Investments

and Advances

Real Estate Joint Ventures

The Company has 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, 2019

and

December 31, 2018 (

dollars in millions):

	Ownership		The Company's Investment
Joint Venture	Interest		March 31, 2019		December 31, 2018
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2)		15.0%	$	175.1	$	175.2
Kimco Income Opportunity Portfolio (“KIR”) (2)		48.6%		160.5		167.2
Canada Pension Plan Investment Board (“CPP”) (2)		55.0%		140.0		135.0
Other Joint Venture Programs		Various		91.3		93.5
Total*			$	566.9	$	570.9

* Representing

105

property interests and

22.8

million square feet of GLA, as of

March 31, 2019,

and

109

property interests and

23.2

million square feet of GLA, as of

December 31, 2018.

(

)

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 property management fees, construction management fees, property acquisition and disposition fees, leasing management fees and asset 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, 2019

and

2018

(in millions):

	Three Months Ended March 3 1 ,
Joint Venture	201 9		201 8
KimPru and KimPru II	$	2.9	$	2.9
KIR		14.5		9.0
CPP		1.4		1.2
Other Joint Venture Programs		-		3.8
Total	$	18.8	$	16.9

During the

three

months ended

March 31, 2019,

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

four

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

$54.5

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

$3.4

million for the

three

months ended

March 31, 2019.

During the

three

months ended

March 31, 2018,

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

two

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

$17.1

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

$2.1

million, before income taxes, for the

three

months ended

March 31, 2018.

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, 2019

and

December 31, 2018 (

dollars in millions):

	As of March 31, 2019							As of December 31, 2018
Joint 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	$	571.3		4.28	%		46.0	$	572.6		4.29	%		49.0
KIR		638.2		4.45	%		37.4		651.4		4.43	%		40.4
CPP		84.6		4.04	%		51.1		84.4		3.85	%		54.0
Other Joint Venture Programs		452.5		4.22	%		77.5		474.2		4.26	%		78.6
Total	$	1,746.6						$	1,782.6

* Includes extension options