x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Maryland
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13-2744380
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
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ý
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Accelerated filer
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o
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Non-accelerated filer
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o
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Smaller reporting company
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o
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(Do not check if a smaller reporting company)
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Item 1.
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Financial Statements of Kimco Realty Corporation and Subsidiaries (the “Company”)
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Condensed Consolidated Financial Statements -
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||
Condensed Consolidated Balance Sheets as of June 30, 2012 and December 31, 2011
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3
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Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30, 2012 and 2011
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4
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Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2012 and 2011
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5
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Condensed Consolidated Statements of Changes in Equity for the Six Months Ended June 30, 2012 and 2011
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6
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Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2012 and 2011
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7
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Notes to Condensed Consolidated Financial Statements
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8
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Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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23
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Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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32
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Item 4.
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Controls and Procedures
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33
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PART II
OTHER INFORMATION
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||
Item 1.
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Legal Proceedings
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34
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Item 1A.
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Risk Factors
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34
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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34
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Item 6.
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Exhibits
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34
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Signatures
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35
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June 30,
2012 |
December 31,
2011 |
|||||||
Assets:
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||||||||
Operating real estate, net of accumulated depreciation of $1,743,276 and $1,693,090, respectively | $ | 7,087,796 | $ | 6,898,445 | ||||
Investments and advances in real estate joint ventures
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1,436,038 | 1,404,214 | ||||||
Real estate under development
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129,877 | 179,722 | ||||||
Other real estate investments
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340,325 | 344,131 | ||||||
Mortgages and other financing receivables
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96,150 | 102,972 | ||||||
Cash and cash equivalents
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383,729 | 112,882 | ||||||
Marketable securities
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34,439 | 33,540 | ||||||
Accounts and notes receivable
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131,487 | 149,807 | ||||||
Other assets
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390,230 | 388,803 | ||||||
Total assets
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$ | 10,030,071 | $ | 9,614,516 | ||||
Liabilities:
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||||||||
Notes payable
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$ | 3,161,028 | $ | 2,983,886 | ||||
Mortgages payable
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990,586 | 1,085,371 | ||||||
Construction loans payable
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40,002 | 45,128 | ||||||
Dividends payable
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98,883 | 92,159 | ||||||
Other liabilities
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439,424 | 432,755 | ||||||
Total liabilities
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4,729,923 | 4,639,299 | ||||||
Redeemable noncontrolling interests
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95,059 | 95,074 | ||||||
Stockholders' equity:
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||||||||
Preferred Stock, $1.00 par value, authorized 5,109,200 and 5,146,000 shares, respectively
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||||||||
Class F Preferred Stock, $1.00 par value, authorized 700,000 shares issued and
outstanding 700,000 shares Aggregate liquidation preference $175,000
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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
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184 | 184 | ||||||
Class H Preferred Stock, $1.00 par value, authorized 70,000 shares issued and
outstanding 70,000 shares Aggregate liquidation preference $175,000
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70 | 70 | ||||||
Class I Preferred Stock, $1.00 par value, authorized 18,400 and zero shares, respectively issued and
outstanding 16,000 and zero shares, respectively Aggregate liquidation preference $400,000
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16 | - | ||||||
Common Stock, $.01 par value, authorized 750,000,000 shares issued and outstanding
406,891,427 and 406,937,830 shares, respectively
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4,069 | 4,069 | ||||||
Paid-in capital
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5,880,740 | 5,492,022 | ||||||
Cumulative distributions in excess of net income
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(771,282 | ) | (702,999 | ) | ||||
5,114,497 | 4,794,046 | |||||||
Accumulated other comprehensive income
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(99,889 | ) | (107,660 | ) | ||||
Total stockholders' equity
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5,014,608 | 4,686,386 | ||||||
Noncontrolling interests
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190,481 | 193,757 | ||||||
Total equity
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5,205,089 | 4,880,143 | ||||||
Total liabilities and equity
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$ | 10,030,071 | $ | 9,614,516 |
Three Months Ended June 30,
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Six Months Ended June 30,
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|||||||||||||||
2012
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2011
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2012
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2011
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Revenues
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||||||||||||||||
Revenues from rental property
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$ | 226,709 | $ | 211,637 | $ | 447,054 | $ | 425,607 | ||||||||
Management and other fee income
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8,710 | 8,437 | 18,135 | 18,100 | ||||||||||||
Total revenues
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235,419 | 220,074 | 465,189 | 443,707 | ||||||||||||
Operating expenses
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||||||||||||||||
Rent | 2,932 | 3,807 | 6,201 | 7,101 | ||||||||||||
Real estate taxes
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29,632 | 28,141 | 59,175 | 57,562 | ||||||||||||
Operating and maintenance
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28,980 | 26,868 | 56,938 | 59,432 | ||||||||||||
General and administrative expenses
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30,973 | 29,612 | 65,404 | 59,358 | ||||||||||||
Impairment charges
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24,495 | 3,721 | 25,948 | 3,721 | ||||||||||||
Depreciation and amortization
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63,124 | 59,131 | 124,917 | 121,963 | ||||||||||||
Total operating expenses
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180,136 | 151,280 | 338,583 | 309,137 | ||||||||||||
Operating income
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55,283 | 68,794 | 126,606 | 134,570 | ||||||||||||
Other income/(expense)
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||||||||||||||||
Mortgage and other financing income
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1,985 | 1,940 | 3,992 | 3,769 | ||||||||||||
Interest, dividends and other investment income
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349 | 8,932 | 510 | 13,797 | ||||||||||||
Other income/(expense), net
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511 | 772 | (3,077 | ) | 479 | |||||||||||
Interest expense
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(57,387 | ) | (55,601 | ) | (114,881 | ) | (110,941 | ) | ||||||||
Income from other real estate investments
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416 | 447 | 1,143 | 612 | ||||||||||||
Income from continuing operations before income taxes, equity in income of joint ventures and equity in income from other real estate investments
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1,157 | 25,284 | 14,293 | 42,286 | ||||||||||||
Benefit/(provision) for income taxes, net
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4,656 | (5,640 | ) | 616 | (9,893 | ) | ||||||||||
Equity in income of joint ventures, net
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42,500 | 17,824 | 79,246 | 30,169 | ||||||||||||
Equity in income of other real estate investments, net
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14,074 | 4,831 | 25,103 | 10,335 | ||||||||||||
Income from continuing operations
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62,387 | 42,299 | 119,258 | 72,897 | ||||||||||||
Discontinued operations
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||||||||||||||||
(Loss)/income from discontinued operating properties, net of tax
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(4,285 | ) | 487 | (6,283 | ) | 4,940 | ||||||||||
Impairment/loss on operating properties sold, net of tax
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(1,037 | ) | (5,496 | ) | (8,741 | ) | (8,689 | ) | ||||||||
Gain on disposition of operating properties
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11,263 | 4,025 | 23,242 | 4,188 | ||||||||||||
Income/(loss) from discontinued operations
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5,941 | (984 | ) | 8,218 | 439 | |||||||||||
Gain on sale of operating properties, net of tax
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4,059 | - | 4,059 | - | ||||||||||||
Net income
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72,387 | 41,315 | 131,535 | 73,336 | ||||||||||||
Net income attributable to noncontrolling interests
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(3,275 | ) | (2,606 | ) | (8,785 | ) | (5,665 | ) | ||||||||
Net income attributable to the Company
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69,112 | 38,709 | 122,750 | 67,671 | ||||||||||||
Preferred stock dividends
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(20,841 | ) | (14,841 | ) | (36,415 | ) | (29,681 | ) | ||||||||
Net income available to the Company's common shareholders
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$ | 48,271 | $ | 23,868 | $ | 86,335 | $ | 37,990 | ||||||||
Per common share:
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||||||||||||||||
Income from continuing operations:
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||||||||||||||||
-Basic
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$ | 0.10 | $ | 0.06 | $ | 0.20 | $ | 0.09 | ||||||||
-Diluted
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$ | 0.10 | $ | 0.06 | $ | 0.20 | $ | 0.09 | ||||||||
Net income:
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||||||||||||||||
-Basic
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$ | 0.12 | $ | 0.06 | $ | 0.21 | $ | 0.09 | ||||||||
-Diluted
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$ | 0.12 | $ | 0.06 | $ | 0.21 | $ | 0.09 | ||||||||
Weighted average shares:
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||||||||||||||||
-Basic
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405,560 | 406,559 | 405,916 | 406,500 | ||||||||||||
-Diluted
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406,476 | 407,562 | 406,827 | 407,472 | ||||||||||||
Amounts available to the Company's common shareholders:
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||||||||||||||||
Income from continuing operations, net of tax
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$ | 42,381 | $ | 24,970 | $ | 80,399 | $ | 37,778 | ||||||||
Income/(loss) from discontinued operations
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5,890 | (1,102 | ) | 5,936 | 212 | |||||||||||
Net income
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$ | 48,271 | $ | 23,868 | $ | 86,335 | $ | 37,990 |
Three Months Ended June 30,
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Six Months Ended June 30,
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|||||||||||||||
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2012
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2011
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2012
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2011
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Net income
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$ | 72,387 | $ | 41,315 | $ | 131,535 | $ | 73,336 | ||||||||
Other comprehensive income:
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||||||||||||||||
Change in unrealized (loss)/gain on marketable securities
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(231 | ) | 1,914 | 928 | (2,129 | ) | ||||||||||
Change in unrealized gain on interest rate swaps
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179 | 128 | 372 | 259 | ||||||||||||
Change in unrealized gain on foreign currency hedge agreements
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- | 1,073 | - | - | ||||||||||||
Foreign currency translation adjustment
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(44,606 | ) | 35,003 | 9,572 | 58,032 | |||||||||||
Other comprehensive income
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(44,658 | ) | 38,118 | 10,872 | 56,162 | |||||||||||
Comprehensive income
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27,729 | 79,433 | 142,407 | 129,498 | ||||||||||||
Comprehensive income attributable to noncontrolling interests
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(3,109 | ) | (5,354 | ) | (11,886 | ) | (9,985 | ) | ||||||||
Comprehensive income attributable to the Company
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$ | 24,620 | $ | 74,079 | $ | 130,521 | $ | 119,513 |
Cumulative
Distributions in
Excess of Net
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Accumulated
Other
Comprehensive
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Preferred Stock
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Common Stock
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Paid-in
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Total
Stockholders'
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Noncontrolling
|
Total | |||||||||||||||||||||||||||||||||
Income
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Income
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Issued
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Amount
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Issued
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Amount
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Capital
|
Equity
|
Interests
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Equity
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|||||||||||||||||||||||||||||||
Balance, January 1, 2011
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$ | (515,164 | ) | $ | (23,853 | ) | 954 | $ | 954 | 406,424 | $ | 4,064 | $ | 5,469,841 | $ | 4,935,842 | $ | 225,444 | $ | 5,161,286 | ||||||||||||||||||||
Contributions from noncontrolling interests
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- | - | - | - | - | - | - | - | 952 | 952 | ||||||||||||||||||||||||||||||
Comprehensive income:
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||||||||||||||||||||||||||||||||||||||||
Net income
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67,671 | - | - | - | - | - | - | 67,671 | 5,665 | 73,336 | ||||||||||||||||||||||||||||||
Other comprehensive income, net of tax:
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||||||||||||||||||||||||||||||||||||||||
Unrealized loss on marketable securities
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- | (2,129 | ) | - | - | - | - | - | (2,129 | ) | - | (2,129 | ) | |||||||||||||||||||||||||||
Change in unrealized gain on interest rate swaps
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- | 259 | - | - | - | - | - | 259 | - | 259 | ||||||||||||||||||||||||||||||
Change in foreign currency translation adjustment
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- | 53,712 | - | - | - | - | - | 53,712 | 4,320 | 58,032 | ||||||||||||||||||||||||||||||
Redeemable noncontrolling interests
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- | - | - | - | - | - | - | - | (3,161 | ) | (3,161 | ) | ||||||||||||||||||||||||||||
Dividends ($0.36 per common share; $0.8312 per
Class F Depositary Share, $0.9688 per Class G Depositary Share and $0.8625 per Class H Depositary Share, respectively)
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(176,636 | ) | - | - | - | - | - | - | (176,636 | ) | - | (176,636 | ) | |||||||||||||||||||||||||||
Distributions to noncontrolling interests
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- | - | - | - | - | - | - | - | (4,272 | ) | (4,272 | ) | ||||||||||||||||||||||||||||
Issuance of common stock
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- | - | - | - | 438 | 5 | 4,935 | 4,940 | - | 4,940 | ||||||||||||||||||||||||||||||
Surrender of common stock
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- | - | - | - | (13 | ) | - | (244 | ) | (244 | ) | - | (244 | ) | ||||||||||||||||||||||||||
Repurchase of common stock
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- | - | - | - | (74 | ) | (1 | ) | (1,414 | ) | (1,415 | ) | - | (1,415 | ) | |||||||||||||||||||||||||
Exercise of common stock options
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- | - | - | - | 184 | 2 | 2,826 | 2,828 | - | 2,828 | ||||||||||||||||||||||||||||||
Acquisition of noncontrolling interests
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- | - | - | - | - | - | 887 | 887 | (10,589 | ) | (9,702 | ) | ||||||||||||||||||||||||||||
Amortization of equity awards
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- | - | - | - | - | - | 7,571 | 7,571 | - | 7,571 | ||||||||||||||||||||||||||||||
Balance, June 30, 2011
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$ | (624,129 | ) | $ | 27,989 | 954 | $ | 954 | 406,959 | $ | 4,070 | $ | 5,484,402 | $ | 4,893,286 | $ | 218,359 | $ | 5,111,645 | |||||||||||||||||||||
Balance, January 1, 2012
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$ | (702,999 | ) | $ | (107,660 | ) | 954 | $ | 954 | 406,938 | $ | 4,069 | $ | 5,492,022 | $ | 4,686,386 | $ | 193,757 | $ | 4,880,143 | ||||||||||||||||||||
Contributions from noncontrolling interests
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- | - | - | - | - | - | - | - | 1,201 | 1,201 | ||||||||||||||||||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||||||||||||||
Net income
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122,750 | - | - | - | - | - | - | 122,750 | 8,785 | 131,535 | ||||||||||||||||||||||||||||||
Other comprehensive income, net of tax:
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||||||||||||||||||||||||||||||||||||||||
Unrealized gain on marketable securities
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- | 928 | - | - | - | - | - | 928 | - | 928 | ||||||||||||||||||||||||||||||
Change in unrealized gain on interest rate swaps
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- | 372 | - | - | - | - | - | 372 | - | 372 | ||||||||||||||||||||||||||||||
Change in foreign currency translation adjustment
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- | 6,471 | - | - | - | - | - | 6,471 | 3,101 | 9,572 | ||||||||||||||||||||||||||||||
Redeemable noncontrolling interests
|
- | - | - | - | - | - | - | - | (3,148 | ) | (3,148 | ) | ||||||||||||||||||||||||||||
Dividends ($0.38 per common share; $0.8312 per
Class F Depositary Share, $0.9688 per Class G Depositary Share, $0.8625 per Class H Depositary Share, and $0.4208 per Class I Depositary Share, respectively)
|
(191,033 | ) | - | - | - | - | - | - | (191,033 | ) | - | (191,033 | ) | |||||||||||||||||||||||||||
Distributions to noncontrolling interests
|
- | - | - | - | - | - | - | - | (8,823 | ) | (8,823 | ) | ||||||||||||||||||||||||||||
Issuance of common stock
|
- | - | - | - | 1,093 | 11 | 18,055 | 18,066 | - | 18,066 | ||||||||||||||||||||||||||||||
Issuance of preferred stock
|
- | - | 16 | 16 | - | - | 387,214 | 387,230 | - | 387,230 | ||||||||||||||||||||||||||||||
Surrender of common stock
|
- | - | - | - | (84 | ) | - | (1,555 | ) | (1,555 | ) | - | (1,555 | ) | ||||||||||||||||||||||||||
Repurchase of common stock
|
- | - | - | - | (1,536 | ) | (16 | ) | (28,942 | ) | (28,958 | ) | - | (28,958 | ) | |||||||||||||||||||||||||
Exercise of common stock options
|
- | - | - | - | 480 | 5 | 7,174 | 7,179 | - | 7,179 | ||||||||||||||||||||||||||||||
Acquisition of noncontrolling interests
|
(1,244 | ) | (1,244 | ) | (4,392 | ) | (5,636 | ) | ||||||||||||||||||||||||||||||||
Amortization of equity awards
|
- | - | - | - | - | - | 8,016 | 8,016 | - | 8,016 | ||||||||||||||||||||||||||||||
Balance, June 30, 2012
|
$ | (771,282 | ) | $ | (99,889 | ) | 970 | $ | 970 | 406,891 | $ | 4,069 | $ | 5,880,740 | $ | 5,014,608 | $ | 190,481 | $ | 5,205,089 |
|
Six Months Ended June 30,
|
|||||||
2012
|
2011
|
|||||||
Cash flow from operating activities:
|
||||||||
Net income
|
$ | 131,535 | $ | 73,336 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
131,191 | 128,286 | ||||||
Impairment charges
|
34,570 | 12,352 | ||||||
Gain on sale of operating properties
|
(31,318 | ) | (4,188 | ) | ||||
Equity in income of joint ventures, net
|
(79,246 | ) | (30,169 | ) | ||||
Equity in income from other real estate investments, net
|
(25,103 | ) | (10,335 | ) | ||||
Distributions from joint ventures and other real estate investments
|
115,627 | 57,134 | ||||||
Cash retained from excess tax benefits
|
- | (69 | ) | |||||
Change in accounts and notes receivable
|
18,320 | (4,450 | ) | |||||
Change in accounts payable and accrued expenses
|
114 | (5,622 | ) | |||||
Change in other operating assets and liabilities
|
(20,258 | ) | (440 | ) | ||||
Net cash flow provided by operating activities
|
275,432 | 215,835 | ||||||
Cash flow from investing activities:
|
||||||||
Acquisition of and improvements to operating real estate
|
(329,020 | ) | (79,401 | ) | ||||
Acquisition of and improvements to real estate under development
|
(1,749 | ) | (16,655 | ) | ||||
Proceeds from sale/repayments of marketable securities
|
118 | 178,279 | ||||||
Investments and advances to real estate joint ventures
|
(121,242 | ) | (71,219 | ) | ||||
Reimbursements of investments and advances to real estate joint ventures
|
80,023 | 25,480 | ||||||
Other real estate investments
|
(4,123 | ) | (3,709 | ) | ||||
Reimbursements of investments and advances to other real estate investments
|
6,906 | 20,586 | ||||||
Investment in mortgage loans receivable
|
(25 | ) | - | |||||
Collection of mortgage loans receivable
|
9,733 | 3,170 | ||||||
Other investments
|
(762 | ) | (730 | ) | ||||
Reimbursements of other investments
|
9,151 | 10,914 | ||||||
Proceeds from sale of operating properties
|
206,107 | 39,523 | ||||||
Proceeds from sale of development properties
|
- | 7,373 | ||||||
Net cash flow (used for)/provided by investing activities
|
(144,883 | ) | 113,611 | |||||
Cash flow from financing activities:
|
||||||||
Principal payments on debt, excluding normal amortization of rental property debt
|
(200,312 | ) | (20,331 | ) | ||||
Principal payments on rental property debt
|
(11,651 | ) | (11,256 | ) | ||||
Principal payments on construction loan financings
|
- | (272 | ) | |||||
Proceeds from mortgage/construction loan financings
|
6,276 | 9,023 | ||||||
Repayment under unsecured revolving credit facilities, net
|
(226,220 | ) | (101,425 | ) | ||||
Proceeds from issuance of unsecured term loan
|
400,000 | - | ||||||
Financing origination costs
|
(1,391 | ) | (402 | ) | ||||
Redemption of non-controlling interests
|
(7,548 | ) | (9,702 | ) | ||||
Dividends paid
|
(184,307 | ) | (177,580 | ) | ||||
Cash retained from excess tax benefits
|
- | 69 | ||||||
Proceeds from issuance of stock
|
394,409 | 2,758 | ||||||
Repurchase of common stock
|
(28,958 | ) | (1,415 | ) | ||||
Net cash flow provided/(used for) financing activities
|
140,298 | (310,533 | ) | |||||
Change in cash and cash equivalents
|
270,847 | 18,913 | ||||||
Cash and cash equivalents, beginning of period
|
112,882 | 125,154 | ||||||
Cash and cash equivalents, end of period
|
$ | 383,729 | $ | 144,067 | ||||
Interest paid during the period (net of capitalized interest of $926 and $5,151, respectively)
|
$ | 113,411 | $ | 108,049 | ||||
Income taxes paid during the period
|
$ | 1,584 | $ | 851 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Computation of Basic Earnings Per Share:
|
||||||||||||||||
Income from continuing operations
|
$ | 62,387 | $ | 42,299 | $ | 119,258 | $ | 72,897 | ||||||||
Gain on sale of operating properties, net of tax
|
4,059 | - | 4,059 | - | ||||||||||||
Net income attributable to noncontrolling interests
|
(3,275 | ) | (2,606 | ) | (8,785 | ) | (5,665 | ) | ||||||||
Discontinued operations attributable to noncontrolling interests
|
51 | 118 | 2,282 | 227 | ||||||||||||
Preferred stock dividends
|
(20,841 | ) | (14,841 | ) | (36,415 | ) | (29,681 | ) | ||||||||
Income from continuing operations available to the common shareholders
|
42,381 | 24,970 | 80,399 | 37,778 | ||||||||||||
Earnings attributable to unvested restricted shares
|
(313 | ) | (166 | ) | (627 | ) | (331 | ) | ||||||||
Income from continuing operations attributable to common shareholders
|
42,068 | 24,804 | 79,772 | 37,447 | ||||||||||||
Income/(loss) from discontinued operations attributable to the Company
|
5,890 | (1,102 | ) | 5,936 | 212 | |||||||||||
Net income attributable to the Company’s common shareholders for basic earnings per share
|
$ | 47,958 | $ | 23,702 | $ | 85,708 | $ | 37,659 | ||||||||
Weighted average common shares outstanding
|
405,560 | 406,559 | 405,916 | 406,500 | ||||||||||||
Basic Earning Per Share Attributable to the Company’s Common Shareholders:
|
||||||||||||||||
Income from continuing operations
|
$ | 0.10 | $ | 0.06 | $ | 0.20 | $ | 0.09 | ||||||||
Income from discontinued operations
|
0.02 | - | 0.01 | - | ||||||||||||
Net income
|
$ | 0.12 | $ | 0.06 | $ | 0.21 | $ | 0.09 | ||||||||
Computation of Diluted Earnings Per Share:
|
||||||||||||||||
Income from continuing operations attributable to common shareholders
|
$ | 42,068 | $ | 24,804 | $ | 79,772 | $ | 37,447 | ||||||||
Income/(loss) from discontinued operations attributable to the Company
|
5,890 | (1,102 | ) | 5,936 | 212 | |||||||||||
Net income attributable to the Company’s common shareholders for diluted earnings per share
|
$ | 47,958 | $ | 23,702 | $ | 85,708 | $ | 37,659 | ||||||||
Weighted average common shares outstanding – basic
|
405,560 | 406,559 | 405,916 | 406,500 | ||||||||||||
Effect of dilutive securities (a):
|
||||||||||||||||
Equity awards
|
916 | 1,003 | 911 | 972 | ||||||||||||
Shares for diluted earnings per common share
|
406,476 | 407,562 | 406,827 | 407,472 | ||||||||||||
Diluted Earnings Per Share Attributable to the Company’s Common Shareholders:
|
||||||||||||||||
Income from continuing operations
|
$ | 0.10 | $ | 0.06 | $ | 0.20 | $ | 0.09 | ||||||||
Income from discontinued operations
|
0.02 | - | 0.01 | - | ||||||||||||
Net income
|
$ | 0.12 | $ | 0.06 | $ | 0.21 | $ | 0.09 |
(a)
|
For the three and six months ended June 30, 2012 and 2011, the effect of certain convertible units would have an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations. Additionally, there were 14,343,058 and 13,663,959 stock options that were not dilutive at June 30, 2012 and 2011, respectively.
|
Purchase Price
|
||||||||||||||||||
Property Name
|
Location
|
Month
Acquired
|
Cash
|
Debt
Assumed
|
Total
|
GLA*
|
||||||||||||
Woodbridge S.C.
|
Sugarland, TX
|
Jan-12
|
$
|
9,000
|
$
|
-
|
$
|
9,000
|
97
|
|||||||||
Bell Camino Center
|
Sun City, AZ
|
Jan-12
|
4,185
|
4,210
|
8,395
|
63
|
||||||||||||
Olympia West Outparcel
|
Olympia, WA
|
Feb-12
|
1,200
|
-
|
1,200
|
6
|
||||||||||||
Frontier Village (1)
|
Lake Stevens, WA
|
Mar-12
|
12,231
|
30,900
|
43,131
|
195
|
||||||||||||
Silverdale S.C. (1)
|
Silverdale, WA
|
Mar-12
|
8,335
|
24,000
|
32,335
|
170
|
||||||||||||
31 parcels (2)
|
Various
|
Jan-12
|
30,753
|
-
|
30,753
|
83
|
||||||||||||
1 parcels (3)
|
Duncan, SC
|
Jan-12
|
1,048
|
-
|
1,048
|
3
|
||||||||||||
30 parcels (2)
|
Various
|
Mar-12
|
39,493
|
-
|
39,493
|
107
|
||||||||||||
1 parcels (3)
|
Peru, IL
|
Mar-12
|
995
|
-
|
995
|
4
|
||||||||||||
Towson Place (4)
|
Towson, MD
|
Apr - 12
|
69,375
|
57,625
|
127,000
|
680
|
||||||||||||
Prien Lake Outparcel
|
Lake Charles, LA
|
May - 12
|
1,800
|
-
|
1,800
|
8
|
||||||||||||
Devon Village
|
Devon, PA
|
June -12
|
28,550
|
-
|
28,550
|
79
|
||||||||||||
4 Properties
|
Various, NC
|
June - 12
|
63,750
|
-
|
63,750
|
368
|
||||||||||||
$
|
270,715
|
$
|
116,735
|
$
|
387,450
|
1,863
|
(1)
|
These properties were acquired from a joint venture in which the Company has a 15% noncontrolling interest. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as such recognized an aggregate gain of $2.0 million from the fair value adjustment associated with its original ownership due to a change in control and is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income.
|
(2)
|
Acquired an aggregate of 61 parcels net leased to restaurants through a consolidated joint venture, in which the Company has a 99.1% controlling interest.
|
(3)
|
Acquired an aggregate of two parcels net leased to restaurants through a consolidated joint venture, in which the Company has a 92.0% controlling interest.
|
(4)
|
This property was acquired from a joint venture in which the Company had a 30% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $12.1 million from the fair value adjustment associated with its original ownership due to a change in control. In addition, the Company recognized promote income of $1.1 million in connection with this transaction. The gain and promote income are included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income. Additionally, the debt assumed in connection with this transaction of $57.6 million was repaid in May 2012.
|
Land
|
$
|
122,461
|
||
Buildings
|
197,756
|
|||
Above Market Rents
|
9,118
|
|||
Below Market Rents
|
(31,879
|
)
|
||
In-Place Leases
|
20,514
|
|||
Building Improvements
|
60,544
|
|||
Tenant Improvements
|
12,169
|
|||
Mortgage Fair Value Adjustment
|
(3,233
|
)
|
||
$
|
387,450
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Discontinued operations:
|
||||||||||||||||
Revenues from rental property
|
$ | (370 | ) | $ | 6,292 | $ | 2,478 | $ | 17,459 | |||||||
Rental property expenses
|
(744 | ) | (3,063 | ) | (2,530 | ) | (6,509 | ) | ||||||||
Depreciation and amortization
|
(3,182 | ) | (2,823 | ) | (6,274 | ) | (6,323 | ) | ||||||||
Interest expense
|
(25 | ) | (203 | ) | (25 | ) | (419 | ) | ||||||||
Income from other real estate investments
|
10 | 240 | 13 | 514 | ||||||||||||
Other (expense)/income, net
|
(13 | ) | (8 | ) | (104 | ) | 107 | |||||||||
(Loss)/income from discontinued operating properties, before income taxes
|
(4,324 | ) | 435 | (6,442 | ) | 4,829 | ||||||||||
Impairment charges
|
(513 | ) | (5,438 | ) | (8,622 | ) | (8,631 | ) | ||||||||
Gain on disposition of operating properties
|
11,263 | 4,025 | 23,242 | 4,188 | ||||||||||||
(Provision)/benefit for income taxes, net
|
(485 | ) | (6 | ) | 40 | 53 | ||||||||||
Income/(loss) from discontinued operating properties
|
5,941 | (984 | ) | 8,218 | 439 | |||||||||||
Net income attributable to noncontrolling interests
|
(51 | ) | (118 | ) | (2,282 | ) | (227 | ) | ||||||||
Income/(loss) from discontinued operations attributable to the Company
|
$ | 5,890 | $ | (1,102 | ) | $ | 5,936 | $ | 212 |
As of and for the six months ended June 30, 2012
|
||||||||||||||||||||||||
Venture
|
Average
Ownership
Interest
|
Number of
Properties
|
Total
GLA
|
Gross
Investment
In Real
Estate
|
The
Company's
Investment
|
The Company's
Share of
Income/(Loss)
|
||||||||||||||||||
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2)
|
15.00% | 62 | 10.7 | $ | 2,752.7 | $ | 158.0 | $ | 4.1 | |||||||||||||||
Kimco Income Opportunity Portfolio (“KIR”) (2)
|
45.00% | 59 | 12.6 | 1,561.2 | 141.1 | 11.9 | ||||||||||||||||||
UBS Programs (2)*
|
17.90% | 41 | 5.8 | 1,303.8 | 60.6 | 0.4 | ||||||||||||||||||
BIG Shopping Centers (2)*
|
37.70% | 23 | 3.8 | 557.9 | 37.6 | (1.4 | ) | |||||||||||||||||
The Canada Pension Plan Investment Board
(“CPP”) (2)
|
55.00% | 6 | 2.4 | 432.1 | 150.5 | 2.5 | ||||||||||||||||||
Kimco Income Fund (2)
|
15.20% | 12 | 1.5 | 282.6 | 12.3 | 1.0 | ||||||||||||||||||
SEB Immobilien (2)
|
15.00% | 13 | 1.8 | 360.9 | 1.8 | 0.3 | ||||||||||||||||||
Other Institutional Programs (2) (5) (8)
|
Various
|
62 | 3.3 | 577.9 | 21.2 | 18.4 | ||||||||||||||||||
RioCan (10)
|
50.00% | 45 | 9.3 | 1,340.9 | 94.6 | 17.8 | ||||||||||||||||||
Intown (3)
|
- | 138 | N/A | 835.8 | 88.1 | 0.8 | ||||||||||||||||||
Latin America
|
Various
|
131 | 18.1 | 1,183.3 | 321.3 | 6.5 | ||||||||||||||||||
Other Joint Venture Programs (4) (6) (7) (9) (11)
|
Various
|
92 | 13.6 | 2,010.3 | 348.9 | 16.9 | ||||||||||||||||||
Total
|
684 | 82.9 | $ | 13,199.4 | $ | 1,436.0 | $ | 79.2 |
As of December 31, 2011
|
For the six months ended June 30, 2011
|
|||||||||||||||||||||||
Venture
|
Average
Ownership
Interest
|
Number of
Properties
|
Total
GLA
|
Gross
Investment
In Real
Estate
|
The
Company's
Investment
|
The Company's
Share of Income/(Loss)
|
||||||||||||||||||
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2)
|
15.00% | 63 | 10.9 | $ | 2,781.4 | $ | 151.9 | $ | (1.7 | ) | ||||||||||||||
Kimco Income Opportunity Portfolio (“KIR”) (2)
|
45.00% | 59 | 12.6 | 1,556.6 | 151.4 | 10.6 | ||||||||||||||||||
UBS Programs (2)*
|
17.90% | 42 | 5.9 | 1,330.5 | 61.3 | 1.0 | ||||||||||||||||||
BIG Shopping Centers (2)*
|
37.60% | 23 | 3.7 | 557.4 | 41.2 | (1.5 | ) | |||||||||||||||||
The Canada Pension Plan Investment Board
(“CPP”) (2)
|
55.00% | 6 | 2.4 | 430.0 | 140.6 | 2.8 | ||||||||||||||||||
Kimco Income Fund (2)
|
15.20% | 12 | 1.5 | 281.1 | 12.1 | 0.6 | ||||||||||||||||||
SEB Immobilien (2)
|
15.00% | 13 | 1.8 | 360.5 | 2.1 | 0.1 | ||||||||||||||||||
Other Institutional Programs (2)
|
Various
|
67 | 4.7 | 804.4 | 33.7 | 0.7 | ||||||||||||||||||
RioCan
|
50.00% | 45 | 9.3 | 1,367.0 | 62.2 | 10.0 | ||||||||||||||||||
Intown (3)
|
- | 138 | N/A | 829.9 | 90.8 | (2.1 | ) | |||||||||||||||||
Latin America
|
Various
|
130 | 17.9 | 1,145.8 | 318.0 | 5.4 | ||||||||||||||||||
Other Joint Venture Programs
|
Various
|
92 | 13.7 | 2,016.5 | 338.9 | 4.3 | ||||||||||||||||||
Total
|
690 | 84.4 | $ | 13,461.1 | $ | 1,404.2 | $ | 30.2 |
*
|
Ownership % is a blended rate
|
(1)
|
This venture represents four separate joint ventures, with four separate accounts managed by Prudential Real Estate Investors (“PREI”), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II.
|
(2)
|
The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, assets management fees and construction management fees.
|
(3)
|
The Company’s share of this investment is subject to fluctuation and is dependent upon property cash flows.
|
(4)
|
During the six months ended June 30, 2012, two joint ventures in which the Company holds noncontrolling interests sold two properties for an aggregate sales price of $118.0 million. The Company received distributions of $18.5 million and recognized an aggregate gain of $8.3 million.
|
(5)
|
During the six months ended June 30, 2012, a joint venture in which the Company holds a noncontrolling interest sold two encumbered operating properties to the Company for an aggregate sales price of $75.5 million. The Company recognized promote income of $2.6 million.
|
(6)
|
During 2012, the Company amended one of its Canadian preferred equity investment agreements to restructure the investment as a pari passu joint venture in which the Company holds a noncontrolling interest. As a result of this transaction, the Company continues to account for its investment in this joint venture under the equity method of accounting and includes this investment in Investments and advances to real estate joint ventures within the Company’s Condensed Consolidated Balance Sheets.
|
(7)
|
During the six months ended June 30, 2012, a joint venture in which the Company holds a noncontrolling interest sold an operating property for a sales price of $62.0 million, which resulted in no gain or loss recognized.
|
(8)
|
During the six months ended June 30, 2012, a joint venture in which the Company held a noncontrolling interest sold an operating property to the Company for a sales price of $127.0 million. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as such recognized a gain of $12.1 million from the fair value adjustment associated with its original ownership due to a change in control. In addition, the Company recognized promote income of $1.1 million in connection with this transaction.
|
(9)
|
During the six months ended June 30, 2012, the Company sold an operating property to a newly formed unconsolidated joint venture in which the Company has a noncontrolling interest for a sales price of $55.5 million.
|
(10)
|
During the six months June 30, 2012, the Company recognized income of $7.5 million, before taxes of $1.5 million, from the sale of certain air rights at one of the properties in this portfolio.
|
(11)
|
During the six months ended June 30, 2012, a joint venture in which the Company holds a noncontrolling interest acquired an operating property in Alberta, Canada for a purchase price of $41.7 million. The Company’s capital contribution was $14.2 million.
|
As of June 30, 2012
|
As of December 31, 2011
|
|||||||||||||||||||||||
Venture
|
Mortgages
and
Notes
Payable
|
Weighted
Average
Interest Rate
|
Weighted
Average
Remaining
Term
(months)**
|
Mortgages
and
Notes
Payable
|
Weighted
Average
Interest Rate
|
Weighted
Average
Remaining
Term
(months)**
|
||||||||||||||||||
KimPru and KimPru II
|
$
|
1,109.9
|
5.54
|
%
|
49.9
|
$
|
1,185.2
|
5.59
|
%
|
52.6
|
||||||||||||||
KIR
|
941.9
|
5.73
|
%
|
62.8
|
911.5
|
5.89
|
%
|
75.6
|
||||||||||||||||
UBS Programs
|
705.4
|
5.67
|
%
|
41.6
|
718.9
|
5.66
|
%
|
47.4
|
||||||||||||||||
BIG Shopping Centers
|
444.1
|
5.52
|
%
|
51.5
|
444.5
|
5.52
|
%
|
57.4
|
||||||||||||||||
CPP
|
143.0
|
5.20
|
%
|
37.0
|
166.3
|
4.45
|
%
|
27.0
|
||||||||||||||||
Kimco Income Fund
|
163.1
|
5.45
|
%
|
26.7
|
164.7
|
5.45
|
%
|
32.7
|
||||||||||||||||
SEB Immobilien
|
243.7
|
5.34
|
%
|
55.9
|
243.7
|
5.34
|
%
|
61.9
|
||||||||||||||||
RioCan
|
937.2
|
5.52
|
%
|
40.1
|
925.0
|
5.66
|
%
|
43.3
|
||||||||||||||||
Intown
|
618.5
|
4.29
|
%
|
44.0
|
621.8
|
5.09
|
%
|
39.6
|
||||||||||||||||
Other Institutional Programs
|
365.3
|
5.27
|
%
|
40.0
|
514.4
|
4.90
|
%
|
45.4
|
||||||||||||||||
Other Joint Venture Programs
|
1,688.5
|
5.54
|
%
|
55.0
|
1,804.7
|
5.60
|
%
|
56.9
|
||||||||||||||||
Total
|
$
|
7,360.6
|
$
|
7,700.7
|
Number of Loans
|
Amount
|
|||||||
Performing Loans
|
23 | $ | 54,612 | |||||
Non-Performing Loans
|
6 | 41,538 | ||||||
Total
|
29 | $ | 96,150 |
2012
|
2011
|
|||||||
Balance at January 1,
|
$
|
95,074
|
$
|
95,060
|
||||
Fair market value amortization
|
-
|
15
|
||||||
Other
|
(15)
|
(16)
|
||||||
Balance at June 30,
|
$
|
95,059
|
$
|
95,059
|
June 30, 2012
|
December 31, 2011
|
|||||||||||||||
Carrying
Amounts
|
Estimated
Fair Value
|
Carrying
Amounts
|
Estimated
Fair Value
|
|||||||||||||
Marketable Securities (1)
|
$ | 34,439 | $ | 34,730 | $ | 33,540 | $ | 33,908 | ||||||||
Notes Payable (2)
|
$ | 3,161,028 | $ | 3,345,973 | $ | 2,983,886 | $ | 3,136,728 | ||||||||
Mortgages Payable (3)
|
$ | 990,586 | $ | 1,054,937 | $ | 1,085,371 | $ | 1,166,116 | ||||||||
Construction Loans Payable (3)
|
$ | 40,002 | $ | 45,207 | $ | 45,128 | $ | 49,345 | ||||||||
Mandatorily Redeemable Noncontrolling Interests (termination dates ranging from 2019 – 2027)
|
$ | 1,831 | $ | 1,831 | $ | 2,654 | $ | 5,044 |
Balance at
June 30, 2012
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Assets:
|
||||||||||||||||
Marketable equity securities
|
$
|
31,343
|
$
|
31,343
|
$
|
-
|
$
|
-
|
||||||||
Liabilities:
|
||||||||||||||||
Interest rate swaps
|
$
|
47
|
$
|
-
|
$
|
47
|
$
|
-
|
Balance at
December 31, 2011
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Assets:
|
||||||||||||||||
Marketable equity securities
|
$
|
30,462
|
$
|
30,462
|
$
|
-
|
$
|
-
|
||||||||
Liabilities:
|
||||||||||||||||
Interest rate swaps
|
$
|
222
|
$
|
-
|
$
|
222
|
$
|
-
|
Balance at
June 30, 2012
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Real estate
|
$
|
28,694
|
$
|
-
|
$
|
-
|
$
|
28,694
|
Balance at
December 31, 2011
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
|
||||||||||||||||
Real Estate
|
$ | 5,289 | $ | - | $ | - | $ | 5,289 | ||||||||
Other real estate investments (1)
|
$ | 9,041 | $ | - | $ | 9,041 | $ | - |
Derivatives Designated
As Hedging Instrument
|
Number of
Instruments
|
Notional
(in millions)
|
|||
Interest Rate Swap
|
1
|
$
|
20.7
|
2012
|
2011
|
|||||||
Acquisition of real estate interests by assumption of mortgage debt
|
$ | 116,735 | $ | 24,718 | ||||
Issuance of restricted common stock
|
$ | 18,066 | $ | 4,940 | ||||
Surrender of restricted common stock
|
$ | (1,555 | ) | $ | (244 | ) | ||
Disposition of real estate interests by assignment of debt
|
$ | 13,655 | $ | - | ||||
Disposition of real estate through the issuance of an unsecured obligation
|
$ | 1,750 | $ | - | ||||
Declaration of dividends paid in succeeding period
|
$ | 98,883 | $ | 88,093 |
June 30,
2012
|
December 31,
2011
|
|||||||
Deferred tax assets:
|
||||||||
Tax/GAAP basis differences
|
$
|
71,969
|
$
|
66,177
|
||||
Net operating losses
|
40,943
|
47,719
|
||||||
Related party deferred loss
|
7,577
|
7,577
|
||||||
Tax credit carryforwards
|
3,537
|
3,537
|
||||||
Capital loss carryforwards
|
364
|
364
|
||||||
Non-U.S. tax/GAAP basis differences
|
69,370
|
63,610
|
||||||
Valuation allowance – U.S.
|
(33,783
|
)
|
(33,783
|
)
|
||||
Valuation allowance – Non-U.S.
|
(37,721
|
)
|
(32,737
|
)
|
||||
Total deferred tax assets
|
122,256
|
122,464
|
||||||
Deferred tax liabilities – U.S.
|
(11,140
|
)
|
(11,434
|
)
|
||||
Deferred tax liabilities – Non-U.S.
|
(19,520
|
)
|
(16,085
|
)
|
||||
Net deferred tax assets
|
$
|
91,596
|
$
|
94,945
|
Six Months
Ended June 30,
|
||||||||
2012
|
2011
|
|||||||
Revenues from rental property
|
$ | 455.4 | $ | 439.3 | ||||
Net income
|
$ | 125.7 | $ | 75.3 | ||||
Net income available to the Company’s common shareholders
|
$ | 80.5 | $ | 40.0 | ||||
Net income available to the Company’s common shareholders per common share:
|
||||||||
Basic
|
$ | 0.20 | $ | 0.10 | ||||
Diluted
|
$ | 0.20 | $ | 0.10 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||
Net income available to common shareholders
|
$ | 48,271 | $ | 23,868 | $ | 86,335 | $ | 37,990 | ||||||||||||
Gain on disposition of operating property, net of noncontrolling interests
|
(15,332 | ) | (4,025 | ) | (24,722 | ) | (4,188 | ) | ||||||||||||
Gain on disposition of joint venture operating properties
|
(11,948 | ) | (680 | ) | (22,372 | ) | (680 | ) | ||||||||||||
Depreciation and amortization - real estate related
|
64,873 | 61,173 | 128,537 | 126,777 | ||||||||||||||||
Depreciation and amortization - real estate joint ventures, net of noncontrolling interests
|
33,643 | 34,203 | 67,685 | 68,857 | ||||||||||||||||
Remeasurement of derivative instrument
|
- | 3,414 | - | 4,287 | ||||||||||||||||
Impairments of operating properties, net of tax and noncontrolling interests
|
18,482 | 8,060 | 28,775 | 14,999 | ||||||||||||||||
FFO
|
137,989 | 126,013 | 264,238 | 248,042 | ||||||||||||||||
Transactional (income)/expense:
|
||||||||||||||||||||
Promote income from other real estate investments
|
(5,239 | ) | (244 | ) | (8,888 | ) | (114 | ) | ||||||||||||
Promote income from real estate joint ventures
|
(1,065 | ) | - | (3,921 | ) | - | ||||||||||||||
Gains from land sales
|
(7,780 | ) | (349 | ) | (8,295 | ) | (625 | ) | ||||||||||||
(Income)/expense from other real estate investments
|
- | 1,721 | - | 1,535 | ||||||||||||||||
Foreign currency exchange gains
|
- | - | - | (839 | ) | |||||||||||||||
Acquisition costs
|
2,240 | 2,308 | 6,169 | 2,886 | ||||||||||||||||
Executive severance costs
|
- | - | 2,472 | - | ||||||||||||||||
Excess distribution from a cost method investment
|
- | (4,130 | ) | - | (4,130 | ) | ||||||||||||||
Gain on sale of marketable securities
|
- | (4,141 | ) | - | (4,141 | ) | ||||||||||||||
Other expense/(income), net
|
98 | 239 | 356 | (20 | ) | |||||||||||||||
Total transactional income, net
|
(11,746 | ) | (4,596 | ) | (12,107 | ) | (5,448 | ) | ||||||||||||
FFO as adjusted
|
$ | 126,243 | $ | 121,417 | $ | 252,131 | $ | 242,594 | ||||||||||||
Weighted average shares outstanding for FFO calculations:
|
||||||||||||||||||||
Basic
|
405,560 | 406,559 | 405,916 | 406,500 | ||||||||||||||||
Units
|
1,524 | 1,609 | 1,532 | 2,127 | ||||||||||||||||
Dilutive effect of equity awards
|
2,260 | 921 | 2,255 | 374 | ||||||||||||||||
Diluted
|
409,344 |
(1)
|
409,089 |
(1)
|
409,703 |
(1)
|
409,001 |
(1)
|
||||||||||||
FFO per common share – basic
|
$ | 0.34 | $ | 0.31 | $ | 0.65 | $ | 0.61 | ||||||||||||
FFO per common share – diluted
|
$ | 0.34 |
(1)
|
$ | 0.31 |
(1)
|
$ | 0.65 |
(1)
|
$ | 0.61 |
(1)
|
||||||||
FFO as adjusted per common share – basic
|
$ | 0.31 | $ | 0.30 | $ | 0.62 | $ | 0.60 | ||||||||||||
FFO as adjusted per common share – diluted
|
$ | 0.31 |
(1)
|
$ | 0.30 |
(1)
|
$ | 0.62 |
(1)
|
$ | 0.59 |
(1)
|
(1)
|
For the three and six months ended June 30, 2012 and 2011, the effect of certain convertible units would have an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations.
|
Three Months Ended June 30,
|
||||||||
2012
|
2011
|
|||||||
Net income from continuing operations
|
$ | 62,387 | $ | 42,299 | ||||
Adjustments:
|
||||||||
Management and other fee income
|
(8,710 | ) | (8,437 | ) | ||||
General and administrative expenses
|
30,973 | 29,612 | ||||||
Impairment charges
|
24,495 | 3,721 | ||||||
Depreciation and amortization
|
63,124 | 59,131 | ||||||
Other expense, net
|
54,126 | 43,510 | ||||||
(Benefit)/provision for income taxes, net
|
(4,656 | ) | 5,640 | |||||
Equity in income of other real estate investments, net
|
(14,074 | ) | (4,831 | ) | ||||
Non same property net operating income
|
(42,894 | ) | (32,453 | ) | ||||
Non-operational expense from joint ventures, net
|
56,215 | 79,086 | ||||||
Net operating income from noncontrolling interests
|
(2,584 | ) | (2,595 | ) | ||||
Same Property NOI
|
$ | 218,402 | $ | 214,683 |
Three Months Ended
June 30,
(amounts in millions)
|
||||||||||||||||
2012
|
2011
|
Increase
|
% change
|
|||||||||||||
Revenues from rental property (1)
|
$
|
226.7
|
$
|
211.6
|
$
|
15.1
|
7.1
|
%
|
||||||||
Rental property expenses: (2)
|
||||||||||||||||
Rent
|
$
|
2.9
|
$
|
3.8
|
$
|
(0.9)
|
(23.7
|
)%
|
||||||||
Real estate taxes
|
29.6
|
28.1
|
1.5
|
5.3
|
%
|
|||||||||||
Operating and maintenance
|
29.0
|
26.9
|
2.1
|
7.8
|
%
|
|||||||||||
$
|
61.5
|
$
|
58.8
|
$
|
2.7
|
4.6
|
%
|
|||||||||
Depreciation and amortization (3)
|
$
|
63.1
|
$
|
59.1
|
$
|
4.0
|
6.8
|
%
|
Six Months Ended
June 30,
(amounts in millions)
|
||||||||||||||||
2012
|
2011
|
Increase
|
% change
|
|||||||||||||
Revenues from rental property (1)
|
$
|
447.1
|
$
|
425.6
|
$
|
21.5
|
5.1
|
%
|
||||||||
Rental property expenses: (2)
|
||||||||||||||||
Rent
|
$
|
6.2
|
$
|
7.1
|
$
|
(0.9)
|
(12.7
|
)%
|
||||||||
Real estate taxes
|
59.2
|
57.6
|
1.6
|
2.8
|
%
|
|||||||||||
Operating and maintenance
|
56.9
|
59.4
|
(2.5
|
)
|
(4.2
|
)%
|
||||||||||
$
|
122.3
|
$
|
124.1
|
$
|
(1.8
|
)
|
(1.5
|
)%
|
||||||||
Depreciation and amortization (3)
|
$
|
124.9
|
$
|
122.0
|
$
|
2.9
|
2.4
|
%
|
(1)
|
Revenues from rental property increased primarily from the combined effect of (i) the acquisition of operating properties during 2012 and 2011, providing incremental revenues for the three and six months ended June 30, 2012 of $7.2 million and $16.0 million, respectively as compared to the corresponding periods in 2011, (ii) an overall increase in the consolidated shopping center portfolio occupancy to 92.8% at June 30, 2012, as compared to 92.0% at June 30, 2011, (iii) the completion of certain development and redevelopment projects and tenant buyouts providing incremental revenues for the three and six months ended June 30, 2012 of $1.0 million and $1.6 million, respectively, as compared to the corresponding periods in 2011, and (iv) an increase in revenues relating to the Company’s Latin America portfolio of $7.3 million and $4.4 million, for the three and six months ended June 30, 2012, respectively, partially offset by (v) a decrease in revenues of $0.4 million and $0.5 million, for the three and six months ended June 30, 2012, respectively, primarily resulting from the sale of certain properties during 2012 and 2011.
|
(2)
|
Rental property expenses include (i) rent expense relating to ground lease payments for which the Company is the lessee; (ii) real estate tax expense for consolidated properties for which the Company has a controlling ownership interest; and (iii) operating and maintenance expense, which consists of property related costs including repairs and maintenance costs, roof repair, landscaping, parking lot repair, snow removal, utilities, property insurance costs, security and various other property related expenses. Rental property expenses increased for the three months ended June 30, 2012, as compared to the corresponding period in 2011, primarily due to (i) an increase in real estate taxes of $1.5 million, (ii) an increase in insurance premiums of $0.7 million, and (iii) an increase in utilities expense of $0.6 million, partially offset by (iv) a decrease in snow removal costs of $0.3 million. Rental property expenses decreased for the six months ended June 30, 2012, as compared to the corresponding period in 2011, primarily due to (i) a decrease in snow removal costs of $6.0 million and (ii) a decrease in tenant expenses of $1.1 million, partially offset by (iii) an increase in real estate taxes of $1.6 million, (iv) an increase in insurance premiums of $1.2 million, (v) an increase in utilities expense of $0.8 million and (vi) an increase in property maintenance expense of $2.1 million.
|
(3)
|
Depreciation and amortization increased for the three and six months ended June 30, 2012, as compared to the corresponding periods in 2011, primarily due to (i) operating property acquisitions during 2012 and 2011, (ii) the placement of certain development properties into service and (iii) tenant vacancies, partially offset by (iv) operating property dispositions during 2012 and 2011.
|
Six Months Ended
June 30,
|
||||||||
2012
|
2011
|
|||||||
Net cash flow provided by operating activities
|
$
|
275.4
|
$
|
215.8
|
||||
Net cash flow (used for)/provided by investing activities
|
$
|
(144.9
|
)
|
$
|
113.6
|
|||
Net cash flow provided by/(used for) financing activities
|
$
|
140.3
|
$
|
(310.5)
|
Covenant
|
Must Be
|
As of 06/30/12
|
||||
Total Indebtedness to Gross Asset Value (“GAV”)
|
<60%
|
41 | % | |||
Total Priority Indebtedness to GAV
|
<35%
|
8 | % | |||
Unencumbered Asset Net Operating Income to Total Unsecured Interest Expense
|
>1.75x
|
3.23 | x | |||
Fixed Charge Total Adjusted EBITDA to Total Debt Service
|
>1.50x
|
2.29 | x |
Covenant
|
Must Be
|
As of 06/30/12
|
||||
Consolidated Indebtedness to Total Assets
|
<60%
|
37 | % | |||
Consolidated Secured Indebtedness to Total Assets
|
<40%
|
9 | % | |||
Consolidated Income Available for Debt Service to Maximum Annual Service Charge
|
>1.50x
|
4.0 | x | |||
Unencumbered Total Asset Value to Consolidated Unsecured Indebtedness
|
>1.50x
|
3.0 | x |
2012
|
2013
|
2014
|
2015
|
2016
|
Thereafter
|
Total
|
Fair
Value
|
|||||||||||||||||||||||||
U.S. Dollar Denominated
|
||||||||||||||||||||||||||||||||
Secured Debt
|
||||||||||||||||||||||||||||||||
Fixed Rate
|
$
|
30.6
|
$
|
112.7
|
$
|
214.2
|
$
|
110.6
|
$
|
236.3
|
$
|
282.2
|
$
|
986.6
|
$
|
1,051.4
|
||||||||||||||||
Average Interest Rate
|
5.73
|
%
|
5.86
|
%
|
6.24
|
%
|
5.43
|
%
|
6.73
|
%
|
6.40
|
%
|
6.25
|
%
|
||||||||||||||||||
Variable Rate
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
6.0
|
$
|
-
|
$
|
-
|
$
|
6.0
|
$
|
5.4
|
||||||||||||||||
Average Interest Rate
|
-
|
-
|
-
|
0.25
|
%
|
-
|
-
|
0.25
|
%
|
|||||||||||||||||||||||
Unsecured Debt
|
||||||||||||||||||||||||||||||||
Fixed Rate
|
$
|
215.9
|
$
|
275.2
|
$
|
294.9
|
$
|
350.0
|
$
|
300.0
|
$
|
890.9
|
$
|
2,326.9
|
$
|
2,525.0
|
||||||||||||||||
Average Interest Rate
|
6.00
|
%
|
5.39
|
%
|
5.20
|
%
|
5.29
|
%
|
5.78
|
%
|
5.62
|
%
|
5.55
|
%
|
||||||||||||||||||
Variable Rate
|
$
|
2.5
|
$
|
-
|
$
|
400.0
|
$
|
14.2
|
$
|
-
|
$
|
-
|
$
|
416.7
|
$
|
401.3
|
||||||||||||||||
Average Interest Rate
|
5.50
|
%
|
-
|
1.30
|
%
|
1.37
|
%
|
-
|
-
|
1.32
|
%
|
|||||||||||||||||||||
Canadian Dollar Denominated
|
||||||||||||||||||||||||||||||||
Unsecured Debt
|
||||||||||||||||||||||||||||||||
Fixed Rate
|
$
|
-
|
$
|
196.7
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
147.5
|
$
|
344.2
|
$
|
357.7
|
||||||||||||||||
Average Interest Rate
|
-
|
5.18
|
%
|
-
|
-
|
-
|
5.99
|
%
|
5.53
|
%
|
||||||||||||||||||||||
Variable Rate
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||
Average Interest Rate
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||
Mexican Pesos Denominated
|
||||||||||||||||||||||||||||||||
Unsecured Debt
|
||||||||||||||||||||||||||||||||
Fixed Rate
|
$
|
-
|
$
|
73.2
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
73.2
|
$
|
62.0
|
||||||||||||||||
Average Interest Rate
|
-
|
8.58
|
%
|
-
|
-
|
-
|
-
|
8.58
|
%
|
|||||||||||||||||||||||
Chilean Pesos Denominated
|
||||||||||||||||||||||||||||||||
Secured Debt
|
||||||||||||||||||||||||||||||||
Variable Rate
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
38.0
|
$
|
38.0
|
$
|
43.3
|
||||||||||||||||
Average Interest Rate
|
-
|
-
|
-
|
-
|
-
|
5.72
|
%
|
5.72
|
%
|
Foreign Investment (in millions)
|
||||||||
Country
|
Local
Currency
|
US Dollars
|
||||||
Mexican real estate investments (MXN)
|
8,840.4
|
$
|
659.3
|
|||||
Canadian real estate joint venture and marketable securities investments (CAD)
|
417.7
|
$
|
410.7
|
|||||
Chilean real estate investments (CLP)
|
37,623.4
|
$
|
73.8
|
|||||
Brazilian real estate investments (Brazilian Real)
|
43.1
|
$
|
21.3
|
|||||
Peruvian real estate investments (Peruvian Nuevo Sol)
|
13.8
|
$
|
5.1
|
Period |
Number of Shares Purchased*
|
Price Paid per Share
|
Purchased as Part of Publicly Announced Plans or Programs
|
Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)
|
||||||||||||||
January 1, 2012 |
–
|
January 31, 2012 |
20,233
|
$
|
18.20
|
-
|
$
|
-
|
||||||||||
February 1, 2012 |
–
|
February 29, 2012 |
358,908
|
$
|
18.56
|
-
|
-
|
|||||||||||
March 1, 2012 |
–
|
March 31, 2012 |
1,005,934
|
$
|
18.91
|
-
|
-
|
|||||||||||
April 1, 2012 |
–
|
April 30, 2012 |
41,138
|
$
|
19.23
|
-
|
-
|
|||||||||||
May 1, 2012 |
–
|
May 31, 2012 |
61,211
|
$
|
19.20
|
-
|
-
|
|||||||||||
June 1, 2012 |
–
|
June 30, 2012 |
48,327
|
$
|
18.44
|
-
|
-
|
|||||||||||
Total
|
1,535,751
|
$
|
18.86
|
-
|
$
|
-
|
*
|
During the six months ended June 30, 2012, the Company repurchased 1,535,751 shares of common stock in open-market transactions to offset new issuances of common shares in connection with restricted stock awards and the exercise of stock options. The Company expended $29.0 million to repurchase these shares, of which $7.2 million was provided to the Company from employee stock option exercises.
|
10.1
|
Credit Agreement, dated as of April 17, 2012, among Kimco Realty Corporation, a Maryland corporation, the several banks, financial institutions and other entities from time to time parties to the Credit Agreement, Regions Bank, Wells Fargo Bank, National Association and JPMorgan Chase Bank, N.A., as Syndication Agents, Citibank, N.A. and U.S. Bank National Association, Documentation Agents and PNC Bank, National Association (filed with the Company’s Current Report on Form 8-K on April 20, 2012)
|
|
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, David B. Henry, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
Certification of the Company’s Chief Financial Officer, Glenn G. Cohen, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1
|
Certification of the Company’s Chief Executive Officer, David B. Henry, and the Company’s Chief Financial Officer, Glenn G. Cohen, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
KIMCO REALTY CORPORATION
|
||||
August 3, 2012
|
/s/ David B. Henry
|
|||
(Date)
|
David B. Henry
|
|||
Chief Executive Officer
|
||||
August 3, 2012
|
/s/ Glenn G. Cohen
|
|||
(Date)
|
Glenn G. Cohen
|
|||
Chief Financial Officer
|
Pretax earnings from continuing operations before adjustment for
noncontrolling interests or income loss from equity investees
|
$ | 22,371,295 | ||
Add:
|
||||
Interest on indebtedness (excluding capitalized interest)
|
115,373,560 | |||
Amortization of debt related expenses
|
4,060,093 | |||
Portion of rents representative of the
interest factor
|
3,408,035 | |||
145,212,983 | ||||
Distributed income from equity investees
|
115,627,284 | |||
Pretax earnings from continuing operations, as adjusted
|
$ | 260,840,267 | ||
Fixed charges -
|
||||
Interest on indebtedness (including capitalized interest)
|
$ | 116,299,648 | ||
Amortization of debt related expenses
|
1,772,964 | |||
Portion of rents representative of the
interest factor
|
3,408,035 | |||
Fixed charges
|
$ | 121,480,647 | ||
Ratio of earnings to fixed charges
|
2.1 |
Pretax earnings from continuing operations before adjustment for
noncontrolling interests or income loss from equity investees
|
$ | 22,371,295 | ||
Add:
|
||||
Interest on indebtedness (excluding capitalized interest)
|
115,373,560 | |||
Amortization of debt related expenses
|
4,060,093 | |||
Portion of rents representative of the
interest factor
|
3,408,035 | |||
145,212,983 | ||||
Distributed income from equity investees
|
115,627,284 | |||
Pretax earnings from continuing operations, as adjusted
|
$ | 260,840,267 | ||
Combined fixed charges and preferred stock dividends -
|
||||
Interest on indebtedness (including capitalized interest)
|
$ | 116,299,648 | ||
Preferred dividend factor
|
36,414,583 | |||
Amortization of debt related expenses
|
1,772,964 | |||
Portion of rents representative of the
interest factor
|
3,408,035 | |||
Combined fixed charges and preferred stock dividends
|
$ | 157,895,230 | ||
Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends
|
1.7 |
/s/ David B. Henry
|
||||
David B. Henry
|
||||
Chief Executive Officer
|
/s/ Glenn G. Cohen
|
||||
Glenn G. Cohen
|
||||
Chief Financial Officer
|
|
/s/ David B. Henry
|
|||
David B. Henry
|
||||
Chief Executive Officer
|
||||
Date: August 3, 2012 | ||||
/s/ Glenn G. Cohen
|
||||
Glenn G. Cohen
|
||||
Chief Financial Officer
|
Note 15 - Financial Instruments - Derivatives and Hedging (Tables)
|
6 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
|||||||||||||
Schedule of Derivative Instruments [Table Text Block] |
|
Note 3 - Discontinued Operations (Detail) (USD $)
|
6 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 30, 2012
sqft
|
Jun. 30, 2011
|
Dec. 31, 2011
sqft
|
||||
Number of Real Estate Properties | 29 | 690 | ||||
(in Square feet) | 1,863,000 | [1] | 84,400,000 | |||
Real Estate Investment Property, Net | $ 7,087,796,000 | $ 6,898,445,000 | ||||
Real Estate Investment Property, Accumulated Depreciation | 1,743,276,000 | 1,693,090,000 | ||||
Impairment of Real Estate | 34,600,000 | 12,400,000 | ||||
Fair Value Of Real Estate | 28,694,000 | 5,289,000 | ||||
Assets Held-for-sale [Member] | Operating Properties [Member] | Impairment of Property Carrying Value [Member]
|
||||||
Number of Real Estate Properties | 1 | |||||
Assets Held-for-sale [Member] | Operating Properties [Member] | Sold [Member]
|
||||||
Number of Real Estate Properties | 3 | |||||
Assets Held-for-sale [Member] | Operating Properties [Member]
|
||||||
Number of Real Estate Properties | 2 | |||||
Assets Held-for-sale [Member] | Land Parcel [Member] | Sold [Member]
|
||||||
Number of Real Estate Properties | 1 | |||||
Assets Held-for-sale [Member] | Remaining [Member]
|
||||||
Real Estate Investment Property, Accumulated Depreciation | 1,700,000 | |||||
Real Estate Held-for-sale | 2,800,000 | |||||
Assets Held-for-sale [Member]
|
||||||
(in Square feet) | 200,000 | |||||
Real Estate Investment Property, Net | 14,800,000 | |||||
Real Estate Investment Property, Accumulated Depreciation | 6,300,000 | |||||
Impairment of Real Estate | 3,400,000 | |||||
Fair Value Of Real Estate | 8,600,000 | |||||
Impairment of Property Carrying Value [Member]
|
||||||
Number of Real Estate Properties | 4 | |||||
Impairment of Real Estate | 25,600,000 | |||||
Fair Value Of Real Estate | $ 28,700,000 | |||||
|
Note 17 - Preferred Stock (Detail) (USD $)
In Millions, except Share data, unless otherwise specified |
1 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2012
|
Mar. 31, 2012
|
Mar. 31, 2012
Series I Preferred Stock [Member]
|
Jun. 30, 2012
Series I Preferred Stock [Member]
|
Dec. 31, 2011
Series I Preferred Stock [Member]
|
Jul. 31, 2012
Series F Preferred Stock [Member]
|
Jun. 30, 2012
Series F Preferred Stock [Member]
|
Dec. 31, 2011
Series F Preferred Stock [Member]
|
Jun. 30, 2012
Series G Preferred Stock [Member]
|
Dec. 31, 2011
Series G Preferred Stock [Member]
|
Jun. 30, 2012
Series H Preferred Stock [Member]
|
Dec. 31, 2011
Series H Preferred Stock [Member]
|
Jun. 30, 2012
Preferred Depositary Shares [Member]
|
|
Stock Issued During Period, Shares, New Issues (in Shares) | 9,000,000 | 16,000,000 | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | 6.65% | |||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | |||
Preferred Stock, Initial Offering Price | $ 25.00 | ||||||||||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 1.375 | $ 1.50 | |||||||||||
Preferred Stock, Redemption Price Per Share | $ 25.00 | $ 25.00 | |||||||||||
Proceeds from Issuance of Redeemable Preferred Stock (in Dollars) | $ 217.8 | $ 387.2 | |||||||||||
Number of Votes | 1,000 | ||||||||||||
Number of Proxies | 1,000 | ||||||||||||
Number of Votes, Depositary | 1 | ||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 25,000.00 | $ 250.00 | $ 2,500.00 | $ 2,500.00 | $ 25.00 |
Note 6 - Other Real Estate Investments (Detail) (USD $)
|
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
|
Equity Method Investments | $ 1,436,038,000 | $ 1,404,214,000 | |
Number of Real Estate Properties | 29 | 690 | |
Income (Loss) from Equity Method Investments | 79,246,000 | 30,169,000 | 30,200,000 |
Number of Agreements | 1 | ||
Equity Method Investment, Ownership Percentage | 20.00% | ||
Net Leased Properties [Member] | Preferred Equity Capital [Member]
|
|||
Number of Real Estate Properties | 397 | ||
Other [Member] | The Company's Share [Member]
|
|||
Distributed Earnings | 6,900,000 | ||
Other [Member]
|
|||
Income (Loss) from Equity Method Investments | 6,900,000 | ||
Equity Method Investment, Ownership Percentage | 13.40% | ||
Distributed Earnings | 50,300,000 | ||
Preferred Equity Capital [Member]
|
|||
Equity Method Investments | 311,600,000 | ||
Number of Real Estate Properties | 520 | ||
Income (Loss) from Equity Method Investments | 16,600,000 | 9,100,000 | |
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 4,500,000 | $ 900,000 | |
Number of Capital Transactions | 8 | 4 | |
Number of Agreements | 1 |
Note 2 - Operating Property Activities (Detail) - Acquisitions Details (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
sqft
|
Dec. 31, 2011
sqft
|
Jan. 31, 2012
Woodbridge S.C. [Member]
sqft
|
Jan. 31, 2012
Bell Camino Center [Member]
sqft
|
Feb. 29, 2012
Olympia West Outparcel [Member]
sqft
|
Mar. 31, 2012
Frontier Village [Member]
sqft
|
Mar. 31, 2012
Silverdale S.C. [Member]
sqft
|
Jan. 31, 2012
Various 31 Properties [Member]
sqft
|
Jan. 31, 2012
Duncan, SC [Member]
sqft
|
Mar. 31, 2012
Various 30 Properties [Member]
sqft
|
Mar. 31, 2012
Peru, IL [Member]
sqft
|
Apr. 30, 2012
Towson Place [Member]
sqft
|
May 31, 2012
Prien Lake Outparcel [Member]
sqft
|
Jun. 30, 2012
Devon Village [Member]
sqft
|
Jun. 30, 2012
Various, NC [Member]
sqft
|
||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Purchase Price (Cash) | $ 270,715 | $ 9,000 | $ 4,185 | $ 1,200 | $ 12,231 | [1] | $ 8,335 | [1] | $ 30,753 | [2] | $ 1,048 | [3] | $ 39,493 | [2] | $ 995 | [3] | $ 69,375 | [4] | $ 1,800 | $ 28,550 | $ 63,750 | ||||||||||||||||||
Purchase Price (Debt Assumed) | 116,735 | 4,210 | 30,900 | [1] | 24,000 | [1] | 57,625 | [4] | |||||||||||||||||||||||||||||||
Purchase Price (Total) | $ 387,450 | $ 9,000 | $ 8,395 | $ 1,200 | $ 43,131 | [1] | $ 32,335 | [1] | $ 30,753 | [2] | $ 1,048 | [3] | $ 39,493 | [2] | $ 995 | [3] | $ 127,000 | [4] | $ 1,800 | $ 28,550 | $ 63,750 | ||||||||||||||||||
GLA (in Square feet) | 1,863,000 | [5] | 84,400,000 | 97,000 | [5] | 63,000 | [5] | 6,000 | [5] | 195,000 | [1],[5] | 170,000 | [1],[5] | 83,000 | [2],[5] | 3,000 | [3],[5] | 107,000 | [2],[5] | 4,000 | [3],[5] | 680,000 | [4],[5] | 8,000 | [5] | 79,000 | [5] | 368,000 | [5] | ||||||||||
|
Note 2 - Operating Property Activities (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Purchase Price Allocation [Table Text Block] |
|
Note 19 - Taxable REIT Subsidiaries ("TRS") (Detail) - Deferred Tax Assets And Liabilities (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Deferred tax assets: | ||
Net operating losses | $ 40,943 | $ 47,719 |
Related party deferred loss | 7,577 | 7,577 |
Tax credit carryforwards | 3,537 | 3,537 |
Capital loss carryforwards | 364 | 364 |
Total deferred tax assets | 122,256 | 122,464 |
Net deferred tax assets | 91,596 | 94,945 |
Domestic Tax Authority [Member]
|
||
Deferred tax assets: | ||
Tax/GAAP basis differences | 71,969 | 66,177 |
Valuation allowance | (33,783) | (33,783) |
Deferred tax liabilities | (11,140) | (11,434) |
Foreign Tax Authority [Member]
|
||
Deferred tax assets: | ||
Tax/GAAP basis differences | 69,370 | 63,610 |
Valuation allowance | (37,721) | (32,737) |
Deferred tax liabilities | $ (19,520) | $ (16,085) |
Note 8 - Mortgages and Other Financing Receivables (Detail) (USD $)
In Millions, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
Number of Days Past Due | 90 |
Number of Portfolio Segments | 1 |
Mortgage Loans on Real Estate, Number of Loans | 1 |
In Default [Member] | In Non-Accrual Status [Member]
|
|
Mortgage Loans on Real Estate, Number of Loans | 5 |
Mortgage Loans on Real Estate (in Dollars) | 19.1 |
In Default [Member] | Past 90 Days Due [Member]
|
|
Mortgage Loans on Real Estate, Number of Loans | 1 |
In Default [Member] | Accrual Status [Member]
|
|
Number of Days Past Due | 90 |
Mortgage Loans on Real Estate (in Dollars) | 22.4 |
In Default [Member]
|
|
Mortgage Loans on Real Estate, Number of Loans | 6 |
Mortgage Loans on Real Estate (in Dollars) | 41.5 |
Minimum [Member]
|
|
Nonperformance Dates | 18 months |
Maximum [Member]
|
|
Nonperformance Dates | 6 years |
Note 18 - Incentive Plans (Detail) (USD $)
|
6 Months Ended | |
---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Number of Equity Participation Plans | 2 | |
Share-based Compensation (in Dollars) | $ 11,700,000 | $ 9,600,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized (in Dollars) | 38,300,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 4 years | |
Stock Repurchased During Period, Shares (in Shares) | 1,500,000 | |
Stock Repurchased During Period, Value (in Dollars) | 28,958,000 | 1,415,000 |
Proceeds from Stock Options Exercised (in Dollars) | 7,200,000 | |
Severance Costs (in Dollars) | 3,800,000 | |
The Prior Plan [Member]
|
||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 47,000,000 | |
The 2010 Plan [Member]
|
||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 10,000,000 | |
Stock Options [Member] | Minimum [Member]
|
||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Stock Options [Member] | Maximum [Member]
|
||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Stock Options [Member]
|
||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Dec. 31, 2008 | |
Restricted Stock [Member] | i [Member]
|
||
Share Based Compensation, Arrangement by Share Based Payment Award, Percent Vested | 100.00% | |
Restricted Stock [Member] | ii [Member] | Minimum [Member]
|
||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Restricted Stock [Member] | ii [Member] | Maximum [Member]
|
||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Restricted Stock [Member] | iii [Member] | First Half [Member]
|
||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Share Based Compensation, Arrangement by Share Based Payment Award, Percent Vested | 50.00% | |
Restricted Stock [Member] | iii [Member] | Second Half [Member]
|
||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |
Share Based Compensation, Arrangement by Share Based Payment Award, Percent Vested | 50.00% | |
Restricted Stock [Member] | iv [Member]
|
||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years | |
Restricted Stock [Member] | iv [Member]
|
||
Share Based Compensation, Arrangement by Share Based Payment Award, Percent Vested | 20.00% | |
Executive Officer [Member]
|
||
Severance Costs (in Dollars) | $ 2,500,000 |
Note 16 - Supplemental Schedule of Non-Cash Investing / Financing Activities
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow, Supplemental Disclosures [Text Block] |
16.
Supplemental Schedule of Non-Cash Investing / Financing
Activities
The
following schedule summarizes the non-cash investing and
financing activities of the Company for the six months ended
June 30, 2012 and 2011 (in thousands):
|
Note 4 - Ground-Up Development (Detail)
|
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Number of Real Estate Properties | 29 | 690 |
Gound-up Development [Member] | United States [Member]
|
||
Number of Real Estate Properties | 2 | |
Gound-up Development [Member] | Mexico [Member]
|
||
Number of Real Estate Properties | 1 | |
Gound-up Development [Member] | Peru [Member]
|
||
Number of Real Estate Properties | 1 | |
Gound-up Development [Member]
|
||
Number of Real Estate Properties | 4 |
Note 20 - Pro Forma Financial Information (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] |
|
Note 21 - Subsequent Events (Detail) (USD $)
In Millions, except Share data, unless otherwise specified |
1 Months Ended | 3 Months Ended | 1 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Jul. 31, 2012
|
Mar. 31, 2012
|
Sep. 30, 2012
|
Jul. 31, 2012
Series J Preferred Stock [Member]
|
Jul. 31, 2012
Class J Depositary Shares [Member]
|
Jul. 31, 2012
Series F Preferred Stock [Member]
|
Jun. 30, 2012
Series F Preferred Stock [Member]
|
Dec. 31, 2011
Series F Preferred Stock [Member]
|
|
Stock Issued During Period, Shares, New Issues (in Shares) | 9,000,000 | |||||||
Preferred Stock, Dividend Rate, Percentage | 5.50% | 5.50% | 6.65% | |||||
Preferred Stock, Par or Stated Value Per Share | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Share Price | $ 25.00 | |||||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 1.375 | |||||||
Preferred Stock, Redemption Price Per Share | $ 25.00 | |||||||
Proceeds from Issuance of Redeemable Preferred Stock (in Dollars) | $ 217.8 | $ 387.2 | ||||||
Stock Redeemed or Called During Period, Shares (in Shares) | 7,000,000 | |||||||
Preferred Stock, Redemption Amount (in Dollars) | 175.0 | |||||||
Dividends Payable, Current (in Dollars) | 1.0 | |||||||
EITF D-42 Allocation (in Dollars) | $ 6.2 |
Note 13 - Noncontrolling Interests (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Table Text Block] |
|
Note 5 - Investments and Advances in Real Estate Joint Ventures (Detail) - Joint Venture Investments Accounted For Under The Equity Method - Investment Details (Current Period) (USD $)
|
6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
sqft
|
Jun. 30, 2011
|
Dec. 31, 2011
sqft
|
|||||||||||||||||||||||||||||
Average Ownership Interest | 20.00% | ||||||||||||||||||||||||||||||
Number of Properties | 29 | 690 | |||||||||||||||||||||||||||||
Total GLA (in Square feet) | 1,863,000 | [1] | 84,400,000 | ||||||||||||||||||||||||||||
Gross Investment In Real Estate | $ 13,461,100,000 | ||||||||||||||||||||||||||||||
The Company's Investment | 1,404,200,000 | ||||||||||||||||||||||||||||||
The Company's Share of Income/(Loss) | 79,246,000 | 30,169,000 | 30,200,000 | ||||||||||||||||||||||||||||
KimPru and KimPru II [Member]
|
|||||||||||||||||||||||||||||||
Average Ownership Interest | 15.00% | [2],[3] | 15.00% | [2],[3] | |||||||||||||||||||||||||||
Number of Properties | 62 | [2],[3] | 63 | [2],[3] | |||||||||||||||||||||||||||
Total GLA (in Square feet) | 10,700,000 | [2],[3] | 10,900,000 | [2],[3] | |||||||||||||||||||||||||||
Gross Investment In Real Estate | 2,752,700,000 | [2],[3] | 2,781,400,000 | [2],[3] | |||||||||||||||||||||||||||
The Company's Investment | 158,000,000 | [2],[3] | 151,900,000 | [2],[3] | |||||||||||||||||||||||||||
The Company's Share of Income/(Loss) | 4,100,000 | [2],[3] | (1,700,000) | [2],[3] | |||||||||||||||||||||||||||
Kimco Income Opportunity Portfolio (“KIR”) [Member]
|
|||||||||||||||||||||||||||||||
Average Ownership Interest | 45.00% | [2] | |||||||||||||||||||||||||||||
Number of Properties | 59 | [2] | |||||||||||||||||||||||||||||
Total GLA (in Square feet) | 12,600,000 | [2] | |||||||||||||||||||||||||||||
Gross Investment In Real Estate | 1,561,200,000 | [2] | |||||||||||||||||||||||||||||
The Company's Investment | 141,100,000 | [2] | |||||||||||||||||||||||||||||
The Company's Share of Income/(Loss) | 11,900,000 | [2] | |||||||||||||||||||||||||||||
UBS Programs [Member]
|
|||||||||||||||||||||||||||||||
Average Ownership Interest | 17.90% | [2],[4] | 17.90% | [2],[4] | |||||||||||||||||||||||||||
Number of Properties | 41 | [2] | 42 | [2] | |||||||||||||||||||||||||||
Total GLA (in Square feet) | 5,800,000 | [2] | 5,900,000 | [2] | |||||||||||||||||||||||||||
Gross Investment In Real Estate | 1,303,800,000 | [2] | 1,330,500,000 | [2] | |||||||||||||||||||||||||||
The Company's Investment | 60,600,000 | [2] | 61,300,000 | [2] | |||||||||||||||||||||||||||
The Company's Share of Income/(Loss) | 400,000 | [2] | 1,000,000 | [2] | |||||||||||||||||||||||||||
BIG Shopping Centers [Member]
|
|||||||||||||||||||||||||||||||
Average Ownership Interest | 37.70% | [2],[4] | 37.60% | [2],[4] | |||||||||||||||||||||||||||
Number of Properties | 23 | [2] | 23 | [2] | |||||||||||||||||||||||||||
Total GLA (in Square feet) | 3,800,000 | [2] | 3,700,000 | [2] | |||||||||||||||||||||||||||
Gross Investment In Real Estate | 557,900,000 | [2] | 557,400,000 | [2] | |||||||||||||||||||||||||||
The Company's Investment | 37,600,000 | [2] | 41,200,000 | [2] | |||||||||||||||||||||||||||
The Company's Share of Income/(Loss) | (1,400,000) | [2] | (1,500,000) | [2] | |||||||||||||||||||||||||||
The Canada Pension Plan Investment Board (“CPP”) [Member]
|
|||||||||||||||||||||||||||||||
Average Ownership Interest | 55.00% | [2] | |||||||||||||||||||||||||||||
Number of Properties | 6 | [2] | |||||||||||||||||||||||||||||
Total GLA (in Square feet) | 2,400,000 | [2] | |||||||||||||||||||||||||||||
Gross Investment In Real Estate | 432,100,000 | [2] | |||||||||||||||||||||||||||||
The Company's Investment | 150,500,000 | [2] | |||||||||||||||||||||||||||||
The Company's Share of Income/(Loss) | 2,500,000 | [2] | |||||||||||||||||||||||||||||
Kimco Income Fund [Member]
|
|||||||||||||||||||||||||||||||
Average Ownership Interest | 15.20% | [2] | 15.20% | [2] | |||||||||||||||||||||||||||
Number of Properties | 12 | [2] | 12 | [2] | |||||||||||||||||||||||||||
Total GLA (in Square feet) | 1,500,000 | [2] | 1,500,000 | [2] | |||||||||||||||||||||||||||
Gross Investment In Real Estate | 282,600,000 | [2] | 281,100,000 | [2] | |||||||||||||||||||||||||||
The Company's Investment | 12,300,000 | [2] | 12,100,000 | [2] | |||||||||||||||||||||||||||
The Company's Share of Income/(Loss) | 1,000,000 | [2] | 600,000 | [2] | |||||||||||||||||||||||||||
SEB Immobilien [Member]
|
|||||||||||||||||||||||||||||||
Average Ownership Interest | 15.00% | [2] | 15.00% | [2] | |||||||||||||||||||||||||||
Number of Properties | 13 | [2] | 13 | [2] | |||||||||||||||||||||||||||
Total GLA (in Square feet) | 1,800,000 | [2] | 1,800,000 | [2] | |||||||||||||||||||||||||||
Gross Investment In Real Estate | 360,900,000 | [2] | 360,500,000 | [2] | |||||||||||||||||||||||||||
The Company's Investment | 1,800,000 | [2] | 2,100,000 | [2] | |||||||||||||||||||||||||||
The Company's Share of Income/(Loss) | 300,000 | [2] | 100,000 | [2] | |||||||||||||||||||||||||||
Other Institutional Programs [Member]
|
|||||||||||||||||||||||||||||||
Number of Properties | 62 | [2],[5],[6] | 67 | [2] | |||||||||||||||||||||||||||
Total GLA (in Square feet) | 3,300,000 | [2],[5],[6] | 4,700,000 | [2] | |||||||||||||||||||||||||||
Gross Investment In Real Estate | 577,900,000 | [2],[5],[6] | 804,400,000 | [2] | |||||||||||||||||||||||||||
The Company's Investment | 21,200,000 | [2],[5],[6] | 33,700,000 | [2] | |||||||||||||||||||||||||||
The Company's Share of Income/(Loss) | 18,400,000 | [2],[5],[6] | 700,000 | [2] | |||||||||||||||||||||||||||
RioCan [Member]
|
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Average Ownership Interest | 50.00% | [7] | 50.00% | ||||||||||||||||||||||||||||
Number of Properties | 45 | [7] | 45 | ||||||||||||||||||||||||||||
Total GLA (in Square feet) | 9,300,000 | [7] | 9,300,000 | ||||||||||||||||||||||||||||
Gross Investment In Real Estate | 1,340,900,000 | [7] | 1,367,000,000 | ||||||||||||||||||||||||||||
The Company's Investment | 94,600,000 | [7] | 62,200,000 | ||||||||||||||||||||||||||||
The Company's Share of Income/(Loss) | 17,800,000 | [7] | 10,000,000 | ||||||||||||||||||||||||||||
Intown [Member]
|
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Number of Properties | 138 | [8] | 138 | [8] | |||||||||||||||||||||||||||
Gross Investment In Real Estate | 835,800,000 | [8] | 829,900,000 | [8] | |||||||||||||||||||||||||||
The Company's Investment | 88,100,000 | [8] | 90,800,000 | [8] | |||||||||||||||||||||||||||
The Company's Share of Income/(Loss) | 800,000 | [8] | (2,100,000) | [8] | |||||||||||||||||||||||||||
Latin America [Member]
|
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Number of Properties | 131 | 130 | |||||||||||||||||||||||||||||
Total GLA (in Square feet) | 18,100,000 | 17,900,000 | |||||||||||||||||||||||||||||
Gross Investment In Real Estate | 1,183,300,000 | 1,145,800,000 | |||||||||||||||||||||||||||||
The Company's Investment | 321,300,000 | 318,000,000 | |||||||||||||||||||||||||||||
The Company's Share of Income/(Loss) | 6,500,000 | 5,400,000 | |||||||||||||||||||||||||||||
Other Joint Venture Programs [Member]
|
|||||||||||||||||||||||||||||||
Number of Properties | 92 | [10],[11],[12],[13],[9] | 92 | ||||||||||||||||||||||||||||
Total GLA (in Square feet) | 13,600,000 | [10],[11],[12],[13],[9] | 13,700,000 | ||||||||||||||||||||||||||||
Gross Investment In Real Estate | 2,010,300,000 | [10],[11],[12],[13],[9] | 2,016,500,000 | ||||||||||||||||||||||||||||
The Company's Investment | 348,900,000 | [10],[11],[12],[13],[9] | 338,900,000 | ||||||||||||||||||||||||||||
The Company's Share of Income/(Loss) | 16,900,000 | [10],[11],[12],[13],[9] | 4,300,000 | ||||||||||||||||||||||||||||
Total [Member]
|
|||||||||||||||||||||||||||||||
Number of Properties | 684 | ||||||||||||||||||||||||||||||
Total GLA (in Square feet) | 82,900,000 | ||||||||||||||||||||||||||||||
Gross Investment In Real Estate | 13,199,400,000 | ||||||||||||||||||||||||||||||
The Company's Investment | 1,436,000,000 | ||||||||||||||||||||||||||||||
The Company's Share of Income/(Loss) | $ 79,200,000 | ||||||||||||||||||||||||||||||
|
Note 15 - Financial Instruments - Derivatives and Hedging (Detail) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Estimated Date To Year End Increase To Interest Expense | $ 0.1 | |
Derivative Liability, Fair Value, Gross Liability | $ 0.1 | $ 0.2 |
Note 11 - Mortgages Payable (Detail) (USD $)
|
6 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
|||||
Number of Real Estate Properties | 29 | 690 | ||||
Unamortized Fair Value Debt Adjustments | $ 9,800,000 | |||||
Repayments of Secured Debt | 200,300,000 | |||||
Mortgage Loans on Real Estate, Number of Loans | 1 | |||||
Secured Debt | 990,586,000 | [1] | 1,085,371,000 | [1] | ||
Mortgage Loans on Real Estate, Minimum Interest Rate in Range | 0.25% | |||||
Mortgage Loans on Real Estate, Maximum Interest Rate in Range | 9.75% | |||||
Debt, Weighted Average Interest Rate | 6.28% | |||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 41,500,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 129,000,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 224,900,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 110,600,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 233,300,000 | |||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 241,500,000 | |||||
Acquisitions [Member]
|
||||||
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | 120,000,000 | |||||
Number of Real Estate Properties | 4 | |||||
Unamortized Fair Value Debt Adjustments | 3,200,000 | |||||
Repayment of Debt [Member]
|
||||||
Number of Real Estate Properties | 11 | |||||
Assigned [Member]
|
||||||
Secured Debt | $ 1,300,000 | |||||
|
Note 2 - Operating Property Activities (Detail) - Aggregate Purchase Price of Properties (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
---|---|
Mortgage Fair Value Adjustment | $ (3,233) |
387,450 | |
Above Market Rents | 9,118 |
Below Market Rents | (31,879) |
In-Place Leases | 20,514 |
Land [Member]
|
|
Property | 122,461 |
Building [Member]
|
|
Property | 197,756 |
Building Improvements [Member]
|
|
Property | 60,544 |
Tenant Improvements [Member]
|
|
Property | $ 12,169 |
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Cash paid for capitalized interest | $ 926 | $ 5,151 |
Note 12 - Construction Loans (Detail) (USD $)
|
6 Months Ended | |
---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
|
Mortgage Loans on Real Estate, Number of Loans | 1 | |
Construction Loan Commitment (in Dollars) | $ 68,600,000 | |
Construction Loan (in Dollars) | $ 40,002,000 | $ 45,128,000 |
Construction Loans [Member]
|
||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 4.01% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.72% |