filings.toolsItem 8. , ITEM 15 (a) (1) and (2)
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Item 8. , ITEM 15 (a) (1) and (2)
INDEX TO FINANCIAL STATEMENTS
AND
FINANCIAL STATEMENT SCHEDULES
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of Kimco Realty Corporation
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the consolidated financial statements, including the related notes, as listed in the index appearing under Item 15(a)(1), and the financial statement schedules listed in the index appearing under Item 15(a)(2), of Kimco Realty Corporation and its subsidiaries (the “Company”) (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Analysis of Real Estate Properties for Indicators of Impairment
As described in Notes 1 and 6 to the consolidated financial statements, the net carrying value of the Company’s real estate net was $15.0 billion. On a continuous basis, management assesses whether there are indicators, including property operating performance, changes in anticipated holding period, and general market conditions, that the value of the Company’s real estate properties may be impaired. An impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount, at which time, the property is written-down to its estimated fair value.
The principal considerations for our determination that performing procedures relating to the analysis of real estate properties for indicators of impairment of property carrying values is a critical audit matter are (i) the significant judgment by management to identify indicators of impairment related to property operating performance, changes in anticipated holding period, and general market conditions which led to (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to management’s determination of impairment indicators related to property operating performance, changes in anticipated holding period, and general market conditions.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s analysis of real estate properties for indicators of impairment. These procedures also included, among others (i) testing management’s process for identifying real estate properties for indicators of impairment, (ii) evaluating the appropriateness of management’s undiscounted cash flow analysis, (iii) testing the underlying data used in the analysis, and (iv) evaluating the reasonableness of management’s determination of impairment indicators related to property operating performance, changes in anticipated holding period, and general market conditions. Evaluating the reasonableness of management’s determination of impairment indicators included (i) evaluating property operating performance and management’s intent with respect to holding or disposing of properties, (ii) evaluating the consistency of the sales prices utilized by management with external market and industry data, and (iii) assessing management’s considerations of general market conditions.
Fair value of real estate assets acquired in the Weingarten Merger
As described in Note 2 to the consolidated financial statements, the Company completed a merger with Weingarten Realty Investors, with the Company continuing as the surviving public company, and accounted for the merger as a business combination using the acquisition method of accounting. The total purchase price of $4.1 billion was allocated to the fair value of the assets acquired, and the liabilities assumed, which included $5.6 billion relating to real estate assets acquired. The fair value of the real estate assets acquired were determined using various methods, including (i) a direct capitalization method or (ii) a discounted cash flow analysis. Under the direct capitalization method, management derived a normalized net operating income and applied a current market capitalization rate for each property. The estimates of normalized net operating income are based on a number of factors, including historical operating results, known trends, fair market lease rates and market/economic conditions. The discounted cash flow analyses were based on estimated future cash flow projections that utilize discount rates, terminal capitalization rates and planned capital expenditures.
The principal considerations for our determination that performing procedures relating to the fair value measurement of real estate assets acquired in the Weingarten Merger is a critical audit matter are (i) the significant judgment by management when determining the fair value of the real estate assets acquired, which in turn led to a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence relating to the significant assumptions used in determining the fair value of the real estate assets acquired related to the current market capitalization rates and the fair market lease rates used in the direct capitalization method, and (ii) the audit effort involved the use of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation process of real estate assets acquired in the Weingarten Merger, including controls over the methodologies used and significant assumptions used in the direct capitalization method related to current market capitalization rates and the fair market lease rates. These procedures also included, among others, testing management’s process for determining the fair value of real estate assets acquired, which included (i) evaluating the appropriateness of management's use of the direct capitalization method, (ii) testing the completeness and accuracy of the underlying data used, and (iii) evaluating the reasonableness of the significant assumptions related to current market capitalization rates and the fair market lease rates, which involved considering the consistency of the assumptions with current and past performance of the business, the consistency with external market and industry data and whether these assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluation of the significant assumptions of the current market capitalization rates and the fair market lease rates.
/s/ PricewaterhouseCoopers LLP
New York, New York
February 28, 2022
We have served as the Company’s auditor since at least 1991.We have not been able to determine the specific year we began serving as auditor of the Company.
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
| December 31, 2021 | December 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Assets: | ||||||||
| Real estate: | ||||||||
| Land | $ | 3,978,775 | $ | 2,781,888 | ||||
| Building and improvements | 14,067,824 | 9,281,267 | ||||||
| Real estate | 18,046,599 | 12,063,155 | ||||||
| Less: accumulated depreciation and amortization | (3,010,699 | ) | (2,717,114 | ) | ||||
| Total real estate, net | 15,035,900 | 9,346,041 | ||||||
| Real estate under development | 5,672 | 5,672 | ||||||
| Investments in and advances to real estate joint ventures | 1,006,899 | 590,694 | ||||||
| Other investments | 122,015 | 117,140 | ||||||
| Cash and cash equivalents | 334,663 | 293,188 | ||||||
| Marketable securities | 1,211,739 | 706,954 | ||||||
| Accounts and notes receivable, net | 254,677 | 219,248 | ||||||
| Deferred charges and prepaid expenses | 144,461 | 135,967 | ||||||
| Operating lease right-of-use assets, net | 147,458 | 102,369 | ||||||
| Other assets | 195,715 | 97,225 | ||||||
| Total assets (1) | $ | 18,459,199 | $ | 11,614,498 | ||||
| Liabilities: | ||||||||
| Notes payable, net | $ | 7,027,050 | $ | 5,044,208 | ||||
| Mortgages payable, net | 448,652 | 311,272 | ||||||
| Accounts payable and accrued expenses | 220,308 | 146,457 | ||||||
| Dividends payable | 5,366 | 5,366 | ||||||
| Operating lease liabilities | 123,779 | 96,619 | ||||||
| Other liabilities | 510,382 | 324,538 | ||||||
| Total liabilities (2) | 8,335,537 | 5,928,460 | ||||||
| Redeemable noncontrolling interests | 13,480 | 15,784 | ||||||
| Commitments and contingencies (Footnote 21) | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock, $1.00 par value, authorized 7,054,000 shares; Issued and outstanding (in series) 19,580 shares; Aggregate liquidation preference $489,500 | 20 | 20 | ||||||
| Common stock, $.01 par value, authorized 750,000,000 shares; issued and outstanding 616,658,593, and 432,518,743 shares, respectively | 6,167 | 4,325 | ||||||
| Paid-in capital | 9,591,871 | 5,766,511 | ||||||
| Retained earnings/(cumulative distributions in excess of net income) | 299,115 | (162,812 | ) | |||||
| Accumulated other comprehensive income | 2,216 | - | ||||||
| Total stockholders' equity | 9,899,389 | 5,608,044 | ||||||
| Noncontrolling interests | 210,793 | 62,210 | ||||||
| Total equity | 10,110,182 | 5,670,254 | ||||||
| Total liabilities and equity | $ | 18,459,199 | $ | 11,614,498 |
| (1) | Includes restricted assets of consolidated variable interest entities (“VIEs”) at December 31, 2021 and December 31, 2020 of $227,858 and $102,482, respectively. See Footnote 11 of the Notes to Consolidated Financial Statements. | |||||||
|---|---|---|---|---|---|---|---|---|
| (2) | Includes non-recourse liabilities of consolidated VIEs at December 31, 2021 and December 31, 2020 of $153,924 and $62,076, respectively. See Footnote 11 of the Notes to Consolidated Financial Statements. |
The accompanying notes are an integral part of these consolidated financial statements.
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
| Year Ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2019 | ||||||||||
| Revenues | ||||||||||||
| Revenues from rental properties, net | $ | 1,349,702 | $ | 1,044,888 | $ | 1,142,334 | ||||||
| Management and other fee income | 14,883 | 13,005 | 16,550 | |||||||||
| Total revenues | 1,364,585 | 1,057,893 | 1,158,884 | |||||||||
| Operating expenses | ||||||||||||
| Rent | (13,773 | ) | (11,270 | ) | (11,311 | ) | ||||||
| Real estate taxes | (181,256 | ) | (157,661 | ) | (153,659 | ) | ||||||
| Operating and maintenance | (222,882 | ) | (174,038 | ) | (171,981 | ) | ||||||
| General and administrative | (104,121 | ) | (93,217 | ) | (96,942 | ) | ||||||
| Impairment charges | (3,597 | ) | (6,624 | ) | (48,743 | ) | ||||||
| Merger charges | (50,191 | ) | - | - | ||||||||
| Depreciation and amortization | (395,320 | ) | (288,955 | ) | (277,879 | ) | ||||||
| Total operating expenses | (971,140 | ) | (731,765 | ) | (760,515 | ) | ||||||
| Gain on sale of properties | 30,841 | 6,484 | 79,218 | |||||||||
| Operating income | 424,286 | 332,612 | 477,587 | |||||||||
| Other income/(expense) | ||||||||||||
| Other income, net | 19,810 | 4,119 | 10,985 | |||||||||
| Gain on marketable securities, net | 505,163 | 594,753 | 829 | |||||||||
| Gain on sale of cost method investment | - | 190,832 | - | |||||||||
| Interest expense | (204,133 | ) | (186,904 | ) | (177,395 | ) | ||||||
| Early extinguishment of debt charges | - | (7,538 | ) | - | ||||||||
| Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net | 745,126 | 927,874 | 312,006 | |||||||||
| (Provision)/benefit for income taxes, net | (3,380 | ) | (978 | ) | 3,317 | |||||||
| Equity in income of joint ventures, net | 84,778 | 47,353 | 72,162 | |||||||||
| Equity in income of other investments, net | 23,172 | 28,628 | 26,076 | |||||||||
| Net income | 849,696 | 1,002,877 | 413,561 | |||||||||
| Net income attributable to noncontrolling interests | (5,637 | ) | (2,044 | ) | (2,956 | ) | ||||||
| Net income attributable to the Company | 844,059 | 1,000,833 | 410,605 | |||||||||
| Preferred stock redemption charges | - | - | (18,528 | ) | ||||||||
| Preferred dividends | (25,416 | ) | (25,416 | ) | (52,089 | ) | ||||||
| Net income available to the Company's common shareholders | $ | 818,643 | $ | 975,417 | $ | 339,988 | ||||||
| Per common share: | ||||||||||||
| Net income available to the Company's common shareholders: | ||||||||||||
| -Basic | $ | 1.61 | $ | 2.26 | $ | 0.80 | ||||||
| -Diluted | $ | 1.60 | $ | 2.25 | $ | 0.80 | ||||||
| Weighted average shares: | ||||||||||||
| -Basic | 506,248 | 429,950 | 420,370 | |||||||||
| -Diluted | 511,385 | 431,633 | 421,799 |
The accompanying notes are an integral part of these consolidated financial statements.
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
| Year Ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2019 | ||||||||||
| Net income | $ | 849,696 | $ | 1,002,877 | $ | 413,561 | ||||||
| Other comprehensive income: | ||||||||||||
| Change in unrealized gains related to defined benefit plan | 2,216 | - | - | |||||||||
| Other comprehensive income | 2,216 | - | - | |||||||||
| Comprehensive income | 851,912 | 1,002,877 | 413,561 | |||||||||
| Comprehensive income attributable to noncontrolling interests | (5,637 | ) | (2,044 | ) | (2,956 | ) | ||||||
| Comprehensive income attributable to the Company | $ | 846,275 | $ | 1,000,833 | $ | 410,605 |
The accompanying notes are an integral part of these consolidated financial statements.
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Years Ended December 31, 2021, 2020 and 2019
(in thousands)
| Retained Earnings/ | ||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Cumulative Distributions in | Accumulated Other | Total | ||||||||||||||||||||||||||||||||||||||
| Excess of Net | Comprehensive | Preferred Stock | Common Stock | Paid-in | Stockholders' | Noncontrolling | Total | |||||||||||||||||||||||||||||||||
| Income) | Income | Issued | Amount | Issued | Amount | Capital | Equity | Interests | Equity | |||||||||||||||||||||||||||||||
| Balance, January 1, 2019 | $ | (787,707 | ) | $ | - | 43 | $ | 43 | 421,389 | $ | 4,214 | $ | 6,117,254 | $ | 5,333,804 | $ | 77,249 | $ | 5,411,053 | |||||||||||||||||||||
| Net income | 410,605 | - | - | - | - | - | - | 410,605 | 2,956 | 413,561 | ||||||||||||||||||||||||||||||
| Redeemable noncontrolling interests income | - | - | - | - | - | - | - | - | (358 | ) | (358 | ) | ||||||||||||||||||||||||||||
| Dividends declared to common and preferred shares | (527,577 | ) | - | - | - | - | - | - | (527,577 | ) | - | (527,577 | ) | |||||||||||||||||||||||||||
| Distributions to noncontrolling interests | - | - | - | - | - | - | - | - | (10,638 | ) | (10,638 | ) | ||||||||||||||||||||||||||||
| Issuance of common stock | - | - | - | - | 10,399 | 105 | 200,028 | 200,133 | - | 200,133 | ||||||||||||||||||||||||||||||
| Surrender of restricted common stock | - | - | - | - | (242 | ) | (3 | ) | (4,027 | ) | (4,030 | ) | - | (4,030 | ) | |||||||||||||||||||||||||
| Exercise of common stock options | - | - | - | - | 269 | 2 | 3,878 | 3,880 | - | 3,880 | ||||||||||||||||||||||||||||||
| Amortization of equity awards | - | - | - | - | - | - | 19,083 | 19,083 | - | 19,083 | ||||||||||||||||||||||||||||||
| Acquisition of noncontrolling interests | - | - | - | - | - | - | 3,994 | 3,994 | (5,194 | ) | (1,200 | ) | ||||||||||||||||||||||||||||
| Redemption of preferred stock | - | - | (23 | ) | (23 | ) | - | - | (574,977 | ) | (575,000 | ) | - | (575,000 | ) | |||||||||||||||||||||||||
| Balance, December 31, 2019 | (904,679 | ) | - | 20 | 20 | 431,815 | 4,318 | 5,765,233 | 4,864,892 | 64,015 | 4,928,907 | |||||||||||||||||||||||||||||
| Contributions from noncontrolling interests | - | - | - | - | - | - | - | - | 149 | 149 | ||||||||||||||||||||||||||||||
| Net income | 1,000,833 | - | - | - | - | - | - | 1,000,833 | 2,044 | 1,002,877 | ||||||||||||||||||||||||||||||
| Redeemable noncontrolling interests income | - | - | - | - | - | - | - | - | (1,022 | ) | (1,022 | ) | ||||||||||||||||||||||||||||
| Dividends declared to common and preferred shares | (258,966 | ) | - | - | - | - | - | - | (258,966 | ) | - | (258,966 | ) | |||||||||||||||||||||||||||
| Distributions to noncontrolling interests | - | - | - | - | - | - | - | - | (1,705 | ) | (1,705 | ) | ||||||||||||||||||||||||||||
| Issuance of common stock | - | - | - | - | 944 | 9 | (9 | ) | - | - | - | |||||||||||||||||||||||||||||
| Surrender of restricted common stock | - | - | - | - | (303 | ) | (3 | ) | (5,392 | ) | (5,395 | ) | - | (5,395 | ) | |||||||||||||||||||||||||
| Exercise of common stock options | - | - | - | - | 63 | 1 | 980 | 981 | - | 981 | ||||||||||||||||||||||||||||||
| Amortization of equity awards | - | - | - | - | - | - | 22,887 | 22,887 | - | 22,887 | ||||||||||||||||||||||||||||||
| Acquisition of noncontrolling interests | - | - | - | - | - | - | (19,348 | ) | (19,348 | ) | (1,271 | ) | (20,619 | ) | ||||||||||||||||||||||||||
| Adjustment of redeemable noncontrolling interests to estimated fair value | - | - | - | - | - | - | 2,160 | 2,160 | - | 2,160 | ||||||||||||||||||||||||||||||
| Balance, December 31, 2020 | (162,812 | ) | - | 20 | 20 | 432,519 | 4,325 | 5,766,511 | 5,608,044 | 62,210 | 5,670,254 | |||||||||||||||||||||||||||||
| Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||
| Net income | 844,059 | - | - | - | - | - | - | 844,059 | 5,637 | 849,696 | ||||||||||||||||||||||||||||||
| Other comprehensive income: | ||||||||||||||||||||||||||||||||||||||||
| Change in unrealized gains related to defined benefit plan | - | 2,216 | - | - | - | - | - | 2,216 | - | 2,216 | ||||||||||||||||||||||||||||||
| Redeemable noncontrolling interests income | - | - | - | - | - | - | - | - | (751 | ) | (751 | ) | ||||||||||||||||||||||||||||
| Dividends declared to common and preferred shares | (382,132 | ) | - | - | - | - | - | - | (382,132 | ) | - | (382,132 | ) | |||||||||||||||||||||||||||
| Distributions to noncontrolling interests | - | - | - | - | - | - | - | - | (28,707 | ) | (28,707 | ) | ||||||||||||||||||||||||||||
| Issuance of common stock, net of issuance costs | - | - | - | - | 4,958 | 50 | 76,879 | 76,929 | - | 76,929 | ||||||||||||||||||||||||||||||
| Issuance of common stock for merger (1) | - | - | - | - | 179,920 | 1,799 | 3,736,936 | 3,738,735 | - | 3,738,735 | ||||||||||||||||||||||||||||||
| Surrender of common stock for taxes | - | - | - | - | (1,127 | ) | (11 | ) | (20,898 | ) | (20,909 | ) | - | (20,909 | ) | |||||||||||||||||||||||||
| Exercise of common stock options | - | - | - | - | 316 | 3 | 6,057 | 6,060 | - | 6,060 | ||||||||||||||||||||||||||||||
| Amortization of equity awards | - | - | - | - | - | - | 22,543 | 22,543 | - | 22,543 | ||||||||||||||||||||||||||||||
| Noncontrolling interests assumed from the merger (1) | - | - | - | - | - | - | - | - | 177,039 | 177,039 | ||||||||||||||||||||||||||||||
| Redemption/conversion of noncontrolling interests | - | - | - | - | 73 | 1 | 1,539 | 1,540 | (4,635 | ) | (3,095 | ) | ||||||||||||||||||||||||||||
| Adjustment of redeemable noncontrolling interests to estimated fair value | - | - | - | - | - | - | 2,304 | 2,304 | - | 2,304 | ||||||||||||||||||||||||||||||
| Balance at December 31, 2021 | $ | 299,115 | $ | 2,216 | 20 | $ | 20 | 616,659 | $ | 6,167 | $ | 9,591,871 | $ | 9,899,389 | $ | 210,793 | $ | 10,110,182 |
| (1) | See Footnotes 1 and 2 of the Notes to Consolidated Financial Statements for further details. |
|---|
The accompanying notes are an integral part of these consolidated financial statements.
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Year Ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2019 | ||||||||||
| Cash flow from operating activities: | ||||||||||||
| Net income | $ | 849,696 | $ | 1,002,877 | $ | 413,561 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| Depreciation and amortization | 395,320 | 288,955 | 277,879 | |||||||||
| Impairment charges | 3,597 | 6,624 | 48,743 | |||||||||
| Early extinguishment of debt charges | - | 7,538 | - | |||||||||
| Equity award expense | 23,150 | 23,685 | 20,200 | |||||||||
| Gain on sale of properties | (30,841 | ) | (6,484 | ) | (79,218 | ) | ||||||
| Gain on marketable securities, net | (505,163 | ) | (594,753 | ) | (829 | ) | ||||||
| Gain on sale of cost method investment | - | (190,832 | ) | - | ||||||||
| Equity in income of joint ventures, net | (84,778 | ) | (47,353 | ) | (72,162 | ) | ||||||
| Equity in income from other investments, net | (23,172 | ) | (28,628 | ) | (26,076 | ) | ||||||
| Distributions from joint ventures and other investments | 91,507 | 149,022 | 93,877 | |||||||||
| Change in accounts and notes receivable, net | (18,079 | ) | (559 | ) | (34,160 | ) | ||||||
| Change in accounts payable and accrued expenses | (104,712 | ) | 5,576 | (3,611 | ) | |||||||
| Change in other operating assets and liabilities, net | 22,350 | (25,755 | ) | (54,576 | ) | |||||||
| Net cash flow provided by operating activities | 618,875 | 589,913 | 583,628 | |||||||||
| Cash flow from investing activities: | ||||||||||||
| Acquisition of operating real estate and other related net assets | (355,953 | ) | (12,644 | ) | (1,957 | ) | ||||||
| Improvements to operating real estate | (163,699 | ) | (221,278 | ) | (324,821 | ) | ||||||
| Improvements to real estate under development | - | (22,358 | ) | (118,841 | ) | |||||||
| Acquisition of Weingarten Realty Investors, net of cash acquired of $56,451 | (263,973 | ) | - | - | ||||||||
| Investment in marketable securities | - | - | (244 | ) | ||||||||
| Proceeds from sale/repayments of marketable securities | 377 | 931 | 2,023 | |||||||||
| Proceeds from sale of cost method investment | - | 227,270 | - | |||||||||
| Investments in and advances to real estate joint ventures | (12,571 | ) | (15,882 | ) | (27,665 | ) | ||||||
| Reimbursements of investments in and advances to real estate joint ventures | 47,862 | 4,499 | 21,759 | |||||||||
| Investments in and advances to other investments | (67,090 | ) | (15,418 | ) | (15,316 | ) | ||||||
| Reimbursements of investments in and advances to other investments | 64,068 | 13,435 | 5,960 | |||||||||
| Investment in other financing receivable | (41,897 | ) | (25,000 | ) | (48 | ) | ||||||
| Collection of mortgage loans receivable | 13,776 | 177 | 10,449 | |||||||||
| Proceeds from sale of properties | 302,841 | 30,545 | 324,280 | |||||||||
| Proceeds from insurance casualty claims | - | 2,450 | 4,000 | |||||||||
| Net cash flow used for investing activities | (476,259 | ) | (33,273 | ) | (120,421 | ) | ||||||
| Cash flow from financing activities: | ||||||||||||
| Principal payments on debt, excluding normal amortization of rental property debt | (229,288 | ) | (158,556 | ) | (6,539 | ) | ||||||
| Principal payments on rental property debt | (10,622 | ) | (10,693 | ) | (12,212 | ) | ||||||
| Proceeds from mortgage and construction loan financings | - | - | 16,028 | |||||||||
| Proceeds from issuance of unsecured term loan | - | 590,000 | - | |||||||||
| Proceeds from issuance of unsecured notes | 500,000 | 900,000 | 350,000 | |||||||||
| (Repayments)/proceeds from the unsecured revolving credit facility, net | - | (200,000 | ) | 100,000 | ||||||||
| Repayments of unsecured term loan | - | (590,000 | ) | - | ||||||||
| Repayments under unsecured notes | - | (484,905 | ) | - | ||||||||
| Financing origination costs | (8,197 | ) | (18,040 | ) | (7,707 | ) | ||||||
| Payment of early extinguishment of debt charges | - | (7,538 | ) | (1,531 | ) | |||||||
| Contributions from noncontrolling interests | - | 149 | - | |||||||||
| Redemption/distribution of noncontrolling interests | (34,610 | ) | (23,345 | ) | (15,134 | ) | ||||||
| Dividends paid | (382,132 | ) | (379,874 | ) | (531,565 | ) | ||||||
| Proceeds from issuance of stock, net | 82,989 | 981 | 204,012 | |||||||||
| Redemption of preferred stock | - | - | (575,000 | ) | ||||||||
| Shares repurchased for employee tax withholding on equity awards | (20,842 | ) | (5,379 | ) | (3,971 | ) | ||||||
| Change in tenants' security deposits | 1,561 | (199 | ) | 778 | ||||||||
| Net cash flow used for financing activities | (101,141 | ) | (387,399 | ) | (482,841 | ) | ||||||
| Net change in cash, cash equivalents and restricted cash | 41,475 | 169,241 | (19,634 | ) | ||||||||
| Cash, cash equivalents and restricted cash, beginning of year | 293,188 | 123,947 | 143,581 | |||||||||
| Cash, cash equivalents and restricted cash, end of year | $ | 334,663 | $ | 293,188 | $ | 123,947 | ||||||
| Interest paid during the year including payment of early extinguishment of debt charges of $0, $7,538 and $1,531, respectively (net of capitalized interest of $583, $13,683 and $15,690, respectively) | $ | 197,947 | $ | 183,558 | $ | 169,026 | ||||||
| Income taxes paid/(received) during the year (net of refunds received of $0, $47 and $3,452, respectively) | $ | 1,961 | $ | 747 | $ | (1,106) |
The accompanying notes are an integral part of these consolidated financial statements.
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Amounts relating to the number of buildings, square footage, tenant and occupancy data, joint venture debt and average interest rates and terms on joint venture debt are unaudited.
The terms “Kimco”, the “Company” and “our” each refer to Kimco Realty Corporation and its subsidiaries, unless the context indicates otherwise. In statements regarding qualification as a REIT, such terms refer solely to Kimco Realty Corporation.
1. Summary of Significant Accounting Policies:
Business and Organization
The Company operates as a Real Estate Investment Trust (“REIT”) and is engaged principally in the ownership, management, development and operation of open-air shopping centers, which are anchored primarily by grocery stores, off-price retailers, discounters or service-oriented tenants. Additionally, the Company provides complementary services that capitalize on the Company’s established retail real estate expertise. The Company evaluates performance on a property specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP").
The Company has elected to be taxed as a REIT for federal income tax purposes under the Internal Revenue Code of 1986, as amended (the "Code"). The Company is organized and operates in a manner that enables it to qualify as a REIT under the Code.
Weingarten Merger
On August 3, 2021, Weingarten Realty Investors (“Weingarten”) merged with and into the Company, with the Company continuing as the surviving public company (the “Merger”), pursuant to the definitive merger agreement (the “Merger Agreement”) between the Company and Weingarten entered into on April 15, 2021. Under the terms of the Merger Agreement, each Weingarten common share was entitled to 1.408 newly issued shares of the Company’s common stock plus $2.89 in cash, subject to certain adjustments specified in the Merger Agreement.
On July 15, 2021, Weingarten’s Board of Trust Managers declared a special cash distribution of $0.69 per Weingarten common share (the “Special Distribution”) paid on August 2, 2021 to shareholders of record on July 28, 2021. The Special Distribution was paid in connection with the Merger and to satisfy REIT taxable income distribution requirements. Under the terms of the Merger Agreement, Weingarten’s payment of the Special Distribution adjusted the cash consideration paid by the Company at the closing of the Merger from $2.89 per Weingarten common share to $2.20 per Weingarten common share and had no impact on the payment of the common share consideration of 1.408 newly issued shares of Company common stock for each Weingarten common share owned immediately prior to the effective time of the Merger. During the year ended December 31, 2021, the Company incurred merger related expenses of $50.2 million associated with the Merger. These charges are primarily comprised of severance, professional fees and legal fees. See Footnote 2 of the Company’s Consolidated Financial Statements for further details.
Coronavirus Disease 2019 (“COVID-19”) Pandemic
The COVID-19 pandemic has resulted in a widespread health crisis that has adversely affected businesses, economies, and financial markets worldwide and has caused significant volatility in U.S. and international debt and equity markets. The impact of COVID-19 on the retail industry for both landlords and tenants has been wide ranging, including, but not limited to, the temporary closures of many businesses, "shelter in place" orders, social distancing guidelines and other governmental, business and individual actions taken in response to the COVID-19 pandemic. There has also been reduced consumer spending due to job losses, government restrictions in response to COVID-19 and other effects attributable to COVID-19.
The development and distribution of COVID-19 vaccines has assisted in allowing many restrictions to be lifted, providing a path to recovery. The U.S. economy continues to build upon the reopening trend as businesses reopen to full capacity and stimulus is flowing through to the consumer. The overall economy continues to recover but several issues including the lack of qualified employees, inflation risk, supply chain bottlenecks and COVID-19 variants have impacted the pace of the recovery.
The COVID-19 pandemic continues to impact the retail real estate industry for both landlords and tenants. The extent to which the COVID-19 pandemic impacts the Company’s financial condition, results of operations and cash flows, in the near term, will continue to depend on future developments, which are uncertain at this time. The Company’s business, operations and financial results will depend on numerous evolving factors, including the duration and scope of the pandemic, governmental, business and individual actions that have been and continue to be taken in response to the pandemic, the distribution and effectiveness of vaccines, impacts on economic activity from the pandemic and actions taken in response, the effects of the pandemic on the Company’s tenants and their businesses, the ability of tenants to make their rental payments, additional closures of tenants’ businesses and impacts of opening and reclosing of communities in response to the increase in positive COVID-19 cases. Any of these events could materially adversely impact the Company’s business, financial condition, results of operations or stock price. The Company will continue to monitor the economic, financial, and social conditions resulting from the COVID-19 pandemic and will assess its asset portfolio for any impairment indicators. In addition, the Company will continue to monitor for any material or adverse effects resulting from the COVID-19 pandemic. If the Company has determined that any of its assets are impaired, the Company would be required to take impairment charges, and such amounts could be material.
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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Although the Company continues to see an increase in collections of rental payments, the effects COVID-19 have had on its tenants are still heavily considered when evaluating the collectability of the tenant’s total accounts receivable balance, including the corresponding straight-line rent receivable. Management’s estimate of the collectability of accrued rents and accounts receivable is based on the best information available to management at the time of evaluation.
Basis of Presentation
The accompanying 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.
Use of Estimates
GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and related intangible assets and liabilities, equity method investments, other investments, including the assessment of impairments, as well as, depreciable lives, revenue recognition, and the collectability of trade accounts receivable. Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a result, actual results could differ from these estimates.
Subsequent Events
The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its consolidated financial statements (see Footnote 14 of the Notes to Consolidated Financial Statements).
Real Estate
Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company periodically assesses the useful lives of its depreciable real estate assets, including those expected to be redeveloped in future periods, and accounts for any revisions prospectively. Expenditures for maintenance, repairs and demolition costs are charged to operations as incurred. Significant renovations and replacements, which improve or extend the life of the asset, are capitalized.
The Company evaluates each acquisition transaction to determine whether the acquired asset meets the definition of a business and therefore accounted for as a business combination or if the acquisition transaction should be accounted for as an asset acquisition. Under Business Combinations (Topic 805), an acquisition does not qualify as a business when (i) substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or (ii) the acquisition does not include a substantive process in the form of an acquired workforce or (iii) an acquired contract that cannot be replaced without significant cost, effort or delay. Transaction costs related to acquisitions that qualify as asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be acquisitions of a business are expensed as incurred.
When substantially all of the fair value is not concentrated in a group of similar identifiable assets, the set of assets will generally be considered a business and the Company applies the purchase method of accounting for business combinations, where all tangible and identifiable intangible assets acquired, and all liabilities assumed are recorded at fair value. In a business combination, the difference, if any, between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain.
57
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. The fair value of any tangible real estate assets acquired is determined by valuing the building as if it were vacant, and the fair value is then allocated to land, buildings, and improvements based on available information including replacement cost, appraisal or using net operating income capitalization rates, discounted cash flow analysis or similar fair value models. Fair value estimates are also made using significant assumptions such as capitalization rates, discount rates, fair market lease rates, land values per square foot and other market data. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. Tangible assets may include land, land improvements, buildings, building improvements and tenant improvements. Intangible assets may include the value of in-place leases and above and below-market leases and other identifiable assets or liabilities based on lease or property specific characteristics.
In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the present value of the difference between the contractual amounts, including fixed rate below-market lease renewal options, to be paid pursuant to the leases and management’s estimate of the market lease rates and other lease provisions (e.g., expense recapture, base rental changes) measured over a period equal to the estimated remaining term of the lease. 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. Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument.
In determining the value of in-place leases, management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses, estimates of lost rental revenue during the expected lease-up periods and costs to execute similar leases including leasing commissions, legal and other related costs based on current market demand. The value assigned to in-place leases and tenant relationships is amortized over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs relating to that lease would be written off.
The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life.
Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows:
| Buildings and building improvements (in years) | 5 to 50 | |
|---|---|---|
| Fixtures, leasehold and tenant improvements (including certain identified intangible assets) | Terms of leases or useful lives, whichever is shorter |
The difference between the fair value and the face value of debt assumed, if any, in connection with an acquisition is recorded as a premium or discount and is amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements. The fair value of debt is estimated based upon contractual future cash flows discounted using borrowing spreads and market interest rates that would have been available for debt with similar terms and maturities.
When a real estate asset is identified by management as held-for-sale, the Company ceases depreciation of the asset and estimates the fair value. If the fair value of the asset, less cost to sell, is less than the net book value of the asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property, less estimated costs of sale and the asset is classified as other assets.
58
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
On a continuous basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated holding period and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired. A property value is considered impaired only if management’s estimated fair value is less than the net carrying value of the property. The Company’s estimated fair value is primarily based upon (i) estimated sales prices from signed contracts or letters of intent from third-party offers or (ii) discounted cash flow models of the property over its remaining hold period. An impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount, at which time, the property is written-down to its estimated fair value. Estimated fair values which are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding period. Capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates. In addition, such cash flow models consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the carrying value of the property would be adjusted to an amount to reflect the estimated fair value of the property. The Company does not have access to the unobservable inputs used to determine the estimated fair values of third-party offers.
Real Estate Under Development
Real estate under development represents the development of open-air shopping center projects, which may include residential and mixed-use components, that the Company plans to hold as long-term investments. These properties are carried at cost. The cost of land and buildings under development includes specifically identifiable costs. Capitalized costs include pre-construction costs essential to the development of the property, construction costs, interest costs, real estate taxes, insurance, legal costs, salaries and related costs of personnel directly involved and other costs incurred during the period of development. The Company ceases cost capitalization when the property is held available for occupancy and placed into service. This usually occurs upon substantial completion of all development activity necessary to bring the property to the condition needed for its intended use, but no later than one year from the completion of major construction activity. However, the Company may continue to capitalize costs even though a project is substantially completed if construction is still ongoing at the site. If, in management’s opinion, the current and projected undiscounted cash flows of these assets to be held as long-term investments is less than the net carrying value plus estimated costs to complete the development, the carrying value would be adjusted to an amount that reflects the estimated fair value of the property.
Investments in Unconsolidated Joint Ventures
The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting as the Company exercises significant influence, but does not control, these entities. These investments are recorded initially at cost and are subsequently adjusted for cash contributions and distributions. Earnings for each investment are recognized in accordance with each respective investment agreement and where applicable, are based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.
The Company’s joint ventures primarily consist of co-investments with institutional and other joint venture partners in open-air shopping center properties, consistent with its core business. These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting the Company’s exposure to losses primarily to the amount of its equity investment; and due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. The Company, on a limited selective basis, has obtained unsecured financing for certain joint ventures. These unsecured financings may be guaranteed by the Company with guarantees from the joint venture partners for their proportionate amounts of any guaranty payment the Company is obligated to make. As of December 31, 2021, the Company did not guaranty any unsecured joint venture debt.
To recognize the character of distributions from equity investees within its Consolidated Statements of Cash Flows, all distributions received are presumed to be returns on investment and classified as cash inflows from operating activities unless the Company’s cumulative distributions received less distributions received in prior periods that were determined to be returns of investment exceed its cumulative equity in earnings recognized by the investor (as adjusted for amortization of basis differences). When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and classified as cash inflows from investing.
In a business combination, the fair value of the Company’s investment in an unconsolidated joint venture is calculated using the fair value of the real estate held by the joint venture, which are valued using similar methods as described in the Company’s Real Estate policy above, offset by the fair value of the debt on the property which is then multiplied by the Company’s equity ownership percentage.
On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. Estimated fair values which are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding period, and, where applicable, any estimated debt premiums. Capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.
59
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Other Investments
Other investments primarily consist of preferred equity investments for which the Company provides capital to owners and developers of real estate. The Company typically accounts for its preferred equity investments on the equity method of accounting, whereby earnings for each investment are recognized in accordance with each respective investment agreement and based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.
On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company’s Other investments may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment.
The Company’s estimated fair values are based upon a discounted cash flow model for each investment that includes all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents include demand deposits in banks, commercial paper and certificates of deposit with original maturities of three months or less. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured up to applicable account limits. Recoverability of investments is dependent upon the performance of the issuers.
Restricted cash is deposits held or restricted for a specific use. The Company had restricted cash totaling $9.0 million and $0.2 million at December 31, 2021 and 2020, respectively, which is included in Cash and cash equivalents on the Company’s Consolidated Balance Sheets. This includes cash equivalents of $6.5 million that is held as collateral for certain letters of credit at December 31, 2021.
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. In accordance with ASC Topic 825 Financial Instruments, the Company recognizes changes in the fair value of equity investments with readily determinable fair values in net income.
Mortgages and Other Financing Receivables
Mortgages and other financing receivables consist of loans acquired and loans originated by the Company, which are included within Other assets on the Company’s Consolidated Balance Sheets. Borrowers of these loans are primarily experienced owners, operators or developers of commercial real estate. The Company’s loans are primarily mortgage loans that are collateralized by real estate. Mortgages and other financing receivables are recorded at stated principal amounts, net of any discount or premium or deferred loan origination costs or fees. The related discounts or premiums on mortgages and other loans purchased are amortized or accreted over the life of the related loan receivable. The Company defers certain loan origination and commitment fees, net of certain origination costs and amortizes them as an adjustment of the loan’s yield over the term of the related loan.
On January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. The Company adopted this standard using the modified retrospective method for all financial assets measured at amortized cost.
60
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
On a quarterly basis, the Company reviews credit quality indicators such as (i) payment status to identify performing versus non-performing loans, (ii) changes affecting the underlying real estate collateral and (iii) national and regional economic factors. The Company has determined that it has one portfolio segment, primarily represented by loans collateralized by real estate, whereby it determines, as needed, reserves for loan losses on an asset-specific basis. The reserve for loan losses reflects management's estimate of loan losses as of the balance sheet date and are included in Other income, net on the Company’s Consolidated Statements of Income. The reserve is increased through loan loss expense and is decreased by charge-offs when losses are confirmed through the receipt of assets such as cash or via ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased.
Interest income on performing loans is accrued as earned. A non-performing loan is placed on non-accrual status when it is probable that the borrower may be unable to meet interest payments as they become due. Generally, loans 90 days or more past due are placed on non-accrual status unless there is sufficient collateral to assure collectability of principal and interest. Upon the designation of non-accrual status, all unpaid accrued interest is reserved and charged against current income. Interest income on non-performing loans is generally recognized on a cash basis. Recognition of interest income on non-performing loans on an accrual basis is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms.
Other Assets
Other assets include Series B tax increment revenue bonds issued by the Sheridan Redevelopment Agency in connection with the development of a project in Sheridan, Colorado which were acquired in connection with the Merger, which mature on December 15, 2039. These Series B bonds have been classified as held to maturity and were recorded at estimated fair value upon the date of the Merger. The fair value estimates of the Company’s held to maturity tax increment revenue bonds are based on discounted cash flow analysis, which are based on the expected future sales tax revenues of the project. This analysis reflects the contractual terms of the bonds, including the period to maturity, and uses observable market-based inputs, such as market discount rates and unobservable market-based inputs, such as future growth and inflation rates. Interest on these bonds is recorded at an effective interest rate while cash payments are received at the contractual interest rate.
The held to maturity bonds are evaluated for credit losses based on discounted estimated future cash flows. Any future receipts in excess of the amortized basis will be recognized as revenue when received. The credit risk associated with the amortized value of these bonds is deemed as low risk as the bonds are earmarked for repayments from a government entity which are funded through sales and property taxes. At December 31, 2021, no credit allowance has been recorded.
Deferred Leasing Costs
Initial direct leasing costs include commissions paid to third-parties, including brokers, leasing and referral agents and internal leasing commissions paid to employees for successful execution of lease agreements. These initial direct leasing costs are capitalized and generally amortized over the term of the related leases using the straight-line method. These direct leasing costs are included in Other assets, on the Company’s Consolidated Balance Sheets and are classified as operating activities on the Company’s Consolidated Statements of Cash Flows.
Internal employee compensation, payroll-related benefits and certain external legal fees are considered indirect costs associated with the execution of lease agreements. These indirect leasing costs are expensed in accordance with ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) and included in General and administrative expense on the Company’s Consolidated Statements of Income.
Software Development Costs
Expenditures for major software purchases and software developed for internal use are capitalized and amortized on a straight-line basis generally over a period of three to ten years. The Company’s policy provides for the capitalization of external direct costs of materials and services associated with developing or obtaining internal use computer software. In addition, the Company also capitalizes certain payroll and payroll-related costs for employees who are directly associated with internal use computer software projects. The amount of payroll costs that can be capitalized with respect to these employees is limited to the time directly spent on such projects. Costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred. As of December 31, 2021 and 2020, the Company had unamortized software development costs of $18.4 million and $19.1 million, respectively, which are included in Other assets on the Company’s Consolidated Balance Sheets. The Company expensed $3.1 million, $3.2 million and $1.7 million in amortization of software development costs during the years ended December 31, 2021, 2020 and 2019, respectively.
61
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Deferred Financing Costs
Costs incurred in obtaining long-term financing, included in Notes payable, net and Mortgages payable, net in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements, as applicable.
Revenue, Trade Accounts Receivable and Gain Recognition
The Company determines the proper amount of revenue to be recognized in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606), (“Topic 606”), by performing 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 December 31, 2021, the Company had no outstanding contract assets or contract liabilities.
The Company’s primary source of revenues are derived from lease agreements which fall under the scope of ASU 2016-02, Leases (Topic 842), (“Topic 842”), which includes rental income and expense reimbursement income. The Company also has revenues which are accounted for under Topic 606, which 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 and tax increment financing (“TIF”) contracts. The Company presents its revenue streams on the Company’s Consolidated Statements of Income as Revenues from rental properties, net and Management and other fee income.
Revenues from rental properties, net
Revenues from rental properties, net 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. The Company accounts for lease and non-lease components as combined components under Topic 842. Non-lease components include reimbursements paid to the Company from tenants for common area maintenance costs and other operating expenses. The combined components are included in Revenues from rental properties, net on the Company’s Consolidated Statements of Income.
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 an existing lease agreement and has vacated the leased space. If the lessee continues to occupy the leased space for a period of time after the lease termination is agreed upon, the termination fee is accounted for as a lease modification based on the modified lease term. 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 asset or liability 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.
Also included in Revenues from rental properties, net are ancillary income and TIF income. Ancillary income is derived through various agreements relating to parking lots, clothing bins, temporary storage, vending machines, ATMs, trash bins and trash collections, seasonal leases, etc. The majority of the revenue derived from these sources is through lease agreements/arrangements and is 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 agreements. 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 tenant inquiries, 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. The time-based output method is used to measure progress over time, as this is representative of the transfer of the services. These fees are recognized at the end of each period for services performed during that period, primarily billed to the customer monthly with payment due upon receipt.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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 with 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 with payment due upon receipt.
Trade Accounts Receivable
The Company reviews its trade accounts receivable, including its straight-line rent receivable, related to base rents, straight-line rent, expense reimbursements and other revenues for collectability. When evaluating the probability of the collection of the lessee’s total accounts receivable, including the corresponding straight-line rent receivable balance on a lease-by-lease basis; the Company considered the effects COVID-19 has had on its tenants, including the corresponding straight-line rent receivable. The Company’s analysis of its accounts receivable included (i) customer credit worthiness, (ii) assessment of risk associated with the tenant, and (iii) current economic trends. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims. Effective January 1, 2019, in accordance with the adoption of Topic 842, the Company includes provision for doubtful accounts in Revenues from rental properties, net. If a lessee’s accounts receivable balance is considered uncollectible, the Company will write-off the uncollectible receivable balances associated with the lease and will only recognize lease income on a cash basis. Lease income will then be limited to the lesser of (i) the straight-line rental income or (ii) the lease payments that have been collected from the lessee. In addition to the lease-specific collectability assessment performed under Topic 842, the analysis also recognizes a general reserve under ASC Topic 450 Contingencies, as a reduction to Revenues from rental properties, for its portfolio of operating lease receivables which are not expected to be fully collectible based on the Company’s historical and current collection experience and the potential for settlement of arrears. Although the Company estimates uncollectible receivables and provides for them through charges against revenues from rental properties, actual results may differ from those estimates. If the Company subsequently determines that it is probable it will collect the remaining lessee’s lease payments under the lease term, the Company will then reinstate the straight-line balance.
Since the outbreak of the COVID-19 pandemic, the Company’s shopping centers have remained open; however, a substantial number of tenants had or continue to have temporarily or permanently closed their businesses. Others had, or continue to have, shortened their operating hours or offered reduced services. The Company has also had a substantial number of tenants that have made late or partial rent payments, requested a deferral of rent payments or defaulted on rent payments. The Company considered the effects COVID-19 has had on its tenants when evaluating the adequacy of the collectability of the lessee’s total accounts receivable balance, including the corresponding straight-line rent receivable. Management’s estimate of the collectability of accrued rents and accounts receivable is based on the best information available to management at the time of evaluation. The Company has worked, and continues to work, with tenants to grant rent deferrals or rent waivers on a lease by lease basis. The deferrals generally have a repayment period of six to 18 months.
Gains on sale of properties
Gains and losses from the sale and/or transfer of nonfinancial assets, such as real estate property, 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.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Leases
The Company accounts for its leases in accordance with ASU 2016-02_._ The Company has right-of-use (“ROU”) assets and lease liabilities on its balance sheet for those leases classified as operating and financing leases where the Company is a lessee.
Lessor
In April 2020, the FASB staff developed a question-and-answer document, Topic 842 and Topic 840: Accounting for Lease Concessions related to the Effects of the COVID-19 Pandemic, which focuses on the application of the lease guidance in Topic 842, Leases for lease concessions related to the effects of the COVID-19 pandemic. As such, an entity can elect not to evaluate whether certain relief provided by a lessor in response to the COVID-19 pandemic is a lease modification. An entity that makes this election can then elect to apply the modification guidance to that relief or account for the concession as if it were contemplated as part of the existing contract. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. For example, this election is available for concessions that result in the total payments required by the modified contract being substantially the same as or less than total payments required by the original contract.
Some concessions will provide a deferral of payments with no substantive changes to the consideration in the original contract. A deferral affects the timing of cash receipts, but the amount of the consideration is substantially the same as that required by the original contract. The FASB staff expects that there will be multiple ways to account for those deferrals, none of which the FASB staff believes are preferable to the others. Two of those methods are:
| (i) | Account for the concessions as if no changes to the lease contract were made. Under that accounting, a lessor would increase its lease receivable and a lessee would increase its accounts payable as receivables/payments accrue. In its income statement, a lessor would continue to recognize income and a lessee would continue to recognize expense during the deferral period. |
|---|
| (ii) | Account for the deferred payments as variable lease payments. |
|---|
The Company as a lessor has elected to apply the modification relief as described in (i) above to the lease concessions it has entered into during the years ended December 31, 2021 and 2020 for rental income recognized related to the COVID-19 pandemic.
Lessee
The Company’s leases where it is the lessee primarily consist of ground leases and administrative office leases. The Company classifies leases based on whether the arrangement is effectively a purchase of the underlying asset. Leases that transfer control of the underlying asset to a lessee are classified as finance leases and all other leases as operating leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. In connection with the Merger, the Company acquired two properties under finance leasing arrangements that consists of variable lease payments with a bargain purchase option which are included in Other assets, on the Company’s Consolidated Balance Sheets.
ROU assets and lease liabilities are recognized at the commencement date of the lease and liabilities are determined based on the estimated present value of the Company’s minimum lease payments under its lease agreements. Variable lease payments are excluded from the lease liabilities and corresponding ROU assets, as they are recognized in the period in which the obligation for those payments is incurred. Certain of the Company’s leases have renewal options for which the Company assesses whether it is reasonably certain the Company will exercise these renewal options. Lease payments associated with renewal options that the Company is reasonably certain will be exercised are included in the measurement of the lease liabilities and corresponding ROU assets. The discount rate used to determine the lease liabilities is based on the estimated incremental borrowing rate on a lease-by-lease basis. When calculating the incremental borrowing rates, the Company utilized data from (i) its recent debt issuances, (ii) publicly available data for instruments with similar characteristics, (iii) observable mortgage rates and (iv) unlevered property yields and discount rates. The Company then applied adjustments to account for considerations related to term and security that may not be fully incorporated by the data sets. Rental expense for lease payments is recognized on a straight-line basis over the lease term. See Note 12 to the Company’s Consolidated Financial Statements for further details.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Income Taxes
The Company elected to qualify as a REIT for federal income tax purposes commencing with its taxable year January 1, 1992 and operates in a manner that enables the Company to qualify and maintain its status as a REIT. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under Sections 856 through 860 of the Code. Most states, in which the Company holds investments in real estate, conform to the federal rules recognizing REITs.
The Company maintains certain subsidiaries which made joint elections with the Company to be treated as taxable REIT subsidiaries (“TRSs”), which permit the Company to engage through such TRSs in certain business activities that the REIT may not conduct directly. A TRS is subject to federal and state income taxes on its income, and the Company includes a provision for taxes in its consolidated financial statements. As such, the Company, through its wholly owned TRSs, has been engaged in various retail real estate related opportunities including retail real estate management and disposition services which primarily focus on leasing and disposition strategies of retail real estate controlled by both healthy and distressed and/or bankrupt retailers. The Company may consider other investments through its TRSs should suitable opportunities arise. 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 TRSs. 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.
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not.
The Company reviews the need to establish a valuation allowance against deferred tax assets on a quarterly basis. The review includes an analysis of various factors, such as future reversals of existing taxable temporary differences, the capacity for the carryback or carryforward of any losses, the expected occurrence of future income or loss and available tax planning strategies.
The Company applies the FASB’s guidance relating to uncertainty in income taxes recognized in a Company’s financial statements. Under this guidance the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods.
Noncontrolling Interests
The Company accounts for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Income.
Noncontrolling interests also include amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. These units have a stated redemption value or a defined redemption amount based upon the trading price of the Company’s common stock and provides the unit holders various rates of return during the holding period. The unit holders generally have the right to redeem their units for cash at any time after one year from issuance. For convertible units, the Company typically has the option to settle redemption amounts in cash or common stock.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Convertible units for which the Company has the option to settle redemption amounts in cash or common stock are included in the caption Noncontrolling interests within the equity section on the Company’s Consolidated Balance Sheets. Units which embody a conditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets.
In a business combination, the fair value of the noncontrolling interest in a consolidated joint venture is calculated using the fair value of the real estate held by the joint venture, which are valued using similar methods as described in the Company’s Real Estate policy above, offset by the fair value of the debt on the property which is then multiplied by the partners’ noncontrolling share.
Contingently redeemable noncontrolling interests are recorded at fair value upon issuance. Any change in the fair value or redemption value of these noncontrolling interests is subsequently recognized through Paid-in capital on the Company’s Consolidated Balance Sheets and is included in the Company’s computation of earnings per share (see Footnote 27 of the Notes to the Consolidated Financial Statements).
Stock Compensation
In May 2020, the Company’s stockholders approved the 2020 Equity Participation Plan (the “2020 Plan”), which is a successor to the Restated Kimco Realty Corporation 2010 Equity Participation Plan that expired in March 2020. The 2020 Plan provides for a maximum of 10,000,000 shares of the Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock units, performance awards, dividend equivalents, stock payments and deferred stock awards. Unless otherwise determined by the Board of Directors at its sole discretion, restricted stock grants generally vest (i) 100% on the fourth or fifth anniversary of the grant, (ii) ratably over three, four and five years or (iii) over ten years at 20% per year commencing after the fifth year. Performance share awards, which vest over a period of one to three years, may provide a right to receive shares of the Company’s common stock or restricted stock based on the Company’s performance relative to its peers, as defined, or based on other performance criteria as determined by the Board of Directors. In addition, the 2020 Plan provides for the granting of restricted stock to each of the Company’s non-employee directors (the “Independent Directors”) and permits such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees.
The Company accounts for equity awards in accordance with the FASB’s Stock Compensation guidance which requires that all share-based payments to employees be recognized in the Statements of Income over the service period based on their fair values. Fair value of performance awards is determined using the Monte Carlo method, which is intended to estimate the fair value of the awards at the grant date (see Footnote 22 of the Notes to Consolidated Financial Statements for additional disclosure on the assumptions and methodology).
Reclassifications
Certain amounts in the prior period have been reclassified in order to conform to the current period’s presentation. For comparative purposes for the years ended December 31, 2020 and 2019, the Company reclassified $5.6 million and $3.2 million of Cash flows used for Change in other financing liabilities, respectively, to (i) Cash flows used for Shares repurchased for employee tax withholdings on equity awards of $5.4 million and $4.0 million, respectively, and (ii) Cash flows used for/(provided by) Change in tenant’s security deposits of $0.2 million and ($0.8) million, respectively.
New Accounting Pronouncements
The following table represents ASUs to the FASB’s ASCs that, as of December 31, 2021, 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 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers | The amendments in this update require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination rather than at fair value on the acquisition date required by Topic 805. | January 1, 2023; Early adoption permitted | The adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations. |
| ASU 2021-05, Lessors – Certain Leases with Variable Lease Payments (Topic 842) | This ASU amends the lessor lease classification in ASC 842 for leases that include variable lease payments that are not based on an index or rate. Under the amended guidance, lessors will classify a lease with variable payments that do not depend on an index or rate as an operating lease if the lease would have been classified as a sales-type lease or a direct financing lease under the previous ASU 842 classification criteria and sales-type or direct financing lease classification would result in a Day 1 loss. | January 1, 2022 | The adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations. |
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The following ASUs to the FASB’s ASCs have been adopted by the Company as of the date listed:
| ASU | Description | Adoption Date | Effect on the financial statements or other significant matters |
|---|---|---|---|
| ASU 2020-01, Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) | The amendments clarify the interaction between the accounting for equity securities, equity method investments, and certain derivative instruments. This ASU, among other things, clarifies that an entity should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323 for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. | January 1, 2021 | The adoption of this ASU did not have a material impact on the Company’s financial position and/or results of operations. |
2. Weingarten Merger
Overview
On August 3, 2021, the Company completed the Merger with Weingarten, under which Weingarten merged with and into the Company, with the Company continuing as the surviving public company. The total purchase price of the Merger was $4.1 billion, which consists primarily of shares of the Company’s common stock issued in exchange for Weingarten common shares, plus $281.1 million of cash consideration. The total purchase price was calculated based on the closing price of the Company’s common stock on August 3, 2021, which was $20.78 per share. At the effective time of the Merger, each Weingarten common share, issued and outstanding immediately prior to the effective time of the Merger (other than any shares owned directly by the Company or Weingarten and in each case not held on behalf of third parties) was converted into 1.408 shares of newly issued shares of the Company’s common stock. The number of Weingarten common shares outstanding as of August 3, 2021 converted to shares of the Company’s common stock was determined as follows:
| Weingarten common shares outstanding as of August 3, 2021 | 127,784,006 | |||
|---|---|---|---|---|
| Exchange ratio | 1.408 | |||
| Kimco common stock issued | 179,919,880 |
The following table presents the purchase price and the total value of stock consideration paid by Kimco at the close of the Merger (in thousands except share price of Kimco common stock):
| Price of Kimco Common Stock | Equity Consideration Given (Kimco Shares Issued) | Calculated Value of Weingarten Consideration | ****Cash Consideration ***** | Total Value of Consideration | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of August 3, 2021 | $ | 20.78 | 179,920 | $ | 3,738,735 | $ | 320,424 | $ | 4,059,159 |
- Amounts include additional consideration of $39.3 million relating to reimbursements paid by the Company to Weingarten at the closing of the Merger for transaction costs incurred by Weingarten.
As a result of the Merger, Kimco acquired 149 properties, including 30 held through joint venture programs. The consolidated net assets and results of operations of Weingarten are included in the consolidated financial statements from the closing date, August 3, 2021.
Purchase Price Allocation
In accordance with ASC 805-10, Business Combinations, the Company accounted for the Merger as a business combination using the acquisition method of accounting. Based on the value of the common shares issued and cash consideration paid, the total fair value of the assets acquired and liabilities assumed in the Merger was $4.1 billion.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The fair value of the real estate assets acquired were determined using either (i) a direct capitalization method, (ii) a discounted cash flow analysis or (iii) estimated sales prices from signed contracts or letters of intent from third party offers. Market data and comparable sales information were used in estimating the fair value of the land acquired. The Company determined that these valuation methodologies are classified within Level 3 of the fair value hierarchy. The assumptions and estimates included in these methodologies include stabilized net operating income, future income growth, capitalization rates, discount rates, capital expenditures, and cash flow projections at the respective properties. Under the direct capitalization method, the Company derived a normalized net operating income and applied a current market capitalization rate for each property. The estimates of normalized net operating income are based on a number of factors, including historical operating results, known trends, fair market lease rates and market/economic conditions. Capitalization rates utilized to derive these fair values ranged from 4.5% to 9.5%.
The discounted cash flow analyses were based on estimated future cash flow projections that utilize discount rates, terminal capitalization rates and planned capital expenditures. These estimates approximate the inputs the Company believes would be utilized by market participants in assessing fair value. The estimates of future cash flow projections are based on a number of factors, including historical operating results, estimated growth rates, known and anticipated trends, fair market lease rates and market/economic conditions. Capitalization and discount rates utilized to derive the fair values ranged from 6.0% to 8.25% and 6.75% to 9.0%, respectively.
The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. The fair value of any tangible real estate assets acquired is determined by valuing the building as if it were vacant, and the fair value is then allocated to land, buildings and improvements. The Company values above and below-market lease intangibles based on estimates of market rent compared to contractual rents over expected lease terms using an appropriate discount rate. In-place leases are valued based on the costs to obtain new leases and an estimate of lost revenues and expenses over an anticipated lease up term. The Company determined that this valuation methodology is classified within Level 2 and Level 3 of the fair value hierarchy.
The Company determined the fair value of its unsecured debt using current market-based pricing and interest rate yields for similar debt instruments. The Company determined the fair value of secured debt assumed by calculating the net present value of the scheduled debt service payments using current market-based terms for interest rates for debt with similar terms that the Company believes it could obtain on similar structures and maturities. For the fair value of secured debt assumed, weighted average credit spreads utilized were 3.33% and London Inter-bank Offered Rate (“LIBOR”) + 2.14% for the fixed and floating rate debt, respectively. Any difference between the fair value and stated value of the assumed debt is recorded as a discount or premium and amortized over the remaining term of the loan. Finance lease obligations assumed are measured at fair value and are included as a liability on the accompanying balance sheet and the Company recorded the corresponding right-of-use assets. The Company determined that the valuation methodology used for its unsecured debt is classified within Level 2 of the fair value hierarchy and the valuation methodology used for its secured debt is classified within Level 3 of the fair value hierarchy.
The following table summarizes the final purchase price allocation, including the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed (in thousands):
| Purchase Price Allocation | ||||
|---|---|---|---|---|
| Land | $ | 1,174,407 | ||
| Building and improvements | 4,040,244 | |||
| In-place leases | 370,685 | |||
| Above-market leases | 42,133 | |||
| Real estate assets | 5,627,469 | |||
| Investments in and advances to real estate joint ventures | 585,382 | |||
| Cash, accounts receivable and other assets | 241,582 | |||
| Total assets acquired | 6,454,433 | |||
| Notes payable | (1,497,632 | ) | ||
| Mortgages payable | (317,671 | ) | ||
| Accounts payable and other liabilities | (283,559 | ) | ||
| Below-market leases | (119,373 | ) | ||
| Noncontrolling interests | (177,039 | ) | ||
| Total liabilities assumed | (2,395,274 | ) | ||
| Total purchase price | $ | 4,059,159 |
The following table details the weighted average amortization periods, in years, of the purchase price allocated to real estate and related intangible assets and liabilities acquired arising from the Merger:
| Weighted Average Amortization Period (in Years) | ||||
|---|---|---|---|---|
| Land | n/a | |||
| Building | 50.0 | |||
| Building improvements | 45.0 | |||
| Tenant improvements | 7.1 | |||
| Fixtures and leasehold improvements | 6.2 | |||
| In-place leases | 5.6 | |||
| Above-market leases | 10.1 | |||
| Below-market leases | 31.5 | |||
| Right-of-use intangible assets | 30.9 | |||
| Fair market value of debt adjustment | 3.7 |
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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Revenues from rental properties, net and Net income available to the Company’s common shareholders in the Company’s Consolidated Statements of Income includes revenues of $198.3 million and net income of $25.8 million (excluding $50.2 million of merger related charges), respectively, resulting from the Merger for the year ended December 31, 2021.
Pro forma Information (Unaudited)
The pro forma financial information set forth below is based upon the Company’s historical Consolidated Statements of Income for the years ended December 31, 2021 and 2020, adjusted to give effect as if the Merger occurred as of January 1, 2020. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been, nor does it purport to represent the results of income for future periods. (Amounts presented in millions, except per share figures).
| Year Ended December 31, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||||
| Revenues from rental properties, net | $ | 2,341.4 | $ | 2,234.9 | ||||
| Net income (1) | $ | 1,114.6 | $ | 1,193.1 | ||||
| Net income available to the Company’s common shareholders (1) | $ | 1,084.1 | $ | 1,166.3 |
| (1) | The pro forma earnings for the year ended December 31, 2021 were adjusted to exclude $50.2 million of merger costs while the pro forma earnings for the year ended December 31, 2020 were adjusted to include $50.2 million of merger costs incurred. |
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3. Real Estate:
The Company’s components of Real estate, net consist of the following (in thousands):
| December 31, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||||
| Land: | ||||||||
| Developed land | $ | 3,962,447 | $ | 2,758,936 | ||||
| Undeveloped land | 16,328 | 22,952 | ||||||
| Total land | 3,978,775 | 2,781,888 | ||||||
| Buildings and improvements: | ||||||||
| Buildings | 10,042,225 | 5,911,602 | ||||||
| Building improvements | 1,999,319 | 1,918,641 | ||||||
| Tenant improvements | 987,216 | 820,027 | ||||||
| Fixtures and leasehold improvements | 31,421 | 32,123 | ||||||
| Above-market leases | 166,840 | 125,858 | ||||||
| In-place leases | 840,803 | 473,016 | ||||||
| Total buildings and improvements | 14,067,824 | 9,281,267 | ||||||
| Real estate | 18,046,599 | 12,063,155 | ||||||
| Accumulated depreciation and amortization (1) | (3,010,699 | ) | (2,717,114 | ) | ||||
| Total real estate, net | $ | 15,035,900 | $ | 9,346,041 |
| (1) | At December 31, 2021 and 2020, the Company had accumulated amortization relating to in-place leases and above-market leases aggregating $569,648 and $499,022, respectively. |
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In addition, at December 31, 2021 and 2020, the Company had intangible liabilities relating to below-market leases from property acquisitions of $336.6 million and $231.3 million, respectively, net of accumulated amortization of $227.5 million and $219.6 million, respectively. These amounts are included in the caption Other liabilities on the Company’s Consolidated Balance Sheets.
The Company’s amortization associated with above-market and below-market leases for the years ended December 31, 2021, 2020 and 2019 resulted in net increases to revenue of $14.8 million, $22.5 million and $20.0 million, respectively. The Company’s amortization expense associated with in-place leases, which is included in depreciation and amortization, for the years ended December 31, 2021, 2020 and 2019 was $80.1 million, $26.3 million and $33.1 million, respectively.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The estimated net amortization income/(expense) associated with the Company’s above-market and below-market leases and in-place leases for the next five years are as follows (in millions):
| 2022 | 2023 | 2024 | 2025 | 2026 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Above-market and below-market leases amortization, net | $ | 14.5 | $ | 14.5 | $ | 14.3 | $ | 13.9 | $ | 14.1 | ||||||||||
| In-place leases amortization | $ | (138.6 | ) | $ | (95.4 | ) | $ | (66.3 | ) | $ | (44.9 | ) | $ | (31.0 | ) |
Real Estate Under Development
As of December 31, 2021 and 2020, the Company has a land parcel located in Dania Beach, FL which is held for future development included in Real estate under development on the Company’s Consolidated Balance Sheets.
4. Property Acquisitions:
Acquisition/Consolidation of Operating Properties
During the year ended December 31, 2021, in addition to the properties acquired in the Merger (see Footnote 2 of the Notes to Consolidated Financial Statements), the Company acquired the following operating properties, through direct asset purchases or consolidation due to change in control resulting from the purchase of additional interests or obtaining control through the modification of a joint venture investment (in thousands):
| Purchase Price | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Property Name | Location | Month Acquired/ Consolidated | Cash | Debt | Other | Total | GLA* | |||||||||||||||
| Distribution Center #1 (1) | Lancaster, CA | Jan-21 | $ | 58,723 | $ | - | $ | 11,277 | $ | 70,000 | 927 | |||||||||||
| Distribution Center #2 (1) | Woodland, CA | Jan-21 | 27,589 | - | 6,411 | 34,000 | 508 | |||||||||||||||
| Jamestown Portfolio (6 properties) (2) | Various | Oct-21 | 172,899 | 170,000 | 87,094 | 429,993 | 1,226 | |||||||||||||||
| KimPru Portfolio (2 properties) (2) | Various | Oct-21 | 61,705 | 64,169 | 15,212 | 141,086 | 478 | |||||||||||||||
| Columbia Crossing Parcel | Columbia, MD | Oct-21 | 12,600 | - | - | 12,600 | 45 | |||||||||||||||
| Centro Arlington (2) | Arlington, VA | Nov-21 | 24,178 | - | 184,850 | 209,028 | 72 | |||||||||||||||
| $ | 357,694 | $ | 234,169 | $ | 304,844 | $ | 896,707 | 3,256 |
- Gross leasable area ("GLA")
| (1) | Other consists of the fair value of the assets acquired which exceeded the purchase price upon closing. The transaction was a sale-leaseback with the seller which resulted in the recognition of a prepayment of rent of $17.7 million in accordance with ASC 842, Leases at closing. The prepayment of rent was amortized over the initial term of the lease through Revenues from rental properties, net on the Company's Consolidated Statements of Operations. See Footnote 16 of the Company’s Consolidated Financial Statements for additional discussion regarding fair value allocation of partnership interest for noncontrolling interests. |
|---|
| (2) | Other includes the Company’s previously held equity investments and net gains on change in control. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized net gains on change in control of interests of $5.0 million, in aggregate, resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income. The Company previously held an ownership interest of 30.0% in Jamestown Portfolio, 15.0% in KimPru Portfolio and 90.0% in Centro Arlington. |
|---|
During the year ended December 31, 2020, the Company acquired the following operating property, through a direct asset purchase (in thousands):
| Purchase Price | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Property Name | Location | Month Acquired | Cash | GLA | ||||||
| North Valley Parcel | Peoria, AZ | Feb-20 | $ | 7,073 | 9 |
Included in the Company’s Consolidated Statements of Income are $10.3 million and $0.4 million in total revenues from the date of acquisition through December 31, 2021 and 2020, respectively, for operating properties acquired during each of the respective years.
70
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Purchase Price Allocations
The purchase price for these acquisitions is allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocations for properties acquired/consolidated during the years ended December 31, 2021 and 2020, are as follows (in thousands):
| Allocation as of December 31, 2021 | Weighted- Average Useful Life (in Years) | Allocation as of December 31, 2020 | Weighted- Average Useful Life (in Years) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Land | $ | 154,320 | n/a | $ | 935 | n/a | ||||||||||
| Buildings | 679,646 | 50.0 | 4,610 | 50.0 | ||||||||||||
| Building improvements | 18,476 | 45.0 | 221 | 45.0 | ||||||||||||
| Tenant improvements | 16,391 | 8.5 | 382 | 19.4 | ||||||||||||
| In-place leases | 48,648 | 9.1 | 925 | 19.4 | ||||||||||||
| Above-market leases | 6,581 | 6.5 | - | - | ||||||||||||
| Below-market leases | (39,712 | ) | 38.9 | - | - | |||||||||||
| Other assets | 21,331 | n/a | - | n/a | ||||||||||||
| Other liabilities | (8,974 | ) | n/a | - | n/a | |||||||||||
| Net assets acquired/consolidated | $ | 896,707 | $ | 7,073 |
5. Dispositions of Real Estate:
The table below summarizes the Company’s disposition activity relating to operating properties and parcels, in separate transactions (dollars in millions):
| Year Ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 (1) | 2020 | 2019 (2) | ||||||||||
| Aggregate sales price/gross fair value | $ | 612.4 | $ | 31.8 | $ | 344.7 | ||||||
| Gain on sale of properties (3) | $ | 30.8 | $ | 6.5 | $ | 79.2 | ||||||
| Number of operating properties sold/deconsolidated | 13 | 3 | 20 | |||||||||
| Number of parcels sold | 10 | 4 | 9 |
| (1) | During 2021, the Company purchased its partner’s 70.0% remaining interest in Jamestown Portfolio, which is comprised of six property interests. The Company then entered into a joint venture with Blackstone Real Estate Income Trust, Inc. (“BREIT”) in which it contributed these six properties for a gross sales price of $425.8 million, including $170.0 million of non-recourse mortgage debt. As a result, the Company no longer consolidates these six property interests and recognized a loss on change in control of interests of $0.4 million. The Company has a 50.0% investment in this joint venture ($130.1 million as of the date of deconsolidation), included in Investments in and advances to real estate joint ventures on the Company’s Consolidated Balance Sheets. |
|---|
| (2) | Includes the sale of a land parcel at a development project located in Dania Beach, FL for a sales price of $32.5 million, which resulted in a gain of $4.3 million. |
|---|
| (3) | Before noncontrolling interests of $3.0 million and taxes of $2.2 million, after utilization of net operating loss carryforwards, for the year ended December 31, 2021. |
|---|
6. Impairments:
Management assesses on a continuous basis whether there are any indicators, including property operating performance, changes in anticipated holding period, general market conditions and delays of or change in plans for development, that the value of the Company’s assets (including any related amortizable intangible assets or liabilities) may be impaired. To the extent impairment has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset.
The Company has a capital recycling program which provides for the disposition of certain properties, typically of lesser quality assets in less desirable locations. The Company adjusted the anticipated hold period for these properties and as a result the Company recognized impairment charges on certain operating properties (see Footnote 17 of the Notes to Consolidated Financial Statements for fair value disclosure).
The Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions and/or the property hold period resulted in the Company recognizing impairment charges for the years ended December 31, 2021, 2020 and 2019 as follows (in millions):
| 2021 | 2020 | 2019 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Properties marketed for sale (1) | $ | 2.7 | $ | 5.5 | $ | 12.5 | ||||||
| Properties disposed/deeded in lieu/foreclosed (2) | - | 1.1 | 36.2 | |||||||||
| Other impairments (3) | 0.9 | - | - | |||||||||
| Total net impairment charges | $ | 3.6 | $ | 6.6 | $ | 48.7 |
| (1) | Amounts relate to adjustments to property carrying values for properties which the Company has marketed for sale as part of its capital recycling program and as such has adjusted the anticipated hold periods for such properties. |
|---|
| (2) | Amounts relate to dispositions/deeds in lieu/foreclosures during the respective years shown. |
|---|
| (3) | Amounts relate to a cost method investment during the respective years shown. |
|---|
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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The Company also recognized its share of impairment charges related to certain properties within various unconsolidated joint ventures in which the Company holds noncontrolling interests. The Company’s share of these impairment charges were $2.9 million, $0.8 million and $5.6 million for the years ended December 31, 2021, 2020 and 2019, respectively, and are included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income. (see Footnote 7 of the Notes to Consolidated Financial Statements).
The COVID-19 pandemic has significantly impacted the retail sector in which the Company operates, and if the effects of the pandemic are prolonged, it could have a significant adverse impact to the underlying industries of many of the Company’s tenants. Management cannot, at this point, estimate ultimate losses related to the COVID-19 pandemic. The Company will continue to monitor the economic, financial, and social conditions resulting from this pandemic and assess its asset portfolio for any impairment indicators.
7. Investment 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 December 31, 2021 and 2020 (in millions, except number of properties):
| The Company's Investment | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ownership | December 31, | |||||||||||
| Joint Venture | Interest | 2021 | 2020 | |||||||||
| Prudential Investment Program | 15.0% | $ | 163.0 | $ | 175.1 | |||||||
| Kimco Income Opportunity Portfolio (“KIR”) | 48.6% | 186.0 | 177.4 | |||||||||
| Canada Pension Plan Investment Board (“CPP”) | 55.0% | 165.1 | 159.7 | |||||||||
| Other Institutional Joint Ventures (1) (2) | Various | 281.8 | - | |||||||||
| Other Joint Venture Programs (1) | Various | 211.0 | 78.5 | |||||||||
| Total* | $ | 1,006.9 | $ | 590.7 |
- Representing 120 property interests and 24.7 million square feet of GLA, as of December 31, 2021, and 97 property interests and 21.2 million square feet of GLA, as of December 31, 2020.
| (1) | In connection with the Merger, the Company acquired ownership in 9 unconsolidated joint ventures, which have a fair market value of $586.2 million at the time of Merger. These joint ventures represented 30 property interests and 4.4 million square feet of GLA. |
|---|
| (2) | During 2021, the Company entered into a new joint venture with BREIT in which it contributed six properties for a gross sales price of $425.8 million. See Footnote 5 of the Notes to Consolidated Financial Statements for the operating properties disposed by the Company. |
|---|
The table below presents the Company’s share of net income for these investments which is included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income (in millions):
| Year Ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2019 | ||||||||||
| Prudential Investment Program (1) | $ | 17.5 | $ | 9.0 | $ | 10.4 | ||||||
| KIR | 36.9 | 30.5 | 50.3 | |||||||||
| CPP | 9.2 | 5.6 | 5.8 | |||||||||
| Other Institutional Joint Ventures | 1.7 | - | - | |||||||||
| Other Joint Venture Programs | 19.5 | 2.3 | 5.7 | |||||||||
| Total | $ | 84.8 | $ | 47.4 | $ | 72.2 |
| (1) | During the year ended December 31, 2019, the Prudential Investment Program recognized an impairment charge on a property of $29.9 million, of which the Company’s share was $3.7 million. |
|---|
During 2021, certain of the Company’s real estate joint ventures disposed of four properties and one parcel, in separate transactions, for an aggregate sales price of $88.9 million. These transactions resulted in an aggregate net gain to the Company of $9.9 million for the year ended December 31, 2021.
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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
In addition, during 2021, the Company acquired a controlling interest in nine operating properties from certain joint ventures, in separate transactions, with an aggregate gross fair value of $780.1 million. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized net gains on change in control of interests of $5.0 million, in aggregate, resulting from the fair value adjustments associated with the Company’s previously held equity interests. See Footnote 4 of the Notes to Consolidated Financial Statements for the operating properties acquired by the Company.
During 2019, certain of the Company’s real estate joint ventures disposed of nine operating properties, in separate transactions, for an aggregate sales price of $247.4 million. These transactions resulted in an aggregate net gain to the Company of $14.4 million, for the year ended December 31, 2019.
The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at December 31, 2021 and 2020 (dollars in millions):
| December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $ | 426.9 | 2.02 | % | 45.6 | $ | 495.8 | 2.05 | % | 37.2 | ||||||||||||||
| KIR | 492.6 | 2.55 | % | 27.9 | 536.9 | 3.87 | % | 25.3 | ||||||||||||||||
| CPP | 84.2 | 1.85 | % | 55.0 | 84.9 | 3.25 | % | 30.0 | ||||||||||||||||
| Other Institutional Joint Ventures (1) | 232.9 | 1.65 | % | 59.7 | - | - | - | |||||||||||||||||
| Other Joint Venture Programs (1) | 402.1 | 3.58 | % | 83.0 | 423.4 | 3.41 | % | 86.7 | ||||||||||||||||
| Total | $ | 1,638.7 | $ | 1,541.0 |
- Average remaining term includes extensions
| (1) | As of the date of the Merger, the Company acquired ownership in 9 unconsolidated joint ventures, which had an aggregate $191.5 million of secured debt (including a fair market value adjustment of $0.8 million). |
|---|
KIR –
The Company holds a 48.6% noncontrolling limited partnership interest in KIR and has a master management agreement whereby the Company performs services for fees relating to the management, operation, supervision and maintenance of the joint venture properties. The Company’s equity in income from KIR for the year ended December 31, 2019, exceeded 10% of the Company’s income from continuing operations before income taxes; as such, the Company is providing summarized financial information for KIR as follows (in millions):
| December 31, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||||
| Assets: | ||||||||
| Real estate, net | $ | 769.4 | $ | 787.1 | ||||
| Other assets, net | 68.2 | 75.3 | ||||||
| Total Assets | $ | 837.6 | $ | 862.4 | ||||
| Liabilities and Members’ Capital: | ||||||||
| Notes payable, net | $ | 258.8 | $ | 91.5 | ||||
| Mortgages payable, net | 233.7 | 445.4 | ||||||
| Other liabilities | 16.2 | 17.4 | ||||||
| Members’ capital | 328.9 | 308.1 | ||||||
| Total Liabilities and Members’ Capital | $ | 837.6 | $ | 862.4 |
73
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
| Year Ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2019 | ||||||||||
| Revenues, net | $ | 186.6 | $ | 173.9 | $ | 193.6 | ||||||
| Operating expenses | (51.3 | ) | (49.5 | ) | (51.0 | ) | ||||||
| Depreciation and amortization | (40.3 | ) | (36.9 | ) | (38.0 | ) | ||||||
| Gain on sale of properties | - | - | 32.2 | |||||||||
| Interest expense | (18.1 | ) | (23.8 | ) | (28.2 | ) | ||||||
| Other expense, net | (2.1 | ) | (1.6 | ) | (1.1 | ) | ||||||
| Net income | $ | 74.8 | $ | 62.1 | $ | 107.5 |
Summarized financial information for the Company’s investment in and advances to all other real estate joint ventures is as follows (in millions):
| December 31, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||||
| Assets: | ||||||||
| Real estate, net | $ | 3,619.4 | $ | 2,549.2 | ||||
| Other assets, net | 193.8 | 179.0 | ||||||
| Total Assets | $ | 3,813.2 | $ | 2,728.2 | ||||
| Liabilities and Members’ Capital: | ||||||||
| Notes payable, net | $ | 199.0 | $ | 199.8 | ||||
| Mortgages payable, net | 947.2 | 804.3 | ||||||
| Other liabilities | 73.8 | 53.6 | ||||||
| Noncontrolling interests | 32.6 | 18.3 | ||||||
| Members’ capital | 2,560.6 | 1,652.2 | ||||||
| Total Liabilities and Members’ Capital | $ | 3,813.2 | $ | 2,728.2 |
| Year Ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2019 | ||||||||||
| Revenues, net | $ | 340.3 | $ | 282.4 | $ | 317.6 | ||||||
| Operating expenses | (111.7 | ) | (101.9 | ) | (99.4 | ) | ||||||
| Impairment charges | (23.5 | ) | (4.4 | ) | (39.5 | ) | ||||||
| Depreciation and amortization | (97.2 | ) | (75.0 | ) | (76.9 | ) | ||||||
| Gain on sale of properties | 61.5 | 0.2 | 15.0 | |||||||||
| Interest expense | (27.6 | ) | (31.2 | ) | (47.1 | ) | ||||||
| Other expense, net | (0.9 | ) | (10.8 | ) | (14.2 | ) | ||||||
| Net income | $ | 140.9 | $ | 59.3 | $ | 55.5 |
Other liabilities included in the Company’s accompanying Consolidated Balance Sheets include investments in certain real estate joint ventures totaling $4.8 million and $3.7 million at December 31, 2021 and 2020, respectively. The Company has varying equity interests in these real estate joint ventures, which may differ from their proportionate share of net income or loss recognized in accordance with GAAP.
The Company’s maximum exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments. Generally, such investments contain operating properties and the Company has determined these entities do not contain the characteristics of a VIE. As of December 31, 2021 and 2020, the Company’s carrying value in these investments was $1.0 billion and $590.7 million, respectively.
The Company will continue to monitor the economic, financial, and social conditions resulting from the COVID-19 pandemic and assess its joint venture portfolio for any impairment indicators.
8. Other Investments:
The Company has provided capital to owners and developers of real estate properties and loans through its Preferred Equity program. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its net investment. As of December 31, 2021, the Company’s net investment under the Preferred Equity program was $98.7 million relating to 39 properties, including 28 net leased properties which are accounted for as direct financing leases. For the year ended December 31, 2021, the Company earned $21.4 million from its preferred equity investments, including net profit participation of $8.6 million. As of December 31, 2020, the Company’s net investment under the Preferred Equity program was $98.2 million relating to 113 properties, including 103 net leased properties which are accounted for as direct financing leases. For the year ended December 31, 2020, the Company earned $28.4 million from its preferred equity investments, including net profit participation of $13.7 million.
74
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
During 2021, the Company invested $60.7 million in four new investments, including a preferred equity investment of $54.9 million in a property located in San Antonio, TX.
During 2020, the Company entered into a preferred equity investment of $10.0 million through a partnership, which provided a mezzanine financing loan that is encumbered by a property located in Queens, NY.
As of December 31, 2021, these preferred equity investment properties had non-recourse mortgage loans aggregating $237.4 million (excluding fair market value of debt adjustments aggregating $3.3 million). These loans have scheduled maturities ranging from two months to 2.5 years and bear interest at rates ranging from 4.19% to 8.88%. Due to the Company’s preferred position in these investments, the Company’s share of each investment is subject to fluctuation and is dependent upon property cash flows. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its invested capital.
Summarized financial information relating to the Company’s preferred equity investments is as follows (in millions):
| December 31, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||||
| Assets: | ||||||||
| Real estate, net | $ | 317.3 | $ | 95.7 | ||||
| Other assets | 131.1 | 216.5 | ||||||
| Total Assets | $ | 448.4 | $ | 312.2 | ||||
| Liabilities and Partners’/Members’ Capital: | ||||||||
| Mortgages payable, net | $ | 240.7 | $ | 146.7 | ||||
| Other liabilities | 15.9 | 4.5 | ||||||
| Partners’/Members’ capital | 191.8 | 161.0 | ||||||
| Total Liabilities and Partners’/Members’ Capital | $ | 448.4 | $ | 312.2 |
| Year Ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2019 | ||||||||||
| Revenues | $ | 54.0 | $ | 44.6 | $ | 66.6 | ||||||
| Operating expenses | (21.7 | ) | (11.1 | ) | (16.0 | ) | ||||||
| Depreciation and amortization | (2.9 | ) | (2.9 | ) | (3.2 | ) | ||||||
| Gain on sale of properties | - | 0.2 | 13.6 | |||||||||
| Interest expense | (9.1 | ) | (7.0 | ) | (11.9 | ) | ||||||
| Other expense, net | 0.5 | (4.0 | ) | (7.9 | ) | |||||||
| Net income | $ | 19.8 | $ | 19.8 | $ | 41.2 |
9. Marketable Securities:
The amortized cost and unrealized gains, net of marketable securities as of December 31, 2021 and 2020, are as follows (in thousands):
| As of December 31, 2021 | As of December 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Marketable securities: | ||||||||
| Amortized cost | $ | 114,159 | $ | 114,531 | ||||
| Unrealized gains, net | 1,097,580 | 592,423 | ||||||
| Total fair value | $ | 1,211,739 | $ | 706,954 |
During the years ended December 31, 2021 and 2020, the net unrealized gains on marketable securities were $505.2 million and $594.8 million, respectively. These net unrealized gains are included in Gain on marketable securities, net on the Company’s Consolidated Statements of Income. See Footnote 17 to the Notes to the Company’s Consolidated Financial Statements for fair value disclosure.
In addition, during the years ended December 31, 2021 and 2020, the Company recognized dividend income of $17.0 million and $4.1 million, respectively, which is included in Other income, net on the Company’s Consolidated Statements of Income.
75
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Albertsons Companies, Inc. (“ACI”) –
The Company owned 9.29% of the common stock of ACI, one of the largest food and drug retailers in the United States, and accounted for its $140.2 million investment on the cost method. During June 2020, ACI issued $1.75 billion of convertible preferred stock and used the net proceeds of $1.68 billion to repurchase approximately 17.5% of ACI’s common stock owned by its current shareholders. As a result of this transaction, the Company received net proceeds of $156.1 million, recognized a gain of $131.6 million, which is included in Gain on sale of cost method investment on the Company’s Consolidated Statements of Income, and held a 7.5% ownership interest in ACI.
On June 25, 2020, ACI announced its initial public offering (“IPO”) of 50.0 million shares of its common stock had been priced at $16.00 per share. In connection with this transaction, the Company received net proceeds of $71.4 million, net of fees, from the sale of 4.7 million common shares in ACI and recognized a gain of $59.2 million, which is included in Gain on sale of cost method investment on the Company’s Consolidated Statements of Income. The shares began trading on the New York Stock Exchange under the symbol "ACI" on June 26, 2020. As of December 31, 2021, the Company had 39.8 million common shares in ACI (subject to certain contractual lock-up provisions) which are accounted for as available-for-sale marketable securities and are included in Marketable securities on the Company’s Consolidated Balance Sheets. As of December 31, 2021 and 2020, the Company’s investment in ACI was $1.2 billion and $700.4 million, respectively, including mark-to-market gains of $1.1 billion and $596.8 million, respectively.
10. Accounts and Notes Receivable
The components of Accounts and notes receivable, net of potentially uncollectible amounts as of December 31, 2021 and 2020, are as follows (in thousands):
| As of December 31, 2021 | As of December 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Billed tenant receivables | $ | 20,970 | $ | 25,428 | ||||
| Unbilled common area maintenance, insurance and tax | 55,283 | 35,982 | ||||||
| Deferred rent receivables | 5,029 | 17,328 | ||||||
| Other receivables | 15,725 | 4,880 | ||||||
| Straight-line rent receivables | 157,670 | 135,630 | ||||||
| Total accounts and notes receivable, net | $ | 254,677 | $ | 219,248 |
11. Variable Interest Entities (“VIE”):
Included within the Company’s operating properties at December 31, 2021 and 2020, are 34 and 22 consolidated entities, respectively, that are VIEs for which the Company is the primary beneficiary. In August 2021, the Company acquired 11 of these VIEs in conjunction with the Merger. 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 December 31, 2021, total assets of these VIEs were $1.6 billion and total liabilities were $153.9 million. At December 31, 2020, total assets of these VIEs were $1.0 billion and total liabilities were $62.1 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.
76
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
All liabilities of these 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 classification of the Restricted Assets and VIE Liabilities on the Company’s Consolidated Balance Sheets are as follows (dollars in millions):
| December 31, 2021 | December 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Number of unencumbered VIEs | 30 | 19 | ||||||
| Number of encumbered VIEs | 4 | 3 | ||||||
| Total number of consolidated VIEs | 34 | 22 | ||||||
| Restricted Assets: | ||||||||
| Real estate, net | $ | 222.9 | $ | 97.7 | ||||
| Cash and cash equivalents | 2.0 | 1.8 | ||||||
| Accounts and notes receivable, net | 2.0 | 1.9 | ||||||
| Other assets | 1.0 | 1.1 | ||||||
| Total Restricted Assets | $ | 227.9 | $ | 102.5 | ||||
| VIE Liabilities: | ||||||||
| Mortgages payable, net | $ | 78.9 | $ | 36.5 | ||||
| Accounts payable and accrued expenses | 11.8 | 5.2 | ||||||
| Operating lease liabilities | 6.7 | 5.5 | ||||||
| Other liabilities | 56.5 | 14.9 | ||||||
| Total VIE Liabilities | $ | 153.9 | $ | 62.1 |
12. Leases
Lessor Leases
The Company’s primary source of revenues is derived from lease agreements, which includes rental income and expense reimbursement. The Company’s lease income is comprised of minimum base rent, expense reimbursements, percentage rent, lease termination fee income, ancillary income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments.
The disaggregation of the Company’s lease income, which is included in Revenue from rental properties, net on the Company’s Consolidated Statements of Operations, as either fixed or variable lease income based on the criteria specified in ASC 842, for the years ended December 31, 2021 and 2020, is as follows (in thousands):
| Year Ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2019 | ||||||||||
| Lease income: | ||||||||||||
| Fixed lease income (1) | $ | 1,045,888 | $ | 871,151 | $ | 880,694 | ||||||
| Variable lease income (2) | 264,040 | 232,272 | 246,226 | |||||||||
| Above-market and below-market leases amortization, net | 14,843 | 22,515 | 20,010 | |||||||||
| Adjustments for potentially uncollectible revenues and disputed amounts (3) | 24,931 | (81,050 | ) | (4,596 | ) | |||||||
| Total lease income | $ | 1,349,702 | $ | 1,044,888 | $ | 1,142,334 |
| (1) | Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments. |
|---|
| (2) | Includes minimum base rents, expense reimbursements, percentage rent, lease termination fee income and ancillary income. |
|---|
| (3) | The amounts represent adjustments associated with potentially uncollectible revenues and disputed amounts primarily due to the COVID-19 pandemic. |
|---|
Base rental revenues from rental properties are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rental income contracted through leases and rental income recognized on a straight-line basis for the years ended December 31, 2021, 2020 and 2019 was $20.8 million, ($6.9) million and $17.2 million, respectively.
The Company is primarily engaged in the operation of shopping centers that are either owned or held under long-term leases that expire at various dates through 2120. The Company, in turn, leases premises in these centers to tenants pursuant to lease agreements which provide for terms ranging generally from five to 25 years and for annual minimum rentals plus incremental rents based on operating expense levels and tenants' sales volumes. Annual minimum rentals plus incremental rents based on operating expense levels and percentage rents comprised 98% of total revenues from rental properties for each of the three years ended December 31, 2021, 2020 and 2019.
77
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The minimum revenues expected to be received by the Company from rental properties under the terms of all non-cancelable tenant leases for future years, assuming no new or renegotiated leases are executed for such premises, are as follows (in millions):
| 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Minimum revenues | $ | 1,186.1 | $ | 1,066.7 | $ | 922.6 | $ | 780.2 | $ | 636.4 | $ | 2,779.2 |
Lessee Leases
The Company currently leases real estate space under non-cancelable operating lease agreements for ground leases and administrative office leases. The Company’s operating leases have remaining lease terms ranging from one to 64 years, some of which include options to extend the terms for up to an additional 75 years.
In connection with the Merger, the Company obtained $32.6 million of operating right-of-use assets in exchange for new operating lease liabilities related to six properties under operating lease agreements for ground leases. In addition, the Company acquired two properties under finance leasing arrangements that consists of variable lease payments with a bargain purchase option. As a result, the Company obtained finance right-of-use assets of $23.0 million (which are included in Other assets on the Company’s Consolidated Balance Sheets) in exchange for new finance lease liabilities (which are included in Other liabilities on the Company’s Consolidated Balance Sheets).
The weighted-average remaining non-cancelable lease term and weighted-average discount rates for the Company’s operating and finance leases as of December 31, 2021 were as follows:
| Operating Leases | Finance Leases | |||||||
|---|---|---|---|---|---|---|---|---|
| Weighted-average remaining lease term (in years) | 25.6 | 2.0 | ||||||
| Weighted-average discount rate | 6.62 | % | 4.44 | % |
The components of the Company’s lease expense, which are included in interest expense, rent expense and general and administrative expense on the Company’s Consolidated Statements of Operations for the years ended December 31, 2021 and 2020, were as follows (in thousands):
| Year Ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2019 | ||||||||||
| Lease cost: | ||||||||||||
| Finance lease cost | $ | 569 | $ | - | $ | - | ||||||
| Operating lease cost | 11,637 | 10,371 | 12,630 | |||||||||
| Variable lease cost | 3,972 | 2,852 | 2,038 | |||||||||
| Total lease cost | $ | 16,178 | $ | 13,223 | $ | 14,668 |
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating and financing lease liabilities (in thousands):
| Year Ending December 31, | ||||||||
|---|---|---|---|---|---|---|---|---|
| Operating Leases | Financing Leases (1) | |||||||
| 2022 | $ | 12,688 | $ | 1,709 | ||||
| 2023 | 12,716 | 22,987 | ||||||
| 2024 | 11,894 | - | ||||||
| 2025 | 11,395 | - | ||||||
| 2026 | 10,742 | - | ||||||
| Thereafter | 215,413 | - | ||||||
| Total minimum lease payments | $ | 274,848 | $ | 24,696 | ||||
| Less imputed interest | (151,069 | ) | (1,956 | ) | ||||
| Total lease liabilities (2) | $ | 123,779 | $ | 22,740 |
| (1) | Includes bargain purchase options exercisable in 2023 related to two properties. |
|---|
| (2) | Operating lease liabilities are included in Operating lease liabilities and financing lease liabilities are included in Other liabilities on the Company’s Consolidated Balance Sheets. |
|---|
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
13. Other Assets:
Assets Held-For-Sale
At December 31, 2021, the Company had a property and land parcel classified as held-for-sale at a net carrying amount of $13.7 million.
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. For a complete listing of the Company’s mortgages and other financing receivables at December 31, 2021, see Financial Statement Schedule IV included in this annual report on Form 10-K.
The following table reconciles mortgage loans and other financing receivables from January 1, 2019 to _December 31, 2021 (_in thousands):
| 2021 | 2020 | 2019 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at January 1, | $ | 32,246 | $ | 7,829 | $ | 14,448 | ||||||
| Additions: | ||||||||||||
| New mortgage and other loans (1) | 55,307 | 25,500 | 3,750 | |||||||||
| Additions under existing mortgage loans | - | - | 48 | |||||||||
| Amortization of loan discounts | - | - | 33 | |||||||||
| Deductions: | ||||||||||||
| Loan repayments | (13,646 | ) | (25 | ) | (10,136 | ) | ||||||
| Collections of principal | (130 | ) | (152 | ) | (313 | ) | ||||||
| Allowance for credit losses | (370 | ) | (906 | ) | - | |||||||
| Other adjustments | (305 | ) | - | (1 | ) | |||||||
| Balance at December 31, | $ | 73,102 | $ | 32,246 | $ | 7,829 |
| (1) | During 2021, the Company acquired $13.4 million of mortgage loan receivables in connection with the Merger. |
|---|
The Company reviews payment status to identify performing versus non-performing loans. As of December 31, 2021, the Company had a total of 11 loans, of which 10 were performing loans and one is non-performing.
14. Notes Payable:
As of December 31, 2021 and 2020 the Company’s Notes payable, net consisted of the following (dollars in millions):
| Carrying Amount at December 31, | Interest Rate at December 31, | Maturity Date at December 31, | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | 2021 | ||||||||||||||||
| Senior unsecured notes | $ | 7,002.1 | $ | 5,100.0 | 1.90% - 6.88 | % | 1.90% - 4.45 | % | Oct-2022– Oct 2049 | |||||||||||
| Credit facility (1) | - | - | 0.87 | % | 0.91 | % | Mar-2024 | |||||||||||||
| Fair value debt adjustments, net | 81.0 | - | n/a | n/a | n/a | |||||||||||||||
| Deferred financing costs, net (2) | (56.0 | ) | (55.8 | ) | n/a | n/a | n/a | |||||||||||||
| $ | 7,027.1 | $ | 5,044.2 | 3.35%* | 3.33%* |
- Weighted-average interest rate
| (1) | Accrues interest at a rate of LIBOR plus 0.765%. |
|---|
| (2) | As of December 31, 2021 and 2020, the Company had $4.0 million and $5.6 million of deferred financing costs, net related to the Credit Facility that are included in Other assets on the Company’s Consolidated Balance Sheets, respectively. |
|---|
In connection with the Merger, the Company assumed senior unsecured notes aggregating $1.5 billion (including fair market value adjustment of $95.6 million), which have scheduled maturity dates ranging from October 2022 to August 2028 and accrue interest at rates ranging from 3.25% to 6.88% per annum. The senior unsecured notes assumed during the Merger have covenants that are similar to the Company’s existing debt covenants for its senior unsecured notes.
During the years ended December 31, 2021 and 2020, the Company issued the following senior unsecured notes (dollars in millions):
| Date Issued | Maturity Date | Amount Issued | Interest Rate | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Sept-2021 | Dec-2031 | $ | 500.0 | 2.25 | % | ||||
| Aug-2020 | Mar-2028 | $ | 400.0 | 1.90 | % | ||||
| Jul-2020 (1) | Oct-2030 | $ | 500.0 | 2.70 | % |
| (1) | In July 2020, the Company issued unsecured notes (the “Green Bond”), of which the net proceeds from this offering are allocated to finance or refinance, in whole or in part, recently completed, existing or future Eligible Green Projects, in alignment with the four core components of the Green Bond Principles, 2018 as administered by the International Capital Market Association. Eligible Green Projects include projects with disbursements made in the three years preceding the issue date of the notes. |
|---|
79
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
During the year ended December 31, 2020, the Company repaid the following senior unsecured notes (dollars in millions):
| Date Paid | Maturity Date | Amount Repaid | Interest Rate | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Jul-2020 & Aug-2020 (1) | May-2021 | $ | 484.9 | 3.20 | % |
| (1) | The Company incurred a prepayment charge of $7.5 million, which is included in Early extinguishment of debt charges on the Company’s Consolidated Statements of Income. |
|---|
On February 15, 2022, the Company announced the redemption of its $500.0 million 3.40% senior unsecured notes outstanding, which were scheduled to mature in November 2022. The Company plans to redeem these notes on March 2, 2022 and as a result, the Company will incur a prepayment charge of approximately $6.5 million.
In addition, in February 2022, the Company issued $600.0 million in senior unsecured notes, which are scheduled to mature in April 2032 and accrue interest at a rate of 3.20% per annum.
The scheduled maturities of all notes payable excluding unamortized fair value debt adjustments of $81.0 million and unamortized debt issuance costs of $56.0 million, as of December 31, 2021, were as follows (in millions):
| 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Principal payments | $ | 799.4 | $ | 649.7 | $ | 646.2 | $ | 740.5 | $ | 773.0 | $ | 3,393.3 | $ | 7,002.1 |
The Company’s supplemental indentures governing its Senior Unsecured Notes contain covenants whereby the Company is subject to maintaining (a) certain maximum leverage ratios on both unsecured senior corporate and secured debt, minimum debt service coverage ratios and minimum equity levels, (b) certain debt service ratios and (c) certain asset to debt ratios. In addition, the Company is restricted from paying dividends in amounts that exceed by more than $26.0 million the funds from operations, as defined therein, generated through the end of the calendar quarter most recently completed prior to the declaration of such dividend; however, this dividend limitation does not apply to any distributions necessary to maintain the Company's qualification as a REIT providing the Company is in compliance with its total leverage limitations. The Company was in compliance with all of the covenants as of December 31, 2021.
Interest on the Company’s fixed-rate Senior Unsecured Notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of shopping centers, the expansion and improvement of properties in the Company’s portfolio and the repayment of certain debt obligations of the Company.
Term Loan
On April 1, 2020, the Company entered into an unsecured term loan (the “Term Loan”) with total outstanding borrowings of $590.0 million pursuant to a credit agreement with a group of banks. The Term Loan was scheduled to mature in April 2021, with a one-year extension option to extend the maturity date, at the Company’s discretion, to April 2022. The Term Loan accrued interest at a rate of LIBOR plus 140 basis points or, at the Company’s option, a spread of 40 basis points to the base rate defined in the Term Loan, that in each case fluctuated in accordance with changes in the Company’s senior debt ratings. The Term Loan could be increased by an additional $750.0 million through an accordion feature. Pursuant to the terms of the Term Loan, the Company was subject to covenants that were substantially the same as those in the Credit Facility. During July 2020, the Term Loan was fully repaid and the facility was terminated.
Credit Facility
In February 2020, the Company obtained a $2.0 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks, which replaced the Company’s existing $2.25 billion unsecured revolving credit facility. The Credit Facility is scheduled to expire in March 2024, with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2025. The Credit Facility is a green credit facility tied to sustainability metric targets, as described in the agreement. The Company achieved such targets, which effectively reduced the rate on the Credit Facility by one basis point. The Credit Facility, which accrues interest at a rate of LIBOR plus 76.5 basis points (0.87% as of December 31, 2021), can be increased to $2.75 billion through an accordion feature. Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum indebtedness ratios and (ii) minimum interest and fixed charge coverage ratios. As of December 31, 2021, the Credit Facility had no outstanding balance, $1.9 million appropriated for letters of credit and the Company was in compliance with its covenants.
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
15. Mortgages Payable:
Mortgages, collateralized by certain shopping center properties (see Financial Statement Schedule III included in this annual report on Form 10-K), are generally due in monthly installments of principal and/or interest.
As of December 31, 2021 and 2020, the Company’s Mortgages payable, net consisted of the following (in millions):
| Carrying Amount at December 31, | Interest Rate at December 31, | Maturity Date at December 31, | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | 2021 | ||||||||||||||||
| Mortgages payable | $ | 439.2 | $ | 308.4 | 3.23% - 7.23 | % | 3.23% - 7.23 | % | Apr-2022 – Jul-2029 | |||||||||||
| Fair value debt adjustments, net | 10.8 | 3.5 | n/a | n/a | n/a | |||||||||||||||
| Deferred financing costs, net | (1.3 | ) | (0.6 | ) | n/a | n/a | n/a | |||||||||||||
| $ | 448.7 | $ | 311.3 | 4.12%* | 4.73%* |
- Weighted-average interest rate
During 2021, the Company (i) assumed $234.1 million of individual non-recourse mortgage debt through the consolidation of nine operating properties, (ii) repaid $230.5 million of mortgage debt (including fair market value adjustment of $1.2 million) that encumbered 28 operating properties and (iii) deconsolidated $170.0 million of individual non-recourse mortgage debt relating to six operating properties for which the Company no longer holds a controlling interest.
In addition, in connection with the Merger, the Company assumed mortgage debt of $317.7 million (including fair market value adjustment of $11.0 million) that encumber 16 operating properties, which have scheduled maturity dates ranging from April 2022 to August 2038 and accrue interest at rates ranging from 3.50% to 6.95% per annum.
During 2020, the Company repaid $92.0 million of mortgage debt (including fair market value adjustment of $0.4 million) that encumbered four operating properties.
The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments of $10.8 million and unamortized debt issuance costs of $1.3 million, as of December 31, 2021, were as follows (in millions):
| 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Principal payments | $ | 124.5 | $ | 63.6 | $ | 8.1 | $ | 54.3 | $ | 5.4 | $ | 183.3 | $ | 439.2 |
16. Noncontrolling Interests and Redeemable Noncontrolling Interests:
Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates as a result of having a controlling interest or having 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 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 Consolidated Statements of Income.
Noncontrolling interests
The Company owns seven shopping center properties located throughout Puerto Rico. These properties were acquired partially through the issuance of $158.6 million of non-convertible units and $45.8 million of convertible units. Noncontrolling interests related to these acquisitions totaled $233.0 million of units, including premiums of $13.5 million and a fair market value adjustment of $15.1 million (collectively, the "Units"). Since the acquisition date the Company has redeemed a substantial portion of these units. As of December 31, 2021 and 2020, noncontrolling interests relating to the remaining units were $5.2 million. The Units related annual cash distribution rates and related conversion features consisted of the following as of December 31, 2021:
| Type | Par Value Per Unit | Number of Units Remaining | Return Per Annum | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Class B-1 Preferred Units (1) | $ | 10,000 | 189 | 7.0 | % | |||||||
| Class B-2 Preferred Units (2) | $ | 10,000 | 42 | 7.0 | % | |||||||
| Class C DownReit Units (1) | $ | 30.52 | 52,797 | Equal to the Company’s common stock dividend |
| (1) | These units are redeemable for cash by the holder or at the Company’s option, shares of the Company’s common stock, based upon the conversion calculation as defined in the agreement. These units are included in Noncontrolling interests on the Company’s Consolidated Balance Sheets. |
|---|
| (2) | These units are redeemable for cash by the holder or callable by the Company and are included in Redeemable noncontrolling interests on the Company’s Consolidated Balance Sheets. |
|---|
81
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The Company owns a shopping center located in Bay Shore, NY, which was acquired in 2006 with the issuance of 647,758 redeemable Class B Units at a par value of $37.24 per unit. The units accrue a return equal to the Company’s common stock dividend and are redeemable for cash by the holder or at the Company’s option, shares of the Company’s common stock at a ratio of 1:1. These units are callable by the Company any time after April 3, 2026, and are included in Noncontrolling interests on the Company’s Consolidated Balance Sheets. During 2007, 30,000 units, or $1.1 million par value, of the Class B Units were redeemed and at the Company’s option settled in cash. In addition, during 2019 and 2018, 188,951 and 25,970 units, or $8.0 million and $1.1 million book value, respectively, of the Class B Units were redeemed and at the Company’s option settled in cash for $4.0 million and $0.5 million, respectively. The redemption value of these units is calculated using the 30-day weighted average closing price of the Company’s common stock prior to redemption. As of December 31, 2021 and 2020, noncontrolling interest relating to the remaining Class B Units was $16.1 million.
Noncontrolling interests also includes 138,015 convertible units issued during 2006 by the Company, which were valued at $5.3 million, including a fair market value adjustment of $0.3 million, related to an interest acquired in an office building located in Albany, NY. These units are currently redeemable at the option of the holder for cash or at the option of the Company for the Company’s common stock at a ratio of 1:1. The holder is entitled to a distribution equal to the dividend rate of the Company’s common stock.
In connection with the Merger, the Company acquired two consolidated joint ventures structured as DownREIT partnerships. As of the date of the Merger, the Raleigh Limited Partnership had 1,813,615 units and the Madison Village Limited Partnership had 174,411 units, together which had an aggregate fair value of $41.7 million. These ventures allow the outside limited partners to redeem their interest in the partnership (at the Company’s option) in cash or for the Company’s common stock at a ratio of 1:1. The unit holders are entitled to a distribution equal to the dividend rate of the Company’s common stock. During 2021, 73,466 units were redeemed for 73,466 common shares of the Company’s common stock with a redemption value of $1.7 million. This transaction resulted in a net decrease in Noncontrolling interests of $1.5 million and a corresponding decrease in Common stock and Paid-in capital totaling $1.5 million, on the Company’s Consolidated Balance Sheets. As of December 31, 2021, the aggregate redemption value of these noncontrolling interests was approximately $40.1 million.
In addition, the Company acquired ownership interests in eight consolidated joint ventures in connection with the Merger, which had noncontrolling interests of $132.3 million as of the date of the Merger.
During the year ended December 31, 2020, the Company acquired its partners’ interests in two consolidated entities, in separate transactions, for an aggregate purchase price of $20.6 million. These transactions resulted in a net decrease in Noncontrolling interests of $1.3 million and a corresponding net decrease in Paid-in capital of $19.3 million on the Company’s Consolidated Balance Sheets. There are no remaining partners in one of these consolidated entities.
Redeemable noncontrolling interests
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 Consolidated Balance Sheets.
The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the years ended December 31, 2021 and 2020 (in thousands):
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Balance at January 1, | $ | 15,784 | $ | 17,943 | ||
| Fair value allocation to partnership interest (1) | 2,068 | - | ||||
| Income | 751 | 1,022 | ||||
| Distributions (1) | (2,819 | ) | (1,021 | ) | ||
| Adjustment to estimated redemption value (2) | (2,304 | ) | (2,160 | ) | ||
| Balance at December 31, | $ | 13,480 | $ | 15,784 |
| (1) | During January 2021, KIM RDC, LLC (“KIM RDC”), a wholly owned subsidiary of the Company, and KP Lancewood LLC (“KPR Member”) entered into a joint venture agreement wherein KIM RDC has a 100% controlling interest and KPR Member is entitled to a profit participation. The joint venture acquired two operating properties for a gross fair value of $104.0 million (see Footnote 4 of the Company’s Consolidated Financial Statements). During June 2021, the two joint venture properties were sold for a combined sales price of $108.0 million of which the KPR Member received a distribution of $2.1 million. |
|---|
82
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
| (2) | The Company recorded an adjustment to the estimated redemption fair market value of a noncontrolling interest in accordance with the provisions of the respective joint venture agreement and ASC 480, Accounting for Redeemable Equity Instruments. The Company assesses the fair market value of this noncontrolling interest on a recurring basis and determined that its valuation was classified within Level 3 of the fair value hierarchy. The estimated fair market value of this noncontrolling interest was based upon a discounted cash flow model, for which a capitalization rate of 5.50% and discount rate of 6.50% were utilized in the model based upon unobservable rates that the Company believes to be within a reasonable range of current market rates. |
|---|
17. Fair Value Disclosure of Financial Instruments:
All financial instruments of the Company are reflected in the accompanying 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):
| December 31, | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||||||||||||
| Carrying Amounts | Estimated Fair Value | Carrying Amounts | Estimated Fair Value | |||||||||||||
| Notes payable, net (1) | $ | 7,027,050 | $ | 7,330,723 | $ | 5,044,208 | $ | 5,486,953 | ||||||||
| Mortgages payable, net (2) | $ | 448,652 | $ | 449,758 | $ | 311,272 | $ | 312,933 |
| (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 December 31, 2021 and 2020, were $7.3 billion and $5.5 billion, respectively. |
|---|
| (2) | The Company determined that its valuation of these mortgages payable 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.
In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level of the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
The Company from time to time has used interest rate swaps to manage its interest rate risk. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Based on these inputs, the Company has determined that interest rate swap valuations are classified within Level 2 of the fair value hierarchy.
83
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The tables below present the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2021 and 2020, aggregated by the level of the fair value hierarchy within which those measurements fall (in thousands):
| Balance at December 31, 2021 | Level 1 | Level 2 | Level 3 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets: | ||||||||||||||||
| Marketable equity securities | $ | 1,211,739 | $ | 1,211,739 | $ | - | $ | - |
| Balance at December 31, 2020 | Level 1 | Level 2 | Level 3 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets: | ||||||||||||||||
| Marketable equity securities | $ | 706,954 | $ | 706,954 | $ | - | $ | - |
Assets measured at fair value on a non-recurring basis at December 31, 2021 and 2020 are as follows (in thousands):
| Balance at December 31, 2021 | Level 1 | Level 2 | Level 3 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Other investments | $ | 9,834 | $ | - | $ | - | $ | 9,834 |
| Balance at December 31, 2020 | Level 1 | Level 2 | Level 3 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Real estate | $ | 24,899 | $ | - | $ | - | $ | 24,899 | ||||||||
| Other investments | $ | 5,464 | $ | - | $ | - | $ | 5,464 |
The Company’s estimated fair values of these assets were primarily based upon estimated sales prices from signed contracts or letters of intent from third-party offers, which were less than the carrying value of the assets. The Company does not have access to the unobservable inputs used to determine the estimated fair values of third-party offers. Based on these inputs, the Company determined that its valuation of these investment was classified within Level 3 of the fair value hierarchy.
18. Preferred Stock, Common Stock and Convertible Unit Transactions:
Preferred Stock
The Company’s outstanding Preferred Stock is detailed below (in thousands, except share data and par values):
| As of December 31, 2021 and 2020 | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Class of Preferred Stock | Shares Authorized | Shares Issued and Outstanding | Liquidation Preference (in thousands) | Dividend Rate | Annual Dividend per Depositary Share | Par Value | Optional Redemption Date | ||||||||||||||||||
| Class L | 10,350 | 9,000 | $ | 225,000 | 5.125 | % | $ | 1.28125 | $ | 1.00 | 8/16/2022 | ||||||||||||||
| Class M | 10,580 | 10,580 | 264,500 | 5.250 | % | $ | 1.31250 | $ | 1.00 | 12/20/2022 | |||||||||||||||
| 19,580 | $ | 489,500 |
The Company’s Preferred Stock Depositary Shares for all classes are not convertible or exchangeable for any other property or securities of the Company.
Voting Rights - The Class L and M Preferred Stock rank pari passu as to voting rights, priority for receiving dividends and liquidation preference as set forth below.
84
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
As to any matter on which the Class L or M Preferred Stock may vote, including any actions by written consent, each share of the Class L or M Preferred Stock shall be entitled to 1,000 votes, each of which 1,000 votes may be directed separately by the holder thereof. With respect to each share of Class L or M Preferred Stock, the holder thereof may designate up to 1,000 proxies, with each such proxy having the right to vote a whole number of votes (totaling 1,000 votes per share of Class L or M Preferred Stock). As a result, each Class L or M Depositary Share is entitled to one vote.
Liquidation Rights
In the event of any liquidation, dissolution or winding up of the affairs of the Company, preferred stock holders are entitled to be paid, out of the assets of the Company legally available for distribution to its stockholders, a liquidation preference of $25,000 per share of Class L Preferred Stock and $25,000 per share of Class M Preferred Stock ($25.00 per each Class L and Class M Depositary Share), plus an amount equal to any accrued and unpaid dividends to the date of payment, before any distribution of assets is made to holders of the Company’s common stock or any other capital stock that ranks junior to the preferred stock as to liquidation rights.
Common Stock
During August 2021, the Company established an at-the-market continuous offering program (the “ATM program”) pursuant to which the Company may offer and sell from time-to-time shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $500.0 million through a consortium of banks acting as sales agents. Sales of the shares of common stock may be made, as needed, from time to time in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, including by means of ordinary brokers’ transactions on the New York Stock Exchange or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. In addition, the Company may from time to time enter into separate forward sale agreements with one or more banks. During 2021, the Company issued 3.5 million shares and received net proceeds after commissions of $76.9 million. As of December 31, 2021, the Company had $422.4 million available under this ATM program.
In connection with the Merger, each Weingarten common share, issued and outstanding immediately prior to the effective time of the Merger, was converted into 1.408 shares of newly issued shares of Kimco common stock, resulting in approximately 179.9 million common shares being issued in connection with the Merger.
The Company has a share repurchase program, which is scheduled to expire February 29, 2024. Under this program, 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. The Company did not repurchase any shares under the share repurchase program during the years ended December 31, 2021 and 2020. As of December 31, 2021, the Company had $224.9 million available under this share repurchase program.
The Company, from time to time, repurchases shares of its common stock in amounts that offset new issuances of common stock relating to the exercise of stock options or the issuance of restricted stock awards. These repurchases may occur in open market purchases, privately negotiated transactions or otherwise subject to prevailing market conditions, the Company’s liquidity requirements, contractual restrictions and other factors. During 2021, 2020 and 2019, the Company repurchased 1,084,953, 294,346 and 223,609 shares, respectively, relating to shares of common stock surrendered to the Company to satisfy statutory minimum tax withholding obligations relating to the vesting of restricted stock awards under the Company’s equity-based compensation plans.
Convertible Units
The Company has various types of convertible units that were issued in connection with the purchase of operating properties (see Footnote 16 of the Notes to Consolidated Financial Statements). The amount of consideration that would be paid to unaffiliated holders of units issued from the Company’s consolidated subsidiaries which are not mandatorily redeemable, as if the termination of these consolidated subsidiaries occurred on December 31, 2021, is $60.9 million. The Company has the option to settle such redemption in cash or shares of the Company’s common stock. If the Company exercised its right to settle in common stock, the unit holders would receive 2.6 million shares of common stock.
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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Dividends Declared
The following table provides a summary of the dividends declared per share:
| Year Ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2019 | ||||||||||
| Common Stock | $ | 0.68000 | $ | 0.54000 | $ | 1.12000 | ||||||
| Class I Depositary Shares | $ | - | $ | - | $ | 0.99583 | ||||||
| Class J Depositary Shares | $ | - | $ | - | $ | 1.37500 | ||||||
| Class K Depositary Shares | $ | - | $ | - | $ | 0.93359 | ||||||
| Class L Depositary Shares | $ | 1.28125 | $ | 1.28125 | $ | 1.28125 | ||||||
| Class M Depositary Shares | $ | 1.31250 | $ | 1.31250 | $ | 1.31250 |
19. Supplemental Schedule of Non-Cash Investing/Financing Activities:
The following schedule summarizes the non-cash investing and financing activities of the Company for the years ended December 31, 2021, 2020 and 2019 (in thousands):
| 2021 | 2020 | 2019 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquisition of real estate interests through proceeds held in escrow | $ | - | $ | - | $ | 36,076 | ||||||
| Proceeds deposited in escrow through sale of real estate interests | $ | - | $ | - | $ | 5,106 | ||||||
| Disposition of real estate interests through the issuance of mortgage receivable | $ | - | $ | - | $ | 3,750 | ||||||
| Disposition of real estate interests by a deed in lieu/foreclosure of debt | $ | - | $ | - | $ | 3,892 | ||||||
| Forgiveness of debt due to a deed in lieu/foreclosure | $ | - | $ | - | $ | 6,905 | ||||||
| Capital expenditures accrual | $ | 34,651 | $ | 37,411 | $ | 65,900 | ||||||
| Surrender of common stock | $ | 20,909 | $ | 5,395 | $ | 4,030 | ||||||
| Declaration of dividends paid in succeeding period | $ | 5,366 | $ | 5,366 | $ | 126,274 | ||||||
| Decrease in redeemable noncontrolling interests’ carrying amount | $ | (2,304 | ) | $ | (2,160 | ) | $ | - | ||||
| Lease liabilities arising from obtaining operating right-of-use assets | $ | 553 | $ | - | $ | - | ||||||
| Allocation of fair value to noncontrolling interests | $ | 2,068 | $ | - | $ | - | ||||||
| Purchase price fair value adjustment to prepaid rent | $ | 15,620 | $ | - | $ | - | ||||||
| Decrease in noncontrolling interests from redemption of units for common stock | $ | 1,540 | $ | - | $ | - | ||||||
| Weingarten Merger: | ||||||||||||
| Real estate assets | $ | 5,627,469 | $ | - | $ | - | ||||||
| Investments in and advances to real estate joint ventures | $ | 585,382 | $ | - | $ | - | ||||||
| Notes payable | $ | (1,497,632 | ) | $ | - | $ | - | |||||
| Mortgages payable | $ | (317,671 | ) | $ | - | $ | - | |||||
| Below-market leases | $ | (119,373 | ) | $ | - | $ | - | |||||
| Noncontrolling interests | $ | (177,039 | ) | $ | - | $ | - | |||||
| Other assets and liabilities, net | $ | (154,775 | ) | $ | - | $ | - | |||||
| Lease liabilities arising from obtaining operating right-of-use assets | $ | 32,569 | $ | - | $ | - | ||||||
| Lease liabilities arising from obtaining financing right-of-use assets | $ | 23,026 | $ | - | $ | - | ||||||
| Common stock issued in exchange for Weingarten common shares | $ | (3,738,735 | ) | $ | - | $ | - | |||||
| Consolidation of Joint Ventures: | ||||||||||||
| Increase in real estate and other assets, net | $ | 506,266 | $ | - | $ | 7,884 | ||||||
| Increase in mortgages payable, other liabilities and noncontrolling interests | $ | 234,091 | $ | - | $ | 7,747 | ||||||
| Deconsolidation of Joint Venture: | ||||||||||||
| Decrease in real estate and other assets, net | $ | 300,099 | $ | - | $ | - | ||||||
| Decrease in mortgages payable and other liabilities | $ | 170,000 | $ | - | $ | - |
The following table provides a reconciliation of cash, cash equivalents and restricted cash recorded on the Company’s Consolidated Balance Sheets to the Company’s Consolidated Statements of Cash Flows (in thousands):
| As of December 31, 2021 | As of December 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | $ | 325,631 | $ | 292,953 | ||||
| Restricted cash | 9,032 | 235 | ||||||
| Total cash, cash equivalents and restricted cash | $ | 334,663 | $ | 293,188 |
20. Transactions with Related Parties:
The Company provides management services for shopping centers owned principally by affiliated entities and various real estate joint ventures in which certain stockholders of the Company have economic interests. Such services are performed pursuant to management agreements which provide for fees based upon a percentage of gross revenues from the properties and other direct costs incurred in connection with management of the centers. Substantially all of the Management and other fee income on the Company’s Consolidated Statements of Income constitute fees earned from affiliated entities. Reference is made to Footnote 7 of the Notes to Consolidated Financial Statements for additional information regarding transactions with related parties.
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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Ripco
Ripco Real Estate Corp. (“Ripco”) business activities include serving as a leasing agent and representative for national and regional retailers including Target, Best Buy, Kohl’s and many others, providing real estate brokerage services and principal real estate investing. Todd Cooper, an officer and 50% shareholder of Ripco, is a son of Milton Cooper, Executive Chairman of the Board of Directors of the Company. During 2021, 2020 and 2019, the Company paid brokerage commissions of $0.4 million, $0.5 million and $0.4 million, respectively, to Ripco for services rendered primarily as leasing agent for various national tenants in shopping center properties owned by the Company.
Fifth Wall
During 2021, the Company entered into an investment commitment of up to $25.0 million with Fifth Wall’s Climate Technology Fund, of which $2.8 million has been funded as of December 31, 2021. During October 2021, Mary Hogan Preusse, a member of the Company’s Board of Directors, joined Fifth Wall as a Senior Advisor.
21. Commitments and Contingencies:
Letters of Credit
The Company has issued letters of credit in connection with the completion and repayment guarantees primarily on certain of the Company’s redevelopment projects and guaranty of payment related to the Company’s insurance program. At December 31, 2021, these letters of credit aggregated $44.5 million.
Funding Commitments
The Company has two investments, including Fifth Wall discussed above, that have investment funding commitments totaling $27.0 million, of which $4.3 million has been funded as of December 31, 2021. The Company’s remaining commitment to fund related to these investments is $22.7 million in total as of December 31, 2021.
Other
In connection with the construction of its development and redevelopment projects and related infrastructure, certain public agencies require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of December 31, 2021, there were $12.7 million in performance and surety bonds outstanding.
In connection with the Merger, the Company now provides a guaranty for the payment of any debt service shortfalls on the Sheridan Redevelopment Agency issued Series A bonds which are tax increment revenue bonds issued in connection with a development project in Sheridan, Colorado. These tax increment revenue bonds have a balance of $49.7 million outstanding at December 31, 2021. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee ("PIF") to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The revenue generated from incremental sales, property taxes and PIF have satisfied the debt service requirements to date. The incremental taxes and PIF are to remain intact until the earlier of the payment of the bond liability in full or 2040.
The Company is subject to various other legal proceedings and claims that arise in the ordinary course of business. Management believes that the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or liquidity of the Company taken as a whole as of December 31, 2021.
22. Incentive Plans:
In May 2020, the Company’s stockholders approved the 2020 Equity Participation Plan (the “2020 Plan”), which is a successor to the Restated Kimco Realty Corporation 2010 Equity Participation Plan (the “2010 Plan” and together with the 2020 Plan, the “Plan”) that expired in March 2020. The 2020 Plan provides for a maximum of 10.0 million shares of the Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, stock payments and deferred stock awards. At December 31, 2021, the Company had 8.5 million shares of common stock available for issuance under the 2020 Plan.
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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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 Consolidated Statements of Income over the service period based on their fair values. Fair value of performance awards is determined using the Monte Carlo method, which is intended to estimate the fair value of the awards at the grant date. Fair value of restricted shares is based on the price on the date of grant.
The Company recognized expense associated with its equity awards of $23.2 million, $23.7 million and $20.2 million, for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, the Company had $36.5 million of total unrecognized compensation cost related to unvested stock compensation granted under the Plan. That cost is expected to be recognized over a weighted-average period of 2.7 years.
Stock Options
During 2021, 2020 and 2019, the Company did not grant any stock options. Information with respect to stock options outstanding under the 2010 Plan for the years ended December 31, 2021, 2020 and 2019 are as follows:
| Shares | Weighted-Average Exercise Price Per Share | Aggregate Intrinsic Value (in millions) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Options outstanding, January 1, 2019 | 1,641,366 | $ | 18.78 | $ | 0.4 | |||||||
| Exercised | (268,856 | ) | $ | 14.43 | $ | 1.1 | ||||||
| Forfeited | (74,574 | ) | $ | 20.24 | ||||||||
| Options outstanding, December 31, 2019 | 1,297,936 | $ | 19.60 | $ | 2.0 | |||||||
| Exercised | (63,365 | ) | $ | 15.48 | $ | 0.2 | ||||||
| Forfeited | (72,250 | ) | $ | 16.20 | ||||||||
| Options outstanding, December 31, 2020 | 1,162,321 | $ | 20.03 | $ | - | |||||||
| Exercised | (315,750 | ) | $ | 19.19 | $ | 1.1 | ||||||
| Forfeited | (357,816 | ) | $ | 19.01 | ||||||||
| Options outstanding, December 31, 2021 | 488,755 | $ | 21.48 | $ | 1.5 | |||||||
| Options exercisable (fully vested) - | ||||||||||||
| December 31, 2019 | 1,297,936 | $ | 19.60 | $ | 2.0 | |||||||
| December 31, 2020 | 1,162,321 | $ | 20.03 | $ | - | |||||||
| December 31, 2021 | 488,755 | $ | 21.48 | $ | 1.5 |
The exercise price per share for options outstanding as of December 31, 2021 ranges from $18.44 to $24.12. As of December 31, 2021, all of the Company’s outstanding options were vested. The weighted-average remaining contractual life for options outstanding and exercisable as of December 31, 2021 was 1.0 year. Cash received from options exercised under the 2010 Plan was $6.1 million, $1.0 million and $3.9 million for the years ended December 31, 2021, 2020 and 2019, respectively.
Restricted Stock
Information with respect to restricted stock under the Plan for the years ended December 31, 2021, 2020 and 2019 are as follows:
| 2021 | 2020 | 2019 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted stock outstanding as of January 1, | 2,394,825 | 2,367,843 | 2,104,914 | |||||||||
| Granted (1) | 754,560 | 820,150 | 884,170 | |||||||||
| Vested | (759,665 | ) | (784,120 | ) | (603,148 | ) | ||||||
| Forfeited | (42,112 | ) | (9,048 | ) | (18,093 | ) | ||||||
| Restricted stock outstanding as of December 31, | 2,347,608 | 2,394,825 | 2,367,843 |
| (1) | The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2021, 2020 and 2019 were $17.81, $18.67 and $18.03, respectively. |
|---|
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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Restricted shares have the same voting rights as the Company’s common stock and are entitled to a cash dividend per share equal to the Company’s common dividend which is taxable as ordinary income to the holder. For the years ended December 31, 2021, 2020 and 2019, the dividends paid on unvested restricted shares were $1.8 million, $2.2 million and $3.0 million, respectively.
Performance Shares
Information with respect to performance share awards under the 2010 Plan for the years ended December 31, 2021, 2020 and 2019 are as follows:
| 2021 | 2020 | 2019 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance share awards outstanding as of January 1, | 913,800 | 704,530 | 433,230 | |||||||||
| Granted (1) | 545,380 | 506,720 | 407,080 | |||||||||
| Vested (2) | (407,080 | ) | (297,450 | ) | (135,780 | ) | ||||||
| Performance share awards outstanding as of December 31, | 1,052,100 | 913,800 | 704,530 |
| (1) | The weighted-average grant date fair value for performance shares issued during the years ended December 31, 2021, 2020 and 2019 were $22.96, $18.02 and $22.00, respectively. |
|---|
| (2) | For the years ended December 31, 2021, 2020 and 2019, the corresponding common stock equivalent of these vested awards were 814,160, 594,900 and 104,551 shares, respectively. |
|---|
The more significant assumptions underlying the determination of fair values for these performance awards granted during 2021, 2020 and 2019 were as follows:
| 2021 | 2020 | 2019 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock price | $ | 17.87 | $ | 18.93 | $ | 17.81 | ||||||
| Dividend yield (1) | 0 | % | 0 | % | 0 | % | ||||||
| Risk-free rate | 0.20 | % | 1.42 | % | 2.52 | % | ||||||
| Volatility (2) | 48.41 | % | 24.67 | % | 24.55 | % | ||||||
| Term of the award (years) | 2.86 | 2.88 | 2.88 |
| (1) | Total Shareholder Returns, as used in the performance share awards computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized. |
|---|
| (2) | Volatility is based on the annualized standard deviation of the daily logarithmic returns on dividend-adjusted closing prices over the look-back period based on the term of the award. |
|---|
Other
The Company maintains a 401(k)-retirement plan covering substantially all officers and employees, which permits participants to defer up to the maximum allowable amount determined by the Internal Revenue Service of their eligible compensation. This deferred compensation, together with Company matching contributions, which generally equal employee deferrals up to a maximum of 5% of their eligible compensation, is fully vested and funded as of December 31, 2021. The Company’s contributions to the plan were $2.4 million, $2.3 million and $2.2 million for the years ended December 31, 2021, 2020 and 2019, respectively.
The Company recognized severance costs associated with employee retirements and terminations during the years ended December 31, 2021, 2020 and 2019, of $14.4 million (including $13.7 million of severance costs included in Merger charges on the Company's Consolidated Statements of Income), $8.7 million and $2.6 million, respectively.
23. Defined Benefit Plan:
As part of the Merger, the Company assumed sponsorship of Weingarten’s noncontributory qualified cash balance retirement plan (“the Benefit Plan”). At the date of the Merger, the Benefit Plan was frozen and as a result no new benefits will be offered to employees who were not already part of the Benefit Plan on the Merger date. The Benefit Plan was terminated as of December 31, 2021. The Benefit Plan maintains a separate account for each participant. Annual additions to each participant’s account included an interest credit of 4.5% as the service credit was suspended upon the freeze. The participant data used in determining the liabilities and costs for the Benefit Plan was determined as of January 1, 2021.
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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The following table summarizes the measurement changes in the Benefit Plan’s projected benefit obligation, plan assets and funded status, as well as the components of net periodic benefit costs, including key assumptions, from the date of the Merger through _December 31, 2021 (_in thousands):
| 2021 | ||||
|---|---|---|---|---|
| Change in Projected Benefit Obligation: | ||||
| Benefit obligation at date of the Merger | $ | 73,081 | ||
| Interest cost | 762 | |||
| Settlement payments | (29,107 | ) | ||
| Actuarial gain | (6,831 | ) | ||
| Benefit payments | (910 | ) | ||
| Benefit obligation at December 31, 2021 | $ | 36,995 | ||
| Change in Plan Assets: | ||||
| Fair value of plan assets at date of the Merger | $ | 74,025 | ||
| Actual return on plan assets | 642 | |||
| Settlement payments | (30,104 | ) | ||
| Benefit payments | (910 | ) | ||
| Fair value of plan assets at December 31, 2021 | $ | 43,653 | ||
| Funded status at December 31, 2021 (included in Other assets) | $ | 6,658 | ||
| Accumulated benefit obligation | $ | 36,995 | ||
| Net gain recognized in other comprehensive income | $ | 2,216 |
The components of net periodic benefit income, included in Other income, net in the Company’s Consolidated Statements of Income for the year ended December 31, 2021 are as follows (in thousands):
| 2021 | ||||
|---|---|---|---|---|
| Interest cost | $ | (750 | ) | |
| Expected return on plan assets | 2,125 | |||
| Settlement gain | 2,216 | |||
| Total net periodic benefit income | $ | 3,591 |
The weighted-average assumptions used to determine the benefit obligation as of December 31, 2021 are as follows:
| Discount rate | 2.43 | % | ||
|---|---|---|---|---|
| Salary scale increases | N/A | |||
| Interest credit rate for cash balance plan | 4.50 | % |
The selection of the discount rate is made annually after comparison to yields based on high quality fixed-income investments. The long-term rate of return is a composite rate for the Benefit Plan. It is derived as the sum of the percentages invested in each principal asset class included in the portfolio multiplied by their respective expected rates of return. The Company considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the Benefit Plan portfolio. This analysis resulted in the selection of 7.00% as the long-term rate of return assumption for the year ended December 31, 2021.
No contributions are anticipated to be made to the Benefit Plan during 2022. The expected benefit payments for the next 10 years for the Benefit Plan is as follows (in millions):
| 2022 | 2023 | 2024 | 2025 | 2026 | 2027 - 2031 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Benefit payments | $ | 19.5 | $ | 2.3 | $ | 2.3 | $ | 2.3 | $ | 2.2 | $ | 10.4 |
The Benefit Plan’s investment policy is to address the long-term needs of the Benefit Plan and consider the risk tolerances of participants, to select appropriate investments to be offered by the Benefit Plan and to establish procedures for monitoring and evaluating the performance of the investments of the Benefit Plan. The Benefit Plan’s overall objectives for selecting and monitoring investment options are (i) to promote and optimize retirement wealth accumulation, (ii) to provide a full range of asset classes and investment options that are intended to help diversify the portfolio to maximize return within reasonable and prudent levels of risk, (iii) to control costs of administering the Benefit Plan and (iv) to manage the investments held by the Benefit Plan.
The selection of investment options is determined using criteria based on the following characteristics: fund history, relative performance, investment style, portfolio structure, manager tenure, minimum assets, expenses and operation considerations. Investment options selected for use in the Benefit Plan are reviewed at least on a semi-annual basis to evaluate material changes from the selection criteria. Asset allocation is used to determine how the investment portfolio should be split between stocks, bonds and cash. The asset allocation decision is influenced by investment time horizon; risk tolerance; and investment return objectives. The primary factor in establishing asset allocation is demographics of the Benefit Plan. A broad market diversification model is used in considering all these factors, and the percentage allocation to each investment category may also vary depending upon market conditions. Re-balancing of the allocation of the Benefit Plan’s assets occurs semi-annually.
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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The fair value of plan assets was determined based on publicly quoted market prices for identical assets as of the December 31, 2021, which are all classified as Level 1 observable inputs. The fair value and allocation of the plan assets were as follows (in thousands):
| Fair Value | Asset Allocation | |||||||
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $ | 26,246 | 60.1 | % | ||||
| Large company funds | 7,130 | 16.3 | % | |||||
| Mid company funds | 662 | 1.5 | % | |||||
| Small company funds | 1,958 | 4.5 | % | |||||
| International funds | 1,972 | 4.5 | % | |||||
| Fixed income funds | 4,260 | 9.8 | % | |||||
| Growth funds | 1,425 | 3.3 | % | |||||
| Total | $ | 43,653 | 100.0 | % |
Concentrations of risk within the equity portfolio are investments classified within the following sectors: technology, healthcare, consumer cyclical goods, financial services, and communication services, which represent approximately 24%, 15%, 14%, 14% and 11% of total equity investments, respectively.
24. Income Taxes:
The Company elected to qualify as a REIT in accordance with the Code commencing with its taxable year which began January 1, 1992. To qualify as a REIT, the Company must meet several organizational and operational requirements, including a requirement that it currently distribute at least 90% of its REIT taxable income to its stockholders. Management intends to adhere to these requirements and maintain the Company’s REIT status. As a REIT, the Company generally will not be subject to corporate federal income tax, provided that dividends to its stockholders equal at least the amount of its REIT taxable income. If the Company were to fail to qualify as a REIT in any taxable year, it would be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and would not be permitted to elect REIT status for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through TRSs is subject to federal, state and local income taxes. The Company is also subject to local taxes on certain non-U.S. investments.
Reconciliation between GAAP Net Income and Federal Taxable Income
The following table reconciles GAAP net income to taxable income for the years ended December 31, 2021, 2020 and 2019 (in thousands):
| 2021 | 2020 | 2019 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Estimated) | (Actual) | (Actual) | ||||||||||
| GAAP net income attributable to the Company | $ | 844,059 | $ | 1,000,833 | $ | 410,605 | ||||||
| GAAP net (income)/loss attributable to TRSs | (24,502 | ) | (956 | ) | 1,119 | |||||||
| GAAP net income from REIT operations (1) | 819,557 | 999,877 | 411,724 | |||||||||
| Net book depreciation in excess of tax depreciation | 70,792 | (55,072 | ) | 55,903 | ||||||||
| Deferred/prepaid/above-market and below-market rents, net | (33,580 | ) | (16,632 | ) | (33,287 | ) | ||||||
| Fair market value debt amortization | (18,079 | ) | (3,847 | ) | (4,510 | ) | ||||||
| Book/tax differences from executive compensation | 19,882 | 10,388 | 6,026 | |||||||||
| Book/tax differences from non-qualified stock options | (1,069 | ) | (231 | ) | (1,121 | ) | ||||||
| Book/tax differences from defined benefit plan | (2,948 | ) | - | - | ||||||||
| Book/tax differences from investments in and advances to real estate joint ventures | 25,502 | 40,176 | 4,837 | |||||||||
| Book/tax differences from sale of properties | (51,951 | ) | (10,547 | ) | (13,830 | ) | ||||||
| Book/tax differences from accounts receivable | (19,971 | ) | 44,193 | 1,573 | ||||||||
| Book adjustment to property carrying values and marketable equity securities | (499,996 | ) | (589,698 | ) | 37,709 | |||||||
| Taxable currency exchange gain/(loss), net | 882 | (29 | ) | (33 | ) | |||||||
| Tangible property regulation deduction | - | (48,194 | ) | - | ||||||||
| GAAP gain on change in control of joint venture interests | (5,607 | ) | - | (137 | ) | |||||||
| Dividends from TRSs | 23,314 | 2 | 3,331 | |||||||||
| Severance accrual | (5,358 | ) | 5,874 | (475 | ) | |||||||
| Other book/tax differences, net (2) | (21,955 | ) | 802 | (3,946 | ) | |||||||
| Adjusted REIT taxable income | $ | 299,415 | $ | 377,062 | $ | 463,764 |
91
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Certain amounts in the prior periods have been reclassified to conform to the current year presentation, in the table above.
| (1) | All adjustments to "GAAP net income from REIT operations" are net of amounts attributable to noncontrolling interests and TRSs. |
|---|
| (2) | Includes Merger related costs of $20.7 million for the year ended December 31, 2021. |
|---|
Characterization of Distributions
The following characterizes distributions paid for tax purposes for the years ended December 31, 2021, 2020 and 2019, (amounts in thousands):
| 2021 | 2020 | 2019 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Preferred I Dividends | ||||||||||||||||||||||||
| Ordinary income | $ | - | - | $ | - | - | $ | 7,389 | 77 | % | ||||||||||||||
| Capital gain | - | - | - | - | 2,207 | 23 | % | |||||||||||||||||
| $ | - | - | $ | - | - | $ | 9,596 | 100 | % | |||||||||||||||
| Preferred J Dividends | ||||||||||||||||||||||||
| Ordinary income | $ | - | - | $ | - | - | $ | 11,541 | 77 | % | ||||||||||||||
| Capital gain | - | - | - | - | 3,447 | 23 | % | |||||||||||||||||
| $ | - | - | $ | - | - | $ | 14,988 | 100 | % | |||||||||||||||
| Preferred K Dividends | ||||||||||||||||||||||||
| Ordinary income | $ | - | - | $ | - | - | $ | 6,927 | 77 | % | ||||||||||||||
| Capital gain | - | - | - | - | 2,069 | 23 | % | |||||||||||||||||
| $ | - | - | $ | - | - | $ | 8,996 | 100 | % | |||||||||||||||
| Preferred L Dividends | ||||||||||||||||||||||||
| Ordinary income | $ | 11,185 | 97 | % | $ | 4,382 | 38 | % | $ | 8,879 | 77 | % | ||||||||||||
| Capital gain | 346 | 3 | % | 7,149 | 62 | % | 2,652 | 23 | % | |||||||||||||||
| $ | 11,531 | 100 | % | $ | 11,531 | 100 | % | $ | 11,531 | 100 | % | |||||||||||||
| Preferred M Dividends | ||||||||||||||||||||||||
| Ordinary income | $ | 13,469 | 97 | % | $ | 5,277 | 38 | % | $ | 10,692 | 77 | % | ||||||||||||
| Capital gain | 417 | 3 | % | 8,609 | 62 | % | 3,194 | 23 | % | |||||||||||||||
| $ | 13,886 | 100 | % | $ | 13,886 | 100 | % | $ | 13,886 | 100 | % | |||||||||||||
| Common Dividends | ||||||||||||||||||||||||
| Ordinary income | $ | 273,272 | 77 | % | $ | 133,849 | 38 | % | $ | 328,726 | 70 | % | ||||||||||||
| Capital gain | 10,647 | 3 | % | 214,863 | 61 | % | 98,618 | 21 | % | |||||||||||||||
| Return of capital | 70,980 | 20 | % | 3,522 | 1 | % | 42,265 | 9 | % | |||||||||||||||
| $ | 354,899 | 100 | % | $ | 352,234 | 100 | % | $ | 469,609 | 100 | % | |||||||||||||
| Total dividends distributed for tax purposes | $ | 380,316 | $ | 377,651 | $ | 528,606 |
For the years ended December 31, 2021, 2020 and 2019 cash dividends paid for tax purposes were equivalent to, or in excess of, the dividends paid deduction.
Taxable REIT Subsidiaries and Taxable Entities
The Company is subject to federal, state and local income taxes on income reported through its TRS activities, which include wholly owned subsidiaries of the Company. The Company’s TRSs include Kimco Realty Services II, Inc. (“KRS”), FNC Realty Corporation, Kimco Insurance Company (collectively “KRS Consolidated”) and the consolidated entity, Blue Ridge Real Estate Company/Big Boulder Corporation. In connection with the Merger, the Company acquired Weingarten Investment Inc. (“WII”), a TRS of Weingarten.
92
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The Company is subject to local non-U.S. taxes on certain investments located outside the U.S. In general, under local country law applicable to the entity ownership structures the Company has in place and applicable tax treaties, the repatriation of cash to the Company from its subsidiaries and joint ventures in Canada, Puerto Rico and Mexico generally is not subject to withholding tax. The Company is subject to and includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. These investments are primarily held by the Company at the REIT level and not in the Company’s TRSs. 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.
Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of taxable assets and liabilities.
The Company’s pre-tax book income/(loss) and (provision)/benefit for income taxes relating to the Company’s TRSs and taxable entities which have been consolidated for accounting reporting purposes, for the years ended December 31, 2021, 2020 and 2019, are summarized as follows (in thousands):
| 2021 | 2020 | 2019 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income/(loss) before income taxes – U.S. | $ | 26,421 | $ | 1,051 | $ | (1,682 | ) | |||||
| (Provision)/benefit for income taxes, net: | ||||||||||||
| Federal: | ||||||||||||
| Current | (2,656 | ) | (482 | ) | 3,362 | |||||||
| Deferred | 312 | 539 | (349 | ) | ||||||||
| Federal tax (provision)/benefit | (2,344 | ) | 57 | 3,013 | ||||||||
| State and local: | ||||||||||||
| Current | (456 | ) | (48 | ) | (26 | ) | ||||||
| Deferred | 48 | 34 | (19 | ) | ||||||||
| State and local tax provision | (408 | ) | (14 | ) | (45 | ) | ||||||
| Total tax (provision)/benefit – U.S. | (2,752 | ) | 43 | 2,968 | ||||||||
| Net income from U.S. TRSs | $ | 23,669 | $ | 1,094 | $ | 1,286 | ||||||
| Loss before taxes – Non-U.S. | $ | (63 | ) | $ | (64 | ) | $ | (599 | ) | |||
| (Provision)/benefit for Non-U.S. income taxes: | ||||||||||||
| Current | $ | - | $ | 479 | $ | (69 | ) | |||||
| Deferred | (529 | ) | - | 418 | ||||||||
| Non-U.S. tax (provision)/benefit | $ | (529 | ) | $ | 479 | $ | 349 |
In addition, the Company’s Provision for income taxes, net includes $0.1 million and $1.5 million of estimated state and local tax provision related to the REIT operations during the years ended December 31, 2021 and 2020, respectively.
(Provision)/benefit for income taxes, net differs from the amounts computed by applying the statutory federal income tax rate to taxable income before income taxes as follows (in thousands):
| 2021 | 2020 | 2019 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Federal (provision)/benefit at statutory tax rate (1) | $ | (5,548 | ) | $ | (221 | ) | $ | 3,010 | ||||
| State and local provision, net of federal benefit (2) | 2,796 | (1,236 | ) | (42 | ) | |||||||
| Total tax (provision)/benefit – U.S. | $ | (2,752 | ) | $ | (1,457 | ) | $ | 2,968 |
| (1) | The year ended December 31, 2019 includes a tax benefit from AMT credit refunds of $3.7 million and $1.1 million related to the recording of a deferred tax valuation allowance. |
|---|
| (2) | The year ended December 31, 2020 includes $1.5 million of estimated state and local tax provision related to the REIT operations. |
|---|
93
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Deferred Tax Assets, Liabilities and Valuation Allowances
The Company’s deferred tax assets and liabilities at December 31, 2021 and 2020, were as follows (in thousands):
| 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Deferred tax assets: | ||||||||
| Tax/GAAP basis differences | $ | 3,286 | $ | 29,105 | ||||
| Net operating losses (1) | 4,580 | 17,885 | ||||||
| Tax credit carryforwards (2) | 2,340 | 2,340 | ||||||
| Related party deferred losses | - | 619 | ||||||
| Charitable contribution carryforwards | - | 23 | ||||||
| Valuation allowance | (4,067 | ) | (36,957 | ) | ||||
| Total deferred tax assets | 6,139 | 13,015 | ||||||
| Deferred tax liabilities | (8,058 | ) | (12,765 | ) | ||||
| Net deferred tax (liabilities)/assets | $ | (1,919 | ) | $ | 250 |
| (1) | Net operating losses expire in 2032. |
|---|
| (2) | Expiration dates ranging from 2027 to 2035. |
|---|
The major differences between the GAAP basis of accounting and the basis of accounting used for federal and state income tax reporting consist of impairment charges recorded for GAAP purposes, but not recognized for tax purposes, depreciation and amortization, rental revenue recognized on the straight-line method for GAAP, reserves for doubtful accounts, above-market and below-market lease amortization, differences in GAAP and tax basis of assets sold, and the period in which certain gains were recognized for tax purposes, but not yet recognized under GAAP.
Deferred tax assets and deferred tax liabilities are included in the captions Other assets and Other liabilities on the Company’s Consolidated Balance Sheets at December 31, 2021 and 2020. Operating losses and the valuation allowance are related primarily to the Company’s consolidation of its TRSs for accounting and reporting purposes.
Under GAAP a reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if, based on the evidence available, it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. Effective August 1, 2016, the Company merged Kimco Realty Services, Inc. (“KRSI”), a TRS holding REIT qualifying real estate, into a wholly owned LLC (the “TRS Merger”) and KRSI was dissolved. As a result of the TRS Merger, the Company determined that the realization of its then net deferred tax assets was not deemed more likely than not and as such, the Company recorded a full valuation allowance against these net deferred tax assets that existed at the time of the Merger.
The Company prepared an analysis of the tax basis built-in tax gain or built-in loss inherent in each asset acquired from KRSI in the TRS Merger. Assets of a TRS that become REIT assets in a merger transaction of the type entered into by the Company and KRSI are subject to corporate tax on the aggregate net built-in gain (built-in gains in excess of built-in losses) during a recognition period. Accordingly, the Company is subject to corporate-level taxation on the aggregate net built-in gain from the sale of KRSI assets within 60 months from the TRS Merger date (the recognition period) which expired August 1, 2021. The maximum taxable amount with respect to all merged assets disposed within 60 months of the TRS Merger is limited to the aggregate net built-in gain at the TRS Merger date. The Company compared fair value to tax basis for each property or asset to determine its built-in gain (value over basis) or built-in loss (basis over value) which could be subject to corporate level taxes if the Company disposed of the asset previously held by KRSI during the 60 months following the TRS Merger date. In the event that sales of KRSI assets during the recognition period result in corporate level tax, the unrecognized tax benefits reported as deferred tax assets from KRSI will be utilized to reduce the corporate level tax for GAAP purposes. As of August 1, 2021, the recognition period, as described above, terminated. As a result of the termination of the recognition period the Company wrote off deferred tax assets and deferred tax liabilities resulting from the TRS Merger. The Company recorded a full valuation allowance against these net deferred tax assets there was no income or loss recognized on the write off. The deferred tax assets that relate to net operating losses and tax credit carryforwards that can still be utilized by the Company remain on the books with a full valuation allowance against them.
Uncertain Tax Positions
The Company is subject to income tax in certain jurisdictions outside the U.S., principally Canada and Mexico. The statute of limitations on assessment of tax varies from three to seven years depending on the jurisdiction and tax issue. Tax returns filed in each jurisdiction are subject to examination by local tax authorities. The Company is currently under audit by the Canadian Revenue Agency and Mexican Tax Authority. The resolution of these audits are not expected to have a material effect on the Company’s financial statements. The Company has accrued $1.4 million and $1.5 million of non-current uncertain tax positions and related interest under the provisions of the authoritative guidance that addresses accounting for income taxes at December 31, 2021 and 2020, respectively, which are included in Other liabilities on the Company’s Consolidated Balance Sheets. The Company does not believe that the total amount of unrecognized tax benefits as of December 31, 2021, will significantly increase or decrease within the next 12 months.
94
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
In August 2016, the Mexican Tax Authority issued 36 tax assessments against 32 entities, which includes certain joint ventures, that had previously held interests in operating properties in Mexico. These assessments are for certain income taxes, interest expense and withholding taxes subject to the controlling provisions of United States-Mexico Income Tax Convention (the “Treaty”). The assessments are for the 2010 tax year with 4 of the 32 entities also assessed for tax years 2007 and/or 2008. The assessments included amounts for taxes aggregating $33.7 million, interest aggregating $16.5 million and penalties aggregating $11.4 million. The Company’s aggregate share of these amounts was $52.6 million. The Company believes it has operated in accordance with the Treaty provisions and has therefore concluded that no amounts are payable with respect to this matter. The Company sought the assistance of the U.S. Competent Authority (Department of Treasury) (the “Authority”), responsible for administering U.S. tax treaties. The Authority acknowledged its agreement with the Company’s position and represented the Company regarding this matter with the Mexican Competent Authority, though no agreement resulted from their discussions. Accordingly, the Company filed annulment lawsuits in the Mexican Tax Court in September 2018 challenging these assessments. During April 2019, the appeals were argued at a hearing in the Superior Chamber of the Tax Court, and beginning in the fourth quarter of 2019, the court issued rulings on the 36 lawsuits, which found that $16.1 million ($12.8 million representing the Company’s share) of the total assessments were improperly assessed (the “Flat Tax Assessments”) but ruled in favor of the Mexican Tax Authority with respect to the balance of the assessments. Maintaining its position of compliance with the Treaty, the Company filed appeals in the Mexican Circuit (Appeals) Court with respect to the adverse rulings. The appeals were assigned to 18 separate Circuit Courts, all of which have ruled, and only one of which ruled in favor of the Company. The Company appealed the 35 unfavorable rulings to the Mexican Supreme Court and, during the fourth quarter of 2021, the court issued its rulings in favor of the Mexican Tax Authority for $45.5 million, however it did affirm and dismiss the improper Flat Tax Assessments, as noted above. The Company’s share of the estimated revised assessments is $41 million. Under Mexican tax law, interest and penalties are capped at 5 years and will no longer accrue on the final assessments, however, a statutory inflation factor will continue to increase unpaid liabilities. The Company believes it has operated in accordance with the Treaty provisions. In addition, based on legal opinions obtained by the Company, the assessed entities are the only entities liable and such entities have no assets. Therefore, given that the collection of these assessments by the Mexican tax authority is remote, the Company has not accrued any liability relating to this matter.
25. Captive Insurance Company:
In October 2007, the Company formed a wholly owned captive insurance company, KIC, which provides general liability insurance coverage for all losses below the deductible under the Company’s third-party liability insurance policy. The Company created KIC as part of its overall risk management program and to stabilize its insurance costs, manage exposure and recoup expenses through the functions of the captive program. The Company capitalized KIC in accordance with the applicable regulatory requirements. KIC established annual premiums based on projections derived from the past loss experience of the Company’s properties. KIC has engaged an independent third-party to perform an actuarial estimate of future projected claims, related deductibles and projected expenses necessary to fund associated risk management programs. Premiums paid to KIC may be adjusted based on this estimate. Like premiums paid to third-party insurance companies, premiums paid to KIC may be reimbursed by tenants pursuant to specific lease terms. KIC assumes occurrence basis general liability coverage (not including casualty loss or business interruption) for the Company and its affiliates under the terms of a reinsurance agreement entered into by KIC and the reinsurance provider.
From October 1, 2007 through December 31, 2021, KIC assumes 100% of the first $250,000 per occurrence risk layer. This coverage is subject to annual aggregates ranging between $7.8 million and $11.5 million per policy year. The annual aggregate is adjustable based on the amount of audited square footage of the insureds’ locations and can be adjusted for subsequent program years. Defense costs erode the stated policy limits. KIC is required to pay the reinsurance provider for unallocated loss adjustment expenses an amount ranging between 8.0% and 12.2% of incurred losses for the policy periods ending September 30, 2008 through February 1, 2023. These amounts do not erode the Company’s per occurrence or aggregate limits.
In connection with the Merger, the Company acquired U.S. Fire & Indemnity Company (“US Fire”), a capitve insurance company which was wholly owned by Weingarten. US Fire began providing direct coverage to Weingarten with limits of $100,000 per occurrence for all other perils except for flood, named windstorm and earthquake, which had a $5,000,000 annual aggregate. The coverage was cancelled upon the effective date of the Merger. In addition, US Fire assumed general liability coverage from a third-party reinsurer, with limits of $250,000 per occurrence with a $2,000,000 annual aggregate. The reinsurance arrangement was terminated effective as of the Merger date and all risks were assumed by KIC’s reinsurance provider. Effective December 15, 2021, US Fire merged into KIC, with KIC continuing as the surviving company.
As of December 31, 2021, the Company maintained letters of credit in the amount of $28.0 million issued in favor of the reinsurance provider to provide security for the Company’s obligations under its agreements with the reinsurance providers.
95
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Activity in the liability for unpaid losses and loss adjustment expenses for the years ended December 31, 2021 and 2020, is summarized as follows (in thousands):
| 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Balance at the beginning of the year | $ | 13,742 | $ | 15,664 | ||||
| Incurred related to: | ||||||||
| Current year | 5,375 | 3,693 | ||||||
| Prior years (1) | 5,281 | (179 | ) | |||||
| Total incurred | 10,656 | 3,514 | ||||||
| Paid related to: | ||||||||
| Current year | (759 | ) | (450 | ) | ||||
| Prior years | (3,984 | ) | (4,986 | ) | ||||
| Total paid | (4,743 | ) | (5,436 | ) | ||||
| Balance at the end of the year | $ | 19,655 | $ | 13,742 |
| (1) | During 2021, the changes in estimates in insured events in the prior years, incurred losses and loss adjustment expenses resulted in an increase of $5.3 million primarily due to the liability incurred as a result of the Merger. During 2020, the changes in estimates in insured events in the prior years, incurred losses and loss adjustment expenses resulted in a decrease of $0.2 million primarily due to continued regular favorable loss development on the general liability coverage assumed. |
|---|
26. Accumulated Other Comprehensive Income (“AOCI”):
The following table displays the change in the components of AOCI for the year ended December 31, 2021:
| Unrealized Gains Related to Defined Benefit Plan | ||||
|---|---|---|---|---|
| Balance as of January 1, 2021 | $ | - | ||
| Other comprehensive income before reclassifications | 2,216 | |||
| Amounts reclassified from AOCI | - | |||
| Net current-period other comprehensive income | 2,216 | |||
| Balance as of December 31, 2021 | $ | 2,216 |
27. 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):
| For the Year Ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2019 | ||||||||||
| Computation of Basic and Diluted Earnings Per Share: | ||||||||||||
| Net income available to the Company's common shareholders | $ | 818,643 | $ | 975,417 | $ | 339,988 | ||||||
| Change in estimated redemption value of redeemable noncontrolling interests | 2,304 | 2,160 | - | |||||||||
| Earnings attributable to participating securities | (5,346 | ) | (6,347 | ) | (2,599 | ) | ||||||
| Net income available to the Company’s common shareholders for basic earnings per share | 815,601 | 971,230 | 337,389 | |||||||||
| Distributions on convertible units | 3,087 | 161 | 30 | |||||||||
| Net income available to the Company’s common shareholders for diluted earnings per share | $ | 818,688 | $ | 971,391 | $ | 337,419 | ||||||
| Weighted average common shares outstanding – basic | 506,248 | 429,950 | 420,370 | |||||||||
| Effect of dilutive securities (1): | ||||||||||||
| Equity awards | 2,422 | 1,475 | 1,365 | |||||||||
| Assumed conversion of convertible units | 2,715 | 208 | 64 | |||||||||
| Weighted average common shares outstanding – diluted | 511,385 | 431,633 | 421,799 | |||||||||
| Net income available to the Company's common shareholders: | ||||||||||||
| Basic earnings per share | $ | 1.61 | $ | 2.26 | $ | 0.80 | ||||||
| Diluted earnings per share | $ | 1.60 | $ | 2.25 | $ | 0.80 |
| (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 0, 1.2 million and 0.5 million stock options that were not dilutive as of December 31, 2021, 2020 and 2019, respectively. |
|---|
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.
KIMCO REALTY CORPORATION AND SUBSIDIARIES
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS
For Years Ended December 31, 2021, 2020 and 2019 (in thousands)
| Balance at beginning of period | Charged to expenses | Adjustments to valuation accounts | Deductions | Balance at end of period | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended December 31, 2021 | ||||||||||||||||||||
| Allowance for uncollectable accounts (1) | $ | 22,377 | $ | - | $ | - | $ | (14,038 | ) | $ | 8,339 | |||||||||
| Allowance for deferred tax asset | $ | 36,957 | $ | - | $ | (32,890 | ) | $ | - | $ | 4,067 | |||||||||
| Year Ended December 31, 2020 | ||||||||||||||||||||
| Allowance for uncollectable accounts (1) | $ | - | $ | 22,377 | $ | - | $ | - | $ | 22,377 | ||||||||||
| Allowance for deferred tax asset | $ | 42,703 | $ | - | $ | (5,746 | ) | $ | - | $ | 36,957 | |||||||||
| Year Ended December 31, 2019 | ||||||||||||||||||||
| Allowance for deferred tax asset | $ | 45,413 | $ | - | $ | (2,710 | ) | $ | - | $ | 42,703 |
| (1) | Includes allowances on accounts receivable and straight-line rents. |
|---|
97
KIMCO REALTY CORPORATION AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2021
(in thousands)
| INITIAL COST | COST CAPITALIZED SUBSEQUENT TO | TOTAL COST, NET OF | DATE OF | ||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DESCRIPTION | State | LAND | BUILDING AND IMPROVEMENTS | ACQUISITION (1) | LAND | BUILDING AND IMPROVEMENTS | TOTAL | ACCUMULATED DEPRECIATION | ACCUMULATED DEPRECIATION | ENCUMBRANCES (2) | ACQUISITION(A) CONSTRUCTION(C) | ||||||||||||||||||||||||||||||
| SHOPPING CENTERS | |||||||||||||||||||||||||||||||||||||||||
| ARCADIA BILTMORE PLAZA | AZ | $ | 850 | $ | 1,212 | $ | - | $ | 850 | $ | 1,212 | $ | 2,062 | $ | 56 | $ | 2,006 | $ | - | 2021(A) | |||||||||||||||||||||
| BELL CAMINO CENTER | AZ | 2,427 | 6,439 | 956 | 2,427 | 7,395 | 9,822 | 2,580 | 7,242 | - | 2012(A) | ||||||||||||||||||||||||||||||
| BELL CAMINO-SAFEWAY PARCEL | AZ | 1,104 | 4,574 | - | 1,104 | 4,574 | 5,678 | 400 | 5,278 | - | 2019(A) | ||||||||||||||||||||||||||||||
| BROADWAY MARKETPLACE | AZ | 3,517 | 10,303 | 1 | 3,518 | 10,303 | 13,821 | 334 | 13,487 | - | 2021(A) | ||||||||||||||||||||||||||||||
| CAMELBACK MILLER PLAZA | AZ | 6,236 | 29,230 | 425 | 6,237 | 29,654 | 35,891 | 859 | 35,032 | - | 2021(A) | ||||||||||||||||||||||||||||||
| CAMELBACK VILLAGE SQUARE | AZ | - | 13,038 | - | - | 13,038 | 13,038 | 383 | 12,655 | - | 2021(A) | ||||||||||||||||||||||||||||||
| CHRISTOWN SPECTRUM | AZ | 33,831 | 91,004 | 14,816 | 76,639 | 63,012 | 139,651 | 17,396 | 122,255 | - | 2015(A) | ||||||||||||||||||||||||||||||
| COLLEGE PARK SHOPPING CENTER | AZ | 3,277 | 7,741 | 1,233 | 3,277 | 8,974 | 12,251 | 3,382 | 8,869 | - | 2011(A) | ||||||||||||||||||||||||||||||
| DESERT VILLAGE | AZ | 6,465 | 22,025 | 18 | 6,465 | 22,043 | 28,508 | 682 | 27,826 | - | 2021(A) | ||||||||||||||||||||||||||||||
| ENTRADA DE ORO PLAZA | AZ | 5,700 | 11,044 | 33 | 5,700 | 11,077 | 16,777 | 401 | 16,376 | - | 2021(A) | ||||||||||||||||||||||||||||||
| FOUNTAIN PLAZA | AZ | 4,794 | 20,373 | - | 4,794 | 20,373 | 25,167 | 369 | 24,798 | - | 2021(A) | ||||||||||||||||||||||||||||||
| MADERA VILLAGE | AZ | 3,980 | 8,110 | (35 | ) | 3,980 | 8,075 | 12,055 | 215 | 11,840 | - | 2021(A) | |||||||||||||||||||||||||||||
| MADISON VILLAGE MARKETPLACE | AZ | 4,090 | 18,343 | 107 | 4,090 | 18,450 | 22,540 | 515 | 22,025 | - | 2021(A) | ||||||||||||||||||||||||||||||
| MESA RIVERVIEW | AZ | 15,000 | - | 141,984 | 308 | 156,676 | 156,984 | 71,657 | 85,327 | - | 2005(C) | ||||||||||||||||||||||||||||||
| METRO SQUARE | AZ | 4,101 | 16,411 | 2,391 | 4,101 | 18,802 | 22,903 | 11,070 | 11,833 | - | 1998(A) | ||||||||||||||||||||||||||||||
| MONTE VISTA VILLAGE CENTER | AZ | 4,064 | 8,344 | 4 | 4,064 | 8,348 | 12,412 | 208 | 12,204 | - | 2021(A) | ||||||||||||||||||||||||||||||
| NORTH VALLEY | AZ | 6,862 | 18,201 | 14,501 | 4,796 | 34,768 | 39,564 | 7,283 | 32,281 | - | 2011(A) | ||||||||||||||||||||||||||||||
| PLAZA AT MOUNTAINSIDE | AZ | 2,450 | 9,802 | 2,444 | 2,450 | 12,246 | 14,696 | 7,755 | 6,941 | - | 1997(A) | ||||||||||||||||||||||||||||||
| PLAZA DEL SOL | AZ | 5,325 | 21,270 | 1,766 | 4,578 | 23,783 | 28,361 | 10,966 | 17,395 | - | 1998(A) | ||||||||||||||||||||||||||||||
| PUEBLO ANOZIRA | AZ | 7,734 | 27,063 | 39 | 7,734 | 27,102 | 34,836 | 728 | 34,108 | 12,617 | 2021(A) | ||||||||||||||||||||||||||||||
| RAINTREE RANCH CENTER | AZ | 7,720 | 30,743 | 11 | 7,720 | 30,754 | 38,474 | 663 | 37,811 | - | 2021(A) | ||||||||||||||||||||||||||||||
| RED MOUNTAIN GATEWAY | AZ | 4,653 | 10,410 | (55 | ) | 4,653 | 10,355 | 15,008 | 463 | 14,545 | - | 2021(A) | |||||||||||||||||||||||||||||
| SCOTTSDALE HORIZON | AZ | 8,191 | 36,728 | 56 | 8,191 | 36,784 | 44,975 | 953 | 44,022 | - | 2021(A) | ||||||||||||||||||||||||||||||
| SCOTTSDALE WATERFRONT | AZ | 15,872 | 30,112 | - | 15,872 | 30,112 | 45,984 | 753 | 45,231 | - | 2021(A) | ||||||||||||||||||||||||||||||
| SHOPPES AT BEARS PATH | AZ | 3,445 | 2,874 | - | 3,445 | 2,874 | 6,319 | 155 | 6,164 | - | 2021(A) | ||||||||||||||||||||||||||||||
| SQUAW PEAK PLAZA | AZ | 2,515 | 17,021 | - | 2,515 | 17,021 | 19,536 | 455 | 19,081 | - | 2021(A) | ||||||||||||||||||||||||||||||
| VILLAGE CROSSROADS | AZ | 5,663 | 24,981 | 1,221 | 5,663 | 26,202 | 31,865 | 7,730 | 24,135 | - | 2011(A) |
| 280 METRO CENTER | CA | 38,735 | 94,903 | 80 | 38,735 | 94,983 | 133,718 | 17,862 | 115,856 | - | 2015(A) | |||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 580 MARKET PLACE | CA | 12,769 | 48,768 | 14 | 12,769 | 48,782 | 61,551 | 894 | 60,657 | - | 2021(A) | |||||||||||||||||||||||||||||||
| 8000 SUNSET STRIP S.C. | CA | 43,012 | 85,115 | 779 | 43,012 | 85,894 | 128,906 | 2,801 | 126,105 | - | 2021(A) | |||||||||||||||||||||||||||||||
| AAA BUILDING AT STEVENS CREEK | CA | 1,661 | 3,114 | - | 1,661 | 3,114 | 4,775 | 57 | 4,718 | - | 2021(A) | |||||||||||||||||||||||||||||||
| ANAHEIM PLAZA | CA | 34,228 | 73,765 | 261 | 34,228 | 74,026 | 108,254 | 1,366 | 106,888 | - | 2021(A) | |||||||||||||||||||||||||||||||
| BLACK MOUNTAIN VILLAGE | CA | 4,678 | 11,913 | 2,066 | 4,678 | 13,979 | 18,657 | 5,628 | 13,029 | - | 2007(A) | |||||||||||||||||||||||||||||||
| BROOKHURST CENTER | CA | 10,493 | 31,358 | 4,279 | 22,300 | 23,830 | 46,130 | 5,758 | 40,372 | - | 2016(A) | |||||||||||||||||||||||||||||||
| BROOKVALE SHOPPING CENTER | CA | 14,050 | 19,771 | 14 | 14,050 | 19,785 | 33,835 | 326 | 33,509 | - | 2021(A) | |||||||||||||||||||||||||||||||
| CAMBRIAN PARK PLAZA | CA | 41,258 | 2,015 | 459 | 41,258 | 2,474 | 43,732 | 1,314 | 42,418 | - | 2021(A) | |||||||||||||||||||||||||||||||
| CENTERWOOD PLAZA | CA | 10,981 | 10,702 | (13 | ) | 10,981 | 10,689 | 21,670 | 287 | 21,383 | - | 2021(A) | ||||||||||||||||||||||||||||||
| CHICO CROSSROADS | CA | 9,976 | 30,535 | (5,301 | ) | 7,905 | 27,305 | 35,210 | 11,630 | 23,580 | - | 2008(A) | ||||||||||||||||||||||||||||||
| CHINO HILLS MARKETPLACE | CA | 17,702 | 72,529 | 64 | 17,702 | 72,593 | 90,295 | 1,821 | 88,474 | - | 2021(A) | |||||||||||||||||||||||||||||||
| CITY HEIGHTS | CA | 10,687 | 28,325 | (500 | ) | 13,909 | 24,603 | 38,512 | 5,788 | 32,724 | - | 2012(A) | ||||||||||||||||||||||||||||||
| CORONA HILLS PLAZA | CA | 13,361 | 53,373 | 11,568 | 13,361 | 64,941 | 78,302 | 39,950 | 38,352 | - | 1998(A) | |||||||||||||||||||||||||||||||
| COSTCO PLAZA - 541 | CA | 4,996 | 19,983 | 593 | 4,996 | 20,576 | 25,572 | 12,605 | 12,967 | - | 1998(A) | |||||||||||||||||||||||||||||||
| CREEKSIDE CENTER | CA | 3,871 | 11,563 | 532 | 5,154 | 10,812 | 15,966 | 1,737 | 14,229 | - | 2016(A) | |||||||||||||||||||||||||||||||
| CROCKER RANCH | CA | 7,526 | 24,878 | 109 | 7,526 | 24,987 | 32,513 | 5,297 | 27,216 | - | 2015(A) | |||||||||||||||||||||||||||||||
| CUPERTINO VILLAGE | CA | 19,886 | 46,535 | 27,312 | 19,886 | 73,847 | 93,733 | 25,083 | 68,650 | - | 2006(A) | |||||||||||||||||||||||||||||||
| EL CAMINO PROMENADE | CA | 7,372 | 37,592 | 61 | 7,372 | 37,653 | 45,025 | 741 | 44,284 | - | 2021(A) | |||||||||||||||||||||||||||||||
| FREEDOM CENTRE | CA | 8,933 | 18,622 | 107 | 8,933 | 18,729 | 27,662 | 555 | 27,107 | - | 2021(A) | |||||||||||||||||||||||||||||||
| FULTON MARKET PLACE | CA | 2,966 | 6,921 | 16,632 | 6,280 | 20,239 | 26,519 | 5,671 | 20,848 | - | 2005(A) | |||||||||||||||||||||||||||||||
| GATEWAY AT DONNER PASS | CA | 4,516 | 8,319 | 14,359 | 8,759 | 18,435 | 27,194 | 2,937 | 24,257 | - | 2015(A) | |||||||||||||||||||||||||||||||
| GATEWAY PLAZA | CA | 18,372 | 65,851 | - | 18,372 | 65,851 | 84,223 | 1,475 | 82,748 | 24,298 | 2021(A) | |||||||||||||||||||||||||||||||
| GREENHOUSE MARKETPLACE | CA | 10,976 | 27,721 | - | 10,976 | 27,721 | 38,697 | 881 | 37,816 | - | 2021(A) | |||||||||||||||||||||||||||||||
| GREENHOUSE MARKETPLACE II | CA | 5,346 | 7,188 | (16 | ) | 5,346 | 7,172 | 12,518 | 252 | 12,266 | - | 2021(A) | ||||||||||||||||||||||||||||||
| HOME DEPOT PLAZA | CA | 4,592 | 18,345 | - | 4,592 | 18,345 | 22,937 | 11,256 | 11,681 | - | 1998(A) | |||||||||||||||||||||||||||||||
| KENNETH HAHN PLAZA | CA | 4,115 | 7,661 | (840 | ) | - | 10,936 | 10,936 | 4,410 | 6,526 | - | 2010(A) | ||||||||||||||||||||||||||||||
| LA MIRADA THEATRE CENTER | CA | 8,817 | 35,260 | (296 | ) | 6,889 | 36,892 | 43,781 | 21,432 | 22,349 | - | 1998(A) | ||||||||||||||||||||||||||||||
| LA VERNE TOWN CENTER | CA | 8,414 | 23,856 | 12,491 | 16,362 | 28,399 | 44,761 | 7,210 | 37,551 | - | 2014(A) | |||||||||||||||||||||||||||||||
| LABAND VILLAGE SHOPPING CENTER | CA | 5,600 | 13,289 | (1,026 | ) | 5,607 | 12,256 | 17,863 | 6,726 | 11,137 | - | 2008(A) | ||||||||||||||||||||||||||||||
| LAKEWOOD PLAZA | CA | 1,294 | 3,669 | (3,415 | ) | - | 1,548 | 1,548 | 926 | 622 | - | 2014(A) | ||||||||||||||||||||||||||||||
| LAKEWOOD VILLAGE | CA | 8,597 | 24,375 | (589 | ) | 11,683 | 20,700 | 32,383 | 5,960 | 26,423 | - | 2014(A) | ||||||||||||||||||||||||||||||
| LINCOLN HILLS TOWN CENTER | CA | 8,229 | 26,127 | 518 | 8,229 | 26,645 | 34,874 | 6,696 | 28,178 | - | 2015(A) | |||||||||||||||||||||||||||||||
| LINDA MAR SHOPPING CENTER | CA | 16,549 | 37,521 | 5,185 | 16,549 | 42,706 | 59,255 | 11,151 | 48,104 | - | 2014(A) | |||||||||||||||||||||||||||||||
| MADISON PLAZA | CA | 5,874 | 23,476 | 4,861 | 5,874 | 28,337 | 34,211 | 14,694 | 19,517 | - | 1998(A) | |||||||||||||||||||||||||||||||
| NORTH COUNTY PLAZA | CA | 10,205 | 28,934 | 14 | 20,895 | 18,258 | 39,153 | 4,908 | 34,245 | - | 2014(A) | |||||||||||||||||||||||||||||||
| NOVATO FAIR S.C. | CA | 9,260 | 15,600 | 1,965 | 9,260 | 17,565 | 26,825 | 7,553 | 19,272 | - | 2009(A) | |||||||||||||||||||||||||||||||
| ON THE CORNER AT STEVENS CREEK | CA | 1,825 | 4,641 | - | 1,825 | 4,641 | 6,466 | 146 | 6,320 | - | 2021(A) | |||||||||||||||||||||||||||||||
| PLAZA DI NORTHRIDGE | CA | 12,900 | 40,575 | 1,007 | 12,900 | 41,582 | 54,482 | 16,930 | 37,552 | - | 2005(A) | |||||||||||||||||||||||||||||||
| POWAY CITY CENTRE | CA | 5,855 | 13,792 | 9,165 | 7,248 | 21,564 | 28,812 | 10,680 | 18,132 | - | 2005(A) | |||||||||||||||||||||||||||||||
| RANCHO PENASQUITOS TOWNE CTR I | CA | 14,852 | 20,342 | 758 | 14,852 | 21,100 | 35,952 | 4,609 | 31,343 | - | 2015(A) | |||||||||||||||||||||||||||||||
| RANCHO PENASQUITOS TWN CTR II | CA | 12,945 | 20,324 | 795 | 12,945 | 21,119 | 34,064 | 4,456 | 29,608 | - | 2015(A) | |||||||||||||||||||||||||||||||
| RANCHO PENASQUITOS-VONS PROP. | CA | 2,918 | 9,146 | - | 2,918 | 9,146 | 12,064 | 745 | 11,319 | - | 2019(A) | |||||||||||||||||||||||||||||||
| RANCHO SAN MARCOS VILLAGE | CA | 9,050 | 29,357 | 131 | 9,050 | 29,488 | 38,538 | 616 | 37,922 | - | 2021(A) | |||||||||||||||||||||||||||||||
| REDWOOD CITY PLAZA | CA | 2,552 | 6,215 | 5,961 | 2,552 | 12,176 | 14,728 | 2,984 | 11,744 | - | 2009(A) | |||||||||||||||||||||||||||||||
| SAN DIEGO CARMEL MOUNTAIN | CA | 5,323 | 8,874 | (1,956 | ) | 5,323 | 6,918 | 12,241 | 2,447 | 9,794 | - | 2009(A) | ||||||||||||||||||||||||||||||
| SAN MARCOS PLAZA | CA | 1,883 | 12,044 | 812 | 1,883 | 12,856 | 14,739 | 307 | 14,432 | - | 2021(A) | |||||||||||||||||||||||||||||||
| SANTEE TROLLEY SQUARE | CA | 40,209 | 62,964 | (311 | ) | 40,209 | 62,653 | 102,862 | 20,184 | 82,678 | - | 2015(A) | ||||||||||||||||||||||||||||||
| SILVER CREEK PLAZA | CA | 33,541 | 53,176 | (24 | ) | 33,541 | 53,152 | 86,693 | 1,185 | 85,508 | - | 2021(A) | ||||||||||||||||||||||||||||||
| SOUTH NAPA MARKET PLACE | CA | 1,100 | 22,159 | 21,406 | 23,119 | 21,546 | 44,665 | 13,513 | 31,152 | - | 2006(A) | |||||||||||||||||||||||||||||||
| SOUTHAMPTON CENTER | CA | 10,289 | 64,096 | 108 | 10,289 | 64,204 | 74,493 | 1,389 | 73,104 | 20,852 | 2021(A) | |||||||||||||||||||||||||||||||
| STANFORD RANCH | CA | 10,584 | 30,007 | 2,882 | 9,983 | 33,490 | 43,473 | 6,964 | 36,509 | - | 2014(A) | |||||||||||||||||||||||||||||||
| STEVENS CREEK CENTRAL S.C. | CA | 41,818 | 45,886 | 26 | 41,818 | 45,912 | 87,730 | 1,188 | 86,542 | - | 2021(A) | |||||||||||||||||||||||||||||||
| STONY POINT PLAZA | CA | 10,361 | 38,054 | (31 | ) | 10,361 | 38,023 | 48,384 | 945 | 47,439 | - | 2021(A) | ||||||||||||||||||||||||||||||
| TRUCKEE CROSSROADS | CA | 2,140 | 28,325 | (18,544 | ) | 2,140 | 9,781 | 11,921 | 6,231 | 5,690 | 839 | 2006(A) | ||||||||||||||||||||||||||||||
| WESTLAKE SHOPPING CENTER | CA | 16,174 | 64,819 | 108,258 | 16,174 | 173,077 | 189,251 | 68,985 | 120,266 | - | 2002(A) | |||||||||||||||||||||||||||||||
| WESTMINSTER CENTER | CA | 60,428 | 64,973 | 69 | 60,428 | 65,042 | 125,470 | 3,557 | 121,913 | 50,022 | 2021(A) | |||||||||||||||||||||||||||||||
| WHITTWOOD TOWN CENTER | CA | 57,136 | 105,815 | 3,807 | 57,139 | 109,619 | 166,758 | 21,469 | 145,289 | - | 2017(A) |
| CROSSING AT STONEGATE | CO | 11,909 | 33,111 | 37 | 11,909 | 33,148 | 45,057 | 730 | 44,327 | - | 2021(A) | |||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DENVER WEST 38TH STREET | CO | 161 | 647 | 455 | 161 | 1,102 | 1,263 | 598 | 665 | - | 1998(A) | |||||||||||||||||||||||||||||||
| EAST BANK S.C. | CO | 1,501 | 6,180 | 4,941 | 1,501 | 11,121 | 12,622 | 4,637 | 7,985 | - | 1998(A) | |||||||||||||||||||||||||||||||
| EDGEWATER MARKETPLACE | CO | 7,807 | 32,706 | 70 | 7,807 | 32,776 | 40,583 | 548 | 40,035 | - | 2021(A) | |||||||||||||||||||||||||||||||
| ENGLEWOOD PLAZA | CO | 806 | 3,233 | 991 | 806 | 4,224 | 5,030 | 2,426 | 2,604 | - | 1998(A) | |||||||||||||||||||||||||||||||
| GREELEY COMMONS | CO | 3,313 | 20,070 | 1,896 | 3,313 | 21,966 | 25,279 | 6,031 | 19,248 | - | 2012(A) | |||||||||||||||||||||||||||||||
| HERITAGE WEST S.C. | CO | 1,527 | 6,124 | 2,562 | 1,527 | 8,686 | 10,213 | 4,810 | 5,403 | - | 1998(A) | |||||||||||||||||||||||||||||||
| HIGHLANDS RANCH II | CO | 3,515 | 11,756 | 1,211 | 3,515 | 12,967 | 16,482 | 3,949 | 12,533 | - | 2013(A) | |||||||||||||||||||||||||||||||
| HIGHLANDS RANCH VILLAGE S.C. | CO | 8,135 | 21,580 | 1,147 | 5,337 | 25,525 | 30,862 | 6,338 | 24,524 | - | 2011(A) | |||||||||||||||||||||||||||||||
| LOWRY TOWN CENTER | CO | 3,271 | 32,685 | 116 | 3,271 | 32,801 | 36,072 | 704 | 35,368 | - | 2021(A) | |||||||||||||||||||||||||||||||
| MARKET AT SOUTHPARK | CO | 9,783 | 20,780 | 4,943 | 9,783 | 25,723 | 35,506 | 6,694 | 28,812 | - | 2011(A) | |||||||||||||||||||||||||||||||
| NORTHRIDGE SHOPPING CENTER | CO | 4,933 | 16,496 | 2,839 | 8,934 | 15,334 | 24,268 | 3,918 | 20,350 | - | 2013(A) | |||||||||||||||||||||||||||||||
| QUINCY PLACE S.C. | CO | 1,148 | 4,608 | 2,540 | 1,148 | 7,148 | 8,296 | 4,352 | 3,944 | - | 1998(A) | |||||||||||||||||||||||||||||||
| RIVER POINT AT SHERIDAN | CO | 13,223 | 30,444 | 646 | 13,223 | 31,090 | 44,313 | 1,385 | 42,928 | - | 2021(A) | |||||||||||||||||||||||||||||||
| RIVER POINT AT SHERIDAN II | CO | 1,255 | 4,231 | - | 1,255 | 4,231 | 5,486 | 94 | 5,392 | - | 2021(A) | |||||||||||||||||||||||||||||||
| VILLAGE CENTER - HIGHLAND RANCH | CO | 1,140 | 2,660 | 284 | 1,140 | 2,944 | 4,084 | 609 | 3,475 | - | 2014(A) | |||||||||||||||||||||||||||||||
| VILLAGE CENTER WEST | CO | 2,011 | 8,361 | 641 | 2,011 | 9,002 | 11,013 | 2,204 | 8,809 | - | 2011(A) | |||||||||||||||||||||||||||||||
| VILLAGE ON THE PARK | CO | 2,194 | 8,886 | 19,894 | 3,018 | 27,956 | 30,974 | 7,874 | 23,100 | - | 1998(A) | |||||||||||||||||||||||||||||||
| BRIGHT HORIZONS | CT | 1,212 | 4,611 | 83 | 1,212 | 4,694 | 5,906 | 1,484 | 4,422 | - | 2012(A) | |||||||||||||||||||||||||||||||
| HAMDEN MART | CT | 13,668 | 40,890 | 6,338 | 14,226 | 46,670 | 60,896 | 10,853 | 50,043 | 17,705 | 2016(A) | |||||||||||||||||||||||||||||||
| HOME DEPOT PLAZA | CT | 7,705 | 30,798 | 3,803 | 7,705 | 34,601 | 42,306 | 19,570 | 22,736 | - | 1998(A) | |||||||||||||||||||||||||||||||
| NEWTOWN S.C. | CT | - | 15,635 | 420 | - | 16,055 | 16,055 | 3,211 | 12,844 | - | 2014(A) | |||||||||||||||||||||||||||||||
| WEST FARM SHOPPING CENTER | CT | 5,806 | 23,348 | 19,621 | 7,585 | 41,190 | 48,775 | 20,543 | 28,232 | - | 1998(A) | |||||||||||||||||||||||||||||||
| WILTON CAMPUS | CT | 10,169 | 31,893 | 2,858 | 10,169 | 34,751 | 44,920 | 10,220 | 34,700 | - | 2013(A) | |||||||||||||||||||||||||||||||
| WILTON RIVER PARK SHOPPING CTR | CT | 7,155 | 27,509 | 609 | 7,155 | 28,118 | 35,273 | 7,129 | 28,144 | - | 2012(A) | |||||||||||||||||||||||||||||||
| BRANDYWINE COMMONS | DE | - | 36,057 | (936 | ) | - | 35,121 | 35,121 | 8,055 | 27,066 | - | 2014(A) | ||||||||||||||||||||||||||||||
| CAMDEN SQUARE | DE | 123 | 67 | 4,732 | 3,024 | 1,898 | 4,922 | 284 | 4,638 | - | 2003(A) | |||||||||||||||||||||||||||||||
| PROMENADE AT CHRISTIANA | DE | 14,372 | - | 6,116 | 8,340 | 12,148 | 20,488 | 624 | 19,864 | - | 2014(C) |
| ARGYLE VILLAGE | FL | 5,228 | 36,814 | (10 | ) | 5,228 | 36,804 | 42,032 | 972 | 41,060 | - | 2021(A) | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BELMART PLAZA | FL | 1,656 | 3,394 | 5,722 | 1,656 | 9,116 | 10,772 | 1,738 | 9,034 | - | 2014(A) | |||||||||||||||||||||||||||||||
| BOCA LYONS PLAZA | FL | 13,280 | 37,751 | 29 | 13,280 | 37,780 | 51,060 | 751 | 50,309 | - | 2021(A) | |||||||||||||||||||||||||||||||
| CAMINO SQUARE | FL | 574 | 2,296 | (413 | ) | 734 | 1,723 | 2,457 | - | 2,457 | - | 1992(A) | ||||||||||||||||||||||||||||||
| CARROLLWOOD COMMONS | FL | 5,220 | 16,884 | 3,870 | 5,220 | 20,754 | 25,974 | 11,873 | 14,101 | - | 1997(A) | |||||||||||||||||||||||||||||||
| CENTER AT MISSOURI AVENUE | FL | 294 | 792 | 7,412 | 294 | 8,204 | 8,498 | 2,556 | 5,942 | - | 1968(C) | |||||||||||||||||||||||||||||||
| CHEVRON OUTPARCEL | FL | 531 | 1,253 | - | 531 | 1,253 | 1,784 | 443 | 1,341 | - | 2010(A) | |||||||||||||||||||||||||||||||
| COLONIAL PLAZA | FL | 25,516 | 54,604 | 3,762 | 25,516 | 58,366 | 83,882 | 1,938 | 81,944 | - | 2021(A) | |||||||||||||||||||||||||||||||
| CORAL POINTE S.C. | FL | 2,412 | 20,508 | 582 | 2,412 | 21,090 | 23,502 | 4,529 | 18,973 | - | 2015(A) | |||||||||||||||||||||||||||||||
| CORAL SQUARE PROMENADE | FL | 710 | 2,843 | 4,136 | 710 | 6,979 | 7,689 | 4,640 | 3,049 | - | 1994(A) | |||||||||||||||||||||||||||||||
| CORSICA SQUARE S.C. | FL | 7,225 | 10,757 | 292 | 7,225 | 11,049 | 18,274 | 2,508 | 15,766 | - | 2015(A) | |||||||||||||||||||||||||||||||
| COUNTRYSIDE CENTRE | FL | 11,116 | 41,581 | 322 | 11,116 | 41,903 | 53,019 | 1,447 | 51,572 | - | 2021(A) | |||||||||||||||||||||||||||||||
| CURLEW CROSSING SHOPPING CTR | FL | 5,316 | 12,529 | 3,004 | 5,316 | 15,533 | 20,849 | 7,404 | 13,445 | - | 2005(A) | |||||||||||||||||||||||||||||||
| DANIA POINTE | FL | 105,113 | - | 34,796 | 26,094 | 113,815 | 139,909 | 7,264 | 132,645 | - | 2016(C) | |||||||||||||||||||||||||||||||
| DANIA POINTE - PHASE II (3) | FL | - | - | 261,609 | 26,550 | 235,059 | 261,609 | 7,406 | 254,203 | - | 2016(C) | |||||||||||||||||||||||||||||||
| EMBASSY LAKES | FL | 6,565 | 18,104 | - | 6,565 | 18,104 | 24,669 | 357 | 24,312 | - | 2021(A) | |||||||||||||||||||||||||||||||
| FLAGLER PARK | FL | 26,163 | 80,737 | 6,449 | 26,725 | 86,624 | 113,349 | 30,326 | 83,023 | - | 2007(A) | |||||||||||||||||||||||||||||||
| FT LAUDERDALE #1, FL | FL | 1,003 | 2,602 | 16,713 | 1,774 | 18,544 | 20,318 | 11,768 | 8,550 | - | 1974(C) | |||||||||||||||||||||||||||||||
| FT. LAUDERDALE/CYPRESS CREEK | FL | 14,259 | 28,042 | 4,135 | 14,259 | 32,177 | 46,436 | 12,733 | 33,703 | - | 2009(A) | |||||||||||||||||||||||||||||||
| GRAND OAKS VILLAGE | FL | 7,409 | 19,654 | (36 | ) | 5,846 | 21,181 | 27,027 | 5,717 | 21,310 | - | 2011(A) | ||||||||||||||||||||||||||||||
| GROVE GATE S.C. | FL | 366 | 1,049 | 793 | 366 | 1,842 | 2,208 | 1,658 | 550 | - | 1968(C) | |||||||||||||||||||||||||||||||
| IVES DAIRY CROSSING | FL | 733 | 4,080 | 11,483 | 721 | 15,575 | 16,296 | 10,671 | 5,625 | - | 1985(A) | |||||||||||||||||||||||||||||||
| KENDALE LAKES PLAZA | FL | 18,491 | 28,496 | (785 | ) | 15,362 | 30,840 | 46,202 | 10,356 | 35,846 | - | 2009(A) | ||||||||||||||||||||||||||||||
| LARGO PLAZA | FL | 23,571 | 63,604 | 84 | 23,571 | 63,688 | 87,259 | 1,917 | 85,342 | - | 2021(A) | |||||||||||||||||||||||||||||||
| MAPLEWOOD PLAZA | FL | 1,649 | 6,626 | 1,883 | 1,649 | 8,509 | 10,158 | 4,991 | 5,167 | - | 1997(A) | |||||||||||||||||||||||||||||||
| MARATHON SHOPPING CENTER | FL | 2,413 | 8,069 | 1,634 | 1,515 | 10,601 | 12,116 | 2,620 | 9,496 | - | 2013(A) | |||||||||||||||||||||||||||||||
| MERCHANTS WALK | FL | 2,581 | 10,366 | 10,577 | 2,581 | 20,943 | 23,524 | 11,594 | 11,930 | - | 2001(A) | |||||||||||||||||||||||||||||||
| MILLENIA PLAZA PHASE II | FL | 7,711 | 20,703 | 4,994 | 7,698 | 25,710 | 33,408 | 10,303 | 23,105 | - | 2009(A) | |||||||||||||||||||||||||||||||
| MILLER ROAD S.C. | FL | 1,138 | 4,552 | 4,682 | 1,138 | 9,234 | 10,372 | 6,344 | 4,028 | - | 1986(A) | |||||||||||||||||||||||||||||||
| MILLER WEST PLAZA | FL | 6,726 | 10,661 | 312 | 6,726 | 10,973 | 17,699 | 2,427 | 15,272 | - | 2015(A) | |||||||||||||||||||||||||||||||
| MISSION BELL SHOPPING CENTER | FL | 5,056 | 11,843 | 8,727 | 5,067 | 20,559 | 25,626 | 8,468 | 17,158 | - | 2004(A) | |||||||||||||||||||||||||||||||
| NASA PLAZA | FL | - | 1,754 | 4,682 | - | 6,436 | 6,436 | 4,381 | 2,055 | - | 1968(C) | |||||||||||||||||||||||||||||||
| OAK TREE PLAZA | FL | - | 917 | 2,533 | - | 3,450 | 3,450 | 2,727 | 723 | - | 1968(C) | |||||||||||||||||||||||||||||||
| OAKWOOD BUSINESS CTR-BLDG 1 | FL | 6,793 | 18,663 | 3,578 | 6,793 | 22,241 | 29,034 | 8,378 | 20,656 | - | 2009(A) | |||||||||||||||||||||||||||||||
| OAKWOOD PLAZA NORTH | FL | 35,301 | 141,731 | (716 | ) | 35,301 | 141,015 | 176,316 | 23,678 | 152,638 | - | 2016(A) | ||||||||||||||||||||||||||||||
| OAKWOOD PLAZA SOUTH | FL | 11,127 | 40,592 | (155 | ) | 11,127 | 40,437 | 51,564 | 7,552 | 44,012 | - | 2016(A) | ||||||||||||||||||||||||||||||
| PALMS AT TOWN & COUNTRY | FL | 30,137 | 94,674 | 2 | 30,137 | 94,676 | 124,813 | 2,195 | 122,618 | - | 2021(A) | |||||||||||||||||||||||||||||||
| PALMS AT TOWN & COUNTRY LIFESTYLE | FL | 26,597 | 92,088 | 46 | 26,597 | 92,134 | 118,731 | 2,231 | 116,500 | - | 2021(A) | |||||||||||||||||||||||||||||||
| PARK HILL PLAZA | FL | 10,764 | 19,264 | 1,214 | 10,764 | 20,478 | 31,242 | 5,703 | 25,539 | - | 2011(A) | |||||||||||||||||||||||||||||||
| PHILLIPS CROSSING | FL | - | 53,536 | 51 | - | 53,587 | 53,587 | 1,114 | 52,473 | - | 2021(A) | |||||||||||||||||||||||||||||||
| PLANTATION CROSSING | FL | 2,782 | 8,077 | 2,633 | 2,782 | 10,710 | 13,492 | 1,750 | 11,742 | - | 2017(A) | |||||||||||||||||||||||||||||||
| POMPANO POINTE S.C. | FL | 10,517 | 14,356 | 628 | 10,517 | 14,984 | 25,501 | 2,410 | 23,091 | - | 2012(A) | |||||||||||||||||||||||||||||||
| RENAISSANCE CENTER | FL | 9,104 | 36,541 | 14,476 | 9,123 | 50,998 | 60,121 | 24,146 | 35,975 | - | 1998(A) | |||||||||||||||||||||||||||||||
| RIVERPLACE SHOPPING CTR. | FL | 7,503 | 31,011 | 2,167 | 7,200 | 33,481 | 40,681 | 12,073 | 28,608 | - | 2010(A) | |||||||||||||||||||||||||||||||
| RIVERSIDE LANDINGS S.C. | FL | 3,512 | 14,440 | 454 | 3,512 | 14,894 | 18,406 | 3,108 | 15,298 | - | 2015(A) | |||||||||||||||||||||||||||||||
| SEA RANCH CENTRE | FL | 3,298 | 21,259 | 48 | 3,298 | 21,307 | 24,605 | 512 | 24,093 | - | 2021(A) | |||||||||||||||||||||||||||||||
| SHOPPES AT DEERFIELD | FL | 19,069 | 69,485 | 20 | 19,069 | 69,505 | 88,574 | 1,843 | 86,731 | - | 2021(A) | |||||||||||||||||||||||||||||||
| SHOPPES AT DEERFIELD II | FL | 788 | 6,388 | - | 788 | 6,388 | 7,176 | 123 | 7,053 | - | 2021(A) | |||||||||||||||||||||||||||||||
| SHOPS AT SANTA BARBARA PHASE 1 | FL | 743 | 5,374 | 243 | 743 | 5,617 | 6,360 | 1,215 | 5,145 | - | 2015(A) | |||||||||||||||||||||||||||||||
| SHOPS AT SANTA BARBARA PHASE 2 | FL | 332 | 2,489 | 46 | 332 | 2,535 | 2,867 | 585 | 2,282 | - | 2015(A) | |||||||||||||||||||||||||||||||
| SHOPS AT SANTA BARBARA PHASE 3 | FL | 330 | 2,359 | 49 | 330 | 2,408 | 2,738 | 510 | 2,228 | - | 2015(A) | |||||||||||||||||||||||||||||||
| SODO S.C. | FL | - | 68,139 | 5,733 | 142 | 73,730 | 73,872 | 24,057 | 49,815 | - | 2008(A) | |||||||||||||||||||||||||||||||
| SOUTH MIAMI S.C. | FL | 1,280 | 5,134 | 4,664 | 1,280 | 9,798 | 11,078 | 5,550 | 5,528 | - | 1995(A) | |||||||||||||||||||||||||||||||
| SUNSET 19 S.C. | FL | 12,460 | 55,354 | - | 12,460 | 55,354 | 67,814 | 1,438 | 66,376 | - | 2021(A) | |||||||||||||||||||||||||||||||
| TJ MAXX PLAZA | FL | 10,341 | 38,660 | 72 | 10,341 | 38,732 | 49,073 | 918 | 48,155 | - | 2021(A) | |||||||||||||||||||||||||||||||
| TRI-CITY PLAZA | FL | 2,832 | 11,329 | 23,671 | 2,832 | 35,000 | 37,832 | 7,793 | 30,039 | - | 1992(A) | |||||||||||||||||||||||||||||||
| TUTTLEBEE PLAZA | FL | 255 | 828 | 2,478 | 255 | 3,306 | 3,561 | 2,269 | 1,292 | - | 2008(A) | |||||||||||||||||||||||||||||||
| UNIVERSITY TOWN CENTER | FL | 5,515 | 13,041 | 683 | 5,515 | 13,724 | 19,239 | 4,583 | 14,656 | - | 2011(A) | |||||||||||||||||||||||||||||||
| VILLAGE COMMONS S.C. | FL | 2,026 | 5,106 | 2,056 | 2,026 | 7,162 | 9,188 | 2,114 | 7,074 | - | 2013(A) | |||||||||||||||||||||||||||||||
| VILLAGE COMMONS SHOPPING CENTER | FL | 2,192 | 8,774 | 5,510 | 2,192 | 14,284 | 16,476 | 7,721 | 8,755 | - | 1998(A) | |||||||||||||||||||||||||||||||
| VILLAGE GREEN CENTER | FL | 11,405 | 13,466 | - | 11,405 | 13,466 | 24,871 | 391 | 24,480 | 17,753 | 2021(A) | |||||||||||||||||||||||||||||||
| VIZCAYA SQUARE | FL | 5,773 | 20,965 | - | 5,773 | 20,965 | 26,738 | 515 | 26,223 | - | 2021(A) | |||||||||||||||||||||||||||||||
| WELLINGTON GREEN COMMONS | FL | 19,528 | 32,521 | - | 19,528 | 32,521 | 52,049 | 726 | 51,323 | 16,066 | 2021(A) | |||||||||||||||||||||||||||||||
| WELLINGTON GREEN PAD SITES | FL | 3,854 | 1,777 | 1,007 | 3,854 | 2,784 | 6,638 | 84 | 6,554 | - | 2021(A) | |||||||||||||||||||||||||||||||
| WINN DIXIE-MIAMI | FL | 2,990 | 9,410 | (52 | ) | 3,544 | 8,804 | 12,348 | 1,775 | 10,573 | - | 2013(A) | ||||||||||||||||||||||||||||||
| WINTER PARK CORNERS | FL | 5,191 | 42,530 | 11 | 5,191 | 42,541 | 47,732 | 729 | 47,003 | - | 2021(A) |
| BRAELINN VILLAGE | GA | 7,315 | 20,739 | (569 | ) | 3,731 | 23,754 | 27,485 | 5,398 | 22,087 | - | 2014(A) | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BROWNSVILLE COMMONS | GA | 593 | 5,488 | - | 593 | 5,488 | 6,081 | 142 | 5,939 | - | 2021(A) | |||||||||||||||||||||||||||||||
| CAMP CREEK MARKETPLACE II | GA | 4,441 | 38,596 | - | 4,441 | 38,596 | 43,037 | 1,205 | 41,832 | - | 2021(A) | |||||||||||||||||||||||||||||||
| CHATHAM PLAZA | GA | 13,390 | 35,116 | 1,976 | 13,403 | 37,079 | 50,482 | 15,020 | 35,462 | - | 2008(A) | |||||||||||||||||||||||||||||||
| EMBRY VILLAGE | GA | 18,147 | 33,010 | 4,422 | 18,161 | 37,418 | 55,579 | 24,425 | 31,154 | - | 2008(A) | |||||||||||||||||||||||||||||||
| GRAYSON COMMONS | GA | 2,600 | 13,358 | - | 2,600 | 13,358 | 15,958 | 574 | 15,384 | 3,011 | 2021(A) | |||||||||||||||||||||||||||||||
| LAKESIDE MARKETPLACE | GA | 2,238 | 28,579 | 149 | 2,238 | 28,728 | 30,966 | 702 | 30,264 | - | 2021(A) | |||||||||||||||||||||||||||||||
| LAWRENCEVILLE MARKET | GA | 8,878 | 29,691 | 1,084 | 9,060 | 30,593 | 39,653 | 8,800 | 30,853 | - | 2013(A) | |||||||||||||||||||||||||||||||
| MARKET AT HAYNES BRIDGE | GA | 4,881 | 21,549 | 1,656 | 4,890 | 23,196 | 28,086 | 9,130 | 18,956 | - | 2008(A) | |||||||||||||||||||||||||||||||
| PERIMETER EXPO PROPERTY | GA | 14,770 | 44,295 | 2,489 | 16,142 | 45,412 | 61,554 | 8,687 | 52,867 | - | 2016(A) | |||||||||||||||||||||||||||||||
| PERIMETER VILLAGE | GA | 5,418 | 67,522 | - | 5,418 | 67,522 | 72,940 | 1,531 | 71,409 | 27,757 | 2021(A) | |||||||||||||||||||||||||||||||
| RIVERWALK MARKETPLACE | GA | 3,512 | 18,863 | 148 | 3,512 | 19,011 | 22,523 | 3,436 | 19,087 | - | 2015(A) | |||||||||||||||||||||||||||||||
| ROSWELL CORNERS | GA | 4,536 | 47,054 | - | 4,536 | 47,054 | 51,590 | 965 | 50,625 | - | 2021(A) | |||||||||||||||||||||||||||||||
| ROSWELL CROSSING | GA | 6,270 | 45,338 | - | 6,270 | 45,338 | 51,608 | 989 | 50,619 | - | 2021(A) | |||||||||||||||||||||||||||||||
| SAVANNAH CENTER | GA | 2,052 | 8,233 | 5,538 | 2,052 | 13,771 | 15,823 | 8,711 | 7,112 | - | 1993(A) | |||||||||||||||||||||||||||||||
| THOMPSON BRIDGE COMMONS | GA | 414 | 1,576 | - | 414 | 1,576 | 1,990 | 19 | 1,971 | - | 2021(A) | |||||||||||||||||||||||||||||||
| CLIVE PLAZA | IA | 501 | 2,002 | - | 501 | 2,002 | 2,503 | 1,330 | 1,173 | - | 1996(A) | |||||||||||||||||||||||||||||||
| HAWTHORN HILLS SQUARE | IL | 6,784 | 33,034 | 3,258 | 6,784 | 36,292 | 43,076 | 11,681 | 31,395 | - | 2012(A) | |||||||||||||||||||||||||||||||
| PLAZA DEL PRADO | IL | 10,204 | 28,410 | 1,923 | 10,204 | 30,333 | 40,537 | 6,104 | 34,433 | - | 2017(A) | |||||||||||||||||||||||||||||||
| SKOKIE POINTE | IL | - | 2,276 | 9,713 | 2,628 | 9,361 | 11,989 | 4,931 | 7,058 | - | 1997(A) | |||||||||||||||||||||||||||||||
| GREENWOOD S.C. | IN | 423 | 1,883 | 20,577 | 1,641 | 21,242 | 22,883 | 4,931 | 17,952 | - | 1970(C) | |||||||||||||||||||||||||||||||
| LINWOOD SQUARE | IN | 3,411 | 8,687 | 888 | 3,411 | 9,575 | 12,986 | 715 | 12,271 | 4,805 | 2019(A) | |||||||||||||||||||||||||||||||
| FESTIVAL ON JEFFERSON COURT | KY | 5,627 | 26,790 | 225 | 5,627 | 27,015 | 32,642 | 827 | 31,815 | - | 2021(A) | |||||||||||||||||||||||||||||||
| ADAMS PLAZA | MA | 2,089 | 3,227 | 179 | 2,089 | 3,406 | 5,495 | 824 | 4,671 | - | 2014(A) | |||||||||||||||||||||||||||||||
| BROADWAY PLAZA | MA | 6,485 | 343 | - | 6,485 | 343 | 6,828 | 194 | 6,634 | - | 2014(A) | |||||||||||||||||||||||||||||||
| FALMOUTH PLAZA | MA | 2,361 | 13,066 | 1,819 | 2,361 | 14,885 | 17,246 | 3,239 | 14,007 | - | 2014(A) | |||||||||||||||||||||||||||||||
| FELLSWAY PLAZA | MA | 5,300 | 11,014 | 1,203 | 5,300 | 12,217 | 17,517 | 2,482 | 15,035 | - | 2014(A) | |||||||||||||||||||||||||||||||
| FESTIVAL OF HYANNIS S.C. | MA | 15,038 | 40,683 | 1,818 | 15,038 | 42,501 | 57,539 | 10,767 | 46,772 | - | 2014(A) | |||||||||||||||||||||||||||||||
| GLENDALE SQUARE | MA | 4,699 | 7,141 | 393 | 4,699 | 7,534 | 12,233 | 1,907 | 10,326 | - | 2014(A) | |||||||||||||||||||||||||||||||
| LINDEN PLAZA | MA | 4,628 | 3,535 | 607 | 4,628 | 4,142 | 8,770 | 1,562 | 7,208 | - | 2014(A) | |||||||||||||||||||||||||||||||
| MAIN ST. PLAZA | MA | 556 | 2,139 | (33 | ) | 523 | 2,139 | 2,662 | 619 | 2,043 | - | 2014(A) | ||||||||||||||||||||||||||||||
| MEMORIAL PLAZA | MA | 16,411 | 27,554 | 1,008 | 16,411 | 28,562 | 44,973 | 5,762 | 39,211 | - | 2014(A) | |||||||||||||||||||||||||||||||
| MILL ST. PLAZA | MA | 4,195 | 6,203 | 471 | 4,195 | 6,674 | 10,869 | 1,544 | 9,325 | - | 2014(A) | |||||||||||||||||||||||||||||||
| MORRISSEY PLAZA | MA | 4,097 | 3,751 | 1,587 | 4,097 | 5,338 | 9,435 | 442 | 8,993 | - | 2014(A) | |||||||||||||||||||||||||||||||
| NORTH AVE. PLAZA | MA | 1,164 | 1,195 | 32 | 1,164 | 1,227 | 2,391 | 431 | 1,960 | - | 2014(A) | |||||||||||||||||||||||||||||||
| NORTH QUINCY PLAZA | MA | 6,333 | 17,954 | (275 | ) | 3,894 | 20,118 | 24,012 | 4,057 | 19,955 | - | 2014(A) | ||||||||||||||||||||||||||||||
| PARADISE PLAZA | MA | 4,183 | 12,195 | 1,815 | 4,183 | 14,010 | 18,193 | 3,732 | 14,461 | - | 2014(A) | |||||||||||||||||||||||||||||||
| VINNIN SQUARE IN-LINE | MA | 582 | 2,095 | (78 | ) | 582 | 2,017 | 2,599 | 377 | 2,222 | - | 2014(A) | ||||||||||||||||||||||||||||||
| VINNIN SQUARE PLAZA | MA | 5,545 | 16,324 | 356 | 5,545 | 16,680 | 22,225 | 4,743 | 17,482 | - | 2014(A) | |||||||||||||||||||||||||||||||
| WASHINGTON ST. PLAZA | MA | 11,008 | 5,652 | 9,872 | 12,958 | 13,574 | 26,532 | 3,898 | 22,634 | - | 2014(A) | |||||||||||||||||||||||||||||||
| WASHINGTON ST. S.C. | MA | 7,381 | 9,987 | 2,096 | 7,381 | 12,083 | 19,464 | 2,747 | 16,717 | - | 2014(A) | |||||||||||||||||||||||||||||||
| WAVERLY PLAZA | MA | 1,215 | 3,623 | 321 | 1,203 | 3,956 | 5,159 | 1,021 | 4,138 | - | 2014(A) |
| CENTRE COURT-GIANT | MD | 3,854 | 12,770 | 127 | 3,854 | 12,897 | 16,751 | 3,835 | 12,916 | 4,029 | 2011(A) | |||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CENTRE COURT-OLD COURT/COURTYD | MD | 2,279 | 5,285 | 43 | 2,279 | 5,328 | 7,607 | 1,443 | 6,164 | - | 2011(A) | |||||||||||||||||||||||||||||||
| CENTRE COURT-RETAIL/BANK | MD | 1,035 | 7,786 | 285 | 1,035 | 8,071 | 9,106 | 2,003 | 7,103 | 754 | 2011(A) | |||||||||||||||||||||||||||||||
| COLUMBIA CROSSING | MD | 3,613 | 34,345 | 1,719 | 3,613 | 36,064 | 39,677 | 6,711 | 32,966 | - | 2015(A) | |||||||||||||||||||||||||||||||
| COLUMBIA CROSSING II SHOP.CTR. | MD | 3,138 | 19,868 | 4,561 | 3,138 | 24,429 | 27,567 | 4,869 | 22,698 | - | 2013(A) | |||||||||||||||||||||||||||||||
| COLUMBIA CROSSING OUTPARCELS | MD | 1,279 | 2,871 | 33,379 | 9,980 | 27,549 | 37,529 | 5,067 | 32,462 | - | 2011(A) | |||||||||||||||||||||||||||||||
| DORSEY'S SEARCH VILLAGE CENTER | MD | 6,322 | 27,996 | 663 | 6,322 | 28,659 | 34,981 | 5,266 | 29,715 | - | 2015(A) | |||||||||||||||||||||||||||||||
| ENCHANTED FOREST S.C. | MD | 20,124 | 34,345 | 772 | 20,124 | 35,117 | 55,241 | 7,824 | 47,417 | - | 2014(A) | |||||||||||||||||||||||||||||||
| FULLERTON PLAZA | MD | 14,238 | 6,744 | 10,579 | 14,238 | 17,323 | 31,561 | 3,097 | 28,464 | - | 2014(A) | |||||||||||||||||||||||||||||||
| GAITHERSBURG S.C. | MD | 245 | 6,788 | 2,028 | 245 | 8,816 | 9,061 | 4,751 | 4,310 | - | 1999(A) | |||||||||||||||||||||||||||||||
| GREENBRIER S.C. | MD | 8,891 | 30,305 | 904 | 8,891 | 31,209 | 40,100 | 6,552 | 33,548 | - | 2014(A) | |||||||||||||||||||||||||||||||
| HARPER'S CHOICE | MD | 8,429 | 18,374 | 1,699 | 8,429 | 20,073 | 28,502 | 4,142 | 24,360 | - | 2015(A) | |||||||||||||||||||||||||||||||
| HICKORY RIDGE | MD | 7,184 | 26,948 | 1,101 | 7,184 | 28,049 | 35,233 | 5,174 | 30,059 | - | 2015(A) | |||||||||||||||||||||||||||||||
| HICKORY RIDGE (SUNOCO) | MD | 543 | 2,122 | - | 543 | 2,122 | 2,665 | 490 | 2,175 | - | 2015(A) | |||||||||||||||||||||||||||||||
| INGLESIDE S.C. | MD | 10,417 | 17,889 | 510 | 10,417 | 18,399 | 28,816 | 4,492 | 24,324 | - | 2014(A) | |||||||||||||||||||||||||||||||
| KENTLANDS MARKET SQUARE | MD | 20,167 | 84,615 | 18,335 | 20,167 | 102,950 | 123,117 | 14,255 | 108,862 | - | 2016(A) | |||||||||||||||||||||||||||||||
| KINGS CONTRIVANCE | MD | 9,308 | 31,760 | 1,351 | 9,308 | 33,111 | 42,419 | 7,837 | 34,582 | - | 2014(A) | |||||||||||||||||||||||||||||||
| LAUREL PLAZA | MD | 350 | 1,398 | 6,607 | 1,571 | 6,784 | 8,355 | 2,863 | 5,492 | - | 1995(A) | |||||||||||||||||||||||||||||||
| LAUREL PLAZA | MD | 275 | 1,101 | 174 | 275 | 1,275 | 1,550 | 1,242 | 308 | - | 1972(C) | |||||||||||||||||||||||||||||||
| MILL STATION DEVELOPMENT | MD | 21,321 | - | 62,742 | 16,076 | 67,987 | 84,063 | 2,726 | 81,337 | - | 2015(C) | |||||||||||||||||||||||||||||||
| MILL STATION THEATER/RSTRNTS | MD | 23,379 | 1,090 | (3,688 | ) | 14,738 | 6,043 | 20,781 | 1,428 | 19,353 | - | 2016(C) | ||||||||||||||||||||||||||||||
| PIKE CENTER | MD | - | 61,389 | 9 | - | 61,398 | 61,398 | 981 | 60,417 | - | 2021(A) | |||||||||||||||||||||||||||||||
| PUTTY HILL PLAZA | MD | 4,192 | 11,112 | 795 | 4,192 | 11,907 | 16,099 | 3,800 | 12,299 | - | 2013(A) | |||||||||||||||||||||||||||||||
| RADCLIFFE CENTER | MD | 12,043 | 21,188 | (128 | ) | 12,043 | 21,060 | 33,103 | 5,106 | 27,997 | - | 2014(A) | ||||||||||||||||||||||||||||||
| RIVERHILL VILLAGE CENTER | MD | 16,825 | 23,282 | 511 | 16,825 | 23,793 | 40,618 | 6,146 | 34,472 | - | 2014(A) | |||||||||||||||||||||||||||||||
| SHAWAN PLAZA | MD | 4,466 | 20,222 | (182 | ) | 4,466 | 20,040 | 24,506 | 13,178 | 11,328 | - | 2008(A) | ||||||||||||||||||||||||||||||
| SHOPPES AT EASTON | MD | 6,524 | 16,402 | (2,697 | ) | 5,630 | 14,599 | 20,229 | 3,637 | 16,592 | - | 2014(A) | ||||||||||||||||||||||||||||||
| SHOPS AT DISTRICT HEIGHTS | MD | 8,166 | 21,971 | (1,376 | ) | 7,298 | 21,463 | 28,761 | 3,677 | 25,084 | - | 2015(A) | ||||||||||||||||||||||||||||||
| SNOWDEN SQUARE S.C. | MD | 1,929 | 4,558 | 5,155 | 3,326 | 8,316 | 11,642 | 2,378 | 9,264 | - | 2012(A) | |||||||||||||||||||||||||||||||
| TIMONIUM CROSSING | MD | 2,525 | 14,863 | 852 | 2,525 | 15,715 | 18,240 | 3,253 | 14,987 | - | 2014(A) | |||||||||||||||||||||||||||||||
| TIMONIUM SQUARE | MD | 6,000 | 24,283 | 14,185 | 7,311 | 37,157 | 44,468 | 19,119 | 25,349 | - | 2003(A) | |||||||||||||||||||||||||||||||
| TOWSON PLACE | MD | 43,887 | 101,765 | 5,468 | 43,271 | 107,849 | 151,120 | 28,733 | 122,387 | - | 2012(A) | |||||||||||||||||||||||||||||||
| VILLAGES AT URBANA | MD | 3,190 | 6 | 20,188 | 4,829 | 18,555 | 23,384 | 3,565 | 19,819 | - | 2003(A) | |||||||||||||||||||||||||||||||
| WILDE LAKE | MD | 1,468 | 5,870 | 26,645 | 2,577 | 31,406 | 33,983 | 12,054 | 21,929 | - | 2002(A) | |||||||||||||||||||||||||||||||
| WILKENS BELTWAY PLAZA | MD | 9,948 | 22,126 | 2,094 | 9,948 | 24,220 | 34,168 | 5,023 | 29,145 | - | 2014(A) | |||||||||||||||||||||||||||||||
| YORK ROAD PLAZA | MD | 4,277 | 37,206 | 416 | 4,277 | 37,622 | 41,899 | 7,339 | 34,560 | - | 2014(A) |
| CENTURY PLAZA | MI | 179 | 926 | 1,030 | 96 | 2,039 | 2,135 | 1,010 | 1,125 | - | 1968(C) | |||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| THE FOUNTAINS AT ARBOR LAKES | MN | 28,585 | 66,699 | 14,655 | 29,485 | 80,454 | 109,939 | 35,630 | 74,309 | - | 2006(A) | |||||||||||||||||||||||||||||||
| CENTER POINT S.C. | MO | - | 550 | - | - | 550 | 550 | 550 | - | - | 1998(A) | |||||||||||||||||||||||||||||||
| BRENNAN STATION | NC | 7,750 | 20,557 | 229 | 6,322 | 22,214 | 28,536 | 7,151 | 21,385 | - | 2011(A) | |||||||||||||||||||||||||||||||
| BRENNAN STATION OUTPARCEL | NC | 628 | 1,666 | (188 | ) | 450 | 1,656 | 2,106 | 455 | 1,651 | - | 2011(A) | ||||||||||||||||||||||||||||||
| CAPITAL SQUARE | NC | 3,528 | 12,159 | - | 3,528 | 12,159 | 15,687 | 401 | 15,286 | - | 2021(A) | |||||||||||||||||||||||||||||||
| CLOVERDALE PLAZA | NC | 541 | 720 | 7,680 | 541 | 8,400 | 8,941 | 4,520 | 4,421 | - | 1969(C) | |||||||||||||||||||||||||||||||
| CROSSROADS PLAZA | NC | 768 | 3,099 | 1,233 | 768 | 4,332 | 5,100 | 2,424 | 2,676 | - | 2000(A) | |||||||||||||||||||||||||||||||
| CROSSROADS PLAZA | NC | 13,406 | 86,456 | 281 | 13,406 | 86,737 | 100,143 | 19,910 | 80,233 | - | 2014(A) | |||||||||||||||||||||||||||||||
| DAVIDSON COMMONS | NC | 2,979 | 12,860 | 446 | 2,979 | 13,306 | 16,285 | 3,581 | 12,704 | - | 2012(A) | |||||||||||||||||||||||||||||||
| FALLS POINTE | NC | 4,049 | 27,415 | - | 4,049 | 27,415 | 31,464 | 545 | 30,919 | - | 2021(A) | |||||||||||||||||||||||||||||||
| HIGH HOUSE CROSSING | NC | 3,604 | 10,950 | 86 | 3,604 | 11,036 | 14,640 | 385 | 14,255 | - | 2021(A) | |||||||||||||||||||||||||||||||
| HOPE VALLEY COMMONS | NC | 3,743 | 16,808 | - | 3,743 | 16,808 | 20,551 | 361 | 20,190 | - | 2021(A) | |||||||||||||||||||||||||||||||
| JETTON VILLAGE SHOPPES | NC | 3,875 | 10,292 | 622 | 2,144 | 12,645 | 14,789 | 3,431 | 11,358 | - | 2011(A) | |||||||||||||||||||||||||||||||
| LEESVILLE TOWNE CENTRE | NC | 5,693 | 37,053 | (108 | ) | 5,693 | 36,945 | 42,638 | 666 | 41,972 | - | 2021(A) | ||||||||||||||||||||||||||||||
| MOORESVILLE CROSSING | NC | 12,014 | 30,604 | 500 | 11,626 | 31,492 | 43,118 | 13,845 | 29,273 | - | 2007(A) | |||||||||||||||||||||||||||||||
| NORTHWOODS S.C. | NC | 2,696 | 9,397 | - | 2,696 | 9,397 | 12,093 | 278 | 11,815 | - | 2021(A) | |||||||||||||||||||||||||||||||
| PARK PLACE SC | NC | 5,461 | 16,163 | 4,894 | 5,470 | 21,048 | 26,518 | 9,191 | 17,327 | - | 2008(A) | |||||||||||||||||||||||||||||||
| PLEASANT VALLEY PROMENADE | NC | 5,209 | 20,886 | 22,926 | 5,209 | 43,812 | 49,021 | 24,173 | 24,848 | - | 1993(A) | |||||||||||||||||||||||||||||||
| QUAIL CORNERS | NC | 7,318 | 26,676 | 1,825 | 7,318 | 28,501 | 35,819 | 5,989 | 29,830 | 14,023 | 2014(A) | |||||||||||||||||||||||||||||||
| SIX FORKS S.C. | NC | - | 78,366 | 24 | - | 78,390 | 78,390 | 1,857 | 76,533 | - | 2021(A) | |||||||||||||||||||||||||||||||
| STONEHENGE MARKET | NC | 3,848 | 37,900 | - | 3,848 | 37,900 | 41,748 | 624 | 41,124 | - | 2021(A) | |||||||||||||||||||||||||||||||
| TYVOLA SQUARE | NC | - | 4,736 | 8,911 | - | 13,647 | 13,647 | 10,547 | 3,100 | - | 1986(A) | |||||||||||||||||||||||||||||||
| WOODLAWN MARKETPLACE | NC | 919 | 3,571 | 3,174 | 919 | 6,745 | 7,664 | 4,654 | 3,010 | - | 2008(A) | |||||||||||||||||||||||||||||||
| WOODLAWN SHOPPING CENTER | NC | 2,011 | 5,834 | 2,156 | 2,011 | 7,990 | 10,001 | 2,328 | 7,673 | - | 2012(A) | |||||||||||||||||||||||||||||||
| ROCKINGHAM PLAZA | NH | 2,661 | 10,644 | 24,026 | 3,149 | 34,182 | 37,331 | 16,298 | 21,033 | - | 2008(A) | |||||||||||||||||||||||||||||||
| WEBSTER SQUARE | NH | 11,683 | 41,708 | 6,180 | 11,683 | 47,888 | 59,571 | 10,271 | 49,300 | - | 2014(A) | |||||||||||||||||||||||||||||||
| WEBSTER SQUARE - DSW | NH | 1,346 | 3,638 | 132 | 1,346 | 3,770 | 5,116 | 733 | 4,383 | - | 2017(A) | |||||||||||||||||||||||||||||||
| WEBSTER SQUARE NORTH | NH | 2,163 | 6,511 | 132 | 2,163 | 6,643 | 8,806 | 1,528 | 7,278 | - | 2016(A) | |||||||||||||||||||||||||||||||
| CENTRAL PLAZA | NJ | 3,170 | 10,603 | 2,051 | 5,145 | 10,679 | 15,824 | 3,490 | 12,334 | - | 2013(A) | |||||||||||||||||||||||||||||||
| CLARK SHOPRITE 70 CENTRAL AVE | NJ | 3,497 | 11,694 | 995 | 13,960 | 2,226 | 16,186 | 1,330 | 14,856 | - | 2013(A) | |||||||||||||||||||||||||||||||
| COMMERCE CENTER EAST | NJ | 1,519 | 5,080 | 1,753 | 7,235 | 1,117 | 8,352 | 697 | 7,655 | - | 2013(A) | |||||||||||||||||||||||||||||||
| COMMERCE CENTER WEST | NJ | 386 | 1,290 | 161 | 794 | 1,043 | 1,837 | 309 | 1,528 | - | 2013(A) | |||||||||||||||||||||||||||||||
| COMMONS AT HOLMDEL | NJ | 16,538 | 38,760 | 8,641 | 16,538 | 47,401 | 63,939 | 20,078 | 43,861 | - | 2004(A) | |||||||||||||||||||||||||||||||
| EAST WINDSOR VILLAGE | NJ | 9,335 | 23,778 | 694 | 9,335 | 24,472 | 33,807 | 8,927 | 24,880 | - | 2008(A) | |||||||||||||||||||||||||||||||
| GARDEN STATE PAVILIONS | NJ | 7,531 | 10,802 | 21,623 | 12,204 | 27,752 | 39,956 | 10,594 | 29,362 | - | 2011(A) | |||||||||||||||||||||||||||||||
| HILLVIEW SHOPPING CENTER | NJ | 16,008 | 32,607 | 1,870 | 16,008 | 34,477 | 50,485 | 6,941 | 43,544 | - | 2014(A) | |||||||||||||||||||||||||||||||
| HOLMDEL TOWNE CENTER | NJ | 10,825 | 43,301 | 11,442 | 10,825 | 54,743 | 65,568 | 27,535 | 38,033 | - | 2002(A) | |||||||||||||||||||||||||||||||
| MAPLE SHADE | NJ | - | 9,958 | 2,301 | - | 12,259 | 12,259 | 3,893 | 8,366 | - | 2009(A) | |||||||||||||||||||||||||||||||
| MARLTON PLAZA | NJ | - | 4,319 | 153 | - | 4,472 | 4,472 | 2,841 | 1,631 | - | 1996(A) | |||||||||||||||||||||||||||||||
| NORTH BRUNSWICK PLAZA | NJ | 3,205 | 12,820 | 29,278 | 3,205 | 42,098 | 45,303 | 23,881 | 21,422 | - | 1994(A) | |||||||||||||||||||||||||||||||
| PISCATAWAY TOWN CENTER | NJ | 3,852 | 15,411 | 1,636 | 3,852 | 17,047 | 20,899 | 10,236 | 10,663 | - | 1998(A) | |||||||||||||||||||||||||||||||
| PLAZA AT HILLSDALE | NJ | 7,602 | 6,994 | 1,655 | 7,602 | 8,649 | 16,251 | 2,371 | 13,880 | - | 2014(A) | |||||||||||||||||||||||||||||||
| PLAZA AT SHORT HILLS | NJ | 20,155 | 11,062 | 526 | 20,155 | 11,588 | 31,743 | 3,109 | 28,634 | - | 2014(A) | |||||||||||||||||||||||||||||||
| RIDGEWOOD S.C. | NJ | 450 | 2,107 | 1,303 | 450 | 3,410 | 3,860 | 2,139 | 1,721 | - | 1993(A) | |||||||||||||||||||||||||||||||
| SHOP RITE PLAZA | NJ | 2,418 | 6,364 | 2,690 | 2,418 | 9,054 | 11,472 | 7,539 | 3,933 | - | 1985(C) | |||||||||||||||||||||||||||||||
| UNION CRESCENT III | NJ | 7,895 | 3,011 | 28,966 | 8,697 | 31,175 | 39,872 | 20,691 | 19,181 | - | 2007(A) | |||||||||||||||||||||||||||||||
| WESTMONT PLAZA | NJ | 602 | 2,405 | 13,926 | 602 | 16,331 | 16,933 | 8,784 | 8,149 | - | 1994(A) | |||||||||||||||||||||||||||||||
| WILLOWBROOK PLAZA | NJ | 15,320 | 40,997 | 10,704 | 15,320 | 51,701 | 67,021 | 10,970 | 56,051 | - | 2009(A) | |||||||||||||||||||||||||||||||
| NORTH TOWNE PLAZA - ALBUQUERQUE | NM | 3,598 | 33,327 | 64 | 3,598 | 33,391 | 36,989 | 972 | 36,017 | - | 2021(A) | |||||||||||||||||||||||||||||||
| CHARLESTON COMMONS | NV | 29,704 | 24,267 | 85 | 29,704 | 24,352 | 54,056 | 1,318 | 52,738 | - | 2021(A) | |||||||||||||||||||||||||||||||
| COLLEGE PARK S.C.-N LAS VEGAS | NV | 2,100 | 18,413 | - | 2,100 | 18,413 | 20,513 | 621 | 19,892 | - | 2021(A) | |||||||||||||||||||||||||||||||
| D'ANDREA MARKETPLACE | NV | 11,556 | 29,435 | 599 | 11,556 | 30,034 | 41,590 | 11,333 | 30,257 | - | 2007(A) | |||||||||||||||||||||||||||||||
| DEL MONTE PLAZA | NV | 2,489 | 5,590 | 248 | 2,210 | 6,117 | 8,327 | 3,503 | 4,824 | 931 | 2006(A) | |||||||||||||||||||||||||||||||
| DEL MONTE PLAZA ANCHOR PARCEL | NV | 6,513 | 17,600 | 156 | 6,520 | 17,749 | 24,269 | 2,733 | 21,536 | - | 2017(A) | |||||||||||||||||||||||||||||||
| FRANCISCO CENTER | NV | 1,800 | 10,085 | 37 | 1,800 | 10,122 | 11,922 | 370 | 11,552 | - | 2021(A) | |||||||||||||||||||||||||||||||
| GALENA JUNCTION | NV | 8,931 | 17,503 | 976 | 8,931 | 18,479 | 27,410 | 4,791 | 22,619 | - | 2015(A) | |||||||||||||||||||||||||||||||
| MCQUEEN CROSSINGS | NV | 5,017 | 20,779 | 1,058 | 5,017 | 21,837 | 26,854 | 6,949 | 19,905 | - | 2015(A) | |||||||||||||||||||||||||||||||
| RANCHO TOWNE & COUNTRY | NV | 7,785 | 13,364 | - | 7,785 | 13,364 | 21,149 | 421 | 20,728 | - | 2021(A) | |||||||||||||||||||||||||||||||
| REDFIELD PROMENADE | NV | 4,415 | 32,035 | 907 | 4,415 | 32,942 | 37,357 | 10,264 | 27,093 | - | 2015(A) | |||||||||||||||||||||||||||||||
| SPARKS MERCANTILE | NV | 6,222 | 17,069 | 419 | 6,222 | 17,488 | 23,710 | 4,709 | 19,001 | - | 2015(A) |
| 501 NORTH BROADWAY | NY | - | 1,176 | (60 | ) | - | 1,116 | 1,116 | 501 | 615 | - | 2007(A) | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AIRPORT PLAZA | NY | 22,711 | 107,012 | 6,450 | 22,711 | 113,462 | 136,173 | 25,807 | 110,366 | - | 2015(A) | |||||||||||||||||||||||||||||||
| BELLMORE S.C. | NY | 1,272 | 3,184 | 1,712 | 1,272 | 4,896 | 6,168 | 2,504 | 3,664 | - | 2004(A) | |||||||||||||||||||||||||||||||
| BIRCHWOOD PLAZA COMMACK | NY | 3,630 | 4,775 | 1,358 | 3,630 | 6,133 | 9,763 | 2,417 | 7,346 | - | 2007(A) | |||||||||||||||||||||||||||||||
| BRIDGEHAMPTON COMMONS-W&E SIDE | NY | 1,812 | 3,107 | 40,364 | 1,858 | 43,425 | 45,283 | 25,183 | 20,100 | - | 1972(C) | |||||||||||||||||||||||||||||||
| CHAMPION FOOD SUPERMARKET | NY | 758 | 1,875 | (25 | ) | 2,241 | 367 | 2,608 | 243 | 2,365 | - | 2012(A) | ||||||||||||||||||||||||||||||
| ELMONT S.C. | NY | 3,012 | 7,606 | 6,718 | 3,012 | 14,324 | 17,336 | 4,958 | 12,378 | - | 2004(A) | |||||||||||||||||||||||||||||||
| ELMSFORD CENTER 1 | NY | 4,134 | 1,193 | - | 4,134 | 1,193 | 5,327 | 296 | 5,031 | - | 2013(A) | |||||||||||||||||||||||||||||||
| ELMSFORD CENTER 2 | NY | 4,076 | 15,599 | 1,118 | 4,245 | 16,548 | 20,793 | 4,784 | 16,009 | - | 2013(A) | |||||||||||||||||||||||||||||||
| FAMILY DOLLAR UNION TURNPIKE | NY | 909 | 2,250 | 258 | 1,057 | 2,360 | 3,417 | 654 | 2,763 | - | 2012(A) | |||||||||||||||||||||||||||||||
| FOREST AVENUE PLAZA | NY | 4,559 | 10,441 | 3,084 | 4,559 | 13,525 | 18,084 | 4,703 | 13,381 | - | 2005(A) | |||||||||||||||||||||||||||||||
| FRANKLIN SQUARE S.C. | NY | 1,079 | 2,517 | 3,588 | 1,079 | 6,105 | 7,184 | 2,365 | 4,819 | - | 2004(A) | |||||||||||||||||||||||||||||||
| GREENRIDGE PLAZA | NY | 2,940 | 11,812 | 7,502 | 3,148 | 19,106 | 22,254 | 10,529 | 11,725 | - | 1997(A) | |||||||||||||||||||||||||||||||
| HAMPTON BAYS PLAZA | NY | 1,495 | 5,979 | 3,439 | 1,495 | 9,418 | 10,913 | 8,421 | 2,492 | - | 1989(A) | |||||||||||||||||||||||||||||||
| HICKSVILLE PLAZA | NY | 3,543 | 8,266 | 2,571 | 3,543 | 10,837 | 14,380 | 4,737 | 9,643 | - | 2004(A) | |||||||||||||||||||||||||||||||
| INDEPENDENCE PLAZA | NY | 12,279 | 34,814 | (155 | ) | 16,132 | 30,806 | 46,938 | 8,980 | 37,958 | - | 2014(A) | ||||||||||||||||||||||||||||||
| JERICHO COMMONS SOUTH | NY | 12,368 | 33,071 | 3,587 | 12,368 | 36,658 | 49,026 | 14,301 | 34,725 | 3,567 | 2007(A) | |||||||||||||||||||||||||||||||
| KEY FOOD - 21ST STREET | NY | 1,091 | 2,700 | (165 | ) | 1,669 | 1,957 | 3,626 | 473 | 3,153 | - | 2012(A) | ||||||||||||||||||||||||||||||
| KEY FOOD - ATLANTIC AVE | NY | 2,273 | 5,625 | 509 | 4,809 | 3,598 | 8,407 | 1,061 | 7,346 | - | 2012(A) | |||||||||||||||||||||||||||||||
| KEY FOOD - CENTRAL AVE. | NY | 2,788 | 6,899 | (395 | ) | 2,603 | 6,689 | 9,292 | 1,686 | 7,606 | - | 2012(A) | ||||||||||||||||||||||||||||||
| KINGS HIGHWAY | NY | 2,744 | 6,811 | 2,266 | 2,744 | 9,077 | 11,821 | 4,308 | 7,513 | - | 2004(A) | |||||||||||||||||||||||||||||||
| KISSENA BOULEVARD SHOPPING CTR | NY | 11,610 | 2,933 | 1,608 | 11,610 | 4,541 | 16,151 | 1,297 | 14,854 | - | 2007(A) | |||||||||||||||||||||||||||||||
| LITTLE NECK PLAZA | NY | 3,277 | 13,161 | 6,151 | 3,277 | 19,312 | 22,589 | 9,599 | 12,990 | - | 2003(A) | |||||||||||||||||||||||||||||||
| MANETTO HILL PLAZA | NY | 264 | 584 | 15,940 | 264 | 16,524 | 16,788 | 7,613 | 9,175 | - | 1969(C) | |||||||||||||||||||||||||||||||
| MANHASSET CENTER | NY | 4,567 | 19,166 | 33,383 | 3,472 | 53,644 | 57,116 | 30,942 | 26,174 | - | 1999(A) | |||||||||||||||||||||||||||||||
| MARKET AT BAY SHORE | NY | 12,360 | 30,708 | 6,720 | 12,360 | 37,428 | 49,788 | 16,564 | 33,224 | 11,979 | 2006(A) | |||||||||||||||||||||||||||||||
| MASPETH QUEENS-DUANE READE | NY | 1,872 | 4,828 | 1,037 | 1,872 | 5,865 | 7,737 | 2,474 | 5,263 | - | 2004(A) | |||||||||||||||||||||||||||||||
| MILLERIDGE INN | NY | 7,500 | 481 | (48 | ) | 7,500 | 433 | 7,933 | 58 | 7,875 | - | 2015(A) | ||||||||||||||||||||||||||||||
| MINEOLA CROSSINGS | NY | 4,150 | 7,521 | 377 | 4,150 | 7,898 | 12,048 | 2,841 | 9,207 | - | 2007(A) | |||||||||||||||||||||||||||||||
| NORTH MASSAPEQUA S.C. | NY | 1,881 | 4,389 | (1,887 | ) | - | 4,383 | 4,383 | 4,317 | 66 | - | 2004(A) | ||||||||||||||||||||||||||||||
| OCEAN PLAZA | NY | 564 | 2,269 | 19 | 564 | 2,288 | 2,852 | 1,095 | 1,757 | - | 2003(A) | |||||||||||||||||||||||||||||||
| RALPH AVENUE PLAZA | NY | 4,414 | 11,340 | 4,037 | 4,414 | 15,377 | 19,791 | 6,509 | 13,282 | - | 2004(A) | |||||||||||||||||||||||||||||||
| RICHMOND S.C. | NY | 2,280 | 9,028 | 21,538 | 2,280 | 30,566 | 32,846 | 16,976 | 15,870 | - | 1989(A) | |||||||||||||||||||||||||||||||
| ROMAINE PLAZA | NY | 782 | 1,826 | 594 | 782 | 2,420 | 3,202 | 1,039 | 2,163 | - | 2005(A) | |||||||||||||||||||||||||||||||
| SHOPRITE S.C. | NY | 872 | 3,488 | - | 872 | 3,488 | 4,360 | 2,600 | 1,760 | - | 1998(A) | |||||||||||||||||||||||||||||||
| SMITHTOWN PLAZA | NY | 3,528 | 7,364 | 561 | 3,437 | 8,016 | 11,453 | 3,697 | 7,756 | - | 2009(A) | |||||||||||||||||||||||||||||||
| SYOSSET S.C. | NY | 107 | 76 | 2,267 | 107 | 2,343 | 2,450 | 1,356 | 1,094 | - | 1990(C) | |||||||||||||||||||||||||||||||
| THE BOULEVARD | NY | 28,724 | 38,232 | 233,215 | 28,724 | 271,447 | 300,171 | 20,132 | 280,039 | - | 2006(A) | |||||||||||||||||||||||||||||||
| TURNPIKE PLAZA | NY | 2,472 | 5,839 | 1,046 | 2,472 | 6,885 | 9,357 | 2,363 | 6,994 | - | 2011(A) | |||||||||||||||||||||||||||||||
| VETERANS MEMORIAL PLAZA | NY | 5,968 | 23,243 | 20,820 | 5,980 | 44,051 | 50,031 | 18,877 | 31,154 | - | 1998(A) | |||||||||||||||||||||||||||||||
| WHITE PLAINS S.C. | NY | 1,778 | 4,454 | 2,894 | 1,778 | 7,348 | 9,126 | 2,892 | 6,234 | - | 2004(A) |
| JANTZEN BEACH CENTER | OR | 57,575 | 102,844 | 494 | 57,588 | 103,325 | 160,913 | 19,131 | 141,782 | - | 2017(A) | |||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| OREGON TRAIL CENTER | OR | 5,802 | 12,623 | 641 | 5,802 | 13,264 | 19,066 | 6,152 | 12,914 | - | 2009(A) | |||||||||||||||||||||||||||||||
| CENTER SQUARE SHOPPING CENTER | PA | 732 | 2,928 | 1,264 | 691 | 4,233 | 4,924 | 3,054 | 1,870 | - | 1996(A) | |||||||||||||||||||||||||||||||
| CRANBERRY TOWNSHIP-PARCEL 1&2 | PA | 10,271 | 30,770 | 1,898 | 6,070 | 36,869 | 42,939 | 6,536 | 36,403 | - | 2016(A) | |||||||||||||||||||||||||||||||
| CROSSROADS PLAZA | PA | 789 | 3,155 | 13,983 | 976 | 16,951 | 17,927 | 11,272 | 6,655 | - | 1986(A) | |||||||||||||||||||||||||||||||
| DEVON VILLAGE | PA | 4,856 | 25,847 | (387 | ) | 4,856 | 25,460 | 30,316 | 7,865 | 22,451 | - | 2012(A) | ||||||||||||||||||||||||||||||
| FRANKFORD AVENUE S.C. | PA | 732 | 2,928 | - | 732 | 2,928 | 3,660 | 1,902 | 1,758 | - | 1996(A) | |||||||||||||||||||||||||||||||
| HARRISBURG EAST SHOPPING CTR. | PA | 453 | 6,665 | 11,650 | 3,003 | 15,765 | 18,768 | 9,185 | 9,583 | - | 2002(A) | |||||||||||||||||||||||||||||||
| HOLIDAY CENTER | PA | 7,727 | 20,014 | (4,846 | ) | 6,098 | 16,797 | 22,895 | 5,070 | 17,825 | - | 2015(A) | ||||||||||||||||||||||||||||||
| HORSHAM POINT | PA | 3,813 | 18,189 | 95 | 3,813 | 18,284 | 22,097 | 3,434 | 18,663 | - | 2015(A) | |||||||||||||||||||||||||||||||
| LINCOLN SQUARE | PA | 90,479 | - | 75,216 | 10,533 | 155,162 | 165,695 | 10,299 | 155,396 | - | 2017(C) | |||||||||||||||||||||||||||||||
| NORRITON SQUARE | PA | 686 | 2,665 | 4,342 | 774 | 6,919 | 7,693 | 5,369 | 2,324 | - | 1984(A) | |||||||||||||||||||||||||||||||
| POCONO PLAZA | PA | 1,050 | 2,373 | 18,004 | 1,050 | 20,377 | 21,427 | 2,216 | 19,211 | - | 1973(C) | |||||||||||||||||||||||||||||||
| SHOPPES AT WYNNEWOOD | PA | 7,479 | - | 3,676 | 7,479 | 3,676 | 11,155 | 523 | 10,632 | - | 2015(C) | |||||||||||||||||||||||||||||||
| SHREWSBURY SQUARE S.C. | PA | 8,066 | 16,998 | (2,109 | ) | 6,172 | 16,783 | 22,955 | 3,839 | 19,116 | - | 2014(A) | ||||||||||||||||||||||||||||||
| SPRINGFIELD S.C. | PA | 920 | 4,982 | 13,543 | 920 | 18,525 | 19,445 | 12,111 | 7,334 | - | 1983(A) | |||||||||||||||||||||||||||||||
| SUBURBAN SQUARE | PA | 70,680 | 166,351 | 82,114 | 71,280 | 247,865 | 319,145 | 66,410 | 252,735 | - | 2007(A) | |||||||||||||||||||||||||||||||
| TOWNSHIP LINE S.C. | PA | 732 | 2,928 | - | 732 | 2,928 | 3,660 | 1,902 | 1,758 | - | 1996(A) | |||||||||||||||||||||||||||||||
| WAYNE PLAZA | PA | 6,128 | 15,605 | 751 | 6,136 | 16,348 | 22,484 | 6,130 | 16,354 | - | 2008(A) | |||||||||||||||||||||||||||||||
| WEXFORD PLAZA | PA | 6,414 | 9,775 | 10,954 | 6,299 | 20,844 | 27,143 | 6,481 | 20,662 | - | 2010(A) | |||||||||||||||||||||||||||||||
| WHITEHALL MALL | PA | - | 5,196 | - | - | 5,196 | 5,196 | 3,375 | 1,821 | - | 1996(A) | |||||||||||||||||||||||||||||||
| WHITELAND TOWN CENTER | PA | 732 | 2,928 | 59 | 732 | 2,987 | 3,719 | 1,949 | 1,770 | - | 1996(A) | |||||||||||||||||||||||||||||||
| WHOLE FOODS AT WYNNEWOOD | PA | 15,042 | - | 11,785 | 13,772 | 13,055 | 26,827 | 1,371 | 25,456 | - | 2014(C) |
| LOS COLOBOS - BUILDERS SQUARE | PR | 4,405 | 9,628 | (538 | ) | 4,461 | 9,034 | 13,495 | 8,375 | 5,120 | - | 2006(A) | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LOS COLOBOS - KMART | PR | 4,595 | 10,120 | (1,127 | ) | 4,402 | 9,186 | 13,588 | 8,406 | 5,182 | - | 2006(A) | ||||||||||||||||||||||||||||||
| LOS COLOBOS I | PR | 12,891 | 26,047 | 553 | 13,613 | 25,878 | 39,491 | 13,443 | 26,048 | - | 2006(A) | |||||||||||||||||||||||||||||||
| LOS COLOBOS II | PR | 14,894 | 30,681 | 1,025 | 15,142 | 31,458 | 46,600 | 16,337 | 30,263 | - | 2006(A) | |||||||||||||||||||||||||||||||
| MANATI VILLA MARIA SC | PR | 2,781 | 5,673 | 1,794 | 2,607 | 7,641 | 10,248 | 4,501 | 5,747 | - | 2006(A) | |||||||||||||||||||||||||||||||
| PLAZA CENTRO - COSTCO | PR | 3,628 | 10,752 | (455 | ) | 3,866 | 10,059 | 13,925 | 5,279 | 8,646 | - | 2006(A) | ||||||||||||||||||||||||||||||
| PLAZA CENTRO - MALL | PR | 19,873 | 58,719 | 2,543 | 19,408 | 61,727 | 81,135 | 28,023 | 53,112 | - | 2006(A) | |||||||||||||||||||||||||||||||
| PLAZA CENTRO - RETAIL | PR | 5,936 | 16,510 | 362 | 6,026 | 16,782 | 22,808 | 7,631 | 15,177 | - | 2006(A) | |||||||||||||||||||||||||||||||
| PLAZA CENTRO - SAM'S CLUB | PR | 6,643 | 20,225 | (1,170 | ) | 6,520 | 19,178 | 25,698 | 17,974 | 7,724 | - | 2006(A) | ||||||||||||||||||||||||||||||
| PONCE TOWNE CENTER | PR | 14,433 | 28,449 | 5,238 | 14,903 | 33,217 | 48,120 | 20,674 | 27,446 | - | 2006(A) | |||||||||||||||||||||||||||||||
| REXVILLE TOWN CENTER | PR | 24,873 | 48,688 | 7,647 | 25,678 | 55,530 | 81,208 | 34,411 | 46,797 | - | 2006(A) | |||||||||||||||||||||||||||||||
| TRUJILLO ALTO PLAZA | PR | 12,054 | 24,446 | 4,909 | 12,289 | 29,120 | 41,409 | 16,509 | 24,900 | - | 2006(A) | |||||||||||||||||||||||||||||||
| WESTERN PLAZA - MAYAGUEZ ONE | PR | 10,858 | 12,253 | 794 | 11,242 | 12,663 | 23,905 | 10,248 | 13,657 | - | 2006(A) | |||||||||||||||||||||||||||||||
| WESTERN PLAZA - MAYAGUEZ TWO | PR | 16,874 | 19,911 | 3,061 | 16,873 | 22,973 | 39,846 | 17,238 | 22,608 | - | 2006(A) | |||||||||||||||||||||||||||||||
| FOREST PARK | SC | 1,920 | 9,545 | 485 | 1,920 | 10,030 | 11,950 | 2,575 | 9,375 | - | 2012(A) | |||||||||||||||||||||||||||||||
| ST. ANDREWS CENTER | SC | 730 | 3,132 | 21,812 | 730 | 24,944 | 25,674 | 12,735 | 12,939 | - | 1978(C) | |||||||||||||||||||||||||||||||
| WESTWOOD PLAZA | SC | 1,744 | 6,986 | 15,114 | 1,727 | 22,117 | 23,844 | 6,522 | 17,322 | - | 1995(A) | |||||||||||||||||||||||||||||||
| WOODRUFF SHOPPING CENTER | SC | 3,110 | 15,501 | 1,357 | 3,465 | 16,503 | 19,968 | 5,238 | 14,730 | - | 2010(A) | |||||||||||||||||||||||||||||||
| HIGHLAND SQUARE | TN | 1,302 | 2,130 | - | 1,302 | 2,130 | 3,432 | 18 | 3,414 | - | 2021(A) | |||||||||||||||||||||||||||||||
| MENDENHALL COMMONS | TN | 1,272 | 14,826 | - | 1,272 | 14,826 | 16,098 | 666 | 15,432 | - | 2021(A) | |||||||||||||||||||||||||||||||
| OLD TOWNE VILLAGE | TN | - | 4,134 | 4,602 | - | 8,736 | 8,736 | 6,589 | 2,147 | - | 1978(C) | |||||||||||||||||||||||||||||||
| THE COMMONS AT DEXTER LAKE | TN | 1,554 | 14,649 | - | 1,554 | 14,649 | 16,203 | 726 | 15,477 | - | 2021(A) | |||||||||||||||||||||||||||||||
| THE COMMONS AT DEXTER LAKE II | TN | 567 | 8,874 | - | 567 | 8,874 | 9,441 | 231 | 9,210 | - | 2021(A) |
| 10-FEDERAL S.C. | TX | 3,277 | 15,986 | - | 3,277 | 15,986 | 19,263 | 492 | 18,771 | 6,015 | 2021(A) | |||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1934 WEST GRAY | TX | 705 | 4,831 | (18 | ) | 705 | 4,813 | 5,518 | 105 | 5,413 | - | 2021(A) | ||||||||||||||||||||||||||||||
| 1939 WEST GRAY | TX | 269 | 1,731 | (7 | ) | 269 | 1,724 | 1,993 | 33 | 1,960 | - | 2021(A) | ||||||||||||||||||||||||||||||
| 43RD STREET CHASE BANK BLDG | TX | 497 | 1,703 | - | 497 | 1,703 | 2,200 | 27 | 2,173 | - | 2021(A) | |||||||||||||||||||||||||||||||
| ACCENT PLAZA | TX | 500 | 2,831 | 5 | 500 | 2,836 | 3,336 | 1,828 | 1,508 | - | 1996(A) | |||||||||||||||||||||||||||||||
| ALABAMA SHEPHERD S.C. | TX | 4,590 | 21,368 | 2 | 4,590 | 21,370 | 25,960 | 746 | 25,214 | - | 2021(A) | |||||||||||||||||||||||||||||||
| ATASCOCITA COMMONS SHOP.CTR. | TX | 16,323 | 54,587 | (173 | ) | 15,641 | 55,096 | 70,737 | 12,427 | 58,310 | - | 2013(A) | ||||||||||||||||||||||||||||||
| BAYBROOK GATEWAY | TX | 9,441 | 44,160 | - | 9,441 | 44,160 | 53,601 | 1,401 | 52,200 | - | 2021(A) | |||||||||||||||||||||||||||||||
| BELLAIRE BLVD S.C. | TX | 1,334 | 7,166 | 2 | 1,334 | 7,168 | 8,502 | 128 | 8,374 | - | 2021(A) | |||||||||||||||||||||||||||||||
| BLALOCK MARKET | TX | - | 17,283 | 15 | - | 17,298 | 17,298 | 545 | 16,753 | - | 2021(A) | |||||||||||||||||||||||||||||||
| CENTER AT BAYBROOK | TX | 6,941 | 27,727 | 11,963 | 6,928 | 39,703 | 46,631 | 20,940 | 25,691 | - | 1998(A) | |||||||||||||||||||||||||||||||
| CENTER OF THE HILLS | TX | 2,924 | 11,706 | 3,983 | 2,924 | 15,689 | 18,613 | 7,671 | 10,942 | - | 2008(A) | |||||||||||||||||||||||||||||||
| CITADEL BUILDING | TX | 4,046 | 12,824 | 32 | 4,046 | 12,856 | 16,902 | 156 | 16,746 | - | 2021(A) | |||||||||||||||||||||||||||||||
| CONROE MARKETPLACE | TX | 18,869 | 50,757 | (1,875 | ) | 10,842 | 56,909 | 67,751 | 11,469 | 56,282 | - | 2015(A) | ||||||||||||||||||||||||||||||
| COPPERFIELD VILLAGE SHOP.CTR. | TX | 7,828 | 34,864 | 792 | 7,828 | 35,656 | 43,484 | 7,816 | 35,668 | - | 2015(A) | |||||||||||||||||||||||||||||||
| COPPERWOOD VILLAGE | TX | 13,848 | 84,184 | 1,307 | 13,848 | 85,491 | 99,339 | 18,111 | 81,228 | - | 2015(A) | |||||||||||||||||||||||||||||||
| CYPRESS TOWNE CENTER | TX | 6,034 | - | 1,910 | 2,252 | 5,692 | 7,944 | 1,715 | 6,229 | - | 2003(C) | |||||||||||||||||||||||||||||||
| CYPRESS TOWNE CENTER | TX | 12,329 | 36,836 | 1,079 | 8,644 | 41,600 | 50,244 | 7,530 | 42,714 | - | 2016(A) | |||||||||||||||||||||||||||||||
| CYPRESS TOWNE CENTER (PHASE II) | TX | 2,061 | 6,158 | (1,361 | ) | 270 | 6,588 | 6,858 | 1,726 | 5,132 | - | 2016(A) | ||||||||||||||||||||||||||||||
| DRISCOLL AT RIVER OAKS-RESI | TX | 1,244 | 145,366 | - | 1,244 | 145,366 | 146,610 | 1,357 | 145,253 | - | 2021(A) | |||||||||||||||||||||||||||||||
| FIESTA TARGET | TX | 6,766 | 7,334 | 38 | 6,766 | 7,372 | 14,138 | 205 | 13,933 | - | 2021(A) | |||||||||||||||||||||||||||||||
| FIESTA TRAILS | TX | 15,185 | 32,897 | 181 | 15,185 | 33,078 | 48,263 | 1,021 | 47,242 | - | 2021(A) | |||||||||||||||||||||||||||||||
| GALVESTON PLACE | TX | 1,661 | 28,288 | 377 | 1,661 | 28,665 | 30,326 | 606 | 29,720 | - | 2021(A) | |||||||||||||||||||||||||||||||
| GATEWAY STATION | TX | 1,374 | 28,145 | 4,061 | 1,375 | 32,205 | 33,580 | 7,596 | 25,984 | - | 2011(A) | |||||||||||||||||||||||||||||||
| GATEWAY STATION PHASE II | TX | 4,140 | 12,020 | 954 | 4,143 | 12,971 | 17,114 | 1,821 | 15,293 | - | 2017(A) | |||||||||||||||||||||||||||||||
| GRAND PARKWAY MARKET PLACE II | TX | 13,436 | - | 39,389 | 12,298 | 40,527 | 52,825 | 4,030 | 48,795 | - | 2015(C) | |||||||||||||||||||||||||||||||
| GRAND PARKWAY MARKETPLACE | TX | 25,364 | - | 68,228 | 21,937 | 71,655 | 93,592 | 7,336 | 86,256 | - | 2014(C) | |||||||||||||||||||||||||||||||
| HARRISBURG PLAZA | TX | 2,046 | 23,175 | - | 2,046 | 23,175 | 25,221 | 556 | 24,665 | 9,228 | 2021(A) | |||||||||||||||||||||||||||||||
| HEB - DAIRY ASHFORD & MEMORIAL | TX | 1,076 | 5,324 | - | 1,076 | 5,324 | 6,400 | 74 | 6,326 | - | 2021(A) | |||||||||||||||||||||||||||||||
| HEIGHTS PLAZA | TX | 5,423 | 10,140 | - | 5,423 | 10,140 | 15,563 | 381 | 15,182 | - | 2021(A) | |||||||||||||||||||||||||||||||
| I45/TELEPHONE RD. | TX | 3,944 | 25,878 | - | 3,944 | 25,878 | 29,822 | 817 | 29,005 | 11,136 | 2021(A) | |||||||||||||||||||||||||||||||
| INDEPENDENCE PLAZA - LAREDO | TX | 4,836 | 53,564 | 24 | 4,836 | 53,588 | 58,424 | 1,001 | 57,423 | 11,285 | 2021(A) | |||||||||||||||||||||||||||||||
| INDEPENDENCE PLAZA II - LAREDO | TX | 2,482 | 21,418 | - | 2,482 | 21,418 | 23,900 | 672 | 23,228 | - | 2021(A) | |||||||||||||||||||||||||||||||
| KROGER PLAZA | TX | 520 | 2,081 | 1,572 | 520 | 3,653 | 4,173 | 2,211 | 1,962 | - | 1995(A) | |||||||||||||||||||||||||||||||
| LAKE PRAIRIE TOWN CROSSING | TX | 7,897 | - | 29,609 | 6,783 | 30,723 | 37,506 | 8,568 | 28,938 | - | 2006(C) | |||||||||||||||||||||||||||||||
| LAS TIENDAS PLAZA | TX | 8,678 | - | 27,792 | 7,944 | 28,526 | 36,470 | 8,835 | 27,635 | - | 2005(C) | |||||||||||||||||||||||||||||||
| MONTGOMERY PLAZA | TX | 10,739 | 63,065 | 217 | 10,739 | 63,282 | 74,021 | 14,928 | 59,093 | 24,977 | 2015(A) | |||||||||||||||||||||||||||||||
| MUELLER OUTPARCEL | TX | 150 | 3,351 | 30 | 150 | 3,381 | 3,531 | 57 | 3,474 | - | 2021(A) | |||||||||||||||||||||||||||||||
| MUELLER REGIONAL RETAIL CENTER | TX | 7,352 | 85,805 | 138 | 7,352 | 85,943 | 93,295 | 2,315 | 90,980 | - | 2021(A) | |||||||||||||||||||||||||||||||
| NORTH CREEK PLAZA | TX | 5,044 | 34,756 | (17 | ) | 5,044 | 34,739 | 39,783 | 1,096 | 38,687 | - | 2021(A) | ||||||||||||||||||||||||||||||
| OAK FOREST | TX | 13,395 | 25,275 | 18 | 13,395 | 25,293 | 38,688 | 489 | 38,199 | - | 2021(A) | |||||||||||||||||||||||||||||||
| PLANTATION CENTRE | TX | 2,325 | 34,494 | 60 | 2,325 | 34,554 | 36,879 | 868 | 36,011 | - | 2021(A) | |||||||||||||||||||||||||||||||
| PRESTON LEBANON CROSSING | TX | 13,552 | - | 28,098 | 12,164 | 29,486 | 41,650 | 10,198 | 31,452 | - | 2006(C) | |||||||||||||||||||||||||||||||
| RANDALLS CENTER/KINGS CROSSING | TX | 3,717 | 21,363 | - | 3,717 | 21,363 | 25,080 | 512 | 24,568 | - | 2021(A) | |||||||||||||||||||||||||||||||
| RICHMOND SQUARE | TX | 7,568 | 15,432 | (253 | ) | 7,568 | 15,179 | 22,747 | 209 | 22,538 | - | 2021(A) | ||||||||||||||||||||||||||||||
| RIVER OAKS S.C. EAST | TX | 5,766 | 13,882 | 3 | 5,766 | 13,885 | 19,651 | 339 | 19,312 | - | 2021(A) | |||||||||||||||||||||||||||||||
| RIVER OAKS S.C. WEST | TX | 14,185 | 138,022 | 705 | 14,185 | 138,727 | 152,912 | 2,693 | 150,219 | - | 2021(A) | |||||||||||||||||||||||||||||||
| ROCK PRAIRIE MARKETPLACE | TX | - | 8,004 | 42 | - | 8,046 | 8,046 | 136 | 7,910 | - | 2021(A) | |||||||||||||||||||||||||||||||
| SHOPPES AT MEMORIAL VILLAGES | TX | - | 41,493 | 105 | - | 41,598 | 41,598 | 858 | 40,740 | - | 2021(A) | |||||||||||||||||||||||||||||||
| SHOPS AT HILSHIRE VILLAGE | TX | 11,206 | 19,092 | 12 | 11,206 | 19,104 | 30,310 | 496 | 29,814 | - | 2021(A) | |||||||||||||||||||||||||||||||
| SHOPS AT KIRBY DRIVE | TX | 969 | 5,031 | - | 969 | 5,031 | 6,000 | 96 | 5,904 | - | 2021(A) | |||||||||||||||||||||||||||||||
| SHOPS AT THREE CORNERS | TX | 7,094 | 59,795 | (326 | ) | 7,094 | 59,469 | 66,563 | 1,230 | 65,333 | - | 2021(A) | ||||||||||||||||||||||||||||||
| SOUTHGATE S.C. | TX | 5,315 | 20,025 | 26 | 5,315 | 20,051 | 25,366 | 391 | 24,975 | 6,173 | 2021(A) | |||||||||||||||||||||||||||||||
| STEVENS RANCH | TX | 18,143 | 6,407 | 5 | 18,143 | 6,412 | 24,555 | 143 | 24,412 | - | 2021(A) | |||||||||||||||||||||||||||||||
| THE CENTRE AT COPPERFIELD | TX | 6,723 | 22,525 | 569 | 6,723 | 23,094 | 29,817 | 5,683 | 24,134 | - | 2015(A) | |||||||||||||||||||||||||||||||
| THE CENTRE AT POST OAK | TX | 12,642 | 100,658 | 9 | 12,642 | 100,667 | 113,309 | 2,276 | 111,033 | - | 2021(A) | |||||||||||||||||||||||||||||||
| THE SHOPPES @ WILDERNESS OAKS | TX | 4,359 | 8,964 | (552 | ) | 3,807 | 8,964 | 12,771 | 101 | 12,670 | - | 2021(A) | ||||||||||||||||||||||||||||||
| THOUSAND OAKS S.C. | TX | 4,384 | 26,176 | - | 4,384 | 26,176 | 30,560 | 582 | 29,978 | 11,267 | 2021(A) | |||||||||||||||||||||||||||||||
| TOMBALL CROSSINGS | TX | 8,517 | 28,484 | 916 | 7,965 | 29,952 | 37,917 | 6,729 | 31,188 | - | 2013(A) | |||||||||||||||||||||||||||||||
| TOMBALL MARKETPLACE | TX | 4,280 | 31,793 | - | 4,280 | 31,793 | 36,073 | 951 | 35,122 | - | 2021(A) | |||||||||||||||||||||||||||||||
| TRENTON CROSSING - NORTH MCALLEN | TX | 6,279 | 29,686 | 42 | 6,279 | 29,728 | 36,007 | 1,043 | 34,964 | - | 2021(A) | |||||||||||||||||||||||||||||||
| VILLAGE PLAZA AT BUNKER HILL | TX | 21,320 | 233,086 | 133 | 21,320 | 233,219 | 254,539 | 3,940 | 250,599 | 71,711 | 2021(A) | |||||||||||||||||||||||||||||||
| WESTCHASE S.C. | TX | 7,547 | 35,653 | - | 7,547 | 35,653 | 43,200 | 890 | 42,310 | 14,455 | 2021(A) | |||||||||||||||||||||||||||||||
| WESTHILL VILLAGE | TX | 11,948 | 26,479 | - | 11,948 | 26,479 | 38,427 | 732 | 37,695 | - | 2021(A) | |||||||||||||||||||||||||||||||
| WOODBRIDGE SHOPPING CENTER | TX | 2,569 | 6,814 | 500 | 2,569 | 7,314 | 9,883 | 2,384 | 7,499 | - | 2012(A) |
| BURKE TOWN PLAZA | VA | - | 43,240 | (5,676 | ) | - | 37,564 | 37,564 | 8,303 | 29,261 | - | 2014(A) | |||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CENTRO ARLINGTON | VA | 3,937 | 35,103 | - | 3,937 | 35,103 | 39,040 | 164 | 38,876 | - | 2021(A) | ||||||||||||||||||||||||||||||
| CENTRO ARLINGTON-RESI | VA | 15,012 | 155,639 | 29 | 15,012 | 155,668 | 170,680 | 520 | 170,160 | - | 2021(A) | ||||||||||||||||||||||||||||||
| DOCSTONE COMMONS | VA | 3,839 | 11,468 | 565 | 3,904 | 11,968 | 15,872 | 1,996 | 13,876 | - | 2016(A) | ||||||||||||||||||||||||||||||
| DOCSTONE O/P - STAPLES | VA | 1,425 | 4,318 | (828 | ) | 1,168 | 3,747 | 4,915 | 868 | 4,047 | - | 2016(A) | |||||||||||||||||||||||||||||
| DULLES TOWN CROSSING | VA | 53,285 | 104,176 | 321 | 53,285 | 104,497 | 157,782 | 25,869 | 131,913 | - | 2015(A) | ||||||||||||||||||||||||||||||
| GORDON PLAZA | VA | - | 3,331 | 5 | - | 3,336 | 3,336 | 530 | 2,806 | - | 2017(A) | ||||||||||||||||||||||||||||||
| HILLTOP VILLAGE CENTER | VA | 23,409 | 93,673 | 34 | 23,409 | 93,707 | 117,116 | 1,374 | 115,742 | - | 2021(A) | ||||||||||||||||||||||||||||||
| OLD TOWN PLAZA | VA | 4,500 | 41,570 | (14,866 | ) | 3,053 | 28,151 | 31,204 | 7,871 | 23,333 | - | 2007(A) | |||||||||||||||||||||||||||||
| POTOMAC RUN PLAZA | VA | 27,370 | 48,451 | 3,587 | 27,370 | 52,038 | 79,408 | 17,953 | 61,455 | - | 2008(A) | ||||||||||||||||||||||||||||||
| STAFFORD MARKETPLACE | VA | 26,893 | 86,450 | 3,937 | 26,893 | 90,387 | 117,280 | 18,064 | 99,216 | - | 2015(A) | ||||||||||||||||||||||||||||||
| WEST ALEX - RETAIL | VA | 6,043 | 55,434 | - | 6,043 | 55,434 | 61,477 | 610 | 60,867 | - | 2021(A) | ||||||||||||||||||||||||||||||
| WEST ALEX-OFFICE | VA | 1,479 | 10,458 | - | 1,479 | 10,458 | 11,937 | 105 | 11,832 | - | 2021(A) | ||||||||||||||||||||||||||||||
| WEST ALEX-RESI | VA | 15,892 | 65,282 | 2 | 15,892 | 65,284 | 81,176 | 1,095 | 80,081 | - | 2021(A) | ||||||||||||||||||||||||||||||
| AUBURN NORTH | WA | 7,786 | 18,158 | 11,131 | 7,786 | 29,289 | 37,075 | 9,779 | 27,296 | - | 2007(A) | ||||||||||||||||||||||||||||||
| COVINGTON ESPLANADE | WA | 6,009 | 47,941 | (36 | ) | 6,009 | 47,905 | 53,914 | 651 | 53,263 | - | 2021(A) | |||||||||||||||||||||||||||||
| FRANKLIN PARK COMMONS | WA | 5,419 | 11,989 | 7,996 | 5,419 | 19,985 | 25,404 | 4,055 | 21,349 | - | 2015(A) | ||||||||||||||||||||||||||||||
| FRONTIER VILLAGE SHOPPING CTR. | WA | 10,751 | 44,861 | 2,651 | 10,751 | 47,512 | 58,263 | 9,972 | 48,291 | - | 2012(A) | ||||||||||||||||||||||||||||||
| GATEWAY SHOPPING CENTER | WA | 6,938 | 11,270 | 9,340 | 6,938 | 20,610 | 27,548 | 3,022 | 24,526 | - | 2016(A) | ||||||||||||||||||||||||||||||
| OLYMPIA WEST OUTPARCEL | WA | 360 | 800 | 100 | 360 | 900 | 1,260 | 217 | 1,043 | - | 2012(A) | ||||||||||||||||||||||||||||||
| SILVERDALE PLAZA | WA | 3,875 | 33,109 | 279 | 3,756 | 33,507 | 37,263 | 8,758 | 28,505 | - | 2012(A) | ||||||||||||||||||||||||||||||
| THE MARKETPLACE AT FACTORIA | WA | 60,502 | 92,696 | 11,888 | 60,502 | 104,584 | 165,086 | 26,424 | 138,662 | 51,397 | 2013(A) | ||||||||||||||||||||||||||||||
| THE WHITTAKER | WA | 15,799 | 23,508 | - | 15,799 | 23,508 | 39,307 | 432 | 38,875 | - | 2021(A) | ||||||||||||||||||||||||||||||
| OTHER PROPERTY INTERESTS | |||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASANTE RETAIL CENTER | AZ | 8,703 | 3,406 | (1,070 | ) | 11,039 | - | 11,039 | - | 11,039 | - | 2004(C) | |||||||||||||||||||||||||||||
| GLADDEN FARMS | AZ | 4,010 | - | - | 4,010 | - | 4,010 | - | 4,010 | - | 2021(A) | ||||||||||||||||||||||||||||||
| EPIC VILLAGE | FL | 860 | - | - | 860 | - | 860 | - | 860 | - | 2021(A) | ||||||||||||||||||||||||||||||
| HOMESTEAD-WACHTEL LAND LEASE | FL | 150 | - | - | 150 | - | 150 | - | 150 | - | 2013(A) | ||||||||||||||||||||||||||||||
| PALM COAST LANDING OUTPARCELS | FL | 1,460 | - | - | 1,460 | - | 1,460 | - | 1,460 | - | 2021(A) | ||||||||||||||||||||||||||||||
| LAKE WALES S.C. | FL | 601 | - | - | 601 | - | 601 | - | 601 | - | 2009(A) | ||||||||||||||||||||||||||||||
| TREASURE VALLEY | ID | 6,501 | - | (5,520 | ) | 520 | 461 | 981 | 461 | 520 | - | 2005(C) | |||||||||||||||||||||||||||||
| LINWOOD-INDIANAPOLIS | IN | 31 | - | - | 31 | - | 31 | - | 31 | - | 1991(A) | ||||||||||||||||||||||||||||||
| FLINT - VACANT LAND | MI | 101 | - | (10 | ) | 91 | - | 91 | - | 91 | - | 2012(A) | |||||||||||||||||||||||||||||
| CHARLOTTE SPORTS & FITNESS CTR | NC | 501 | 1,859 | 499 | 501 | 2,358 | 2,859 | 2,010 | 849 | - | 1986(A) | ||||||||||||||||||||||||||||||
| SURF CITY CROSSING | NC | 5,260 | - | - | 5,260 | - | 5,260 | - | 5,260 | - | 2021(A) | ||||||||||||||||||||||||||||||
| THE SHOPPES AT CAVENESS FARMS | NC | 5,470 | - | - | 5,470 | - | 5,470 | - | 5,470 | - | 2021(A) | ||||||||||||||||||||||||||||||
| WAKE FOREST CROSSING II - LAND ONLY | NC | 520 | - | - | 520 | - | 520 | - | 520 | - | 2021(A) | ||||||||||||||||||||||||||||||
| WAKEFIELD COMMONS III | NC | 6,506 | - | (5,397 | ) | 787 | 322 | 1,109 | 278 | 831 | - | 2001(C) | |||||||||||||||||||||||||||||
| WAKEFIELD CROSSINGS | NC | 3,414 | - | (3,277 | ) | 137 | - | 137 | - | 137 | - | 2001(C) | |||||||||||||||||||||||||||||
| HILLSBOROUGH PROMENADE | NJ | 11,887 | - | (6,632 | ) | 5,006 | 249 | 5,255 | 97 | 5,158 | - | 2001(C) | |||||||||||||||||||||||||||||
| JERICHO ATRIUM | NY | 10,624 | 20,065 | 4,739 | 10,624 | 24,804 | 35,428 | 6,636 | 28,792 | - | 2016(A) | ||||||||||||||||||||||||||||||
| KEY BANK BUILDING | NY | 1,500 | 40,487 | (8,014 | ) | 669 | 33,304 | 33,973 | 21,646 | 12,327 | - | 2006(A) | |||||||||||||||||||||||||||||
| MANHASSET CENTER (RESIDENTIAL) | NY | 950 | - | - | 950 | - | 950 | - | 950 | - | 2012 (A) | ||||||||||||||||||||||||||||||
| MERRY LANE (PARKING LOT) | NY | 1,486 | 2 | 1,398 | 1,486 | 1,400 | 2,886 | - | 2,886 | - | 2007(A) | ||||||||||||||||||||||||||||||
| NORTHPORT LAND PARCEL | NY | - | 14 | 82 | - | 96 | 96 | 8 | 88 | - | 2012(A) | ||||||||||||||||||||||||||||||
| MCMINNVILLE PLAZA | OR | 4,062 | - | 325 | 4,062 | 325 | 4,387 | - | 4,387 | - | 2006(C) | ||||||||||||||||||||||||||||||
| COULTER AVE. PARCEL | PA | 578 | 1,348 | 16,244 | 16,795 | 1,375 | 18,170 | 83 | 18,087 | - | 2015(A) | ||||||||||||||||||||||||||||||
| 1935 WEST GRAY | TX | 780 | - | - | 780 | - | 780 | - | 780 | - | 2021(A) | ||||||||||||||||||||||||||||||
| 2503 MCCUE, LLC | TX | - | 2,287 | - | - | 2,287 | 2,287 | 168 | 2,119 | - | 2021(A) | ||||||||||||||||||||||||||||||
| CULLEN BLVD. AND EAST OREM DR. | TX | 1,590 | - | - | 1,590 | - | 1,590 | - | 1,590 | - | 2021(A) | ||||||||||||||||||||||||||||||
| NORTH TOWNE PLAZA - BROWNSVILLE | TX | 1,517 | - | - | 1,517 | - | 1,517 | - | 1,517 | - | 2021(A) | ||||||||||||||||||||||||||||||
| NW FREEWAY AT GESSNER | TX | 220 | - | - | 220 | - | 220 | - | 220 | - | 2021(A) | ||||||||||||||||||||||||||||||
| RICHMOND SQUARE - PAD | TX | 570 | - | - | 570 | - | 570 | - | 570 | - | 2021(A) | ||||||||||||||||||||||||||||||
| TEXAS CITY LAND | TX | 1,000 | - | - | 1,000 | - | 1,000 | - | 1,000 | - | 2021(A) | ||||||||||||||||||||||||||||||
| WESTOVER SQUARE | TX | 1,520 | - | - | 1,520 | - | 1,520 | - | 1,520 | - | 2021(A) | ||||||||||||||||||||||||||||||
| WESTWOOD CENTER - LAND ONLY | TX | 910 | - | - | 910 | - | 910 | - | 910 | - | 2021(A) | ||||||||||||||||||||||||||||||
| BLUE RIDGE | Various | 12,347 | 71,530 | (52,751 | ) | 3,537 | 27,589 | 31,126 | 20,036 | 11,090 | - | 2005(A) | |||||||||||||||||||||||||||||
| BALANCE OF PORTFOLIO (4) | Various | 1,907 | 65,127 | (31,994 | ) | - | 35,040 | 35,040 | 3,848 | 31,192 | - | ||||||||||||||||||||||||||||||
| TOTALS | $ | 4,054,026 | $ | 11,581,408 | $ | 2,416,837 | $ | 3,984,447 | $ | 14,067,824 | $ | 18,052,271 | $ | 3,010,699 | $ | 15,041,572 | $ | 448,652 |
| (1) | The negative balance for costs capitalized subsequent to acquisition could include parcels/out-parcels sold, assets held-for-sale, provision for losses and/or demolition of part of a property for redevelopment. |
|---|
| (2) | Includes fair market value of debt adjustments, net and deferred financing costs, net. |
|---|
| (3) | Shopping center includes land held for development. |
|---|
| (4) | Includes fixtures, leasehold improvements and other costs capitalized. |
|---|
98
KIMCO REALTY CORPORATION AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2021
(in thousands)
Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets as follows:
| Buildings and building improvements (in years) | 5 to 50 | ||||
|---|---|---|---|---|---|
| Fixtures, building and leasehold improvements (including certain identified intangible assets) | Terms of leases or useful lives, whichever is shorter |
The aggregate cost for Federal income tax purposes was approximately $16.4 billion at December 31, 2021.
The changes in total real estate assets for the years ended December 31, 2021, 2020 and 2019 are as follows:
| 2021 | 2020 | 2019 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance, beginning of period | $ | 12,068,827 | $ | 11,929,276 | $ | 11,877,190 | ||||||
| Additions during period: | ||||||||||||
| Acquisitions | 5,765,363 | 10,449 | 43,971 | |||||||||
| Improvements | 153,698 | 210,390 | 404,211 | |||||||||
| Transfers from unconsolidated joint ventures | 785,334 | - | - | |||||||||
| Deductions during period: | ||||||||||||
| Sales and assets held-for-sale | (205,057 | ) | (30,764 | ) | (307,608 | ) | ||||||
| Transfers to operating lease right-of-use assets, net | - | - | (8,526 | ) | ||||||||
| Transfers to unconsolidated joint ventures | (433,829 | ) | - | - | ||||||||
| Adjustment for fully depreciated assets | (82,065 | ) | (45,042 | ) | (43,081 | ) | ||||||
| Adjustment of property carrying values | - | (5,482 | ) | (36,881 | ) | |||||||
| Balance, end of period | $ | 18,052,271 | $ | 12,068,827 | $ | 11,929,276 |
The changes in accumulated depreciation for the years ended December 31, 2021, 2020 and 2019 are as follows:
| 2021 | 2020 | 2019 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance, beginning of period | $ | 2,717,114 | $ | 2,500,053 | $ | 2,385,288 | ||||||
| Additions during period: | ||||||||||||
| Depreciation for year | 378,416 | 265,144 | 260,534 | |||||||||
| Deductions during period: | ||||||||||||
| Sales and assets held-for-sale | (2,766 | ) | (3,041 | ) | (88,080 | ) | ||||||
| Transfers to operating lease right-of-use assets, net | - | - | (1,342 | ) | ||||||||
| Adjustment for fully depreciated assets/other | (82,065 | ) | (45,042 | ) | (56,347 | ) | ||||||
| Balance, end of period | $ | 3,010,699 | $ | 2,717,114 | $ | 2,500,053 |
Reclassifications:
Certain amounts in the prior period have been reclassified in order to conform with the current period's presentation.
KIMCO REALTY CORPORATION AND SUBSIDIARIES
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
As of December 31, 2021
(in thousands)
| Description | Interest Rate | Final Maturity Date | Periodic Payment Terms (a) | Prior Liens | Original Face Amount of Mortgages | Carrying Amount of Mortgages (b) | Principal Amount of Loans Subject to Delinquent Principal or Interest | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mortgage Loans: | ||||||||||||||||||||||
| Retail | ||||||||||||||||||||||
| Mesa, AZ | 12.00 | % | Aug-21 | I | $ | - | $ | 500 | $ | 500 | $ | 500 | ||||||||||
| Pompano, FL | 12.00 | % | Dec-22 | I | - | 25,000 | 25,000 | - | ||||||||||||||
| Jacksonville, FL | 10.00 | % | Nov-26 | I | - | 15,000 | 15,000 | - | ||||||||||||||
| San Antonio, TX | 12.50 | % | Sep-27 | I | - | 21,500 | 21,500 | - | ||||||||||||||
| Las Vegas, NV | 12.00 | % | May-33 | I | - | 3,075 | 3,075 | - | ||||||||||||||
| Las Vegas, NV | 7.00 | % | Oct-53 | I | - | 3,410 | 3,410 | - | ||||||||||||||
| Nonretail | ||||||||||||||||||||||
| Commack, NY | 7.41 | % | Oct-26 | P&I | - | 1,354 | 211 | - | ||||||||||||||
| Melbourne, FL | 6.88 | % | Dec-30 | P&I | - | 500 | 226 | - | ||||||||||||||
| Other Financing Loans: | ||||||||||||||||||||||
| Nonretail | ||||||||||||||||||||||
| Borrower A | 5.00 | % | Apr-22 | P&I | - | 175 | 105 | - | ||||||||||||||
| Borrower B | 7.00 | % | Mar-31 | P&I | - | 397 | 375 | - | ||||||||||||||
| Borrower C | 8.00 | % | Jun-22 | I | - | 5,000 | 5,000 | - | ||||||||||||||
| Allowance for Credit losses: | (1,300 | ) | ||||||||||||||||||||
| $ | - | $ | 75,911 | $ | 73,102 | $ | 500 |
| (a) I = Interest only; P&I = Principal & Interest. | |||||||
|---|---|---|---|---|---|---|---|
| (b) The aggregate cost for Federal income tax purposes was approximately $73.1 million as of December 31, 2021. |
For a reconciliation of mortgage and other financing receivables from January 1, 2019 to December 31, 2021, see Footnote 13 of the Notes to the Consolidated Financial Statements included in this Form 10-K.
The Company feels it is not practicable to estimate the fair value of each receivable as quoted market prices are not available.
The cost of obtaining an independent valuation on these assets is deemed excessive considering the materiality of the total receivables.
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