KIM-M Kimco Realty Corporation

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

 

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported) August 1, 2024

KIMCO REALTY CORPORATION

KIMCO REALTY OP, LLC

(Exact Name of registrant as specified in its charter)

 

Maryland (Kimco Realty Corporation)		1-10899		13-2744380
Delaware (Kimco Realty OP, LLC)		333-269102-01		92-1489725
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

500 N. Broadway

Suite 201

Jericho, NY 11753

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (516) 869-9000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Kimco Realty Corporation

Title of each class	Trading Symbol(s)	Name of each exchange on
		which registered
Common Stock, par value $.01 per share.	KIM	New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 5.125% Class L Cumulative Redeemable, Preferred Stock, $1.00 par value per share.	KIMprL	New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 5.250% Class M Cumulative Redeemable, Preferred Stock, $1.00 par value per share.	KIMprM	New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 7.250% Class N Cumulative Redeemable, Preferred Stock, $1.00 par value per share.	KIMprN	New York Stock Exchange

Kimco Realty OP, LLC

Title of each class	Trading Symbol(s)	Name of each exchange on
		which registered
None	N/A	N/A

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

Kimco Realty Corporation Yes ☐ No ☒ Kimco Realty OP, LLC Yes ☐ No ☒

 

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.

Kimco Realty Corporation ☐ Kimco Realty OP, LLC ☐

 

 

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Item 2.02. Results of Operations and Financial Condition.

 

On August 1, 2024, Kimco Realty Corporation (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information in this Item 2.02 and in Exhibit 99.1 is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. The information in this Item 2.02 and in Exhibit 99.1 shall not be deemed to be incorporated by reference into any filing of the Company whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

99.1 Press Release, dated August 1, 2024 issued by Kimco Realty Corporation

 

104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

 

Date: August 1, 2024
	KIMCO REALTY CORPORATION
	By:	/s/ Glenn G. Cohen
		Name:	Glenn G. Cohen
		Title:	Chief Financial Officer

 

 

 

	KIMCO REALTY OP, LLC By: KIMCO REALTY CORPORATION, Managing Member
	By:	/s/ Glenn G. Cohen
		Name:	Glenn G. Cohen
		Title:	Chief Financial Officer

 

 

 

 

 

 

 

 

 

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Exhibit 99.1

Kimco Realty® Announces Second Quarter 2024 Results

– Strong Operating Performance Drives Growth in Net Income and FFO –

– Small Shop Occupancy Matches Record High –

– Raises 2024 Outlook –

JERICHO, New York, August 1, 2024 - Kimco Realty® (NYSE: KIM), a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, today reported results for the second quarter ended June 30, 2024. For the three months ended June 30, 2024 and 2023, Kimco Realty’s net income available to the company’s common shareholders per diluted share was $0.17 and $0.16, respectively.

Second Quarter Highlights

“Our ability to report strong growth reflects the quality of our open air, grocery-anchored portfolio and further validates our investment thesis for the RPT acquisition,” said Conor Flynn, CEO of Kimco. “We see these positive trends continuing, and with $63 million of future cash flow from signed leases that have yet to commence paying rent, we are comfortable raising our full year outlook. With a resilient portfolio and best in class team, we remain committed to increasing shareholder value.”

Financial Results

Net income available to the company’s common shareholders (“Net income”) for the second quarter of 2024 was $111.8 million, or $0.17 per diluted share, compared to $100.4 million, or $0.16 per diluted share, for the second quarter of 2023, representing a 6.3% increase per diluted share, primarily attributable to:

Other notable items impacting the year-over-year change:

*Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are provided in the tables accompanying this press release.

 

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FFO was $276.0 million, or $0.41 per diluted share, for the second quarter of 2024, compared to $243.9 million, or $0.39 per diluted share, for the second quarter 2023. The company excludes from FFO all realized or unrealized marketable securities gains and losses as well as gains and losses from the sales of certain real estate assets, depreciation and amortization related to real estate, profit participations from other investments, and other items considered incidental to the company’s business.

Operating Results

Investment & Disposition Activities

Capital Market Activities

Dividend Declarations

2024 Full Year Outlook

The company has raised its 2024 outlook for Net income and FFO per diluted share as follows:

	Current *	Previous*
Net income:	$0.44 to $0.46	$0.40 to $0.44
FFO:	$1.60 to $1.62	$1.56 to $1.60

*Includes ($0.04) of RPT merger-related charges.

The company has also updated the assumptions that support its full year outlook for Net income and FFO in the following table (Pro-rata share; dollars in millions):

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2024 Guidance Assumptions	Q2 YTD	Current	Previous
Total acquisitions & structured investments combined: • Cap rate (blended)	$244 • 10.0%	$300 to $350 • 7.0% to 8.0%	$300 to $350 • 7.0% to 8.0%
Dispositions: • Cap rate (blended)	$256 • 8.50%	$300 to $350 • 8.25% to 8.50%	$350 to $450 • 8.25% to 8.75%
Same Property NOI growth (inclusive of RPT)	3.4%	2.75% to 3.25%	2.25% to 3.0%
Credit loss as a % of total pro-rata rental revenues	(0.86%)	(0.75%) to (1.00%)	(0.75%) to (1.00%)
RPT-related non-cash GAAP income (above & below market rents and straight-line rents)	$3	$4 to $5	$4 to $5
RPT-related cost saving synergies included in G&A	Only showing full year impact	$35 to $36	$34 to $35
Lease termination income	$2	$2 to $4	$1 to $3
Interest income – Other income (attributable to cash on balance sheet)	$12	$13 to $15	$10 to $12
Capital expenditures (tenant improvements, landlord work and leasing commissions)	$118	$225 to $275	$225 to $275

Conference Call Information

When: 8:30 AM ET, August 1, 2024

Live Webcast: 2Q24 Kimco Realty Earnings Conference Call or on Kimco Realty’s website investors.kimcorealty.com (replay available until November 1, 2024)

Dial #: 1-888-317-6003 (International: 1-412-317-6061). Passcode: 1566978

About Kimco Realty®

Kimco Realty® (NYSE: KIM) is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The company’s portfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities. Its tenant mix is focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Publicly traded on the NYSE since 1991 and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value-enhancing redevelopment activities for more than 60 years. With a proven commitment to corporate responsibility, Kimco Realty is a recognized industry leader in this area. As of June 30, 2024, the company owned interests in 567 U.S. shopping centers and mixed-use assets comprising 101 million square feet of gross leasable space.

The company announces material information to its investors using the company’s investor relations website (investors.kimcorealty.com), SEC filings, press releases, public conference calls, and webcasts. The company also uses social media to communicate with its investors and the public, and the information the company posts on social media may be deemed material information. Therefore, the company encourages investors, the media, and others interested in the company to review the information that it posts on the social media channels, including Facebook (www.facebook.com/kimcorealty), Twitter (www.twitter.com/kimcorealty) and LinkedIn (www.linkedin.com/company/kimco-realty-corporation). The list of social media channels that the company uses may be updated on its investor relations website from time to time.

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Safe Harbor Statement

This communication contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “commit,” “anticipate,” “estimate,” “project,” “will,” “target,” “plan,” “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which, in some cases, are beyond the Company’s control and could materially affect actual results, performances or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) general adverse economic and local real estate conditions, (ii) the impact of competition, including the availability of acquisition or development opportunities and the costs associated with purchasing and maintaining assets; (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iv) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center, (v) the potential impact of e-commerce and other changes in consumer buying practices, and changing trends in the retail industry and perceptions by retailers or shoppers, including safety and convenience, (vi) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and the costs associated with purchasing and maintaining assets and risks related to acquisitions not performing in accordance with our expectations, (vii) the Company’s ability to raise capital by selling its assets, (viii) disruptions and increases in operating costs due to inflation and supply chain disruptions, (ix) risks associated with the development of mixed-use commercial properties, including risks associated with the development, and ownership of non-retail real estate, (x) changes in governmental laws and regulations, including, but not limited to, changes in data privacy, environmental (including climate change), safety and health laws, and management’s ability to estimate the impact of such changes, (xi) the Company’s failure to realize the expected benefits of the merger with RPT Realty (the “RPT Merger”), (xii) significant transaction costs and/or unknown or inestimable liabilities related to the RPT Merger, (xiii) the risk of litigation, including shareholder litigation, in connection with the RPT Merger, including any resulting expense, (xiv) the ability to successfully integrate the operations of the Company and RPT and the risk that such integration may be more difficult, time-consuming or costly than expected, (xv) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company, (xvi) effects relating to the RPT Merger on relationships with tenants, employees, joint venture partners and third parties, (xvii) the possibility that, if the Company does not achieve the perceived benefits of the RPT Merger as rapidly or to the extent anticipated by financial analysts or investors, the market price of the Company’s common stock could decline, (xviii) valuation and risks related to the Company’s joint venture and preferred equity investments and other investments, (xix) collectability of mortgage and other financing receivables, (xx) impairment charges, (xxi) criminal cybersecurity attacks, disruption, data loss or other security incidents and breaches, (xxii) risks related to artificial intelligence, (xxiii) impact of natural disasters and weather and climate-related events, (xxiv) pandemics or other health crises, such as the coronavirus disease 2019 (“COVID-19”), (xxv) our ability to attract, retain and motivate key personnel, (xxvi) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xxvii) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (xxviii) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xxix) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity, (xxx) the Company’s ability to continue to maintain its status as a REIT for U.S. federal income tax purposes and potential risks and uncertainties in connection with its UPREIT structure, and (xxxi) other risks and uncertainties identified under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023. Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes in other filings with the Securities and Exchange Commission (“SEC”).

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CONTACT:
David F. Bujnicki
Senior Vice President, Investor Relations and Strategy

Kimco Realty Corporation
(833) 800-4343

dbujnicki@kimcorealty.com

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Condensed Consolidated Balance Sheets
(in thousands, except share data)
(unaudited)
		June 30, 2024				December 31, 2023
Assets:
	Real estate, net of accumulated depreciation and amortization
	of $4,094,777 and $3,842,869, respectively	$	16,565,463			$	15,094,925
	Investments in and advances to real estate joint ventures		1,501,267				1,087,804
	Other investments		105,456				144,089
	Cash and cash equivalents		127,555				783,757
	Marketable securities		1,612				330,057
	Accounts and notes receivable, net		306,790				307,617
	Operating lease right-of-use assets, net		131,083				128,258
	Other assets		764,951				397,515
Total assets		$	19,504,177			$	18,274,022
Liabilities:
	Notes payable, net	$	7,337,253			$	7,262,851
	Mortgages payable, net		337,456				353,945
	Accounts payable and accrued expenses		251,737				216,237
	Dividends payable		6,722				5,308
	Operating lease liabilities		121,156				109,985
	Other liabilities		653,236				599,961
Total liabilities			8,707,560				8,548,287
Redeemable noncontrolling interests			70,010				72,277
Stockholders' Equity:
	Preferred stock, $1.00 par value, authorized 7,054,000 shares;
	Issued and outstanding (in series) 21,216 and 19,367 shares, respectively;
	Aggregate liquidation preference $576,606 and $484,179, respectively		21				19
	Common stock, $.01 par value, authorized 1,500,000,000 and 750,000,000 shares,
	respectively; issued and outstanding 674,112,166 and 619,871,237 shares, respectively		6,741				6,199
	Paid-in capital		10,914,084				9,638,494
	Cumulative distributions in excess of net income		(353,310	)			(122,576	)
	Accumulated other comprehensive income		11,236				3,329
Total stockholders' equity			10,578,772				9,525,465
	Noncontrolling interests		147,835				127,993
Total equity			10,726,607				9,653,458
Total liabilities and equity		$	19,504,177			$	18,274,022

 

 

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Condensed Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Revenues
	Revenues from rental properties, net	$	496,221			$	439,008			$	995,126			$	877,346
	Management and other fee income		4,010				3,832				8,859				8,386
	Total revenues		500,231				442,840				1,003,985				885,732
Operating expenses
	Rent		(4,226	)			(4,145	)			(8,505	)			(8,158	)
	Real estate taxes		(66,182	)			(57,621	)			(129,542	)			(115,127	)
	Operating and maintenance		(87,749	)			(75,073	)			(173,523	)			(150,315	)
	General and administrative		(33,090	)			(32,734	)			(69,388	)			(67,483	)
	Impairment charges		(201	)			-				(3,902	)			(11,806	)
	Merger charges		-				-				(25,246	)			-
	Depreciation and amortization		(148,148	)			(129,245	)			(302,867	)			(255,546	)
	Total operating expenses		(339,596	)			(298,818	)			(712,973	)			(608,435	)
Gain on sale of properties			75				13,170				393				52,376
Operating income			160,710				157,192				291,405				329,673
Other income/(expense)
	Special dividend income		-				-				-				194,116
	Other income, net		5,661				7,571				17,750				10,703
	(Loss)/gain on marketable securities, net		(6	)			14,561				(27,692	)			4,417
	Interest expense		(73,341	)			(60,674	)			(147,906	)			(121,980	)
Income before income taxes, net, equity in income of joint ventures, net,
and equity in income from other investments, net			93,024				118,650				133,557				416,929
	Provision for income taxes, net		(217	)			(31,027	)			(72,227	)			(61,856	)
	Equity in income of joint ventures, net		21,527				17,128				42,432				41,332
	Equity in income of other investments, net		7,718				4,519				9,252				6,641
Net income			122,052				109,270				113,014				403,046
	Net income attributable to noncontrolling interests		(2,314	)			(2,644	)			(4,250	)			(6,657	)
Net income attributable to the company			119,738				106,626				108,764				396,389
	Preferred dividends, net		(7,961	)			(6,200	)			(15,903	)			(12,451	)
Net income available to the company's common shareholders		$	111,777			$	100,426			$	92,861			$	383,938
Per common share:
	Net income available to the company's common shareholders: (1)
	Basic	$	0.17			$	0.16			$	0.14			$	0.62
	Diluted (2)	$	0.17			$	0.16			$	0.14			$	0.62
Weighted average shares:
	Basic		671,198				617,077				670,658				616,785
	Diluted		671,384				617,257				670,839				619,749
(1)	Adjusted for earnings attributable to participating securities of ($700) and ($647) for the three months ended June 30, 2024 and 2023, respectively. Adjusted for earnings attributable to participating securities of ($1,380) and ($2,074) for the six months ended June 30, 2024 and 2023, respectively.
(2)	Reflects the potential impact if certain units were converted to common stock at the beginning of the period. The impact of the conversion would have an antidilutive effect on net income and therefore have not been included. Adjusted for distributions on convertible units of $1,479 for the six months ended June 30, 2023.

 

 

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Reconciliation of Net Income Available to the Company's Common Shareholders
to FFO Available to the Company's Common Shareholders (1)
(in thousands, except per share data)
(unaudited)
		Three Months Ended June 30,								Six Months Ended June 30,
			2024				2023				2024				2023
Net income available to the company's common shareholders		$	111,777			$	100,426			$	92,861			$	383,938
	Gain on sale of properties		(75	)			(13,170	)			(393	)			(52,376	)
	Gain on sale of joint venture properties		(1,441	)			(180	)			(1,494	)			(7,890	)
	Depreciation and amortization - real estate related		146,892				127,725				300,354				253,003
	Depreciation and amortization - real estate joint ventures		21,345				15,599				42,943				32,146
	Impairment charges (including real estate joint ventures)		2,701				-				8,403				11,803
	Profit participation from other investments, net		(5,647	)			(2,792	)			(5,676	)			(2,761	)
	Special dividend income		-				-				-				(194,116	)
	Loss/(gain) on marketable securities/derivative, net		1,243				(14,561	)			30,771				(4,417	)
	(Benefit)/provision for income taxes, net (2)		(94	)			31,259				71,647				62,132
	Noncontrolling interests (2)		(743	)			(424	)			(1,629	)			507
FFO available to the company's common shareholders (4)		$	275,958			$	243,882			$	537,787			$	481,969
Weighted average shares outstanding for FFO calculations:
	Basic		671,198				617,077				670,658				616,785
	Units		3,290				2,563				3,264				2,551
	Convertible preferred shares		4,265				-				4,265				-
	Dilutive effect of equity awards		129				122				129				490
	Diluted		678,882				619,762				678,316				619,826
	FFO per common share - basic	$	0.41			$	0.40			$	0.80			$	0.78
	FFO per common share - diluted (3)	$	0.41			$	0.39			$	0.80			$	0.78
(1)	The company considers FFO to be an important supplemental measure of its operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting results. Comparison of the company's presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the Nareit definition used by such REITs.
(2)	Related to gains, impairments, depreciation on properties, gains/(losses) on sales of marketable securities and derivatives, where applicable.
(3)	Reflects the potential impact of convertible preferred shares and certain units were converted to common stock at the beginning of the period. FFO available to the company’s common shareholders would be increased by $2,464 and $584 for the three months ended June 30, 2024 and 2023, respectively. FFO available to the company's common shareholders would be increased by $4,907 and $1,166 for the six months ended June 30, 2024 and 2023, respectively. The effect of other certain convertible securities would have an anti-dilutive effect upon the calculation of FFO available to the company’s common shareholders per share. Accordingly, the impact of such conversion has not been included in the determination of diluted FFO per share calculations.
(4)	Includes merger-related charges of $25.2 million (or $0.04 per share, on a diluted basis) for the six months ended June 30, 2024.

 

 

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Reconciliation of Net Income Available to the Company's Common Shareholders
to Same Property NOI (1)(2)
(in thousands)
(unaudited)
		Three Months Ended June 30,								Six Months Ended June 30,
			2024				2023				2024				2023
Net income available to the company's common shareholders		$	111,777			$	100,426			$	92,861			$	383,938
Adjustments:
	Management and other fee income		(4,010	)			(3,832	)			(8,859	)			(8,386	)
	General and administrative		33,090				32,734				69,388				67,483
	Impairment charges		201				-				3,902				11,806
	Merger charges		-				-				25,246				-
	Depreciation and amortization		148,148				129,245				302,867				255,546
	Gain on sale of properties		(75	)			(13,170	)			(393	)			(52,376	)
	Special dividend income		-				-				-				(194,116	)
	Interest expense and other income, net		67,680				53,103				130,156				111,277
	Loss/(gain) on marketable securities, net		6				(14,561	)			27,692				(4,417	)
	Provision for income taxes, net		217				31,027				72,227				61,856
	Equity in income of other investments, net		(7,718	)			(4,519	)			(9,252	)			(6,641	)
	Net income attributable to noncontrolling interests		2,314				2,644				4,250				6,657
	Preferred dividends, net		7,961				6,200				15,903				12,451
	RPT same property NOI (3)		-				38,358				610				78,597
	Non same property net operating income		(10,192	)			(13,843	)			(25,213	)			(28,815	)
	Non-operational expense from joint ventures, net		28,278				22,766				57,400				38,805
Same Property NOI		$	377,677			$	366,578			$	758,785			$	733,665
(1)	The company considers Same Property NOI as an important operating performance measure because it is frequently used by securities analysts and investors to measure only the net operating income of properties that have been owned by the company for the entire current and prior year reporting periods. It excludes properties under redevelopment, development and pending stabilization; properties are deemed stabilized at the earlier of (i) reaching 90% leased or (ii) one year following a project’s inclusion in operating real estate. Same Property NOI assists in eliminating disparities in net income due to the development, acquisition or disposition of properties during the particular period presented, and thus provides a more consistent performance measure for the comparison of the company's properties. The company’s method of calculating Same Property NOI may differ from methods used by other REITs and, accordingly, may not be comparable to such other REITs.
(2)	Amounts represent Kimco Realty's pro-rata share.
(3)	Amounts for the respective periods, represent the Same property NOI from RPT properties, not included in the Company's Net income available to the Company's common shareholders.

 

 

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Reconciliation of the Projected Range of Net Income Available to the Company's Common Shareholders
to Funds From Operations Available to the Company's Common Shareholders
(unaudited, all amounts shown are per diluted share)
		Projected Range
		Full Year 2024
		Low				High
Net income available to the company's common shareholders		$	0.44			$	0.46
Gain on sale of properties			-				(0.03	)
Gain on sale of joint venture properties			-				(0.01	)
Depreciation & amortization - real estate related			0.88				0.91
Depreciation & amortization - real estate joint ventures			0.12				0.13
Impairment charges (including real estate joint ventures)			0.01				0.01
Profit participation from other investments, net			(0.01	)			(0.01	)
Loss on marketable securities, net			0.05				0.05
Provision for income taxes			0.11				0.11
FFO available to the company's common shareholders		$	1.60			$	1.62
Merger Cost Adjustment			0.04				0.04
FFO Excluding Merger Costs		$	1.64			$	1.66
Projections involve numerous assumptions such as rental income (including assumptions on percentage rent), interest rates, tenant defaults, occupancy rates, selling prices of properties held for disposition, expenses (including salaries and employee costs), insurance costs and numerous other factors. Not all of these factors are determinable at this time and actual results may vary from the projected results, and may be above or below the range indicated. The above range represents management’s estimate of results based upon these assumptions as of the date of this press release.

 

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v3.24.2.u1

Document and Entity Information	Aug. 01, 2024
Entity Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 01, 2024
Entity File Number	1-10899
Entity Registrant Name	KIMCO REALTY CORPORATION
Entity Central Index Key	0000879101
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	13-2744380
Entity Address, Address Line One	500 N. Broadway
Entity Address, Address Line Two	Suite 201
Entity Address, City or Town	Jericho
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11753
City Area Code	516
Local Phone Number	869-9000
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Common Stock, par value $.01 per share [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	KIM
Security Exchange Name	NYSE
Depositary Shares, each representing one-thousandth of a share of 5.125% Class L Cumulative Redeemable, Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing one-thousandth of a share of 5.125% Class L Cumulative Redeemable, Preferred Stock
Trading Symbol	KIMprL
Security Exchange Name	NYSE
Depositary Shares, each representing one-thousandth of a share of 5.250% Class M Cumulative Redeemable, Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing one-thousandth of a share of 5.250% Class M Cumulative Redeemable, Preferred Stock
Trading Symbol	KIMprM
Security Exchange Name	NYSE
Depositary Shares, each representing one-thousandth of a share of 7.250% Class N Cumulative Convertible Perpetual Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing one-thousandth of a share of 7.250% Class N Cumulative Redeemable, Preferred Stock
Trading Symbol	KIMprN
Security Exchange Name	NYSE
Kimco Realty OP, LLC [Member]
Entity Information [Line Items]
Entity File Number	333-269102-01
Entity Registrant Name	KIMCO REALTY OP, LLC
Entity Central Index Key	0001959472
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	92-1489725
Entity Emerging Growth Company	false

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