Investments

and Advances

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

September 30, 2017

and

December 31, 2016 (

in millions, except number of properties):

	As of September 30, 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	$	179.0		15.0	%		48	$	182.5
Kimco Income Opportunity Portfolio (“KIR”) (2)		48.6	%		44		149.6		48.6	%		45		145.2
Canada Pension Plan Investment Board (“CPP”) (2)		55.0	%		5		122.4		55.0	%		5		111.8
Other Joint Venture Programs	Various				31		58.4	Various				37		64.7
Total *					126	$	509.4					135	$	504.2

* Representing

4.6

million and

26.2

million square feet of GLA, as of

September 30, 2017

and

December 31, 2016,

respectively.

(

)

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.

(

)

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 Operations for the

three

and

nine

months ended

September 30, 2017

and

2016

(in millions):

	Three Months Ended September 30,					Nine Months Ended September 30,
	201 7			2016		2017			2016
KimPru and KimPru II	$	3.2			2.2	$	9.7			7.5
KIR		8.2			7.9		24.7			27.4
CPP		1.3			1.3		4.3			6.2
Other Joint Venture Programs (1)		(3.6	)		0.1		(1.7	)		149.1
Total	$	9.1		$	11.5	$	37.0		$	190.2

(

)

During the

three

and

nine

months ended

September 30, 2017,

the Company recognized a cumulative foreign currency translation loss of

$4.8

million as a result of the substantial liquidation of the Company’s investments in Canada during

2017.

During the

nine

months ended

September 30, 2017,

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

six

operating properties and a portion of

one

property, in separate transactions, for an aggregate sales price of

$49.3

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

$0.1

million, before income taxes, for the

nine

months ended

September 30, 2017.

In addition, during the

nine

months ended

September 30, 2017,

the Company acquired a controlling interest in

three

operating properties from certain joint ventures, in separate transactions, for a gross fair value of

$320.1

million. See Footnote

for the operating properties acquired by the Company.

During the

nine

months ended

September 30, 2016,

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

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

$959.2

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

$143.3

million, before income taxes, for the

nine

months ended

September 30, 2016.

In addition, during the

nine

months ended

September 30, 2016,

the Company acquired a controlling interest in

six

operating properties and

one

development project from certain joint ventures, in separate transactions, for a gross fair value of

$486.2

million.

The table below presents debt balances within the Company

’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at

September 30, 2017

and

December 31, 2016 (

dollars in millions):

	As of September 30, 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	$	626.9		3.35	%		62.9	$	647.4		3.07	%		67.5
KIR		725.7		4.54	%		49.7		746.5		4.64	%		54.9
CPP		84.9		2.78	%		7.0		84.8		2.17	%		16.0
Other Joint Venture Programs		289.0		4.37	%		29.8		584.3		5.40	%		23.4
Total	$	1,726.5						$	2,063.0

Includes extension options