Investments in and Advances to Real Estate Joint Ventures

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

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

March

31,

2017

and

December

31,

2016

(in millions, except number of properties):

	As of March 31, 2017						As of December 31, 2016
Venture	Ownership Interest		Number of Properties		The Company's Investment		Ownership Interest		Number of Properties		The Company's Investment
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2)		15.0%		46	$	179.9		15.0%		48	$	182.5
Kimco Income Opportunity Portfolio (“KIR”) (2)		48.6%		44		147.1		48.6%		45		145.2
Canada Pension Plan Investment Board (“CPP”) (2)		55.0%		5		115.2		55.0%		5		111.8
Other Joint Venture Programs		Various		33		62.6		Various		37		64.7
Total *				128	$	504.8				135	$	504.2

* Representing

25.3

million and

26.2

million square feet of GLA, respectively.

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

(2)	The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees.

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

three

months ended

March

31,

2017

and

2016

(in millions):

	Three Months Ended March 31 ,
	201 7		2016
KimPru and KimPru II	$	3.3	$	2.2
KIR		9.4		7.4
CPP		1.7		3.9
Other Joint Venture Programs		0.3		56.4
Total	$	14.7	$	69.9

During the

three

months ended

March

31,

2017,

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

five

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

$47.7

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

$0.9

million, before income taxes, for the

three

months ended

March

31,

2017.

In addition, during

three

months ended

March

31,

2017,

the Company acquired a controlling interest in

two

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

$15.4

million. See Footnote

for the operating properties acquired by the Company.

During the

three

months ended

March

31,

2016,

certain of the Company’s real estate joint ventures disposed of or transferred interests to joint venture partners in

nine

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

$344.5

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

$54.1

million, before income taxes, for the

three

months ended

March

31,

2016.

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

March

31,

2017

and

December

31,

2016

(dollars in millions):

	As of March 31, 2017							As of December 31, 201 6
Venture	Mortgages and Notes Payable , Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*		Mortgages and Notes Payable , Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*
KimPru and KimPru II	$	629.3		2.85	%		66.3	$	647.4		3.07	%		67.5
KIR		737.5		4.58	%		52.7		746.5		4.64	%		54.9
CPP		84.9		2.33	%		13.0		84.8		2.17	%		16.0
Other Joint Venture Programs		496.9		5.38	%		23.9		584.3		5.40	%		23.4
Total	$	1,948.6						$	2,063.0

* Average Remaining Term includes extension options.