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Note 11- Noncontrolling Interests - Redemption Value of the Redeemable Noncontrolling Interests (Details) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Balance $ 16,143 $ 86,953
Issuance of redeemable partnership interests (1) [1] 10,000
Income 279 1,203
Distributions (266) (2,448)
Redemption/conversion of redeemable units (2) [2] (79,569)
Adjustment to estimated redemption value (1) 3,918 [1]
Balance $ 20,074 $ 16,139
[1] During 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. During the nine months ended September 30, 2018, the Company recorded an adjustment of $3.9 million to the estimated redemption fair market value of this noncontrolling interest in accordance with the provisions of the joint venture agreement and ASC 480 - Accounting for Redeemable Equity Instruments.
[2] 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 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.