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

9 Months Ended

Sep. 30, 2022

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

5. Investments in and Advances to Real Estate Joint Ventures

The Company has investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting. The Company manages certain of these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees. The table below presents unconsolidated joint venture investments for which the Company held an ownership interest at September 30, 2022 and December 31, 2021 (dollars in millions):

	Noncontrolling Ownership Interest		The Company’s Investment
Joint Venture	As of September 30, 2022		September 30, 2022		December 31, 2021
Prudential Investment Program		15.0%	$	153.8	$	163.0
Kimco Income Opportunity Portfolio (“KIR”) (1)		52.1%		281.7		186.0
Canada Pension Plan Investment Board (“CPP”)		55.0%		185.7		165.1
Other Institutional Joint Ventures	Various			260.4		281.8
Other Joint Venture Programs	Various			210.8		211.0
Total*			$	1,092.4	$	1,006.9

* Representing 112 property interests and 22.6 million square feet of GLA, as of September 30, 2022, and 120 property interests and 24.7 million square feet of GLA, as of December 31, 2021.

(1)

During the nine months ended September 30, 2022, the Company purchased additional ownership interests for $55.1 million, including the General Partner's ownership interest from Milton Cooper, Executive Chairman of the Board of Directors of the Company, for $0.1 million. There was no change in control as a result of these transactions.

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 and nine months ended September 30, 2022 and 2021 (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
Joint Venture	2022		2021		2022		2021
Prudential Investment Program (1)	$	2.6	$	1.9	$	7.4	$	7.2
KIR		17.5		9.4		62.9		27.2
CPP		2.5		2.6		8.2		6.7
Other Institutional Joint Ventures		0.8		0.9		6.3		0.9
Other Joint Venture Programs		3.0		5.2		9.3		12.1
Total	$	26.4	$	20.0	$	94.1	$	54.1

(1)

During the nine months ended September 30, 2022, the Prudential Investment Program recognized an impairment charge on a property of $15.1 million, of which the Company’s share was $2.3 million.

During the nine months ended September 30, 2022, certain of the Company’s real estate joint ventures disposed of eight properties and a land parcel, in separate transactions, for an aggregate sales price of $326.5 million. These transactions resulted in an aggregate net gain to the Company of $37.3 million for the nine months ended September 30, 2022.

During the nine months ended September 30, 2021, certain of the Company’s real estate joint ventures disposed of two properties, in separate transactions, for an aggregate sales price of $53.7 million. These transactions resulted in an aggregate net gain to the Company of $4.2 million for the nine months ended September 30, 2021.

The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at September 30, 2022 and December 31, 2021 (dollars in millions):

	As of September 30, 2022							As of December 31, 2021
Joint Venture	Mortgages and Notes Payable, Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*		Mortgages and Notes Payable, Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*
Prudential Investment Program	$	381.0		4.28	%		36.1	$	426.9		2.02	%		45.6
KIR		324.9		4.21	%		46.4		492.6		2.55	%		27.9
CPP		83.4		4.89	%		46.1		84.2		1.85	%		55.0
Other Institutional Joint Ventures		233.3		4.30	%		50.7		232.9		1.65	%		59.7
Other Joint Venture Programs		391.9		3.99	%		74.6		402.1		3.58	%		83.0
Total	$	1,414.5						$	1,638.7

* Includes extension options