10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2018

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                 to                

Commission File Number:   1-10899

Kimco Realty Corporation

(Exact name of registrant as specified in its charter)

Maryland	13-2744380
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3333 New Hyde Park Road, New Hyde Park, NY 11042

(Address of principal executive offices) (Zip Code)

(516) 869-9000

(Registrant’s telephone number, including area code)

        N/A        

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files.)    Yes ☒   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer, “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12-b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐
Smaller reporting company	☐	Emerging growth company	☐	(Do not check if a smaller reporting company)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b-2 of the Exchange Act). Yes ☐ No ☒

As of April 16, 2018, the registrant had 424,897,242 shares of common stock outstanding.

Item 1.	Financial Statements of Kimco Realty Corporation and Subsidiaries (Unaudited)
Condensed Consolidated Financial Statements -
	Condensed Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017	3
	Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2018 and 2017	4
	Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2018 and 2017	5
	Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2018 and 2017	6
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2018 and 2017	7
Notes to Condensed Consolidated Financial Statements		8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	32
PART II OTHER INFORMATION
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 3.	Defaults Upon Senior Securities	33
Item 4.	Mine Safety Disclosures	33
Item 5.	Other Information	33
Item 6.	Exhibits	33
Signatures		35

2

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share information)

	March 31,			December 31,
	2018			2017
Assets:
Operating real estate, net of accumulated depreciation of $2,440,836 and $2,433,053, respectively	$	9,362,899		$	9,817,875
Investments in and advances to real estate joint ventures		560,068			483,861
Real estate under development		465,682			402,518
Other real estate investments		203,905			217,584
Mortgages and other financing receivables		21,376			21,838
Cash and cash equivalents		218,313			238,513
Marketable securities		11,627			13,265
Accounts and notes receivable, net		184,533			189,757
Other assets		344,099			378,515
Total assets (1)	$	11,372,502		$	11,763,726
Liabilities:
Notes payable, net	$	4,597,967		$	4,596,140
Mortgages payable, net		499,355			882,787
Dividends payable		132,209			128,892
Other liabilities		624,423			617,617
Total liabilities (2)		5,853,954			6,225,436
Redeemable noncontrolling interests		16,146			16,143
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $1.00 par value, authorized 5,996,240 shares, 42,580 and 41,200 shares issued and outstanding (in series), respectively; Aggregate liquidation preference $1,064,500 and $1,030,000, respectively		43			41
Common stock, $.01 par value, authorized 750,000,000 shares issued and outstanding 424,899,762 and 425,646,380 shares, respectively		4,249			4,256
Paid-in capital		6,164,185			6,152,764
Cumulative distributions in excess of net income		(743,845	)		(761,337	)
Accumulated other comprehensive loss		(66	)		(1,480	)
Total stockholders' equity		5,424,566			5,394,244
Noncontrolling interests		77,836			127,903
Total equity		5,502,402			5,522,147
Total liabilities and equity	$	11,372,502		$	11,763,726

(1)	Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2018 and December 31, 2017 of $111,268 and $644,990, respectively. See Footnote 7 of the Notes to Condensed Consolidated Financial Statements.
(2)	Includes non-recourse liabilities of consolidated VIEs at March 31, 2018 and December 31, 2017 of $114,617 and $417,688, respectively. See Footnote 7 of the Notes to Condensed Consolidated Financial Statements.

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

3

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(in thousands, except per share data)

	Three Months Ended March 31,
	2018			2017
Revenues
Revenues from rental properties	$	230,415		$	227,711
Reimbursement income		63,716			58,129
Other rental property income		5,586			3,551
Management and other fee income		4,361			4,197
Total revenues		304,078			293,588
Operating expenses
Rent		2,818			2,783
Real estate taxes		40,434			38,269
Operating and maintenance		43,331			42,574
General and administrative		22,398			22,230
Provision for doubtful accounts		2,131			1,404
Impairment charges		7,646			1,617
Depreciation and amortization		81,382			92,074
Total operating expenses		200,140			200,951
Operating income		103,938			92,637
Other income/(expense)
Other income, net		6,179			1,273
Interest expense		(49,943	)		(46,482	)
Income from continuing operations before income taxes, net, equity in income of joint ventures, net, gain on change in control of interests and equity in income from other real estate investments, net		60,174			47,428
(Provision)/benefit for income taxes, net		(52	)		493
Equity in income of joint ventures, net		16,913			14,733
Gain on change in control of interests		-			10,188
Equity in income of other real estate investments, net		9,976			3,687
Income from continuing operations		87,011			76,529
Gain on sale of operating properties/change in control of interests		56,971			1,686
Net income		143,982			78,215
Net loss/(income) attributable to noncontrolling interests		108			(1,482	)
Net income attributable to the Company		144,090			76,733
Preferred dividends		(14,589	)		(11,555	)
Net income available to the Company's common shareholders	$	129,501		$	65,178
Per common share:
Net income available to the Company:
-Basic	$	0.30		$	0.15
-Diluted	$	0.30		$	0.15
Weighted average shares:
-Basic		423,404			423,381
-Diluted		424,521			424,146

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

4

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(in thousands)

	Three Months Ended March 31,
	2018		2017
Net income	$	143,982	$	78,215
Other comprehensive income:
Change in unrealized gain related to available-for-sale securities		-		28
Change in unrealized loss on interest rate swap		278		188
Change in foreign currency translation adjustments		-		503
Other comprehensive income		278		719
Comprehensive income		144,260		78,934
Comprehensive loss/(income) attributable to noncontrolling interests		108		(1,482	)
Comprehensive income attributable to the Company	$	144,368	$	77,452

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

5

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Three Months Ended March 31, 2018 and 2017

(Unaudited)

(in thousands)

	Cumulative			Accumulated
	Distributions			Other																Total
	in Excess			Comprehensive			Preferred Stock				Common Stock						Paid-in			Stockholders'			Noncontrolling			Total
	of Net Income			Income/(Loss)			Issued		Amount		Issued			Amount			Capital			Equity			Interests			Equity
Balance at January 1, 2017	$	(676,867	)	$	5,766			32	$	32		425,034		$	4,250		$	5,922,958		$	5,256,139		$	146,735		$	5,402,874
Contributions from noncontrolling interests		-			-			-		-		-			-			-			-			2,310			2,310
Comprehensive income:
Net income		76,733			-			-		-		-			-			-			76,733			1,482			78,215
Other comprehensive income:
Change in unrealized gain related to available-for-sale securities		-			28			-		-		-			-			-			28			-			28
Change in unrealized loss on interest rate swap		-			188			-		-		-			-			-			188			-			188
Change in foreign currency translation adjustments		-			503			-		-		-			-			-			503			-			503
Redeemable noncontrolling interests income		-			-			-		-		-			-			-			-			(1,066	)		(1,066	)
Dividends ($0.27 per common share; $0.3750 per
Class I Depositary Share, $0.3438 per
Class J Depositary Share, and $0.3516 per
Class K Depositary Share, respectively)		(126,476	)		-			-		-		-			-			-			(126,476	)		-			(126,476	)
Distributions to noncontrolling interests		-			-			-		-		-			-			-			-			(1,250	)		(1,250	)
Issuance of common stock		-			-			-		-		776			8			(8	)		-			-			-
Surrender of restricted stock		-			-			-		-		(200	)		(2	)		(4,989	)		(4,991	)		-			(4,991	)
Exercise of common stock options		-			-			-		-		30			-			560			560			-			560
Amortization of equity awards		-			-			-		-		-			-			8,651			8,651			-			8,651
Balance at March 31, 2017	$	(726,610	)	$	6,485			32	$	32		425,640		$	4,256		$	5,927,172		$	5,211,335		$	148,211		$	5,359,546
Balance at December 31, 2017, as previously reported	$	(761,337	)	$	(1,480	)		41	$	41		425,646		$	4,256		$	6,152,764		$	5,394,244		$	127,903		$	5,522,147
Impact of change in accounting principles
ASU 2017-05 (1)		8,098			-			-		-		-			-			-			8,098			-			8,098
ASU 2016-01 (1)		(1,136	)		1,136			-		-		-			-			-			-			-			-
Balance at January 1, 2018, as adjusted	$	(754,375	)	$	(344	)		41	$	41		425,646		$	4,256		$	6,152,764		$	5,402,342		$	127,903		$	5,530,245
Comprehensive income:
Net income		144,090			-			-		-		-			-			-			144,090			(108	)		143,982
Other comprehensive income:																					-						-
Change in unrealized loss on interest rate swap		-			278			-		-		-			-			-			278			-			278
Redeemable noncontrolling interests income		-			-			-		-		-			-			-			-			(92	)		(92	)
Dividends ($0.28 per common share; $0.3750 per
Class I Depositary Share, $0.3438 per
Class J Depositary Share, $0.3516 per
Class K Depositary Share, $0.3203 per
Class L Depositary Share and $0.3281 per
Class M Depositary Share, respectively)		(133,560	)		-			-		-		-			-			-			(133,560	)		-			(133,560	)
Distributions to noncontrolling interests		-			-			-		-		-			-			-			-			(1,472	)		(1,472	)
Issuance of common stock		-			-			-		-		1,075			11			(11	)		-			-			-
Repurchase of common stock		-			-			-		-		(1,600	)		(16	)		(24,260	)		(24,276	)		-			(24,276	)
Surrender of restricted stock		-			-			-		-		(224	)		(2	)		(3,372	)		(3,374	)		-			(3,374	)
Exercise of common stock options		-			-			-		-		3			-			30			30			-			30
Amortization of equity awards		-			-			-		-		-			-			4,719			4,719			-			4,719
Issuance of preferred stock		-			-			2		2		-			-			33,112			33,114			-			33,114
Acquisition/deconsolidation of noncontrolling interests		-			-			-		-		-			-			1,203			1,203			(48,395	)		(47,192	)
Balance at March 31, 2018	$	(743,845	)	$	(66	)		43	$	43		424,900		$	4,249		$	6,164,185		$	5,424,566		$	77,836		$	5,502,402

(1) Represents the impact of change in accounting principles for its respective Accounting Standard Updates ("ASU"). See Footnote 2 of the Notes to Condensed Consolidated Financial Statements for additional disclosure.

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

6

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

	Three Months Ended March 31,
	2018			2017
Cash flow from operating activities:
Net income	$	143,982		$	78,215
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		81,382			92,074
Impairment charges		7,646			1,617
Equity award expense		5,182			9,631
Gain on sale of operating properties/change in control of interests		(56,971	)		(1,686	)
Gain on change in control of interests		-			(10,188	)
Equity in income of joint ventures, net		(16,913	)		(14,733	)
Equity in income of other real estate investments, net		(9,976	)		(3,687	)
Distributions from joint ventures and other real estate investments		34,661			13,258
Change in accounts and notes receivable		5,224			5,769
Change in accounts payable and accrued expenses		10,371			7,885
Change in other operating assets and liabilities		(12,309	)		(21,103	)
Net cash flow provided by operating activities		192,279			157,052
Cash flow from investing activities:
Acquisition of operating real estate and other related net assets		(3,337	)		(38,390	)
Improvements to operating real estate		(40,384	)		(30,053	)
Acquisition of real estate under development		(4,592	)		(10,010	)
Improvements to real estate under development		(54,934	)		(44,434	)
Proceeds from sale/repayments of marketable securities		129			457
Investments in and advances to real estate joint ventures		(5,897	)		(16,874	)
Reimbursements of investments in and advances to real estate joint ventures		2,431			13,523
Investments in and advances to other real estate investments		(302	)		(114	)
Reimbursements of investments in and advances to other real estate investments		1,344			3,779
Collection of mortgage loans receivable		335			243
Proceeds from sale of operating properties		184,633			56,498
Net cash flow provided by/(used for) investing activities		79,426			(65,375	)
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt		(161,547	)		(59,100	)
Principal payments on rental property debt		(3,485	)		(4,544	)
Repayments under the unsecured revolving credit facility, net		-			(15,042	)
Proceeds from issuance of unsecured term loan/notes		-			400,000
Repayments under unsecured term loan/notes		-			(250,000	)
Financing origination costs		(11	)		(9,905	)
Payment of early extinguishment of debt charges		-			(588	)
Change in tenants' security deposits		(521	)		316
Conversion/distribution of noncontrolling interests		(4,968	)		(2,092	)
Dividends paid		(130,241	)		(126,315	)
Proceeds from issuance of stock, net		33,144			561
Repurchase of common stock		(24,276	)		-
Net cash flow used for financing activities		(291,905	)		(66,709	)
Net change in cash and cash equivalents		(20,200	)		24,968
Cash and cash equivalents, beginning of the period		238,513			142,486
Cash and cash equivalents, end of the period	$	218,313		$	167,454
Interest paid during the period
(net of capitalized interest of $3,777 and $2,883, respectively)	$	29,084		$	24,286

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

7

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Business and Organization

Kimco Realty Corporation and subsidiaries (the "Company"), affiliates and related real estate joint ventures are engaged principally in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by grocery stores, discount department stores, or drugstores. Additionally, the Company provides complementary services that capitalize on the Company’s established retail real estate expertise.

The Company elected status as a Real Estate Investment Trust (a “REIT”) for federal income tax purposes beginning in its taxable year ended December 31, 1991 and operates in a manner that enables the Company to maintain its status as a REIT.  As a REIT, with respect to each taxable year, the Company must distribute at least 90 percent of its taxable income (excluding capital gain) and does not pay federal income taxes on the amount distributed to its shareholders.  The Company is not generally subject to federal income taxes if it distributes 100 percent of its taxable income.  Most states, where the Company holds investments in real estate, conform to the federal rules recognizing REITs.  Certain subsidiaries have made a joint election with the Company to be treated as taxable REIT subsidiaries (“TRSs”), which permit the Company to engage in certain business activities which the REIT may not conduct directly.  A TRS is subject to federal and state income taxes on its income, and the Company includes, when applicable, a provision for taxes in its condensed consolidated financial statements.  The Company is subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. These investments are held by the Company at the REIT level and not in the Company’s taxable REIT subsidiaries. Accordingly, the Company does not expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries.

2. Summary of Significant Accounting Policies

Principles of Consolidation -

The accompanying Condensed Consolidated Financial Statements include the accounts of the Company. The Company’s subsidiaries include subsidiaries which are wholly-owned or which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation. The information presented in the accompanying Condensed Consolidated Financial Statements is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature.  These Condensed Consolidated Financial Statements should be read in conjunction with the Company's audited Annual Report on Form 10-K for the year ended December 31, 2017 (the “10-K”), as certain disclosures in this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018, that would duplicate those included in the 10-K are not included in these Condensed Consolidated Financial Statements.

Reclassifications -

Certain amounts in the prior period have been reclassified in order to conform with the current period’s presentation. The Company reclassified $8.3 million of costs related to property management and services of the Company’s operating properties from General and administrative to Operating and maintenance on the Company’s Condensed Consolidated Statements of Income for the three months end March 31, 2017. In addition, in conjunction with the adoption of Accounting Standard Update (“ASU”) 2014-09 discussed below, the Company reclassified $58.1 million of Reimbursement income and $3.6 million of Other rental property income from Revenues from rental properties on the Company’s Condensed Consolidated Statements of Income for the three months ended March 31, 2017.

Subsequent Events -

The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its condensed consolidated financial statements.

Marketable Securities -

The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB’s Investments-Debt and Equity Securities guidance. On January 1, 2018, the Company adopted ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). In accordance with the adoption of ASU 2016-01, the Company now recognizes changes in the fair value of equity investments with readily determinable fair values in net income. Previously, changes in fair value of the Company’s available-for-sale marketable securities were recognized in accumulated other comprehensive income (“AOCI”) on the Company’s Condensed Consolidated Balance Sheets. As of December 31, 2017, the Company had aggregate unrealized losses related to its available-for-sale marketable securities of $1.1 million, which were included in AOCI on the Company’s Condensed Consolidated Balance Sheets. In connection with the adoption of ASU 2016-01, the Company recorded a cumulative-effect adjustment of $1.1 million to its beginning retained earnings as of January 1, 2018, which is reflected in Cumulative distributions in excess of net income on the Company’s Condensed Consolidated Statements of Changes in Equity.

8

Revenue and Gain Recognition–

On January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606), (“Topic 606”) using the modified retrospective method applying it to any open contracts as of January 1, 2018, for which the Company did not identify any open contracts. The Company also utilized the practical expedient for which the Company was not required to restate revenue from contracts that began and are completed within the same annual reporting period. Results for reporting periods beginning after January 1, 2018, are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Revenue Recognition (Topic 605). The new guidance provides a unified model to determine how revenue is recognized. To determine the proper amount of revenue to be recognized, the Company performs the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. As of March 31, 2018, the Company has no outstanding contract assets or contract liabilities. The adoption of this standard did not result in any material changes to the Company’s revenue recognition as compared to the previous guidance.

The Company’s primary source of revenue are leases which fall under the scope of Leases (Topic 840). The revenues which will be impacted by the adoption of Topic 606 include fees for services performed at various unconsolidated joint ventures for which the Company is the manager. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. Also affected by Topic 606 are gains on sales of properties, lease termination fees and tax increment financing (“TIF”) contracts. The Company elected to disaggregate its revenue streams into the following line items on the Company’s Condensed Consolidated Statements of Income: Revenues from rental properties, Reimbursement income, Other rental property income and Management and other fee income. The Company believes that these are the proper disaggregated categories as they are the best depiction of its revenue streams both qualitatively and quantitatively.

Revenues from rental properties

Revenues from rental properties are comprised of minimum base rent, percentage rent, lease termination fee income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments. Base rental revenues from rental properties are recognized on a straight-line basis over the terms of the related leases. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee.  These percentage rents are recognized once the required sales level is achieved.  Rental income may also include payments received in connection with lease termination agreements.  Lease termination fee income is recognized when the lessee provides consideration in order to terminate a lease agreement in place. The performance obligation of the Company is the termination of the lease agreement which occurs upon consideration received and execution of the termination agreement. Upon acquisition of real estate operating properties, the Company estimates the fair value of identified intangible assets and liabilities (including above-market and below-market leases, where applicable).  The capitalized above-market or below-market intangible is amortized to rental income over the estimated remaining term of the respective leases, which includes the expected renewal option period for below-market leases.

Reimbursement income

Leases typically provide for reimbursement to the Company of common area maintenance costs (“CAM”), real estate taxes and other operating expenses.  Operating expense reimbursements are recognized as earned. The lease component relating to CAM reimbursement revenue will be within the scope of Topic 606, upon the effective date of ASU 2016-02, Leases (Topic 842). See New Accounting Pronouncements below for further details.

Other rental property income

Other rental property income mainly consists of ancillary income and TIF income which totaled $5.6 million and $3.6 million for the three months ended March 31, 2018 and 2017, respectively. Ancillary income is derived through various agreements relating to parking lots, clothing bins, temporary storage, vending machines, ATMs, trash bins and trash collections, fireworks sales, etc. The majority of the revenue derived from these sources are through lease agreements/arrangements and are recognized in accordance with the lease terms described in the lease. The Company has TIF agreements with certain municipalities and receives payments in accordance with the agreement. TIF reimbursement income is recognized on a cash-basis when received.

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Management and other fee income

Property management fees, property acquisition and disposition fees, construction management fees, leasing fees and asset management fees all fall within the scope of Topic 606. These fees arise from contractual agreements with third parties or with entities in which the Company has a noncontrolling interest. Management and other fee income related to partially owned entities are recognized to the extent attributable to the unaffiliated interest. Property and asset management fee income is recognized as a single performance obligation (managing the property) comprised of a series of distinct services (maintaining property, handling issues with tenants, etc.). The Company believes that the overall service of property management is substantially the same each day and has the same pattern of performance over the term of the agreement. As a result, each day of service represents a performance obligation satisfied at that point in time. These fees are recognized at the end of each period for services performed during that period, primarily billed to the customer monthly and terms for payment are payment due upon receipt.

Leasing fee income is recognized as a single performance obligation primarily upon the rent commencement date. The Company believes the leasing services it provides are similar for each available space leased and none of the individual activities necessary to facilitate the execution of each lease are distinct. These fees are billed to the customer monthly and terms for payment are payment due upon receipt.

Property acquisition and disposition fees are recognized when the Company satisfies a performance obligation by acquiring a property or transferring control of a property. These fees are billed subsequent to the acquisition or sale of the property and payment is due upon receipt.

Construction management fees are recognized as a single performance obligation (managing the construction of the project) composed of a series of distinct services.  The Company believes that the overall service of construction management is substantially the same each day and has the same pattern of performance over the term of the agreement.  As a result, each day of service represents a performance obligation satisfied at that point in time.  These fees are based on the amount spent on the construction at the end of each period for services performed during that period, primarily billed to the customer monthly and terms for payment are payment due upon receipt. 

Gains on sales of operating properties/change in control of interests

On January 1, 2018, the Company also adopted ASU 2017-05, Other Income–Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“Topic 610”) for gains and losses from the sale and/or transfer of real estate property. The Company adopted Topic 610 using the modified retrospective approach for all contracts effective January 1, 2018. Topic 610 provides that sales of nonfinancial assets, such as real estate, are to be recognized when control of the asset transfers to the buyer, which will occur when the buyer has the ability to direct the use of or obtain substantially all of the remaining benefits from the asset. This generally occurs when the transaction closes and consideration is exchanged for control of the property.

In accordance with its election to apply the modified retrospective approach for all contracts, the Company recorded a cumulative-effect adjustment of $8.1 million to its beginning retained earnings as of January 1, 2018, on the Company’s Condensed Consolidated Statements of Changes in Equity and an adjustment to Investments in and advances to real estate joint ventures on the Company’s Condensed Consolidated Balance Sheets. As of December 31, 2017, the Company had aggregate net deferred gains of $8.1 million relating to partial disposals of two operating real estate properties prior to the adoption of ASU 2017-05, of which $6.9 million was included in Investments in and advances to real estate joint ventures and $1.2 million was included in Other liabilities on the Company’s Condensed Consolidated Balance Sheets. The Company had deferred these gains in accordance with prior guidance due to its continuing involvement in the entities which acquired the operating real estate properties.

During the three months ended March 31, 2018, the Company sold a portion of its investment in a consolidated operating property to its partner and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company no longer consolidates the entity and recognized a gain on change in control of $6.8 million, in accordance with the adoption of ASU 2017-05 (See Footnote 3 to the Notes to the Company’s Condensed Consolidated Financial Statements for additional disclosure regarding disposals), which is included in Gain on sale of operating properties/ change in controls of interests on the Company’s Condensed Consolidated Statements of Income.

New Accounting Pronouncements –

       The following table represents ASUs to the FASB’s ASC that, as of March 31, 2018, are not yet effective for the Company and for which the Company has not elected early adoption, where permitted:

ASU	Description	Effective Date	Effect on the financial statements or other significant matters
ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments	The new guidance introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses.	January 1, 2020; Early adoption permitted	The Company is still assessing the impact on its financial position and/or results of operations.

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ASU 2016-02, Leases (Topic 842)   ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 This ASU sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes the previous leases standard, Leases (Topic 840).   In January 2018, the FASB issued ASU 2018-01, which includes amendments to clarify land easements are within the scope of the new leases standard (Topic 842) and provide an optional transition practical expedient to not evaluate whether existing and expired land easements that were not previously accounted for as leases under current lease guidance in Topic 840 and are to be accounted for or contain leases under Topic 842. Early adoption is permitted as of the original effective date.   The FASB approved an exposure draft in March 2018 which provided lessors with a practical expedient by class of underlying assets to not separate non-lease components from the lease component. However, the practical expedient would be limited to circumstances in which: 1) the timing and pattern of revenue recognition are the same for the non-lease component and the related lease component; and, 2) the combined single lease component would be classified as an operating lease. January 1, 2019; Early adoption permitted The Company continues to evaluate the effect the adoption will have on the Company’s financial position and/or results of operations. However, the Company currently believes that the adoption will not have a material impact for operating leases where it is a lessor and will continue to record revenues from rental properties for its operating leases on a straight-line basis. However, for leases where the Company is a lessee, primarily for the Company’s ground leases and administrative office leases, the Company will be required to record a lease liability and a right of use asset on its Consolidated Balance Sheets at fair value upon adoption. In addition, direct internal leasing costs will continue to be capitalized, however, indirect internal leasing costs previously capitalized will be expensed. Within the terms of the Company’s leases where the Company is the lessor, the Company is entitled to receive reimbursement amounts from tenants for operating expenses such as real estate taxes, insurance and other CAM. Upon adoption of this ASU, CAM reimbursement revenue will be accounted for in accordance with ASU 2016-12 Revenue from Contracts with Customers (Topic 606). The Company continues to evaluate the effect the adoption will have on this source of revenue. However, the Company currently does not believe the adoption will significantly affect the timing of the recognition of the Company’s CAM reimbursement revenue.  

The following ASUs to the FASB’s ASC have been adopted by the Company during the quarter ended March 31, 2018:

ASU	Description	Adoption Date	Effect on the financial statements or other significant matters
ASU 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting	The amendment provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The new guidance will be applied prospectively to awards modified on or after the adoption date.	January 1, 2018	There was no material impact to the Company’s financial position and/or results of operations.

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ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (“Subtopic 610-20”): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets	The amendment clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset and defines the term in substance nonfinancial asset. ASU 2017-05 also clarifies that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty.  Subtopic 610-20, which was issued in May 2014 as part of ASU 2014-09, discussed below, provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity is required to apply the amendments in ASU 2017-05 at the same time it applies the amendments in ASU 2014-09 discussed below. An entity may elect to apply the amendments in ASU 2017-05 either retrospectively to each period presented in the financial statements in accordance with the guidance on accounting changes in ASC Topic 250, Accounting Changes and Error Corrections, paragraphs 10-45-5 through 10-45-10 (i.e. the retrospective approach) or retrospectively with a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption (i.e. the modified retrospective approach). An entity may elect to apply all of the amendments in ASU 2017-05 and ASU 2014-09 using the same transition method, or alternatively may elect to use different transition methods.	January 1, 2018	The Company adopted the provisions of Subtopic 610-20 using the modified retrospective approach. The Company has applied the guidance to disposals of nonfinancial assets (including real estate assets) within the scope of Subtopic 610-20, see above for impact from the adoption of this ASU.
ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ASU 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities	The amendment addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the following: (i)  Requires equity investments (excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee) with readily determinable fair values to be measured at fair value with the changes in fair value recognized in net income; however, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. (ii) Simplifies the impairment assessment of those equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment (iii) Eliminates the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and changes the fair value calculation for those investments (iv) Changes the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments (v)  Clarifies that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. The amendments clarify certain aspects of the guidance issued in ASU 2016-01, discussed below, primarily impacting the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments.	January 1, 2018 Fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018.	Effective as of date of adoption, changes in fair value of the Company’s available-for-sale marketable securities are recognized in Other income, net on the Company’s Condensed Consolidated Statements of Income. See above and Footnote 9 in the Notes to the Condensed Consolidated Financial Statements for impact from the adoption of this ASU.

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ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying performance obligations and licensing ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-scope improvements and practical expedients	ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 was anticipated to be effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption was not permitted. In August 2015, the FASB issued ASU 2015-14, which delayed the effective date of ASU 2014-09 by one year making it effective for the first interim period within annual reporting periods beginning after December 15, 2017. Subsequently, in March 2016, the FASB issued ASU 2016-08, which further clarifies the implementation guidance on principal versus agent considerations, and in April 2016, the FASB issued ASU 2016-10, an update on identifying performance obligations and accounting for licenses of intellectual property. Additionally, in May 2016, the FASB issued ASU 2016-12, which includes amendments for enhanced clarification of the guidance. Early adoption is permitted as of the original effective date.	January 1, 2018	The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard, except for the lease component relating to common area maintenance (“CAM”) reimbursement revenue, which will be within the scope of this standard upon the effective date of ASU 2016-02, Leases (Topic 842). The revenues which are within the scope of this standard include other ancillary income earned through the Company’s operating properties as well as fees for services performed at various unconsolidated joint ventures which the Company manages. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. The Company believes the timing of recognition and amount of these revenues will be generally consistent with the previous recognition and measurement. See above for impact from the adoption of this ASU.
ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash	This amendment requires entities to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. The amendment should be applied using a retrospective transition method to each period presented.	January 1, 2018	There was no material impact to the Company’s financial position and/or results of operations.

3. Operating Property Activities

Acquisitions and Dispositions –

During January 2018, the Company acquired a land parcel adjacent to an existing shopping center located in Ardmore, PA for a purchase price of $3.4 million.

The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels, in separate transactions (dollars in millions):

	Three Months Ended March 31,
	2018		2017
Aggregate sales price	$	202.5	$	57.8
Gain on sale of operating properties	$	50.2	$	1.7
Impairment charges	$	2.4	$	1.2
Number of operating properties sold		19		4
Number of out-parcels sold		1		2

In addition, during March 2018, the Company sold a portion of its investment in a consolidated operating property to its partner based on a gross fair value of $320.0 million, including $206.0 million of non-recourse mortgage debt, and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company no longer consolidates the entity and as such, reduced noncontrolling interests by $43.8 million and recognized a gain on change in control of $6.8 million (which is recorded in Gain on sale of operating properties/change in control of interests on the Company’s Condensed Consolidated Statements of Income), in accordance with the adoption of ASU 2017-05 effective as of January 1, 2018 (See Footnote 2 to the Notes to the Company’s Condensed Consolidated Financial Statements for additional discussion). The Company now has an investment in this unconsolidated property of $62.4 million, included in Investments in and advances to real estate joint ventures on the Company’s Condensed Consolidated Balance Sheets. The Company’s share of this investment is subject to change and is based upon a cash flow waterfall provision within the partnership agreement (54.8% as of the date of deconsolidation).

During the three months ended March 31, 2018, the Company disposed of four land parcels, in separate transactions, for an aggregate sales price of $2.9 million, which resulted in an aggregate gain of $0.5 million, included in Other income, net on the Company’s Condensed Consolidated Statements of Income.

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Impairments –

During the three months ended March 31, 2018, the Company recognized aggregate impairment charges of $7.6 million. These impairment charges consist of (i) $5.2 million related to adjustments to property carrying values for properties which the Company has marketed for sale as part of its active capital recycling program and as such has adjusted the anticipated hold periods for such properties and (ii) $2.4 million related to the sale of certain operating properties, as discussed above. The Company’s estimated fair values of these properties were primarily based upon estimated sales prices from signed contracts or letters of intent from third party offers. See Footnote 12 to the Notes to the Company’s Condensed Consolidated Financial Statements for fair value disclosure.

4. Real Estate Under Development

The Company is engaged in various real estate development projects for long-term investment. As of March 31, 2018, the Company had in progress a total of four active real estate development projects and two additional projects held for future development.

The costs incurred to date for these real estate development projects are as follows (in thousands):

Property Name	Location	March 31, 2018		December 31, 2017
Grand Parkway Marketplace	Spring, TX	$	45,063	$	43,403
Dania Pointe (1)	Dania Beach, FL		184,934		152,841
Mill Station	Owings Mills, MD		35,689		34,347
Lincoln Square	Philadelphia, PA		118,764		90,479
Avenues Walk (2)	Jacksonville, FL		48,573		48,573
Promenade at Christiana (3)	New Castle, DE		32,659		32,875
Total (4)		$	465,682	$	402,518

(1) These costs include expenditures for phase I and phase II offsite and infrastructure requirements.  During the three months ended March 31, 2018, the Company acquired a parcel adjacent to this development project for a purchase price of $4.6 million.

(2) Mixed-use project to be developed in the future.

(3)	Land held for future development.
(4)	Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $31.8 million and $27.7 million, as of March 31, 2018 and December 31, 2017, respectively.

During the three months ended March 31, 2018, the Company capitalized (i) interest of $3.0 million, (ii) real estate taxes, insurance and legal costs of $0.7 million and (iii) payroll of $0.4 million, in connection with these real estate development projects.

5. Investments in and Advances to Real Estate Joint Ventures

The Company and its subsidiaries have investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting.

The table below presents joint venture investments for which the Company held an ownership interest at March 31, 2018 and December 31, 2017 (in millions, except number of properties):

			March 31, 2018		December 31, 2017
Joint Venture	Ownership Interest		The Company's Investment		The Company's Investment
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) (3)		15.0%	$	185.6	$	179.5
Kimco Income Opportunity Portfolio (“KIR”) (2)		48.6%		156.7		154.1
Canada Pension Plan Investment Board (“CPP”) (2)		55.0%		109.0		105.0
Other Joint Venture Programs (3) (4)	Various			108.8		45.3
Total*			$	560.1	$	483.9

* Representing 118 property interests and 24.1 million square feet of GLA, as of March 31, 2018, and 118 property interests and 23.5 million square feet of GLA, as of December 31, 2017.

(1) Represents four separate joint ventures, with four separate accounts managed by Prudential Global Investment Management (“PGIM”), 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 property management fees, construction management fees, property acquisition and disposition fees, leasing management fees and asset management fees.

(3) As of December 31, 2017, the Company had aggregate net deferred gains of $6.9 million relating to the disposal of operating properties prior to the adoption of ASU 2017-05. These deferred gains were included in the Company’s investment above, of which $5.1 million relates to KimPru II and $1.8 million relates to Other Joint Venture Programs. Upon adoption, the Company recorded a cumulative-effect adjustment of $6.9 million to its beginning retained earnings as of January 1, 2018 on the Company’s Condensed Consolidated Statements of Changes in Equity. See Footnote 2 to the Notes to the Company’s Condensed Consolidated Financial Statements for further detail and discussion.

(4) During March 2018, the Company sold a portion of its investment in a consolidated operating property to its partner and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company no longer consolidates the entity. The Company now has an investment in this unconsolidated property of $62.4 million. See Footnotes 2 and 3 to the Notes to the Company’s Condensed Consolidated Financial Statements for further detail and discussion.

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The table below presents the Company’s share of net income for the above investments which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income for the three months ended March 31, 2018 and 2017 (in millions):

	Three Months Ended March 31,
Joint Venture	2018		2017
KimPru and KimPru II	$	2.9	$	3.3
KIR		9.0		9.4
CPP		1.2		1.7
Other Joint Venture Programs		3.8		0.3
Total	$	16.9	$	14.7

During the three months ended March 31, 2018, certain of the Company’s real estate joint ventures disposed of two operating properties, in separate transactions, for an aggregate sales price of $17.1 million. These transactions resulted in an aggregate gain to the Company of $2.1 million for the three months ended March 31, 2018.

During the three months ended March 31, 2017, certain of the Company’s real estate joint ventures disposed of five operating properties, in separate transactions, for an aggregate sales price of $47.7 million. These transactions resulted in an aggregate net gain to the Company of $0.9 million, before income taxes, for the three months ended March 31, 2017. In addition, during the three months ended March 31, 2017, the Company acquired a controlling interest in two operating properties from certain joint ventures, in separate transactions, for a gross purchase price of $15.4 million.

The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at March 31, 2018 and December 31, 2017 (dollars in millions):

	As of March 31, 2018							As of December 31, 2017
Joint Venture	Mortgages and Notes Payable, Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*		Mortgages and Notes Payable, Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*
KimPru and KimPru II	$	624.4		3.77	%		56.8	$	625.7		3.59	%		59.8
KIR		698.3		4.62	%		44.6		702.0		4.60	%		47.5
CPP		85.0		3.22	%		1.0		84.9		2.91	%		4.0
Other Joint Venture Programs		481.1		4.33	%		77.7		287.6		4.41	%		27.2
Total	$	1,888.8						$	1,700.2

* Includes extension options

6. Other Real Estate Investments

Preferred Equity Capital -

The Company previously provided capital to owners and developers of real estate properties through its Preferred Equity Program. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its net investment. As of March 31, 2018, the Company’s net investment under the Preferred Equity Program was $188.2 million relating to 319 properties, including 306 net leased properties.  During the three months ended March 31, 2018, the Company recognized income of $10.0 million from its preferred equity investments, including $4.7 million in profit participation earned from two capital transactions. During the three months ended March 31, 2017, the Company earned $3.8 million from its preferred equity investments. These amounts are included in Equity in income of other real estate investments, net on the Company’s Condensed Consolidated Statements of Income.

7. Variable Interest Entities (“VIE”)

Included within the Company’s consolidated operating properties at March 31, 2018 and December 31, 2017, are 22 and 24 consolidated entities that are VIEs, respectively, for which the Company is the primary beneficiary. These entities have been established to own and operate real estate property. The Company’s involvement with these entities is through its majority ownership and management of the properties. The entities were deemed VIEs primarily because the unrelated investors do not have substantive kick-out rights to remove the general or managing partner by a vote of a simple majority or less and they do not have substantive participating rights. The Company determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest. At March 31, 2018, total assets of these VIEs were $889.6 million and total liabilities were $71.7 million. At December 31, 2017, total assets of these VIEs were $1.2 billion and total liabilities were $383.5 million.

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The majority of the operations of these VIEs are funded with cash flows generated from the properties. The Company has not provided financial support to any of these VIEs that it was not previously contractually required to provide, which consists primarily of funding any capital expenditures, including tenant improvements, which are deemed necessary to continue to operate the entity and any operating cash shortfalls that the entity may experience.

Additionally, included within the Company’s real estate development projects at March 31, 2018 and December 31, 2017, are two and three consolidated entities that are VIEs, respectively, for which the Company is the primary beneficiary. These entities have been established to develop real estate properties to hold as long-term investments. The Company’s involvement with these entities is through its majority ownership and management of the properties. These entities were deemed VIEs primarily based on the fact that the equity investments at risk are not sufficient to permit the entities to finance their activities without additional financial support. The initial equity contributed to these entities was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest. At March 31, 2018, total assets of these real estate development VIEs were $296.2 million and total liabilities were $42.9 million. At December 31, 2017, total assets of these real estate development VIEs were $307.9 million and total liabilities were $34.2 million.

Substantially all the projected development costs to be funded for these two real estate development projects, aggregating $106.0 million, will be funded with capital contributions from the Company, when contractually obligated. The Company has not provided financial support to these VIEs that it was not previously contractually required to provide.

All liabilities of these consolidated VIEs are non-recourse to the Company (“VIE Liabilities”). The assets of the unencumbered VIEs are not restricted for use to settle only the obligations of these VIEs. The remaining VIE assets are encumbered by third party non-recourse mortgage debt. The assets associated with these encumbered VIEs (“Restricted Assets”) are collateral under the respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. The table below summarizes the consolidated VIEs and the classification of the Restricted Assets and VIE Liabilities on the Company’s Condensed Consolidated Balance Sheets are as follows (dollars in millions):

	As of March 31, 2018		As of December 31, 2017
Number of unencumbered VIEs		21		22
Number of encumbered VIEs		3		5
Total number of consolidated VIEs		24		27
Restricted Assets:
Real estate, net	$	104.4	$	627.5
Cash and cash equivalents		3.1		9.8
Accounts and notes receivable, net		1.5		3.2
Other assets		2.3		4.5
Total Restricted Assets	$	111.3	$	645.0
VIE Liabilities:
Mortgages payable, net	$	35.9	$	340.9
Other liabilities		78.7		76.8
Total VIE Liabilities	$	114.6	$	417.7

8. Mortgages and Other Financing Receivables

The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company. The Company reviews payment status to identify performing versus non-performing loans. As of March 31, 2018, the Company had a total of 11 loans aggregating $21.4 million, of which all were identified as performing loans.

9. Marketable Securities

Effective January 1, 2018, in accordance with the adoption of ASU 2016-01, the Company now recognizes changes in the fair value of equity investments with readily determinable fair values in net income. In addition, the Company recorded a cumulative-effect adjustment of $1.1 million to its beginning retained earnings as of January 1, 2018, which is reflected in Cumulative distributions in excess of net income on the Company’s Condensed Consolidated Statements of Changes in Equity, to reclassify unrealized losses previously reported in AOCI for available-for-sale marketable securities. Also, during the three months ended March 31, 2018, the Company recognized a net loss on changes in fair value of its available-for-sale marketable securities of $1.5 million in Other income, net on the Company’s Condensed Consolidated Statements of Income.

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10. Mortgages Payable

During the three months ended March 31, 2018, the Company (i) deconsolidated $206.0 million of individual non-recourse mortgage debt relating to an operating property for which the Company no longer has a controlling interest in and (ii) repaid $161.9 million of maturing mortgage debt (including fair market value adjustments of $0.4 million) that encumbered two operating properties.

Additionally, during the three months ended March 31, 2018, the Company disposed of an encumbered property through foreclosure. The transaction resulted in a net decrease in mortgage debt of $12.4. In addition, the Company recognized a gain on forgiveness of debt of $4.3 million and relief of accrued interest of $3.4 million, both of which are included in Other income, net in the Company’s Condensed Consolidated Statements of Income.

11. Noncontrolling Interests

      Noncontrolling interests represent the portion of equity that the Company does not own in entities it consolidates as a result of having a controlling interest or determined that the Company was the primary beneficiary of a VIE in accordance with the provisions of the FASB’s Consolidation guidance.  The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Condensed Consolidated Balance Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Condensed Consolidated Statements of Income.  During the three months ended March 31, 2018, there were various transactions that had an impact on noncontrolling interest. See Footnotes 3 and 5 of the Notes to Condensed Consolidated Financial Statements for additional information regarding specific transactions.

In addition, during the three months ended March 31, 2018, the Company acquired its partners’ interest in three consolidated entities, in two separate transactions, for an aggregate purchase price of $3.4 million. These transactions resulted in a net decrease in Noncontrolling interest of $4.6 million and a corresponding net increase in Paid-in capital of $1.2 million on the Company’s Condensed Consolidated Balance Sheets. There are no remaining partners in two of these consolidated entities.

      Included within noncontrolling interests are units that were determined to be contingently redeemable that are classified as Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and Stockholder’s equity on the Company’s Condensed Consolidated Balance Sheets.

12. Fair Value Measurements

All financial instruments of the Company are reflected in the accompanying Condensed Consolidated Balance Sheets at amounts which, in management’s estimation, based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values except those listed below, for which fair values are disclosed. The valuation method used to estimate fair value for fixed-rate and variable-rate debt is based on discounted cash flow analyses, with assumptions that include credit spreads, market yield curves, trading activity, loan amounts and debt maturities. The fair values for marketable securities are based on published values, securities dealers’ estimated market values or comparable market sales. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition.

As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

The following are financial instruments for which the Company’s estimate of fair value differs from the carrying amounts (in thousands):

	March 31, 2018				December 31, 2017
	Carrying Amounts		Estimated Fair Value		Carrying Amounts		Estimated Fair Value
Notes payable, net (1)	$	4,597,967		4,418,144	$	4,596,140	$	4,601,479
Mortgages payable, net (2)	$	499,355		494,366	$	882,787	$	881,427

(1) The Company determined that the valuation of its Senior Unsecured Notes were classified within Level 2 of the fair value hierarchy and its Credit Facility was classified within Level 3 of the fair value hierarchy.  The estimated fair value amounts classified as Level 2 as of March 31, 2018 and December 31, 2017, were $4.4 billion and $4.6 billion, respectively. The estimated fair value amounts classified as Level 3 as of March 31, 2018 and December 31, 2017, were $2.2 million and $1.9 million, respectively.

(2) The Company determined that its valuation of Mortgages payable, net was classified within Level 3 of the fair value hierarchy. 

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The Company has certain financial instruments that must be measured under the FASB’s Fair Value Measurements and Disclosures guidance, including available for sale securities. The Company currently does not have non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.

The tables below present the Company’s financial assets and liabilities measured at fair value on a recurring basis as of  March 31, 2018 and December 31, 2017, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

	Balance at March 31, 2018		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	10,334	$	10,334	$	-	$	-
Liabilities:
Interest rate swaps	$	66	$	-	$	66	$	-

	Balance at December 31, 2017		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	11,936	$	11,936	$	-	$	-
Liabilities:
Interest rate swaps	$	344	$	-	$	344	$	-

Assets measured at fair value on a non-recurring basis during the three months ended March 31, 2018 and the year ended December 31, 2017, are as follows (in thousands): 

	Balance at March 31, 2018		Level 1		Level 2		Level 3
Real estate	$	104,850	$	-	$	-	$	104,850
Investments in real estate joint ventures (1)	$	62,429	$	-	$	-	$	62,429

	Balance at December 31, 2017		Level 1		Level 2		Level 3
Real estate	$	108,313	$	-	$	-	$	108,313

(1) Fair value measurement as of date of deconsolidation. See Footnotes 3 and 5 to the Notes to the Company’s Condensed Consolidated Financial Statements for further detail and discussion.

During the three months ended March 31, 2018 and 2017, the Company recognized impairment charges related to adjustments to property carrying values of $7.6 million and $1.6 million, respectively. The Company’s estimated fair values of these properties were primarily based upon estimated sales prices from signed contracts or letters of intent from third party offers for which the Company does not have access to the unobservable inputs used to determine these estimated fair values. Based on these inputs, the Company determined that its valuation of these investments was classified within Level 3 of the fair value hierarchy. (See Footnote 3 to the Notes to the Company’s Condensed Consolidated Financial Statements for additional discussion regarding impairment charges).

13. Preferred Stock and Common Stock

The Company’s outstanding Preferred Stock is detailed below:

As of March 31, 2018
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		7,000	$	175,000		6.000	%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000		5.500	%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00	12/7/2017
Class L		10,350		9,000		225,000		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M (1)		10,580		10,580		264,500		5.250	%	$	1.31250	$	1.00	12/20/2022
				42,580	$	1,064,500

(1) During January 2018, the underwriting financial institutions for the Class M issuance elected to exercise the over-allotment option and as a result, the Company issued an additional 1,380,000 Class M Depositary Shares, each representing a one-thousandth fractional interest in a share of the Company's 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share. The Company received net proceeds before expenses of $33.4 million from this over-allotment issuance.

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As of December 31, 2017
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		7,000	$	175,000		6.000	%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000		5.500	%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00	12/7/2017
Class L		10,350		9,000		225,000		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		9,200		230,000		5.250	%	$	1.31250	$	1.00	12/20/2022
				41,200	$	1,030,000

During February 2018, the Company’s Board of Directors authorized a share repurchase program, pursuant to which the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $300.0 million. During the three months ended March 31, 2018, the Company repurchased 1,600,000 shares for aggregate purchase price of $24.3 million. As of March 31, 2018, the Company had $275.7 million available under this common share repurchase program.

14. Supplemental Schedule of Non-Cash Investing / Financing Activities

The following schedule summarizes the non-cash investing and financing activities of the Company for the three months ended March 31, 2018 and 2017 (in thousands):

	2018		2017
Disposition of real estate interests by foreclosure of debt	$	7,444	$	-
Forgiveness of debt due to foreclosure	$	12,415	$	-
Surrender of restricted common stock	$	3,374	$	4,991
Declaration of dividends paid in succeeding period	$	132,209	$	124,680
Capital expenditures accrual	$	84,932	$	34,386
Deemed contribution from noncontrolling interest	$	-	$	10,000
Consolidation of Joint Ventures:
Increase in real estate and other assets	$	-	$	15,061
Increase in mortgages payable, other liabilities and noncontrolling interests	$	-	$	1,270
Deconsolidation of Joint Ventures:
Decrease in real estate and other assets	$	300,299	$	-
Increase in investments in and advances to real estate joint ventures	$	62,429	$	-
Decrease in mortgages payable, other liabilities and noncontrolling interests	$	248,274	$	-

15. Incentive Plans

The Company accounts for equity awards in accordance with FASB’s Compensation – Stock Compensation guidance which requires that all share based payments to employees, including grants of employee stock options, restricted stock and performance shares, be recognized in the Condensed Consolidated Statements of Income over the service period based on their fair values. Fair value is determined, depending on the type of award, using either the Black-Scholes option pricing formula or the Monte Carlo method for performance shares, both of which are intended to estimate the fair value of the awards at the grant date. Fair value of restricted shares is calculated based on the price on the date of grant.

The Company recognized expenses associated with its equity awards of $5.2 million and $9.6 million for the three months ended March 31, 2018 and 2017, respectively.  As of March 31, 2018, the Company had $42.3 million of total unrecognized compensation cost related to unvested stock compensation granted under the Plans.  That cost is expected to be recognized over a weighted average period of approximately 3.3 years.

16. Accumulated Other Comprehensive Income

In accordance with the adoption of ASU 2016-01, the Company recorded a cumulative-effect adjustment of $1.1 million to beginning retained earnings as of January 1, 2018, which is reflected in Cumulative distributions in excess of net income on the Company’s Condensed Consolidated Statements of Changes in Equity, to reclassify unrealized losses previously reported in AOCI for available-for-sale marketable securities (See Footnotes 2 and 9 to the Notes to the Company’s Condensed Consolidated Financial Statements for additional disclosure).

The following tables display the change in the components of accumulated other comprehensive income for the three months ended March 31, 2018 and 2017 (in thousands):

	Unrealized Loss on Interest Rate Swaps
Balance as of January 1, 2018, as adjusted	$	(344	)
Other comprehensive income before reclassifications		278
Amounts reclassified from AOCI		-
Net current-period other comprehensive income
Balance as of March 31, 2018	$	(66	)

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	Foreign Currency Translation Adjustments		Unrealized Gains Related to Available- for-Sale Securities		Unrealized Loss on Interest Rate Swaps			Total
Balance as of January 1, 2017	$	6,335	$	406	$	(975	)	$	5,766
Other comprehensive income before reclassifications		503		28		188			719
Amounts reclassified from AOCI		-		-		-			-
Net current-period other comprehensive income		503		28		188			719
Balance as of March 31, 2017	$	6,838	$	434	$	(787	)	$	6,485

17. Earnings Per Share

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

	Three Months Ended
	March 31,
	2018			2017
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	129,501		$	65,178
Earnings attributable to participating securities		(599	)		(531	)
Net income available to the Company’s common shareholders for basic earnings per share		128,902			64,647
Distributions on convertible units		244			-
Net income available to the Company’s common shareholders for diluted earnings per share	$	129,146		$	64,647
Weighted average common shares outstanding – basic		423,404			423,381
Effect of dilutive securities (1):
Equity awards		287			765
Assumed conversion of convertible units		830			-
Weighted average common shares outstanding – diluted		424,521			424,146
Net income available to the Company's common shareholders:
Basic earnings per share	$	0.30		$	0.15
Diluted earnings per share	$	0.30		$	0.15

(1) The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 3.3 million and 3.4 million stock options that were not dilutive as of March 31, 2018 and 2017, respectively, and 1.9 million shares of restricted stock that were not dilutive as of March 31, 2018.

The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings.

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

Forward-Looking Statements

This Quarterly Report on Form 10-Q, together with other statements and information publicly disseminated by Kimco Realty Corporation (the “Company”) contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “target,” “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performances or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to (i) general adverse economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (iv) the Company’s ability to raise capital by selling its assets, (v) changes in governmental laws and regulations and management’s ability to estimate the impact of such changes, (vi) the level and volatility of interest rates and foreign currency exchange rates and managements’ ability to estimate the impact thereof, (vii) risks related to the Company’s international operations, (viii) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in accordance with our expectations, (ix) valuation and risks related to the Company’s joint venture and preferred equity investments, (x) valuation of marketable securities and other investments, (xi) increases in operating costs, (xii) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xiii) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiv) impairment charges, (xv) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity and (xvi) the risks and uncertainties identified under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year-ended December 31, 2017. Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes or related subjects in the Company’s Current Reports on Form 8-K that the Company files with the Securities and Exchange Commission (“SEC”).

The following discussion should be read in conjunction with the accompanying Condensed Consolidated Financial Statements and Notes thereto.  These unaudited financial statements include all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature.

Executive Overview

Kimco Realty Corporation, a Maryland corporation, is one of North America’s largest publicly traded owners and operators of open-air shopping centers.   The terms “Kimco,” the “Company,” “we,” “our” and “us” each refer to Kimco Realty Corporation and our subsidiaries, unless the context indicates otherwise.  The Company’s mission is to create destinations for everyday living that inspire a sense of community and deliver value to our many stakeholders.

The Company is a self-administered real estate investment trust (“REIT”) and has owned and operated open-air shopping centers for 60 years.  The Company has not engaged, nor does it expect to retain, any REIT advisors in connection with the operation of its properties. As of March 31, 2018, the Company had interests in 475 shopping center properties (the “Combined Shopping Center Portfolio”), aggregating 80.7 million square feet of gross leasable area (“GLA”), located in 29 states and Puerto Rico. In addition, the Company had 331 other property interests, primarily through the Company’s preferred equity investments and other real estate investments, totaling 5.5 million square feet of GLA. The Company’s ownership interests in real estate consist of its consolidated portfolio and portfolios where the Company owns an economic interest, such as properties in the Company’s investment real estate management programs, where the Company partners with institutional investors and also retains management.  

The Company’s operating strategies are to (i) own and operate its shopping center properties at their highest potential through maximizing and maintaining rental income and occupancy levels, (ii) attract local area customers to its shopping centers, which offer day-to-day necessities rather than high-priced luxury items, and (iii) maintain a strong balance sheet.

The Company’s investment strategy is to invest capital into high quality assets which are concentrated in major metro markets that provide opportunity for growth while disposing of lesser quality assets in more undesirable locations. Through this strategy, the Company has steadily progressed in its transformation of its portfolio and will continue these efforts as deemed necessary to maximize the quality and growth of its portfolio. The properties acquired are primarily located in major metro areas allowing tenants to generate higher foot traffic resulting in higher sales volume. The Company believes that this will enable it to maintain higher occupancy levels, rental rates and rental growth.

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The Company’s investment strategy also includes the retail re-tenanting, renovation and expansion of its existing centers and acquired centers. The Company may selectively acquire established income-producing real estate properties and properties requiring significant re-tenanting and redevelopment, primarily in geographic regions in which the Company presently operates. Additionally, the Company may selectively acquire land parcels in its key markets for real estate development projects for long-term investment. The Company may consider investments in other real estate sectors and in geographic markets where it does not presently operate should suitable opportunities arise. The Company also continues to simplify its business by reducing the number of joint venture investments and pursuing redevelopment opportunities to increase overall value within its portfolio.

As part of the Company’s investment strategy each property is evaluated for its highest and best use, which may include residential and mixed-use components. In addition, the Company may consider other opportunistic investments related to retailer controlled real estate such as, repositioning underperforming retail locations, retail real estate financing and bankruptcy transaction support. The Company has an active capital recycling program which provides for the disposition of certain properties. If the Company accepts sales prices for any of these assets that are less than their net carrying values, the Company would be required to take impairment charges and such amounts could be material.

Results of Operations

Comparison of the three months ended March 31, 2018 and 2017

The following table presents the comparative results from the Company’s Condensed Consolidated Statements of Income for the three months ended March 31, 2018, as compared to the corresponding period in 2017 (in thousands, except per share data):

	Three Months Ended March 31,
	2018			2017			$ Change
Revenues
Revenues from rental properties	$	230,415		$	227,711		$	2,704
Reimbursement income		63,716			58,129			5,587
Other rental property income		5,586			3,551			2,035
Management and other fee income		4,361			4,197			164
Operating expenses
Rent (1)		(2,818	)		(2,783	)		(35	)
Real estate taxes		(40,434	)		(38,269	)		(2,165	)
Operating and maintenance (2)		(43,331	)		(42,574	)		(757	)
General and administrative (3)		(22,398	)		(22,230	)		(168	)
Provision for doubtful accounts		(2,131	)		(1,404	)		(727	)
Impairment charges		(7,646	)		(1,617	)		(6,029	)
Depreciation and amortization		(81,382	)		(92,074	)		10,692
Other income/(expense)
Other income, net		6,179			1,273			4,906
Interest expense		(49,943	)		(46,482	)		(3,461	)
(Provision)/benefit for income taxes, net		(52	)		493			(545	)
Equity in income of joint ventures, net		16,913			14,733			2,180
Gain on change in control of interests		-			10,188			(10,188	)
Equity in income of other real estate investments, net		9,976			3,687			6,289
Gain on sale of operating properties/change in control of interests		56,971			1,686			55,285
Net loss/(income) attributable to noncontrolling interests		108			(1,482	)		1,590
Preferred dividends		(14,589	)		(11,555	)		(3,034	)
Net income available to the Company's common shareholders	$	129,501		$	65,178		$	64,323
Net income available to the Company:
Diluted per common share	$	0.30		$	0.15		$	0.15

(1) Rent expense relates to ground lease payments for which the Company is the lessee.

(2) Operating and maintenance expense consists of property related costs including repairs and maintenance costs, roof repair, landscaping, parking lot repair, snow removal, utilities, property insurance costs, security, personnel costs related to property management services and various other property related expenses.

(3) General and administrative costs include employee-related expenses (including salaries, bonuses, equity awards, benefits, severance costs and payroll taxes but excluding property management personnel), professional fees, office rent, travel expense and other company-specific expenses.

      The following describes the activity of certain line items from the Company’s Condensed Consolidated Statements of Income, which it believes represent items that significantly changed during the three months ended March 31, 2018, as compared to the corresponding period in 2017:

Revenue from rental properties - The increase in Revenues from rental properties of $2.7 million is primarily from the combined effect of (i) the acquisition and consolidation of operating properties during 2017, providing incremental revenues for the three months ended March 31, 2018, of $10.1 million, as compared to the corresponding period in 2017, partially offset by (ii) a decrease in revenues of $7.4 million from properties sold during 2018 and 2017.

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Reimbursement income - The increase in Reimbursement income of $5.6 million is primarily from the combined effect of (i) increased occupancy rates, nature and timing of spending and net growth in recovery rates for the current portfolio, providing incremental revenues for the three months ended March 31, 2018, of $4.2 million, as compared to the corresponding period in 2017, and (ii) the acquisition and consolidation of operating properties during 2017, providing incremental revenues for the three months ended March 31, 2018, of $2.9 million, as compared to the corresponding period in 2017, partially offset by (iii) a decrease in revenues of $1.5 million from properties sold during 2018 and 2017.

Impairment charges - During the three months ended March 31, 2018 and 2017, the Company recognized impairment charges related to adjustments to property carrying values of $7.6 million and $1.6 million, respectively, for which the Company’s estimated fair values were primarily based upon signed contracts or letters of intent from third party offers. These adjustments to property carrying values were recognized in connection with the Company’s efforts to market certain properties and management’s assessment as to the likelihood and timing of such potential transactions. Certain of the calculations to determine fair value utilized unobservable inputs and as such are classified as Level 3 of the fair value hierarchy.

Depreciation and amortization - The decrease in Depreciation and amortization of $10.7 million is primarily due to (i) a decrease of $10.1 million related to the acceleration of depreciable lives of assets within the Company’s redevelopment projects during the three months ended March 31, 2018 as compared to the corresponding period in 2017 and (ii) a decrease of $4.5 million resulting from property dispositions and tenant vacates in 2018 and 2017, partially offset by (iii) an increase of $3.9 million related to the acquisition/consolidation of operating properties during 2017.

Other income, net - The increase in Other income, net of $4.9 million is primarily due to (i) the recognition of gain on forgiveness of debt of $4.3 million and relief of accrued interest of $3.4 million resulting from the foreclosure of an encumbered property during 2018, partially offset by (ii) a decrease of $1.5 million due to a net loss on available-for-sale marketable securities during the three months ended March 31, 2018, and (iii) a decrease of $0.8 million due to foreign currency losses during the three months ended March 31, 2018, as compared to the corresponding period in 2017.

Interest expense - The increase in Interest expense of $3.5 million is primarily the result of higher levels of borrowings during the three months ended March 31, 2018, as compared to the corresponding period in 2017, primarily related to the acquisition/consolidation of two encumbered operating properties during 2017.

Gain on change in control of interests - During the three months ended March 31, 2017, the Company acquired, in separate transactions, a controlling interest in two operating properties from certain joint venture partners in which the Company had noncontrolling interests. As a result of these transactions, the Company recorded an aggregate gain on change in control of interests of $10.2 million related to the fair value adjustment associated with its previously held equity interest in these operating properties.

Equity in income of other real estate investments, net - The increase in Equity in income of other real estate investments, net of $6.3 million is primarily due to an increase in profit participation from capital transactions related to Company’s Preferred Equity Program during 2018, as compared to the corresponding period in 2017.

Gain on sale of operating properties/change in control of interests - During the three months ended March 31, 2018, the Company disposed of 19 operating properties and one out-parcel, in separate transactions, for an aggregate sales price of $202.5 million. These transactions resulted in (i) an aggregate gain of $50.2 million and (ii) aggregate impairment charges of $2.4 million. In addition, during March 2018, the Company sold a portion of its investment in a consolidated operating property to its partner and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company no longer consolidates the entity and as such, recognized a gain on change in control of $6.8 million. During the three months ended March 31, 2017, the Company disposed of four consolidated operating properties and two out-parcels, in separate transactions, for an aggregate sales price of $57.8 million. These transactions resulted in (i) an aggregate gain of $1.7 million and (ii) aggregate impairment charges of $1.2 million.

Preferred dividends – The increase in Preferred dividends of $3.0 million is primarily due to the issuances of Class L Preferred Stock and Class M Preferred Stock, partially offset by the partial redemption of Class I Preferred Stock for the three months ended March 31, 2018, as compared to the corresponding period in 2017.

Net income available to the Company’s common shareholders and Diluted earnings per share - Net income available to the Company’s common shareholders was $129.5 million for the three months ended March 31, 2018, as compared to $65.2 million for the three months ended March 31, 2017. On a diluted per share basis, net income available to the Company for the three months ended March 31, 2018, was $0.30 as compared to $0.15 for the three months ended March 31, 2017. These changes are primarily attributable to (i) incremental earnings due to the acquisition of operating properties during 2017, as well as increased profitability from the Company’s operating properties, (ii) an increase in gains on sale of operating properties, including gain on change in control related to one property, (iii) a decrease in depreciation and amortization, (iv) an increase in equity in income of other real estate investments, net, and (v) an increase in other income, net, partially offset by (vi) a decrease from gain on change in control of interests, (vii) an increase in impairment charges of operating properties, (viii) an increase in interest expense and (ix) an increase in preferred dividends.

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 Tenant Concentration

The Company seeks to reduce its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base. At March 31, 2018, the Company’s five largest tenants were TJX Companies, Home Depot, Ahold Delhaize USA, Bed Bath & Beyond and Ross Stores, which represented 3.8%, 2.6%, 2.2%, 1.8% and 1.8%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest.

Liquidity and Capital Resources

The Company’s capital resources include accessing the public debt and equity capital markets, mortgage and construction loan financing, and immediate access to an unsecured revolving credit facility (the “Credit Facility”) with bank commitments of $2.25 billion which can be increased to $2.75 billion through an accordion feature.

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

	Three Months Ended March 31,
	2018			2017
Cash and cash equivalents, beginning of the period	$	238,513		$	142,486
Net cash flow provided by operating activities		192,279			157,052
Net cash flow provided by/ (used for) investing activities		79,426			(65,375	)
Net cash flow used for financing activities		(291,905	)		(66,709	)
Change in cash and cash equivalents		(20,200	)		24,968
Cash and cash equivalents, end of the period	$	218,313		$	167,454

Operating Activities

The Company anticipates that cash on hand, cash flows from operations, borrowings under its Credit Facility, and the issuance of equity and public debt, as well as other debt and equity alternatives, will provide the necessary capital required by the Company.  

Cash flows provided by operating activities for the three months ended March 31, 2018, was $192.3 million, as compared to $157.1 million for the comparable period in 2017. The increase of $35.2 million is primarily attributable to:

● the acquisition of operating properties during 2017;

● new leasing, expansion and re-tenanting of core portfolio properties;

● an increase in operational distributions from the Company’s joint venture programs; and

● changes in operating assets and liabilities due to timing of receipts and payments; partially offset by

● an increase in interest expense.

During the three months ended March 31, 2018 and 2017, the Company capitalized personnel costs of $2.9 million and $3.0 million, respectively, relating to deferred leasing costs.

Investing Activities

Cash flows provided by investing activities was $79.4 million for 2018, as compared to cash flows used for investing activities of $65.4 million for 2017. Investing activities during 2018 consisted primarily of:

Cash inflows:

● $184.6 million in proceeds from the sale of 19 consolidated operating properties, one out-parcel and four land parcels.

Cash outflows:

● $95.3 million for improvements to operating real estate related to the Company’s active redevelopment pipeline and improvements to real estate under development;

● $7.9 million for acquisition of operating real estate and other related net assets, including one land parcel, and acquisition of real estate under development related to one development project; and

● $5.9 million for investments in and advances to real estate joint ventures, primarily related to a redevelopment projects at properties within the Company’s joint venture portfolio.

Investing activities during 2017 consisted primarily of:

Cash inflows:

● $56.5 million in proceeds from the sale of operating properties related to four consolidated operating properties and two out-parcels; and

● $17.3 million in reimbursements of investments in and advances to real estate joint ventures, primarily related to disposition of properties within the joint venture portfolio, and reimbursements of investments and advances to other real estate investments.

24

Cash outflows:

● $74.5 million for improvements to operating real estate related to the Company’s active redevelopment pipeline and improvements to real estate under development;

● $48.4 million for acquisition of operating real estate and other related net assets, including three consolidated operating properties and a parcel, and acquisition of real estate under development related to a development project; and

● $16.9 million for investments in and advances to real estate joint ventures, primarily related to a redevelopment project in one joint venture and the repayment of a mortgage in another joint venture.

Acquisitions of Operating Real Estate and Other Related Net Assets-

       During the three months ended March 31, 2018 and 2017, the Company expended $3.3 million and $38.4 million, respectively, towards the acquisition of operating real estate properties and parcels adjacent to operating real estate properties. The Company continues to transform the quality of its portfolio by disposing of lesser quality assets and acquiring larger, higher quality properties in key markets identified by the Company. The Company anticipates spending up to $50.0 million towards the acquisition of operating properties during 2018, if suitable opportunities arise. The Company intends to fund these acquisitions with proceeds from property dispositions.

Improvements to Operating Real Estate-

During the three months ended March 31, 2018 and 2017, the Company expended $40.4 million and $30.1 million, respectively, towards improvements to operating real estate. These amounts consist of the following (in thousands):

	Three Months Ended March 31,
	2018		2017
Redevelopment and renovations	$	28,477	$	24,034
Tenant improvements and tenant allowances		9,851		4,075
Other		2,056		1,944
Total improvements (1)	$	40,384	$	30,053

(1) During the three months ended March 31, 2018 and 2017, the Company capitalized payroll of $0.9 million and $0.8 million, respectively, and capitalized interest of $0.7 million and $0.5 million, respectively, in connection with the Company’s improvements to operating real estate.

The Company has an ongoing program to redevelop and re-tenant its properties to maintain or enhance its competitive position in the marketplace. The Company is actively pursuing redevelopment opportunities within its operating portfolio which it believes will increase the overall value by bringing in new tenants and improving the assets’ value. The Company has identified three categories of redevelopment, (i) large scale redevelopment, which involves demolishing and building new square footage, (ii) value creation redevelopment, which includes the subdivision of large anchor spaces into multiple tenant layouts, and (iii) creation of out-parcels and pads located in the front of the shopping center properties. The Company anticipates its capital commitment toward these redevelopment projects and re-tenanting efforts during 2018 will be approximately $225.0 million to $300.0 million. The funding of these capital requirements will be provided by proceeds from property dispositions, cash flow from operating activities, construction financing, where applicable, and availability under the Company’s Credit Facility.

Real Estate Under Development-

The Company is engaged in select real estate development projects, which are expected to be held as long-term investments. As of March 31, 2018, the Company had in progress a total of four active real estate development projects and two additional projects held for future development. During the three months ended March 31, 2018 and 2017, the Company expended $54.9 million and $44.4 million, respectively, towards improvements to real estate under development. The Company capitalized (i) interest of $3.0 million and $2.4 million, (ii) real estate taxes, insurance and legal costs of $0.7 million and $0.8 million and (iii) payroll of $0.4 million and $1.3 million during the three months ended March 31, 2018 and 2017, respectively, in connection with these real estate development projects. The Company anticipates the total remaining costs to complete these four active projects to be approximately $175.0 million to $250.0 million. The Company anticipates its capital commitment toward these development projects during 2018 will be approximately $150.0 million to $225.0 million. The funding of these capital requirements will be provided by proceeds from property dispositions, cash flow from operating activities and availability under the Company’s Credit Facility.

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Financing Activities

Cash flow used for financing activities was $291.9 million for 2018, as compared to $66.7 million for 2017. Financing activities during 2018 primarily consisted of the following:

Cash inflows:

● $33.1 million in proceeds from issuance of Class M Preferred Stock relating to the exercise of the over-allotment option.

Cash outflows:

● $165.0 million for principal payments on debt (related to the repayment of debt on two encumbered properties), including normal amortization on rental property debt;

● $130.2 million of dividends paid;

● $24.3 million for the repurchase of common stock; and

● $5.0 million for conversion/distribution of noncontrolling interests, primarily related to the redemption of certain partnership units by consolidated subsidiaries.

Financing activities during 2017 primarily consisted of:

Cash inflows:

● $400.0 million in proceeds from issuance of Senior Unsecured Notes.

Cash outflows:

● $250.0 million for repayment of unsecured term loan;

● $126.3 million of dividends paid;

● $63.6 million for principal payments on debt, including normal amortization on rental property debt;

● $15.0 million for repayments under unsecured revolving credit facility, net; and

● $9.9 million for financing origination costs, primarily related to costs associated with the issuance of Senior Unsecured Notes.

The Company continually evaluates its debt maturities, and, based on management’s current assessment, believes it has viable financing and refinancing alternatives that will not materially adversely impact its expected financial results. The Company continues to pursue borrowing opportunities with large commercial U.S. and global banks, select life insurance companies and certain regional and local banks. The Company has noticed a continuing trend that, although pricing remains dependent on specific deal terms, generally spreads for non-recourse mortgage financing has stabilized and the unsecured debt markets are functioning well and credit spreads are at manageable levels.

Debt maturities for the remainder of 2018 consist of: $10.9 million of consolidated debt; $193.5 million of unconsolidated joint venture debt; and $5.9 million of debt on properties included in the Company’s Preferred Equity Program, assuming the utilization of extension options where available.  The 2018 consolidated debt maturities are anticipated to be repaid with operating cash flows, borrowings from the Company’s Credit Facility and debt refinancing where applicable.  The 2018 debt maturities on properties in the Company’s unconsolidated joint ventures and Preferred Equity Program are anticipated to be repaid through operating cash flows, debt refinancing, unsecured credit facilities, proceeds from sales or partner capital contributions, as deemed appropriate.

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

Since the completion of the Company’s IPO in 1991, the Company has utilized the public debt and equity markets as its principal source of capital for its expansion needs. Since the IPO, the Company has completed additional offerings of its public unsecured debt and equity, raising in the aggregate over $13.8 billion.  Proceeds from public capital market activities have been used for the purposes of, among other things, repaying indebtedness, acquiring interests in open-air shopping centers, funding real estate under development projects, expanding and improving properties in the portfolio and other investments.

During February 2018, the Company filed a shelf registration statement on Form S-3, which is effective for a term of three years, for the future unlimited offerings, from time-to-time, of debt securities, preferred stock, depositary shares, common stock and common stock warrants. The Company, pursuant to this shelf registration statement may, from time-to-time, offer for sale its senior unsecured debt for any general corporate purposes, including (i) funding specific liquidity requirements in its business, including property acquisitions, development and redevelopment costs and (ii) managing the Company’s debt maturities.

Preferred Stock-

      During January 2018, the underwriting financial institutions for the Class M issuance elected to exercise the over-allotment option and as a result, the Company issued an additional 1,380,000 Class M Depositary Shares, each representing a one-thousandth fractional interest in a share of the Company's 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share. The Company received net proceeds before expenses of $33.4 million from this over-allotment issuance.

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Share Repurchase Program –

During February 2018, the Company’s Board of Directors authorized a share repurchase program, pursuant to which the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $300.0 million. During the three months ended March 31, 2018, the Company repurchased 1,600,000 shares for aggregate purchase price of $24.3 million. As of March 31, 2018, the Company had $275.7 million available under this common share repurchase program.

Senior Notes –

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

Covenant	Must Be	As of 3/31/18
Consolidated Indebtedness to Total Assets	<65%	38%
Consolidated Secured Indebtedness to Total Assets	<40%	4%
Consolidated Income Available for Debt Service to Maximum Annual Service Charge	>1.50x	5.5x
Unencumbered Total Asset Value to Consolidated Unsecured Indebtedness	>1.50x	2.6x

For a full description of the various indenture covenants refer to the Indenture dated September 1, 1993; the First Supplemental Indenture dated August 4, 1994; the Second Supplemental Indenture dated April 7, 1995; the Third Supplemental Indenture dated June 2, 2006; the Fourth Supplemental Indenture dated April 26, 2007; the Fifth Supplemental Indenture dated as of September 24, 2009; the Sixth Supplemental Indenture dated as of May 23, 2013; and the Seventh Supplemental Indenture dated as of April 24, 2014, each as filed with the SEC. See the Exhibits Index to our Annual Report on Form 10-K for the year ended December 31, 2017 for specific filing information.

Credit Facility -

The Company has a $2.25 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks, which is scheduled to expire in March 2021, with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2022. This Credit Facility, which accrues interest at a rate of LIBOR plus 87.5 basis points (2.49% as of March 31, 2018), can be increased to $2.75 billion through an accordion feature. In addition, the Credit Facility includes a $500.0 million sub-limit which provides the Company the opportunity to borrow in alternative currencies including Canadian Dollars, British Pounds Sterling, Japanese Yen or Euros. Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum leverage ratios on both unsecured and secured debt and (ii) minimum interest and fixed coverage ratios. As of March 31, 2018, the Credit Facility had a balance of CAD 10.0 million (USD $7.7 million) outstanding and $0.5 million appropriated for letters of credit.

Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to maintenance of various covenants. The Company is currently in compliance with these covenants. The financial covenants for the Credit Facility are as follows:

Covenant	Must Be	As of 3/31/18
Total Indebtedness to Gross Asset Value (“GAV”)	<60%	37%
Total Priority Indebtedness to GAV	<35%	3%
Unencumbered Asset Net Operating Income to Total Unsecured Interest Expense	>1.75x	4.2x
Fixed Charge Total Adjusted EBITDA to Total Debt Service	>1.50x	2.9x

For a full description of the Credit Facility’s covenants refer to the Amended and Restated Credit Agreement dated as of February 1, 2017, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated January 30, 2017.

Mortgages Payable –

During the three months ended March 31, 2018, the Company (i) deconsolidated $206.0 million of individual non-recourse mortgage debt relating to an operating property for which the Company no longer has a controlling interest in and (ii) repaid $161.9 million of maturing mortgage debt (including fair market value adjustments of $0.4 million) that encumbered two operating properties.  

Additionally, during the three months ended March 31, 2018, the Company disposed of an encumbered property through foreclosure. The transaction resulted in a net decrease in mortgage debt of $12.4 million. In addition, the Company recognized a gain on forgiveness of debt of $4.3 million and relief of accrued interest of $3.4 million, both of which are included in Other income, net in the Company’s Condensed Consolidated Statements of Income.

In addition to the public equity and debt markets as capital sources, the Company may, from time-to-time, obtain mortgage financing on selected properties and construction loans to partially fund the capital needs of its real estate development projects. As of March 31, 2018, the Company had over 355 unencumbered property interests in its portfolio.

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Dividends –

In connection with its intention to continue to qualify as a REIT for federal income tax purposes, the Company expects to continue paying regular dividends to its stockholders. These dividends will be paid from operating cash flows. The Company’s Board of Directors will continue to evaluate the Company’s dividend policy on a quarterly basis as the Board of Directors monitors sources of capital and evaluates the impact of the economy and capital markets availability on operating fundamentals.  Since cash used to pay dividends reduces amounts available for capital investment, the Company generally intends to maintain a conservative dividend payout ratio, reserving such amounts as it considers necessary for the expansion and renovation of shopping centers in its portfolio, debt reduction, the acquisition of interests in new properties and other investments as suitable opportunities arise and such other factors as the Board of Directors considers appropriate.  Cash dividends paid for the three months ended March 31, 2018 and 2017 were $130.2 million and $126.3 million, respectively.

Although the Company receives substantially all of its rental payments on a monthly basis, it generally intends to continue paying dividends quarterly. Amounts accumulated in advance of each quarterly distribution will be invested by the Company in short-term money market or other suitable instruments. On January 30, 2018, the Company’s Board of Directors declared a quarterly cash dividend of $0.28 per common share payable to shareholders of record on April 3, 2018, which was paid on April 16, 2018. Additionally, on April 24, 2018, the Company’s Board of Directors declared a quarterly cash dividend of $0.28 per common share payable to shareholders of record on July 3, 2018, which is scheduled to be paid on July 16, 2018.

The Board of Directors declared quarterly dividends with respect to the Company’s various classes of cumulative redeemable preferred shares (Class I, J, K and L) and an initial dividend with respect to the Company’s Class M cumulative redeemable preferred shares, representing the period beginning on December 20, 2017. All dividends on the preferred shares were paid on April 16, 2018 to shareholders of record on April 3, 2018. Additionally, the Board of Directors also declared quarterly dividends with respect to the Company’s various series of cumulative redeemable preferred shares (Class I, J, K, L and M). All dividends on the preferred shares are scheduled to be paid on July 16, 2018, to shareholders of record on July 2, 2018.

Hurricane Impact –

On September 20, 2017, Hurricane Maria struck Puerto Rico as a Category 4 hurricane which resulted in widespread damage, flooding, and power outages. The Company has interests in seven operating properties located throughout Puerto Rico, aggregating 2.2 million square feet of GLA, which were variously impacted by the hurricane.  The Company maintains a comprehensive property insurance policy on these properties with total coverage of up to $62.0 million, as well as business interruption insurance with coverage up to $39.3 million in the aggregate, subject to a collective deductible of $1.2 million.

The Company expects to collect property insurance proceeds (net of deductible) equal to the replacement cost of its damaged property, currently estimated to be approximately $26.0 million. As of March 31, 2018, the Company has collected property insurance proceeds totaling $10.0 million to date and has a remaining receivable balance of $5.5 million, which is included in Other assets on the Company’s Condensed Consolidated Balance Sheets. The Company expects that the final replacement cost claim will exceed the amount previously written off due to property damage ($16.0 million) and that this excess amount will be recorded, net of the deductible, as income by the Company upon full settlement and collection of the casualty insurance claim. 

The Company’s business interruption insurance covers lost revenues as a result of the hurricane for a period of up to one year. After the expiration of one year following the loss, the policy has 365 days of extended period of indemnity which provides business interruption coverage in the event the properties have not fully recovered from the storm. As of March 31, 2018, the Company has collected business interruption claims totaling $3.7 million to date from its insurance provider. The Company is still in the process of assessing current and future business interruption insurance losses and will submit insurance claims for its estimated losses under its business interruption insurance policy.

Other –

The Company is subject to taxes on its activities in Canada, Puerto Rico and Mexico.  In general, under local country law applicable to the structures the Company has in place and applicable treaties, the repatriation of cash to the Company from its subsidiaries and joint ventures in Canada, Puerto Rico and Mexico generally are not subject to withholding tax. The Company is subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. These investments are held by the Company at the REIT level and not in the Company’s taxable REIT subsidiary. Accordingly, the Company does not expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries.

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Funds From Operations

Funds From Operations (“FFO”) is a supplemental non-GAAP financial measure utilized to evaluate the operating performance of real estate companies. The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income/(loss) available to the Company’s common shareholders computed in accordance with generally accepted accounting principles in the United States (“GAAP”), excluding (i) gains or losses from sales of operating real estate assets and change in control of interests, plus (ii) depreciation and amortization of operating properties and (iii) impairment of depreciable real estate and in substance real estate equity investments and (iv) after adjustments for unconsolidated partnerships and joint ventures calculated to reflect FFO on the same basis.

The Company presents FFO available to the Company’s common shareholders as it considers it an important supplemental measure of our operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO available to the Company’s common shareholders when reporting results. Comparison of our presentation of FFO available to the Company’s common shareholders to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs.

The Company also presents FFO available to the Company’s common shareholders as adjusted as an additional supplemental measure as it believes it is more reflective of its core operating performance and provides investors and analysts an additional measure to compare the Company’s performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. FFO available to the Company’s common shareholders as adjusted is generally calculated by the Company as FFO available to the Company’s common shareholders excluding certain transactional income and expenses and non-operating impairments which management believes are not reflective of the results within the Company’s operating real estate portfolio.

FFO is a supplemental non-GAAP financial measure of real estate companies’ operating performances, which does not represent cash generated from operating activities in accordance with GAAP and therefore should not be considered an alternative for net income as a measure of liquidity.  Our method of calculating FFO available to the Company’s common shareholders and FFO available to the Company’s common shareholders as adjusted may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

The Company’s reconciliation of net income available to the Company’s common shareholders to FFO available to the Company’s common shareholders and FFO available to the Company’s common shareholders as adjusted for the three months ended March 31, 2018 and 2017, is as follows (in thousands, except per share data):

	Three Months Ended March 31,
	2018			2017
Net income available to the Company’s common shareholders	$	129,501		$	65,178
Gain on sale of operating properties/change in control of interests		(56,971	)		(1,098	)
Gain on sale of joint venture operating properties/change in control of interests		(2,039	)		(11,230	)
Depreciation and amortization - real estate related		78,992			90,849
Depreciation and amortization - real estate joint ventures		9,284			9,540
Impairment of operating properties		7,646			2,595
Benefit for income taxes (2)		-			(39	)
Noncontrolling interests (2)		(1,552	)		(655	)
FFO available to the Company’s common shareholders		164,861			155,140
Transactional (income)/expense:
Profit participation from other real estate investments		(4,728	)		-
Gain from land sales		(453	)		(610	)
Acquisition and demolition costs		-			275
Impairments on other investments		67			177
Severance costs		693			-
Gain on forgiveness of debt		(4,274	)		-
Noncontrolling interests (3)		136			305
Loss/(gain) on marketable securities		1,510			(30	)
Other income, net		-			506
Total transactional (income)/expense, net		(7,049	)		623
FFO available to the Company's common shareholders as adjusted	$	157,812		$	155,763
Weighted average shares outstanding for FFO calculations:
Basic		423,404			423,381
Units		933			854
Dilutive effect of equity awards		287			765
Diluted		424,624	(1)		425,000	(1)
FFO per common share – basic	$	0.39		$	0.37
FFO per common share – diluted	$	0.39	(1)	$	0.37	(1)
FFO as adjusted per common share – basic	$	0.37		$	0.37
FFO as adjusted per common share – diluted	$	0.37	(1)	$	0.37	(1)

(1) Reflects the potential impact if certain units were converted to common stock at the beginning of the period, which would have a dilutive effect on FFO available to the Company’s common shareholders. FFO available to the Company’s common shareholders would be increased by $264 and $229 for the three months ended March 31, 2018 and 2017, respectively. The effect of other certain convertible units would have an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders per share. Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations.

(2) Related to gains, impairment and depreciation on operating properties, where applicable.

(3) Related to transactional (income)/expense, where applicable.

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Same Property Net Operating Income (“Same property NOI”)

Same property NOI is a supplemental non-GAAP financial measure of real estate companies’ operating performance and should not be considered an alternative to net income in accordance with GAAP or as a measure of liquidity. The Company considers Same property NOI as an important operating performance measure because it is frequently used by securities analysts and investors to measure only the net operating income of properties that have been owned by the Company for the entire current and prior year reporting periods. It excludes properties under redevelopment, development and pending stabilization; properties are deemed stabilized at the earlier of (i) reaching 90% leased or (ii) one year following a project’s inclusion in operating real estate. Same property NOI assists in eliminating disparities in net income due to the development, acquisition or disposition of properties during the particular period presented, and thus provides a more consistent performance measure for the comparison of the Company's properties.

Same property NOI is calculated using revenues from rental properties (excluding straight-line rent adjustments, lease termination fees, TIFs and amortization of above/below market rents) less charges for bad debt, operating and maintenance expense, real estate taxes and rent expense plus the Company’s proportionate share of Same property NOI from unconsolidated real estate joint ventures, calculated on the same basis. The Company’s method of calculating Same property NOI available to the Company’s common shareholders may differ from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

The following is a reconciliation of Net income available to the Company’s common shareholders to Same property NOI (in thousands):

	Three Months Ended March 31,
	2018			2017
Net income available to the Company’s common shareholders	$	129,501		$	65,178
Adjustments:
Management and other fee income		(4,361	)		(4,197	)
General and administrative		22,398			22,230
Impairment charges		7,646			1,617
Depreciation and amortization		81,382			92,074
Interest and other expense, net		43,764			45,209
Provision/(benefit) for income taxes, net		52			(493	)
Gain on change in control of interests		-			(10,188	)
Equity in income of other real estate investments, net		(9,976	)		(3,687	)
Gain on sale of operating properties/change in control of interests		(56,971	)		(1,686	)
Net (loss)/income attributable to noncontrolling interests		(108	)		1,482
Preferred dividends		14,589			11,555
Non same property net operating income		(24,403	)		(26,919	)
Non-operational expense from joint ventures, net		14,372			20,383
Same property NOI	$	217,885		$	212,558

Same property NOI increased by $5.3 million or 2.5% for the three months ended March 31, 2018, as compared to the corresponding period in 2017. This increase is primarily the result of (i) an increase of $4.7 million related to lease-up and rent commencements in the portfolio and (ii) an increase in other property income of $0.8 million, partially offset by (iii) an increase of $0.2 million of credit loss.

Leasing Activity

During the three months ended March 31, 2018, the Company executed 314 leases totaling 3.2 million square feet in the Company’s consolidated operating portfolio comprised of 89 new leases and 225 renewals and options. The leasing costs associated with new leases are estimated to aggregate $14.7 million or $29.60 per square foot. These costs include $11.6 million of tenant improvements and $3.1 million of external leasing commissions. The average rent per square foot on new leases was $19.63 and on renewals and options was $14.20.

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Tenant Lease Expirations

The Company has a total of 5,883 leases in the U.S. consolidated operating portfolio. The following table sets forth the aggregate lease expirations for each of the next ten years, assuming no renewal options are exercised. For purposes of the table, the Total Annual Base Rent Expiring represents annualized rental revenue, excluding the impact of straight-line rent, for each lease that expires during the respective year. Amounts in thousands except for number of lease data:

Year Ending December 31,	Number of Leases Expiring	Square Feet  Expiring	Total Annual Base Rent Expiring		% of Gross  Annual Rent
(1)	190	597	$	13,762		1.6	%
2018	376	1,557	$	29,600		3.5	%
2019	842	5,645	$	91,707		10.9	%
2020	837	5,940	$	95,850		11.3	%
2021	819	6,647	$	99,310		11.7	%
2022	832	6,889	$	109,709		13.0	%
2023	605	6,495	$	96,368		11.4	%
2024	261	3,178	$	50,297		6.0	%
2025	223	2,028	$	34,380		4.1	%
2026	232	3,706	$	51,977		6.1	%
2027	237	3,412	$	50,918		6.0	%
2028	258	2,927	$	48,591		5.7	%

(1) Leases currently under month to month lease or in process of renewal.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company’s primary market risk exposures are interest rate risk and foreign currency exchange rate risk. The Company has not, and does not plan to, enter into any derivative financial instruments for trading or speculative purposes. The following table presents the Company’s aggregate fixed rate and variable rate debt obligations outstanding, including fair market value adjustments and unamortized deferred financing costs, as of March 31, 2018, with corresponding weighted-average interest rates sorted by maturity date.  The table does not include extension options where available. Amounts are in millions.

	2018			2019			2020			2021			2022			Thereafter			Total			Fair Value
Secured Debt
Fixed Rate	$	10.9		$	2.3		$	135.6		$	154.7		$	154.5		$	41.4		$	499.4		$	494.4
Average Interest Rate		6.04	%		5.29	%		5.30	%		5.39	%		4.05	%		5.78	%		5.00	%
Unsecured Debt
Fixed Rate	$	-		$	299.5		$	-		$	497.7		$	495.1		$	3,303.7		$	4,596.0		$	4,415.9
Average Interest Rate		-			6.88	%		-			3.20	%		3.40	%		3.54	%		3.71	%
Variable Rate	$	-		$	-		$	-		$	2.0		$	-		$	-		$	2.0		$	2.2
Average Interest Rate		-			-			-			2.49	%		-			-			2.49	%

Based on the Company’s variable-rate debt balances, interest expense would have increased by $0.1 million for the three months ended March 31, 2018, if short-term interest rates were 1% higher.

The following table presents the Company’s foreign investments in their respective local currencies and the U.S. dollar equivalents:

Foreign Investment (in millions)
Country	Local Currency		U.S. Dollars
Mexican real estate investments		52.1	$	4.8
Canadian real estate investments		17.3	$	13.8

Currency fluctuations between local currency and the U.S. dollar for the Company's foreign monetary assets and liabilities result in foreign currency gains/losses which are recognized in Other income, net in the Company’s Condensed Consolidated Statements of Income. During the three months ended March 31, 2018, the Company recognized a net foreign currency loss of $0.2 million.

31

Item 4.  Controls and Procedures

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

There have not been any changes in the Company’s internal control over financial reporting during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

32

PART II

OTHER INFORMATION

Item 1.  Legal Proceedings

The following information supplements and amends our discussion set forth under Part I, Item 3 "Legal Proceedings" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017.

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

Item 1A.  Risk Factors

There are no material changes from risk factors as previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2017. 

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

Issuer Purchases of Equity Securities - During the three months ended March 31, 2018, the Company repurchased 221,067 shares for aggregate purchase price of $3.4 million in connection with common shares surrendered or deemed surrendered to the Company to satisfy statutory minimum tax withholding obligations in connection with the vesting of restricted stock awards under the Company’s equity-based compensation plans. In addition, during the three months ended March 31, 2018, the Company repurchased 1,600,000 shares for aggregate purchase price of $24.3 million in connection with the Company’s common share repurchase program. These shares are no longer outstanding.

Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)
January 1, 2018 – January 31, 2018		56,094	$	17.69		-	$	-
February 1, 2018 - February 28, 2018		1,764,751	$	15.09		-		-
March 1, 2018 – March 31, 2018		222	$	15.21		-		-
Total		1,821,067	$	15.17		-	$	-

Item 3.  Defaults Upon Senior Securities

None.

Item 4.  Mine Safety Disclosures

Not applicable.

Item 5.  Other Information

None.

Item 6.  Exhibits

Exhibits –

4.1 Agreement to File Instruments

33

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

12.1	Computation of Ratio of Earnings to Fixed Charges
12.2	Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
31.1	Certification of the Company’s Chief Executive Officer, Conor C. Flynn, 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, Conor C. Flynn, 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

34

SIGNATURES

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

	KIMCO REALTY CORPORATION
April 27, 2018	/s/ Conor C. Flynn
(Date)	Conor C. Flynn
	Chief Executive Officer
April 27, 2018	/s/ Glenn G. Cohen
(Date)	Glenn G. Cohen
	Chief Financial Officer

35

EX-12.1

Exhibit 12.1

KIMCO REALTY CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

For the three months ended March 31, 2018

(in thousands, except for ratio)

Pretax earnings from continuing operations before adjustment for noncontrolling interests or income loss from equity investees	$	117,144
Add:
Interest on indebtedness (excluding capitalized interest)		50,033
Amortization of debt premiums, discounts and capitalized expenses		(547	)
Amortization of capitalized interest		1,363
Portion of rents representative of the interest factor		1,840
		169,833
Distributed income from equity investees		34,661
Pretax earnings from continuing operations, as adjusted	$	204,494
Fixed charges -
Interest on indebtedness (excluding capitalized interest)	$	50,033
Capitalized interest		3,777
Amortization of debt premiums, discounts and capitalized expenses		(547	)
Portion of rents representative of the interest factor		1,840
Fixed charges	$	55,103
Ratio of earnings to fixed charges		3.7

EX-12.2

Exhibit 12.2

KIMCO REALTY CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

For the three months ended March 31, 2018

(in thousands, except for ratio)

Pretax earnings from continuing operations before adjustment for noncontrolling interests or income loss from equity investees	$	117,144
Add:
Interest on indebtedness (excluding capitalized interest)		50,033
Amortization of debt premiums, discounts and capitalized expenses		(547	)
Amortization of capitalized interest		1,363
Portion of rents representative of the interest factor		1,840
		169,833
Distributed income from equity investees		34,661
Pretax earnings from continuing operations, as adjusted	$	204,494
Combined fixed charges and preferred stock dividends -
Interest on indebtedness (excluding capitalized interest)	$	50,033
Capitalized interest		3,777
Preferred dividend factor		14,595
Amortization of debt premiums, discounts and capitalized expenses		(547	)
Portion of rents representative of the interest factor		1,840
Combined fixed charges and preferred stock dividends	$	69,698
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		2.9

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Conor C. Flynn, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: April 27, 2018

/s/ Conor C. Flynn

Conor C. Flynn      

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Glenn G. Cohen, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: April 27, 2018

/s/ Glenn G. Cohen

Glenn G. Cohen

Chief Financial Officer

EX-32.1

Exhibit 32.1

Section 1350 Certification

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

(i) the accompanying Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2018 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

Date: April 27, 2018

/s/ Conor C. Flynn

Conor C. Flynn

Chief Executive Officer

Date: April 27, 2018

/s/ Glenn G. Cohen

Glenn G. Cohen

Chief Financial Officer

XML

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 16, 2018
Document Information [Line Items]
Entity Registrant Name	KIMCO REALTY CORP
Entity Central Index Key	0000879101
Trading Symbol	kim
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)		424,897,242
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Assets:
Operating real estate, net of accumulated depreciation of $2,440,836 and $2,433,053, respectively		$ 9,362,899	$ 9,817,875
Investments in and advances to real estate joint ventures		560,068	483,861
Real estate under development	[1]	465,682	402,518
Other real estate investments		203,905	217,584
Mortgages and other financing receivables		21,376	21,838
Cash and cash equivalents		218,313	238,513
Marketable securities		11,627	13,265
Accounts and notes receivable, net		184,533	189,757
Other assets		344,099	378,515
Total assets	[2]	11,372,502	11,763,726
Liabilities:
Notes payable, net		4,597,967	4,596,140
Mortgages payable, net		499,355	882,787
Declaration of dividends paid in succeeding period		132,209	128,892
Other liabilities		624,423	617,617
Total liabilities	[3]	5,853,954	6,225,436
Redeemable noncontrolling interests		16,146	16,143
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $1.00 par value, authorized 5,996,240 shares, 42,580 and 41,200 shares issued and outstanding (in series), respectively; Aggregate liquidation preference $1,064,500 and $1,030,000, respectively		43	41
Common stock, $.01 par value, authorized 750,000,000 shares issued and outstanding 424,899,762 and 425,646,380 shares, respectively		4,249	4,256
Paid-in capital		6,164,185	6,152,764
Cumulative distributions in excess of net income		(743,845)	(761,337)
Accumulated other comprehensive loss		(66)	(1,480)
Total stockholders' equity		5,424,566	5,394,244
Noncontrolling interests		77,836	127,903
Total equity		5,502,402	5,522,147
Total liabilities and equity		$ 11,372,502	$ 11,763,726

[1] Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $31.8 million and $27.7 million, as of March 31, 2018 and December 31, 2017, respectively.

[2] Includes restricted assets of consolidated variable interest entities ("VIEs") at March 31, 2018 and December 31, 2017 of $111,268 and $644,990, respectively. See Footnote 7 of the Notes to Condensed Consolidated Financial Statements.

[3] Includes non-recourse liabilities of consolidated VIEs at March 31, 2018 and December 31, 2017 of $114,617 and $417,688, respectively. See Footnote 7 of the Notes to Condensed Consolidated Financial Statements.

XML

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Operating real estate, accumulated depreciation	$ 2,440,836	$ 2,433,053
Assets of consolidated variable interest entities	111,268	644,990
Liabilities of consolidated variable interest entities	$ 114,617	$ 417,688
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	5,996,240	5,996,240
Preferred stock, shares issued (in shares)	42,580	41,200
Preferred stock, shares outstanding (in shares)	42,580	41,200
Preferred stock, liquidation preference	$ 1,064,500	$ 1,030,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	424,899,762	425,646,380
Common stock, shares outstanding (in shares)	424,899,762	425,646,380

XML

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Revenues
Revenues		$ 304,078	$ 293,588
Operating expenses
Rent		2,818	2,783
Real estate taxes		40,434	38,269
Operating and maintenance		43,331	42,574
General and administrative		22,398	22,230
Provision for doubtful accounts		2,131	1,404
Impairment charges		7,646	1,617
Depreciation and amortization		81,382	92,074
Total operating expenses		200,140	200,951
Operating income		103,938	92,637
Other income/(expense)
Other income, net		6,179	1,273
Interest expense		(49,943)	(46,482)
Income from continuing operations before income taxes, net, equity in income of joint ventures, net, gain on change in control of interests and equity in income from other real estate investments, net		60,174	47,428
(Provision)/benefit for income taxes, net		(52)	493
Equity in income of joint ventures, net		16,913	14,733
Gain on change in control of interests			10,188
Income from continuing operations		87,011	76,529
Gain on sale of operating properties/change in control of interests		56,971	1,686
Net income		143,982	78,215
Net loss/(income) attributable to noncontrolling interests		108	(1,482)
Net income attributable to the Company		144,090	76,733
Preferred dividends		(14,589)	(11,555)
Net income available to the Company's common shareholders		$ 129,501	$ 65,178
Net income available to the Company:
-Basic (in dollars per share)		$ 0.30	$ 0.15
-Diluted (in dollars per share)		$ 0.30	$ 0.15
Weighted average shares:
-Basic (in shares)		423,404	423,381
-Diluted (in shares)	[1]	424,521	424,146
Joint Ventures [Member]
Other income/(expense)
Equity in income of joint ventures, net		$ 16,913	$ 14,733
Other Real Estate Investments [Member]
Other income/(expense)
Equity in income of joint ventures, net		9,976	3,687
Revenues from Rental Properties [Member]
Revenues
Revenues		230,415	227,711
Reimbursement Income [Member]
Revenues
Revenues		63,716	58,129
Other Rental Property Income [Member]
Revenues
Revenues		5,586	3,551
Management and Other Fee Incomes [Member]
Revenues
Revenues		$ 4,361	$ 4,197

[1] The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 3,255 and 3,446 stock options that were not dilutive as of March 31, 2018 and 2017, respectively, and 1,914 shares of restricted stock that were not dilutive as of March 31, 2018.

XML

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net income	$ 143,982	$ 78,215
Other comprehensive income:
Change in unrealized gain related to available-for-sale securities		28
Change in unrealized loss on interest rate swap	278	188
Change in foreign currency translation adjustments		503
Other comprehensive income	278	719
Comprehensive income	144,260	78,934
Comprehensive loss/(income) attributable to noncontrolling interests	108	(1,482)
Comprehensive income attributable to the Company	$ 144,368	$ 77,452

XML

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands		Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Beginning balance at Dec. 31, 2016		$ (676,867)	$ 5,766	$ 32	$ 4,250	$ 5,922,958	$ 5,256,139	$ 146,735	$ 5,402,874
Balance (in shares) at Dec. 31, 2016				32,000	425,034,000
Contributions from noncontrolling interests								2,310	2,310
Net income		76,733					76,733	1,482	78,215
Change in unrealized gain related to available-for-sale securities			28				28		28
Change in unrealized loss on interest rate swap			188				188		188
Change in foreign currency translation adjustments			503				503		503
Redeemable noncontrolling interests income								(1,066)	(1,066)
Dividends		(126,476)					(126,476)		(126,476)
Distributions to noncontrolling interests								(1,250)	(1,250)
Issuance of common stock					$ 8	(8)
Issuance of common stock (in shares)					776,000
Surrender of restricted stock					$ (2)	(4,989)	(4,991)		(4,991)
Surrender of restricted stock (in shares)					(200,000)
Exercise of common stock options						560	560		560
Exercise of common stock options (in shares)					30,000
Amortization of equity awards						8,651	8,651		8,651
Balance (in shares) at Mar. 31, 2017				32,000	425,640,000
Ending balance at Mar. 31, 2017		(726,610)	6,485	$ 32	$ 4,256	5,927,172	5,211,335	148,211	5,359,546
Beginning balance at Dec. 31, 2017		(761,337)	(1,480)	$ 41	$ 4,256	6,152,764	5,394,244	127,903	5,522,147
Balance (in shares) at Dec. 31, 2017				41,000	425,646,000
Net income		144,090					144,090	(108)	143,982
Change in unrealized gain related to available-for-sale securities
Change in unrealized loss on interest rate swap			278				278		278
Redeemable noncontrolling interests income								(92)	(92)
Dividends		(133,560)					(133,560)		(133,560)
Distributions to noncontrolling interests								(1,472)	(1,472)
Issuance of common stock					$ 11	(11)
Issuance of common stock (in shares)					1,075,000
Surrender of restricted stock					$ (2)	(3,372)	(3,374)		(3,374)
Surrender of restricted stock (in shares)					(224,000)
Exercise of common stock options						30	30		30
Exercise of common stock options (in shares)					3,000
Amortization of equity awards						4,719	4,719		4,719
Balance (in shares) at Mar. 31, 2018				43,000	424,900,000
Adoption of accounting policy (Accounting Standards Update 2017-05 [Member]) at Dec. 31, 2017	[1]	8,098					8,098		8,098
Adoption of accounting policy (Accounting Standards Update 2016-01 [Member]) at Dec. 31, 2017	[1]	(1,136)	1,136
Balance at Dec. 31, 2017		(754,375)	(344)	$ 41	$ 4,256	6,152,764	5,402,342	127,903	5,530,245
Repurchase of common stock					$ (16)	(24,260)	(24,276)		$ (24,276)
Repurchase of common stock (in shares)					(1,600,000)				(1,600,000)
Issuance of preferred stock				$ 2		33,112	33,114		$ 33,114
Issuance of preferred stock (in shares)				2,000
Acquisition/deconsolidation of noncontrolling interests						1,203	1,203	(48,395)	(47,192)
Ending balance at Mar. 31, 2018		$ (743,845)	$ (66)	$ 43	$ 4,249	$ 6,164,185	$ 5,424,566	$ 77,836	$ 5,502,402

[1] Represents the impact of change in accounting policies for its respective Accounting Standard Updates ("ASU"). See Footnote 2 of the Notes to Condensed Consolidated Financial Statements for additional disclosure.

XML

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Series I Preferred Stock [Member]
Dividends per depository share (in dollars per share)	$ 0.375	$ 0.375
Series J Preferred Stock [Member]
Dividends per depository share (in dollars per share)	0.3438	0.3438
Series K Preferred Stock [Member]
Dividends per depository share (in dollars per share)	0.3516	0.3516
Series L Preferred Stock [Member]
Dividends per depository share (in dollars per share)	0.3203
Series M Preferred Stock [Member]
Dividends per depository share (in dollars per share)	0.3281
Dividends per common share (in dollars per share)	$ 0.28	$ 0.27

XML

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flow from operating activities:
Net income	$ 143,982	$ 78,215
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	81,382	92,074
Impairment charges	7,646	1,617
Equity award expense	5,182	9,631
Gain on sale of operating properties/change in control of interests	(56,971)	(1,686)
Gain on change in control of interests		(10,188)
Equity in income of joint ventures, net	(16,913)	(14,733)
Equity in income of other real estate investments, net	(9,976)	(3,687)
Distributions from joint ventures and other real estate investments	34,661	13,258
Change in accounts and notes receivable	5,224	5,769
Change in accounts payable and accrued expenses	10,371	7,885
Change in other operating assets and liabilities	(12,309)	(21,103)
Net cash flow provided by operating activities	192,279	157,052
Cash flow from investing activities:
Acquisition of operating real estate and other related net assets	(3,337)	(38,390)
Improvements to operating real estate	(40,384)	(30,053)
Acquisition of real estate under development	(4,592)	(10,010)
Improvements to real estate under development	(54,934)	(44,434)
Proceeds from sale/repayments of marketable securities	129	457
Investments in and advances to real estate joint ventures	(5,897)	(16,874)
Reimbursements of investments in and advances to real estate joint ventures	2,431	13,523
Investments in and advances to other real estate investments	(302)	(114)
Reimbursements of investments in and advances to other real estate investments	1,344	3,779
Collection of mortgage loans receivable	335	243
Proceeds from sale of operating properties	184,633	56,498
Net cash flow provided by/(used for) investing activities	79,426	(65,375)
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt	(161,547)	(59,100)
Principal payments on rental property debt	(3,485)	(4,544)
Repayments under the unsecured revolving credit facility, net		(15,042)
Proceeds from issuance of unsecured term loan/notes		400,000
Repayments under unsecured term loan/notes		(250,000)
Financing origination costs	(11)	(9,905)
Payment of early extinguishment of debt charges		(588)
Change in tenants' security deposits	(521)	316
Conversion/distribution of noncontrolling interests	(4,968)	(2,092)
Dividends paid	(130,241)	(126,315)
Proceeds from issuance of stock, net	33,144	561
Repurchase of common stock	(24,276)
Net cash flow used for financing activities	(291,905)	(66,709)
Net change in cash and cash equivalents	(20,200)	24,968
Cash and cash equivalents, beginning of the period	238,513	142,486
Cash and cash equivalents, end of the period	218,313	167,454
Interest paid during the period (net of capitalized interest of $3,777 and $2,883, respectively	$ 29,084	$ 24,286

XML

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash paid for capitalized interest	$ 3,777	$ 2,883

XML

Note 1 - Business and Organization

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

1.

Business and Organization

Kimco Realty Corporation and subsidiaries (the "Company"), affiliates and related real estate joint ventures are engaged principally in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by grocery stores, discount department stores, or drugstores. Additionally, the Company provides complementary services that capitalize on the Company’s established retail real estate expertise.

The Company elected status as a Real Estate Investment Trust (a “REIT”) for federal income tax purposes beginning in its taxable year ended

December 31, 1991

and operates in a manner that enables the Company to maintain its status as a REIT.  As a REIT, with respect to each taxable year, the Company must distribute at least

90

percent of its taxable income (excluding capital gain) and does

not

pay federal income taxes on the amount distributed to its shareholders.  The Company is

not

generally subject to federal income taxes if it distributes

100

percent of its taxable income.  Most states, where the Company holds investments in real estate, conform to the federal rules recognizing REITs.  Certain subsidiaries have made a joint election with the Company to be treated as taxable REIT subsidiaries (“TRSs”), which permit the Company to engage in certain business activities which the REIT

may

not

conduct directly.  A TRS is subject to federal and state income taxes on its income, and the Company includes, when applicable, a provision for taxes in its condensed consolidated financial statements.  The Company is subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. These investments are held by the Company at the REIT level and

not

in the Company’s taxable REIT subsidiaries. Accordingly, the Company does

not

expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries.

XML

Note 2 - Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Significant Accounting Policies [Text Block]

2.

Summary of Significant Accounting Policies

Principles of Consolidation -

The accompanying Condensed Consolidated Financial Statements include the accounts of the Company. The Company’s subsidiaries include subsidiaries which are wholly-owned or which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation. The information presented in the accompanying Condensed Consolidated Financial Statements is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature.  These Condensed Consolidated Financial Statements should be read in conjunction with the Company's audited Annual Report on Form

10

-K for the year ended

December 31, 2017 (

the

“10

-K”), as certain disclosures in this Quarterly Report on Form

10

-Q for the quarterly period ended

March 31, 2018,

that would duplicate those included in the

10

-K are

not

included in these Condensed Consolidated Financial Statements.

Reclassifications -

Certain amounts in the prior period have been reclassified in order to conform with the current period’s presentation. The Company reclassified

$8.3

million of costs related to property management and services of the Company’s operating properties from General and administrative to Operating and maintenance on the Company’s Condensed Consolidated Statements of Income for the

three

months end

March 31, 2017.

In addition, in conjunction with the adoption of Accounting Standard Update (“ASU”)

2014

-

09

discussed below, the Company reclassified

$58.1

million of Reimbursement income and

$3.6

million of Other rental property income from Revenues from rental properties on the Company’s Condensed Consolidated Statements of Income for the

three

months ended

March 31, 2017.

Subsequent Events -

The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its condensed consolidated financial statements.

Marketable Securities

-

The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB’s Investments-Debt and Equity Securities guidance. On

January 1, 2018,

the Company adopted ASU

2016

-

01,

Financial Instruments—Overall

(Subtopic

825

-

10

): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU

2016

-

01”

). In accordance with the adoption of ASU

2016

-

01,

the Company now recognizes changes in the fair value of equity investments with readily determinable fair values in net income. Previously, changes in fair value of the Company’s available-for-sale marketable securities were recognized in accumulated other comprehensive income (“AOCI”) on the Company’s Condensed Consolidated Balance Sheets. As of

December 31, 2017,

the Company had aggregate unrealized losses related to its available-for-sale marketable securities of

$1.1

million, which were included in AOCI on the Company’s Condensed Consolidated Balance Sheets. In connection with the adoption of ASU

2016

-

01,

the Company recorded a cumulative-effect adjustment of

$1.1

million to its beginning retained earnings as of

January 1, 2018,

which is reflected in Cumulative distributions in excess of net income on the Company’s Condensed Consolidated Statements of Changes in Equity.

Revenue

and

Gain Recognition

–

On

January 1, 2018,

the Company adopted ASU

2014

-

09,

Revenue from Contracts with Customers

(Topic

606

), (“Topic

606”

) using the modified retrospective method applying it to any open contracts as of

January 1, 2018,

for which the Company did

not

identify any open contracts. The Company also utilized the practical expedient for which the Company was

not

required to restate revenue from contracts that began and are completed within the same annual reporting period. Results for reporting periods beginning after

January 1, 2018,

are presented under Topic

606,

while prior period amounts are

not

adjusted and continue to be reported in accordance with our historic accounting under Revenue Recognition (Topic

605

). The new guidance provides a unified model to determine how revenue is recognized. To determine the proper amount of revenue to be recognized, the Company performs the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. As of March

31,

2018,

the Company has

no

outstanding contract assets or contract liabilities. The adoption of this standard did

not

result in any material changes to the Company’s revenue recognition as compared to the previous guidance.

The Company’s primary source of revenue are leases which fall under the scope of Leases (Topic

840

). The revenues which will be impacted by the adoption of Topic

606

include fees for services performed at various unconsolidated joint ventures for which the Company is the manager. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. Also affected by Topic

606

are gains on sales of properties, lease termination fees and tax increment financing (“TIF”) contracts. The Company elected to disaggregate its revenue streams into the following line items on the Company’s Condensed Consolidated Statements of Income: Revenues from rental properties, Reimbursement income, Other rental property income and Management and other fee income. The Company believes that these are the proper disaggregated categories as they are the best depiction of its revenue streams both qualitatively and quantitatively.

Revenues from rental properties

Revenues from rental properties are comprised of minimum base rent, percentage rent, lease termination fee income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments. Base rental revenues from rental properties are recognized on a straight-line basis over the terms of the related leases. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee.  These percentage rents are recognized once the required sales level is achieved.  Rental income

may

also include payments received in connection with lease termination agreements.  Lease termination fee income is recognized when the lessee provides consideration in order to terminate a lease agreement in place. The performance obligation of the Company is the termination of the lease agreement which occurs upon consideration received and execution of the termination agreement. Upon acquisition of real estate operating properties, the Company estimates the fair value of identified intangible assets and liabilities (including above-market and below-market leases, where applicable).  The capitalized above-market or below-market intangible is amortized to rental income over the estimated remaining term of the respective leases, which includes the expected renewal option period for below-market leases.

Reimbursement income

Leases typically provide for reimbursement to the Company of common area maintenance costs (“CAM”), real estate taxes and other operating expenses.  Operating expense reimbursements are recognized as earned. The lease component relating to CAM reimbursement revenue will be within the scope of Topic

606,

upon the effective date of ASU

2016

-

02,

Leases (Topic

842

). See New Accounting Pronouncements below for further details.

Other rental property income

Other rental property income mainly consists of ancillary income and TIF income which totaled

$5.6

million and

$3.6

million for the

three

months ended

March 31, 2018

and

2017,

respectively. Ancillary income is derived through various agreements relating to parking lots, clothing bins, temporary storage, vending machines, ATMs, trash bins and trash collections, fireworks sales, etc. The majority of the revenue derived from these sources are through lease agreements/arrangements and are recognized in accordance with the lease terms described in the lease. The Company has TIF agreements with certain municipalities and receives payments in accordance with the agreement. TIF reimbursement income is recognized on a cash-basis when received.

Management and other fee income

Property management fees, property acquisition and disposition fees, construction management fees, leasing fees and asset management fees all fall within the scope of Topic

606.

These fees arise from contractual agreements with

third

parties or with entities in which the Company has a noncontrolling interest. Management and other fee income related to partially owned entities are recognized to the extent attributable to the unaffiliated interest. Property and asset management fee income is recognized as a single performance obligation (managing the property) comprised of a series of distinct services (maintaining property, handling issues with tenants, etc.). The Company believes that the overall service of property management is substantially the same each day and has the same pattern of performance over the term of the agreement. As a result, each day of service represents a performance obligation satisfied at that point in time. These fees are recognized at the end of each period for services performed during that period, primarily billed to the customer monthly and terms for payment are payment due upon receipt.

Leasing fee income is recognized as a single performance obligation primarily upon the rent commencement date. The Company believes the leasing services it provides are similar for each available space leased and

none

of the individual activities necessary to facilitate the execution of each lease are distinct. These fees are billed to the customer monthly and terms for payment are payment due upon receipt.

Property acquisition and disposition fees are recognized when the Company satisfies a performance obligation by acquiring a property or transferring control of a property. These fees are billed subsequent to the acquisition or sale of the property and payment is due upon receipt.

Construction management fees are recognized as a single performance obligation (managing the construction of the project) composed of a series of distinct services.  The Company believes that the overall service of construction management is substantially the same each day and has the same pattern of performance over the term of the agreement.  As a result, each day of service represents a performance obligation satisfied at that point in time.  These fees are based on the amount spent on the construction at the end of each period for services performed during that period, primarily billed to the customer monthly and terms for payment are payment due upon receipt. 

Gains on sales of operating properties

/change in control of interests

On

January 1, 2018,

the Company also adopted ASU

2017

-

05,

Other Income–Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic

610

-

20

): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“Topic

610”

) for gains and losses from the sale and/or transfer of real estate property. The Company adopted Topic

610

using the modified retrospective approach for all contracts effective

January 1, 2018.

Topic

610

provides that sales of nonfinancial assets, such as real estate, are to be recognized when control of the asset transfers to the buyer, which will occur when the buyer has the ability to direct the use of or obtain substantially all of the remaining benefits from the asset. This generally occurs when the transaction closes and consideration is exchanged for control of the property.

In accordance with its election to apply the modified retrospective approach for all contracts, the Company recorded a cumulative-effect adjustment of

$8.1

million to its beginning retained earnings as of

January 1, 2018,

on the Company’s Condensed Consolidated Statements of Changes in Equity and an adjustment to Investments in and advances to real estate joint ventures on the Company’s Condensed Consolidated Balance Sheets. As of

December 31, 2017,

the Company had aggregate net deferred gains of

$8.1

million relating to partial disposals of

two

operating real estate properties prior to the adoption of ASU

2017

-

05,

of which

$6.9

million was included in Investments in and advances to real estate joint ventures and

$1.2

million was included in Other liabilities on the Company’s Condensed Consolidated Balance Sheets. The Company had deferred these gains in accordance with prior guidance due to its continuing involvement in the entities which acquired the operating real estate properties.

During the

three

months ended

March 31, 2018,

the Company sold a portion of its investment in a consolidated operating property to its partner and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company

no

longer consolidates the entity and recognized a gain on change in control of

$6.8

million, in accordance with the adoption of ASU

2017

-

05

(See Footnote

3

to the Notes to the Company’s Condensed Consolidated Financial Statements for additional disclosure regarding disposals), which is included in Gain on sale of operating properties/ change in controls of interests on the Company’s Condensed Consolidated Statements of Income.

New Accounting Pronouncements

–

       The following table represents ASUs to the FASB’s ASC that, as of

March 31, 2018,

are

not

yet effective for the Company and for which the Company has

not

elected early adoption, where permitted:

ASU	Description	Effective Date	Effect on the financial statements or other significant matters
ASU 2016 - 13, Financial Instruments – Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments	The new guidance introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016 - 13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses.	January 1, 2020; Early adoption permitted	The Company is still assessing the impact on its financial position and/or results of operations.

ASU 2016 - 02, Leases (Topic 842 )   ASU 2018 - 01, Leases (Topic 842 ): Land Easement Practical Expedient for Transition to Topic 842 This ASU sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016 - 02 supersedes the previous leases standard, Leases (Topic 840 ).   In January 2018, the FASB issued ASU 2018 - 01, which includes amendments to clarify land easements are within the scope of the new leases standard (Topic 842 ) and provide an optional transition practical expedient to not evaluate whether existing and expired land easements that were not previously accounted for as leases under current lease guidance in Topic 840 and are to be accounted for or contain leases under Topic 842.  Early adoption is permitted as of the original effective date.   The FASB approved an exposure draft in March 2018 which provided lessors with a practical expedient by class of underlying assets to not separate non-lease components from the lease component. However, the practical expedient would be limited to circumstances in which: 1 ) the timing and pattern of revenue recognition are the same for the non-lease component and the related lease component; and, 2 ) the combined single lease component would be classified as an operating lease. January 1, 2019; Early adoption permitted The Company continues to evaluate the effect the adoption will have on the Company’s financial position and/or results of operations. However, the Company currently believes that the adoption will not have a material impact for operating leases where it is a lessor and will continue to record revenues from rental properties for its operating leases on a straight-line basis. However, for leases where the Company is a lessee, primarily for the Company’s ground leases and administrative office leases, the Company will be required to record a lease liability and a right of use asset on its Consolidated Balance Sheets at fair value upon adoption. In addition, direct internal leasing costs will continue to be capitalized, however, indirect internal leasing costs previously capitalized will be expensed. Within the terms of the Company’s leases where the Company is the lessor, the Company is entitled to receive reimbursement amounts from tenants for operating expenses such as real estate taxes, insurance and other CAM. Upon adoption of this ASU, CAM reimbursement revenue will be accounted for in accordance with ASU 2016 - 12 Revenue from Contracts with Customers (Topic 606 ). The Company continues to evaluate the effect the adoption will have on this source of revenue. However, the Company currently does not believe the adoption will significantly affect the timing of the recognition of the Company’s CAM reimbursement revenue.  

The following ASUs to the FASB’s ASC have been adopted by the Company during the quarter ended

March 31, 2018:

ASU	Description	Adoption Date	Effect on the financial statements or other significant matters
ASU 2017 - 09, Compensation – Stock Compensation (Topic 718 ): Scope of Modification Accounting	The amendment provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The new guidance will be applied prospectively to awards modified on or after the adoption date.	January 1, 2018	There was no material impact to the Company’s financial position and/or results of operations.

ASU 2017 - 05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (“Subtopic 610 - 20” ): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets	The amendment clarifies that a financial asset is within the scope of Subtopic 610 - 20 if it meets the definition of an in substance nonfinancial asset and defines the term in substance nonfinancial asset. ASU 2017 - 05 also clarifies that nonfinancial assets within the scope of Subtopic 610 - 20 may include nonfinancial assets transferred within a legal entity to a counterparty.  Subtopic 610 - 20, which was issued in May 2014 as part of ASU 2014 - 09, discussed below, provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity is required to apply the amendments in ASU 2017 - 05 at the same time it applies the amendments in ASU 2014 - 09 discussed below. An entity may elect to apply the amendments in ASU 2017 - 05 either retrospectively to each period presented in the financial statements in accordance with the guidance on accounting changes in ASC Topic 250, Accounting Changes and Error Corrections, paragraphs 10 - 45 - 5 through 10 - 45 - 10 (i.e. the retrospective approach) or retrospectively with a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption (i.e. the modified retrospective approach). An entity may elect to apply all of the amendments in ASU 2017 - 05 and ASU 2014 - 09 using the same transition method, or alternatively may elect to use different transition methods.	January 1, 2018	The Company adopted the provisions of Subtopic 610 - 20  using the modified retrospective approach. The Company has applied the guidance to disposals of nonfinancial assets (including real estate assets) within the scope of Subtopic 610 - 20 , see above for impact from the adoption of this ASU.
ASU 2016 - 01, Financial Instruments—Overall (Subtopic 825 - 10 ): Recognition and Measurement of Financial Assets and Financial Liabilities ASU 2018 - 03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825 - 10 ): Recognition and Measurement of Financial Assets and Financial Liabilities	The amendment addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the following: (i)  Requires equity investments (excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee) with readily determinable fair values to be measured at fair value with the changes in fair value recognized in net income; however, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. (ii) Simplifies the impairment assessment of those equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment (iii) Eliminates the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and changes the fair value calculation for those investments (iv) Changes the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments (v)  Clarifies that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. The amendments clarify certain aspects of the guidance issued in ASU 2016 - 01, discussed below, primarily impacting the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments.	January 1, 2018 Fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018.	Effective as of date of adoption, changes in fair value of the Company’s available-for-sale marketable securities are recognized in Other income, net on the Company’s Condensed Consolidated Statements of Income. See above and Footnote 9 in the Notes to the Condensed Consolidated Financial Statements for impact from the adoption of this ASU.

ASU 2014 - 09, Revenue from Contracts with Customers (Topic 606 ) ASU 2015 - 14, Revenue from Contracts with Customers (Topic 606 ): Deferral of the Effective Date ASU 2016 - 08, Revenue from Contracts with Customers (Topic 606 ): Principal versus Agent Considerations ASU 2016 - 10, Revenue from Contracts with Customers (Topic 606 ): Identifying performance obligations and licensing ASU 2016 - 12, Revenue from Contracts with Customers (Topic 606 ): Narrow-scope improvements and practical expedients	ASU 2014 - 09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014 - 09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014 - 09 was anticipated to be effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption was not permitted. In August 2015, the FASB issued ASU 2015 - 14, which delayed the effective date of ASU 2014 - 09 by one year making it effective for the first interim period within annual reporting periods beginning after December 15, 2017. Subsequently, in March 2016, the FASB issued ASU 2016 - 08, which further clarifies the implementation guidance on principal versus agent considerations, and in April 2016, the FASB issued ASU 2016 - 10, an update on identifying performance obligations and accounting for licenses of intellectual property. Additionally, in May 2016, the FASB issued ASU 2016 - 12, which includes amendments for enhanced clarification of the guidance. Early adoption is permitted as of the original effective date.	January 1, 2018	The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard, except for the lease component relating to common area maintenance (“CAM”) reimbursement revenue, which will be within the scope of this standard upon the effective date of ASU 2016 - 02, Leases (Topic 842 ). The revenues which are within the scope of this standard include other ancillary income earned through the Company’s operating properties as well as fees for services performed at various unconsolidated joint ventures which the Company manages. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. The Company believes the timing of recognition and amount of these revenues will be generally consistent with the previous recognition and measurement. See above for impact from the adoption of this ASU.
ASU 2016 - 18, Statement of Cash Flows (Topic 230 ): Restricted Cash	This amendment requires entities to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. The amendment should be applied using a retrospective transition method to each period presented.	January 1, 2018	There was no material impact to the Company’s financial position and/or results of operations.

XML

Note 3 - Operating Property Activities

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Business Combination Disclosure [Text Block]

3.

Operating Property Activities

Acquisitions

and Dispositions

–

During

January 2018,

the Company acquired a land parcel adjacent to an existing shopping center located in Ardmore, PA for a purchase price of

$3.4

million.

The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels, in separate transactions (dollars in millions):

	Three Months Ended March 31,
	2018		2017
Aggregate sales price	$	202.5	$	57.8
Gain on sale of operating properties	$	50.2	$	1.7
Impairment charges	$	2.4	$	1.2
Number of operating properties sold		19		4
Number of out-parcels sold		1		2

In addition, during

March 2018,

the Company sold a portion of its investment in a consolidated operating property to its partner based on a gross fair value of

$320.0

million, including

$206.0

million of non-recourse mortgage debt, and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company

no

longer consolidates the entity and as such, reduced noncontrolling interests by

$43.8

million and recognized a gain on change in control of

$6.8

million (which is recorded in Gain on sale of operating properties/change in control of interests on the Company’s Condensed Consolidated Statements of Income), in accordance with the adoption of ASU

2017

-

05

effective as of

January 1, 2018 (

See Footnote

2

to the Notes to the Company’s Condensed Consolidated Financial Statements for additional discussion). The Company now has an investment in this unconsolidated property of

$62.4

million, included in Investments in and advances to real estate joint ventures on the Company’s Condensed Consolidated Balance Sheets. The Company’s share of this investment is subject to change and is based upon a cash flow waterfall provision within the partnership agreement (

54.8%

as of the date of deconsolidation).

During the

three

months ended

March 31, 2018,

the Company disposed of

four

land parcels, in separate transactions, for an aggregate sales price of

$2.9

million, which resulted in an aggregate gain of

$0.5

million, included in Other income, net on the Company’s Condensed Consolidated Statements of Income.

Impairments

–

During the

three

months ended

March 31, 2018,

the Company recognized aggregate impairment charges of

$7.6

million. These impairment charges consist of (i)

$5.2

million related to adjustments to property carrying values for properties which the Company has marketed for sale as part of its active capital recycling program and as such has adjusted the anticipated hold periods for such properties and (ii)

$2.4

million related to the sale of certain operating properties, as discussed above. The Company’s estimated fair values of these properties were primarily based upon estimated sales prices from signed contracts or letters of intent from

third

party offers. See Footnote

12

to the Notes to the Company’s Condensed Consolidated Financial Statements for fair value disclosure.

XML

Note 4 - Real Estate Under Development

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Real Estate Under Development [Text Block]

4.

Real Estate Under

Development

The Company is engaged in various real estate development projects for long-term investment. As of

March 31, 2018,

the Company had in progress a total of

four

active real estate development projects and

two

additional projects held for future development.

The costs incurred to date for these real estate development projects are as follows (in thousands):

Property Name	Location	March 31, 2018		December 31, 2017
Grand Parkway Marketplace	Spring, TX	$	45,063	$	43,403
Dania Pointe (1)	Dania Beach, FL		184,934		152,841
Mill Station	Owings Mills, MD		35,689		34,347
Lincoln Square	Philadelphia, PA		118,764		90,479
Avenues Walk (2)	Jacksonville, FL		48,573		48,573
Promenade at Christiana (3)	New Castle, DE		32,659		32,875
Total (4)		$	465,682	$	402,518

( 1 ) These costs include expenditures for phase I and phase II offsite and infrastructure requirements.  During the three months ended March 31, 2018, the Company acquired a parcel adjacent to this development project for a purchase price of $4.6 million.

( 2 ) Mixed-use project to be developed in the future.

( 3 )	Land held for future development.
( 4 )	Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $31.8 million and $27.7 million, as of March 31, 2018 and December 31, 2017, respectively.

During the

three

months ended

March 31, 2018,

the Company capitalized (i) interest of

$3.0

million, (ii) real estate taxes, insurance and legal costs of

$0.7

million and (iii) payroll of

$0.4

million, in connection with these real estate development projects.

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Note 5 - Investments In and Advances to Real Estate Joint Ventures

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Investments and Advances In Real Estate Joint Ventures [Text Block]

5.

Investments

in

and Advances

to

Real Estate Joint Ventures

The Company and its subsidiaries have investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting.

The table below presents joint venture investments for which the Company held an ownership interest at

March 31, 2018

and

December 31, 2017 (

in millions, except number of properties):

			March 31, 2018		December 31, 2017
Joint Venture	Ownership Interest		The Company's Investment		The Company's Investment
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) (3)		15.0%	$	185.6	$	179.5
Kimco Income Opportunity Portfolio (“KIR”) (2)		48.6%		156.7		154.1
Canada Pension Plan Investment Board (“CPP”) (2)		55.0%		109.0		105.0
Other Joint Venture Programs (3) (4)	Various			108.8		45.3
Total*			$	560.1	$	483.9

* Representing

118

property interests and

24.1

million square feet of GLA, as of

March 31, 2018,

and

118

property interests and

23.5

million square feet of GLA, as of

December 31, 2017.

( 1 ) Represents four separate joint ventures, with four separate accounts managed by Prudential Global Investment Management (“PGIM”), 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 property management fees, construction management fees, property acquisition and disposition fees, leasing management fees and asset management fees.

( 3 ) As of December 31, 2017, the Company had aggregate net deferred gains of $6.9 million relating to the disposal of operating properties prior to the adoption of ASU 2017 - 05. These deferred gains were included in the Company’s investment above, of which $5.1 million relates to KimPru II and $1.8 million relates to Other Joint Venture Programs. Upon adoption, the Company recorded a cumulative-effect adjustment of $6.9 million to its beginning retained earnings as of January 1, 2018 on the Company’s Condensed Consolidated Statements of Changes in Equity. See Footnote 2 to the Notes to the Company’s Condensed Consolidated Financial Statements for further detail and discussion.

( 4 ) During March 2018, the Company sold a portion of its investment in a consolidated operating property to its partner and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company no longer consolidates the entity. The Company now has an investment in this unconsolidated property of $62.4 million. See Footnotes 2 and 3 to the Notes to the Company’s Condensed Consolidated Financial Statements for further detail and discussion.

The table below presents the Company’s share of net income for the above investments which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income for the

three

months ended

March 31, 2018

and

2017

(in millions):

	Three Months Ended March 31,
Joint Venture	201 8		2017
KimPru and KimPru II	$	2.9	$	3.3
KIR		9.0		9.4
CPP		1.2		1.7
Other Joint Venture Programs		3.8		0.3
Total	$	16.9	$	14.7

During the

three

months ended

March 31, 2018,

certain of the Company’s real estate joint ventures disposed of

two

operating properties, in separate transactions, for an aggregate sales price of

$17.1

million. These transactions resulted in an aggregate gain to the Company of

$2.1

million for the

three

months ended

March 31, 2018.

During the

three

months ended

March 31, 2017,

certain of the Company’s real estate joint ventures disposed of

five

operating properties, in separate transactions, for an aggregate sales price of

$47.7

million. These transactions resulted in an aggregate net gain to the Company of

$0.9

million, before income taxes, for the

three

months ended

March 31, 2017.

In addition, during the

three

months ended

March 31, 2017,

the Company acquired a controlling interest in

two

operating properties from certain joint ventures, in separate transactions, for a gross purchase price of

$15.4

million.

The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at

March 31, 2018

and

December 31, 2017 (

dollars in millions):

	As of March 31, 2018							As of December 31, 2017
Joint Venture	Mortgages and Notes Payable , Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*		Mortgages and Notes Payable , Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*
KimPru and KimPru II	$	624.4		3.77	%		56.8	$	625.7		3.59	%		59.8
KIR		698.3		4.62	%		44.6		702.0		4.60	%		47.5
CPP		85.0		3.22	%		1.0		84.9		2.91	%		4.0
Other Joint Venture Programs		481.1		4.33	%		77.7		287.6		4.41	%		27.2
Total	$	1,888.8						$	1,700.2

* Includes extension options

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Note 6 - Other Real Estate Investments

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Other Real Estate Investments and Other Assets [Text Block]

6.

Other Real Estate Investments

Preferred Equity Capital -

The Company previously provided capital to owners and developers of real estate properties through its Preferred Equity Program. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its net investment. As of

March 31, 2018,

the Company’s net investment under the Preferred Equity Program was

$188.2

million relating to

319

properties, including

306

net leased properties.  During the

three

months ended

March 31, 2018,

the Company recognized income of

$10.0

million from its preferred equity investments, including

$4.7

million in profit participation earned from

two

capital transactions. During the

three

months ended

March 31, 2017,

the Company earned

$3.8

million from its preferred equity investments. These amounts are included in Equity in income of other real estate investments, net on the Company’s Condensed Consolidated Statements of Income.

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Note 7 - Variable Interest Entities ("VIE")

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

7.

Variable Interest Entities

(

“

VIE”)

Included within the Company’s consolidated operating properties at

March 31, 2018

and

December 31, 2017,

are

22

and

24

consolidated entities that are VIEs, respectively, for which the Company is the primary beneficiary. These entities have been established to own and operate real estate property. The Company’s involvement with these entities is through its majority ownership and management of the properties. The entities were deemed VIEs primarily because the unrelated investors do

not

have substantive kick-out rights to remove the general or managing partner by a vote of a simple majority or less and they do

not

have substantive participating rights. The Company determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest. At

March 31, 2018,

total assets of these VIEs were

$889.6

million and total liabilities were

$71.7

million. At

December 31, 2017,

total assets of these VIEs were

$1.2

billion and total liabilities were

$383.5

million.

The majority of the operations of these VIEs are funded with cash flows generated from the properties. The Company has

not

provided financial support to any of these VIEs that it was

not

previously contractually required to provide, which consists primarily of funding any capital expenditures, including tenant improvements, which are deemed necessary to continue to operate the entity and any operating cash shortfalls that the entity

may

experience.

Additionally, included within the Company’s real estate development projects at

March 31, 2018

and

December 31, 2017,

are

two

and

three

consolidated entities that are VIEs, respectively, for which the Company is the primary beneficiary. These entities have been established to develop real estate properties to hold as long-term investments. The Company’s involvement with these entities is through its majority ownership and management of the properties. These entities were deemed VIEs primarily based on the fact that the equity investments at risk are

not

sufficient to permit the entities to finance their activities without additional financial support. The initial equity contributed to these entities was

not

sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest. At

March 31, 2018,

total assets of these real estate development VIEs were

$296.2

million and total liabilities were

$42.9

million. At

December 31, 2017,

total assets of these real estate development VIEs were

$307.9

million and total liabilities were

$34.2

million.

Substantially all the projected development costs to be funded for these

two

real estate development projects, aggregating

$106.0

million, will be funded with capital contributions from the Company, when contractually obligated. The Company has

not

provided financial support to these VIEs that it was

not

previously contractually required to provide.

All liabilities of these consolidated VIEs are non-recourse to the Company (“VIE Liabilities”). The assets of the unencumbered VIEs are

not

restricted for use to settle only the obligations of these VIEs. The remaining VIE assets are encumbered by

third

party non-recourse mortgage debt. The assets associated with these encumbered VIEs (“Restricted Assets”) are collateral under the respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. The table below summarizes the consolidated VIEs and the classification of the Restricted Assets and VIE Liabilities on the Company’s Condensed Consolidated Balance Sheets are as follows (dollars in millions):

	As of March 31, 2018		As of December 31, 2017
Number of unencumbered VIEs		21		22
Number of encumbered VIEs		3		5
Total number of consolidated VIEs		24		27
Restricted Assets:
Real estate, net	$	104.4	$	627.5
Cash and cash equivalents		3.1		9.8
Accounts and notes receivable, net		1.5		3.2
Other assets		2.3		4.5
Total Restricted Assets	$	111.3	$	645.0
VIE Liabilities:
Mortgages payable, net	$	35.9	$	340.9
Other liabilities		78.7		76.8
Total VIE Liabilities	$	114.6	$	417.7

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Note 8 - Mortgages and Other Financing Receivables

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

8.

Mortgages and Other Financing Receivables

The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company. The Company reviews payment status to identify performing versus non-performing loans. As of

March 31, 2018,

the Company had a total of

11

loans aggregating

$21.4

million, of which all were identified as performing loans.

XML

Note 9 - Marketable Securities

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

9.

Marketable Securities

Effective

January 1, 2018,

in accordance with the adoption of ASU

2016

-

01,

the Company now recognizes changes in the fair value of equity investments with readily determinable fair values in net income. In addition, the Company recorded a cumulative-effect adjustment of

$1.1

million to its beginning retained earnings as of

January 1, 2018,

which is reflected in Cumulative distributions in excess of net income on the Company’s Condensed Consolidated Statements of Changes in Equity, to reclassify unrealized losses previously reported in AOCI for available-for-sale marketable securities. Also, during the

three

months ended

March 31, 2018,

the Company recognized a net loss on changes in fair value of its available-for-sale marketable securities of

$1.5

million in Other income, net on the Company’s Condensed Consolidated Statements of Income.

XML

Note 10 - Mortgages Payable

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Mortgage Notes Payable Disclosure [Text Block]

10.

Mortgages

Payable

During the

three

months ended

March 31, 2018,

the Company (i) deconsolidated

$206.0

million of individual non-recourse mortgage debt relating to an operating property for which the Company

no

longer has a controlling interest in and (ii) repaid

$161.9

million of maturing mortgage debt (including fair market value adjustments of

$0.4

million) that encumbered

two

operating properties.

Additionally, during the

three

months ended

March 31, 2018,

the Company disposed of an encumbered property through foreclosure. The transaction resulted in a net decrease in mortgage debt of

$12.4

. In addition, the Company recognized a gain on forgiveness of debt of

$4.3

million and relief of accrued interest of

$3.4

million, both of which are included in Other income, net in the Company’s Condensed Consolidated Statements of Income.

XML

Note 11 - Noncontrolling Interests

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Noncontrolling Interest Disclosure [Text Block]

11.

Noncontrolling Interests

      Noncontrolling interests represent the portion of equity that the Company does

not

own in entities it consolidates as a result of having a controlling interest or determined that the Company was the primary beneficiary of a VIE in accordance with the provisions of the FASB’s Consolidation guidance.  The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Condensed Consolidated Balance Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Condensed Consolidated Statements of Income.  During the

three

months ended

March 31, 2018,

there were various transactions that had an impact on noncontrolling interest. See Footnotes

3

and

5

of the Notes to Condensed Consolidated Financial Statements for additional information regarding specific transactions.

In addition, during the

three

months ended

March 31, 2018,

the Company acquired its partners’ interest in

three

consolidated entities, in

two

separate transactions, for an aggregate purchase price of

$3.4

million. These transactions resulted in a net decrease in Noncontrolling interest of

$4.6

million and a corresponding net increase in Paid-in capital of

$1.2

million on the Company’s Condensed Consolidated Balance Sheets. There are

no

remaining partners in

two

of these consolidated entities.

      Included within noncontrolling interests are units that were determined to be contingently redeemable that are classified as Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and Stockholder’s equity on the Company’s Condensed Consolidated Balance Sheets.

XML

Note 12 - Fair Value Measurements

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Fair Value Disclosures [Text Block]

12.

Fair Value Measurements

All financial instruments of the Company are reflected in the accompanying Condensed Consolidated Balance Sheets at amounts which, in management’s estimation, based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values except those listed below, for which fair values are disclosed. The valuation method used to estimate fair value for fixed-rate and variable-rate debt is based on discounted cash flow analyses, with assumptions that include credit spreads, market yield curves, trading activity, loan amounts and debt maturities. The fair values for marketable securities are based on published values, securities dealers’ estimated market values or comparable market sales. Such fair value estimates are

not

necessarily indicative of the amounts that would be realized upon disposition.

As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels

1

and

2

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

3

of the hierarchy).

The following are financial instruments for which the Company’s estimate of fair value differs from the carrying amounts (in thousands):

	March 31, 2018				December 31, 2017
	Carrying Amounts		Estimated Fair Value		Carrying Amounts		Estimated Fair Value
Notes payable, net (1)	$	4,597,967		4,418,144	$	4,596,140	$	4,601,479
Mortgages payable, net (2)	$	499,355		494,366	$	882,787	$	881,427

( 1 ) The Company determined that the valuation of its Senior Unsecured Notes were classified within Level 2 of the fair value hierarchy and its Credit Facility was classified within Level 3 of the fair value hierarchy.  The estimated fair value amounts classified as Level 2 as of March 31, 2018 and December 31, 2017, were $4.4 billion and $4.6 billion, respectively. The estimated fair value amounts classified as Level 3 as of March 31, 2018 and December 31, 2017, were $2.2 million and $1.9 million, respectively.

( 2 ) The Company determined that its valuation of Mortgages payable, net was classified within Level 3 of the fair value hierarchy. 

The Company has certain financial instruments that must be measured under the FASB’s Fair Value Measurements and Disclosures guidance, including available for sale securities. The Company currently does

not

have non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.

The tables below present the Company’s financial assets and liabilities measured at fair value on a recurring basis as of 

March 31, 2018

and

December 31, 2017,

aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

	Balance at March 31, 2018		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	10,334	$	10,334	$	-	$	-
Liabilities:
Interest rate swaps	$	66	$	-	$	66	$	-

	Balance at December 31, 2017		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	11,936	$	11,936	$	-	$	-
Liabilities:
Interest rate swaps	$	344	$	-	$	344	$	-

Assets measured at fair value on a non-recurring basis during the

three

months ended

March 31, 2018

and the year ended 

December 31, 2017,

are as follows (in thousands): 

	Balance at March 31, 2018		Level 1		Level 2		Level 3
Real estate	$	104,850	$	-	$	-	$	104,850
Investments in real estate joint ventures (1)	$	62,429	$	-	$	-	$	62,429

	Balance at December 31, 2017		Level 1		Level 2		Level 3
Real estate	$	108,313	$	-	$	-	$	108,313

( 1 ) Fair value measurement as of date of deconsolidation. See Footnotes 3 and 5 to the Notes to the Company’s Condensed Consolidated Financial Statements for further detail and discussion.

During the

three

months ended

March 31, 2018

and

2017,

the Company recognized impairment charges related to adjustments to property carrying values of

$7.6

million and

$1.6

million, respectively. The Company’s estimated fair values of these properties were primarily based upon estimated sales prices from signed contracts or letters of intent from

third

party offers for which the Company does

not

have access to the unobservable inputs used to determine these estimated fair values. Based on these inputs, the Company determined that its valuation of these investments was classified within Level

3

of the fair value hierarchy. (See Footnote

3

to the Notes to the Company’s Condensed Consolidated Financial Statements for additional discussion regarding impairment charges).

XML

Note 13 - Preferred Stock and Common Stock

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

13.

Preferred Stock

and Common Stock

The Company’s outstanding Preferred Stock is detailed below:

As of March 31, 2018
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		7,000	$	175,000		6.000	%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000		5.500	%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00	12/7/2017
Class L		10,350		9,000		225,000		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M (1)		10,580		10,580		264,500		5.250	%	$	1.31250	$	1.00	12/20/2022
				42,580	$	1,064,500

( 1 ) During January 2018, the underwriting financial institutions for the Class M issuance elected to exercise the over-allotment option and as a result, the Company issued an additional 1,380,000 Class M Depositary Shares, each representing a one -thousandth fractional interest in a share of the Company's 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share. The Company received net proceeds before expenses of $33.4 million from this over-allotment issuance.

As of December 31, 2017
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		7,000	$	175,000		6.000	%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000		5.500	%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00	12/7/2017
Class L		10,350		9,000		225,000		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		9,200		230,000		5.250	%	$	1.31250	$	1.00	12/20/2022
				41,200	$	1,030,000

During

February 2018,

the Company’s Board of Directors authorized a share repurchase program, pursuant to which the Company

may

repurchase shares of its common stock, par value

$0.01

per share, with an aggregate gross purchase price of up to

$300.0

million. During the

three

months ended

March 31, 2018,

the Company repurchased

1,600,000

shares for aggregate purchase price of

$24.3

million. As of

March 31, 2018,

the Company had

$275.7

million available under this common share repurchase program.

XML

Note 14 - Supplemental Schedule of Non-cash Investing / Financing Activities

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

14.

Supplemental Schedule of Non-Cash Investing / Financing Activities

The following schedule summarizes the non-cash investing and financing activities of the Company for the

three

months ended

March 31, 2018

and

2017

(in thousands):

	201 8		2017
Disposition of real estate interests by foreclosure of debt	$	7,444	$	-
Forgiveness of debt due to foreclosure	$	12,415	$	-
Surrender of restricted common stock	$	3,374	$	4,991
Declaration of dividends paid in succeeding period	$	132,209	$	124,680
Capital expenditures accrual	$	84,932	$	34,386
Deemed contribution from noncontrolling interest	$	-	$	10,000
Consolidation of Joint Ventures:
Increase in real estate and other assets	$	-	$	15,061
Increase in mortgages payable, other liabilities and noncontrolling interests	$	-	$	1,270
Deconsolidation of Joint Ventures:
Decrease in real estate and other assets	$	300,299	$	-
Increase in investments in and advances to real estate joint ventures	$	62,429	$	-
Decrease in mortgages payable, other liabilities and noncontrolling interests	$	248,274	$	-

XML

Note 15 - Incentive Plans

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

15.

Incentive Plans

The Company accounts for equity awards in accordance with FASB’s Compensation – Stock Compensation guidance which requires that all share based payments to employees, including grants of employee stock options, restricted stock and performance shares, be recognized in the Condensed Consolidated Statements of Income over the service period based on their fair values. Fair value is determined, depending on the type of award, using either the Black-Scholes option pricing formula or the Monte Carlo method for performance shares, both of which are intended to estimate the fair value of the awards at the grant date. Fair value of restricted shares is calculated based on the price on the date of grant.

The Company recognized expenses associated with its equity awards of

$5.2

million and

$9.6

million for the

three

months ended

March 31, 2018

and

2017,

respectively.  As of

March 31, 2018,

the Company had

$42.3

million of total unrecognized compensation cost related to unvested stock compensation granted under the Plans.  That cost is expected to be recognized over a weighted average period of approximately

3.3

years.

XML

Note 16 - Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

16.

Accumulated Other Comprehensive Income

In accordance with the adoption of ASU

2016

-

01,

the Company recorded a cumulative-effect adjustment of

$1.1

million to beginning retained earnings as of

January 1, 2018,

which is reflected in Cumulative distributions in excess of net income on the Company’s Condensed Consolidated Statements of Changes in Equity, to reclassify unrealized losses previously reported in AOCI for available-for-sale marketable securities (See Footnotes

2

and

9

to the Notes to the Company’s Condensed Consolidated Financial Statements for additional disclosure).

The following tables display the change in the components of accumulated other comprehensive income for the

three

months ended

March 31, 2018

and

2017

(in thousands):

	Unrealized Loss on Interest Rate Swaps
Balance as of January 1, 2018, as adjusted	$	(344	)
Other comprehensive income before reclassifications		278
Amounts reclassified from AOCI		-
Net current-period other comprehensive income
Balance as of March 31, 2018	$	(66	)

	Foreign Currency Translation Adjustments		Unrealized Gains Related to Available- for-Sale Securities		Unrealized Loss on Interest Rate Swaps			Total
Balance as of January 1, 2017	$	6,335	$	406	$	(975	)	$	5,766
Other comprehensive income before reclassifications		503		28		188			719
Amounts reclassified from AOCI		-		-		-			-
Net current-period other comprehensive income		503		28		188			719
Balance as of March 31, 2017	$	6,838	$	434	$	(787	)	$	6,485

XML

Note 17 - Earnings Per Share

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Earnings Per Share [Text Block]

17.

Earnings Per Shar

e

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

	Three Months Ended
	March 31,
	2018			2017
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	129,501		$	65,178
Earnings attributable to participating securities		(599	)		(531	)
Net income available to the Company’s common shareholders for basic earnings per share		128,902			64,647
Distributions on convertible units		244			-
Net income available to the Company’s common shareholders for diluted earnings per share	$	129,146		$	64,647
Weighted average common shares outstanding – basic		423,404			423,381
Effect of dilutive securities (1):
Equity awards		287			765
Assumed conversion of convertible units		830			-
Weighted average common shares outstanding – diluted		424,521			424,146
Net income available to the Company's common shareholders:
Basic earnings per share	$	0.30		$	0.15
Diluted earnings per share	$	0.30		$	0.15

( 1 ) The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 3.3 million and 3.4 million stock options that were not dilutive as of March 31, 2018 and 2017, respectively, and 1.9 million shares of restricted stock that were not dilutive as of March 31, 2018.

The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the

two

-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings.

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation -

The accompanying Condensed Consolidated Financial Statements include the accounts of the Company. The Company’s subsidiaries include subsidiaries which are wholly-owned or which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation. The information presented in the accompanying Condensed Consolidated Financial Statements is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature.  These Condensed Consolidated Financial Statements should be read in conjunction with the Company's audited Annual Report on Form

10

-K for the year ended

December 31, 2017 (

the

“10

-K”), as certain disclosures in this Quarterly Report on Form

10

-Q for the quarterly period ended

March 31, 2018,

that would duplicate those included in the

10

-K are

not

included in these Condensed Consolidated Financial Statements.

Reclassification, Policy [Policy Text Block]

Reclassifications -

Certain amounts in the prior period have been reclassified in order to conform with the current period’s presentation. The Company reclassified

$8.3

million of costs related to property management and services of the Company’s operating properties from General and administrative to Operating and maintenance on the Company’s Condensed Consolidated Statements of Income for the

three

months end

March 31, 2017.

In addition, in conjunction with the adoption of Accounting Standard Update (“ASU”)

2014

-

09

discussed below, the Company reclassified

$58.1

million of Reimbursement income and

$3.6

million of Other rental property income from Revenues from rental properties on the Company’s Condensed Consolidated Statements of Income for the

three

months ended

March 31, 2017.

Subsequent Events, Policy [Policy Text Block]

Subsequent Events -

The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its condensed consolidated financial statements.

Marketable Securities, Policy [Policy Text Block]

Marketable Securities

-

The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB’s Investments-Debt and Equity Securities guidance. On

January 1, 2018,

the Company adopted ASU

2016

-

01,

Financial Instruments—Overall

(Subtopic

825

-

10

): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU

2016

-

01”

). In accordance with the adoption of ASU

2016

-

01,

the Company now recognizes changes in the fair value of equity investments with readily determinable fair values in net income. Previously, changes in fair value of the Company’s available-for-sale marketable securities were recognized in accumulated other comprehensive income (“AOCI”) on the Company’s Condensed Consolidated Balance Sheets. As of

December 31, 2017,

the Company had aggregate unrealized losses related to its available-for-sale marketable securities of

$1.1

million, which were included in AOCI on the Company’s Condensed Consolidated Balance Sheets. In connection with the adoption of ASU

2016

-

01,

the Company recorded a cumulative-effect adjustment of

$1.1

million to its beginning retained earnings as of

January 1, 2018,

which is reflected in Cumulative distributions in excess of net income on the Company’s Condensed Consolidated Statements of Changes in Equity.

Revenue Recognition, Policy [Policy Text Block]

Revenue

and

Gain Recognition

–

On

January 1, 2018,

the Company adopted ASU

2014

-

09,

Revenue from Contracts with Customers

(Topic

606

), (“Topic

606”

) using the modified retrospective method applying it to any open contracts as of

January 1, 2018,

for which the Company did

not

identify any open contracts. The Company also utilized the practical expedient for which the Company was

not

required to restate revenue from contracts that began and are completed within the same annual reporting period. Results for reporting periods beginning after

January 1, 2018,

are presented under Topic

606,

while prior period amounts are

not

adjusted and continue to be reported in accordance with our historic accounting under Revenue Recognition (Topic

605

). The new guidance provides a unified model to determine how revenue is recognized. To determine the proper amount of revenue to be recognized, the Company performs the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. As of March

31,

2018,

the Company has

no

outstanding contract assets or contract liabilities. The adoption of this standard did

not

result in any material changes to the Company’s revenue recognition as compared to the previous guidance.

The Company’s primary source of revenue are leases which fall under the scope of Leases (Topic

840

). The revenues which will be impacted by the adoption of Topic

606

include fees for services performed at various unconsolidated joint ventures for which the Company is the manager. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. Also affected by Topic

606

are gains on sales of properties, lease termination fees and tax increment financing (“TIF”) contracts. The Company elected to disaggregate its revenue streams into the following line items on the Company’s Condensed Consolidated Statements of Income: Revenues from rental properties, Reimbursement income, Other rental property income and Management and other fee income. The Company believes that these are the proper disaggregated categories as they are the best depiction of its revenue streams both qualitatively and quantitatively.

Revenues from rental properties

Revenues from rental properties are comprised of minimum base rent, percentage rent, lease termination fee income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments. Base rental revenues from rental properties are recognized on a straight-line basis over the terms of the related leases. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee.  These percentage rents are recognized once the required sales level is achieved.  Rental income

may

also include payments received in connection with lease termination agreements.  Lease termination fee income is recognized when the lessee provides consideration in order to terminate a lease agreement in place. The performance obligation of the Company is the termination of the lease agreement which occurs upon consideration received and execution of the termination agreement. Upon acquisition of real estate operating properties, the Company estimates the fair value of identified intangible assets and liabilities (including above-market and below-market leases, where applicable).  The capitalized above-market or below-market intangible is amortized to rental income over the estimated remaining term of the respective leases, which includes the expected renewal option period for below-market leases.

Reimbursement income

Leases typically provide for reimbursement to the Company of common area maintenance costs (“CAM”), real estate taxes and other operating expenses.  Operating expense reimbursements are recognized as earned. The lease component relating to CAM reimbursement revenue will be within the scope of Topic

606,

upon the effective date of ASU

2016

-

02,

Leases (Topic

842

). See New Accounting Pronouncements below for further details.

Other rental property income

Other rental property income mainly consists of ancillary income and TIF income which totaled

$5.6

million and

$3.6

million for the

three

months ended

March 31, 2018

and

2017,

respectively. Ancillary income is derived through various agreements relating to parking lots, clothing bins, temporary storage, vending machines, ATMs, trash bins and trash collections, fireworks sales, etc. The majority of the revenue derived from these sources are through lease agreements/arrangements and are recognized in accordance with the lease terms described in the lease. The Company has TIF agreements with certain municipalities and receives payments in accordance with the agreement. TIF reimbursement income is recognized on a cash-basis when received.

Management and other fee income

Property management fees, property acquisition and disposition fees, construction management fees, leasing fees and asset management fees all fall within the scope of Topic

606.

These fees arise from contractual agreements with

third

parties or with entities in which the Company has a noncontrolling interest. Management and other fee income related to partially owned entities are recognized to the extent attributable to the unaffiliated interest. Property and asset management fee income is recognized as a single performance obligation (managing the property) comprised of a series of distinct services (maintaining property, handling issues with tenants, etc.). The Company believes that the overall service of property management is substantially the same each day and has the same pattern of performance over the term of the agreement. As a result, each day of service represents a performance obligation satisfied at that point in time. These fees are recognized at the end of each period for services performed during that period, primarily billed to the customer monthly and terms for payment are payment due upon receipt.

Leasing fee income is recognized as a single performance obligation primarily upon the rent commencement date. The Company believes the leasing services it provides are similar for each available space leased and

none

of the individual activities necessary to facilitate the execution of each lease are distinct. These fees are billed to the customer monthly and terms for payment are payment due upon receipt.

Property acquisition and disposition fees are recognized when the Company satisfies a performance obligation by acquiring a property or transferring control of a property. These fees are billed subsequent to the acquisition or sale of the property and payment is due upon receipt.

Construction management fees are recognized as a single performance obligation (managing the construction of the project) composed of a series of distinct services.  The Company believes that the overall service of construction management is substantially the same each day and has the same pattern of performance over the term of the agreement.  As a result, each day of service represents a performance obligation satisfied at that point in time.  These fees are based on the amount spent on the construction at the end of each period for services performed during that period, primarily billed to the customer monthly and terms for payment are payment due upon receipt. 

Gains on sales of operating properties

/change in control of interests

On

January 1, 2018,

the Company also adopted ASU

2017

-

05,

Other Income–Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic

610

-

20

): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“Topic

610”

) for gains and losses from the sale and/or transfer of real estate property. The Company adopted Topic

610

using the modified retrospective approach for all contracts effective

January 1, 2018.

Topic

610

provides that sales of nonfinancial assets, such as real estate, are to be recognized when control of the asset transfers to the buyer, which will occur when the buyer has the ability to direct the use of or obtain substantially all of the remaining benefits from the asset. This generally occurs when the transaction closes and consideration is exchanged for control of the property.

In accordance with its election to apply the modified retrospective approach for all contracts, the Company recorded a cumulative-effect adjustment of

$8.1

million to its beginning retained earnings as of

January 1, 2018,

on the Company’s Condensed Consolidated Statements of Changes in Equity and an adjustment to Investments in and advances to real estate joint ventures on the Company’s Condensed Consolidated Balance Sheets. As of

December 31, 2017,

the Company had aggregate net deferred gains of

$8.1

million relating to partial disposals of

two

operating real estate properties prior to the adoption of ASU

2017

-

05,

of which

$6.9

million was included in Investments in and advances to real estate joint ventures and

$1.2

million was included in Other liabilities on the Company’s Condensed Consolidated Balance Sheets. The Company had deferred these gains in accordance with prior guidance due to its continuing involvement in the entities which acquired the operating real estate properties.

During the

three

months ended

March 31, 2018,

the Company sold a portion of its investment in a consolidated operating property to its partner and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company

no

longer consolidates the entity and recognized a gain on change in control of

$6.8

million, in accordance with the adoption of ASU

2017

-

05

(See Footnote

3

to the Notes to the Company’s Condensed Consolidated Financial Statements for additional disclosure regarding disposals), which is included in Gain on sale of operating properties/ change in controls of interests on the Company’s Condensed Consolidated Statements of Income.

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements

–

       The following table represents ASUs to the FASB’s ASC that, as of

March 31, 2018,

are

not

yet effective for the Company and for which the Company has

not

elected early adoption, where permitted:

ASU	Description	Effective Date	Effect on the financial statements or other significant matters
ASU 2016 - 13, Financial Instruments – Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments	The new guidance introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016 - 13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses.	January 1, 2020; Early adoption permitted	The Company is still assessing the impact on its financial position and/or results of operations.

ASU 2016 - 02, Leases (Topic 842 )   ASU 2018 - 01, Leases (Topic 842 ): Land Easement Practical Expedient for Transition to Topic 842 This ASU sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016 - 02 supersedes the previous leases standard, Leases (Topic 840 ).   In January 2018, the FASB issued ASU 2018 - 01, which includes amendments to clarify land easements are within the scope of the new leases standard (Topic 842 ) and provide an optional transition practical expedient to not evaluate whether existing and expired land easements that were not previously accounted for as leases under current lease guidance in Topic 840 and are to be accounted for or contain leases under Topic 842.  Early adoption is permitted as of the original effective date.   The FASB approved an exposure draft in March 2018 which provided lessors with a practical expedient by class of underlying assets to not separate non-lease components from the lease component. However, the practical expedient would be limited to circumstances in which: 1 ) the timing and pattern of revenue recognition are the same for the non-lease component and the related lease component; and, 2 ) the combined single lease component would be classified as an operating lease. January 1, 2019; Early adoption permitted The Company continues to evaluate the effect the adoption will have on the Company’s financial position and/or results of operations. However, the Company currently believes that the adoption will not have a material impact for operating leases where it is a lessor and will continue to record revenues from rental properties for its operating leases on a straight-line basis. However, for leases where the Company is a lessee, primarily for the Company’s ground leases and administrative office leases, the Company will be required to record a lease liability and a right of use asset on its Consolidated Balance Sheets at fair value upon adoption. In addition, direct internal leasing costs will continue to be capitalized, however, indirect internal leasing costs previously capitalized will be expensed. Within the terms of the Company’s leases where the Company is the lessor, the Company is entitled to receive reimbursement amounts from tenants for operating expenses such as real estate taxes, insurance and other CAM. Upon adoption of this ASU, CAM reimbursement revenue will be accounted for in accordance with ASU 2016 - 12 Revenue from Contracts with Customers (Topic 606 ). The Company continues to evaluate the effect the adoption will have on this source of revenue. However, the Company currently does not believe the adoption will significantly affect the timing of the recognition of the Company’s CAM reimbursement revenue.  

The following ASUs to the FASB’s ASC have been adopted by the Company during the quarter ended

March 31, 2018:

ASU	Description	Adoption Date	Effect on the financial statements or other significant matters
ASU 2017 - 09, Compensation – Stock Compensation (Topic 718 ): Scope of Modification Accounting	The amendment provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The new guidance will be applied prospectively to awards modified on or after the adoption date.	January 1, 2018	There was no material impact to the Company’s financial position and/or results of operations.

ASU 2017 - 05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (“Subtopic 610 - 20” ): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets	The amendment clarifies that a financial asset is within the scope of Subtopic 610 - 20 if it meets the definition of an in substance nonfinancial asset and defines the term in substance nonfinancial asset. ASU 2017 - 05 also clarifies that nonfinancial assets within the scope of Subtopic 610 - 20 may include nonfinancial assets transferred within a legal entity to a counterparty.  Subtopic 610 - 20, which was issued in May 2014 as part of ASU 2014 - 09, discussed below, provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity is required to apply the amendments in ASU 2017 - 05 at the same time it applies the amendments in ASU 2014 - 09 discussed below. An entity may elect to apply the amendments in ASU 2017 - 05 either retrospectively to each period presented in the financial statements in accordance with the guidance on accounting changes in ASC Topic 250, Accounting Changes and Error Corrections, paragraphs 10 - 45 - 5 through 10 - 45 - 10 (i.e. the retrospective approach) or retrospectively with a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption (i.e. the modified retrospective approach). An entity may elect to apply all of the amendments in ASU 2017 - 05 and ASU 2014 - 09 using the same transition method, or alternatively may elect to use different transition methods.	January 1, 2018	The Company adopted the provisions of Subtopic 610 - 20  using the modified retrospective approach. The Company has applied the guidance to disposals of nonfinancial assets (including real estate assets) within the scope of Subtopic 610 - 20 , see above for impact from the adoption of this ASU.
ASU 2016 - 01, Financial Instruments—Overall (Subtopic 825 - 10 ): Recognition and Measurement of Financial Assets and Financial Liabilities ASU 2018 - 03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825 - 10 ): Recognition and Measurement of Financial Assets and Financial Liabilities	The amendment addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the following: (i)  Requires equity investments (excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee) with readily determinable fair values to be measured at fair value with the changes in fair value recognized in net income; however, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. (ii) Simplifies the impairment assessment of those equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment (iii) Eliminates the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and changes the fair value calculation for those investments (iv) Changes the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments (v)  Clarifies that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. The amendments clarify certain aspects of the guidance issued in ASU 2016 - 01, discussed below, primarily impacting the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments.	January 1, 2018 Fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018.	Effective as of date of adoption, changes in fair value of the Company’s available-for-sale marketable securities are recognized in Other income, net on the Company’s Condensed Consolidated Statements of Income. See above and Footnote 9 in the Notes to the Condensed Consolidated Financial Statements for impact from the adoption of this ASU.

ASU 2014 - 09, Revenue from Contracts with Customers (Topic 606 ) ASU 2015 - 14, Revenue from Contracts with Customers (Topic 606 ): Deferral of the Effective Date ASU 2016 - 08, Revenue from Contracts with Customers (Topic 606 ): Principal versus Agent Considerations ASU 2016 - 10, Revenue from Contracts with Customers (Topic 606 ): Identifying performance obligations and licensing ASU 2016 - 12, Revenue from Contracts with Customers (Topic 606 ): Narrow-scope improvements and practical expedients	ASU 2014 - 09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014 - 09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014 - 09 was anticipated to be effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption was not permitted. In August 2015, the FASB issued ASU 2015 - 14, which delayed the effective date of ASU 2014 - 09 by one year making it effective for the first interim period within annual reporting periods beginning after December 15, 2017. Subsequently, in March 2016, the FASB issued ASU 2016 - 08, which further clarifies the implementation guidance on principal versus agent considerations, and in April 2016, the FASB issued ASU 2016 - 10, an update on identifying performance obligations and accounting for licenses of intellectual property. Additionally, in May 2016, the FASB issued ASU 2016 - 12, which includes amendments for enhanced clarification of the guidance. Early adoption is permitted as of the original effective date.	January 1, 2018	The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard, except for the lease component relating to common area maintenance (“CAM”) reimbursement revenue, which will be within the scope of this standard upon the effective date of ASU 2016 - 02, Leases (Topic 842 ). The revenues which are within the scope of this standard include other ancillary income earned through the Company’s operating properties as well as fees for services performed at various unconsolidated joint ventures which the Company manages. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. The Company believes the timing of recognition and amount of these revenues will be generally consistent with the previous recognition and measurement. See above for impact from the adoption of this ASU.
ASU 2016 - 18, Statement of Cash Flows (Topic 230 ): Restricted Cash	This amendment requires entities to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. The amendment should be applied using a retrospective transition method to each period presented.	January 1, 2018	There was no material impact to the Company’s financial position and/or results of operations.

XML

Note 3 - Operating Property Activities (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

Disposal Groups, Including Discontinued Operations [Table Text Block]

	Three Months Ended March 31,
	2018		2017
Aggregate sales price	$	202.5	$	57.8
Gain on sale of operating properties	$	50.2	$	1.7
Impairment charges	$	2.4	$	1.2
Number of operating properties sold		19		4
Number of out-parcels sold		1		2

XML

Note 4 - Real Estate Under Development (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

Real Estate Held for Development [Table Text Block]

Property Name	Location	March 31, 2018		December 31, 2017
Grand Parkway Marketplace	Spring, TX	$	45,063	$	43,403
Dania Pointe (1)	Dania Beach, FL		184,934		152,841
Mill Station	Owings Mills, MD		35,689		34,347
Lincoln Square	Philadelphia, PA		118,764		90,479
Avenues Walk (2)	Jacksonville, FL		48,573		48,573
Promenade at Christiana (3)	New Castle, DE		32,659		32,875
Total (4)		$	465,682	$	402,518

XML

Note 5 - Investments In and Advances to Real Estate Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

Equity Method Investments [Table Text Block]

			March 31, 2018		December 31, 2017
Joint Venture	Ownership Interest		The Company's Investment		The Company's Investment
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) (3)		15.0%	$	185.6	$	179.5
Kimco Income Opportunity Portfolio (“KIR”) (2)		48.6%		156.7		154.1
Canada Pension Plan Investment Board (“CPP”) (2)		55.0%		109.0		105.0
Other Joint Venture Programs (3) (4)	Various			108.8		45.3
Total*			$	560.1	$	483.9

Joint Venture Investments Accounted For Under The Equity Method Debt Details [Table Text Block]

	As of March 31, 2018							As of December 31, 2017
Joint Venture	Mortgages and Notes Payable , Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*		Mortgages and Notes Payable , Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*
KimPru and KimPru II	$	624.4		3.77	%		56.8	$	625.7		3.59	%		59.8
KIR		698.3		4.62	%		44.6		702.0		4.60	%		47.5
CPP		85.0		3.22	%		1.0		84.9		2.91	%		4.0
Other Joint Venture Programs		481.1		4.33	%		77.7		287.6		4.41	%		27.2
Total	$	1,888.8						$	1,700.2

Income [Member]

Notes Tables

Equity Method Investments [Table Text Block]

	Three Months Ended March 31,
Joint Venture	201 8		2017
KimPru and KimPru II	$	2.9	$	3.3
KIR		9.0		9.4
CPP		1.2		1.7
Other Joint Venture Programs		3.8		0.3
Total	$	16.9	$	14.7

XML

Note 7 - Variable Interest Entities ("VIE") (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

Schedule of Variable Interest Entities [Table Text Block]

	As of March 31, 2018		As of December 31, 2017
Number of unencumbered VIEs		21		22
Number of encumbered VIEs		3		5
Total number of consolidated VIEs		24		27
Restricted Assets:
Real estate, net	$	104.4	$	627.5
Cash and cash equivalents		3.1		9.8
Accounts and notes receivable, net		1.5		3.2
Other assets		2.3		4.5
Total Restricted Assets	$	111.3	$	645.0
VIE Liabilities:
Mortgages payable, net	$	35.9	$	340.9
Other liabilities		78.7		76.8
Total VIE Liabilities	$	114.6	$	417.7

XML

Note 12 - Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

Fair Value, by Balance Sheet Grouping [Table Text Block]

	March 31, 2018				December 31, 2017
	Carrying Amounts		Estimated Fair Value		Carrying Amounts		Estimated Fair Value
Notes payable, net (1)	$	4,597,967		4,418,144	$	4,596,140	$	4,601,479
Mortgages payable, net (2)	$	499,355		494,366	$	882,787	$	881,427

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

	Balance at March 31, 2018		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	10,334	$	10,334	$	-	$	-
Liabilities:
Interest rate swaps	$	66	$	-	$	66	$	-

	Balance at December 31, 2017		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	11,936	$	11,936	$	-	$	-
Liabilities:
Interest rate swaps	$	344	$	-	$	344	$	-

	Balance at March 31, 2018		Level 1		Level 2		Level 3
Real estate	$	104,850	$	-	$	-	$	104,850
Investments in real estate joint ventures (1)	$	62,429	$	-	$	-	$	62,429

	Balance at December 31, 2017		Level 1		Level 2		Level 3
Real estate	$	108,313	$	-	$	-	$	108,313

XML

Note 13 - Preferred Stock and Common Stock (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

As of March 31, 2018
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		7,000	$	175,000		6.000	%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000		5.500	%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00	12/7/2017
Class L		10,350		9,000		225,000		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M (1)		10,580		10,580		264,500		5.250	%	$	1.31250	$	1.00	12/20/2022
				42,580	$	1,064,500

As of December 31, 2017
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		7,000	$	175,000		6.000	%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000		5.500	%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00	12/7/2017
Class L		10,350		9,000		225,000		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		9,200		230,000		5.250	%	$	1.31250	$	1.00	12/20/2022
				41,200	$	1,030,000

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Note 14 - Supplemental Schedule of Non-cash Investing / Financing Activities (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	201 8		2017
Disposition of real estate interests by foreclosure of debt	$	7,444	$	-
Forgiveness of debt due to foreclosure	$	12,415	$	-
Surrender of restricted common stock	$	3,374	$	4,991
Declaration of dividends paid in succeeding period	$	132,209	$	124,680
Capital expenditures accrual	$	84,932	$	34,386
Deemed contribution from noncontrolling interest	$	-	$	10,000
Consolidation of Joint Ventures:
Increase in real estate and other assets	$	-	$	15,061
Increase in mortgages payable, other liabilities and noncontrolling interests	$	-	$	1,270
Deconsolidation of Joint Ventures:
Decrease in real estate and other assets	$	300,299	$	-
Increase in investments in and advances to real estate joint ventures	$	62,429	$	-
Decrease in mortgages payable, other liabilities and noncontrolling interests	$	248,274	$	-

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Note 16 - Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Unrealized Loss on Interest Rate Swaps
Balance as of January 1, 2018, as adjusted	$	(344	)
Other comprehensive income before reclassifications		278
Amounts reclassified from AOCI		-
Net current-period other comprehensive income
Balance as of March 31, 2018	$	(66	)

	Foreign Currency Translation Adjustments		Unrealized Gains Related to Available- for-Sale Securities		Unrealized Loss on Interest Rate Swaps			Total
Balance as of January 1, 2017	$	6,335	$	406	$	(975	)	$	5,766
Other comprehensive income before reclassifications		503		28		188			719
Amounts reclassified from AOCI		-		-		-			-
Net current-period other comprehensive income		503		28		188			719
Balance as of March 31, 2017	$	6,838	$	434	$	(787	)	$	6,485

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Note 17 - Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended
	March 31,
	2018			2017
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	129,501		$	65,178
Earnings attributable to participating securities		(599	)		(531	)
Net income available to the Company’s common shareholders for basic earnings per share		128,902			64,647
Distributions on convertible units		244			-
Net income available to the Company’s common shareholders for diluted earnings per share	$	129,146		$	64,647
Weighted average common shares outstanding – basic		423,404			423,381
Effect of dilutive securities (1):
Equity awards		287			765
Assumed conversion of convertible units		830			-
Weighted average common shares outstanding – diluted		424,521			424,146
Net income available to the Company's common shareholders:
Basic earnings per share	$	0.30		$	0.15
Diluted earnings per share	$	0.30		$	0.15

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Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		12 Months Ended
		Mar. 31, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017		Jan. 01, 2018
Contract with Customer, Liability, Total		$ 0	$ 0
Revenues, Total			304,078	$ 293,588
Disposal Group, Deferred Gain on Disposal					$ 8,100
Contract with Customer, Asset, Net, Total		0	0
Other Rental Property Income [Member]
Revenues, Total			5,586	$ 3,551
AOCI Attributable to Parent [Member]
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax, Total					1,100
Investments in and Advances to Real Estate Joint Ventures [Member]
Disposal Group, Deferred Gain on Disposal					6,900
Other Liabilities [Member]
Disposal Group, Deferred Gain on Disposal					1,200
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption					(1,136)	[1]	$ (1,100)
Accounting Standards Update 2017-05 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	[1]				8,098
Accounting Standards Update 2017-05 [Member] | Gain on Sale of Operating Properties/ Change in Controls of Interests [Member]
Deconsolidation, Gain (Loss), Amount		$ 6,800	6,800
Accounting Standards Update 2017-05 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption					8,098	[1]	$ 8,100
Three Months Ended March 31, 2017 [Member] | Reclassification of Reimbursement Income From Revenues From Rental Properties [Member]
Prior Period Reclassification Adjustment			58,100
Three Months Ended March 31, 2017 [Member] | Reclassification of Other Rental Property Income From Revenues From Properties [Member]
Prior Period Reclassification Adjustment					$ 3,600
Reclassification of Personnel Costs Related to Property Management and Services From General Administrative to Operating and Maintenance [Member] | Three Months Ended March 31, 2017 [Member]
Prior Period Reclassification Adjustment			$ 8,300

[1] Represents the impact of change in accounting policies for its respective Accounting Standard Updates ("ASU"). See Footnote 2 of the Notes to Condensed Consolidated Financial Statements for additional disclosure.

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Note 3 - Operating Property Activities (Details Textual) $ in Thousands	1 Months Ended		3 Months Ended
	Mar. 31, 2018 USD ($)	Jan. 31, 2018 USD ($)	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)
Payments to Acquire Real Estate, Total			$ 3,337	$ 38,390
Equity Method Investments	$ 560,068		560,068		$ 483,861
Asset Impairment Charges, Total			7,646	$ 1,617
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Proceeds from Sale of Real Estate, Total			2,900
Gains (Losses) on Sales of Investment Real Estate			500
Asset Impairment Charges, Total			2,400
Disposal Group, Expected to Market for Sale, Not Discontinued Operations [Member]
Asset Impairment Charges, Total			5,200
Investment in Unconsolidated Property, Unconsolidated 2017 [Member]
Equity Method Investments	$ 62,400		$ 62,400
Equity Method Investment, Ownership Percentage	54.80%		54.80%
Gain on Sale of Operating Properties/ Change in Controls of Interests [Member] | Accounting Standards Update 2017-05 [Member]
Deconsolidation, Gain (Loss), Amount	$ 6,800		$ 6,800
Non-recouse Mortgage Debt Related to Property Deconsolidated [Member]
Debt Instrument, Increase (Decrease), Net, Total			206,000
Sold Portion of Investment in Consolidated Operating Property [Member]
Disposal Group, Including Discontinued Operation, Consideration	320,000		$ 320,000
Noncontrolling Interest, Decrease from Deconsolidation	$ 43,800
Land Parcel Adjacent to Shopping Center Located in Ardmore, PA [Member]
Payments to Acquire Real Estate, Total		$ 3,400
Consolidated Operating Properties [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Number of Properties Disposed of			4

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Note 3 - Operating Property Activities - Disposition Activity (Details) - Disposition Activity Relating to Consolidated Operating Properties and Parcels [Member] $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)
Aggregate sales price	$ 202.5	$ 57.8
Gain on sale of operating properties	50.2	1.7
Impairment charges	$ 2.4	$ 1.2
Number of operating properties sold	19	4
Number of out-parcels sold	1	2

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Note 4 - Real Estate Under Development (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)
Payments to Acquire Real Estate, Total	$ 3,337	$ 38,390
Real Estate Under Development, Capitalized Costs of Interest, Real Estate Taxes, Insurance, Legal Costs and Payroll	31,800		$ 27,700
Real Estate Inventory, Capitalized Interest Costs Incurred	3,000
Real Estate Development Projects, Real Estate Taxes and Insurance Capitalized	700
Real Estate Development Projects, Payroll Costs Capitalized	$ 400
Real Estate Under Development [Member]
Number of Real Estate Properties	4
Real Estate Properties, Future Development [Member]
Number of Real Estate Properties	2
Parcel Adjacent to Development Project [Member]
Payments to Acquire Real Estate, Total	$ 4,600

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Note 4 - Real Estate Under Development - Costs Incurred for Real Estate Development (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Property Under Development	[1]	$ 465,682	$ 402,518
Grand Parkway Marketplace [Member]
Property Under Development		45,063	43,403
Dania Pointe [Member]
Property Under Development	[2]	184,934	152,841
Mill Station [Member]
Property Under Development		35,689	34,347
Lincoln Square [Member]
Property Under Development	[3]	118,764	90,479
Avenues Walk [Member]
Property Under Development	[3]	48,573	48,573
Promenade at Christiana [Member]
Property Under Development	[4]	$ 32,659	$ 32,875

[1] Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $31.8 million and $27.7 million, as of March 31, 2018 and December 31, 2017, respectively.

[2] These costs include expenditures for phase I and phase II offsite and infrastructure requirements. During the three months ended March 31, 2018, the Company acquired a parcel adjacent to this development project for a purchase price of $4.6 million.

[3] Mixed-use project to be developed in the future.

[4] Land held for future development.

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Note 5 - Investments In and Advances to Real Estate Joint Ventures (Details Textual) $ in Thousands, ft² in Millions, a in Millions		3 Months Ended
		Mar. 31, 2018 USD ($) a	Mar. 31, 2017 USD ($)	Jan. 01, 2018 USD ($)	Dec. 31, 2017 USD ($) ft²
Deferred Gain on Sale of Property					$ 6,900
Equity Method Investments		$ 560,068			483,861
Accounting Standards Update 2017-05 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	[1]				$ 8,098
All Equity Method Investments [Member]
Number of Real Estate Properties		118			118
Gross Leasable Area		24.1			23.5
Kim Pru and Kim Pru II [Member]
Number of Joint Ventures		4
Number Of Accounts		4
Kim Pru [Member]
Number of Joint Ventures		3
Kim Pru II [Member]
Deferred Gain on Sale of Property					$ 5,100
Other Joint Venture Programs [Member]
Deferred Gain on Sale of Property					$ 1,800
Other Joint Venture Programs [Member] | Accounting Standards Update 2017-05 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption				$ 6,900
Investment in Unconsolidated Property, Unconsolidated 2017 [Member]
Equity Method Investments		$ 62,400
Real Estate Joint Ventures [Member] | Operating Properties [Member]
Number of Real Estate Properties, Interest Disposed of or Transferred		2	5
Equity Method Investment, Sales Price		$ 17,100	$ 47,700
Equity Method Investment, Realized Gain (Loss) on Disposal, Total		$ 2,100	$ 900
Number of Real Estate Properties, Remaining Interest Acquired			2
Business Combination, Consideration Transferred, Total			$ 15,400

[1] Represents the impact of change in accounting policies for its respective Accounting Standard Updates ("ASU"). See Footnote 2 of the Notes to Condensed Consolidated Financial Statements for additional disclosure.

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Note 5 - Investments in and Advances to Real Estate Joint Ventures - Investment Details (Details) - USD ($) $ in Millions		Mar. 31, 2018	Dec. 31, 2017
Kim Pru and Kim Pru II [Member]
Average ownership interest	[1],[2],[3]	15.00%
The company's investment	[1],[2],[3]	$ 185.6	$ 179.5
Kimco Income Fund [Member]
Average ownership interest	[3]	48.60%
The company's investment	[3]	$ 156.7	154.1
CPP [Member]
Average ownership interest	[3]	55.00%
The company's investment	[3]	$ 109.0	105.0
Other Joint Venture Programs [Member]
The company's investment	[1],[4]	108.8	45.3
All Equity Method Investments [Member]
The company's investment	[5]	$ 560.1	$ 483.9

[1] As of December 31, 2017, the Company had aggregate net deferred gains of $6.9 million relating to the disposal of operating properties prior to the adoption of ASU 2017-05. These deferred gains were included in the Company's investment above, of which $5.1 million relates to KimPru II and $1.8 million relates to Other Joint Venture Programs. Upon adoption, the Company recorded a cumulative-effect adjustment of $6.9 million to its beginning retained earnings as of January 1, 2018 on the Company's Condensed Consolidated Statements of Changes in Equity. See Footnote 2 to the Notes to the Company's Condensed Consolidated Financial Statements for further detail and discussion.

[2] Represents four separate joint ventures, with four separate accounts managed by Prudential Global Investment Management ("PGIM"), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II.

[3] The Company manages these joint venture investments and, where applicable, earns property management fees, construction management fees, property acquisition and disposition fees, leasing management fees and asset management fees.

[4] During March 2018, the Company sold a portion of its investment in a consolidated operating property to its partner and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company no longer consolidates the entity. The Company now has an investment in this unconsolidated property of $62.4 million. See Footnotes 2 and 3 to the Notes to the Company’s Condensed Consolidated Financial Statements for further detail and discussion.

[5] Representing 118 property interests and 24.1 million square feet of GLA, as of March 31, 2018, and 118 property interests and 23.5 million square feet of GLA, as of December 31, 2017.

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Note 5 - Investments in and Advances to Real Estate Joint Ventures - The Company's Share of Net Income/(Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income of joint ventures, net	$ 16,913	$ 14,733
Kim Pru and Kim Pru II [Member]
Income of joint ventures, net	2,900	3,300
KIR [Member]
Income of joint ventures, net	9,000	9,400
CPP [Member]
Income of joint ventures, net	1,200	1,700
Other Joint Venture Programs [Member]
Income of joint ventures, net	$ 3,800	$ 300

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Note 5 - Investments in and Advances to Real Estate Joint Ventures - Joint Venture Investments Accounted for Under the Equity Method, Debt Details (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
		Mar. 31, 2018	Dec. 31, 2017
Mortgage and notes payable		$ 1,888.8	$ 1,700.2
Kim Pru and Kim Pru II [Member]
Mortgage and notes payable		$ 624.4	$ 625.7
Weighted average interest rate		3.77%	3.59%
Weighted average remaining term (Month)	[1]	4 years 264 days	4 years 354 days
KIR [Member]
Mortgage and notes payable		$ 698.3	$ 702.0
Weighted average interest rate		4.62%	4.60%
Weighted average remaining term (Month)	[1]	3 years 258 days	3 years 345 days
CPP [Member]
Mortgage and notes payable		$ 85.0	$ 84.9
Weighted average interest rate		3.22%	2.91%
Weighted average remaining term (Month)	[1]	30 days	120 days
Other Joint Venture Programs [Member]
Mortgage and notes payable		$ 481.1	$ 287.6
Weighted average interest rate		4.33%	4.41%
Weighted average remaining term (Month)	[1]	6 years 171 days	2 years 96 days

[1] Includes extension options

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Note 6 - Other Real Estate Investments (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)
Equity Method Investments	$ 560,068		$ 483,861
Income (Loss) from Equity Method Investments, Total	$ 16,913	$ 14,733
Preferred Equity Investments [Member]
Number of Real Estate Properties	319
Income (Loss) from Equity Method Investments, Total	$ 10,000	$ 3,800
Equity Method Investment, Realized Gain (Loss) on Disposal, Total	$ 4,700
Preferred Equity Investments [Member] | Leased Properties [Member]
Number of Real Estate Properties	306
Preferred Equity Investments [Member] | Maximum Exposure [Member]
Equity Method Investments	$ 188,200

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Note 7 - Variable Interest Entities ("VIE") (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Variable Interest Entity, Number of Entities	24	27
Consolidated Operating Properties [Member]
Variable Interest Entity, Number of Entities	22	24
Variable Interest Entity, Consolidated, Carrying Amount, Assets, Total	$ 889.6	$ 1,200.0
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities, Total	$ 71.7	$ 383.5
Real Estate Under Development [Member]
Variable Interest Entity, Number of Entities	2	3
Variable Interest Entity, Consolidated, Carrying Amount, Assets, Total	$ 296.2	$ 307.9
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities, Total	42.9	$ 34.2
Variable Interest Entity, Financial or Other Support, Amount	$ 106.0

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Note 7 - Variable Interest Entities ("VIE") - Summary of Restricted Assets and VIE Liabilities (Details) $ in Thousands	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Number of consolidated VIEs	24	27
Real estate, net	$ 104,400	$ 627,500
Cash and cash equivalents	3,100	9,800
Accounts and notes receivable, net	1,500	3,200
Other assets	2,300	4,500
Total Restricted Assets	111,268	644,990
Mortgages payable, net	35,900	340,900
Other liabilities	78,700	76,800
Total VIE Liabilities	$ 114,617	$ 417,688
Variable Interest Entity, Unencumbered [Member]
Number of consolidated VIEs	21	22
Variable Interest Entity, Encumbered by Third Party Non-resource Mortgage Debt [Member]
Number of consolidated VIEs	3	5

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Note 8 - Mortgages and Other Financing Receivables (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Number of Loans	11
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Ending Balance	$ 21.4

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Note 9 - Marketable Securities (Details Textual) - Accounting Standards Update 2016-01 [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	[1]
Other Income, Net [Member]
Marketable Securities, Gain (Loss), Total	$ (1,500)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption		$ (1,100)	$ (1,136)

[1] Represents the impact of change in accounting policies for its respective Accounting Standard Updates ("ASU"). See Footnote 2 of the Notes to Condensed Consolidated Financial Statements for additional disclosure.

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Note 10 - Mortgages Payable (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($)
Non-recouse Mortgage Debt Related to Property Deconsolidated [Member]
Debt Instrument, Increase (Decrease), Net, Total	$ 206.0
Repayments of Long-term Debt, Total	161.9
Liabilities, Fair Value Adjustment	0.4
Mortgages [Member]
Debt Instrument, Increase (Decrease), Net, Total	12.4
Mortgages [Member] | Other Income (Expense), Net [Member]
Gain on Forgiveness of Debt	4.3
Relief of Accrued Interest	$ 3.4

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Note 11 - Noncontrolling Interests (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($)
Payments to Noncontrolling Interests	$ 3.4
Adjustments to Additional Paid in Capital, Other	1.2
Noncontrolling Interest [Member]
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	$ 4.6

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Note 12 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Notes Payable, Total	$ 4,597,967		$ 4,596,140
Impairment of Real Estate	7,600	$ 1,600
Fair Value, Inputs, Level 2 [Member]
Notes Payable, Total	4,400,000		4,600,000
Fair Value, Inputs, Level 3 [Member]
Notes Payable, Total	$ 2,200		$ 1,900

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Note 12 - Fair Value Measurements - Estimate of Fair Value Differs From Carrying Amounts (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Reported Value Measurement [Member]
Notes payable	[1]	$ 4,597,967	$ 4,596,140
Reported Value Measurement [Member] | Mortgages [Member]
Mortgages payable	[2]	499,355	882,787
Estimate of Fair Value Measurement [Member]
Notes payable	[1]	4,418,144	4,601,479
Estimate of Fair Value Measurement [Member] | Mortgages [Member]
Mortgages payable	[2]	$ 494,366	$ 881,427

[1] The Company determined that the valuation of its Senior Unsecured Notes were classified within Level 2 of the fair value hierarchy and its Credit Facility was classified within Level 3 of the fair value hierarchy. The estimated fair value amounts classified as Level 2 as of March 31, 2018 and December 31, 2017, were $4.4 billion and $4.6 billion, respectively. The estimated fair value amounts classified as Level 3 as of March 31, 2018 and December 31, 2017, were $2.2 million and $1.9 million, respectively.

[2] The Company determined that its valuation of Mortgages payable, net was classified within Level 3 of the fair value hierarchy.

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Note 12 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Fair Value, Measurements, Nonrecurring [Member]
Real estate		$ 104,850	$ 108,313
Investments in real estate joint ventures	[1]	62,429
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]
Real estate
Investments in real estate joint ventures	[1]
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Real estate
Investments in real estate joint ventures	[1]
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Real estate		104,850	108,313
Investments in real estate joint ventures	[1]	62,429
Fair Value, Measurements, Recurring [Member]
Marketable equity securities		10,334	11,936
Interest rate swaps		66	344
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Marketable equity securities		10,334	11,936
Interest rate swaps
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Marketable equity securities
Interest rate swaps		66	344
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Marketable equity securities
Interest rate swaps

[1] Fair value measurement as of date of deconsolidation. See Footnotes 3 and 5 to the Notes to the Company’s Condensed Consolidated Financial Statements for further detail and discussion.

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Note 13 - Preferred Stock and Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2018	Mar. 31, 2018		Dec. 31, 2017	Feb. 22, 2018
Preferred Stock, Par or Stated Value Per Share		$ 1		$ 1
Common Stock, Par or Stated Value Per Share		$ 0.01		$ 0.01	$ 0.01
Stock Repurchase Program, Authorized Amount					$ 300,000
Stock Repurchased During Period, Shares		1,600,000
Stock Repurchased During Period, Value		$ 24,276
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 275,700
Series M Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues	1,380,000
Preferred stock, Fractional Interest in Share of Stock	0.001%
Preferred Stock, Dividend Rate, Percentage		5.25%	[1]	5.25%
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1	[1]	$ 1
Proceeds from Issuance of Preferred Stock and Preference Stock	$ 33,400
Series M Cumulative Redeemable Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	5.25%

[1] During January 2018, the underwriting financial institutions for the Class M issuance elected to exercise the over-allotment option and as a result, the Company issued an additional 1,380,000 Class M Depositary Shares, each representing a one-thousandth fractional interest in a share of the Company's 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share. The Company received net proceeds before expenses of $33.4 million from this over-allotment issuance.

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Note 13 - Preferred Stock and Common Stock - Outstanding Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018		Dec. 31, 2017	Jan. 31, 2018
Shares authorized (in shares)	5,996,240		5,996,240
Liquidation preference	$ 1,064,500		$ 1,030,000
Preferred Stock, Par or Stated Value Per Share	$ 1		$ 1
Series I Preferred Stock [Member]
Shares authorized (in shares)	18,400		18,400
Shares issued and outstanding (in shares)	7,000		7,000
Liquidation preference	$ 175,000		$ 175,000
Preferred Stock, Dividend Rate, Percentage	6.00%		6.00%
Annual dividend per depository share (in dollars per share)	$ 1.50		$ 1.50
Preferred Stock, Par or Stated Value Per Share	$ 1		$ 1
Series J Preferred Stock [Member]
Shares authorized (in shares)	9,000		9,000
Shares issued and outstanding (in shares)	9,000		9,000
Liquidation preference	$ 225,000		$ 225,000
Preferred Stock, Dividend Rate, Percentage	5.50%		5.50%
Annual dividend per depository share (in dollars per share)	$ 1.375		$ 1.375
Preferred Stock, Par or Stated Value Per Share	$ 1		$ 1
Series K Preferred Stock [Member]
Shares authorized (in shares)	8,050		8,050
Shares issued and outstanding (in shares)	7,000		7,000
Liquidation preference	$ 175,000		$ 175,000
Preferred Stock, Dividend Rate, Percentage	5.625%		5.625%
Annual dividend per depository share (in dollars per share)	$ 1.40625		$ 1.40625
Preferred Stock, Par or Stated Value Per Share	$ 1		$ 1
Series L Preferred Stock [Member]
Shares authorized (in shares)	10,350		10,350
Shares issued and outstanding (in shares)	9,000		9,000
Liquidation preference	$ 225,000		$ 225,000
Preferred Stock, Dividend Rate, Percentage	5.125%		5.125%
Annual dividend per depository share (in dollars per share)	$ 1.28125		$ 1.28125
Preferred Stock, Par or Stated Value Per Share	$ 1		$ 1
Series M Preferred Stock [Member]
Shares authorized (in shares)	10,580	[1]	10,580
Shares issued and outstanding (in shares)	10,580	[1]	9,200
Liquidation preference	$ 264,500	[1]	$ 230,000
Preferred Stock, Dividend Rate, Percentage	5.25%	[1]	5.25%
Annual dividend per depository share (in dollars per share)	$ 1.3125	[1]	$ 1.3125
Preferred Stock, Par or Stated Value Per Share	$ 1	[1]	$ 1	$ 1
Total [Member]
Shares issued and outstanding (in shares)	42,580		41,200
Liquidation preference	$ 1,064,500		$ 1,030,000

[1] During January 2018, the underwriting financial institutions for the Class M issuance elected to exercise the over-allotment option and as a result, the Company issued an additional 1,380,000 Class M Depositary Shares, each representing a one-thousandth fractional interest in a share of the Company's 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share. The Company received net proceeds before expenses of $33.4 million from this over-allotment issuance.

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Note 14 - Supplemental Schedule of Non-cash Investing / Financing Activities - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Disposition of real estate interests by foreclosure of debt	$ 7,444
Forgiveness of debt due to foreclosure	12,415
Surrender of restricted common stock	3,374	4,991
Declaration of dividends paid in succeeding period	132,209	124,680	$ 128,892
Capital expenditures accrual	84,932	34,386
Deemed contribution from noncontrolling interest		10,000
Increase in real estate and other assets		15,061
Increase in mortgages payable, other liabilities and noncontrolling interests		1,270
Decrease in real estate and other assets	300,299
Increase in investments in and advances to real estate joint ventures	(62,429)
Decrease in mortgages payable, other liabilities and noncontrolling interests	$ 248,274

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Note 15 - Incentive Plans (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Allocated Share-based Compensation Expense, Total	$ 5.2	$ 9.6
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	$ 42.3
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years 109 days

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Note 16 - Accumulated Other Comprehensive Income (Details Textual) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2017
Retained Earnings [Member] | Accounting Standards Update 2016-01 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ (1,100)	$ (1,136)	[1]

[1] Represents the impact of change in accounting policies for its respective Accounting Standard Updates ("ASU"). See Footnote 2 of the Notes to Condensed Consolidated Financial Statements for additional disclosure.

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Note 16 - Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Beginning balance	$ 5,522,147	$ 5,402,874
Ending balance	5,502,402	5,359,546
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Beginning balance	(344)	(975)
Other comprehensive income before reclassifications	(278)	(188)
Amounts reclassified from AOCI
Net current-period other comprehensive income		188
Ending balance	(66)	(787)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Beginning balance		6,335
Other comprehensive income before reclassifications		(503)
Amounts reclassified from AOCI
Net current-period other comprehensive income		503
Ending balance		6,838
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Beginning balance		406
Other comprehensive income before reclassifications		(28)
Amounts reclassified from AOCI
Net current-period other comprehensive income		28
Ending balance		434
AOCI Attributable to Parent [Member]
Beginning balance	(1,480)	5,766
Other comprehensive income before reclassifications		(719)
Amounts reclassified from AOCI
Net current-period other comprehensive income		719
Ending balance	$ (66)	$ 6,485

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Note 17 - Earnings Per Share (Details Textual) - shares shares in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3.3	3.4
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1.9

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Note 17 - Earnings Per Share - Reconciliation of Earnings/(Loss) and the Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Net income available to the Company's common shareholders		$ 129,501	$ 65,178
Earnings attributable to participating securities		(599)	(531)
Net income available to the Company’s common shareholders for basic earnings per share		128,902	64,647
Distributions on convertible units		244
Net income available to the Company’s common shareholders for diluted earnings per share		$ 129,146	$ 64,647
-Basic (in shares)		423,404	423,381
Equity awards (in shares)	[1]	287	765
Assumed conversion of convertible units (in shares)	[1]	830
Weighted average common shares outstanding – diluted (in shares)	[1]	424,521	424,146
Basic earnings per share (in dollars per share)		$ 0.30	$ 0.15
Diluted earnings per share (in dollars per share)		$ 0.30	$ 0.15

[1] The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 3,255 and 3,446 stock options that were not dilutive as of March 31, 2018 and 2017, respectively, and 1,914 shares of restricted stock that were not dilutive as of March 31, 2018.