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Note 10 - Redeemable Noncontrolling Interests
 9 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Noncontrolling Interest Disclosure [Text Block]
10
.
Redeemable
Noncontrolling Interests
 
Redeemable
noncontrolling interests includes amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions.  Partnership units which are determined to be contingently redeemable under the FASB’s Distinguishing Liabilities from Equity guidance are classified as Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and Stockholder’s equity on the Company’s Condensed Consolidated Balance Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented on the Company’s Condensed Consolidated Statements of Operations.
 
The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the
nine
months ended
September 30, 2017
and
2016
(amounts in thousands):
 
   
2017
    
2016
  
Balance at January 1,
   $
86,953
     $
86,709
  
Issuance of redeemable partnership interests
(1)
    
10,000
      
-
  
Income
(2)
    
1,203
      
3,240
  
Distributions
    
(2,448
 )    
(3,093
 )
Redemption/conversion of redeemable units (3)
    
(79,569
 )    
-
  
Balance at
September 30,
   $
16,139
     $
86,856
  
 
 
(
1
)
During the
nine
months ended
September 30, 2017,
KIM Lincoln, a wholly owned subsidiary of the Company, and Lincoln Member entered into a joint venture agreement wherein KIM Lincoln has a
90%
controlling interest and Lincoln Member has a
10%
noncontrolling interest (See Footnote
3
).
 
(
2
)
Includes
$1.0
million
in fair market value remeasurement for the
nine
months ended
September 30, 2017.
 
(
3
)
During
2017,
the Company redeemed the remaining
79,642,697
Preferred A Units for a total redemption price of
$79.9
million, including an accrued preferred return of
$0.4
million. These Preferred A Units, which had a par value of
$1.00
and return per annum of
5.0%,
were issued during
2006
along with the acquisition of
seven
shopping center properties located in Puerto Rico.