UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
| | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
or
| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number:
KIMCO REALTY CORPORATION
(Exact name of registrant as specified in its charter)
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| (State or other jurisdiction of incorporation or organization) |
| (I.R.S. Employer Identification No.) |
(Address of principal executive offices) (Zip Code)
(
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading | Name of each exchange on |
| Symbol(s) | which registered | |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12-b-2 of the Exchange Act.
| | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | |
| Smaller reporting company | | Emerging growth company | | |||
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
As of July 20, 2022, the registrant had
PART I - FINANCIAL INFORMATION
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share information)
| June 30, 2022 | December 31, 2021 | |||||||
| Assets: | ||||||||
| Real estate, net of accumulated depreciation and amortization of $ and $, respectively | $ | $ | ||||||
| Real estate under development | ||||||||
| Investments in and advances to real estate joint ventures | ||||||||
| Other investments | ||||||||
| Cash and cash equivalents | ||||||||
| Marketable securities | ||||||||
| Accounts and notes receivable, net | ||||||||
| Operating lease right-of-use assets, net | ||||||||
| Other assets | ||||||||
| Total assets (1) | $ | $ | ||||||
| Liabilities: | ||||||||
| Notes payable, net | $ | $ | ||||||
| Mortgages payable, net | ||||||||
| Dividends payable | ||||||||
| Operating lease liabilities | ||||||||
| Other liabilities | ||||||||
| Total liabilities (2) | ||||||||
| Redeemable noncontrolling interests | ||||||||
| Commitments and Contingencies (Footnote 17) | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock, $ par value, authorized shares; Issued and outstanding (in series) and shares, respectively; Aggregate liquidation preference $ and $, respectively | ||||||||
| Common stock, $ par value, authorized shares; Issued and outstanding and shares, respectively | ||||||||
| Paid-in capital | ||||||||
| Retained earnings | ||||||||
| Accumulated other comprehensive income | ||||||||
| Total stockholders' equity | ||||||||
| Noncontrolling interests | ||||||||
| Total equity | ||||||||
| Total liabilities and equity | $ | $ | ||||||
| (1) |
Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2022 and December 31, 2021 of $201,644 and $227,858, respectively. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements. |
| (2) |
Includes non-recourse liabilities of consolidated VIEs at June 30, 2022 and December 31, 2021 of $148,130 and $153,924, respectively. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements. |
The accompanying notes are an integral part of these condensed consolidated financial statements.
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share data)
| Three Months Ended June 30, |
Six Months Ended June 30, |
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| 2022 |
2021 |
2022 |
2021 |
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| Revenues |
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| Revenues from rental properties, net |
$ | $ | $ | $ | ||||||||||||
| Management and other fee income |
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| Total revenues |
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| Operating expenses |
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| Rent |
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| Real estate taxes |
( |
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| Operating and maintenance |
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| General and administrative |
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| Impairment charges |
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) | ( |
) | ( |
) | ( |
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| Merger charges |
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) | ( |
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| Depreciation and amortization |
( |
) | ( |
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) | ( |
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| Total operating expenses |
( |
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| Gain on sale of properties |
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| Operating income |
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| Other income/(expense) |
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| Other income, net |
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| (Loss)/gain on marketable securities, net |
( |
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| Interest expense |
( |
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) | ( |
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| Early extinguishment of debt charges |
( |
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| (Loss)/income before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net |
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| (Provision)/benefit for income taxes, net |
( |
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| Equity in income of joint ventures, net |
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| Equity in income of other investments, net |
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| Net (loss)/income |
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| Net loss/(income) attributable to noncontrolling interests |
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| Net (loss)/income attributable to the Company |
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| Preferred dividends, net |
( |
) | ( |
) | ( |
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| Net (loss)/income available to the Company's common shareholders |
$ | ( |
) | $ | $ | $ | ||||||||||
| Per common share: |
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| Net (loss)/income available to the Company's common shareholders: |
||||||||||||||||
| -Basic |
$ | ( |
) | $ | $ | $ | ||||||||||
| -Diluted |
$ | ( |
) | $ | $ | $ | ||||||||||
| Weighted average shares: |
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| -Basic |
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| -Diluted |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(in thousands)
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2022 |
2021 |
2022 |
2021 |
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| Net (loss)/income |
$ | ( |
) | $ | $ | $ | ||||||||||
| Other comprehensive income: |
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| Change in unrealized gains related to defined benefit plan |
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| Other comprehensive income |
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| Comprehensive (loss)/income |
( |
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| Comprehensive loss/(income) attributable to noncontrolling interests |
( |
) | ( |
) | ||||||||||||
| Comprehensive (loss)/income attributable to the Company |
$ | ( |
) | $ | $ | $ | ||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Three Months Ended June 30, 2022 and 2021
(Unaudited)
(in thousands)
| Retained Earnings/ |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
| (Cumulative |
Other |
Total |
||||||||||||||||||||||||||||||||||||||
| Distributions in Excess |
Comprehensive |
Preferred Stock |
Common Stock |
Paid-in |
Stockholders' |
Noncontrolling |
Total |
|||||||||||||||||||||||||||||||||
| of Net Income) |
Income |
Issued |
Amount |
Issued |
Amount |
Capital |
Equity |
Interests |
Equity |
|||||||||||||||||||||||||||||||
| Balance at April 1, 2021 |
$ | ( |
) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
| Net income |
- | - | ||||||||||||||||||||||||||||||||||||||
| Redeemable noncontrolling interests income |
- | - | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
| Dividends declared to common and preferred shares |
( |
) | - | - | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
| Distributions to noncontrolling interests |
- | - | ( |
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| Surrender of common stock |
( |
) | ( |
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| Exercise of common stock options |
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| Amortization of equity awards |
- | - | ||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2021 |
$ | ( |
) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
| Balance at April 1, 2022 |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
| Net loss |
( |
) | - | - | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
| Other comprehensive income: |
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| Change in unrealized gains related to defined benefit plan |
- | - | ||||||||||||||||||||||||||||||||||||||
| Redeemable noncontrolling interests income |
- | - | ( |
) | ( |
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| Dividends declared to common and preferred shares |
( |
) | - | - | ( |
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| Repurchase of preferred stock |
( |
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| Distributions to noncontrolling interests |
- | - | ( |
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| Issuance of common stock |
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| Exercise of common stock options |
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| Surrender of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
| Amortization of equity awards |
- | - | ||||||||||||||||||||||||||||||||||||||
| Redemption/conversion of noncontrolling interests |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2022 |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Six Months Ended June 30, 2022 and 2021
(Unaudited)
(in thousands)
| Retained Earnings/ |
Accumulated |
|||||||||||||||||||||||||||||||||||||||
| (Cumulative |
Other |
Total |
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| Distributions in Excess |
Comprehensive |
Preferred Stock |
Common Stock |
Paid-in |
Stockholders' |
Noncontrolling |
Total |
|||||||||||||||||||||||||||||||||
| of Net Income) |
Income |
Issued |
Amount |
Issued |
Amount |
Capital |
Equity |
Interests |
Equity |
|||||||||||||||||||||||||||||||
| Balance at January 1, 2021 |
$ | ( |
) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
| Net income |
- | - | ||||||||||||||||||||||||||||||||||||||
| Redeemable noncontrolling interests income |
- | - | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
| Dividends declared to common and preferred shares |
( |
) | - | - | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
| Distributions to noncontrolling interests |
- | - | ( |
) | ( |
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| Issuance of common stock |
( |
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| Surrender of common stock |
( |
) | ( |
) | ( |
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) | ( |
) | ||||||||||||||||||||||||||||||
| Exercise of common stock options |
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| Amortization of equity awards |
- | - | ||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2021 |
$ | ( |
) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
| Balance at January 1, 2022 |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
| Contributions from noncontrolling interests |
- | - | ||||||||||||||||||||||||||||||||||||||
| Net income/(loss) |
- | - | ( |
) | ||||||||||||||||||||||||||||||||||||
| Other comprehensive income |
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| Change in unrealized gains related to defined benefit plan |
- | - | ||||||||||||||||||||||||||||||||||||||
| Redeemable noncontrolling interests income |
- | - | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
| Dividends declared to common and preferred shares |
( |
) | - | - | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
| Repurchase of preferred stock |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
| Distributions to noncontrolling interests |
- | - | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
| Issuance of common stock |
||||||||||||||||||||||||||||||||||||||||
| Surrender of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
| Exercise of common stock options |
||||||||||||||||||||||||||||||||||||||||
| Amortization of equity awards |
- | - | ||||||||||||||||||||||||||||||||||||||
| Redemption/conversion of noncontrolling interests |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2022 |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
| Six Months Ended June 30, | ||||||||
| 2022 | 2021 | |||||||
| Cash flow from operating activities: | ||||||||
| Net income | $ | $ | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | ||||||||
| Impairment charges | ||||||||
| Early extinguishment of debt charges | ||||||||
| Equity award expense | ||||||||
| Gain on sale of properties | ( | ) | ( | ) | ||||
| Loss/(gain) on marketable securities, net | ( | ) | ||||||
| Equity in income of joint ventures, net | ( | ) | ( | ) | ||||
| Equity in income of other real estate investments, net | ( | ) | ( | ) | ||||
| Distributions from joint ventures and other investments | ||||||||
| Change in accounts and notes receivable, net | ( | ) | ||||||
| Change in accounts payable and accrued expenses | ( | ) | ||||||
| Change in other operating assets and liabilities, net | ( | ) | ( | ) | ||||
| Net cash flow provided by operating activities | ||||||||
| Cash flow from investing activities: | ||||||||
| Acquisition of operating real estate | ( | ) | ( | ) | ||||
| Improvements to operating real estate | ( | ) | ( | ) | ||||
| Investment in marketable securities | ( | ) | ||||||
| Proceeds from sale of marketable securities | ||||||||
| Investment in cost method investment | ( | ) | ||||||
| Investments in and advances to real estate joint ventures | ( | ) | ( | ) | ||||
| Reimbursements of investments in and advances to real estate joint ventures | ||||||||
| Investments in and advances to other investments | ( | ) | ( | ) | ||||
| Reimbursements of investments in and advances to other investments | ||||||||
| Investment in other financing receivable | ( | ) | ( | ) | ||||
| Collection of mortgage loans receivable | ||||||||
| Proceeds from sale of properties | ||||||||
| Net cash flow used for investing activities | ( | ) | ( | ) | ||||
| Cash flow from financing activities: | ||||||||
| Principal payments on debt, excluding normal amortization of rental property debt | ( | ) | ( | ) | ||||
| Principal payments on rental property debt | ( | ) | ( | ) | ||||
| Proceeds from mortgage loan financings | ||||||||
| Proceeds from issuance of unsecured notes | ||||||||
| Repayments of unsecured notes | ( | ) | ||||||
| Financing origination costs | ( | ) | ||||||
| Payment of early extinguishment of debt charges | ( | ) | ||||||
| Contributions from noncontrolling interests | ||||||||
| Redemption/distribution of noncontrolling interests | ( | ) | ( | ) | ||||
| Dividends paid | ( | ) | ( | ) | ||||
| Proceeds from issuance of stock, net | ||||||||
| Repurchase of preferred stock | ( | ) | ||||||
| Shares repurchased for employee tax withholding on equity awards | ( | ) | ( | ) | ||||
| Change in tenants' security deposits | ||||||||
| Net cash flow used for financing activities | ( | ) | ( | ) | ||||
| Net change in cash, cash equivalents and restricted cash | ( | ) | ( | ) | ||||
| Cash, cash equivalents and restricted cash, beginning of the period | ||||||||
| Cash, cash equivalents and restricted cash, end of the period | $ | $ | ||||||
| Interest paid during the period including payment of early extinguishment of debt charges of $ and $, respectively (net of capitalized interest of $ and $, respectively) | $ | $ | ||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Business and Organization
Kimco Realty Corporation, a Maryland corporation, is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including mixed-use assets. The terms “Kimco,” the “Company,” “we,” “our” and “us” each refers to Kimco Realty Corporation and our subsidiaries, unless the context indicates otherwise. The Company, its affiliates and related real estate joint ventures are engaged principally in the ownership, management, development and operation of open-air shopping centers, including mixed-use assets which are anchored generally by grocery stores, off-price retailers, home improvement centers, discounters and/or service-oriented tenants. Additionally, the Company provides complementary services that capitalize on the Company’s established retail real estate expertise.
The Company elected status as a Real Estate Investment Trust (a “REIT”) for federal income tax purposes beginning in its taxable year ended December 31, 1991 and operates in a manner that enables the Company to maintain its status as a REIT. As a REIT, with respect to each taxable year, the Company must distribute at least 90 percent of its taxable income (excluding capital gain) and does not pay federal income taxes on the amount distributed to its shareholders. The Company is not generally subject to federal income taxes if it distributes 100 percent of its taxable income. Most states where the Company holds investments in real estate conform to the federal rules recognizing REITs. Certain subsidiaries have made a joint election with the Company to be treated as taxable REIT subsidiaries (“TRSs”), which permit the Company to engage in certain business activities which the REIT may not conduct directly. A TRS is subject to federal and state income taxes on its income, and the Company includes, when applicable, a provision for taxes in its condensed consolidated financial statements. The Company is subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. These investments are held by the Company at the REIT level and not in the Company’s taxable REIT subsidiaries. Accordingly, the Company does not expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries.
Weingarten Merger
On August 3, 2021, Weingarten Realty Investors (“Weingarten”) merged with and into the Company, with the Company continuing as the surviving public company (the “Merger”), pursuant to the definitive merger agreement (the “Merger Agreement”) between the Company and Weingarten, entered into on April 15, 2021. Under the terms of the Merger Agreement, each Weingarten common share was entitled to
The following highlights the Company’s significant activity upon completion of the $
| ● | Acquired |
| ● | Assumed senior unsecured notes of $ |
| ● | Issued |
See the Company's audited Annual Report on Form 10-K for the year ended December 31, 2021 (the “10-K”) for further disclosure regarding the Merger transaction.
COVID-19 Pandemic
The coronavirus disease 2019 (“COVID-19”) pandemic continues to impact the retail real estate industry for both landlords and tenants. The extent to which the COVID-19 pandemic impacts the Company’s financial condition, results of operations and cash flows, in the near term, will continue to depend on future developments, which are uncertain at this time. The Company’s business, operations and financial results will depend on numerous evolving factors, including the duration and scope of the pandemic, governmental, business and individual actions that have been and continue to be taken in response to the pandemic, the distribution and effectiveness of vaccines, impacts on economic activity from the pandemic and actions taken in response, the effects of the pandemic on the Company’s tenants and their businesses and the ability of tenants to make their rental payments. Any of these events could materially adversely impact the Company’s business, financial condition, results of operations or stock price. The development and distribution of COVID-19 vaccines has assisted in allowing many restrictions to be lifted, providing a path to recovery. However, the economy continues to face several issues including the lack of qualified employees, inflation risk, supply chain issues and new COVID-19 variants, which could impact the Company and its tenants. The Company will continue to monitor the economic, financial, and social conditions resulting from the COVID-19 pandemic and will assess its asset portfolio for any impairment indicators.
2. Summary of Significant Accounting Policies
Principles of Consolidation
The accompanying Condensed Consolidated Financial Statements include the accounts of the Company. The Company’s subsidiaries include subsidiaries which are wholly owned or which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation. The information presented in the accompanying Condensed Consolidated Financial Statements is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. These Condensed Consolidated Financial Statements should be read in conjunction with the Company's 10-K, as certain disclosures in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022 that would duplicate those included in the 10-K are not included in these Condensed Consolidated Financial Statements.
Subsequent Events
The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its Condensed Consolidated Financial Statements (see Footnote 10 of the Company’s Condensed Consolidated Financial Statements).
New Accounting Pronouncements
The following table represents an Accounting Standards Update (“ASU”) to the FASB’s ASCs that, as of June 30, 2022, are not yet effective for the Company and for which the Company has not elected early adoption, where permitted:
| ASU | Description | Effective Date | Effect on the financial statements or other significant matters |
| ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions | This ASU clarifies the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and provides new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820.
| January 1, 2024; Early adoption permitted | The Company is still assessing the impact on the Company’s financial position and/or results of operations. |
| ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers
| The amendments in this update require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination rather than at fair value on the acquisition date required by Topic 805. | January 1, 2023; Early adoption permitted
| The adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations. |
The following ASU to the FASB’s ASC has been adopted by the Company as of the date listed:
| ASU | Description | Adoption Date | Effect on the financial statements or other significant matters |
| ASU 2021-05, Lessors – Certain Leases with Variable Lease Payments (Topic 842) | This ASU amends the lessor lease classification in ASC 842 for leases that include variable lease payments that are not based on an index or rate. Under the amended guidance, lessors will classify a lease with variable payments that do not depend on an index or rate as an operating lease if the lease would have been classified as a sales-type lease or a direct financing lease under the previous ASU 842 classification criteria and sales-type or direct financing lease classification would result in a Day 1 loss.
| January 1, 2022 | The adoption of this ASU did not impact the Company’s financial position and/or results of operations. |
3. Real Estate
Acquisitions
During the six months ended June 30, 2022, the Company acquired
Dispositions
The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels (dollars in millions):
| Six Months Ended June 30, |
||||||||
| 2022 |
2021 |
|||||||
| Aggregate sales price |
$ | $ | ||||||
| Gain on sale of properties (1) |
$ | $ | ||||||
| Number of properties sold |
||||||||
| Number of parcels sold |
||||||||
| (1) |
Before noncontrolling interests of $ |
4. Investments in and Advances to 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 Company manages certain of 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 unconsolidated joint venture investments for which the Company held an ownership interest at June 30, 2022 and December 31, 2021 (dollars in millions):
| Noncontrolling | The Company’s Investment | ||||||||||
| Joint Venture | As of June 30, 2022 | June 30, 2022 | December 31, 2021 | ||||||||
| Prudential Investment Program | $ | $ | |||||||||
| Kimco Income Opportunity Portfolio (“KIR”) (1) | |||||||||||
| Canada Pension Plan Investment Board (“CPP”) | |||||||||||
| Other Institutional Joint Ventures | Various | ||||||||||
| Other Joint Venture Programs | Various | ||||||||||
| Total* | $ | $ | |||||||||
* Representing
| (1) | During the six months ended June 30, 2022, the Company purchased additional ownership interests for $ |
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 six months ended June 30, 2022 and 2021 (in millions):
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| Joint Venture | 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Prudential Investment Program (1) | $ | $ | $ | $ | ||||||||||||
| KIR | ||||||||||||||||
| CPP | ||||||||||||||||
| Other Institutional Joint Ventures | ||||||||||||||||
| Other Joint Venture Programs | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
| (1) | During the six months ended June 30, 2022, the Prudential Investment Program recognized an impairment charge on a property of $ |
During the six months ended June 30, 2022, certain of the Company’s real estate joint ventures disposed of
During the six months ended June 30, 2021, certain of the Company’s real estate joint ventures disposed of
The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at June 30, 2022 and December 31, 2021 (dollars in millions):
| As of June 30, 2022 | As of December 31, 2021 | |||||||||||||||||||||||
| 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)* | ||||||||||||||||||
| Prudential Investment Program | $ | % | $ | % | ||||||||||||||||||||
| KIR | % | % | ||||||||||||||||||||||
| CPP | % | |||||||||||||||||||||||