Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 20, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000879101 | |
Entity Registrant Name | KIMCO REALTY CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-10899 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 13-2744380 | |
Entity Address, Address Line One | 500 North Broadway, Suite 201 | |
Entity Address, City or Town | Jericho | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11753 | |
City Area Code | 516 | |
Local Phone Number | 869-9000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 618,481,988 | |
Class M Cumulative Redeemable Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing one-thousandth of a share of 5.250% Class M Cumulative Redeemable, Preferred Stock, $1.00 par value per share. | |
Trading Symbol | KIMprM | |
Security Exchange Name | NYSE | |
Class L Cumulative Redeemable Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing one-thousandth of a share of 5.125% Class L Cumulative Redeemable, Preferred Stock, $1.00 par value per share. | |
Trading Symbol | KIMprL | |
Security Exchange Name | NYSE | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $.01 per share. | |
Trading Symbol | KIM | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Assets: | |||
Real estate, net of accumulated depreciation and amortization of $3,238,079 and $3,010,699, respectively | $ 14,837,685 | $ 15,035,900 | |
Cash and cash equivalents | 296,798 | 334,663 | |
Marketable securities | 1,073,706 | 1,211,739 | |
Accounts and notes receivable, net | 260,140 | 254,677 | |
Operating lease right-of-use assets, net | 144,092 | 147,458 | |
Other assets | 394,287 | 340,176 | |
Total assets | [1] | 18,197,569 | 18,459,199 |
Liabilities: | |||
Notes payable, net | 7,056,644 | 7,027,050 | |
Mortgages payable, net | 346,461 | 448,652 | |
Dividends payable | 5,326 | 5,366 | |
Operating lease liabilities | 121,434 | 123,779 | |
Other liabilities | 682,697 | 730,690 | |
Total liabilities | [2] | 8,212,562 | 8,335,537 |
Redeemable noncontrolling interests | 13,270 | 13,480 | |
Commitments and Contingencies (Footnote 17) | |||
Stockholders' equity: | |||
Preferred stock, $1.00 par value, authorized 7,054,000 shares; Issued and outstanding (in series) 19,435 and 19,580 shares, respectively; Aggregate liquidation preference $485,868 and $489,500, respectively | 19 | 20 | |
Common stock, $.01 par value, authorized 750,000,000 shares; Issued and outstanding 618,483,648 and 616,658,593 shares, respectively | 6,185 | 6,167 | |
Paid-in capital | 9,605,163 | 9,591,871 | |
Retained earnings | 163,210 | 299,115 | |
Accumulated other comprehensive income | 6,476 | 2,216 | |
Total stockholders' equity | 9,781,053 | 9,899,389 | |
Noncontrolling interests | 190,684 | 210,793 | |
Total equity | 9,971,737 | 10,110,182 | |
Total liabilities and equity | 18,197,569 | 18,459,199 | |
Real Estate Under Development [Member] | |||
Assets: | |||
Real estate under development | 5,672 | 5,672 | |
Investments in and Advances to Real Estate Joint Ventures [Member] | |||
Assets: | |||
Investments in and advances to real estate joint ventures | 1,083,509 | 1,006,899 | |
Other Real Estate Investments [Member] | |||
Assets: | |||
Other investments | $ 101,680 | $ 122,015 | |
[1]Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2022 and December 31, 2021 of $201,644 and $227,858, respectively. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements.[2]Includes non-recourse liabilities of consolidated VIEs at June 30, 2022 and December 31, 2021 of $148,130 and $153,924, respectively. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Real estate, accumulated depreciation | $ 3,238,079 | $ 3,010,699 | |
Total assets | [1] | 18,197,569 | 18,459,199 |
Total liabilities | [2] | $ 8,212,562 | $ 8,335,537 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | |
Preferred stock, shares authorized (in shares) | 7,054,000 | 7,054,000 | |
Preferred stock, shares issued (in shares) | 19,435 | 19,580 | |
Preferred stock, shares outstanding (in shares) | 19,435 | 19,580 | |
Preferred stock, liquidation preference | $ 485,868 | $ 489,500 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 | |
Common stock, shares issued (in shares) | 618,483,648 | 616,658,593 | |
Common stock, shares outstanding (in shares) | 618,483,648 | 616,658,593 | |
Variable Interest Entity, Primary Beneficiary [Member] | Nonrecourse [Member] | |||
Total liabilities | $ 148,100 | $ 153,900 | |
Variable Interest Entity, Primary Beneficiary [Member] | Asset Pledged as Collateral [Member] | |||
Total assets | $ 201,600 | $ 227,900 | |
[1]Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2022 and December 31, 2021 of $201,644 and $227,858, respectively. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements.[2]Includes non-recourse liabilities of consolidated VIEs at June 30, 2022 and December 31, 2021 of $148,130 and $153,924, respectively. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Revenues | |||||
Revenues from rental properties, net | $ 423,273 | $ 285,732 | $ 845,927 | $ 564,603 | |
Management and other fee income | 3,925 | 3,284 | 8,520 | 6,721 | |
Total revenues | 427,198 | 289,016 | 854,447 | 571,324 | |
Operating expenses | |||||
Rent | (4,070) | (2,993) | (8,151) | (6,028) | |
Real estate taxes | (56,075) | (39,594) | (110,389) | (78,530) | |
Operating and maintenance | (69,784) | (46,897) | (139,009) | (93,417) | |
General and administrative | (27,981) | (24,754) | (57,929) | (49,232) | |
Impairment charges | (14,419) | (104) | (14,691) | (104) | |
Merger charges | 0 | (3,193) | 0 | (3,193) | |
Depreciation and amortization | (124,611) | (72,573) | (254,905) | (147,449) | |
Total operating expenses | (296,940) | (190,108) | (585,074) | (377,953) | |
Gain on sale of properties | 2,944 | 18,861 | 7,137 | 28,866 | |
Operating income | 133,202 | 117,769 | 276,510 | 222,237 | |
Other income/(expense) | |||||
Other income, net | 6,642 | 1,782 | 12,625 | 5,139 | |
(Loss)/gain on marketable securities, net | (261,467) | 24,297 | (139,703) | 85,382 | |
Interest expense | (56,466) | (46,812) | (113,485) | (94,528) | |
Early extinguishment of debt charges | (57) | 0 | (7,230) | 0 | |
(Loss)/income before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net | (178,146) | 97,036 | 28,717 | 218,230 | |
(Provision)/benefit for income taxes, net | (96) | (1,275) | 57 | (2,583) | |
Net (loss)/income | (130,727) | 117,118 | 105,232 | 258,543 | |
Net loss/(income) attributable to noncontrolling interests | 11,226 | (421) | 12,569 | (3,904) | |
Net (loss)/income attributable to the Company | (119,501) | 116,697 | 117,801 | 254,639 | |
Preferred dividends, net | (6,250) | (6,354) | (12,604) | (12,708) | |
Net (loss)/income available to the Company's common shareholders | $ (125,751) | $ 110,343 | $ 105,197 | $ 241,931 | |
Per common share: | |||||
-Basic (in dollars per share) | $ (0.21) | $ 0.25 | $ 0.17 | $ 0.56 | |
-Diluted (in dollars per share) | $ (0.21) | $ 0.25 | $ 0.17 | $ 0.56 | |
Weighted average shares: | |||||
-Basic (in shares) | 615,642 | 431,011 | 615,207 | 430,769 | |
-Diluted (in shares) | [1] | 615,642 | 432,489 | 616,943 | 432,430 |
Joint Ventures [Member] | |||||
Other income/(expense) | |||||
Equity in income, net | $ 44,130 | $ 16,318 | $ 67,700 | $ 34,070 | |
Other Real Estate Investments [Member] | |||||
Other income/(expense) | |||||
Equity in income, net | $ 3,385 | $ 5,039 | $ 8,758 | $ 8,826 | |
[1]The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net (loss)/income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 0.5 million stock options that were not dilutive as of June 30, 2021. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net (loss)/income | $ (130,727) | $ 117,118 | $ 105,232 | $ 258,543 |
Other comprehensive income: | ||||
Change in unrealized gains related to defined benefit plan | 4,260 | 0 | 4,260 | 0 |
Other comprehensive income | 4,260 | 0 | 4,260 | 0 |
Comprehensive (loss)/income | (126,467) | 117,118 | 109,492 | 258,543 |
Comprehensive loss/(income) attributable to noncontrolling interests | 11,226 | (421) | 12,569 | (3,904) |
Comprehensive (loss)/income attributable to the Company | $ (115,241) | $ 116,697 | $ 122,061 | $ 254,639 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2020 | $ (162,812) | $ 0 | $ 20 | $ 4,325 | $ 5,766,511 | $ 5,608,044 | $ 62,210 | $ 5,670,254 |
Balance (in shares) at Dec. 31, 2020 | 20 | 432,519 | ||||||
Net income (loss) | 254,639 | 0 | $ 0 | $ 0 | 0 | 254,639 | 3,904 | 258,543 |
Redeemable noncontrolling interests income | 0 | 0 | 0 | 0 | 0 | 0 | (176) | (176) |
Dividends declared to common and preferred shares | (160,092) | 0 | 0 | 0 | 0 | (160,092) | 0 | (160,092) |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (992) | (992) |
Surrender of common stock | 0 | 0 | $ 0 | $ (5) | (9,241) | (9,246) | 0 | (9,246) |
Surrender of common stock (in shares) | 0 | (548) | ||||||
Exercise of common stock options | 0 | 0 | $ 0 | $ 1 | 1,969 | 1,970 | 0 | 1,970 |
Exercise of common stock options (in shares) | 0 | 104 | ||||||
Amortization of equity awards | 0 | 0 | $ 0 | $ 0 | 11,954 | 11,954 | 0 | 11,954 |
Issuance of common stock | 0 | 0 | $ 0 | $ 14 | (14) | 0 | 0 | 0 |
Issuance of common stock (in shares) | 0 | 1,442 | ||||||
Balance at Jun. 30, 2021 | (68,265) | 0 | $ 20 | $ 4,335 | 5,771,179 | 5,707,269 | 64,946 | 5,772,215 |
Balance (in shares) at Jun. 30, 2021 | 20 | 433,517 | ||||||
Balance at Mar. 31, 2021 | (104,909) | 0 | $ 20 | $ 4,334 | 5,763,868 | 5,663,313 | 65,154 | 5,728,467 |
Balance (in shares) at Mar. 31, 2021 | 20 | 433,448 | ||||||
Net income (loss) | 116,697 | 0 | $ 0 | $ 0 | 0 | 116,697 | 421 | 117,118 |
Redeemable noncontrolling interests income | 0 | 0 | 0 | 0 | 0 | 0 | (7) | (7) |
Dividends declared to common and preferred shares | (80,053) | 0 | 0 | 0 | 0 | (80,053) | 0 | (80,053) |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (622) | (622) |
Surrender of common stock | 0 | 0 | $ 0 | $ 0 | (154) | (154) | 0 | (154) |
Surrender of common stock (in shares) | 0 | (27) | ||||||
Exercise of common stock options | 0 | 0 | $ 0 | $ 1 | 1,809 | 1,810 | 0 | 1,810 |
Exercise of common stock options (in shares) | 0 | 96 | ||||||
Amortization of equity awards | 0 | 0 | $ 0 | $ 0 | 5,656 | 5,656 | 0 | 5,656 |
Balance at Jun. 30, 2021 | (68,265) | 0 | $ 20 | $ 4,335 | 5,771,179 | 5,707,269 | 64,946 | 5,772,215 |
Balance (in shares) at Jun. 30, 2021 | 20 | 433,517 | ||||||
Balance at Dec. 31, 2021 | 299,115 | 2,216 | $ 20 | $ 6,167 | 9,591,871 | 9,899,389 | 210,793 | 10,110,182 |
Balance (in shares) at Dec. 31, 2021 | 20 | 616,659 | ||||||
Net income (loss) | 117,801 | 0 | $ 0 | $ 0 | 0 | 117,801 | (12,569) | 105,232 |
Redeemable noncontrolling interests income | 0 | 0 | 0 | 0 | 0 | 0 | (534) | (534) |
Dividends declared to common and preferred shares | (253,770) | 0 | 0 | 0 | 0 | (253,770) | 0 | (253,770) |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (6,058) | (6,058) |
Surrender of common stock | 0 | 0 | $ 0 | $ (6) | (13,539) | (13,545) | 0 | (13,545) |
Surrender of common stock (in shares) | 0 | (585) | ||||||
Exercise of common stock options | 0 | 0 | $ 0 | $ 1 | 3,556 | 3,557 | 0 | 3,557 |
Exercise of common stock options (in shares) | 0 | 174 | ||||||
Amortization of equity awards | 0 | 0 | $ 0 | $ 0 | 13,909 | 13,909 | 0 | 13,909 |
Change in unrealized gains related to defined benefit plan | 0 | 4,260 | 0 | 0 | 0 | 4,260 | 0 | 4,260 |
Repurchase of preferred stock | 64 | |||||||
Repurchase of preferred stock | $ (1) | $ 0 | (3,505) | (3,442) | 0 | (3,442) | ||
Repurchase of preferred stock (in shares) | (1) | 0 | ||||||
Issuance of common stock | 0 | 0 | $ 0 | $ 22 | 11,259 | 11,281 | 0 | 11,281 |
Issuance of common stock (in shares) | 0 | 2,162 | ||||||
Redemption/conversion of noncontrolling interests | 0 | 0 | $ 0 | $ 1 | 1,612 | 1,613 | (1,839) | (226) |
Redemption/conversion of noncontrolling interests (in shares) | 0 | 73 | ||||||
Contributions from noncontrolling interests | 0 | 0 | $ 0 | $ 0 | 0 | 0 | 891 | 891 |
Balance at Jun. 30, 2022 | 163,210 | 6,476 | $ 19 | $ 6,185 | 9,605,163 | 9,781,053 | 190,684 | 9,971,737 |
Balance (in shares) at Jun. 30, 2022 | 19 | 618,483 | ||||||
Balance at Mar. 31, 2022 | 412,659 | 2,216 | $ 20 | $ 6,180 | 9,589,955 | 10,011,030 | 204,132 | 10,215,162 |
Balance (in shares) at Mar. 31, 2022 | 20 | 618,002 | ||||||
Net income (loss) | (119,501) | 0 | $ 0 | $ 0 | 0 | (119,501) | (11,226) | (130,727) |
Redeemable noncontrolling interests income | 0 | 0 | 0 | 0 | 0 | 0 | (201) | (201) |
Dividends declared to common and preferred shares | (130,012) | 0 | 0 | 0 | 0 | (130,012) | 0 | (130,012) |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (1,718) | (1,718) |
Surrender of common stock | 0 | 0 | $ 0 | $ 0 | (101) | (101) | 0 | (101) |
Surrender of common stock (in shares) | 0 | (15) | ||||||
Exercise of common stock options | 0 | 0 | $ 0 | $ 0 | 989 | 989 | 0 | 989 |
Exercise of common stock options (in shares) | 0 | 46 | ||||||
Amortization of equity awards | 0 | 0 | $ 0 | $ 0 | 6,472 | 6,472 | 0 | 6,472 |
Change in unrealized gains related to defined benefit plan | 0 | 4,260 | 0 | 0 | 0 | 4,260 | 0 | 4,260 |
Repurchase of preferred stock | 64 | |||||||
Repurchase of preferred stock | 0 | $ (1) | $ 0 | (3,505) | (3,442) | 0 | (3,442) | |
Repurchase of preferred stock (in shares) | (1) | 0 | ||||||
Issuance of common stock | 0 | 0 | $ 0 | $ 5 | 11,276 | 11,281 | 0 | 11,281 |
Issuance of common stock (in shares) | 0 | 450 | ||||||
Redemption/conversion of noncontrolling interests | 0 | 0 | $ 0 | $ 0 | 77 | 77 | (303) | (226) |
Redemption/conversion of noncontrolling interests (in shares) | 0 | 0 | ||||||
Balance at Jun. 30, 2022 | $ 163,210 | $ 6,476 | $ 19 | $ 6,185 | $ 9,605,163 | $ 9,781,053 | $ 190,684 | $ 9,971,737 |
Balance (in shares) at Jun. 30, 2022 | 19 | 618,483 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flow from operating activities: | ||
Net income | $ 105,232 | $ 258,543 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 254,905 | 147,449 |
Impairment charges | 14,691 | 104 |
Early extinguishment of debt charges | 7,230 | 0 |
Equity award expense | 13,994 | 12,271 |
Gain on sale of properties | (7,137) | (28,866) |
Loss/(gain) on marketable securities, net | 139,703 | (85,382) |
Distributions from joint ventures and other investments | 45,775 | 37,080 |
Change in accounts and notes receivable, net | (1,204) | 19,127 |
Change in accounts payable and accrued expenses | (12,636) | 5,587 |
Change in other operating assets and liabilities, net | (41,762) | (29,346) |
Net cash flow provided by operating activities | 442,333 | 293,671 |
Cash flow from investing activities: | ||
Acquisition of operating real estate | (29,282) | (84,312) |
Improvements to operating real estate | (78,958) | (66,342) |
Investment in marketable securities | (1,870) | 0 |
Proceeds from sale of marketable securities | 201 | 201 |
Investment in cost method investment | (3,000) | 0 |
Investments in and advances to real estate joint ventures | (72,947) | (5,698) |
Reimbursements of investments in and advances to real estate joint ventures | 22,865 | 3,368 |
Investments in and advances to other investments | (9,473) | (55,713) |
Reimbursements of investments in and advances to other investments | 29,104 | 32,780 |
Investment in other financing receivable | (53,063) | (397) |
Collection of mortgage loans receivable | 63 | 93 |
Proceeds from sale of properties | 41,224 | 130,138 |
Net cash flow used for investing activities | (155,136) | (45,882) |
Cash flow from financing activities: | ||
Principal payments on debt, excluding normal amortization of rental property debt | (115,166) | (136,222) |
Principal payments on rental property debt | (4,827) | (5,011) |
Proceeds from mortgage loan financings | 19,000 | 0 |
Financing origination costs | (10,281) | 0 |
Payment of early extinguishment of debt charges | (6,527) | 0 |
Contributions from noncontrolling interests | 891 | 0 |
Redemption/distribution of noncontrolling interests | (7,029) | (3,225) |
Dividends paid | (253,809) | (160,092) |
Proceeds from issuance of stock, net | 14,838 | 1,970 |
Repurchase of preferred stock | (3,441) | 0 |
Shares repurchased for employee tax withholding on equity awards | (13,521) | (9,225) |
Change in tenants' security deposits | 1,873 | 890 |
Net cash flow used for financing activities | (325,062) | (310,915) |
Net change in cash, cash equivalents and restricted cash | (37,865) | (63,126) |
Cash, cash equivalents and restricted cash, beginning of the period | 334,663 | 293,188 |
Cash, cash equivalents and restricted cash, end of the period | 296,798 | 230,062 |
Interest paid during the period including payment of early extinguishment of debt charges of $6,527 and $0, respectively (net of capitalized interest of $277 and $417, respectively) | 132,912 | 96,097 |
Senior Unsecured Notes [Member] | ||
Cash flow from financing activities: | ||
Proceeds from issuance of unsecured debt | 600,000 | 0 |
Repayments of unsecured notes | (547,063) | 0 |
Joint Ventures [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity in income, net | (67,700) | (34,070) |
Other Real Estate Investments [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity in income, net | $ (8,758) | $ (8,826) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Early extinguishment of debt charges | $ 6,527 | $ 0 |
Cash paid for capitalized interest | $ 277 | $ 417 |
Note 1 - Business and Organizat
Note 1 - Business and Organization | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Business and Organization Kimco Realty Corporation, a Maryland corporation, is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including mixed-use assets. The terms “Kimco,” the “Company,” “we,” “our” and “us” each refers to Kimco Realty Corporation and our subsidiaries, unless the context indicates otherwise. The Company, its affiliates and related real estate joint ventures are engaged principally in the ownership, management, development and operation of open-air shopping centers, including mixed-use assets which are anchored generally by grocery stores, off-price retailers, home improvement centers, discounters and/or service-oriented tenants. Additionally, the Company provides complementary services that capitalize on the Company’s established retail real estate expertise. The Company elected status as a Real Estate Investment Trust (a “REIT”) for federal income tax purposes beginning in its taxable year ended December 31, 1991 90 not not 100 may not not not Weingarten Merger On August 3, 2021, April 15, 2021. The following highlights the Company’s significant activity upon completion of the $4.1 billion strategic Merger with Weingarten on August 3, 2021: ● Acquired 149 properties, including 30 held through joint venture programs. ● Assumed senior unsecured notes of $1.5 billion (including $95.6 million in fair market value adjustments) and mortgage debt of $317.7 million (including $11.0 million in fair market value adjustments) encumbering 16 operating properties. ● Issued 179.9 million shares of common stock valued at $3.8 billion and paid cash consideration of $0.3 billion. See the Company's audited Annual Report on Form 10 December 31, 2021 ( “10 COVID- 19 The coronavirus disease 2019 19” 19 19 19 19 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Principles of Consolidation The accompanying Condensed Consolidated Financial Statements include the accounts of the Company. The Company’s subsidiaries include subsidiaries which are wholly owned or which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation. The information presented in the accompanying Condensed Consolidated Financial Statements is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. These Condensed Consolidated Financial Statements should be read in conjunction with the Company's 10 10 June 30, 2022 10 not Subsequent Events The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its Condensed Consolidated Financial Statements (see Footnote 10 New Accounting Pronouncements The following table represents an Accounting Standards Update (“ASU”) to the FASB’s ASCs that, as of June 30, 2022, not not ASU Description Effective Date Effect on the financial statements or other significant matters ASU 2022 03, 820 This ASU clarifies the guidance in Topic 820, 820. January 1, 2024; The Company is still assessing the impact on the Company’s financial position and/or results of operations. ASU 2021 08, 805 The amendments in this update require acquiring entities to apply Topic 606 805. January 1, 2023; The adoption of this ASU is not The following ASU to the FASB’s ASC has been adopted by the Company as of the date listed: ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2021 05, 842 This ASU amends the lessor lease classification in ASC 842 not not 842 1 January 1, 2022 The adoption of this ASU did not |
Note 3 - Real Estate
Note 3 - Real Estate | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 3. Real Estate Acquisitions During the six June 30, 2022, Dispositions The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels (dollars in millions): Six Months Ended June 30, 2022 2021 Aggregate sales price $ 43.3 $ 132.2 Gain on sale of properties (1) $ 7.1 $ 28.9 Number of properties sold 1 3 Number of parcels sold 8 7 ( 1 Before noncontrolling interests of $3.1 million and taxes of $2.1 million, after utilization of net operating loss carryforwards, for the six June 30, 2021. |
Note 4 - Investments in and Adv
Note 4 - Investments in and Advances to Real Estate Joint Ventures | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Investments and Advances In Real Estate Joint Ventures [Text Block] | 4. Investments in and Advances to Real Estate Joint Ventures The Company has investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting. The Company manages certain of these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees. The table below presents unconsolidated joint venture investments for which the Company held an ownership interest at June 30, 2022 December 31, 2021 ( Noncontrolling The Company s Investment Joint Venture As of June 30, 2022 June 30, 2022 December 31, 2021 Prudential Investment Program 15.0% $ 153.4 $ 163.0 Kimco Income Opportunity Portfolio (“KIR”) (1) 52.1% 271.9 186.0 Canada Pension Plan Investment Board (“CPP”) 55.0% 178.7 165.1 Other Institutional Joint Ventures Various 268.4 281.8 Other Joint Venture Programs Various 211.1 211.0 Total* $ 1,083.5 $ 1,006.9 * Representing 114 property interests and 23.1 million square feet of GLA, as of June 30, 2022, December 31, 2021. ( 1 During the six June 30, 2022, six June 30, 2022, no The table below presents the Company’s share of net income for the above investments which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Operations for the three six June 30, 2022 2021 Three Months Ended June 30, Six Months Ended June 30, Joint Venture 2022 2021 2022 2021 Prudential Investment Program (1) $ 2.3 $ 2.6 $ 4.7 $ 5.3 KIR 32.0 9.1 45.5 17.8 CPP 2.6 2.0 5.7 4.1 Other Institutional Joint Ventures 4.1 - 5.6 - Other Joint Venture Programs 3.1 2.6 6.2 6.9 Total $ 44.1 $ 16.3 $ 67.7 $ 34.1 ( 1 During the six June 30, 2022, During the six June 30, 2022, six June 30, 2022. During the six June 30, 2021, six June 30, 2021. The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at June 30, 2022 December 31, 2021 ( As of June 30, 2022 As of December 31, 2021 Joint Venture Mortgages and Notes Payable, Net Weighted Average Interest Rate Weighted Average Remaining Term (months)* Mortgages and Notes Payable, Net Weighted Average Interest Rate Weighted Average Remaining Term (months)* Prudential Investment Program $ 381.8 3.35 % 39.1 $ 426.9 2.02 % 45.6 KIR 425.6 2.88 % 38.8 492.6 2.55 % 27.9 CPP 83.6 3.54 % 49.1 84.2 1.85 % 55.0 Other Institutional Joint Ventures 233.2 3.34 % 53.8 232.9 1.65 % 59.7 Other Joint Venture Programs 400.4 3.80 % 77.2 402.1 3.58 % 83.0 Total $ 1,524.6 $ 1,638.7 * Includes extension options |
Note 5 - Other Investments
Note 5 - Other Investments | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Other Real Estate Investments and Other Assets [Text Block] | 5. 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 June 30, 2022, six June 30, 2022 2021, |
Note 6 - Marketable Securities
Note 6 - Marketable Securities | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 6. Marketable Securities The amortized cost and unrealized gains, net of marketable securities as of June 30, 2022 December 31, 2021, As of June 30, 2022 As of December 31, 2021 Marketable securities: Amortized cost $ 115,862 $ 114,159 Unrealized gains, net 957,844 1,097,580 Total fair value $ 1,073,706 $ 1,211,739 During the three June 30, 2022 2021, six June 30, 2022 2021, |
Note 7 - Accounts and Notes Rec
Note 7 - Accounts and Notes Receivable | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 7. Accounts and Notes Receivable The components of accounts and notes receivable, net of potentially uncollectible amounts as of June 30, 2022 December 31, 2021, As of June 30, 2022 As of December 31, 2021 Billed tenant receivables $ 21,595 $ 20,970 Unbilled common area maintenance, insurance and tax reimbursements 38,033 55,283 Deferred rent receivables 3,383 5,029 Other receivables 22,175 15,725 Straight-line rent receivables 174,954 157,670 Total accounts and notes receivable, net $ 260,140 $ 254,677 |
Note 8 - Leases
Note 8 - Leases | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8. 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 Revenues from rental properties, net on the Company’s Condensed Consolidated Statements of Operations, as either fixed or variable lease income based on the criteria specified in ASC 842, three six June 30, 2022 2021, Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Lease income: Fixed lease income (1) $ 336,370 $ 223,259 $ 668,368 $ 436,263 Variable lease income (2) 81,514 55,683 164,961 115,995 Above-market and below-market leases amortization, net 2,683 3,231 6,980 8,933 Adjustments for potentially uncollectible revenues and disputed amounts (3) 2,706 3,559 5,618 3,412 Total lease income $ 423,273 $ 285,732 $ 845,927 $ 564,603 ( 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 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 The weighted-average remaining non-cancelable lease term and weighted-average discount rates for the Company’s operating and finance leases as of June 30, 2022 Operating Leases Finance Leases Weighted-average remaining lease term (in years) 25.5 1.5 Weighted-average discount rate 6.63 % 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 Condensed Consolidated Statements of Operations for the three six June 30, 2022 2021, Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Lease cost: Finance lease cost $ 250 $ - $ 576 $ - Operating lease cost 3,268 2,795 6,251 5,624 Variable lease cost 1,188 649 2,596 1,332 Total lease cost $ 4,706 $ 3,444 $ 9,423 $ 6,956 |
Note 9 - Other Assets
Note 9 - Other Assets | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 9. Other Assets Assets Held-For-Sale At June 30, 2022, Mortgages and Other Financing Receivables During the six June 30, 2022, Date Issued Face Amount Interest Rate Maturity Date Jun-22 $ 16.5 9.00 % June-25 Jun-22 $ 19.6 10.00 % June-29 May-22 $ 14.0 8.00 % May-29 Jan-22 $ 3.0 8.00 % July-22 |
Note 10 - Notes and Mortgages P
Note 10 - Notes and Mortgages Payable | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. Notes and Mortgages Payable Notes Payable The Company has a $2.0 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks which is scheduled to expire in March 2024, two six March 2025. one June 30, 2022), June 30, 2022, During July 2022, In February 2022, April 2032 During the six June 30, 2022, Type Date Paid Amount Repaid Interest Rate Maturity Date Senior unsecured notes (1) Mar-22 $ 500.0 3.400 % Nov-22 Senior unsecured notes (2) May-22 & Jun-22 $ 36.1 3.125 % Jun-23 Senior unsecured notes (3) Jun-22 $ 11.0 3.375 % Oct-22 ( 1 The Company incurred a prepayment charge of $6.5 million and $0.7 million in write-off of deferred financing costs resulting from the early repayment. ( 2 Represents partial repayments. As of June 30, 2022, ( 3 Represents partial repayments. As of June 30, 2022, Mortgages Payable During the six June 30, 2022, six |
Note 11 - Noncontrolling Intere
Note 11 - Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 11. Noncontrolling Interests Noncontrolling interests represent the portion of equity that the Company does not During the six June 30, 2022, 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 Stockholders equity on the Company’s Condensed Consolidated Balance Sheets. The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the six June 30, 2022 2021 Six Months Ended June 30, 2022 2021 Balance at January 1, $ 13,480 $ 15,784 Fair value allocation to partnership interest - 2,068 Net income 534 176 Distributions (535 ) (2,244 ) Redemption/conversion of noncontrolling interests (209 ) - Balance at June 30, $ 13,270 $ 15,784 |
Note 12 - Variable Interest Ent
Note 12 - Variable Interest Entities ("VIE") | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 12. Variable Interest Entities (“VIE”) Included within the Company’s consolidated operating properties at June 30, 2022 December 31, 2021 not not June 30, 2022, December 31, 2021, The majority of the operations of these VIEs are funded with cash flows generated from the properties. The Company has not not may All liabilities of these consolidated VIEs are non-recourse to the Company (“VIE Liabilities”). The assets of the unencumbered VIEs are not third As of June 30, 2022 As of December 31, 2021 Number of unencumbered VIEs 30 30 Number of encumbered VIEs 3 4 Total number of consolidated VIEs 33 34 Restricted Assets: Real estate, net $ 193.2 $ 222.9 Cash and cash equivalents 5.2 2.0 Accounts and notes receivable, net 1.5 2.0 Other assets 1.7 1.0 Total Restricted Assets $ 201.6 $ 227.9 VIE Liabilities: Mortgages payable, net $ 74.5 $ 78.9 Accounts payable and accrued expenses 12.3 11.8 Operating lease liabilities 6.6 6.7 Other liabilities 54.7 56.5 Total VIE Liabilities $ 148.1 $ 153.9 |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. Fair Value Measurements All financial instruments of the Company are reflected in the accompanying Condensed Consolidated Balance Sheets at amounts which, in management’s estimation, based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values, except those listed below, for which fair values are disclosed. The valuation method used to estimate fair value for fixed-rate and variable-rate debt is based on discounted cash flow analyses, with assumptions that include credit spreads, market yield curves, trading activity, loan amounts and debt maturities. The fair values for marketable securities are based on published values, securities dealers’ estimated market values or comparable market sales. Such fair value estimates are not 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 2 3 The following are financial instruments for which the Company’s estimated fair value differs from the carrying value (in thousands): June 30, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Notes payable, net (1) $ 7,056,644 $ 6,420,439 $ 7,027,050 $ 7,330,723 Mortgages payable, net (2) $ 346,461 $ 319,813 $ 448,652 $ 449,758 ( 1 The Company determined that the valuation of its senior unsecured notes were classified within Level 2 3 2, June 30, 2022 December 31, 2021, ( 2 The Company determined that its valuation of its mortgages payable were classified within Level 3 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 The table below presents the Company’s financial assets measured at fair value on a recurring basis at June 30, 2022 December 31, 2021, Balance at June 30, 2022 Level 1 Level 2 Level 3 Marketable equity securities $ 1,073,706 $ 1,073,706 $ - $ - Balance at December 31, 2021 Level 1 Level 2 Level 3 Marketable equity securities $ 1,211,739 $ 1,211,739 $ - $ - The table below presents the Company’s assets measured at fair value on a non-recurring basis at June 30, 2022 December 31, 2021 ( Balance at June 30, 2022 Level 1 Level 2 Level 3 Real estate $ 110,503 $ - $ - $ 110,503 Balance at December 31, 2021 Level 1 Level 2 Level 3 Other investments $ 9,834 $ - $ - $ 9,834 During the six June 30, 2022, third not third 3 |
Note 14 - Incentive Plans
Note 14 - Incentive Plans | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 14. Incentive Plans In May 2020, 2020 “2020 2010 2020 March 2020. 2020 June 30, 2022, 2020 The Company accounts for equity awards in accordance with FASB’s Compensation – Stock Compensation guidance, which requires that all share-based payments to employees, including grants of employee stock options, restricted stock and performance shares, be recognized in the Condensed Consolidated Statements of Operations 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 calculated based on the price on the date of grant. The Company recognized expenses associated with its equity awards of $14.0 million and $12.3 million for the six June 30, 2022 2021, June 30, 2022, |
Note 15 - Stockholders' Equity
Note 15 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 15. Stockholders’ Equity Preferred Stock The Company’s Board of Director’s authorized the repurchase of up to 900,000 depositary shares of Class L preferred stock and 1,058,000 depositary shares of Class M preferred stock representing up to 1,958 shares of the Company’s preferred stock, par value $1.00 per share, through December 31, 2022. six June 30, 2022, Class of Preferred Stock Depositary Shares Repurchased Purchase Price (in millions) Class L 54,508 $ 1.3 Class M 90,760 $ 2.1 The Company’s outstanding Preferred Stock is detailed below: As of June 30, 2022 Class of Shares Shares Liquidation (in thousands) Dividend Annual Depositary Par Optional Class L 10,350 8,946 $ 223,637 5.125 % $ 1.28125 $ 1.00 8/16/2022 Class M 10,580 10,489 262,231 5.250 % $ 1.31250 $ 1.00 12/20/2022 19,435 $ 485,868 As of December 31, 2021 Class of Shares Shares Liquidation (in thousands) Dividend Rate Annual Depositary Par Value Optional 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 Common Stock The Company has a common share repurchase program, which is scheduled to expire February 29, 2024. may not six June 30, 2022. June 30, 2022, During August 2021, may may 415 1933, may one six June 30, 2022, June 30, 2022, Dividends Declared The following table provides a summary of the dividends declared per share: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Common Shares $ 0.20000 $ 0.17000 $ 0.39000 $ 0.34000 Class L Depositary Shares $ 0.32031 $ 0.32031 $ 0.64062 $ 0.64062 Class M Depositary Shares $ 0.32813 $ 0.32813 $ 0.65626 $ 0.65626 |
Note 16 - Supplemental Schedule
Note 16 - Supplemental Schedule of Non-cash Investing / Financing Activities | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 16. Supplemental Schedule of Non-Cash Investing / Financing Activities The following schedule summarizes the non-cash investing and financing activities of the Company for the six June 30, 2022 2021 Six Months Ended June 30, 2022 2021 Surrender of common stock $ 13,545 $ 9,246 Declaration of dividends paid in succeeding period $ 5,326 $ 5,366 Capital expenditures accrual $ 23,225 $ 37,269 Lease liabilities arising from obtaining operating right-of-use assets $ - $ 553 Allocation of fair value to noncontrolling interests $ - $ 2,068 Decrease in redeemable noncontrolling interests from redemption of units for common stock $ 1,613 $ - Purchase price fair value adjustment to prepaid rent $ - $ 15,620 The following table provides a reconciliation of cash, cash equivalents and restricted cash recorded on the Company’s Condensed Consolidated Balance Sheets to the Company’s Condensed Consolidated Statements of Cash Flows (in thousands): As of June 30, 2022 As of December 31, 2021 Cash and cash equivalents $ 293,863 $ 325,631 Restricted cash 2,935 9,032 Total cash, cash equivalents and restricted cash $ 296,798 $ 334,663 |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17. 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 June 30, 2022, Funding Commitments The Company has an investment with a funding commitment of $25.0 million, of which $10.1 million has been funded as of June 30, 2022. 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 June 30, 2022, 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 June 30, 2022. may 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 June 30, 2022. |
Note 18 - Defined Benefit Plan
Note 18 - Defined Benefit Plan | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Defined Benefit Plan [Text Block] | 18. 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 not December 31, 2021. June 30, 2022. 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 January 1, 2022 June 30, 2022 ( 2022 Change in Projected Benefit Obligation: Benefit obligation at January 1 $ 36,995 Interest cost 435 Actuarial gain (6,028 ) Benefit payments (1,093 ) Benefit obligation at June 30 $ 30,309 Change in Plan Assets: Fair value of plan assets at January 1 $ 43,653 Actual return on plan assets (1,343 ) Benefit payments (1,093 ) Fair value of plan assets at June 30 $ 41,217 Funded status at June 30 (included in Other assets) $ 10,908 Accumulated benefit obligation $ 30,309 Net gain recognized in other comprehensive income $ 6,476 The weighted-average assumptions used to determine the benefit obligation as of June 30, 2022 Discount rate 4.23 % Interest credit rate for cash balance plan 4.50 % The selection of the discount rate is made after comparison to yields based on cash 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 1.00% as the long-term rate of return assumption for the six June 30, 2022. No contributions have been made and none 2022. |
Note 19 - Accumulated Other Com
Note 19 - Accumulated Other Comprehensive Income ("AOCI") | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 19. Accumulated Other Comprehensive Income ( AOCI ) The following table displays the change in the components of AOCI for the six June 30, 2022: Unrealized Gains Balance as of January 1, 2022 $ 2,216 Other comprehensive income before reclassifications 4,260 Amounts reclassified from AOCI - Net current-period other comprehensive income 4,260 Balance as of June 30, 2022 $ 6,476 |
Note 20 - Earnings Per Share
Note 20 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 20. Earnings Per Share The following table sets forth the reconciliation of earnings and the weighted-average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands except per share data): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Computation of Basic and Diluted Earnings Per Share: Net (loss)/income available to the Company's common shareholders $ (125,751 ) $ 110,343 $ 105,197 $ 241,931 Earnings attributable to participating securities (533 ) (672 ) (1,000 ) (1,475 ) Net (loss)/income available to the Company’s common shareholders for basic earnings per share (126,284 ) 109,671 104,197 240,456 Distributions on convertible units - 9 - 18 Net (loss)/income available to the Company’s common shareholders for diluted earnings per share $ (126,284 ) $ 109,680 $ 104,197 $ 240,474 Weighted average common shares outstanding – basic 615,642 431,011 615,207 430,769 Effect of dilutive securities (1): Equity awards - 1,356 1,689 1,528 Assumed conversion of convertible units - 122 47 133 Weighted average common shares outstanding – diluted 615,642 432,489 616,943 432,430 Net (loss)/income available to the Company's common shareholders: Basic earnings per share $ (0.21 ) $ 0.25 $ 0.17 $ 0.56 Diluted earnings per share $ (0.21 ) $ 0.25 $ 0.17 $ 0.56 ( 1 The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net (loss)/income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not not June 30, 2021. 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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying Condensed Consolidated Financial Statements include the accounts of the Company. The Company’s subsidiaries include subsidiaries which are wholly owned or which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation. The information presented in the accompanying Condensed Consolidated Financial Statements is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. These Condensed Consolidated Financial Statements should be read in conjunction with the Company's 10 10 June 30, 2022 10 not |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its Condensed Consolidated Financial Statements (see Footnote 10 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements The following table represents an Accounting Standards Update (“ASU”) to the FASB’s ASCs that, as of June 30, 2022, not not ASU Description Effective Date Effect on the financial statements or other significant matters ASU 2022 03, 820 This ASU clarifies the guidance in Topic 820, 820. January 1, 2024; The Company is still assessing the impact on the Company’s financial position and/or results of operations. ASU 2021 08, 805 The amendments in this update require acquiring entities to apply Topic 606 805. January 1, 2023; The adoption of this ASU is not The following ASU to the FASB’s ASC has been adopted by the Company as of the date listed: ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2021 05, 842 This ASU amends the lessor lease classification in ASC 842 not not 842 1 January 1, 2022 The adoption of this ASU did not |
Note 3 - Real Estate (Tables)
Note 3 - Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Six Months Ended June 30, 2022 2021 Aggregate sales price $ 43.3 $ 132.2 Gain on sale of properties (1) $ 7.1 $ 28.9 Number of properties sold 1 3 Number of parcels sold 8 7 |
Note 4 - Investments in and A_2
Note 4 - Investments in and Advances to Real Estate Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Noncontrolling The Company s Investment Joint Venture As of June 30, 2022 June 30, 2022 December 31, 2021 Prudential Investment Program 15.0% $ 153.4 $ 163.0 Kimco Income Opportunity Portfolio (“KIR”) (1) 52.1% 271.9 186.0 Canada Pension Plan Investment Board (“CPP”) 55.0% 178.7 165.1 Other Institutional Joint Ventures Various 268.4 281.8 Other Joint Venture Programs Various 211.1 211.0 Total* $ 1,083.5 $ 1,006.9 |
Joint Venture Investments Accounted For Under The Equity Method Debt Details [Table Text Block] | As of June 30, 2022 As of December 31, 2021 Joint Venture Mortgages and Notes Payable, Net Weighted Average Interest Rate Weighted Average Remaining Term (months)* Mortgages and Notes Payable, Net Weighted Average Interest Rate Weighted Average Remaining Term (months)* Prudential Investment Program $ 381.8 3.35 % 39.1 $ 426.9 2.02 % 45.6 KIR 425.6 2.88 % 38.8 492.6 2.55 % 27.9 CPP 83.6 3.54 % 49.1 84.2 1.85 % 55.0 Other Institutional Joint Ventures 233.2 3.34 % 53.8 232.9 1.65 % 59.7 Other Joint Venture Programs 400.4 3.80 % 77.2 402.1 3.58 % 83.0 Total $ 1,524.6 $ 1,638.7 |
Income [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, Joint Venture 2022 2021 2022 2021 Prudential Investment Program (1) $ 2.3 $ 2.6 $ 4.7 $ 5.3 KIR 32.0 9.1 45.5 17.8 CPP 2.6 2.0 5.7 4.1 Other Institutional Joint Ventures 4.1 - 5.6 - Other Joint Venture Programs 3.1 2.6 6.2 6.9 Total $ 44.1 $ 16.3 $ 67.7 $ 34.1 |
Note 6 - Marketable Securities
Note 6 - Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Marketable Securities [Table Text Block] | As of June 30, 2022 As of December 31, 2021 Marketable securities: Amortized cost $ 115,862 $ 114,159 Unrealized gains, net 957,844 1,097,580 Total fair value $ 1,073,706 $ 1,211,739 |
Note 7 - Accounts and Notes R_2
Note 7 - Accounts and Notes Receivable (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of June 30, 2022 As of December 31, 2021 Billed tenant receivables $ 21,595 $ 20,970 Unbilled common area maintenance, insurance and tax reimbursements 38,033 55,283 Deferred rent receivables 3,383 5,029 Other receivables 22,175 15,725 Straight-line rent receivables 174,954 157,670 Total accounts and notes receivable, net $ 260,140 $ 254,677 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Lease income: Fixed lease income (1) $ 336,370 $ 223,259 $ 668,368 $ 436,263 Variable lease income (2) 81,514 55,683 164,961 115,995 Above-market and below-market leases amortization, net 2,683 3,231 6,980 8,933 Adjustments for potentially uncollectible revenues and disputed amounts (3) 2,706 3,559 5,618 3,412 Total lease income $ 423,273 $ 285,732 $ 845,927 $ 564,603 |
Lease, Cost [Table Text Block] | Operating Leases Finance Leases Weighted-average remaining lease term (in years) 25.5 1.5 Weighted-average discount rate 6.63 % 4.44 % Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Lease cost: Finance lease cost $ 250 $ - $ 576 $ - Operating lease cost 3,268 2,795 6,251 5,624 Variable lease cost 1,188 649 2,596 1,332 Total lease cost $ 4,706 $ 3,444 $ 9,423 $ 6,956 |
Note 9 - Other Assets (Tables)
Note 9 - Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Issued and Acquired Mortgage Loans and Other Financing Receivables [Table Text Block] | Date Issued Face Amount Interest Rate Maturity Date Jun-22 $ 16.5 9.00 % June-25 Jun-22 $ 19.6 10.00 % June-29 May-22 $ 14.0 8.00 % May-29 Jan-22 $ 3.0 8.00 % July-22 |
Note 10 - Notes and Mortgages_2
Note 10 - Notes and Mortgages Payable (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Type Date Paid Amount Repaid Interest Rate Maturity Date Senior unsecured notes (1) Mar-22 $ 500.0 3.400 % Nov-22 Senior unsecured notes (2) May-22 & Jun-22 $ 36.1 3.125 % Jun-23 Senior unsecured notes (3) Jun-22 $ 11.0 3.375 % Oct-22 |
Note 11 - Noncontrolling Inte_2
Note 11 - Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | Six Months Ended June 30, 2022 2021 Balance at January 1, $ 13,480 $ 15,784 Fair value allocation to partnership interest - 2,068 Net income 534 176 Distributions (535 ) (2,244 ) Redemption/conversion of noncontrolling interests (209 ) - Balance at June 30, $ 13,270 $ 15,784 |
Note 12 - Variable Interest E_2
Note 12 - Variable Interest Entities ("VIE") (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of June 30, 2022 As of December 31, 2021 Number of unencumbered VIEs 30 30 Number of encumbered VIEs 3 4 Total number of consolidated VIEs 33 34 Restricted Assets: Real estate, net $ 193.2 $ 222.9 Cash and cash equivalents 5.2 2.0 Accounts and notes receivable, net 1.5 2.0 Other assets 1.7 1.0 Total Restricted Assets $ 201.6 $ 227.9 VIE Liabilities: Mortgages payable, net $ 74.5 $ 78.9 Accounts payable and accrued expenses 12.3 11.8 Operating lease liabilities 6.6 6.7 Other liabilities 54.7 56.5 Total VIE Liabilities $ 148.1 $ 153.9 |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Notes payable, net (1) $ 7,056,644 $ 6,420,439 $ 7,027,050 $ 7,330,723 Mortgages payable, net (2) $ 346,461 $ 319,813 $ 448,652 $ 449,758 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Balance at June 30, 2022 Level 1 Level 2 Level 3 Marketable equity securities $ 1,073,706 $ 1,073,706 $ - $ - Balance at December 31, 2021 Level 1 Level 2 Level 3 Marketable equity securities $ 1,211,739 $ 1,211,739 $ - $ - Balance at June 30, 2022 Level 1 Level 2 Level 3 Real estate $ 110,503 $ - $ - $ 110,503 Balance at December 31, 2021 Level 1 Level 2 Level 3 Other investments $ 9,834 $ - $ - $ 9,834 |
Note 15 - Stockholders' Equity
Note 15 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Class of Treasury Stock [Table Text Block] | Class of Preferred Stock Depositary Shares Repurchased Purchase Price (in millions) Class L 54,508 $ 1.3 Class M 90,760 $ 2.1 |
Schedule of Stockholders Equity [Table Text Block] | As of June 30, 2022 Class of Shares Shares Liquidation (in thousands) Dividend Annual Depositary Par Optional Class L 10,350 8,946 $ 223,637 5.125 % $ 1.28125 $ 1.00 8/16/2022 Class M 10,580 10,489 262,231 5.250 % $ 1.31250 $ 1.00 12/20/2022 19,435 $ 485,868 As of December 31, 2021 Class of Shares Shares Liquidation (in thousands) Dividend Rate Annual Depositary Par Value Optional 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 |
Dividends Declared [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Common Shares $ 0.20000 $ 0.17000 $ 0.39000 $ 0.34000 Class L Depositary Shares $ 0.32031 $ 0.32031 $ 0.64062 $ 0.64062 Class M Depositary Shares $ 0.32813 $ 0.32813 $ 0.65626 $ 0.65626 |
Note 16 - Supplemental Schedu_2
Note 16 - Supplemental Schedule of Non-cash Investing / Financing Activities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Six Months Ended June 30, 2022 2021 Surrender of common stock $ 13,545 $ 9,246 Declaration of dividends paid in succeeding period $ 5,326 $ 5,366 Capital expenditures accrual $ 23,225 $ 37,269 Lease liabilities arising from obtaining operating right-of-use assets $ - $ 553 Allocation of fair value to noncontrolling interests $ - $ 2,068 Decrease in redeemable noncontrolling interests from redemption of units for common stock $ 1,613 $ - Purchase price fair value adjustment to prepaid rent $ - $ 15,620 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash [Table Text Block] | As of June 30, 2022 As of December 31, 2021 Cash and cash equivalents $ 293,863 $ 325,631 Restricted cash 2,935 9,032 Total cash, cash equivalents and restricted cash $ 296,798 $ 334,663 |
Note 18 - Defined Benefit Plan
Note 18 - Defined Benefit Plan (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | 2022 Change in Projected Benefit Obligation: Benefit obligation at January 1 $ 36,995 Interest cost 435 Actuarial gain (6,028 ) Benefit payments (1,093 ) Benefit obligation at June 30 $ 30,309 Change in Plan Assets: Fair value of plan assets at January 1 $ 43,653 Actual return on plan assets (1,343 ) Benefit payments (1,093 ) Fair value of plan assets at June 30 $ 41,217 Funded status at June 30 (included in Other assets) $ 10,908 Accumulated benefit obligation $ 30,309 Net gain recognized in other comprehensive income $ 6,476 |
Defined Benefit Plan, Assumptions [Table Text Block] | Discount rate 4.23 % Interest credit rate for cash balance plan 4.50 % |
Note 19 - Accumulated Other C_2
Note 19 - Accumulated Other Comprehensive Income ("AOCI") (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains Balance as of January 1, 2022 $ 2,216 Other comprehensive income before reclassifications 4,260 Amounts reclassified from AOCI - Net current-period other comprehensive income 4,260 Balance as of June 30, 2022 $ 6,476 |
Note 20 - Earnings Per Share (T
Note 20 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Computation of Basic and Diluted Earnings Per Share: Net (loss)/income available to the Company's common shareholders $ (125,751 ) $ 110,343 $ 105,197 $ 241,931 Earnings attributable to participating securities (533 ) (672 ) (1,000 ) (1,475 ) Net (loss)/income available to the Company’s common shareholders for basic earnings per share (126,284 ) 109,671 104,197 240,456 Distributions on convertible units - 9 - 18 Net (loss)/income available to the Company’s common shareholders for diluted earnings per share $ (126,284 ) $ 109,680 $ 104,197 $ 240,474 Weighted average common shares outstanding – basic 615,642 431,011 615,207 430,769 Effect of dilutive securities (1): Equity awards - 1,356 1,689 1,528 Assumed conversion of convertible units - 122 47 133 Weighted average common shares outstanding – diluted 615,642 432,489 616,943 432,430 Net (loss)/income available to the Company's common shareholders: Basic earnings per share $ (0.21 ) $ 0.25 $ 0.17 $ 0.56 Diluted earnings per share $ (0.21 ) $ 0.25 $ 0.17 $ 0.56 |
Note 1 - Business and Organiz_2
Note 1 - Business and Organization (Details Textual) $ / shares in Units, $ in Millions | Aug. 03, 2021 USD ($) shares | Apr. 15, 2021 $ / shares shares |
Senior Unsecured Notes Assumed in the Weingarten Acquisition [Member] | ||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 1,500 | |
Liabilities, Fair Value Adjustment | 95.6 | |
Mortgage Debt Assumed in the Weingarten Acquisition [Member] | ||
Noncash or Part Noncash Acquisition, Debt Assumed | 317.7 | |
Liabilities, Fair Value Adjustment | $ 11 | |
Number of Encumbered Operating Properties | 16 | |
Weingarten Realty Investors [Member] | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Per Each Acquired Company Share (in shares) | shares | 1.408 | |
Business Combination, Consideration Transferred, Cash Per Each Acquired Company Share (in dollars per share) | $ / shares | $ 2.20 | |
Business Combination, Consideration Transferred, Total | $ 4,100 | |
Number of Properties Acquired | 149 | |
Properties Acquired, Number Held Through Joint Venture Programs | 30 | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 179,900,000 | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 3.8 | |
Payments to Acquire Businesses, Including Additional Consideration Relating to Reimbursements | $ 0.3 |
Note 3 - Real Estate (Details T
Note 3 - Real Estate (Details Textual) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Number of Parcels Acquired | 4 | |
Payments to Acquire Real Estate, Total | $ 23.2 | |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, Net of Tax, Attributable to Noncontrolling Interest | $ 3.1 | |
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | $ 2.1 |
Note 3 - Real Estate - Disposit
Note 3 - Real Estate - Disposition Activity (Details) - Disposition Activity Relating to Consolidated Operating Properties and Parcels [Member] $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | ||
Aggregate sales price | $ 43.3 | $ 132.2 | |
Gain on sale of properties | [1] | $ 7.1 | $ 28.9 |
Number of properties sold | 1 | 3 | |
Number of parcels sold | 8 | 7 | |
[1]Before noncontrolling interests of $3.1 million and taxes of $2.1 million, after utilization of net operating loss carryforwards, for the six months ended June 30, 2021. |
Note 4 - Investments in and A_3
Note 4 - Investments in and Advances to Real Estate Joint Ventures (Details Textual) ft² in Millions, $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 USD ($) ft² | Jun. 30, 2021 USD ($) | Dec. 31, 2021 ft² | |
Prudential Investment Program [Member] | |||
Tangible Asset Impairment Charges, Total | $ 15.1 | ||
All Equity Method Investments [Member] | |||
Number of Real Estate Properties | 114 | 120 | |
Gross Leasable Area (Square Foot) | ft² | 23.1 | 24.7 | |
Kimco Income Fund [Member] | |||
Payments to Acquire Interest in Subsidiaries and Affiliates, Total | $ 55 | ||
Kimco Income Fund [Member] | Board of Directors Chairman [Member] | |||
Payments to Acquire Interest in Subsidiaries and Affiliates, Total | 0.1 | ||
Prudential Investment Program [Member] | |||
Tangible Asset Impairment Charges, Total | $ 2.3 | ||
Real Estate Joint Ventures [Member] | Operating Properties [Member] | |||
Number of Real Estate Properties, Interest Disposed of or Transferred | 6 | 2 | |
Equity Method Investment, Sales Price | $ 268.6 | $ 53.7 | |
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 29.8 | $ 4.2 |
Note 4 - Investments In and A_4
Note 4 - Investments In and Advances to Real Estate Joint Ventures - Investment Details (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Kim Pru and Kim Pru II [Member] | |||
Average ownership interest | 15% | ||
The company's investment | $ 153.4 | $ 163 | |
Kimco Income Fund [Member] | |||
Average ownership interest | [1] | 52.10% | |
The company's investment | [1] | $ 271.9 | 186 |
CPP [Member] | |||
Average ownership interest | 55% | ||
The company's investment | $ 178.7 | 165.1 | |
Other Institutional Joint Ventures [Member] | |||
The company's investment | 268.4 | 281.8 | |
Other Joint Venture Programs [Member] | |||
The company's investment | 211.1 | 211 | |
All Equity Method Investments [Member] | |||
The company's investment | [2] | $ 1,083.5 | $ 1,006.9 |
[1]During the six months ended June 30, 2022, the Company purchased additional ownership interests for $55.0 million. Also, during the six months ended June 30, 2022, the Company purchased the General Partner ownership interest from Milton Cooper, Chairman of the Board for the Company for $125,000. There was no change in control as a result of these transactions.[2]Representing 114 property interests and 23.1 million square feet of GLA, as of June 30, 2022, and 120 property interests and 24.7 million square feet of GLA, as of December 31, 2021. |
Note 4 - Investments In and A_5
Note 4 - Investments In and Advances to Real Estate Joint Ventures - The Company's Share of Net Income/(Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Prudential Investment Program [Member] | |||||
Income of joint ventures, net | [1] | $ 2,300 | $ 2,600 | $ 4,700 | $ 5,300 |
KIR [Member] | |||||
Income of joint ventures, net | 32,000 | 9,100 | 45,500 | 17,800 | |
CPP [Member] | |||||
Income of joint ventures, net | 2,600 | 2,000 | 5,700 | 4,100 | |
Other Institutional Joint Ventures [Member] | |||||
Income of joint ventures, net | 4,100 | 0 | 5,600 | 0 | |
Other Joint Venture Programs [Member] | |||||
Income of joint ventures, net | 3,100 | 2,600 | 6,200 | 6,900 | |
Joint Ventures [Member] | |||||
Income of joint ventures, net | $ 44,130 | $ 16,318 | $ 67,700 | $ 34,070 | |
[1]During the six months ended June 30, 2022, the Prudential Investment Program recognized an impairment charge on a property of $15.1 million, of which the Company’s share was $2.3 million. |
Note 4 - Investments In and A_6
Note 4 - Investments In and Advances to Real Estate Joint Ventures - Joint Venture Investments Accounted for Under the Equity Method, Debt Details (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | ||
Mortgage and notes payable | $ 1,524.6 | $ 1,638.7 | |
Prudential Investment Program [Member] | |||
Mortgage and notes payable | $ 381.8 | $ 426.9 | |
Weighted average interest rate | 3.35% | 2.02% | |
Weighted average remaining term (Month) | [1] | 39 months 3 days | 45 months 18 days |
KIR [Member] | |||
Mortgage and notes payable | $ 425.6 | $ 492.6 | |
Weighted average interest rate | 2.88% | 2.55% | |
Weighted average remaining term (Month) | [1] | 38 months 24 days | 27 months 27 days |
CPP [Member] | |||
Mortgage and notes payable | $ 83.6 | $ 84.2 | |
Weighted average interest rate | 3.54% | 1.85% | |
Weighted average remaining term (Month) | [1] | 49 months 3 days | 55 months |
Other Institutional Joint Ventures [Member] | |||
Mortgage and notes payable | $ 233.2 | $ 232.9 | |
Weighted average interest rate | 3.34% | 1.65% | |
Weighted average remaining term (Month) | [1] | 53 months 24 days | 59 months 21 days |
Other Joint Venture Programs [Member] | |||
Mortgage and notes payable | $ 400.4 | $ 402.1 | |
Weighted average interest rate | 3.80% | 3.58% | |
Weighted average remaining term (Month) | [1] | 77 months 6 days | 83 months |
[1]Includes extension options |
Note 5 - Other Investments (Det
Note 5 - Other Investments (Details Textual) - Preferred Equity Investments [Member] $ in Millions | 6 Months Ended | |
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Equity Method Investments | $ 69.9 | |
Number of Real Estate Properties | 16 | |
Income (Loss) from Equity Method Investments | $ 8.1 | $ 7.7 |
Note 6 - Marketable Securitie_2
Note 6 - Marketable Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Marketable Securities, Gain (Loss) | $ (261,467) | $ 24,297 | $ (139,703) | $ 85,382 |
Note 6 - Marketable Securitie_3
Note 6 - Marketable Securities - Amortized Cost and Unrealized Gain (Loss) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Amortized cost | $ 115,862 | $ 114,159 |
Unrealized gains, net | 957,844 | 1,097,580 |
Marketable securities | $ 1,073,706 | $ 1,211,739 |
Note 7 - Accounts and Notes R_3
Note 7 - Accounts and Notes Receivable - Components of Accounts and Notes Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Billed tenant receivables | $ 21,595 | $ 20,970 |
Unbilled common area maintenance, insurance and tax reimbursements | 38,033 | 55,283 |
Deferred rent receivables | 3,383 | 5,029 |
Other receivables | 22,175 | 15,725 |
Straight-line rent receivables | 174,954 | 157,670 |
Total accounts and notes receivable, net | $ 260,140 | $ 254,677 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | Jun. 30, 2022 |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 64 years |
Lessee, Operating Lease, Renewal Term (Year) | 75 years |
Note 8 - Leases - Lease Income
Note 8 - Leases - Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Fixed lease income | [1] | $ 336,370 | $ 223,259 | $ 668,368 | $ 436,263 |
Variable lease income | [2] | 81,514 | 55,683 | 164,961 | 115,995 |
Above-market and below-market leases amortization, net | 2,683 | 3,231 | 6,980 | 8,933 | |
Total lease income | 423,273 | 285,732 | 845,927 | 564,603 | |
COVID 19 [Member] | |||||
Adjustments for potentially uncollectible revenues and disputed amounts | [3] | $ 2,706 | $ 3,559 | $ 5,618 | $ 3,412 |
[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. |
Note 8 - Leases - Lease Cost (D
Note 8 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Weighted-average remaining lease term, operating leases (Year) | 25 years 6 months | 25 years 6 months | |||
Weighted-average remaining lease term, finance leases (Year) | 1 year 6 months | 1 year 6 months | |||
Weighted-average discount rate, operating leases | 6.63% | 6.63% | |||
Weighted-average discount rate, finance leases | 4.44% | 4.44% | |||
Finance lease cost | [1] | $ 250 | $ 0 | $ 576 | $ 0 |
Operating lease cost | 3,268 | 2,795 | 6,251 | 5,624 | |
Variable lease cost | 1,188 | 649 | 2,596 | 1,332 | |
Total lease cost | $ 4,706 | $ 3,444 | $ 9,423 | $ 6,956 | |
[1]Relates to interest expense on finance lease liabilities, which were acquired in connection with the Merger. |
Note 9 - Other Assets (Details
Note 9 - Other Assets (Details Textual) $ in Millions | Jun. 30, 2022 USD ($) |
Property Held-for-sale, Net Carrying Amount | $ 2.9 |
Property Held-for-sale, Accumulated Depreciation and Amortization | $ 1.1 |
Note 9 - Other Assets - Mortgag
Note 9 - Other Assets - Mortgage Loans and Other Financing Receivables (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Financing Receivable Maturing in June 25 [Member] | |
Face amount | $ 16.5 |
Interest rate | 9% |
Financing Receivable Maturing in June 29 [Member] | |
Face amount | $ 19.6 |
Interest rate | 10% |
Financing Receivable Maturing in May 29 [Member] | |
Face amount | $ 14 |
Interest rate | 8% |
Financing Receivable Maturing in July 22 [Member] | |
Face amount | $ 3 |
Interest rate | 8% |
Note 10 - Notes and Mortgages_3
Note 10 - Notes and Mortgages Payable (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||||
Jul. 31, 2022 | Feb. 29, 2020 | Jun. 30, 2022 | Feb. 28, 2022 | Dec. 31, 2021 | ||
Long-Term Line of Credit, Total | $ 0 | |||||
Notes Payable, Total | $ 7,056,644 | $ 7,027,050 | ||||
Senior Unsecured Notes 2 [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.125% | ||||
Notes Payable, Total | $ 313,900 | |||||
Senior Unsecured Notes 3 [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.375% | ||||
Notes Payable, Total | $ 288,400 | |||||
February 2022 Senior Unsecured Notes [Member] | ||||||
Debt Instrument, Face Amount | $ 600,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | |||||
Senior Unsecured Notes [Member] | ||||||
Debt Instrument, Redemption, Prepayment Charges | 6,500 | |||||
Write off of Deferred Debt Issuance Cost | 700 | |||||
Mortgage Relating to An Operating Property [Member] | ||||||
Proceeds from Issuance of Long-term Debt, Total | 19,000 | |||||
Repayments of Long-Term Debt, Total | 115,300 | |||||
Mortgage Debt Encumbered Operating Property [Member] | ||||||
Liabilities, Fair Value Adjustment | $ 200 | |||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 2,000,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.55% | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,750,000 | |||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.765% | |||||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Subsequent Event [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.01% | |||||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Subsequent Event [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.05% | |||||
Letter of Credit [Member] | ||||||
Long-Term Line of Credit, Total | $ 1,200 | |||||
[1]Represents partial repayments. As of June 30, 2022, these notes had an outstanding principal of $313.9 million[2]Represents partial repayments. As of June 30, 2022, these notes had an outstanding principal of $288.4 million. |
Note 10 - Notes and Mortgages_4
Note 10 - Notes and Mortgages Payable - Repaid Notes (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 USD ($) | ||
Senior Unsecured Notes 1 [Member] | ||
Amount Repaid | $ 500 | [1] |
Debt Instrument, Interest Rate, Stated Percentage | 3.40% | [1] |
Senior Unsecured Notes 2 [Member] | ||
Amount Repaid | $ 36.1 | [2] |
Debt Instrument, Interest Rate, Stated Percentage | 3.125% | [3] |
Senior Unsecured Notes 3 [Member] | ||
Amount Repaid | $ 11 | [4] |
Debt Instrument, Interest Rate, Stated Percentage | 3.375% | [4] |
[1]The Company incurred a prepayment charge of $6.5 million and $0.7 million in write-off of deferred financing costs resulting from the early repayment.[2]Represents partial repayments. As of June 30, 2022, these notes had an outstanding principal of $313.9 million.[3]Represents partial repayments. As of June 30, 2022, these notes had an outstanding principal of $313.9 million[4]Represents partial repayments. As of June 30, 2022, these notes had an outstanding principal of $288.4 million. |
Note 11 - Noncontrolling Inte_3
Note 11 - Noncontrolling Interests (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Asset Impairment Charges, Total | $ 14,419 | $ 104 | $ 14,691 | $ 104 |
Properties Held in Consolidated Joint Venture [Member] | ||||
Asset Impairment Charges, Total | $ 14,000 | |||
Number of Properties Held in Consolidated Joint Venture | 5 | |||
Noncontrolling Interest, Impairment Shares Amount | $ 13,000 |
Note 11 - Noncontrolling Inte_4
Note 11 - Noncontrolling Interests - Redemption Value of the Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Balance | $ 13,480 | $ 15,784 |
Fair value allocation to partnership interest | 0 | 2,068 |
Net income | 534 | 176 |
Distributions | (535) | (2,244) |
Redemption/conversion of noncontrolling interests | (209) | 0 |
Balance | $ 13,270 | $ 15,784 |
Note 12 - Variable Interest E_3
Note 12 - Variable Interest Entities ("VIE") (Details Textual) $ in Thousands | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Assets, Total | [1] | $ 18,197,569 | $ 18,459,199 |
Liabilities, Total | [2] | $ 8,212,562 | $ 8,335,537 |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity, Number of Entities | 33 | 34 | |
Consolidated Operating Properties [Member] | |||
Variable Interest Entity, Number of Entities | 33 | 34 | |
Consolidated Operating Properties [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Assets, Total | $ 1,600,000 | $ 1,600,000 | |
Liabilities, Total | $ 148,100 | $ 153,900 | |
[1]Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2022 and December 31, 2021 of $201,644 and $227,858, respectively. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements.[2]Includes non-recourse liabilities of consolidated VIEs at June 30, 2022 and December 31, 2021 of $148,130 and $153,924, respectively. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements. |
Note 12 - Variable Interest E_4
Note 12 - Variable Interest Entities ("VIE") - Summary of Restricted Assets and VIE Liabilities (Details) $ in Thousands | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Cash and cash equivalents | $ 293,863 | $ 325,631 | |
Accounts and notes receivable, net | 260,140 | 254,677 | |
Other assets | 394,287 | 340,176 | |
Assets, Total | [1] | 18,197,569 | 18,459,199 |
Mortgages payable, net | 346,461 | 448,652 | |
Operating lease liabilities | 121,434 | 123,779 | |
Other liabilities | 682,697 | 730,690 | |
Liabilities, Total | [2] | $ 8,212,562 | $ 8,335,537 |
Variable Interest Entity, Unencumbered [Member] | |||
Number of consolidated VIEs | 30 | 30 | |
Variable Interest Entity, Encumbered by Third Party Non-resource Mortgage Debt [Member] | |||
Number of consolidated VIEs | 3 | 4 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Number of consolidated VIEs | 33 | 34 | |
Variable Interest Entity, Primary Beneficiary [Member] | Nonrecourse [Member] | |||
Mortgages payable, net | $ 74,500 | $ 78,900 | |
Accounts payable and accrued expenses | 12,300 | 11,800 | |
Operating lease liabilities | 6,600 | 6,700 | |
Other liabilities | 54,700 | 56,500 | |
Liabilities, Total | 148,100 | 153,900 | |
Variable Interest Entity, Primary Beneficiary [Member] | Asset Pledged as Collateral [Member] | |||
Real estate, net | 193,200 | 222,900 | |
Cash and cash equivalents | 5,200 | 2,000 | |
Accounts and notes receivable, net | 1,500 | 2,000 | |
Other assets | 1,700 | 1,000 | |
Assets, Total | $ 201,600 | $ 227,900 | |
[1]Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2022 and December 31, 2021 of $201,644 and $227,858, respectively. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements.[2]Includes non-recourse liabilities of consolidated VIEs at June 30, 2022 and December 31, 2021 of $148,130 and $153,924, respectively. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements. |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | ||
Property [Member] | |||
Tangible Asset Impairment Charges, Total | $ 14,700 | ||
Noncontrolling Interest, Impairment Shares Amount | 13,000 | ||
Estimate of Fair Value Measurement [Member] | |||
Notes Payable, Fair Value Disclosure | [1] | 6,420,439 | $ 7,330,723 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||
Notes Payable, Fair Value Disclosure | $ 6,400,000 | $ 7,300,000 | |
[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 June 30, 2022 and December 31, 2021, were $6.4 billion and $7.3 billion, respectively. |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements - Estimate of Fair Value Differs From Carrying Amounts (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Reported Value Measurement [Member] | |||
Notes payable, net | [1] | $ 7,056,644 | $ 7,027,050 |
Reported Value Measurement [Member] | Mortgages [Member] | |||
Mortgages payable, net | [2] | 346,461 | 448,652 |
Estimate of Fair Value Measurement [Member] | |||
Notes payable, net | [1] | 6,420,439 | 7,330,723 |
Estimate of Fair Value Measurement [Member] | Mortgages [Member] | |||
Mortgages payable, net | [2] | $ 319,813 | $ 449,758 |
[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 June 30, 2022 and December 31, 2021, were $6.4 billion and $7.3 billion, respectively.[2]The Company determined that its valuation of its mortgages payable were classified within Level 3 of the fair value hierarchy. |
Note 13 - Fair Value Measurem_5
Note 13 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Recurring [Member] | ||
Marketable equity securities | $ 1,073,706 | $ 1,211,739 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable equity securities | 1,073,706 | 1,211,739 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable equity securities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable equity securities | 0 | |
Fair Value, Nonrecurring [Member] | ||
Real estate | 110,503 | |
Other investments | 9,834 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Real estate | 0 | |
Other investments | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Real estate | 0 | |
Other investments | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Real estate | $ 110,503 | |
Other investments | $ 9,834 |
Note 14 - Incentive Plans (Deta
Note 14 - Incentive Plans (Details Textual) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | May 31, 2020 | |
Share-Based Payment Arrangement, Expense | $ 14 | $ 12.3 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 56.2 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 1 month 6 days | ||
The 2020 Equity Participation Plan [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 10,000,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 6,900,000 |
Note 15 - Stockholders' Equit_2
Note 15 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2021 | Aug. 31, 2021 | Feb. 28, 2020 | |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 1 | $ 1 | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | ||
ATM Program [Member] | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | |||
Sales of Stock Maximum Sales Price | $ 500 | |||
Stock Issued During Period, Shares, New Issues (in shares) | 450,000 | |||
Proceeds from Issuance of Common Stock | $ 11.3 | |||
Common Stock Available for Issuance, Value | $ 411 | |||
Class L Cumulative Redeemable Preferred Stock Depositary Shares[Member] | ||||
Stock Repurchased During Period, Shares (in shares) | 54,508 | |||
Class M Cumulative Redeemable Preferred Stock Depositary Shares [Member] | ||||
Stock Repurchased During Period, Shares (in shares) | 90,760 | |||
Share Repurchase Program [Member] | ||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 1 | |||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | |||
Stock Repurchase Program, Authorized Amount | $ 300 | |||
Stock Repurchased During Period, Shares (in shares) | 0 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 224.9 | |||
Share Repurchase Program [Member] | Maximum [Member] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,958 | |||
Share Repurchase Program [Member] | Class L Cumulative Redeemable Preferred Stock Depositary Shares[Member] | Maximum [Member] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 900,000 | |||
Share Repurchase Program [Member] | Class M Cumulative Redeemable Preferred Stock Depositary Shares [Member] | Maximum [Member] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,058,000 |
Note 15 - Stockholders' Equit_3
Note 15 - Stockholders' Equity - Preferred Stock Repurchased (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Purchase price | $ 3,441 | $ 0 |
Class L Cumulative Redeemable Preferred Stock Depositary Shares[Member] | ||
Shares repurchased (in shares) | 54,508 | |
Purchase price | $ 1,300 | |
Class M Cumulative Redeemable Preferred Stock Depositary Shares [Member] | ||
Shares repurchased (in shares) | 90,760 | |
Purchase price | $ 2,100 |
Note 15 - Stockholders' Equit_4
Note 15 - Stockholders' Equity - Outstanding Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Preferred stock, shares authorized (in shares) | 7,054,000 | 7,054,000 |
Preferred stock, liquidation preference | $ 485,868 | $ 489,500 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Series L Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 10,350 | 10,350 |
Shares issued and outstanding (in shares) | 8,946 | 9,000 |
Preferred stock, liquidation preference | $ 223,637 | $ 225,000 |
Dividend rate | 5.125% | 5.125% |
Annual dividend per depository share (in dollars per share) | $ 1.28125 | $ 1.28125 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Series M Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 10,580 | 10,580 |
Shares issued and outstanding (in shares) | 10,489 | 10,580 |
Preferred stock, liquidation preference | $ 262,231 | $ 264,500 |
Dividend rate | 5.25% | 5.25% |
Annual dividend per depository share (in dollars per share) | $ 1.31250 | $ 1.31250 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Redeemable Preferred Stock [Member] | ||
Shares issued and outstanding (in shares) | 19,435 | 19,580 |
Preferred stock, liquidation preference | $ 485,868 | $ 489,500 |
Note 15 - Stockholders' Equit_5
Note 15 - Stockholders' Equity - Dividends Declared (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Common Shares (in dollars per share) | $ 0.20000 | $ 0.17000 | $ 0.39000 | $ 0.34000 |
Series L Preferred Stock [Member] | ||||
Preferred Shares (in dollars per share) | 0.32031 | 0.32031 | 0.64062 | 0.64062 |
Series M Preferred Stock [Member] | ||||
Preferred Shares (in dollars per share) | $ 0.32813 | $ 0.32813 | $ 0.65626 | $ 0.65626 |
Note 16 - Supplemental Schedu_3
Note 16 - Supplemental Schedule of Non-cash Investing / Financing Activities - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Surrender of common stock | $ 13,545 | $ 9,246 | |
Dividends payable | 5,326 | 5,366 | $ 5,366 |
Capital expenditures accrual | 23,225 | 37,269 | |
Lease liabilities arising from obtaining operating right-of-use assets | 0 | 553 | |
Allocation of fair value to noncontrolling interests | 0 | 2,068 | |
Decrease in redeemable noncontrolling interests from redemption of units for common stock | 1,613 | 0 | |
Purchase price fair value adjustment to prepaid rent | $ 0 | $ 15,620 |
Note 16 - Supplemental Schedu_4
Note 16 - Supplemental Schedule of Non-cash Investing / Financing Activities - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 293,863 | $ 325,631 |
Restricted cash | 2,935 | 9,032 |
Total cash, cash equivalents and restricted cash | $ 296,798 | $ 334,663 |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Letters of Credit Outstanding, Amount | $ 42.6 |
Performance and Surety Bonds | 27.7 |
Series A Bond [Member] | |
Special Assessment Bond, Total | 49.7 |
Investment With Funding Commitments [Member] | |
Equity Method Investment, Commitment Amount | 25 |
Payments to Acquire Equity Method Investments | $ 10.1 |
Note 18 - Defined Benefit Pla_2
Note 18 - Defined Benefit Plan (Details Textual) - The Weingarten Realty Noncontributory Qualified Cash Balance Retirement Plan [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Defined Benefit Plan, Annual Additions to Each Participant's Account, Interest Credit, Percentage | 4.50% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets | 1% |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 0 |
Note 18 - Defined Benefit Pla_3
Note 18 - Defined Benefit Plan - Changes in Projected Benefit Obligation, Plan Assets and Funded Status (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Benefit obligation at January 1 | $ 36,995 |
Interest cost | 435 |
Actuarial gain | (6,028) |
Benefit payments | (1,093) |
Benefit obligation at June 30 | 30,309 |
Fair value of plan assets at January 1 | 43,653 |
Actual return on plan assets | (1,343) |
Benefit payments | (1,093) |
Fair value of plan assets at June 30 | 41,217 |
Funded status at June 30 (included in Other assets) | 10,908 |
Accumulated benefit obligation | 30,309 |
Net gain recognized in other comprehensive income | $ 6,476 |
Note 18 - Defined Benefit Pla_4
Note 18 - Defined Benefit Plan - Weighted-average Assumptions Used to Determine the Benefit Obligation, Defined Benefit Plan (Details) - The Weingarten Realty Noncontributory Qualified Cash Balance Retirement Plan [Member] | Jun. 30, 2022 |
Discount rate | 4.23% |
Interest credit rate for cash balance plan | 4.50% |
Note 19 - Accumulated Other C_3
Note 19 - Accumulated Other Comprehensive Income ("AOCI") - Changes in Components of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Balance | $ 10,215,162 | $ 5,728,467 | $ 10,110,182 | $ 5,670,254 |
Other comprehensive income | 4,260 | 0 | 4,260 | 0 |
Balance | 9,971,737 | $ 5,772,215 | 9,971,737 | $ 5,772,215 |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Balance | 2,216 | |||
Other comprehensive income before reclassifications | 4,260 | |||
Amounts reclassified from AOCI | 0 | |||
Other comprehensive income | 4,260 | |||
Balance | $ 6,476 | $ 6,476 |
Note 20 - Earnings Per Share (D
Note 20 - Earnings Per Share (Details Textual) shares in Millions | 6 Months Ended |
Jun. 30, 2021 shares | |
Share-Based Payment Arrangement, Option [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.5 |
Note 20 - Earnings Per Share -
Note 20 - Earnings Per Share - Reconciliation of Earnings (Loss) and the Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Net (loss)/income available to the Company's common shareholders | $ (125,751) | $ 110,343 | $ 105,197 | $ 241,931 | |
Earnings attributable to participating securities | (533) | (672) | (1,000) | (1,475) | |
Net (loss)/income available to the Company’s common shareholders for basic earnings per share | (126,284) | 109,671 | 104,197 | 240,456 | |
Distributions on convertible units | 0 | 9 | 0 | 18 | |
Net (loss)/income available to the Company’s common shareholders for diluted earnings per share | $ (126,284) | $ 109,680 | $ 104,197 | $ 240,474 | |
Weighted average common shares outstanding – basic (in shares) | 615,642 | 431,011 | 615,207 | 430,769 | |
Equity awards (in shares) | [1] | 0 | 1,356 | 1,689 | 1,528 |
Assumed conversion of convertible units (in shares) | [1] | 0 | 122 | 47 | 133 |
Weighted average common shares outstanding – diluted (in shares) | [1] | 615,642 | 432,489 | 616,943 | 432,430 |
Basic earnings per share (in dollars per share) | $ (0.21) | $ 0.25 | $ 0.17 | $ 0.56 | |
Diluted earnings per share (in dollars per share) | $ (0.21) | $ 0.25 | $ 0.17 | $ 0.56 | |
[1]The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net (loss)/income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 0.5 million stock options that were not dilutive as of June 30, 2021. |