valign="bottom" style="border-bottom:1px solid #000000"> 688 </td> <td width="16.2" valign="bottom">   </td> <td width="53.8" valign="bottom" style="border-bottom:1px solid #000000"> 9,531 </td> </tr> <tr> <td bgcolor="ccffff" valign="top" width="376.2"> Income from discontinued operating Properties </td> <td bgcolor="ccffff" valign="bottom" width="16.8">   </td> <td bgcolor="ccffff" valign="bottom" width="57"> 80 </td> <td bgcolor="ccffff" valign="bottom" width="18">   </td> <td bgcolor="ccffff" valign="bottom" width="67.2"> 9,336 </td> <td bgcolor="ccffff" valign="bottom" width="22.2">   </td> <td bgcolor="ccffff" valign="bottom" width="46.8"> 319 </td> <td bgcolor="ccffff" valign="bottom" width="16.2">   </td> <td bgcolor="ccffff" valign="bottom" width="53.8"> 15,371 </td> </tr> <tr> <td width="376.2" valign="top"> Net income attributable to noncontrolling interests </td> <td width="16.8" valign="bottom">   </td> <td width="57" valign="bottom" style="border-bottom:1px solid #000000"> - </td> <td width="18" valign="bottom">   </td> <td width="67.2" valign="bottom" style="border-bottom:1px solid #000000"> (148) </td> <td width="22.2" valign="bottom">   </td> <td width="46.8" valign="bottom" style="border-bottom:1px solid #000000"> - </td> <td width="16.2" valign="bottom">   </td> <td width="53.8" valign="bottom" style="border-bottom:1px solid #000000"> (1,281) </td> </tr> <tr> <td bgcolor="ccffff" valign="top" width="376.2"> Income from discontinued operations attributable to the Company </td> <td bgcolor="ccffff" valign="bottom" width="16.8"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="57"> 80 </td> <td bgcolor="ccffff" valign="bottom" width="18"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="67.2"> 9,188 </td> <td bgcolor="ccffff" valign="bottom" width="22.2"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="46.8"> 319 </td> <td bgcolor="ccffff" valign="bottom" width="16.2"> $ </td> <td style="border-bottom:3px double #000000" bgcolor="ccffff" valign="bottom" width="53.8"> 14,090 </td> </tr> </table> 4.    Discontinued Operations The Company reports as discontinued operations, properties held-for-sale and operating properties sold in the false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 38 R26.xml IDEA: Commitments and Contingencies 1.0.0.3 false Commitments and Contingencies false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Commitments and Contingencies Disclosure [Text Block] (abstract) 0 kim_CommitmentsAndContingenciesDisclosureTextBlockkimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Commitments and Contingencies Disclosure [Text Block] 1 us-gaap_CommitmentsAndContingenciesDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 17.    Commitments and Contingencies During August 2009, the Company became obligated to issue a letter of credit for approximately CAD $66.0 million (approximately USD $61.7 million) relating to a tax assessment dispute with the Canada Revenue Agency (CRA).  The letter of credit has been issued under the Companys CAD $250 million credit facility.  The dispute is in regards to three of the Companys wholly-owned subsidiaries which hold a 50% co-ownership interest in Canadian real estate.  However, applicable Canadian law requires that a non-resident corporation post sufficient collateral to cover a claim for taxes assessed.  As such, the Company issued its letter of credit as required by the governing law.  The Company strongly believes that it has a justifiable defense against the dispute which will release the Company from any and all liability.   17.    Commitments and Contingencies During August 2009, the Company became obligated to issue a letter of credit for approximately CAD $66.0 false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 39 R1.xml IDEA: Condensed Consolidated Balance Sheets 1.0.0.3 true Condensed Consolidated Balance Sheets (USD $) In Thousands false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Operating real estate, net of accumulated depreciation of $1,292,319 and $1,159,664, respectively 2 us-gaap_RealEstateInvestmentPropertyNet us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 true true 5825326000 5825326 false false 2 true true 5690277000 5690277 false false No definition available. No authoritative reference available. false 3 Investments and advances in real estate joint ventures 2 us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 1178177000 1178177 false false 2 false true 1161382000 1161382 false false No definition available. No authoritative reference available. false 4 Real estate under development 2 us-gaap_DevelopmentInProcess us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 759964000 759964 false false 2 false true 968975000 968975 false false No definition available. No authoritative reference available. false 5 Other real estate investments 2 us-gaap_RealEstateInvestmentsOther us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 553799000 553799 false false 2 false true 566324000 566324 false false No definition available. No authoritative reference available. false 6 Mortgages and other financing receivables 2 us-gaap_OtherReceivables us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 153750000 153750 false false 2 false true 181992000 181992 false false No definition available. No authoritative reference available. false 7 Cash and cash equivalents 2 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 140757000 140757 false false 2 false true 136177000 136177 false false No definition available. No authoritative reference available. false 8 Marketable securities 2 us-gaap_MarketableSecurities us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 218627000 218627 false false 2 false true 258174000 258174 false false No definition available. No authoritative reference available. false 9 Accounts and notes receivable 2 us-gaap_AccountsAndNotesReceivableNet us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 106840000 106840 false false 2 false true 97702000 97702 false false No definition available. No authoritative reference available. false 10 Other assets 2 us-gaap_OtherAssets us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 350801000 350801 false false 2 false true 336144000 336144 false false No definition available. No authoritative reference available. false 11 Total assets 2 us-gaap_Assets us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 9288041000 9288041 false false 2 false true 9397147000 9397147 false false No definition available. No authoritative reference available. false 12 Liabilities: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 13 Notes payable 2 us-gaap_NotesPayable us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 2854958000 2854958 false false 2 false true 3440818000 3440818 false false No definition available. No authoritative reference available. false 14 Mortgages payable 2 us-gaap_LoansPayableToBank us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 1073648000 1073648 false false 2 false true 847491000 847491 false false No definition available. No authoritative reference available. false 15 Construction loans payable 2 us-gaap_OtherLoansPayable us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 43540000 43540 false false 2 false true 268337000 268337 false false No definition available. No authoritative reference available. false 16 Dividends payable 2 us-gaap_DividendsPayableCurrentAndNoncurrent us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 34425000 34425 false false 2 false true 131097000 131097 false false No definition available. No authoritative reference available. false 17 Other liabilities 2 us-gaap_OtherLiabilities us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 416072000 416072 false false 2 false true 388818000 388818 false false No definition available. No authoritative reference available. false 18 Total liabilities 2 us-gaap_Liabilities us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 4422643000 4422643 false false 2 false true 5076561000 5076561 false false No definition available. No authoritative reference available. false 19 Redeemable noncontrolling interests 2 us-gaap_OtherMinorityInterests us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 101328000 101328 false false 2 false true 115853000 115853 false false No definition available. No authoritative reference available. false 20 Stockholders' equity: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 22 Common stock, $.01 par value, authorized 750,000,000, issued and outstanding 376,720,376 and 271,080,525 shares, respectively 2 us-gaap_CommonStockValue us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 3767000 3767 false false 2 false true 2711000 2711 false false No definition available. No authoritative reference available. false 23 Paid-in capital 2 us-gaap_AdditionalPaidInCapital us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 4946357000 4946357 false false 2 false true 4217806000 4217806 false false No definition available. No authoritative reference available. false 24 Cumulative distributions in excess of net income 2 us-gaap_AccumulatedDistributionsInExcessOfNetIncome us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true -314208000 -314208 false false 2 false true -58162000 -58162 false false No definition available. No authoritative reference available. false 25 [TotalStockholdersEquityExcludingAccumulatedOtherComprehensiveIncome] 2 kim_TotalStockholdersEquityExcludingAccumulatedOtherComprehensiveIncome kim false credit instant monetary Total stockholders' equity excluding accumulated other comprehensive income false false false false false false false false false 1 false true 4636800000 4636800 false false 2 false true 4163239000 4163239 false false Total stockholders' equity excluding accumulated other comprehensive income No authoritative reference available. false 26 Accumulated other comprehensive income 2 us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true -98711000 -98711 false false 2 false true -179541000 -179541 false false No definition available. No authoritative reference available. false 27 Total stockholders' equity 2 us-gaap_StockholdersEquity us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 4538089000 4538089 false false 2 false true 3983698000 3983698 false false No definition available. No authoritative reference available. false 28 Noncontrolling interests 2 us-gaap_MinorityInterest us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 225981000 225981 false false 2 false true 221035000 221035 false false No definition available. No authoritative reference available. false 29 Total equity 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 4764070000 4764070 false false 2 false true 4204733000 4204733 false false No definition available. No authoritative reference available. false 30 Total liabilities and equity 2 us-gaap_LiabilitiesAndStockholdersEquity us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 9288041000 9288041 false false 2 false true 9397147000 9397147 false false No definition available. No authoritative reference available. false 31 Series F Preferred Stock [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 50 Stockholders' equity: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 51 Preferred stock 2 us-gaap_PreferredStockValue us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 700000 700 false false 2 false true 700000 700 false false No definition available. No authoritative reference available. false 55 [TotalStockholdersEquityExcludingAccumulatedOtherComprehensiveIncome] 2 kim_TotalStockholdersEquityExcludingAccumulatedOtherComprehensiveIncome kim false credit instant monetary Total stockholders' equity excluding accumulated other comprehensive income false false false false false false false false false 1 false true 700000 700 false false 2 false true 700000 700 false false Total stockholders' equity excluding accumulated other comprehensive income No authoritative reference available. false 61 Series G Preferred Stock [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 80 Stockholders' equity: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 81 Preferred stock 2 us-gaap_PreferredStockValue us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 184000 184 false false 2 false true 184000 184 false false No definition available. No authoritative reference available. false 85 [TotalStockholdersEquityExcludingAccumulatedOtherComprehensiveIncome] 2 kim_TotalStockholdersEquityExcludingAccumulatedOtherComprehensiveIncome kim false credit instant monetary Total stockholders' equity excluding accumulated other comprehensive income false false false false false false false false false 1 true true 184000 184 false false 2 true true 184000 184 false false Total stockholders' equity excluding accumulated other comprehensive income No authoritative reference available. false false 2 36 false Thousands UnKnown UnKnown false true XML 40 R2.xml IDEA: Condensed Consolidated Balance Sheets (Parenthetical) 1.0.0.3 true Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Condensed Consolidated Balance Sheets (Parentheticals) 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 3 Real Estate Investment Property, Accumulated Depreciation (in dollars) 2 us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 true true 1292319000 1292319 false false 2 true true 1159664000 1159664 false false No definition available. No authoritative reference available. false 4 Preferred Stock, Par or Stated Value Per Share (in dollars per share) 2 us-gaap_PreferredStockParOrStatedValuePerShare us-gaap true na instant decimal No definition available. false false false false false false false false true 1 true true 1.00 1.00 false false 2 true true 1.00 1.00 false false No definition available. No authoritative reference available. false 5 Preferred Stock, Shares Authorized 2 us-gaap_PreferredStockSharesAuthorized us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 3232000 3232000.00 false false 2 false true 3232000 3232000.00 false false No definition available. No authoritative reference available. false 9 Common Stock, Par or Stated Value Per Share (in dollars per share) 2 us-gaap_CommonStockParOrStatedValuePerShare us-gaap true na instant decimal No definition available. false false false false false false false false true 1 true true 0.01 0.01 false false 2 true true 0.01 0.01 false false No definition available. No authoritative reference available. false 10 Common Stock, Shares Authorized 2 us-gaap_CommonStockSharesAuthorized us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 750000000 750000000.00 false false 2 false true 750000000 750000000.00 false false No definition available. No authoritative reference available. false 11 Common Stock, Shares, Issued 2 us-gaap_CommonStockSharesIssued us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 376720376 376720376.00 false false 2 false true 271080525 271080525.00 false false No definition available. No authoritative reference available. false 12 Common Stock, Shares, Outstanding 2 us-gaap_CommonStockSharesOutstanding us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 376720376 376720376.00 false false 2 false true 271080525 271080525.00 false false No definition available. No authoritative reference available. false 13 Series F Preferred Stock [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 14 Condensed Consolidated Balance Sheets (Parentheticals) 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 16 Preferred Stock, Par or Stated Value Per Share (in dollars per share) 2 us-gaap_PreferredStockParOrStatedValuePerShare us-gaap true na instant decimal No definition available. false false false false false false false false true 1 true true 1.00 1.00 false false 2 true true 1.00 1.00 false false No definition available. No authoritative reference available. false 17 Preferred Stock, Shares Authorized 2 us-gaap_PreferredStockSharesAuthorized us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 700000 700000.00 false false 2 false true 700000 700000.00 false false No definition available. No authoritative reference available. false 18 Preferred Stock, Shares Issued 2 us-gaap_PreferredStockSharesIssued us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 700000 700000.00 false false 2 false true 700000 700000.00 false false No definition available. No authoritative reference available. false 19 Preferred Stock, Shares Outstanding 2 us-gaap_PreferredStockSharesOutstanding us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 700000 700000.00 false false 2 false true 700000 700000.00 false false No definition available. No authoritative reference available. false 20 Aggregate liquidation preference (in dollars) 2 kim_AggregateLiquidationPreference kim false credit instant monetary Aggregate liquidation preference false false false false false false false false false 1 false true 175000000 175000 false false 2 false true 175000000 175000 false false Aggregate liquidation preference No authoritative reference available. false 25 Series G Preferred Stock [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 26 Condensed Consolidated Balance Sheets (Parentheticals) 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 28 Preferred Stock, Par or Stated Value Per Share (in dollars per share) 2 us-gaap_PreferredStockParOrStatedValuePerShare us-gaap true na instant decimal No definition available. false false false false false false false false true 1 true true 1.00 1.00 false false 2 true true 1.00 1.00 false false No definition available. No authoritative reference available. false 29 Preferred Stock, Shares Authorized 2 us-gaap_PreferredStockSharesAuthorized us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 184000 184000.00 false false 2 false true 184000 184000.00 false false No definition available. No authoritative reference available. false 30 Preferred Stock, Shares Issued 2 us-gaap_PreferredStockSharesIssued us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 184000 184000.00 false false 2 false true 184000 184000.00 false false No definition available. No authoritative reference available. false 31 Preferred Stock, Shares Outstanding 2 us-gaap_PreferredStockSharesOutstanding us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 184000 184000.00 false false 2 false true 184000 184000.00 false false No definition available. No authoritative reference available. false 32 Aggregate liquidation preference (in dollars) 2 kim_AggregateLiquidationPreference kim false credit instant monetary Aggregate liquidation preference false false false false false false false false false 1 true true 460000000 460000 false false 2 true true 460000000 460000 false false Aggregate liquidation preference No authoritative reference available. false false 2 22 false Thousands NoRounding Hundreds false true XML 41 FilingSummary.xml IDEA: XBRL DOCUMENT 1.0.0.3 true Sheet 01 - Statement - Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets R1.xml false Sheet 02 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Condensed Consolidated Balance Sheets (Parenthetical) R2.xml false Sheet 03 - Statement - Condensed Consolidated Statements Of Operations Condensed Consolidated Statements Of Operations R3.xml false Sheet 04 - Statement - Condensed Consolidated Statements Of Operations (Parenthetical) Condensed Consolidated Statements Of Operations (Parenthetical) R4.xml false Sheet 05 - Statement - Condensed Consolidated Statements Of Comprehensive Income Condensed Consolidated Statements Of Comprehensive Income R5.xml false Sheet 06 - Statement - Condensed Consolidated Statements Of Changes In Equity Condensed Consolidated Statements Of Changes In Equity R6.xml false Sheet 07 - Statement - Condensed Consolidated Statements Of Changes In Equity (Parenthetical) Condensed Consolidated Statements Of Changes In Equity (Parenthetical) R7.xml false Sheet 08 - Statement - Condensed Consolidated Statements Of Cash Flows Condensed Consolidated Statements Of Cash Flows R8.xml false Sheet 09 - Statement - Condensed Consolidated Statements Of Cash Flows (Parenthetical) Condensed Consolidated Statements Of Cash Flows (Parenthetical) R9.xml false Sheet 10 - Disclosure - Interim Financial Statements Interim Financial Statements R10.xml false Sheet 11 - Disclosure - Impairments Impairments R11.xml false Sheet 12 - Disclosure - Operating Property Activities Operating Property Activities R12.xml false Sheet 13 - Disclosure - Discontinued Operations Discontinued Operations R13.xml false Sheet 14 - Disclosure - Ground-Up Development Ground-Up Development R14.xml false Sheet 15 - Disclosure - Investments and Advances in Real Estate Joint Ventures Investments and Advances in Real Estate Joint Ventures R15.xml false Sheet 16 - Disclosure - Other Real Estate Investments Other Real Estate Investments R16.xml false Sheet 17 - Disclosure - Mortgages and Other Financing Receivables Mortgages and Other Financing Receivables R17.xml false Sheet 18 - Disclosure - Marketable Securities and Other Investments Marketable Securities and Other Investments R18.xml false Notes 19 - Disclosure - Notes Payable Notes Payable R19.xml false Sheet 20 - Disclosure - Mortgages Payable Mortgages Payable R20.xml false Sheet 21 - Disclosure - Fair Value Measurements Fair Value Measurements R21.xml false Sheet 22 - Disclosure - Common Stock Transactions Common Stock Transactions R22.xml false Sheet 23 - Disclosure - Supplemental Schedule of Non-Cash Investing / Financing Activities Financing Activities R23.xml false Sheet 24 - Disclosure - Incentive Plans Incentive Plans R24.xml false Sheet 25 - Disclosure - Taxable REIT Subsidiaries (TRS) Taxable REIT Subsidiaries (TRS) R25.xml false Sheet 26 - Disclosure - Commitments and Contingencies Commitments and Contingencies R26.xml false Sheet 27 - Disclosure - Pro Forma Financial Information Pro Forma Financial Information R27.xml false Sheet 28 - Disclosure - Subsequent Event Subsequent Event R28.xml false Sheet 995200 - Document - Document Information Document Information R29.xml false Sheet 995400 - Document - Entity Information Entity Information R30.xml false Book All Reports All Reports 1 61 10 0 3 177 false false c39_AsOf31Dec2008_CommonStockMember 1 c1_AsOf31Dec2008 33 c10_From11Jan2009To30Sep2009 8 c18_AsOf31Dec2007 2 c58_AsOf30Sep2009_NoncontrollingInterestMember 1 c21_From1Jan2008To30Sep2008_ParentMember 8 c16_AsOf31Dec2007_ParentMember 1 c59_AsOf22Oct2009 1 c60_AsOf30Jun2009 1 c49_From1Jan2009To30Sep2009_SeriesGPreferredStockMember 1 c50_From1Jan2009To30Sep2009_CommonStockMember 2 c22_From1Jan2008To30Sep2008_ComprehensiveIncomeMember 5 c3_AsOf31Dec2008_SeriesFPreferredStockMember 7 c41_AsOf31Dec2008_ParentMember 1 c43_From1Jan2009To30Sep2009_NoncontrollingInterestMember 7 c44_From1Jan2009To30Sep2009_RetainedEarningsMember 2 c2_AsOf30Sep2009_SeriesFPreferredStockMember 7 c47_From1Jan2009To30Sep2009_AccumulatedOtherComprehensiveIncomeMember 3 c17_AsOf31Dec2007_NoncontrollingInterestMember 1 c19_From1Jan2008To30Sep2008_NoncontrollingInterestMember 6 c34_AsOf30Sep2008_NoncontrollingInterestMember 1 c24_From1Jan2008To30Sep2008_SeriesFPreferredStockMember 1 c8_From1Jan2009To30Sep2009 129 c26_From1Jan2008To30Sep2008_CommonStockMember 2 c55_AsOf30Sep2009_CommonStockMember 1 c28_AsOf30Sep2008_RetainedEarningsMember 1 c20_From1Jan2008To30Sep2008_RetainedEarningsMember 2 c51_From1Jan2009To30Sep2009_AdditionalPaidInCapitalMember 3 c42_AsOf31Dec2008_NoncontrollingInterestMember 1 c4_AsOf30Sep2009_SeriesGPreferredStockMember 7 c36_AsOf31Dec2008_RetainedEarningsMember 1 c45_From1Jan2009To30Sep2009_ParentMember 8 c52_AsOf30Sep2009_RetainedEarningsMember 1 c7_From1Jul2008To30Sep2008 44 c35_AsOf30Sep2008 2 c5_AsOf31Dec2008_SeriesGPreferredStockMember 7 c56_AsOf30Sep2009_AdditionalPaidInCapitalMember 1 c57_AsOf30Sep2009_ParentMember 1 c23_From1Jan2008To30Sep2008_AccumulatedOtherComprehensiveIncomeMember 3 c11_AsOf31Dec2007_RetainedEarningsMember 1 c12_AsOf31Dec2007_AccumulatedOtherComprehensiveIncomeMember 1 c14_AsOf31Dec2007_CommonStockMember 1 c25_From1Jan2008To30Sep2008_SeriesGPreferredStockMember 1 c32_AsOf30Sep2008_AdditionalPaidInCapitalMember 1 c15_AsOf31Dec2007_AdditionalPaidInCapitalMember 1 c54_AsOf30Sep2009_PreferredStockMember 1 c6_From1Jul2009To30Sep2009 44 c53_AsOf30Sep2009_AccumulatedOtherComprehensiveIncomeMember 1 c40_AsOf31Dec2008_AdditionalPaidInCapitalMember 1 c27_From1Jan2008To30Sep2008_AdditionalPaidInCapitalMember 3 c31_AsOf30Sep2008_CommonStockMember 1 c48_From1Jan2009To30Sep2009_SeriesFPreferredStockMember 1 c13_AsOf31Dec2007_PreferredStockMember 1 c0_AsOf30Sep2009 33 c30_AsOf30Sep2008_PreferredStockMember 1 c33_AsOf30Sep2008_ParentMember 1 c37_AsOf31Dec2008_AccumulatedOtherComprehensiveIncomeMember 1 c29_AsOf30Sep2008_AccumulatedOtherComprehensiveIncomeMember 1 c9_From1Jan2008To30Sep2008 99 c46_From1Jan2009To30Sep2009_ComprehensiveIncomeMember 5 c38_AsOf31Dec2008_PreferredStockMember 1 true true EXCEL 42 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls MT,\1X*&Q&N$`````````````````````/@`#`/[_"0`&```````````````# M`````0``````````$```$`$```$```#^____```````````"`````P```/__ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M_______________________]_____O____W____]____!0````8````'```` M"`````D````*````"P````P````-````#@````\````0````$0```!(````3 M````%````!4````6````%P```!@````9````&@```!L````<````'0```!X` M```?````(````"$````B````(P```"0````E````)@```"<````H````*0`` M`"H````K````+````"T````N````+P```#`````Q````,@```#,````T```` M-0```#8````W````.````#D````Z````.P```#P````]````/@```#\```!` M````00```$(```!#````1````$4```!&````1P```$@```!)````2@```$L` M``!,````30```$X```!/````4````%$```!2````4P```%0```!5````5@`` M`%<```!8````60```%H```!;````7````%T```!>````7P```&````!A```` M8@```&,```!D````90```&8```!G````:````&D```!J````:P```&P```!M M````;@```&\```!P````<0```'(```!S````=````'4```!V````=P```'@` M``!Y````>@```'L```!\````?0```'X```!_````@````%(`;P!O`'0`(`!% M`&X`=`!R`'D````````````````````````````````````````````````` M```````````6``4`__________\"```````````````````````````````` M`````````%`8ZGLT7LH!$0$``$`!````````5P!O`'(`:P!B`&\`;P!K```` M```````````````````````````````````````````````````````````` M`!(``@#_______________\````````````````````````````````````` M```````````$````H1<"```````%`%,`=0!M`&T`80!R`'D`20!N`&8`;P!R M`&T`80!T`&D`;P!N````````````````````````````````````*``"`0$` M```#````_____P`````````````````````````````````````````````` M``````"```````````4`1`!O`&,`=0!M`&4`;@!T`%,`=0!M`&T`80!R`'D` M20!N`&8`;P!R`&T`80!T`&D`;P!N```````````````X``(`____________ M____`````````````````````````````````````````````````@```*`` M````````@0```((```"#````A````(4```"&````AP```(@```")````B@`` M`(L```",````C0```(X```"/````D````)$```"2````DP```)0```"5```` ME@```)<```"8````F0```)H```";````G````)T```">````GP```*````"A M````H@```*,```"D````I0```*8```"G````J````*D```"J````JP```*P` M``"M````K@```*\```"P````L0```+(```"S````M````+4```"V````MP`` M`+@```"Y````N@```+L```"\````O0```+X```"_````P````,$```#"```` MPP```,0```#%````Q@```,<```#(````R0```,H```#+````S````,T```#. M````SP```-````#1````T@```-,```#4````U0```-8```#7````V````-D` M``#:````VP```-P```#=````W@```-\```#@````X0```.(```#C````Y``` M`.4```#F````YP```.@```#I````Z@```.L```#L````[0```.X```#O```` M\````/$```#R````\P```/0```#U````]@```/<```#X````^0```/H```#[ M````_````/T```#^````_P`````!```!`0```@$```,!```$`0``!0$```8! M```'`0``"`$```D!```*`0``"P$```P!```-`0``#@$```\!``#^_____O__ M__[_________________________________________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M_____________________________________________________PD($``` M!@4`1AC-!\&````&`@``X0`"`+`$P0`"````X@```%P`<``'``!S!$$`!@`>``$B`"0` M(@`C`"P`(P`C`#``7P`I`#L`6P!2`&4`9`!=`%P`*``@`"(`)``B`",`+``C M`",`,`!<`"``*0`>!$,`!P`?``$B`"0`(@`C`"P`(P`C`#``+@`P`#``7P`I M`#L`7``H`"``(@`D`"(`(P`L`",`(P`P`"X`,``P`%P`(``I`!X$30`(`"0` M`2(`)``B`",`+``C`",`,``N`#``,`!?`"D`.P!;`%(`90!D`%T`7``H`"`` M(@`D`"(`(P`L`",`(P`P`"X`,``P`%P`(``I`!X$<0`J`#8``5\`*``B`"0` M(@`J`"``(P`L`",`(P`P`%\`*0`[`%\`*``B`"0`(@`J`"``7``H`"``(P`L M`",`(P`P`%P`(``I`#L`7P`H`"(`)``B`"H`(``B`"T`(@!?`"D`.P!?`"@` M(`!``%\`(``I`!X$7P`I`"T``5\`*``J`"``(P`L`",`(P`P`%\`*0`[`%\` M*``J`"``7``H`"``(P`L`",`(P`P`%P`(``I`#L`7P`H`"H`(``B`"T`(@!? M`"D`.P!?`"@`(`!``%\`(``I`!X$@0`L`#X``5\`*``B`"0`(@`J`"``(P`L M`",`(P`P`"X`,``P`%\`*0`[`%\`*``B`"0`(@`J`"``7``H`"``(P`L`",` M(P`P`"X`,``P`%P`(``I`#L`7P`H`"(`)``B`"H`(``B`"T`(@`_`#\`7P`I M`#L`7P`H`"``0`!?`"``*0`>!&\`*P`U``%?`"@`*@`@`",`+``C`",`,``N M`#``,`!?`"D`.P!?`"@`*@`@`%P`*``@`",`+``C`",`,``N`#``,`!<`"`` M*0`[`%\`*``J`"``(@`M`"(`/P`_`%\`*0`[`%\`*``@`$``7P`@`"D`'@0C M`*0`#P`!)``C`"P`(P`C`#``.P`H`"0`(P`L`",`(P`P`"D`'@0?`*4`#0`! M(P`L`",`(P`P`#L`*``C`"P`(P`C`#``*0`>!"\`I@`5``$D`",`+``C`",` M,``N`",`(P`[`"@`)``C`"P`(P`C`#``+@`C`",`*0#@`!0``````/7_(``` M````````````P"#@`!0``0```/7_(```]```````````02#@`!0``0```/7_ M(```]```````````02#@`!0``@```/7_(```]```````````02#@`!0``@`` M`/7_(```]```````````02#@`!0``````/7_(```]```````````02#@`!0` M`````/7_(```]```````````02#@`!0``````/7_(```]```````````02#@ M`!0``````/7_(```]```````````02#@`!0``````/7_(```]``````````` M02#@`!0``````/7_(```]```````````02#@`!0``````/7_(```]``````` M````02#@`!0``````/7_(```]```````````02#@`!0``````/7_(```]``` M````````02#@`!0``````/7_(```]```````````02#@`!0```````$`(``` M````````````P"#@`!0``0`K`/7_(```^```````````02#@`!0``0`I`/7_ M(```^```````````02#@`!0``0`L`/7_(```^```````````02#@`!0``0`J M`/7_(```^```````````02#@`!0``0`)`/7_(```^```````````02#@`!0` M!0````$`(```"```````````P"#@`!0`!0````$`*```&```````````P"#@ M`!0`!0````$`*@``&```````````P"#@`!0```````$`*```$``````````` MP"#@`!0```"D``$`(```!```````````P"#@`!0```"E``$`(```!``````` M````P"#@`!0`!0````$`*```6``````````$*2#@`!0```````$`(```0``` M```````$*2#@`!0```"F``$`(```!```````````P"#@`!0`!@"E``$`(``` M#```````````P"#@`!0`!@"D``$`(```#```````````P"#@`!0```````D` M(```````````````P"#@`!0```````D`*```$```````````P"#@`!0````` M``D`"```$```````````P""3`@0``(``_Y,"!``0@`/_DP($`!&`!O^3`@0` M$H`$_Y,"!``3@`?_DP($`!2`!?]@`0(```"%`$8`6:(!````'P%#`&\`;@!D M`&4`;@!S`&4`9``@`$,`;P!N`',`;P!L`&D`9`!A`'0`90!D`"``0@!A`&P` M80!N`&,`90`@`(4`1@#4JP$````?`3$`7P!#`&\`;@!D`&4`;@!S`&4`9``@ M`$,`;P!N`',`;P!L`&D`9`!A`'0`90!D`"``0@!A`&P`80!N`&,`A0!&`#NR M`0```!\!0P!O`&X`9`!E`&X`NP!````'`%)`&X`=`!E`'(`:0!M`"`` M1@!I`&X`80!N`&,`:0!A`&P`(`!3`'0`80!T`&4`;0!E`&X`=`!S`(4`'@!M M[@$````+`4D`;0!P`&$`:0!R`&T`90!N`'0`0`@`$$`8P!T`&D`=@!I M`'0`:0!E`',`A0`V`%/R`0```!0!A`&(`;`!E M`(4`*@#X_P$````1`4T`;P!R`'0`9P!A`&<`90!S`"``4`!A`'D`80!B`&P` M90"%`#8`ZP$"````%P%&`&$`:0!R`"``5@!A`&P`=0!E`"``30!E`&$`0`@`$D`;@!F`&\`<@!M`&$`=`!I`&\`;@",``0``0`!`,$!"`#! M`0``5(T!`/P`("`J`0``*@$``"T``4,`;P!N`&0`90!N`',`90!D`"``0P!O M`&X`0!A`&(`;`!E M`!$``40`:0!V`&D`9`!E`&X`9`!S`"``<`!A`'D`80!B`&P`90`1``%/`'0` M:`!E`'(`(`!L`&D`80!B`&D`;`!I`'0`:0!E`',`$0`!5`!O`'0`80!L`"`` M;`!I`&$`8@!I`&P`:0!T`&D`90!S`",``5(`90!D`&4`90!M`&$`8@!L`&4` M(`!N`&\`;@!C`&\`;@!T`'(`;P!L`&P`:0!N`&<`(`!I`&X`=`!E`'(`90!S M`'0`0`8``%.`&\`;@!C M`&\`;@!T`'(`;P!L`&P`:0!N`&<`(`!I`&X`=`!E`'(`90!S`'0`0`<``%4`&\`=`!A`&P`(`!L`&D`80!B M`&D`;`!I`'0`:0!E`',`(`!A`&X`9``@`&4`<0!U`&D`=`!Y`"$``5,`90!R M`&D`90!S`"``1@`@`%``<@!E`&8`90!R`'(`90!D`"``4P!T`&\`8P!K`"`` M6P!-`&4`;0!B`&4`<@!=``\``5``<@!E`&8`90!R`'(`90!D`"```!C`&4`<`!T`"``4P!H`&$`<@!E`"``9`!A`'0`80`V``%#`&\` M;@!D`&4`;@!S`&4`9``@`$,`;P!N`',`;P!L`&D`9`!A`'0`90!D`"``0@!A M`&P`80!N`&,`90`@`%,`:`!E`&4`=`!S`"``*`!0`&$`<@!E`&X`=`!H`&4` M=`!I`&,`80!L`',`*0!&``%2`&4`80!L`"``10!S`'0`80!T`&4`(`!)`&X` M=@!E`',`=`!M`&4`;@!T`"``4`!R`&\`<`!E`'(`=`!Y`"P`(`!!`&,`8P!U M`&T`=0!L`&$`=`!E`&0`(`!$`&4`<`!R`&4`8P!I`&$`=`!I`&\`;@`@`"@` M:0!N`"``9`!O`&P`;`!A`'(`@!E`&0`0@`!0P!O`&T`;0!O`&X`(`!3`'0`;P!C`&L`+``@`%``80!R M`"``;P!R`"``4P!T`&$`=`!E`&0`(`!6`&$`;`!U`&4`(`!0`&4`<@`@`%,` M:`!A`'(`90`@`"@`:0!N`"``9`!O`&P`;`!A`'(`@!A`'0`:0!O`&X`(P`!1P!E`&X`90!R`&$`;``@ M`&$`;@!D`"``80!D`&T`:0!N`&D`0`@`&D`;@`@`&D`;@!C`&\`;0!E`"``;P!F`"``:@!O`&D`;@!T`"`` M=@!E`&X`=`!U`'(`90!S`"P`(`!G`&$`:0!N`"``;P!N`"``0`,``%)`&T`<`!A`&D` M<@!M`&4`;@!T`',`.@`L``%)`&X`=@!E`',`=`!M`&4`;@!T`',`(`!I`&X` M(`!O`'0`:`!E`'(`(`!R`&4`80!L`"``90!S`'0`80!T`&4`(`!I`&X`=@!E M`',`=`!M`&4`;@!T`',`*P`!30!A`'(`:P!E`'0`80!B`&P`90`@`',`90!C M`'4`<@!I`'0`:0!E`',`(`!A`&X`9``@`&\`=`!H`&4`<@`@`&D`;@!V`&4` M``W``%'`&$`:0!N`"``;P!N`"``9`!I`',`<`!O`',`:0!T M`&D`;P!N`"``;P!F`"``;P!P`&4`<@!A`'0`:0!N`&<`(`!P`'(`;P!P`&4` M<@!T`&D`90!S`"P`(`!N`&4`=``@`&\`9@`@`'0`80!X`",``4D`;@!C`&\` M;0!E`"``9@!R`&\`;0`@`&0`:0!S`&,`;P!N`'0`:0!N`'4`90!D`"``;P!P M`&4`<@!A`'0`:0!O`&X`0`L`"``0@!E`&<`:0!N`&X` M:0!N`&<`(`!"`&$`;`!A`&X`8P!E`"L``4,`;P!N`'0`<@!I`&(`=0!T`&D` M;P!N`',`(`!F`'(`;P!M`"``;@!O`&X`8P!O`&X`=`!R`&\`;`!L`&D`;@!G M`"``:0!N`'0`90!R`&4```Z`#D``4,`:`!A`&X`9P!E`"``:0!N`"``=0!N`'(`90!A`&P`:0!Z`&4` M9``@`&<`80!I`&X`(``H`&P`;P!S`',`*0`@`&\`;@`@`&T`80!R`&L`90!T M`&$`8@!L`&4`(`!S`&4`8P!U`'(`:0!T`&D`90!S`#```4,`:`!A`&X`9P!E M`"``:0!N`"``=0!N`'(`90!A`&P`:0!Z`&4`9``@`&P`;P!S`',`(`!O`&X` M(`!I`&X`=`!E`'(`90!S`'0`(`!R`&$`=`!E`"``@!A`'0`:0!O`&X`(`!O`&8` M(`!S`'0`;P!C`&L`(`!O`'``=`!I`&\`;@`@`&4`>`!P`&4`;@!S`&4`)``! M4P!T`&\`8P!K`&@`;P!L`&0`90!R`',`)P`@`$4`<0!U`&D`=`!Y`"P`(`!% M`&X`9`!I`&X`9P`@`$(`80!L`&$`;@!C`&4`$``!50!N`&D`=``@`'(`90!D M`&4`;0!P`'0`:0!O`&X`0`@`&D`;@`@`&P`;P!S`',`+P!I`&X`8P!O`&T` M90`@`&\`9@`@`&H`;P!I`&X`=``@`'8`90!N`'0`=0!R`&4``!P`&4`;@!S`&4`0!M`&4`;@!T`"``;P!F M`"``=0!N`',`90!C`'4`<@!E`&0`(`!T`&4`<@!M`"``;`!O`&$`;@`O`&X` M;P!T`&4``!T M`"``0@!L`&\`8P!K`%T`@`P!#0`-`#$`+@`@`$D`;@!T`&4`<@!I`&T`(`!& M`&D`;@!A`&X`8P!I`&$`;``@`%,`=`!A`'0`90!M`&4`;@!T`',`(``-``T` M(`!0`'(`:0!N`&,`:0!P`&P`90!S`"``;P!F`"``0P!O`&X`0`@`&@`80!S`"``8@!E`&4`;@`@`&0`90!T`&4` M<@!M`&D`;@!E`&0`(`!T`&\`(`!B`&4`(`!A`"``<`!R`&D`;0!A`'(`>0`@ M`&(`90!N`&4`9@!I`&,`:0!A`'(`>0`@`&\`9@`@`&$`(`!V`&$`<@!I`&$` M8@!L`&4`(`!I`&X`=`!E`'(`90!S`'0`(`!E`&X`=`!I`'0`>0`@`"@`5@!) M`$4`*0`@`&\`<@`@`&T`90!E`'0`0`@`&(`80!L`&$`;@!C`&4`0`@`'0`:`!E`"`` M9@!I`&X`80!N`&,`:0!A`&P`(`!S`'0`80!T`&4`;0!E`&X`=`!S`"``=P!E M`'(`90`@`&D``!E`',`(``M`"``(``- M``T`5`!H`&4`(`!#`&\`;0!P`&$`;@!Y`"``:`!A`',`(`!M`&$`9`!E`"`` M80!N`"``90!L`&4`8P!T`&D`;P!N`"``=`!O`"``<0!U`&$`;`!I`&8`>0`L M`"``80!N`&0`(`!B`&4`;`!I`&4`=@!E`',`(`!I`'0`(`!I`',`(`!O`'`` M90!R`&$`=`!I`&X`9P`@`',`;P`@`&$```@`'``=0!R`'``;P!S`&4`0`@`'<`:0!L`&P`(`!N`&\`=``@`&(`90`@`',`=0!B`&H`90!C`'0`(`!T M`&\`(`!F`&4`9`!E`'(`80!L`"``:0!N`&,`;P!M`&4`(`!T`&$`>``L`"`` M<`!R`&\`=@!I`&0`90!D`"``=`!H`&$`=``@`&0`:0!S`'0`<@!I`&(`=0!T M`&D`;P!N`',`(`!T`&\`(`!I`'0``!T`&4`;@!S`&D`;P!N M`"``00!C`'0`(`!O`&8`(``Q`#D`.0`Y`"P`(`!W`&@`:0!C`&@`(`!B`&4` M8P!A`&T`90`@`&4`9@!F`&4`8P!T`&D`=@!E`"``2@!A`&X`=0!A`'(`>0`@ M`#$`+``@`#(`,``P`#$`+``@`'0`:`!E`"``0P!O`&T`<`!A`&X`>0`@`&D` M0`@`'<`:0!L`&P`(`!B`&4`(`!S M`'4`8@!J`&4`8P!T`"``=`!O`"``9@!E`&0`90!R`&$`;``@`&$`;@!D`"`` M`!E`',`(`!O`&X`(`!T M`&@`90`@`&D`;@!C`&\`;0!E`"``9@!R`&\`;0`@`'0`:`!E`',`90`@`&$` M8P!T`&D`=@!I`'0`:0!E`',`+@`@``T`#0`@`%(`90!A`&P`(`!%`',`=`!A M`'0`90`@`"T`(``@``T`#0!5`'``;P!N`"``80!C`'$`=0!I`',`:0!T`&D` M;P!N`"``;P!F`"``<@!E`&$`;``@`&4`0`@`&D`;@`@`&$`;@`@ M`&\`<@!D`&4`<@!L`'D`(`!T`'(`80!N`',`80!C`'0`:0!O`&X`(`!B`&4` M=`!W`&4`90!N`"``;0!A`'(`:P!E`'0`(`!P`&$`<@!T`&D`8P!I`'``80!N M`'0``!T`"``0@!L`&\`8P!K`%T`YPD!#0`-`#(`+@`@ M`$D`;0!P`&$`:0!R`&T`90!N`'0`0`@`'(`90!L`&$`=`!E`&0`(`!A M`&T`;P!R`'0`:0!Z`&$`8@!L`&4`(`!I`&X`=`!A`&X`9P!I`&(`;`!E`"`` M80!S`',`90!T`',`(`!O`'(`(`!L`&D`80!B`&D`;`!I`'0`:0!E`',`*0`@ M`&T`80!Y`"``8@!E`"``:0!M`'``80!I`'(`90!D`"X`(`!4`&\`(`!T`&@` M90`@`&4`>`!T`&4`;@!T`"``:0!M`'``80!I`'(`;0!E`&X`=``@`&@`80!S M`"``;P!C`&,`=0!R`'(`90!D`"P`(`!T`&@`90`@`&,`80!R`'(`>0!I`&X` M9P`@`'8`80!L`'4`90`@`&\`9@`@`'0`:`!E`"``80!S`',`90!T`"``=P!O M`'4`;`!D`"``8@!E`"``80!D`&H`=0!S`'0`90!D`"``=`!O`"``80!N`"`` M80!M`&\`=0!N`'0`(`!T`&\`(`!R`&4`9@!L`&4`8P!T`"``=`!H`&4`(`!E M`',`=`!I`&T`80!T`&4`9``@`&8`80!I`'(`(`!V`&$`;`!U`&4`(`!O`&8` M(`!T`&@`90`@`&$``!P`&4`<@!I`&4` M;@!C`&4`(`!V`&\`;`!A`'0`:0!L`&D`=`!Y`"``<@!E`',`=0!L`'0`:0!N M`&<`(`!I`&X`(`!F`'4`<@!T`&@`/``;(`%E`'(`(`!D`&4`8P!L`&D`;@!E M`',`(`!I`&X`(`!E`'$`=0!I`'0`>0`@`&$`;@!D`"``<@!E`&$`;``@`&4` M@!A`'0`:0!O`&X`(`!R`&$` M=`!E`',`+``@`&0`:0!S`&,`;P!U`&X`=``@`'(`80!T`&4`0`@`'(`90!C`&\`9P!N`&D`>@!E`&0`(`!N`&\`;@`M M`&,`80!S`&@`(`!I`&T`<`!A`&D`<@!M`&4`;@!T`"``8P!H`&$`<@!G`&4` M0`@`&,`80!R`'(`>0!I`&X`9P`@`'8` M80!L`'4`90!S`"``(``)``T`#0`D`"``(``)``T`#0`U`#``+``P`#``,``@ M`"``(``-``T`#0!)`&T`<`!A`&D`<@!M`&4`;@!T`',`(`!I`&X`8P!L`'4` M9`!E`&0`(`!I`&X`(`!%`'$`=0!I`'0`>0`@`&D`;@`@`&D`;@!C`&\`;0!E M`"``;P!F`"``:@!O`&D`;@!T`"``=@!E`&X`=`!U`'(`90!S`"P`(`!N`&4` M=``@`"``"0`-``T`#0`R`#<`+``S`#$`-@`@`"``(``-``T`#0!2`&4`80!L M`"``90!S`'0`80!T`&4`(`!U`&X`9`!E`'(`(`!D`&4`=@!E`&P`;P!P`&T` M90!N`'0`(``@``D`#0`-``T`,@`L`#$`,``P`"``(``@``T`#0`-`$D`;@!V M`&4`0`L`"``9`!U`'(`:0!N`&<` M(`!T`&@`90`@`'0`:`!I`'(`9``@`'$`=0!A`'(`=`!E`'(`(``R`#``,``Y M`"P`(`!V`&$`<@!I`&\`=0!S`"``:@!O`&D`;@!T`"``=@!E`&X`=`!U`'(` M90!S`"``<@!E`&,`;P!G`&X`:0!Z`&4`9``@`&X`;P!N`"T`8P!A`',`:``@ M`&D`;0!P`&$`:0!R`&T`90!N`'0`(`!C`&@`80!R`&<`90!S`"``80!G`&<` M<@!E`&<`80!T`&D`;@!G`"``80!P`'``<@!O`'@`:0!M`&$`=`!E`&P`>0`@ M`"0`,0`S`"X`-``@`&T`:0!L`&P`:0!O`&X`(`!R`&4`;`!A`'0`:0!N`&<` M(`!T`&\`(``Q`#,`(`!O`'``90!R`&$`=`!I`&X`9P`@`'``<@!O`'``90!R M`'0`:0!E`',`+@`@`%0`:`!E`"``0P!O`&T`<`!A`&X`>0!S`"```!I`&T`80!T`&4`;`!Y`"``)``R`"X`,``@`&T` M:0!L`&P`:0!O`&X`(`!A`&X`9``@`&$`<@!E`"``:0!N`&,`;`!U`&0`90!D M`"``:0!N`"``10!Q`'4`:0!T`'D`(`!I`&X`(`!I`&X`8P!O`&T`90`@`&\` M9@`@`&H`;P!I`&X`=``@`'8`90!N`'0`=0!R`&4`0`@`',`90!C`'4`<@!I`'0` M>0`@`&D`;@!V`&4`0`@`&T`80!Y`"``9`!E`'0`90!R`&T`:0!N M`&4`(`!T`&@`80!T`"``;P!N`&4`(`!O`'(`(`!M`&\`<@!E`"``;P!F`"`` M:0!T`',`(`!A`',`0`@`$$`8P!T`&D`=@!I`'0`:0!E`',`-P`! M0@!U`',`:0!N`&4``!T`"``0@!L`&\`8P!K`%T`@`P!#0`-`#,`+@`@`$\`<`!E`'(`80!T M`&D`;@!G`"``4`!R`&\`<`!E`'(`=`!Y`"``00!C`'0`:0!V`&D`=`!I`&4` M0`@`&@`90!L`&0`(`!A`"``,0`P`"4` M(`!N`&\`;@!C`&\`;@!T`'(`;P!L`&P`:0!N`&<`(`!I`&X`=`!E`'(`90!S M`'0`(`!F`&\`<@`@`&$`(`!S`&$`;`!E`',`(`!P`'(`:0!C`&4`(`!O`&8` M(`!A`'``<`!R`&\`>`!I`&T`80!T`&4`;`!Y`"``)``R`#,`+@`V`"``;0!I M`&P`;`!I`&\`;@`L`"``:0!N`&,`;`!U`&0`:0!N`&<`(`!T`&@`90`@`&$` M@!E`&0`(`!N`&\`(`!L`&$`=`!E`'(`(`!T`&@`80!N`"`` M=`!W`&4`;`!V`&4`(`!M`&\`;@!T`&@`@!I`&P`(`!T`&@`<@!O`'4`9P!H`"`` M80`@`&X`90!W`&P`>0`@`&8`;P!R`&T`90!D`"``:@!O`&D`;@!T`"``=@!E M`&X`=`!U`'(`90`@`&D`;@`@`'<`:`!I`&,`:``@`'0`:`!E`"``0P!O`&T` M<`!A`&X`>0`@`&@`80!S`"``80`@`#<`,``E`"``8P!O`&X`=`!R`&\`;`!L M`&D`;@!G`"``;P!W`&X`90!R`',`:`!I`'``(`!I`&X`=`!E`'(`90!S`'0` M(`!F`&\`<@`@`&$`(`!P`'4`<@!C`&@`80!S`&4`(`!P`'(`:0!C`&4`(`!O M`&8`(``S`"X`,P`@`&T`:0!L`&P`:0!O`&X`(`!"`'(`80!Z`&D`;`!I`&$` M;@`@`%(`90!A`&P`0`@ M`%4`4P!$`"``)``Q`"X`-0`@`&T`:0!L`&P`:0!O`&X`*0`N`"``5`!H`&D` M0`@ M`&@`80!S`"``8P!O`&X``!I`&T`80!T M`&4`;`!Y`"``)``R`#``+@`R`"``;0!I`&P`;`!I`&\`;@`N`"``5`!H`&4` M(`!#`&\`;0!P`&$`;@!Y`"``<`!R`&\`=@!I`&0`90!D`"``0!S`"``<@!E`&,`;P!G`&X`:0!T`&D`;P!N`"`` M;P!F`"``80!N`"``80!G`&<`<@!E`&<`80!T`&4`(`!N`&4`=``@`&<`80!I M`&X`(`!O`&8`(`!A`'``<`!R`&\`>`!I`&T`80!T`&4`;`!Y`"``)``R`"X` M-``@`&T`:0!L`&P`:0!O`&X`+``@`&X`90!T`"``;P!F`"``:0!N`&,`;P!M M`&4`(`!T`&$`>``@`&\`9@`@`"0`,``N`#(`(`!M`&D`;`!L`&D`;P!N`"X` M(``-``T`00!D`&0`:0!T`&D`;P!N`&$`;`!L`'D`+``@`&0`=0!R`&D`;@!G M`"``=`!H`&4`(`!N`&D`;@!E`"``;0!O`&X`=`!H`',`(`!E`&X`9`!E`&0` M(`!3`&4`<`!T`&4`;0!B`&4`<@`@`#,`,``L`"``,@`P`#``.0`L`"``80`@ M`&,`;P!N`',`;P!L`&D`9`!A`'0`90!D`"``:@!O`&D`;@!T`"``=@!E`&X` M=`!U`'(`90`@`&D`;@`@`'<`:`!I`&,`:``@`'0`:`!E`"``0P!O`&T`<`!A M`&X`>0`@`&@`80!S`"``80`@`'``<@!E`&8`90!R`'(`90!D`"``90!Q`'4` M:0!T`'D`(`!I`&X`=@!E`',`=`!M`&4`;@!T`"``9`!I`',`<`!O`',`90!D M`"``;P!F`"``80`@`'``;P!R`'0`:0!O`&X`(`!O`&8`(`!A`"``<`!R`&\` M<`!E`'(`=`!Y`"``9@!O`'(`(`!A`"``0`@`"0`,0`N`#$` M(`!M`&D`;`!L`&D`;P!N`"X`(`!!`',`(`!A`"``<@!E`',`=0!L`'0`(`!O M`&8`(`!T`&@`:0!S`"``8P!A`'``:0!T`&$`;``@`'0`<@!A`&X`%P`!1`!I M`',`8P!O`&X`=`!I`&X`=0!E`&0`(`!/`'``90!R`&$`=`!I`&\`;@!S`%8` M`40`:0!S`'``;P!S`&$`;``@`$<`<@!O`'4`<`!S`"P`(`!)`&X`8P!L`'4` M9`!I`&X`9P`@`$0`:0!S`&,`;P!N`'0`:0!N`'4`90!D`"``3P!P`&4`<@!A M`'0`:0!O`&X`0`@`'(`90!P`&\`<@!T`',`(`!A`',`(`!D`&D``!P`&4`;@!S`&4`(`!R`&4`;`!A`'0`:0!N`&<` M(`!T`&\`(`!D`&D``!P`&4`;@!S`&4`*0`L`"``;@!E`'0`(``@``D`#0`-``T`,0`R M`"``(``)``T`#0`-`"@`,@`I`"``(``)``T`#0`-`#(`-0`@`"``"0`-``T` M#0`Q`#0`-@`@`"``(``-``T`#0!)`&X`8P!O`&T`90`O`"@`;`!O`',``!E`',`(``@``D` M#0`-``T`+0`@`"``"0`-``T`#0`M`"``(``)``T`#0`-`"@`,@`S`#4`*0`@ M`"``"0`-``T`#0`M`"``(``@``T`#0`-`$P`;P!S`',`(`!O`&X`(`!O`'`` M90!R`&$`=`!I`&X`9P`@`'``<@!O`'``90!R`'0`:0!E`',`(`!H`&4`;`!D M`"``9@!O`'(`(`!S`&$`;`!E`"\``!T`"``0@!L`&\`8P!K`%T`(``H`&$`8@!S`'0`<@!A`&,` M=``I`!X``5(`90!A`&P`(`!%`',`=`!A`'0`90`@`$\`=P!N`&4`9``@`%L` M5`!E`'@`=``@`$(`;`!O`&,`:P!=`"@,`0T`#0`U`"X`(`!'`'(`;P!U`&X` M9``M`%4`<``@`$0`90!V`&4`;`!O`'``;0!E`&X`=``@``T`#0!4`&@`90`@ M`$,`;P!M`'``80!N`'D`(`!I`',`(`!E`&X`9P!A`&<`90!D`"``:0!N`"`` M9P!R`&\`=0!N`&0`+0!U`'``(`!D`&4`=@!E`&P`;P!P`&T`90!N`'0`(`!P M`'(`;P!J`&4`8P!T`',`(`!W`&@`:0!C`&@`(`!C`&\`;@!S`&D`0`M`&\`=P!N`&4`9``@`'0`80!X`&$`8@!L`&4`(`!2 M`$4`20!4`"``0`@`&@`80!D`"``80`@`'0`;P!T`&$`;``@`&\`9@`@`#(`.``@`&<` M<@!O`'4`;@!D`"T`=0!P`"``9`!E`'8`90!L`&\`<`!M`&4`;@!T`"``<`!R M`&\`:@!E`&,`=`!S`"P`(`!C`&\`;@!S`&D`@!I`&P`(`!A`&X` M9``@`"@`=@!I`"D`(`!O`&X`90`@`&<`<@!O`'4`;@!D`"T`=0!P`"``9`!E M`'8`90!L`&\`<`!M`&4`;@!T`"``<`!R`&\`:@!E`&,`=``@`&P`;P!C`&$` M=`!E`&0`(`!I`&X`(`!0`&4`<@!U`"X`(``-``T`(`!-`&4`<@!C`&@`80!N M`'0`(`!"`'4`:0!L`&0`:0!N`&<`(``M`"``(``-``T`1`!U`'(`:0!N`&<` M(`!T`&@`90`@`&X`:0!N`&4`(`!M`&\`;@!T`&@`0`@`"0`,0`U`"X`.0`@`&T`:0!L`&P`:0!O`&X`+@`@`%0`:`!E`',`90`@ M`'0`<@!A`&X``!I`&T`80!T`&4`;`!Y`"``)``V`#<`+@`W M`"``;0!I`&P`;`!I`&\`;@`@`&\`9@`@`'<`:`!I`&,`:``@`&$`<`!P`'(` M;P!X`&D`;0!A`'0`90!L`'D`(``D`#0`,P`N`#4`(`!M`&D`;`!L`&D`;P!N M`"``:`!A`',`(`!B`&4`90!N`"``9@!U`&X`9`!E`&0`+@`@`%0`:`!E`',` M90`@`&P`;P!A`&X``!C`&P`=0!D`&D`;@!G`"``80!N`'D`(`!E`'@`=`!E`&X` M0`@ M`&(`90`@`&$`=@!A`&D`;`!A`&(`;`!E`"``=`!O`"``=`!H`&4`(`!#`&\` M;0!P`&$`;@!Y`"D`(`!A`&X`9``@`&(`90!A`'(`(`!I`&X`=`!E`'(`90!S M`'0`(`!A`'0`(`!R`&$`=`!E`',`(`!R`&$`;@!G`&D`;@!G`"``9@!R`&\` M;0`@`#(`+@`Q`#4`)0`@`'0`;P`@`#0`+@`U`#``)0`@`&$`=``@`%,`90!P M`'0`90!M`&(`90!R`"``,P`P`"P`(``R`#``,``Y`"X`(``@``T`#0`@`$D` M;0!P`&$`:0!R`&T`90!N`'0`0!S`"``;P!N`&<`;P!I`&X`9P`@`&$`0`@`&0`=0!E`"``=`!O`"``9@!U`'(`=`!H`&4` M<@`@`&0`90!C`&P`:0!N`&4`0`@ M`&\`9@`@`'0`:`!E`&D`<@`@`'(`90!C`&\`=@!E`'(`>0`N`"``00!S`"`` M80`@`'(`90!S`'4`;`!T`"P`(`!T`&@`90`@`$,`;P!M`'``80!N`'D`(`!R M`&4`8P!O`'(`9`!E`&0`(`!A`&X`(`!I`&T`<`!A`&D`<@!M`&4`;@!T`"`` M;P!F`"``80!P`'``<@!O`'@`:0!M`&$`=`!E`&P`>0`@`"0`,@`N`#$`(`!M M`&D`;`!L`&D`;P!N`"P`(`!R`&4`<`!R`&4`0!I M`&X`9P`@`'8`80!L`'4`90`@`&\`9@`@`'0`:`!E`"``<`!R`&\`:@!E`&,` M=``@`&\`=@!E`'(`(`!I`'0`0!S`"`` M90!S`'0`:0!M`&$`=`!E`&0`(`!F`&$`:0!R`"``=@!A`&P`=0!E`"``=P!A M`',`(`!B`&$`0`@`&\`=@!E`'(`(`!I`'0`@!A`'0`:0!O`&X`(`!R`&$`=`!E`',`(`!A`&X`9``@`&0` M:0!S`&,`;P!U`&X`=``@`'(`80!T`&4``!I`&T`80!T`&4`;`!Y`"``)``Q`"X`,0`@ M`&(`:0!L`&P`:0!O`&X`+@`@`$$`0`@`#$`.0`N`#D`(`!M`&D`;`!L`&D`;P!N`"``0`@`&D`;@`@`$,`80!L`&D`9@!O M`'(`;@!I`&$`+``@`$\`<@!E`&<`;P!N`"P`(`!7`&$`0`@`&8`;P!L`&P`;P!W`&D`;@!G`"``=`!H`&4`(`!M`&4` M<@!G`&4`<@`L`"``=`!H`&4`(`!#`&\`;0!P`&$`;@!Y`"``8P!O`&T`;0!E M`&X`8P!E`&0`(`!I`'0`0`@`&T`90!T`&@`;P!D`"``;P!F`"``80!C`&,`;P!U`&X` M=`!I`&X`9P`N`"``20!N`"``80!D`&0`:0!T`&D`;P!N`"P`(`!T`&@`90`@ M`$,`;P!M`'``80!N`'D`(`!M`&$`;@!A`&<`90!S`"``=`!H`&4`(`!P`&\` M<@!T`&8`;P!L`&D`;P!S`"``80!N`&0`(`!E`&$`<@!N`',`(`!A`&,`<0!U M`&D`0`@`&T`80!N`&$`9P!E`&T`90!N`'0`(`!F`&4`90!S`"``80!N`&0`(`!C M`&\`;@!S`'0`<@!U`&,`=`!I`&\`;@`@`&T`80!N`&$`9P!E`&T`90!N`'0` M(`!F`&4`90!S`"X`(``@``T`#0!$`'4`<@!I`&X`9P`@`$$`=0!G`'4`0`L`"``=P!H`&D`8P!H`"`` M8@!E`&$`<@!S`"``:0!N`'0`90!R`&4`0`@ M`&D`;@!C`&P`=0!D`&4`9``@`&$`;@`@`&\`<`!T`&D`;P!N`"``=`!O`"`` M90!X`'0`90!N`&0`(`!T`&@`90`@`&T`80!T`'4`<@!I`'0`>0`@`&0`80!T M`&4`(`!F`&\`<@`@`&\`;@!E`"``>0!E`&$`<@`L`"``0!M`&4`;@!T`"``=`!O`"``<@!E`&0`=0!C`&4`(`!T M`&@`90`@`&(`80!L`&$`;@!C`&4`(`!T`&\`(``D`#0`.``U`"X`,``@`&T` M:0!L`&P`:0!O`&X`.P`@`&$`0`@`'<`90!R M`&4`(`!U`',`90!D`"``=`!O`"``<@!E`'``80!Y`"``=`!H`&4`(`!O`'4` M=`!S`'0`80!N`&0`:0!N`&<`(`!B`&$`;`!A`&X`8P!E`"``;P!F`"``)``V M`#4`.``N`#<`(`!M`&D`;`!L`&D`;P!N`"``=0!N`&0`90!R`"``=`!H`&4` M(``D`#$`+@`R`"``8@!I`&P`;`!I`&\`;@`@`&,`<@!E`&0`:0!T`"``9@!A M`&,`:0!L`&D`=`!Y`"P`(`!R`&4`9@!E`'(`<@!E`&0`(`!T`&\`(`!A`&(` M;P!V`&4`+``@`'<`:`!I`&,`:``@`'<`80!S`"``0`@`'0`:`!E`"`` M0P!O`&T`<`!A`&X`>0`@`'<`:0!T`&@`(`!A`"``9P!U`&$`<@!A`&X`=`!E M`&4`(`!F`'(`;P!M`"``4`!2`$4`20`@`'0`;P`@`'0`:`!E`"``0P!O`&T` M<`!A`&X`>0`@`&8`;P!R`"``.``U`"4`(`!O`&8`(`!A`&X`>0`@`&<`=0!A M`'(`80!N`'0`>0`@`'``80!Y`&T`90!N`'0`(`!T`&@`90`@`$,`;P!M`'`` M80!N`'D`(`!I`',`(`!O`&(`;`!I`&<`80!T`&4`9``@`'0`;P`@`&T`80!K M`&4`+@`@`$$``!I`&T`80!T`&4`;`!Y`"``)``W`#``+@`P M`"``;0!I`&P`;`!I`&\`;@`N`"``5`!H`&4``!I`&T` M80!T`&4`;`!Y`"``)``R`"X`-@`@`&T`:0!L`&P`:0!O`&X`+@`@`%``<@!O M`&,`90!E`&0`0`@`&$`(`!P`&\`<@!T`&D`;P!N`"``;P!F`"``=`!H`&4` M(`!O`'4`=`!S`'0`80!N`&0`:0!N`&<`(`!B`&$`;`!A`&X`8P!E`"``;P!N M`"``=`!H`&4`(``D`#8`-0`P`"X`,``@`&T`:0!L`&P`:0!O`&X`(`!C`'(` M90!D`&D`=``@`&8`80!C`&D`;`!I`'0`>0`N`"``(``-``T`1`!U`'(`:0!N M`&<`(`!-`&$`<@!C`&@`(``R`#``,``Y`"P`(`!+`&D`;0!0`'(`=0`@`'(` M90!P`&$`:0!D`"``80`@`&X`;P!N`"T`<@!E`&,`;P!U`'(`0`@`"0`,0`R`"X`,0`@ M`&T`:0!L`&P`:0!O`&X`(`!W`&@`:0!C`&@`(`!B`&\`<@!E`"``:0!N`'0` M90!R`&4`0`@`&T`80!I`&X`=`!A`&D`;@!S M`"``80`@`'``<@!E`&8`90!R`'(`90!D`"``90!Q`'4`:0!T`'D`(`!P`'(` M;P!G`'(`80!M`"P`(`!W`&@`:0!C`&@`(`!P`'(`;P!V`&D`9`!E`',`(`!C M`&$`<`!I`'0`80!L`"``=`!O`"``9`!E`'8`90!L`&\`<`!E`'(``!I`&T`80!T`&4`;`!Y`"``)``P`"X`-``@`&T`:0!L`&P` M:0!O`&X`(`!I`&X`(`!I`&X`=@!E`',`=`!M`&4`;@!T`"``8P!A`'``:0!T M`&$`;``@`'0`;P`@`&$`;@`@`&\`=P!N`&4`<@`@`&\`9@`@`&$`(`!R`&4` M80!L`"``90!S`'0`80!T`&4`(`!P`'(`;P!P`&4`<@!T`'D`+@`@`$$`0`@`'``<@!O`&<`<@!A`&T`(``-``T`=P!A M`',`(`!A`'``<`!R`&\`>`!I`&T`80!T`&4`;`!Y`"``)``U`#(`,0`N`#<` M(`!M`&D`;`!L`&D`;P!N`"``<@!E`&P`80!T`&D`;@!G`"``=`!O`"``-@`R M`#8`(`!P`'(`;P!P`&4`<@!T`&D`90!S`"P`(`!I`&X`8P!L`'4`9`!I`&X` M9P`@`#0`,``R`"``;@!E`'0`(`!L`&4`80!S`&4`9``@`'``<@!O`'``90!R M`'0`:0!E`',`+@`@`$0`=0!R`&D`;@!G`"``=`!H`&4`(`!N`&D`;@!E`"`` M;0!O`&X`=`!H`',`(`!E`&X`9`!E`&0`(`!3`&4`<`!T`&4`;0!B`&4`<@`@ M`#,`,``L`"``,@`P`#``.0`L`"``=`!H`&4`(`!#`&\`;0!P`&$`;@!Y`"`` M90!A`'(`;@!E`&0`(`!A`'``<`!R`&\`>`!I`&T`80!T`&4`;`!Y`"``)``R M`#(`+@`R`"``;0!I`&P`;`!I`&\`;@`@`&8`<@!O`&T`(`!I`'0`0`@`&D`;@!V`&4`0`@`&D`;@!V`&4`@!E`&0`(`!I`&X`(`!T`&@`90!S`&4` M(`!M`&\`9`!E`&P`0`@`&(`90!L`&D`90!V`&4``!T`"``0@!L M`&\`8P!K`%T`(``H`&$`8@!S`'0`<@!A`&,`=``I`$$``4P`;P!A`&X``!I M`&T`80!T`&4`;`!Y`"``)``V`"X`,``@`&T`:0!L`&P`:0!O`&X`(`!A`',` M(`!I`'0`@!E`&0`(`!B`'D`(`!A`&P`;``@`&$`0`@`',`;P!L`&0` M(`!A`"``<`!O`'(`=`!I`&\`;@`@`&\`9@`@`&D`=`!S`"``<`!A`'(`=`!I M`&,`:0!P`&$`=`!I`&\`;@`@`&D`;@`@`'0`=P!O`"``;0!O`'(`=`!G`&$` M9P!E`"``<@!E`&,`90!I`'8`80!B`&P`90!S`"P`(`!A`'0`(`!P`&$`<@`L M`"``80!G`&<`<@!E`&<`80!T`&D`;@!G`"``80!P`'``<@!O`'@`:0!M`&$` M=`!E`&P`>0`@`"0`-@`N`#@`(`!M`&D`;`!L`&D`;P!N`"``=`!O`"``80!N M`"``=0!N`&$`9@!F`&D`;`!I`&$`=`!E`&0`(`!T`&@`:0!R`&0`(`!P`&$` M<@!T`'D`+@`@`$X`;P`@`&<`80!I`&X`(`!O`'(`(`!L`&\`0`@`'(`90!C`&\`9P!N M`&D`>@!E`&0`(`!A`"``;@!O`&X`+0!C`&$`0!I`&X`9P`@`'8`80!L`'4`90`@`&\`9@`@`&$`(`!M`&\`<@!T`&<`80!G M`&4`(`!R`&4`8P!E`&D`=@!A`&(`;`!E`"``=`!H`&$`=``@`'<`80!S`"`` M:0!N`"``9`!E`&8`80!U`&P`=``N`"``5`!H`&4`(`!#`&\`;0!P`&$`;@!Y M`"``8@!E`&<`80!N`"``9@!O`'(`90!C`&P`;P!S`'4`<@!E`"``<`!R`&\` M8P!E`&4`9`!I`&X`9P!S`"``;P!N`"``=`!H`&4`(`!U`&X`9`!E`'(`;`!Y M`&D`;@!G`"``<`!R`&\`<`!E`'(`=`!Y`"``80!N`&0`(`!A`&X`=`!I`&,` M:0!P`&$`=`!E`',`(`!T`&@`:0!S`"``<`!R`&\`8P!E`',``!T`"``0@!L`&\` M8P!K`%T`(``H`&$`8@!S`'0`<@!A`&,`=``I`"(``4T`80!R`&L`90!T`&$` M8@!L`&4`(`!3`&4`8P!U`'(`:0!T`&D`90!S`"``6P!4`&4`>`!T`"``0@!L M`&\`8P!K`%T`"@P!#0`-`#D`+@`@`$T`80!R`&L`90!T`&$`8@!L`&4`(`!3 M`&4`8P!U`'(`:0!T`&D`90!S`"``80!N`&0`(`!/`'0`:`!E`'(`(`!)`&X` M=@!E`',`=`!M`&4`;@!T`',`(``-``T`1`!U`'(`:0!N`&<`(`!T`&@`90`@ M`&X`:0!N`&4`(`!M`&\`;@!T`&@``!I`&T` M80!T`&4`;`!Y`"``)``W`#``+@`P`"``;0!I`&P`;`!I`&\`;@`@`&D`;@`@ M`'``<@!O`&,`90!E`&0`0`@`'(`90!C`&\`9P!N`&D`>@!E`&0`(`!G`'(`;P!S`',`(`!R`&4`80!L M`&D`>@!A`&(`;`!E`"``9P!A`&D`;@!S`"``;P!F`"``80!P`'``<@!O`'@` M:0!M`&$`=`!E`&P`>0`@`"0`,P`N`#D`(`!M`&D`;`!L`&D`;P!N`"``80!N M`&0`(`!G`'(`;P!S`',`(`!R`&4`80!L`&D`>@!A`&(`;`!E`"``;`!O`',` M`!I`&T`80!T`&4`;`!Y`"``)``S M`"X`,P`@`&T`:0!L`&P`:0!O`&X`(`!F`'(`;P!M`"``0`@`"0`,@`Q`#@`+@`V`"``;0!I`&P`;`!I`&\` M;@`@`'<`:`!I`&,`:``@`&D`;@!C`&P`=0!D`&4``!I`&T`80!T`&4`;`!Y`"``)``Q`#$`+@`T M`"``;0!I`&P`;`!I`&\`;@`@`'(`90!L`&$`=`!I`&X`9P`@`'0`;P`@`&T` M80!R`&L`90!T`&$`8@!L`&4`(`!E`'$`=0!I`'0`>0`@`',`90!C`'4`<@!I M`'0`>0`@`&D`;@!V`&4``!I`&T`80!T`&4`;`!Y`"``)``R`#,`+@`Q`"``;0!I`&P`;`!I`&\` M;@`L`"``=P!H`&D`8P!H`"``:0!N`&,`;`!U`&0`90!S`"``80!P`'``<@!O M`'@`:0!M`&$`=`!E`&P`>0`@`"0`-``N`#``(`!M`&D`;`!L`&D`;P!N`"`` M:0!N`"``80!N`"``=0!N`'(`90!A`&P`:0!Z`&4`9``@`&P`;P!S`',`(`!D M`'4`90`@`'0`;P`@`&8`;P!R`&4`:0!G`&X`(`!C`'4`<@!R`&4`;@!C`'D` M(`!F`&P`=0!C`'0`=0!A`'0`:0!O`&X`0`@`$<`<@!O`'4`<``@`&,`;P!N M`'8`90!R`'0`:0!B`&P`90`@`&X`;P!T`&4`0`@`',`90!C M`'4`<@!I`'0`:0!E`',`(`!I`&X`(`!T`&@`90`@`$,`;P!M`'``80!N`'D` M@!E`&0`(`!L`&\`0!I M`&X`9P`@`&,`80!U`',`90`@`&\`9@`@`'0`:`!E`"``9`!E`&,`;`!I`&X` M90`@`&D`;@`@`'8`80!L`'4`90`@`&$`;@!D`"``=`!H`&4`(`!E`',`=`!I M`&T`80!T`&4`9``@`'(`90!C`&\`=@!E`'(`>0`@`'``90!R`&D`;P!D`"P` M(`!A`',`(`!W`&4`;`!L`"``80!S`"``=`!H`&4`(`!S`&4`=@!E`'(`:0!T M`'D`(`!A`&X`9``@`&0`=0!R`&$`=`!I`&\`;@`@`&\`9@`@`'0`:`!E`"`` M9`!E`&,`;`!I`&X`90`N`"``20!N`"``=`!H`&4`(`!#`&\`;0!P`&$`;@!Y M`',`(`!E`'8`80!L`'4`80!T`&D`;P!N`"P`(`!T`&@`90`@`$,`;P!M`'`` M80!N`'D`(`!C`&\`;@!S`&D`9`!E`'(`0`@`&$`;@!D`"``:0!N`'0`90!N`'0`(`!T`&\`(`!H`&\`;`!D`"`` M=`!H`&4`0`@`'0`;P`@`'(`90!C`&\`=@!E`'(`(`!I`'0` M0`@`&\`9@`@`'0`:`!E`"``:0!S`',`=0!E`'(`0`@`&$`;`!L`"``80!M`&\`=0!N`'0`0`L`"``:0!N M`"``80!C`&,`;P!R`&0`80!N`&,`90`@`'<`:0!T`&@`(`!T`&@`90`@`$8` M00!3`$(``!A`&T`<`!L`&4`+``@`&D` M9@`@`&D`=`!S`"``8P!A`',`:``@`&\`<@`@`'<`;P!R`&L`:0!N`&<`(`!C M`&$`<`!I`'0`80!L`"``<@!E`'$`=0!I`'(`90!M`&4`;@!T`',`(`!O`'(` M(`!C`&\`;@!T`'(`80!C`'0`=0!A`&P`(`!O`'(`(`!R`&4`9P!U`&P`80!T M`&\`<@!Y`"``;P!B`&P`:0!G`&$`=`!I`&\`;@!S`"``:0!N`&0`:0!C`&$` M=`!E`"``=`!H`&$`=``@`'0`:`!E`"``9`!E`&(`=``@`',`90!C`'4`<@!I M`'0`>0`@`'<`:0!L`&P`(`!B`&4`(`!R`&4`<0!U`&D`<@!E`&0`(`!T`&\` M(`!B`&4`(`!S`&\`;`!D`"``8@!E`&8`;P!R`&4`(`!T`&@`90`@`$,`;P!M M`'``80!N`'D`(`!F`&\`<@!E`&,`80!S`'0`90!D`"``<@!E`&,`;P!V`&4` M<@!Y`"``;P!C`&,`=0!R`',`*0`@`&$`;@!D`"``=P!H`&4`=`!H`&4`<@`@ M`&D`=``@`&0`;P!E`',`(`!N`&\`=``@`&4`>`!P`&4`8P!T`"``=`!O`"`` M<@!E`&,`;P!V`&4`<@`@`'0`:`!E`"``@!E`&0`(`!L`&\`@!E`&0`(`!L`&\` M0`@`"0`,``N M`#0`(`!M`&D`;`!L`&D`;P!N`"``80!N`&0`(``H`&D`:0`I`"``;0!O`'(` M90`@`'0`:`!A`&X`(`!T`'<`90!L`'8`90`@`&T`;P!N`'0`:`!S`"``:`!A M`&0`(`!A`&X`(`!A`&<`9P!R`&4`9P!A`'0`90`@`'4`;@!R`&4`80!L`&D` M>@!E`&0`(`!L`&\`0`@`'<`:0!L`&P`(`!C`&\`;@!T`&D`;@!U`&4`(`!T`&\`(`!A M`',`0`@`&(`90`@`&\`=`!H`&4`<@`M`'0` M:`!A`&X`+0!T`&4`;0!P`&\`<@!A`'(`>0`@`&$`;@!D`"``=P!O`'4`;`!D M`"``=`!H`&4`<@!E`&8`;P!R`&4`(`!W`'(`:0!T`&4`+0!D`&\`=P!N`"`` M:0!T`',`(``\`!L@`6,`;P!S`'0`(`!B`&$``!T`"`` M0@!L`&\`8P!K`%T`(``H`&$`8@!S`'0`<@!A`&,`=``I`!L``4P`;P!N`&<` M+0!T`&4`<@!M`"``1`!E`&(`=``@`%L`5`!E`'@`=``@`$(`;`!O`&,`:P!= M`%4'`0T`#0`Q`#``+@`@`$X`;P!T`&4`0`@`&D`0!E`&$` M<@`@`%,`90!N`&D`;P!R`"``50!N`',`90!C`'4`<@!E`&0`(`!.`&\`=`!E M`',`(`!A`'0`(`!A`&X`(`!I`&X`=`!E`'(`90!S`'0`(`!R`&$`=`!E`"`` M;P!F`"``-@`N`#@`-P`U`"4`(`!P`&$`>0!A`&(`;`!E`"``0`@`&D`;@`@`&$`<@!R`&4`80!R`',`+@`@`%0` M:`!E`',`90`@`&X`;P!T`&4`0`@`"0`,@`Y`#<`+@`S`"``;0!I`&P`;`!I`&\`;@`L`"``80!F M`'0`90!R`"``<@!E`&P`80!T`&4`9``@`'0`<@!A`&X`0`@`'4`0`@`&\`8@!T`&$`:0!N`&4`9``@`&$`(`!T`'<`;P`M`'D`90!A M`'(`(``D`#(`,@`P`"X`,``@`&T`:0!L`&P`:0!O`&X`(`!U`&X`0`@`'4`=`!I`&P`:0!Z M`&4`9``@`'``<@!O`&,`90!E`&0`0`@ M`'(`90!P`&$`>0`@`'0`:`!E`"``;P!U`'0`0!S`"``50`N`%,`+@`@`'(`90!V`&\`;`!V`&D`;@!G`"``8P!R`&4` M9`!I`'0`(`!F`&$`8P!I`&P`:0!T`'D`(`!A`&X`9``@`&8`;P!R`"``9P!E M`&X`90!R`&$`;``@`&,`;P!R`'``;P!R`&$`=`!E`"``<`!U`'(`<`!O`',` M90!S`"X`(`!$`'4`<@!I`&X`9P`@`%,`90!P`'0`90!M`&(`90!R`"``,@`P M`#``.0`L`"``=`!H`&4`(`!#`&\`;0!P`&$`;@!Y`"``9@!U`&P`;`!Y`"`` M<@!E`'``80!I`&0`(`!T`&@`90`@`"0`,@`R`#``+@`P`"``;0!I`&P`;`!I M`&\`;@`@`&\`=0!T`',`=`!A`&X`9`!I`&X`9P`@`&(`80!L`&$`;@!C`&4` M(`!O`&X`(`!T`&@`:0!S`"``;`!O`&$`;@`N`"``(``-``T`1`!U`'(`:0!N M`&<`(`!T`&@`90`@`&X`:0!N`&4`(`!M`&\`;@!T`&@`0`@`'(`90!P`'4`<@!C`&@`80!S`&4` M9``@`&D`;@`@`&$`9P!G`'(`90!G`&$`=`!E`"``80!P`'``<@!O`'@`:0!M M`&$`=`!E`&P`>0`@`"0`,P`V`"X`,0`@`&T`:0!L`&P`:0!O`&X`(`!I`&X` M(`!F`&$`8P!E`"``=@!A`&P`=0!E`"``;P!F`"``:0!T`',`(`!-`&4`9`!I M`'4`;0`@`%0`90!R`&T`(`!.`&\`=`!E`',`(`!A`&X`9``@`$8`:0!X`&4` M9``@`%(`80!T`&4`(`!"`&\`;@!D`',`(`!F`&\`<@`@`&$`;@`@`&$`9P!G M`'(`90!G`&$`=`!E`"``9`!I`',`8P!O`'4`;@!T`&4`9``@`'``=0!R`&,` M:`!A`',`90`@`'``<@!I`&,`90`@`&\`9@`@`&$`<`!P`'(`;P!X`&D`;0!A M`'0`90!L`'D`(``D`#,`,P`N`#<`(`!M`&D`;`!L`&D`;P!N`"X`(`!4`&@` M90!S`&4`(`!T`'(`80!N`',`80!C`'0`:0!O`&X``!T`"``0@!L`&\`8P!K`%T`)00!#0`-`#$`,0`N`"`` M30!O`'(`=`!G`&$`9P!E`',`(`!0`&$`>0!A`&(`;`!E`"``#0`-`$0`=0!R M`&D`;@!G`"``=`!H`&4`(`!N`&D`;@!E`"``;0!O`&X`=`!H`',`(`!E`&X` M9`!E`&0`(`!3`&4`<`!T`&4`;0!B`&4`<@`@`#,`,``L`"``,@`P`#``.0`L M`"``=`!H`&4`(`!#`&\`;0!P`&$`;@!Y`"``;P!B`'0`80!I`&X`90!D`"`` M,0`W`"``;@!E`'<`(`!N`&\`;@`M`'(`90!C`&\`=0!R`',`90`@`&T`;P!R M`'0`9P!A`&<`90!S`"``80!G`&<`<@!E`&<`80!T`&D`;@!G`"``80!P`'`` M<@!O`'@`:0!M`&$`=`!E`&P`>0`@`"0`,P`V`#,`+@`X`"``;0!I`&P`;`!I M`&\`;@`L`"``=P!H`&D`8P!H`"``8@!E`&$`<@`@`&D`;@!T`&4`<@!E`',` M=``@`&$`=``@`'(`80!T`&4`0!E`&$`<@!S`"``=`!O`"``,0`U`"`` M>0!E`&$`<@!S`"X`(`!4`&@`90`@`$,`;P!M`'``80!N`'D`(`!P`&$`:0!D M`"``;P!F`&8`(`!A`'``<`!R`&\`>`!I`&T`80!T`&4`;`!Y`"``)``Q`#4` M-``N`#<`(`!M`&D`;`!L`&D`;P!N`"``;P!F`"``:0!N`&0`:0!V`&D`9`!U M`&$`;``@`&X`;P!N`"T`<@!E`&,`;P!U`'(`0!A M`&(`;`!E`"P`(`!C`&\`;`!L`&$`=`!E`'(`80!L`&D`>@!E`&0`(`!B`'D` M(`!C`&4`<@!T`&$`:0!N`"``0!M`&4`;@!T`',`(`!O M`&8`(`!A`&P`;``@`&T`;P!R`'0`9P!A`&<`90!S`"``<`!A`'D`80!B`&P` M90`L`"``90!X`&,`;`!U`&0`:0!N`&<`(`!U`&X`80!M`&\`<@!T`&D`>@!E M`&0`(`!F`&$`:0!R`"``=@!A`&P`=0!E`"``9`!E`&(`=``@`&$`9`!J`'4` M`!I`&T`80!T`&4`;`!Y`"``80!S`"``9@!O`&P` M;`!O`'<``!T`"``0@!L`&\`8P!K`%T`(``H`&$`8@!S`'0`<@!A`&,` M=``I`",``48`80!I`'(`(`!6`&$`;`!U`&4`(`!$`&D`0`@ M`&$`<@!E`"``<@!E`&8`;`!E`&,`=`!E`&0`(`!I`&X`(`!T`&@`90`@`&$` M8P!C`&\`;0!P`&$`;@!Y`&D`;@!G`"``0P!O`&X`9`!E`&X`0`@`&D`0!S M`&4`0`@`&D`;@!D M`&D`8P!A`'0`:0!V`&4`(`!O`&8`(`!T`&@`90`@`&$`;0!O`'4`;@!T`',` M(`!T`&@`80!T`"``=P!O`'4`;`!D`"``8@!E`"``<@!E`&$`;`!I`'H`90!D M`"``=0!P`&\`;@`@`&0`:0!S`'``;P!S`&D`=`!I`&\`;@`N`"``5`!H`&4` M(`!F`&\`;`!L`&\`=P!I`&X`9P`@`&$`<@!E`"``9@!I`&X`80!N`&,`:0!A M`&P`(`!I`&X`0!S`"``90!S`'0`:0!M`&$`=`!E M`"``;P!F`"``9@!A`&D`<@`@`'8`80!L`'4`90`@`&0`:0!F`&8`90!R`',` M(`!F`'(`;P!M`"``=`!H`&4`(`!C`&$`<@!R`'D`:0!N`&<`(`!A`&T`;P!U M`&X`=`!S`"``*`!I`&X`(`!T`&@`;P!U`',`80!N`&0`0!A`&(`;`!E`"``(``)``T`#0`D`"``(``)``T`#0`R`"P` M.``U`#0`+``Y`#4`.``@`"``"0`-``T`)``@`"``"0`-``T`,@`L`#D`,``V M`"P`.``T`#(`(``@`"``#0`-``T`30!O`'(`=`!G`&$`9P!E`',`(`!0`&$` M>0!A`&(`;`!E`"``(``)``T`#0`D`"``(``)``T`#0`Q`"P`,``W`#,`+``V M`#0`.``@`"``"0`-``T`)``@`"``"0`-``T`,0`L`#``.``V`"P`,P`R`#0` M(``@`"``#0`-``T`0P!O`&X`0!A`&(`;`!E`"``(``)``T`#0`D`"``(``)``T`#0`T`#,` M+``U`#0`,``@`"``"0`-``T`)``@`"``"0`-``T`-0`X`"P`-P`W`#@`(``@ M`"``#0`-``T`30!A`&X`9`!A`'0`;P!R`&D`;`!Y`"``4@!E`&0`90!E`&T` M80!B`&P`90`@`$X`;P!N`&,`;P!N`'0`<@!O`&P`;`!I`&X`9P`@`$D`;@!T M`&4`<@!E`',`=`!S`"``#0`-`"@`=`!E`'(`;0!I`&X`80!T`&D`;P!N`"`` M9`!A`'0`90!S`"``<@!A`&X`9P!I`&X`9P`@`&8`<@!O`&T`(``R`#``,0`Y M`"``(``R`#``,@`W`"D`(``@``D`#0`-`"0`(``@``D`#0`-`#(`+``W`#(` M,0`@`"``"0`-``T`)``@`"``"0`-``T`-0`L`#0`-@`X`"``(``@`"``#0`- M`%0`:`!E`"``0P!O`&T`<`!A`&X`>0`@`&@`80!S`"``8P!E`'(`=`!A`&D` M;@`@`&8`:0!N`&$`;@!C`&D`80!L`"``:0!N`',`=`!R`'4`;0!E`&X`=`!S M`"``=`!H`&$`=``@`&T`=0!S`'0`(`!B`&4`(`!M`&4`80!S`'4`<@!E`&0` M(`!U`&X`9`!E`'(`(`!T`&@`90`@`$8`00!3`$(`0`@`"@`;P!B`',`90!R`'8`80!B`&P` M90`@`&D`;@!P`'4`=`!S`"``=`!H`&$`=``@`&$`<@!E`"``8P!L`&$`0`I M`"``80!N`&0`(`!T`&@`90`@`'(`90!P`&\`<@!T`&D`;@!G`"``90!N`'0` M:0!T`'D`0`I`"X`(``-``T`5`!H`&4`(`!T`&$`8@!L`&4` M(`!B`&4`;`!O`'<`(`!P`'(`90!S`&4`;@!T`',`(`!T`&@`90`@`$,`;P!M M`'``80!N`'D`0`@`'<`:0!T`&@`:0!N`"``=P!H`&D`8P!H`"``=`!H`&\`0`@`$,`;`!A`',`0`@`'``=0!B`&P`:0!C`"``0`@`'(`90!P`&$`>0`@`'0`:`!E M`"``;P!U`'0`0!S`"``50`N`%,`+@`@ M`'(`90!V`&\`;`!V`&D`;@!G`"``8P!R`&4`9`!I`'0`(`!F`&$`8P!I`&P` M:0!T`'D`(`!A`&X`9``@`&8`;P!R`"``9P!E`&X`90!R`&$`;``@`&,`;P!R M`'``;P!R`&$`=`!E`"``<`!U`'(`<`!O`',`90!S`"X`(``@`!<``2``(`!& M`&D`;@!A`&X`8P!I`&X`9P`@`"``00!C`'0`:0!V`&D`=`!I`&4``!T`"``0@!L`&\`8P!K`%T`I0,!#0`-`#$` M-``N`"``4P!U`'``<`!L`&4`;0!E`&X`=`!A`&P`(`!3`&,`:`!E`&0`=0!L M`&4`(`!O`&8`(`!.`&\`;@`M`$,`80!S`&@`(`!)`&X`=@!E`',`=`!I`&X` M9P`@`"\`(`!&`&D`;@!A`&X`8P!I`&X`9P`@`$$`8P!T`&D`=@!I`'0`:0!E M`',`(``-``T`5`!H`&4`(`!F`&\`;`!L`&\`=P!I`&X`9P`@`',`8P!H`&4` M9`!U`&P`90`@`',`=0!M`&T`80!R`&D`>@!E`',`(`!T`&@`90`@`&X`;P!N M`"T`8P!A`',`:``@`&D`;@!V`&4`0`@`&$`0`@`&T` M80!I`&X`=`!A`&D`;@!S`"``80!N`"``90!Q`'4`/``;(`%I`'0`>0`@`'`` M80!R`'0`:0!C`&D`<`!A`'0`:0!O`&X`(`!P`&P`80!N`"``*`!T`&@`90`@ M`%``;`!A`&X`*0`@`'``=0!R`',`=0!A`&X`=``@`'0`;P`@`'<`:`!I`&,` M:``@`&$`(`!M`&$`>`!I`&T`=0!M`"``;P!F`"``-``W`"P`,``P`#``+``P M`#``,``@`',`:`!A`'(`90!S`"``;P!F`"``=`!H`&4`(`!#`&\`;0!P`&$` M;@!Y`',`(`!C`&\`;0!M`&\`;@`@`',`=`!O`&,`:P`@`&T`80!Y`"``8@!E M`"``:0!S`',`=0!E`&0`(`!F`&\`<@`@`'$`=0!A`&P`:0!F`&D`90!D`"`` M80!N`&0`(`!N`&\`;@`M`'$`=0!A`&P`:0!F`&D`90!D`"``;P!P`'0`:0!O M`&X`0`@`'0`:`!E`"`` M0@!O`&$`<@!D`"``;P!F`"``1`!I`'(`90!C`'0`;P!R`',`(`!A`'0`(`!I M`'0``!P`&D`<@!E`"``=`!E`&X`(`!Y`&4`80!R`',`(`!F`'(`;P!M`"``=`!H M`&4`(`!D`&$`=`!E`"``;P!F`"``9P!R`&$`;@!T`"``80!N`&0`(`!A`'(` M90`@`&4`>`!E`'(`8P!I`',`80!B`&P`90`@`&$`=``@`'0`:`!E`"``;0!A M`'(`:P!E`'0`(`!P`'(`:0!C`&4`(`!O`&X`(`!T`&@`90`@`&0`80!T`&4` M(`!O`&8`(`!G`'(`80!N`'0`+@`@`%(`90!S`'0`<@!I`&,`=`!E`&0`(`!S M`'0`;P!C`&L`(`!G`'(`80!N`'0`0`@`&\`9@`@`'0`:`!E`"``9P!R`&$` M;@!T`"``;P!R`"``<@!A`'0`80!B`&P`>0`@`&\`=@!E`'(`(`!F`&\`=0!R M`"``>0!E`&$`<@!S`"X`(`!)`&X`(`!A`&0`9`!I`'0`:0!O`&X`+``@`'0` M:`!E`"``4`!L`&$`;@`@`'``<@!O`'8`:0!D`&4``!P`&4`;@!S`&4`(`!O`&8`(`!A`'``<`!R`&\`>`!I`&T` M80!T`&4`;`!Y`"``)``W`"X`.``@`&T`:0!L`&P`:0!O`&X`(`!A`&X`9``@ M`"0`.0`N`#$`(`!M`&D`;`!L`&D`;P!N`"``9@!O`'(`(`!T`&@`90`@`&X` M:0!N`&4`(`!M`&\`;@!T`&@`0`N`"``5`!H`&4`(``D`#<`+@`X M`"``;0!I`&P`;`!I`&\`;@`@`&4`>`!P`&4`;@!S`&4`(`!F`&\`<@`@`'0` M:`!E`"``;@!I`&X`90`@`&T`;P!N`'0`:`!S`"``90!N`&0`90!D`"``4P!E M`'``=`!E`&T`8@!E`'(`(``S`#``+``@`#(`,``P`#D`+``@`&D`;@!C`&P` M=0!D`&4``!P`&4`;@!S M`&4`(`!R`&4`;`!A`'0`90!D`"``=`!O`"``=`!H`&4`(`!M`&\`9`!I`&8` M:0!C`&$`=`!I`&\`;@`@`&\`9@`@`',`=`!O`&,`:P`@`&$`=P!A`'(`9`!S M`"``:0!N`"``8P!O`&X`;@!E`&,`=`!I`&\`;@`@`'<`:0!T`&@`(`!T`&@` M90`@`'0`90!R`&T`:0!N`&$`=`!I`&\`;@!S`"``;P!F`"``90!M`'``;`!O M`'D`90!E`',`(`!D`&D`0`@`&@`80!D`"``80!P`'`` M<@!O`'@`:0!M`&$`=`!E`&P`>0`@`"0`,@`V`"X`,P`@`&T`:0!L`&P`:0!O M`&X`(`!O`&8`(`!T`&\`=`!A`&P`(`!U`&X`<@!E`&,`;P!G`&X`:0!Z`&4` M9``@`&,`;P!M`'``90!N`',`80!T`&D`;P!N`"``8P!O`',`=``@`'(`90!L M`&$`=`!E`&0`(`!T`&\`(`!U`&X`=@!E`',`=`!E`&0`(`!S`'0`;P!C`&L` M(`!C`&\`;0!P`&4`;@!S`&$`=`!I`&\`;@`@`&<`<@!A`&X`=`!E`&0`(`!U M`&X`9`!E`'(`(`!T`&@`90`@`$,`;P!M`'``80!N`'D`0`@`#(` M+@`T`"``>0!E`&$`<@!S`"X`(``-``T`1`!U`&4`(`!T`&\`(`!D`&4`8P!L M`&D`;@!I`&X`9P`@`&4`8P!O`&X`;P!M`&D`8P`@`&,`;P!N`&0`:0!T`&D` M;P!N`',`(`!R`&4`0`@`"0` M,P`N`#8`(`!M`&D`;`!L`&D`;P!N`"``80!T`"``1`!E`&,`90!M`&(`90!R M`"``,P`Q`"P`(``R`#``,``X`"P`(`!R`&4`;`!A`'0`:0!N`&<`(`!T`&\` M(`!S`&4`=@!E`'(`80!N`&,`90`@`&,`;P!S`'0`0`@`#(`,``P`#D`+@`@`$$` M;`!S`&\`+``@`&$``!I`&T`80!T`&4`;`!Y`"``)``R`"X`,P`@ M`&T`:0!L`&P`:0!O`&X`(`!F`&\`<@`@`',`90!V`&4`<@!A`&X`8P!E`"`` M8P!O`',`=`!S`"``80!S`',`;P!C`&D`80!T`&4`9``@`'<`:0!T`&@`(`!T M`&4`<@!M`&D`;@!A`'0`:0!O`&X``!A M`&(`;`!E`"``4@!%`$D`5``@`%,`=0!B`',`:0!D`&D`80!R`&D`90!S`"`` M*`!4`%(`4P`I`"T``4D`;@!C`&\`;0!E`"``5`!A`'@`(`!$`&D``!T`"``0@!L`&\`8P!K`%T`(``H`&$`8@!S M`'0`<@!A`&,`=``I`"(``4D`;@!C`&\`;0!E`"``5`!A`'@`(`!$`&D``!T`"``0@!L`&\`8P!K`%T`Q@D!#0`- M`#$`-@`N`"``5`!A`'@`80!B`&P`90`@`%(`10!)`%0`(`!3`'4`8@!S`&D` M9`!I`&$`<@!I`&4`0`@`%,`90!R`'8`:0!C`&4`0`@`&\`=P!N`&4`9``@`',` M=0!B`',`:0!D`&D`80!R`'D`(`!O`&8`(`!T`&@`90`@`$,`;P!M`'``80!N M`'D`(`!A`&X`9``@`'0`:`!E`"``8P!O`&X``!E`',`(`!H`&$`=@!E`"``8@!E`&4` M;@`@`'``<@!O`'8`:0!D`&4`9``@`&8`;P!R`"``;P!N`"``=`!H`&4`(`!A M`',``!E`',`(`!A M`'(`90`@`'(`90!C`&\`9P!N`&D`>@!E`&0`(`!F`&\`<@`@`'0`:`!E`"`` M=`!E`&T`<`!O`'(`80!R`'D`(`!D`&D`9@!F`&4`<@!E`&X`8P!E`',`(`!B M`&4`=`!W`&4`90!N`"``=`!H`&4`(`!F`&D`;@!A`&X`8P!I`&$`;``@`'(` M90!P`&\`<@!T`&D`;@!G`"``8@!A`',`:0!S`"``80!N`&0`(`!T`&@`90`@ M`'0`80!X`"``8@!A`',`:0!S`"``;P!F`"``=`!H`&4`(`!4`%(`4P`@`&$` M``@ M`&P`:0!A`&(`:0!L`&D`=`!I`&4```@`&$```@`&P`:0!A`&(`:0!L`&D`=`!I`&4`0!I`&X`9P`@`$,`;P!N`&0`90!N`',` M90!D`"``0P!O`&X`0`@`&0`=0!E`"``=`!O`"``*`!I`"D`(`!A`"``)``S`#0`+@`X`"`` M;0!I`&P`;`!I`&\`;@`@`'8`80!L`'4`80!T`&D`;P!N`"``80!L`&P`;P!W M`&$`;@!C`&4`(`!A`&<`80!I`&X`0`@`"0`,P`S`"X`.``@`&T`:0!L`&P`:0!O`&X`(`!R`&4`;`!A M`'0`90!D`"``=`!O`"``;@!E`'0`(`!O`'``90!R`&$`=`!I`&X`9P`@`&P` M;P!S`',`(``H`$X`3P!,`"D`(`!C`&$`<@!R`'D`(`!F`&\`<@!W`&$`<@!D M`',`(`!T`&@`80!T`"``90!X`'``:0!R`&4`(`!F`'(`;P!M`"``,@`P`#(` M,@`@`'0`:`!R`&\`=0!G`&@`(``R`#``,@`U`"``:`!E`&P`9``@`&D`;@`@ M`$8`3@!#`"X`(``-``T`3P!T`&@`90!R`"``9`!E`&8`90!R`'(`90!D`"`` M=`!A`'@`(`!A`',`0`@`&(`90!L`&D`90!V`&4`0`L`"``:0!T`"``:0!S`"``;0!O`'(`90`@`&P`:0!K`&4`;`!Y`"`` M=`!H`&$`;@`@`&X`;P!T`"``=`!H`&$`=``@`'0`:`!E`"``=`!O`'0`80!L M`"``9`!E`&8`90!R`'(`90!D`"``=`!A`'@`(`!A`',```@`'(`90!T`'4`<@!N`',`+``@`'``<@!I`&T`80!R`&D`;`!Y`"``9@!R M`&\`;0`@`'0`:`!E`"``9P!E`&X`90!R`&$`=`!I`&\`;@`@`&\`9@`@`&8` M=0!T`'4`<@!E`"``=`!A`'@`80!B`&P`90`@`&D`;@!C`&\`;0!E`"``80!N M`&0`(`!T`&@`90`@`&D`;0!P`&P`90!M`&4`;@!T`&$`=`!I`&\`;@`@`&\` M9@`@`'0`80!X`"``<`!L`&$`;@!N`&D`;@!G`"```!T`"``0@!L`&\`8P!K`%T`6`,! M#0`-`#$`-P`N`"``0P!O`&T`;0!I`'0`;0!E`&X`=`!S`"``80!N`&0`(`!# M`&\`;@!T`&D`;@!G`&4`;@!C`&D`90!S`"``#0`-`$0`=0!R`&D`;@!G`"`` M00!U`&<`=0!S`'0`(``R`#``,``Y`"P`(`!T`&@`90`@`$,`;P!M`'``80!N M`'D`(`!B`&4`8P!A`&T`90`@`&\`8@!L`&D`9P!A`'0`90!D`"``=`!O`"`` M:0!S`',`=0!E`"``80`@`&P`90!T`'0`90!R`"``;P!F`"``8P!R`&4`9`!I M`'0`(`!F`&\`<@`@`&$`<`!P`'(`;P!X`&D`;0!A`'0`90!L`'D`(`!#`$$` M1``@`"0`-@`V`"X`,``@`&T`:0!L`&P`:0!O`&X`(``H`&$`<`!P`'(`;P!X M`&D`;0!A`'0`90!L`'D`(`!5`%,`1``@`"0`-@`Q`"X`-P`@`&T`:0!L`&P` M:0!O`&X`*0`@`'(`90!L`&$`=`!I`&X`9P`@`'0`;P`@`&$`(`!T`&$`>``@ M`&$``!E`',`(`!A`',`0`@`&D`0`@`&8`<@!O`&T`(`!A M`&X`>0`@`&$`;@!D`"``80!L`&P`(`!L`&D`80!B`&D`;`!I`'0`>0`N`"`` M(``?``%0`'(`;P`@`$8`;P!R`&T`80`@`$8`:0!N`&$`;@!C`&D`80!L`"`` M20!N`&8`;P!R`&T`80!T`&D`;P!N`"H``5``<@!O`"``1@!O`'(`;0!A`"`` M1@!I`&X`80!N`&,`:0!A`&P`(`!)`&X`9@!O`'(`;0!A`'0`:0!O`&X`(``H M`&$`8@!S`'0`<@!A`&,`=``I`"P%`0T`#0`Q`#@`+@`@`%``<@!O`"``1@!O M`'(`;0!A`"``1@!I`&X`80!N`&,`:0!A`&P`(`!)`&X`9@!O`'(`;0!A`'0` M:0!O`&X`(``-``T`00!S`"``9`!I`',`8P!U`',`0!S`"``:`!I`',` M=`!O`'(`:0!C`&$`;``@`$,`;P!N`&0`90!N`',`90!D`"``0P!O`&X`0!E`&$`<@`L`"``;@!O`'(`(`!D`&\`90!S`"``:0!T`"``<`!U`'(`<`!O M`'(`=``@`'0`;P`@`'(`90!P`'(`90!S`&4`;@!T`"``=`!H`&4`(`!R`&4` M`!T`"``0@!L`&\`8P!K`%T`:`D!#0`-`#$`.0`N`"``4P!U`&(`0`@`"@`,@`I`"P`(`!,`&\`;@!G`"``20!S`&P` M80!N`&0`+``@`$X`90!W`"``60!O`'(`:P`@`"@`,0`I`"P`(`!!`'(`;`!I M`&X`9P!T`&\`;@`L`"``5@!I`'(`9P!I`&X`:0!A`"P`(`!N`&4`80!R`"`` M;0!E`'0`<@!O`"``5P!A`',`:`!I`&X`9P!T`&\`;@`L`"``1``N`$,`+@`@ M`"@`,0`I`"``80!N`&0`(`!'`'(`90!E`&X`=@!I`&P`;`!E`"P`(`!3`&\` M=0!T`&@`(`!#`&$`<@!O`&P`:0!N`&$`(``H`#$`*0`N`"``4`!U`'(`0`@`&4`<0!U`&$`;`!S`"``80!P`'``<@!O`'@`:0!M`&$`=`!E`&P`>0`@ M`"0`.``R`#4`(`!M`&D`;`!L`&D`;P!N`"P`(`!L`&4``!I`&T` M80!T`&4`;`!Y`"``)``R`#``(`!M`&D`;`!L`&D`;P!N`"``9@!O`'(`(`!T M`&@`90`@`'``=0!R`&,`:`!A`',`90`@`&\`9@`@`&0`90!V`&4`;`!O`'`` M;0!E`&X`=``@`'(`:0!G`&@`=`!S`"``9@!O`'(`(`!T`&@`90`@`%``90!N M`'0`80!G`&\`;@`@`$,`90!N`'0`<@!E`"``0`N`"``00!S`"`` M;P!F`"``3@!O`'8`90!M`&(`90!R`"``-``L`"``,@`P`#``.0`L`"``=`!H M`&4`(`!#`&\`;0!P`&$`;@!Y`"``:`!A`&0`(``D`#(`,``U`"X`,``@`&T` M:0!L`&P`:0!O`&X`(`!O`'4`=`!S`'0`80!N`&0`:0!N`&<`(`!O`&X`(`!T M`&@`:0!S`"``8P!R`&4`9`!I`'0`(`!F`&$`8P!I`&P`:0!T`'D`+@`@`$D` M;@!D`&4`8@!T`&4`9`!N`&4`0`@ M`'0`:`!E`"``0P!O`&T`<`!A`&X`>0`@`&D`;@`@`&,`;P!N`&X`90!C`'0` M:0!O`&X`(`!W`&D`=`!H`"``=`!H`&4`(`!A`&,`<0!U`&D``!I`&T`80!T M`&4`;`!Y`"``,@`N`#(`)0`@`'0`;P`@`#D`+@`P`"4`+@`@``T`#0!4`&@` M90`@`$,`;P!M`'``80!N`'D`(`!I`',`(`!C`'4`<@!R`&4`;@!T`&P`>0`@ M`&0`90!T`&4`<@!M`&D`;@!I`&X`9P`@`'0`:`!E`"``9@!A`&D`<@`@`'8` M80!L`'4`90`@`&\`9@`@`&$`0`@`&0`90!T`&4` M<@!M`&D`;@!I`&X`9P`L`"``:0!N`"``80!C`&,`;P!R`&0`80!N`&,`90`@ M`'<`:0!T`&@`(`!T`&@`90`@`$8`00!3`$(`0`@ M`'0`:`!E`"``0P!O`&T`<`!A`&X`>0`@`&D`;0!M`&4`9`!I`&$`=`!E`&P` M>0`@`'``<@!I`&\`<@`@`'0`;P`@`'0`:`!E`"``80!C`'$`=0!I`',`:0!T M`&D`;P!N`"``=`!O`"``9`!E`'0`90!R`&T`:0!N`&4`(`!T`&@`90`@`&$` M;0!O`'4`;@!T`"``;P!F`"``80!N`'D`(`!G`&$`:0!N`"``;P!R`"``;`!O M`',`@!E`&0`(`!A`',` M(`!A`"``<@!E`',`=0!L`'0`(`!O`&8`(`!R`&4`;0!E`&$`0!P`&4`!``!,0`P`"T` M40`.``%!`&T`90!N`&0`;0!E`&X`=``@`$8`;`!A`&<`!0`!9@!A`&P`0`@`$,`;P!R`'``;P!R`&$`=`!I`&\`;@`8 M``%%`&X`=`!I`'0`>0`@`$,`90!N`'0`<@!A`&P`(`!)`&X`9`!E`'@`(`!+ M`&4`>0`*``$P`#``,``P`#@`-P`Y`#$`,``Q`!P``4,`=0!R`'(`90!N`'0` M(`!&`&D`0`@`%<`90!L`&P`+0!K`&X` M;P!W`&X`(`!3`&4`80!S`&\`;@!E`&0`(`!)`',`0`@`%8`;P!L`'4`;@!T`&$`<@!Y`"``1@!I`&P` M90!R`',``@`!3@!O`!\``44`;@!T`&D`=`!Y`"``0P!U`'(`<@!E`&X`=``@ M`%(`90!P`&\`<@!T`&D`;@!G`"``4P!T`&$`=`!U`',`%0`!10!N`'0`:0!T M`'D`(`!&`&D`;`!E`'(`(`!#`&$`=`!E`&<`;P!R`'D`%P`!3`!A`'(`9P!E M`"``00!C`&,`90!L`&4`<@!A`'0`90!D`"``1@!I`&P`90!R`!,``44`;@!T M`&D`=`!Y`"``4`!U`&(`;`!I`&,`(`!&`&P`;P!A`'0`'``!10!N`'0`:0!T M`'D`(`!,`&D`0`@`$,`;P!M`&T`;P!N`"``4P!T`&\`8P!K`"P` M(`!3`&@`80!R`&4``````@#_`````````0\`"`(0`!\``````/\````````!#P#]``H` M`````!<``````/T`"@`!````%P`!````_0`*``$``0`7``(```#]``H``0`" M`!<``P```/T`"@`"````&``$````O0`2``(``0`9`+J,8P$9`)9.6P$"`/T` M"@`#````&``%````O0`2``,``0`:``;I1P`:`)KB1@`"`/T`"@`$````&``& M````O0`2``0``0`:`#@Q)T$:`#XD.P`"`/T`"@`%````&``'````O0`2``4` M`0`:`![-(0`:`&A((4$"`/T`"@`&````&``(````O0`2``8``0`:`+#$`D$: M`$`W!D$"`/T`"@`'````&``)````O0`2``<``0`:`*@N`4$:`(B?`$$"`/T` M"@`(````&``*````O0`2``@``0`:`!BP"D$:`/"##T$"`/T`"@`)````&``+ M````O0`2``D``0`:`(`5^D`:`&#:]T`"`/T`"@`*````&``,````O0`2``H` M`0`:`$1I%4$:`$"$%$$"`/T`"@`+````&``-````O0`2``L``0`:`*;E-@(: M`&Z./0("`/T`"@`,````%@`.````_0`*``T````8``\```"]`!(`#0`!`!H` MND"N`!H`R@+2``(`_0`*``X````8`!````"]`!(`#@`!`!H`\&$P01H`#KHS M``(`_0`*``\````8`!$```"]`!(`#P`!`!H`@$+E0!H`Q&`000(`_0`*`!`` M```8`!(```"]`!(`$``!`!H`(,_@0!H`R```00(`_0`*`!$````8`!,```"] M`!(`$0`!`!H`(&4901H`2+L700(`_0`*`!(````8`!0```"]`!(`$@`!`!H` MSN\-`1H`1MDU`0(`_0`*`!,````8`!4```"]`!(`$P`!`!H``+WX0!H`T$C\ M0`(`_0`*`!0````6`!8```#]``H`%0```!@`%P```+T`$@`5``$`&@``;JU` M&@``+J5``@#]``H`%@```!@`&````+T`$@`6``$`&@#6YBT!&@`Z;P$!`@#] M``H`%P```!@`&0```+T`$@`7``$`&@"`+1/!&@!`9NS``@#]``H`&````!@` M&@```+T`$@`8``$`&@`@L%%!&@">&OX``@#]``H`&0```!@`&P```+T`$@`9 M``$`&@!P&?C`&@"HZ@7!`@#]``H`&@```!@`'````+T`$@`:``$`&@"F^Q0! M&@!*)?,``@#]``H`&P```!@`'0```+T`$@`;``$`&@#HE0M!&@!8^PI!`@#] M``H`'````!@`'@```+T`$@`<``$`&@":QB(!&@#VH@`!`@#]``H`'0```!@` M'P```+T`$@`=``$`&@"FY38"&@!NCCT"`@#]``H`'@```!L`(````+X`"@`> M``$`'``<``(`_0`*`!\````6`!8```#7`$0`I@8``&P"#@`J`"0`)``D`"0` M)``D`"0`)``D`"0`#@`D`"0`)``D`"0`)``D``X`)``D`"0`)``D`"0`)``D M`"0`'``(`A``(`````(`_P````````$/``@"$``A`````@#_`````````0\` M"`(0`"(````"`/\````````!#P`(`A``(P``````_P````````$/``@"$``D M`````@#_`````````0\`"`(0`"4````"`/\````````!#P#]``H`(````!@` M(0```+T`$@`@``$`&@``X(5`&@``X(5``@#]``H`(0```!@`&@```+T`$@`A M``$`&@``X(5`&@``X(5``@#]``H`(@```!L`(@```+X`"@`B``$`'``<``(` M_0`*`",````6`!8```#]``H`)````!@`(0```+T`$@`D``$`&@```&=`&@`` M`&=``@#]``H`)0```!@`&@```+T`$@`E``$`&0```&=`&0```&=``@#7`!`` M,@$``&0`)``D`!P`#@`D`#X"$@"V!@````!```````````````"@``0`9`!D M`!T`#P`#`````````0````````#O``8````W````"@````D($```!A``1AC- M!\&````&`@``"P(4````````````&`````````#$L0$`#0`"``$`#``"`&0` M#P`"``$`$0`"````$``(`/RI\=)-8E`_7P`"``$`*@`"````*P`"````@@`" M``$`@``(````````````)0($````_P"!``(`P004````%0```(,``@```(0` M`@```*$`(@`)`&0``0`!``$`1@!8`E@"````````X#\```````#@/P$`50`" M``@`?0`,``````"V/`\````$`'T`#``!``(`MA@/````!`!]``P``P#_`"0) M#P````0```(.```````8```````#````"`(0`````````/\````````!#P`( M`A```0````(`_P````````$/``@"$``"``````#_`````````0\`"`(0``,` M```"`/\````````!#P`(`A``!`````(`_P````````$/``@"$``%`````@#_ M`````````0\`"`(0``8````"`/\````````!#P`(`A``!P````(`_P`````` M``$/``@"$``(`````@#_`````````0\`"`(0``D````"`/\````````!#P`( M`A``"@````(`_P````````$/``@"$``+``````#_`````````0\`"`(0``P` M```"`/\````````!#P`(`A``#0````(`_P````````$/``@"$``.`````@#_ M`````````0\`"`(0``\````"`/\````````!#P`(`A``$`````(`_P`````` M``$/``@"$``1`````@#_`````````0\`"`(0`!(``````/\````````!#P`( M`A``$P````(`_P````````$/``@"$``4`````@#_`````````0\`"`(0`!4` M```"`/\````````!#P`(`A``%@````(`_P````````$/``@"$``7`````@#_ M`````````0\`_0`*```````7`",```#]``H``0```!<`)````/T`"@`!``$` M%P`"````_0`*``$``@`7``,```#]``H``@```!8`)0```/T`"@`#````&``F M````O0`2``,``0`9`'[@3@`9`/"Q,4$"`/T`"@`$````&``G````O0`2``0` M`0`9````\#\9````\#\"`/T`"@`%````&``H````O0`2``4``0`:`("H2$$: M`("H2$$"`/T`"@`&````&``I````O0`2``8``0`=``$`\#\=``$`\#\"`/T` M"@`'````&``J`````P(.``<``0`:`````,`+6L9!`P(.``<``@`:`````,`+ M6L9!_0`*``@````8`"L```"]`!(`"``!`!H`XB_161H`-G&A0`(`_0`*``D` M```8`"P```"]`!(`"0`!`!H`XB_161H`-G&A0`(`_0`*``H````;`"````"^ M``H`"@`!`!P`'``"`/T`"@`+````%@`E````_0`*``P````8`"<```"]`!(` M#``!`!D```#P/QD```#P/P(`_0`*``T````8`"@```"]`!(`#0`!`!H`P%PE M01H`P%PE00(`_0`*``X````8`"T```"]`!(`#@`!`!H`P%PE01H`P%PE00(` M_0`*``\````8`"X```"]`!(`#P`!`!H`P%PE01H`P%PE00(`_0`*`!`````8 M`"\```"]`!(`$``!`!H`P%P%01H`P%P%00(`_0`*`!$````;`"(```"^``H` M$0`!`!P`'``"`/T`"@`2````%@`E````_0`*`!,````8`"<```"]`!(`$P`! M`!D```#P/QD```#P/P(`_0`*`!0````8`"@```"]`!(`%``!`!H``'8&01H` M`'8&00(`_0`*`!4````8`"T```"]`!(`%0`!`!H``'8&01H``'8&00(`_0`* M`!8````8`"X```"]`!(`%@`!`!H``'8&01H``'8&00(`_0`*`!<````8`"\` M``"]`!(`%P`!`!D`@!,<01D`@!,<00(`UP`T`.P$``#,`0X`*@`.`"0`)``D M`"0`,@`D`"0`'``.`"0`)``D`"0`)``<``X`)``D`"0`)``^`A(`M@`````` M0```````````````H``$`&0`9``=``\``P````````$`````````[P`&```` M-P````H````)"!````80`$88S0?!@```!@(```L"&````````````#8````` M````Q;H!`(/``0`-``(``0`,``(`9``/``(``0`1``(````0``@`_*GQTDUB M4#]?``(``0`J``(````K``(```""``(``0"```@````````````E`@0```#_ M`($``@#!!!0````5````@P`"````A``"````H0`B``D`9``!``$``0!&`%@" M6`(```````#@/P```````.`_`0!5``(`"`!]``P``````+8\#P````0`?0`, M``$`!`"V&`\````$`'T`#``%`/\`)`D/````!````@X``````#8```````4` M```(`A``````````_P````````$/``@"$``!````!`#_`````````0\`"`(0 M``(``````/\````````!#P`(`A```P````0`_P````````$/``@"$``$```` M``#_`````````0\`"`(0``4````$`/\````````!#P`(`A``!@````0`_P`` M``````$/``@"$``'````!`#_`````````0\`"`(0``@````#`/\````````! M#P`(`A``"0````0`_P````````$/``@"$``*````!`#_`````````0\`"`(0 M``L````$`/\````````!#P`(`A``#`````0`_P````````$/``@"$``-```` M!`#_`````````0\`"`(0``X````$`/\````````!#P`(`A``#P````0`_P`` M``````$/``@"$``0````!`#_`````````0\`"`(0`!$````$`/\````````! M#P`(`A``$@````0`_P````````$/``@"$``3````!`#_`````````0\`"`(0 M`!0````$`/\````````!#P`(`A``%0``````_P````````$/``@"$``6```` M`P#_`````````0\`"`(0`!<````#`/\````````!#P`(`A``&`````0`_P`` M``````$/``@"$``9`````P#_`````````0\`"`(0`!H````$`/\````````! M#P`(`A``&P``````_P````````$/``@"$``<````!`#_`````````0\`"`(0 M`!T````#`/\````````!#P`(`A``'@````0`_P````````$/``@"$``?```` M!`#_`````````0\`_0`*```````7`#````#]``H``0```!<`,0```/T`"@`! M``$`%P`R````_0`*``$``@`7`#,```#]``H``0`#`!<`-````/T`"@`!``0` M%P`U````_0`*``(````6`#8```#]``H``P```!@`-P```+T`'@`#``$`&0!P M;`=!&0``,`=!&0!F&2,`&0#.2"(`!`#]``H`!````!8`.````/T`"@`%```` M&``Y````O0`>``4``0`:``"JK,`:``#PJ<`:```BQ,`:```FP\`$`/T`"@`& M````&``Z````O0`>``8``0`:`,!-W,`:`,!MU\`:`)"\\\`:`(!&\<`$`/T` M"@`'````&``[````O0`>``<``0`:``#YV,`:`(`KVL`:`/"Y\\`:`##T\L`$ M`/T`"@`(````&``\````?@(*``@``P`:``!JZ,#]``H`"0```!@`/0```+T` M'@`)``$`&@``1JU`&@``$+1`&@"`L<9`&@``D%`!`#]``H`"P```!@` M/P```+T`'@`+``$`&@"`)>O`&@"@XNG`&@`P@@3!&@`XJ@+!!`#]``H`#``` M`!@`0````+T`'@`,``$`&@!`3]O`&@#`W]W`&@"07_3`&@`0EO/`!`#]``H` M#0```!@`00```+T`'@`-``$`&@``"L)`&@``M+M`&@"`V-5`&@"@N^=`!`#] M``H`#@```!@`0@```+T`'@`.``$`&@``'[%`&@``K)G`&@``0'U`&@``-)W` M!`#]``H`#P```!@`0P```+T`'@`/``$`&@#@HNK`&@#@Q.G`&@"XC@+!&@!X MD@/!!`#]``H`$````!@`1````+T`'@`0``$`'@!`C-9`'@``>-9`'@"`3LQ` M'@#P[?E`!`#]``H`$0```!@`10```+T`'@`1``$`&@``\)%`&@``&,C`&@`` M-JM`&@``(-3`!`#]``H`$@```!@`1@```+T`'@`2``$`&@"`$,)`&@``>-=` M&@!`5]I`&@`PZ/)`!`#]``H`$P```!@`1P```+T`'@`3``$`&@``><%`&@!0 M*/-`&@``ZJE`&@``V0!!!`#]``H`%````!@`2````+T`'@`4``$`&@``((1` M&@``UJ5`&@``3*!`&@!`$=1`!`#]``H`%0```!8`20```/T`"@`6````&``& M````?@(*`!8``P`:``!HH,#]``H`%P```!@`2@```'X""@`7``,`&@!`T^/` M_0`*`!@````8`$L```"]`!@`&``"`!H```ZWP!H`0.'`!H` M`0`>`(`(Y4`>`"#?^D`>`Y\`>`&0)$T$$`/T`"@`;````%@!.````_0`* M`!P````8`$\```"]`!X`'``!`!H```!/0!H``'B`0!H````VP!H``-"V0`0` M_0`*`!T````8`%````!^`@H`'0`#`!H```!4P/T`"@`>````&`!1````O0`> M`!X``0`:````,D`:`(`TP4`:``!0>D`:`("=PD`$`/T`"@`?````&`!2```` MO0`>`!\``0`>````5$`>```\PD`>``#P`(`%SD`$`-<`1`""!P``;`(. M`$8`#@`P``X`,``P`#``'``P`#``,``P`#``,``P`#``,``P`#``,``.`!P` M'``J`!P`,``.`#``'``P``@"$``@````!`#_`````````0\`"`(0`"$````# M`/\````````!#P`(`A``(@````0`_P````````$/``@"$``C````!`#_```` M`````0\`"`(0`"0````$`/\````````!#P`(`A``)0````0`_P````````$/ M``@"$``F````!`#_`````````0\`"`(0`"<````$`/\````````!#P`(`A`` M*`````0`_P````````$/``@"$``I``````#_`````````0\`"`(0`"H````$ M`/\````````!#P`(`A``*P````0`_P````````$/``@"$``L``````#_```` M`````0\`"`(0`"T````$`/\````````!#P`(`A``+@````0`_P````````$/ M``@"$``O``````#_`````````0\`"`(0`#`````$`/\````````!#P`(`A`` M,0````0`_P````````$/``@"$``R``````#_`````````0\`"`(0`#,````$ M`/\````````!#P`(`A``-`````0`_P````````$/``@"$``U````!`#_```` M`````0\`_0`*`"`````8`%,```"]`!@`(``"`!H``)"20!H````Z0!H``)"2 M0`0`_0`*`"$````8`%0```!^`@H`(0`!`!H``,!;P'X""@`A``,`&@``P%O` M_0`*`"(````8`%4```!^`@H`(@`!`!H``,""0+T`$@`B``,`&@``UJ!`&@`` M6()`!`#]``H`(P```!@`5@```+T`'@`C``$`'@``D'Y`'@``D))`'@``+*!` M'@``O)M`!`#]``H`)````!@`5P```+T`'@`D``$`'@"@3^5`'@#@-`'@"` M@OI`'@#@9NO`'@#$91)!!`#]``H`)P```!@`6@```+T`'@`G``$`&@``%\?` M&@``%\?`&@!`4>'`&@!`4>'`!`#]``H`*````!@`6P```+T`'@`H``$`&@"` MG]M`&@"@G_=`&@`07/;`&@"<.Q!!!`#]``H`*0```!8`7````/T`"@`J```` M&`!=`````P(.`"H``0`=`.Q1N!Z%Z[$_O0`8`"H``@`=``$`04`=``$`.\`= M``'`6$`$`/T`"@`K````&`!>`````P(.`"L``0`=`.Q1N!Z%Z[$_O0`8`"L` M`@`=``$`04`=``$`.\`=``&`6$`$`/T`"@`L````%@!?````_0`*`"T````8 M`%T````#`@X`+0`!`!T`[%&X'H7KL3^]`!@`+0`"`!T``0!#0!T``0`[P!T` M`4!:0`0`_0`*`"X````8`%X````#`@X`+@`!`!T`[%&X'H7KL3^]`!@`+@`" M`!T``8!"0!T``0`[P!T```#,``0`:`("+VT`:`&!A]4`: M``!P]L`:`.B^#D$$`/T`"@`T````&`!2````O0`>`#0``0`:````5$`:``#R MP4`:``#P`#4``0`?`("?VT`? M`*"?]T`?`!!<]L`?`)P[$$$$`-<`,`!V!0``I`$J`"H`,@`P`#``,``P`#`` M,``.`#P`/``.`#P`/``.`#``,``.`#``,``^`A(`M@``````0``````````` M````H``$`&0`9``=``\``P````````$`````````[P`&````-P````H````) M"!````80`$88S0?!@```!@(```L"%`````````````0`````````W,(!``T` M`@`!``P``@!D``\``@`!`!$``@```!``"`#\J?'236)0/U\``@`!`"H``@`` M`"L``@```((``@`!`(``"````````````"4"!````/\`@0`"`,$$%````!4` M``"#``(```"$``(```"A`"(`"0!D``$``0`!`$8`6`)8`@```````.`_```` M````X#\!`%4``@`(`'T`#```````MCP/````!`!]``P``0`$`+88#P````0` M?0`,``4`_P`D"0\````$```"#@``````!```````!0````@"$`````````#_ M`````````0\`"`(0``$````$`/\````````!#P`(`A```@``````_P`````` M``$/``@"$``#````!`#_`````````0\`_0`*```````7`&4```#]``H``0`` M`!<``0```/T`"@`!``$`%P`R````_0`*``$``@`7`#,```#]``H``0`#`!<` M-````/T`"@`!``0`%P`U````_0`*``(````6`&8```#]``H``P```!@`9P`` M`+T`'@`#``$`&0``T'I`&0``')U`&0``N)5`&0"`P``,``0`9`*!/Y4`9`.!P_4`9`,"KYL`9`$P5%$$$`/T`"@`$ M````%@!K````_0`*``4````8`&P```"]`!X`!0`!`!H`0&G70!H``/CBP!H` M@,KG0!H`L$;QP`0`_0`*``8````8`&T```"]`!X`!@`!`!H``$!D0!H``(!W M0!H```!&0!H``.!SP`0`_0`*``<````8`&X```"]`!X`!P`!`!H`P,/E0!H` M0-C40!H`@$/20!H``%S80`0`_0`*``@````8`&\```"]`!X`"``!`!X`4,;P M0!X`P+G0P!X`X'CP0!X`((?FP`0`_0`*``D````8`'````"]`!X`"0`!`!X` M(&[[0!X`<$+Y0!X``(S40!X`:$01000`_0`*``H````8`'$```"]`!X`"@`! M`!H``+230!H``!?*P!H``+"L0!H`P'+/H.000`UP`<`.`"``#<``X`1@`. M`#``#@`P`#``,``P`#``,``^`A(`M@``````0```````````````H``$`&0` M9``=``\``P````````$`````````[P`&````-P````H````)"!````80`$88 MS0?!@```!@(```L"'````````````%(`````````W,X!`*35`0!TV0$`#0`" M``$`#``"`&0`#P`"``$`$0`"````$``(`/RI\=)-8E`_7P`"``$`*@`"```` M*P`"````@@`"``$`@``(````````````)0($````_P"!``(`P004````%0`` M`(,``@```(0``@```*$`(@`)`&0``0`!``$`1@!8`E@"````````X#\````` M``#@/P$`50`"``@`?0`,``````"V/`\````$`'T`#``!``(`MA@/````!`!] M``P``P#_`"0)#P````0```(.``````!2```````#````"`(0`````````/\` M```````!#P`(`A```0````(`_P````````$/``@"$``"`````@#_```````` M`0\`"`(0``,````"`/\````````!#P`(`A``!```````_P````````$/``@" M$``%`````@#_`````````0\`"`(0``8``````/\````````!#P`(`A``!P`` M``(`_P````````$/``@"$``(`````@#_`````````0\`"`(0``D````"`/\` M```````!#P`(`A``"@````(`_P````````$/``@"$``+`````@#_```````` M`0\`"`(0``P````"`/\````````!#P`(`A``#0````(`_P````````$/``@" M$``.`````@#_`````````0\`"`(0``\````"`/\````````!#P`(`A``$``` M``(`_P````````$/``@"$``1`````@#_`````````0\`"`(0`!(````"`/\` M```````!#P`(`A``$P````$`_P````````$/``@"$``4`````@#_```````` M`0\`"`(0`!4````"`/\````````!#P`(`A``%@``````_P````````$/``@" M$``7`````@#_`````````0\`"`(0`!@``````/\````````!#P`(`A``&0`` M``(`_P````````$/``@"$``:`````@#_`````````0\`"`(0`!L````"`/\` M```````!#P`(`A``'`````(`_P````````$/``@"$``=``````#_```````` M`0\`"`(0`!X````"`/\````````!#P`(`A``'P````(`_P````````$/`/T` M"@``````%P!S````_0`*``$````7``$```#]``H``0`!`!<`-````/T`"@`! M``(`%P`U````_0`*``(````8`'0```"]`!(``@`!`!D`]J(``1D`UG;^``(` M_0`*``,````8`'4```"]`!(``P`!`!H`0$;30!H`T.'U0`(`_0`*``0````6 M`'8```#]``H`!0```!@`=P```+T`$@`%``$`&@#`J^;`&@!,%11!`@#]``H` M!@```!8`>````/T`"@`'````&`!Y````O0`2``<``0`:`(#*YT`:`+!&\<`" M`/T`"@`(````&`!Z````O0`2``@``0`:````1D`:``#@<\`"`/T`"@`)```` M&`!N````O0`2``D``0`:`(!#TD`:``!P```+T`$@`+``$`&@``I++`&@``!KW` M`@#]``H`#````!@`?````+T`$@`,``$`&@"X9PC!&@"PR17!`@#]``H`#0`` M`!@`?0```+T`$@`-``$`&@``\+?`&@"`A-'``@#]``H`#@```!@`?@```+T` M$@`.``$`&@``@%]`&@``X(A``@#]``H`#P```!@`?P```+T`$@`/``$`&@"8 MXR5!&@!4_!A!`@#]``H`$````!@`@````+T`$@`0``$`&@``D[%`&@`@/>5` M`@#]``H`$0```!@`@0```+T`$@`1``$`&@``J+Y`&@``J,)``@#]``H`$@`` M`!@`@@```+T`$@`2``$`&@":QB(!&@!*(QH!`@#]``H`$P```!@`@P```'X" M"@`3``$`&@``H'7`_0`*`!0````;`(0```"^``H`%``!`!P`'``"`/T`"@`5 M````&`!T````O0`2`!4``0`:`$!F[,`:`"CY!4$"`/T`"@`6````%@!V```` M_0`*`!<````8`'<```"]`!(`%P`!`!H`X&;KP!H`Q&4200(`_0`*`!@````6 M`'@```#]``H`&0```!@`?````+T`$@`9``$`&@"X9PC!&@"PR17!`@#]``H` M&@```!@`@@```+T`$@`:``$`&@"`+1/!&@"@8OY``@#]``H`&P```!L`A0`` M`+X`"@`;``$`'``<``(`_0`*`!P````8`'0```"]`!(`'``!`!H`J.H%P1H` M8$+@0`(`_0`*`!T````6`'@```#]``H`'@```!@`>0```+T`$@`>``$`&@"` MRN=`&@"P1O'``@#]``H`'P```!@`>@```+T`$@`?``$`&@```$9`&@``X'/` M`@#7`$0`8@8``&P"#@`J`"0`)``.`"0`#@`D`"0`)``<`"0`)``D`"0`)``D M`"0`)``<`!P`)``.`"0`#@`D`"0`'``D``X`)``(`A``(`````(`_P`````` M``$/``@"$``A`````@#_`````````0\`"`(0`"(````"`/\````````!#P`( M`A``(P````(`_P````````$/``@"$``D`````@#_`````````0\`"`(0`"4` M```"`/\````````!#P`(`A``)@``````_P````````$/``@"$``G`````@#_ M`````````0\`"`(0`"@````"`/\````````!#P`(`A``*0````(`_P`````` M``$/``@"$``J`````@#_`````````0\`"`(0`"L````"`/\````````!#P`( M`A``+```````_P````````$/``@"$``M`````@#_`````````0\`"`(0`"X` M```"`/\````````!#P`(`A``+P````(`_P````````$/``@"$``P`````@#_ M`````````0\`"`(0`#$````"`/\````````!#P`(`A``,@````(`_P`````` M``$/``@"$``S``````#_`````````0\`"`(0`#0````"`/\````````!#P`( M`A``-0``````_P````````$/``@"$``V`````@#_`````````0\`"`(0`#<` M```"`/\````````!#P`(`A``.`````(`_P````````$/``@"$``Y`````@#_ M`````````0\`"`(0`#H````"`/\````````!#P`(`A``.P````(`_P`````` M``$/``@"$``\`````@#_`````````0\`"`(0`#T````"`/\````````!#P`( M`A``/@````(`_P````````$/``@"$``_`````@#_`````````0\`_0`*`"`` M```8`&X```"]`!(`(``!`!H`@$_?0!H`P.'60`(`_0`*`"$````8`((```"] M`!(`(0`!`!H`````/T`"@`G````&`!_````O0`2 M`"<``0`:``!PD$`:``#`7$`"`/T`"@`H````&`"`````O0`2`"@``0`:```` M$$`:````,T`"`/T`"@`I````&`""````O0`2`"D``0`:``!NK4`:``#,I$`" M`/T`"@`J````&P"(````O@`*`"H``0`<`!P``@#]``H`*P```!@`=````+T` M$@`K``$`&@`Z;P$!&@`6=>```@#]``H`+````!8`>````/T`"@`M````&`!_ M````O0`2`"T``0`:`&#;)4$:`(CZ&$$"`/T`"@`N````&`"`````O0`2`"X` M`0`:``"/L4`:`,`ZY4`"`/T`"@`O````&`"!````O0`2`"\``0`:``"HOD`: M``"HPD`"`/T`"@`P````&`""````O0`2`#```0`:`-;F+0$:`#:L_``"`/T` M"@`Q````&P")````O@`*`#$``0`<`!P``@#]``H`,@```!@`=````+T`$@`R M``$`&@!*)?,`&@!&K^T``@#]``H`,P```!8`=@```/T`"@`T````&`!W```` MO0`2`#0``0`:`.!FZ\`:`,1E$D$"`/T`"@`U````%@!X````_0`*`#8````8 M`'D```"]`!(`-@`!`!H`@,KG0!H`L$;QP`(`_0`*`#<````8`'H```"]`!(` M-P`!`!H```!&0!H``.!SP`(`_0`*`#@````8`&X```"]`!(`.``!`!H`@$_? M0!H`P.'60`(`_0`*`#D````8`'P```"]`!(`.0`!`!H`N&<(P1H`L,D5P0(` M_0`*`#H````8`'\```"]`!(`.@`!`!H`F.,E01H`5/P800(`_0`*`#L````8 M`(````"]`!(`.P`!`!H``).Q0!H`(#WE0`(`_0`*`#P````8`($```"]`!(` M/``!`!H``*B^0!H``*C"0`(`_0`*`#T````8`((```"]`!(`/0`!`!H`IOL4 M`1H`"IP#`0(`_0`*`#X````;`(H```"^``H`/@`!`!P`'``"`/T`"@`_```` M&`!T````O0`2`#\``0`:`%C["D$:`)#'$$$"`-<`1`"`!@``;`(D`"0`'``D M`!P`)``.`"0`)``D`!P`)``.`"0`)``D`"0`'``D``X`)``.`"0`)``D`"0` M)``D`"0`)``<``@"$`!``````@#_`````````0\`"`(0`$$``````/\````` M```!#P`(`A``0@````(`_P````````$/``@"$`!#``````#_`````````0\` M"`(0`$0````"`/\````````!#P`(`A``10````(`_P````````$/``@"$`!& M`````@#_`````````0\`"`(0`$<````"`/\````````!#P`(`A``2`````(` M_P````````$/``@"$`!)`````0#_`````````0\`"`(0`$H````"`/\````` M```!#P`(`A``2P``````_P````````$/``@"$`!,`````@#_`````````0\` M"`(0`$T``````/\````````!#P`(`A``3@````(`_P````````$/``@"$`!/ M`````@#_`````````0\`"`(0`%`````"`/\````````!#P`(`A``40````(` M_P````````$/`/T`"@!`````&`!U````O0`2`$```0`:`$!&TT`:`-#A]4`" M`/T`"@!!````%@!V````_0`*`$(````8`'<```"]`!(`0@`!`!H`@.S"0!H` M@/C:0`(`_0`*`$,````6`'@```#]``H`1````!@`;@```+T`$@!$``$`&@`` M&,K`&@``I)=``@#]``H`10```!@`>P```+T`$@!%``$`&@``I++`&@``!KW` M`@#]``H`1@```!@`?0```+T`$@!&``$`&@``\+?`&@"`A-'``@#]``H`1P`` M`!@`?@```+T`$@!'``$`&@``@%]`&@``X(A``@#]``H`2````!@`@@```+T` M$@!(``$`&@#HE0M!&@!`AQ9!`@#]``H`20```!@`@P```'X""@!)``$`&@`` MH'7`_0`*`$H````;`(L```"^``H`2@`!`!P`'``"`/T`"@!+````%@!V```` M_0`*`$P````8`'<```"]`!(`3``!`!H`P*OFP!H`3!4400(`_0`*`$T````6 M`'@```#]``H`3@```!@`>0```+T`$@!.``$`&@"`RN=`&@"P1O'``@#]``H` M3P```!@`>@```+T`$@!/``$`&@```$9`&@``X'/``@#]``H`4````!@`;@`` M`+T`$@!0``$`&@"`0])`&@``7-A``@#]``H`40```!@`<````+T`$@!1``$` M&0``C-1`&0!H1!%!`@#7`"@`B`,``%0!)``.`"0`#@`D`"0`)``D`"0`'``< M``X`)``.`"0`)``D`#X"$@"V``````!```````````````"@``0`9`!D`!T` M#P`#`````````0````````#O``8````W````"@````D($```!A``1AC-!\&` M```&`@``"P(4````````````"@````````#3W`$`#0`"``$`#``"`&0`#P`" M``$`$0`"````$``(`/RI\=)-8E`_7P`"``$`*@`"````*P`"````@@`"``$` M@``(````````````)0($````_P"!``(`P004````%0```(,``@```(0``@`` M`*$`(@`)`&0``0`!``$`1@!8`E@"````````X#\```````#@/P$`50`"``@` M?0`,``````"V/`\````$`'T`#``!``(`MA@/````!`!]``P``P#_`"0)#P`` M``0```(.```````*```````#````"`(0`````````/\````````!#P`(`A`` M`0````(`_P````````$/``@"$``"``````#_`````````0\`"`(0``,````" M`/\````````!#P`(`A``!`````(`_P````````$/``@"$``%``````#_```` M`````0\`"`(0``8````"`/\````````!#P`(`A``!P````(`_P````````$/ M``@"$``(``````#_`````````0\`"`(0``D````"`/\````````!#P#]``H` M`````!<`C`````$"!@`!````%P#]``H``0`!`!<`-````/T`"@`!``(`%P`U M````_0`*``(````6`(T```#]``H``P```!@`C@````,"#@`#``$`'0#L4;@> MA>OA/WX""@`#``(`'0`!`%]`_0`*``0````;`"````"^``H`!``!`!P`'``" M`/T`"@`%````%@"-````_0`*``8````8`(\````#`@X`!@`!`!T`WG&*CN3R M\S\#`@X`!@`"`!T`WG&*CN3R\S_]``H`!P```!L`(@```+X`"@`'``$`'``< M``(`_0`*``@````6`(T```#]``H`"0```!@`CP````,"#@`)``$`'0!5P:BD M3D#W/P,"#@`)``(`'0!5P:BD3D#W/]<`&`#P`0``M``.`"8`#@`N`!P`#@`R M`!P`#@`^`A(`M@``````0```````````````H``$`&0`9``=``\``P`````` M``$`````````[P`&````-P````H````)"!````80`$88S0?!@```!@(```L" M&````````````#<`````````Q.0!`/CI`0`-``(``0`,``(`9``/``(``0`1 M``(````0``@`_*GQTDUB4#]?``(``0`J``(````K``(```""``(``0"```@` M```````````E`@0```#_`($``@#!!!0````5````@P`"````A``"````H0`B M``D`9``!``$``0!&`%@"6`(```````#@/P```````.`_`0!5``(`"`!]``P` M`````+8\#P````0`?0`,``$``@"V&`\````$`'T`#``#`/\`)`D/````!``` M`@X``````#<```````,````(`A``````````_P````````$/``@"$``!```` M`@#_`````````0\`"`(0``(``````/\````````!#P`(`A```P````(`_P`` M``````$/``@"$``$``````#_`````````0\`"`(0``4````"`/\````````! M#P`(`A``!@````$`_P````````$/``@"$``'`````@#_`````````0\`"`(0 M``@````"`/\````````!#P`(`A``"0````(`_P````````$/``@"$``*```` M`@#_`````````0\`"`(0``L````"`/\````````!#P`(`A``#`````(`_P`` M``````$/``@"$``-`````@#_`````````0\`"`(0``X````"`/\````````! M#P`(`A``#P````(`_P````````$/``@"$``0`````@#_`````````0\`"`(0 M`!$````"`/\````````!#P`(`A``$@``````_P````````$/``@"$``3```` M`@#_`````````0\`"`(0`!0````"`/\````````!#P`(`A``%0````(`_P`` M``````$/``@"$``6`````@#_`````````0\`"`(0`!<````"`/\````````! M#P`(`A``&`````(`_P````````$/``@"$``9`````@#_`````````0\`"`(0 M`!H````"`/\````````!#P`(`A``&P````(`_P````````$/``@"$``<```` M`@#_`````````0\`"`(0`!T````"`/\````````!#P`(`A``'@````(`_P`` M``````$/``@"$``?`````@#_`````````0\`_0`*```````7`)````#]``H` M`0```!<``0```/T`"@`!``$`%P`T````_0`*``$``@`7`#4```#]``H``@`` M`!8`D0```/T`"@`#````&`"2````O0`2``,``0`9`,"KYL`9`$P5%$$"`/T` M"@`$````%@"3````_0`*``4````8`#\```"]`!(`!0`!`!H`J(,$01H`&,`" M00(`_0`*``8````8`)0```!^`@H`!@`!`!H```!L0/T`"@`'````&`"5```` MO0`2``<``0`:`)@U`D$:``#WPD`"`/T`"@`(````&`"6````O0`2``@``0`: M```HJ\`:``"YX,`"`/T`"@`)````&`"7````O0`2``D``0`:``!LIL`:```5 MQL`"`/T`"@`*````&`"8````O0`2``H``0`:``#JJ<`:``#9`,$"`/T`"@`+ M````&`!&````O0`2``L``0`:`(#3R<`:`)!B\<`"`/T`"@`,````&`"9```` MO0`2``P``0`:`)`)]D`:`&!E"4$"`/T`"@`-````&`":````?@(*``T``@`: M```@GL#]``H`#@```!@`FP```+T`$@`.``$`&@"`U,'`&@"`4=#``@#]``H` M#P```!@`G````+T`$@`/``$`&@!@0>)`&@`@.>9``@#]``H`$````!@`G0`` M`+T`$@`0``$`&@!@U.7`&@``E[I``@#]``H`$0```!@`G@```+T`$@`1``$` M'@!PIA-!'@`<01U!`@#]``H`$@```!8`GP```/T`"@`3````&`"@````O0`2 M`!,``0`:`)`/\\`:`+C!",$"`/T`"@`4````&`"A````O0`2`!0``0`:`&!H M_,`:`&3\$L$"`/T`"@`5````&`"B````?@(*`!4``@`:`"P<$,']``H`%@`` M`!@`HP```+T`$@`6``$`&@"0._%`&@"`?NE``@#]``H`%P```!@`I````'X" M"@`7``(`&@``I-]`_0`*`!@````8`*4```"]`!(`&``!`!H`H('VP!H`8`L` MP0(`_0`*`!D````8`*8```"]`!(`&0`!`!H`$(?S0!H`S0!H`0,G00`(`UP!$`(X&``!L`@X`*@`. M`"0`#@`D`!P`)``D`"0`)``D`"0`'``D`"0`)``D``X`)``D`!P`)``<`"0` M)``D`"0`)``D`"0`"`(0`"`````"`/\````````!#P`(`A``(0````(`_P`` M``````$/``@"$``B`````@#_`````````0\`"`(0`",``````/\````````! M#P`(`A``)`````(`_P````````$/``@"$``E`````@#_`````````0\`"`(0 M`"8````"`/\````````!#P`(`A``)P````(`_P````````$/``@"$``H```` M`@#_`````````0\`"`(0`"D````"`/\````````!#P`(`A``*@````$`_P`` M``````$/``@"$``K`````@#_`````````0\`"`(0`"P````"`/\````````! M#P`(`A``+0````(`_P````````$/``@"$``N`````@#_`````````0\`"`(0 M`"\````"`/\````````!#P`(`A``,`````(`_P````````$/``@"$``Q```` M`@#_`````````0\`"`(0`#(````"`/\````````!#P`(`A``,P````(`_P`` M``````$/``@"$``T`````@#_`````````0\`"`(0`#4````"`/\````````! M#P`(`A``-@````(`_P````````$/`/T`"@`@````&`"L````O0`2`"```0`: M```QVD`:`)`<\D`"`/T`"@`A````&`"M````O0`2`"$``0`:`,"`$#6ZL`>`"B:(\$"`/T`"@`C M````%@"O````_0`*`"0````8`+````"]`!(`)``!`!H`\'P$P1H`@,GMP`(` M_0`*`"4````8`+$```"]`!(`)0`!`!H``,G'P!H`@`7%P`(`_0`*`"8````8 M`+(```"]`!(`)@`!`!H`T"P/P1H`0.S6P`(`_0`*`"<````8`+,```"]`!(` M)P`!`!H`G*4801H`8#CP0`(`_0`*`"@````8`+0```"]`!(`*``!`!H`D-P) M01H`[KT@``(`_0`*`"D````8`+4````#`@X`*0`!`!H``````#Y/+,%^`@H` M*0`"`!H`V*<0P?T`"@`J````&`"V````?@(*`"H``0`:``"]'T']``H`*P`` M`!@`MP```+T`$@`K``$`&@!T*AK!&@"`A/[``@#]``H`+````!@`N````+T` M$@`L``$`&@"`2M!_0`* M``L````6`"@!``#]``H`#````!@`*0$``'X""@`,``(`&@""<]%9UP`>`&(" M``#P``X`-``.`!P`'``<`!P`'``<`!P`(``.`#X"$@"V``````!````````` M``````"@``0`9`!D`!T`#P`#`````````0````````#O``8````W````"@`` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M`````````0```/[___\#````!````/[_____________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M____________________________________________________________ M_______________________________^_P``!0("```````````````````` M```!````X(6?\OE/:!"KD0@`*R>SV3````!0`````P````$````H```````` M@#`````$````.````````````````@```+`$```3````"00``!\````(```` M`!B`'(`;````/[_```%`@(```````````````````````(````" MU XML 43 R25.xml IDEA: Taxable REIT Subsidiaries (TRS) 1.0.0.3 false Taxable REIT Subsidiaries (TRS) false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Income Tax Disclosure [Text Block] (abstract) 0 kim_IncomeTaxDisclosureTextBlockkimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Income Tax Disclosure [Text Block] 1 us-gaap_IncomeTaxDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 16.    Taxable REIT Subsidiaries (TRS) The Company is subject to federal, state and local income taxes on the income from its TRS activities, which include Kimco Realty Services ("KRS"), a wholly owned subsidiary of the Company and the consolidated entities of FNC Realty Corporation (FNC), Kimsouth and Blue Ridge Real Estate Company/Big Boulder Corporation. Income taxes have been provided for on the asset and liability method as required by the FASBs Income Taxes guidance. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of the TRS assets and liabilities. The Companys deferred tax assets and liabilities at September 30, 2009 and December 31, 2008, were as follows (in thousands): <table align="center" cellspacing="0" style="font-size:10pt"> <tr style="font-size:0"> <td width="277.4"></td> <td width="21.067"></td> <td width="137.533"></td> <td width="28.333"></td> <td width="136.867"></td> </tr> <tr> <td width="277.4" valign="top">   </td> <td width="21.067" valign="top">   </td> <td width="137.533" valign="top" style="border-bottom:1px solid #000000"> September  30, 2009 </td> <td width="28.333" valign="top">   </td> <td width="136.867" valign="top" style="border-bottom:1px solid #000000"> December 31, 2008 </td> </tr> <tr> <td width="277.4" valign="top"> Deferred tax assets: </td> <td width="21.067" valign="top">   </td> <td width="137.533" valign="bottom">   </td> <td width="28.333" valign="top">   </td> <td width="136.867" valign="bottom">   </td> </tr> <tr bgcolor="ccffff"> <td valign="top" width="277.4">    Operating losses </td> <td valign="top" width="21.067"> $ </td> <td valign="bottom" width="137.533"> 47,431 </td> <td valign="top" width="28.333"> $ </td> <td valign="bottom" width="136.867"> 48,863  </td> </tr> <tr> <td width="277.4" valign="top">    Other timing differences </td> <td width="21.067" valign="top">   </td> <td width="137.533" valign="bottom"> 96,030 </td> <td width="28.333" valign="top">   </td> <td width="136.867" valign="bottom"> 71,747  </td> </tr> <tr bgcolor="ccffff"> <td valign="top" width="277.4">    Valuation allowance </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="137.533"> (68,583) </td> <td valign="top" width="28.333">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="136.867"> (33,783) </td> </tr> <tr> <td width="277.4" valign="top"> Total deferred tax assets </td> <td width="21.067" valign="top">   </td> <td width="137.533" valign="bottom"> 74,878 </td> <td width="28.333" valign="top">   </td> <td width="136.867" valign="bottom"> 86,827  </td> </tr> <tr bgcolor="ccffff"> <td valign="top" width="277.4"> Deferred tax liabilities </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="137.533"> (13,444) </td> <td valign="top" width="28.333">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="136.867"> (2,656) </td> </tr> <tr> <td width="277.4" valign="top"> Net deferred tax assets </td> <td width="21.067" valign="top"> $ </td> <td width="137.533" valign="bottom" style="border-bottom:3px double #000000"> 61,434 </td> <td width="28.333" valign="top"> $ </td> <td width="136.867" valign="bottom" style="border-bottom:3px double #000000"> 84,171  </td> </tr> </table> Deferred tax assets and deferred tax liabilities are included in the captions Other assets and Other liabilities on the accompanying Condensed Consolidated Balance Sheets.  The valuation allowances are primarily due to (i) a $34.8 million valuation allowance against timing differences related to impairment charges in KRS and  (ii) a valuation allowance of approximately $33.8 million related to net operating loss (NOL) carry forwards that expire from 2022 through 2025 held in FNC. Other deferred tax assets and deferred tax liabilities relate primarily to differences in the timing of the recognition of income/(loss) between the GAAP and tax basis of accounting for (i) real estate joint ventures, (ii) other real estate investments, (iii) other deductible temporary differences and (iv) timing differences related to non-cash impairment charges.  The Company believes that, based on its operating strategy and consistent history of profitability, it is more likely than not that the total deferred tax assets of $74.9 million will be realized on future tax returns, primarily from the generation of future taxable income and the implementation of tax planning strategies that include the potential disposition of certain real estate assets and equity securities. 16.    Taxable REIT Subsidiaries (TRS) The Company is subject to federal, state and local income taxes on the income from its false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 44 R7.xml IDEA: Condensed Consolidated Statements Of Changes In Equity (Parenthetical) 1.0.0.3 true Condensed Consolidated Statements Of Changes In Equity (Parenthetical) (USD $) false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Condensed Consolidated Statements Of Changes In Equity (Parentheticals) 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 3 Dividends, Common Stock, Cash 2 us-gaap_CommonStockDividendsPerShareCashPaid us-gaap true na duration decimal No definition available. false false false false false false false false true 1 true true 0.56 0.56 false false 2 true true 1.24 1.24 false false No definition available. No authoritative reference available. false 5 Series F Preferred Stock [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 6 Condensed Consolidated Statements Of Changes In Equity (Parentheticals) 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 8 Dividends, Preferred Stock, Cash 2 kim_PreferredStockDividendsPerShareCashPaid kim false na duration decimal No definition available. false false false false false false false false true 1 true true 1.2468 1.2468 false false 2 true true 1.2468 1.2468 false false No definition available. No authoritative reference available. false 9 Series G Preferred Stock [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 10 Condensed Consolidated Statements Of Changes In Equity (Parentheticals) 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 12 Dividends, Preferred Stock, Cash 2 kim_PreferredStockDividendsPerShareCashPaid kim false na duration decimal No definition available. false false false false false false false false true 1 true true 1.4532 1.4532 false false 2 true true 1.4532 1.4532 false false No definition available. No authoritative reference available. false false 2 8 false UnKnown UnKnown NoRounding false true XML 45 R17.xml IDEA: Mortgages and Other Financing Receivables 1.0.0.3 false Mortgages and Other Financing Receivables false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Loans, Notes, Trade and Other Receivables Disclosure [Text Block] (abstract) 0 kim_LoansNotesTradeAndOtherReceivablesDisclosureTextBlockkimAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Loans, Notes, Trade and Other Receivables Disclosure [Text Block] 1 us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 8.    Mortgages and Other Financing Receivables During March 2009, the Company committed approximately $6.0 million as its share of a $20.0 million one-year Debtor-in-Possession (DIP) facility to an auto parts supplier.  The DIP facility bears interest at LIBOR plus 11% with a floor of 15% per annum and is collateralized by all assets of the borrower.  As of September 30, 2009, there was no outstanding balance on this facility.   During the nine months ended September 30, 2009, the Company sold a portion of its participation in two mortgage receivables, at par, aggregating approximately $6.8 million to an unaffiliated third party.   No gain or loss was recognized in connection with these transactions. During June 2009, the Company recognized a non-cash impairment charge of $3.5 million, against the carrying value of a mortgage receivable that was in default.  The Company began foreclosure proceedings on the underlying property and anticipates this process to be completed in the fourth quarter 2009.  This impairment charge reflects the decrease in the estimated fair value, based on the estimated sales price, of the collateral. 8.    Mortgages and Other Financing Receivables During March 2009, the Company committed approximately $6.0 million as its share of a $20.0 false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true -----END PRIVACY-ENHANCED MESSAGE-----


Large Accelerated filer	X	Accelerated filer

Non-accelerated filer		Smaller Reporting Company


		Three Months Ended September 30,				Nine Months Ended September 30,
		2009		2008		2009		2008
Revenues from rental property	$	191,886	$	189,952	$	575,065	$	561,715
Rental property expenses:
Rent		(3,669)		(3,320)		(10,308)		(9,804)
Real estate taxes		(28,983)		(23,991)		(80,841)		(70,760)
Operating and maintenance		(25,572)		(26,798)		(80,799)		(77,635)
Impairment of property carrying values		-		-		(50,000)		-
Mortgage and other financing income		3,747		5,136		11,619		13,602
Management and other fee income		10,173		12,959		30,397		35,816
Depreciation and amortization		(55,596)		(53,013)		(168,006)		(152,903)
General and administrative expenses		(27,965)		(30,591)		(83,449)		(80,225)
Interest, dividends and other investment income		9,236		7,092		22,370		48,605
Other income/(expense), net		4,383		(1,643)		468		(1,869)
Interest expense		(54,551)		(52,775)		(152,023)		(160,335)
Income from continuing operations before income taxes, income from other real estate investments, equity in income of joint ventures, gain on sale of development properties and impairments		23,089		23,008		14,493		106,207
Benefit/(provision) for income taxes		1,148		(12,336)		3,483		(20,608)
Income from other real estate investments		9,249		24,032		26,973		77,443
Equity in income of joint ventures, net		8,946		78,469		3,317		138,016
Gain on sale of development properties, net of tax of $429, $1,863, $1,390 and $13,699, respectively		644		2,795		2,086		20,549
Impairments:
Real estate under development		-		-		(2,100)		-
Investments in other real estate investments		-		-		(40,602)		-
Marketable securities and other investments		-		(5,902)		(29,573)		(9,710)
Investments in real estate joint ventures		-		-		(26,896)		-
Income/(loss) from continuing operations		43,076		110,066		(48,819)		311,897
Discontinued operations:
Income/(loss) from discontinued operating properties		62		527		(22)		5,840
Loss on operating properties held for sale/sold, net of tax		-		-		(80)		-
Gain on disposition of operating properties, net of tax		18		8,809		421		9,531
Income from discontinued operations		80		9,336		319		15,371
Gain on transfer of operating properties		-		1,188		26		1,188
Loss on sale of operating properties		(111)		-		(111)		-
Gain on sale of operating properties, net of tax		600		-		2,155		587
Total net gain on transfer or sale of operating properties, net of tax		489		1,188		2,070		1,775
Net income/(loss)		43,645		120,590		(46,430)		329,043
Net income attributable to noncontrolling interests		(3,537)		(12,006)		(9,689)		(27,618)
Net income/(loss) attributable to the Company		40,108		108,584		(56,119)		301,425
Preferred stock dividends		(11,822)		(11,822)		(35,466)		(35,466)
Net income/(loss) available to the Company's common shareholders	$	28,286	$	96,762	$	(91,585)	$	265,959
Per common share:
Income/(loss) from continuing operations:
-Basic	$	0.07	$	0.34	$	(0.27)	$	0.99
-Diluted	$	0.07	$	0.34	$	(0.27)	$	0.98
Net income/(loss) :
-Basic	$	0.07	$	0.38	$	(0.27)	$	1.05
-Diluted	$	0.07	$	0.37	$	(0.27)	$	1.03
Weighted average shares:
-Basic		376,559		256,164		339,018		254,286
-Diluted		378,127		258,933		339,018		257,376
Amounts attributable to the Company's common shareholders:
Income/(loss) from continuing operations, net of tax	$	28,206	$	87,574	$	(91,904)	$	251,869
Income from discontinued operations		80		9,188		319		14,090
Net income/(loss)	$	28,286	$	96,762	$	(91,585)	$	265,959


Item 1.	Financial Statements of Kimco Realty Corporation and Subsidiaries (the “Company”)

Condensed Consolidated Financial Statements -

	Condensed Consolidated Balance Sheets as of September 30, 2009 and December 31, 2008.	3

	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2009 and 2008.	4

	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2009 and 2008.	5

	Condensed Consolidated Statements of Changes in Equity for the Nine Months Ended September 30, 2009 and 2008	6

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2009 and 2008	7

Notes to Condensed Consolidated Financial Statements		8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	35

Item 4.	Controls and Procedures	36

PART II OTHER INFORMATION

Item 1.	Legal Proceedings	37

Item 1A.	Risk Factors	37

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38

Item 3.	Defaults Upon Senior Securities	38

Item 4.	Submission of Matters to a Vote of Security Holders	38

Item 5.	Other Information	38

Item 6.	Exhibits	38

Signatures		39


		September 30,		December 31,
		2009		2008
Assets:

Operating real estate, net of accumulated depreciation of $1,292,319 and $1,159,664, respectively	$	5,825,326	$	5,690,277
Investments and advances in real estate joint ventures		1,178,177		1,161,382
Real estate under development		759,964		968,975
Other real estate investments		553,799		566,324
Mortgages and other financing receivables		153,750		181,992
Cash and cash equivalents		140,757		136,177
Marketable securities		218,627		258,174
Accounts and notes receivable		106,840		97,702
Other assets		350,801		336,144
Total assets	$	9,288,041	$	9,397,147

Liabilities:
Notes payable	$	2,854,958	$	3,440,818
Mortgages payable		1,073,648		847,491
Construction loans payable		43,540		268,337
Dividends payable		34,425		131,097
Other liabilities		416,072		388,818
Total liabilities		4,422,643		5,076,561
Redeemable noncontrolling interests		101,328		115,853

Stockholders' equity:
Preferred stock, $1.00 par value, authorized 3,232,000 shares
Class F Preferred Stock, $1.00 par value, authorized 700,000 shares, issued and outstanding 700,000 shares. Aggregate liquidation preference $175,000		700		700
Class G Preferred Stock, $1.00 par value, authorized 184,000 shares, issued and outstanding 184,000 shares. Aggregate liquidation preference $460,000		184		184
Common stock, $.01 par value, authorized 750,000,000, issued and outstanding 376,720,376 and 271,080,525 shares, respectively		3,767		2,711

Paid-in capital		4,946,357		4,217,806
Cumulative distributions in excess of net income		(314,208)		(58,162)
		4,636,800		4,163,239
Accumulated other comprehensive income		(98,711)		(179,541)
Total stockholders' equity		4,538,089		3,983,698
Noncontrolling interests		225,981		221,035
Total equity		4,764,070		4,204,733
Total liabilities and equity	$	9,288,041	$	9,397,147