Note 8 - Notes and Mortgages Payable

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Debt Disclosure [Text Block]

8.

Notes

and Mortgages

Payable

Notes Payable -

During May 2016, the Company issued an additional $150.0 million of Senior Unsecured Notes at an interest rate of 4.25% payable semi-annually in arrears, which are scheduled to mature in April 2045. These new notes are an additional issuance of and form a single series with the $350.0 million of 4.25% Senior Unsecured Notes which were issued in March 2015. The Company used the net proceeds from the issuance of $145.4 million, after the underwriting discount and related offering costs, for general corporate purposes including to pre-fund near-term debt maturities.

During March 2016, the Company repaid its $300.0 million 5.783% medium term notes, which matured in March 2016.

During July 2016, Kimco North Trust III, a wholly-owned subsidiary of the Company, called for the redemption of (i) its Canadian denominated $150.0 million (USD $115.8 million as of June 30, 2016) 5.99% notes, which were scheduled to mature in April 2018 and (ii) its Canadian denominated $200.0 million (USD $154.5 million as of June 30, 2016) 3.855% notes, which were scheduled to mature in August 2020. On August 26, 2016, the redemption date, the Company anticipates recording an aggregate prepayment charges of Canadian dollars $33.1 million (USD $26.0 million) resulting from the early repayment of these notes.

Additionally, during July 2016, the Company called for the redemption of $290.9 million 5.70% notes, which were scheduled to mature in May 2017. On August 26, 2016, the redemption date, the Company anticipates recording a prepayment charge of $12.0 million resulting from the early repayment of this note

.

Mortgages Payable -

During the six months ended June 30, 2016, the Company paid off $234.2 million of mortgage debt (including fair market value adjustment of $0.9 million) that encumbered 20 operating properties.

During September 2016, the Company anticipates prepaying a $137.2 million mortgage encumbering 10 operating properties, which was scheduled to mature in December 2017 and bears interest at a rate of 6.32%. In connection with this prepayment, the Company anticipates recording a prepayment charge of $9.8 million.