10-Q 1 kim20240331_10q.htm FORM 10-Q kim20240331_10q.htm
0000879101 0001959472 false --12-31 Q1 2024 3,973,210 3,842,869 1.00 1.00 7,054,000 7,054,000 21,216 21,216 19,367 19,367 576,606 484,179 0.01 0.01 750,000,000 750,000,000 674,117,917 674,117,917 619,871,237 619,871,237 666 198 3,973,210 3,842,869 21,216 19,367 674,117,917 619,871,237 1,074,100 666 198 0.001 0.001 1 200,000 50,000 100,000 50,000 110,000 3 8 30 458,660 545,380 5 3 August 16, 2022 December 20,2022 August 16, 2022 December 20, 2022 0 0 0 2,077 - 2,077 false false false false The Company determined that the valuation of its senior unsecured notes were classified within Level 2 of the fair value hierarchy. The estimated fair value amounts classified as Level 2 as of March 31, 2024 and December 31, 2023, were $6.6 billion and $6.7 billion, respectively. The carrying value includes deferred financing costs of $70.6 million and $65.0 million as of March 31, 2024 and December 31, 2023, respectively. The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. In connection with the RPT Merger, the Company issued 1,849 shares of Class N Cumulative Convertible Perpetual Preferred Shares with a par value of $1.00 per share, represented by 1,848,539 depositary shares, which had a fair market value of $105.6 million. The Class N Preferred Stock depositary shares are convertible at any time by the holders to 2.3071 of the Company’s common shares or under certain circumstances by the Company’s election. As of March 31, 2024, the Class N Preferred Stock was potentially convertible into 4.3 million shares of common stock. In connection with the RPT Merger, the Company acquired ownership in two unconsolidated joint ventures, which have a provisional fair market value of $425.9 million and $7.4 million at the time of Merger. These joint ventures represent 13 property interests and 49 net leased properties. Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments. In connection with the RPT Merger, the Company acquired ownership in an unconsolidated joint venture, which has a provisional fair market value of $7.4 million at the time of Merger, representing 49 other property interests. The Company fully repaid these unsecured notes in January 2024 and incurred a make-whole charge of $0.3 million resulting from this early repayment of these notes, which are included in Merger charges on the Company's Condensed Consolidated Statements of Operations. Total assets include restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2024 and December 31, 2023 of $385,607 and $388,626, respectively. Total liabilities include non-recourse liabilities of consolidated VIEs at March 31, 2024 and December 31, 2023 of $178,952 and $180,855, respectively. See Footnote 14 of the Notes to Condensed Consolidated Financial Statements. The weighted-average grant date fair value for restricted stock issued during the three months ended March 31, 2024 and 2023 were $19.47 and $21.30, respectively. The weighted-average grant date fair value for performance shares issued during the three months ended March 31, 2024 and 2023 were $18.14 and $42.61, respectively. See Footnotes 1 and 3 of the Notes to Condensed Consolidated Financial Statements for further details. Relates to interest expense on finance lease liabilities, which were acquired in connection with the Merger. Before noncontrolling interests of $1.5 million and taxes of $1.2 million for the three months ended March 31, 2023. In connection with the RPT Merger the Company acquired an ownership interest in a joint venture, which had aggregate secured debt of $187.1 million (including a fair market value adjustment of $3.2 million). Representing 117 property interests, 48 other property interests and 25.0 million square feet of GLA, as of March 31, 2024, and 104 property interests and 21.1 million square feet of GLA, as of December 31, 2023. For the three months ended March 31, 2024, and 2023, the corresponding common stock equivalent of these vested awards were 970,232 and 998,238 shares, respectively. During the three months ended March 31, 2023, the Company received a land parcel as consideration resulting from the exercise of a termination option of an operating lease. These interest rate swap agreements have an effective date of January 2, 2024 and utilize a 1-month SOFR CME index. During 2023, the Company contributed a land parcel and related entitlements, located in Admore, PA, into a preferred equity investment with a gross value of $19.6 million. As a result, the Company no longer consolidates this land parcel and has a non-controlling interest in this investment. See Footnote 6 of the Notes to Condensed Consolidated Financial Statements for preferred equity investment disclosure. During 2024, the Company provided as a lender seller financing totaling $175.4 million related to the sale of nine operating properties. During 2023, the Company provided as a lender seller financing of $25.0 million related to the sale of an operating property located in Gresham, OR. See Footnote 10 of the Notes to Condensed Consolidated Financial Statements for mortgage receivable loan disclosure. The Company paid cash in lieu of issuing fractional Kimco common shares, which is included in “Cash Consideration” caption in the table below. In connection with the RPT Merger the Company acquired an ownership interest in this joint venture, which had aggregate secured debt of $66.7 million (including a fair market value adjustment of $14.4 million). Includes extension options Includes minimum base rents, expense reimbursements, percentage rent, lease termination fee income and ancillary income. Amount includes $130.0 million to pay off the outstanding balance on RPT’s credit facility at closing, additional consideration of approximately $19.1 million relating to transaction costs incurred by RPT and $0.1 million of cash paid in lieu of issuing fractional Kimco common shares. The amounts represent adjustments associated with potentially uncollectible revenues and disputed amounts. Other includes the Company’s previously held equity investments in the Prudential Investment Program and net gains on change in control. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized gains on change in control of interest of $7.7 million, in aggregate, resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in Equity in income of joint ventures, net on the Condensed Consolidated Statements of Income. The Company previously held an ownership interest of 15.0% in these property interests. See Footnote 4 of the Notes to the Company’s Condensed Consolidated Financial Statements. The Company entered into a Seventh Amended and Restated Credit Agreement, through which the assumed term loans were terminated (fully repaid) and new term loans were issued to replace the assumed loans. The new term loans retained the amounts and maturities of the assumed term loans, however the rates (Adjusted Term SOFR plus 0.905% and tied to sustainability metric targets, as described in the agreement) and covenants were revised to match those within the Company's Credit Facility. In January 2024, the Company entered into swap rate agreements with various lenders swapping the interest rates to fixed rates ranging from 4.674% to 4.875%. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements for interest rate swap disclosure. The Company determined that the valuation of its mortgage and other financing receivables were classified within Level 3 of the fair value hierarchy. The carrying value includes allowance for credit losses of $3.3 million and $1.3 million as of March 31, 2024 and December 31, 2023, respectively. The pro forma earnings for the three months ended March 31, 2024 was adjusted to exclude $25.2 million of merger costs, while the pro forma earnings for the three months ended March 31, 2023 was adjusted to include $25.2 million of merger costs incurred. The Company determined that its valuation of its mortgages payable were classified within Level 3 of the fair value hierarchy. 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Table of Contents



 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-Q

 

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

 

For the quarterly period ended March 31, 2024

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:   1-10899 (Kimco Realty Corporation)

Commission File Number: 333-269102-01 (Kimco Realty OP, LLC)

 

KIMCO REALTY CORPORATION

KIMCO REALTY OP, LLC

(Exact name of registrant as specified in its charter)

 

Maryland (Kimco Realty Corporation)

Delaware (Kimco Realty OP, LLC)

 

13-2744380

92-1489725

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

500 North Broadway, Suite 201, Jericho, NY 11753

(Address of principal executive offices) (Zip Code)

 

(516) 869-9000

(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:

 

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 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 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 one-thousandth of a share of 7.250% Class N Cumulative Convertible 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 (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.

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

 

 

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).

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

 

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 12b-2 of the Exchange Act.

 

Kimco Realty Corporation:

Large accelerated filer

Accelerated filer

 

Non-accelerated filer

Smaller reporting company

Emerging growth company

   

 

Kimco Realty OP, LLC:

Large accelerated filer

Accelerated filer

 

Non-accelerated filer

Smaller reporting company

Emerging growth company

   

 

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 ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Kimco Realty Corporation Yes No ☑                                                      Kimco Realty OP, LLC Yes No ☑

 

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

 

As of April 24, 2024, Kimco Realty Corporation had 674,116,450 shares of common stock outstanding.

 



 

 

 

EXPLANATORY NOTE

 

This report combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2024, of Kimco Realty Corporation (the “Company”) and Kimco Realty OP, LLC (“Kimco OP”). Prior to January 1, 2023, the Company’s business was conducted through a predecessor entity also known as Kimco Realty Corporation (the “Predecessor”). On December 14, 2022, the Predecessor’s Board of Directors approved the entry into an Agreement and Plan of Merger (the “UPREIT Merger”) with the company formerly known as New KRC Corp., which was a Maryland corporation and wholly owned subsidiary of the Predecessor (the “Parent Company”), and KRC Merger Sub Corp., which was a Maryland corporation and wholly owned subsidiary of the Parent Company (“Merger Sub”), to effect the reorganization (the “Reorganization”) of the Predecessor’s business into an umbrella partnership real estate investment trust, or “UPREIT”.

 

On January 1, 2023, pursuant to the UPREIT Merger, Merger Sub merged with and into the Predecessor, with the Predecessor continuing as the surviving entity and a wholly-owned subsidiary of the Parent Company, and each outstanding share of capital stock of the Predecessor was converted into one equivalent share of capital stock of the Parent Company (each share of which has continued to trade under their respective existing ticker symbol with the same rights, powers and limitations that existed immediately prior to the Reorganization).

 

In connection with the Reorganization, the Parent Company changed its name to Kimco Realty Corporation, and replaced the Predecessor as the New York Stock Exchange-listed public company. Effective as of January 3, 2023, the Predecessor converted into a limited liability company, organized in the State of Delaware, known as Kimco Realty OP, LLC, the entity we refer to herein as “Kimco OP”.

 

Following the Reorganization, substantially all of the Company’s assets are held by, and substantially all of the Company’s operations are conducted through, Kimco OP (either directly or through its subsidiaries), as the Company’s operating company, and the Company is the managing member of Kimco OP. The officers and directors of the Company are the same as the officers and directors of the Predecessor immediately prior to the Reorganization.

 

The Parent Company is a real estate investment trust ("REIT") and is the managing member of Kimco OP. As of March 31, 2024, the Parent Company owned 99.84% of the outstanding limited liability company interests (the "OP Units") in Kimco OP.

 

Stockholders' equity and members’ capital are the primary areas of difference between the unaudited Condensed Consolidated Financial Statements of the Parent Company and those of Kimco OP. Kimco OP’s capital currently includes OP Units owned by the Parent and non-controlling OP Units owned by third parties. OP Units owned by third parties are accounted for within capital on Kimco OP’s financial statements and in non-controlling interests in the Parent Company’s financial statements.

 

The Parent Company consolidates Kimco OP for financial reporting purposes, and the Parent Company does not have significant assets other than its investment in Kimco OP. Therefore, while stockholders’ equity, members’ capital and noncontrolling interests differ as discussed above, the assets and liabilities of the Parent Company and Kimco OP are the same on their respective financial statements.

 

The Company believes combining the quarterly reports on Form 10-Q of the Parent Company and Kimco OP into this single report provides the following benefits:

 

Enhances investors' understanding of the Parent Company and Kimco OP by enabling investors to view the businesses as a whole in the same manner as management views and operates the business;

 

Eliminates duplicative disclosure and provides a more concise and readable presentation, because a substantial portion of the disclosure applies to both the Parent Company and Kimco OP; and

 

Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

 

In order to highlight the differences between the Parent Company and Kimco OP, there are sections in this Quarterly Report that separately discuss the Parent Company and Kimco OP, including separate financial statements (but combined footnotes), separate controls and procedures sections, and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure for the Parent Company and Kimco OP, unless context otherwise requires, this Quarterly Report refers to actions or holdings of the Parent Company and/or Kimco OP as being the actions or holdings of the Company (either directly or through its subsidiaries, including Kimco OP).

 

Throughout this Quarterly Report, unless the context requires otherwise:

 

 

The “Company,” “we,” “our” or “us” refer to:

 

o

the Parent Company and its business and operations conducted through its directly or indirectly owned subsidiaries, including Kimco OP; and

 

o

in statements regarding qualification as a REIT, such terms refer solely to the Predecessor or Parent Company, as applicable.

 

“Kimco OP” refers to Kimco Realty OP, LLC, our operating company following the UPREIT Merger.

 

References to “shares” and “shareholders” refer to the shares and shareholders of the Parent Company, and not the limited liability company interests of Kimco OP.

 

 

 

 

  PART I - FINANCIAL INFORMATION  
     
Item 1.

Financial Statements

 

     

Condensed Consolidated Financial Statements of Kimco Realty Corporation and Subsidiaries (unaudited)

 
     
 

Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023

5

 

 

 
 

Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023

6

     
 

Condensed Consolidated Statements of Comprehensive Income/(Loss) for the Three Months Ended March 31, 2024 and 2023

7

     
 

Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2024 and 2023

8

     
 

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023

9

     

Condensed Consolidated Financial Statements of Kimco Realty OP, LLC and Subsidiaries (unaudited)

 

 

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023

10

 

 

 
 

Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023

11

     
 

Condensed Consolidated Statements of Comprehensive Income/(Loss) for the Three Months Ended March 31, 2024 and 2023

12

     
 

Condensed Consolidated Statements of Changes in Capital for the Three Months Ended March 31, 2024 and 2023

13

     
 

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023

14

     

Kimco Realty Corporation and Subsidiaries and Kimco Realty OP, LLC and Subsidiaries

 
   
 

Notes to Condensed Consolidated Financial Statements (unaudited)

15

     
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 36
     
Item 3.

Quantitative and Qualitative Disclosures About Market Risk.

48
     
Item 4.

Controls and Procedures.

49
     
 

PART II - OTHER INFORMATION

 
     
Item 1.

Legal Proceedings.

50
     
Item 1A.

Risk Factors.

50
     
Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

50
     
Item 3.

Defaults Upon Senior Securities.

50
     
Item 4.

Mine Safety Disclosures.

50
     
Item 5.

Other Information.

51
     
Item 6.

Exhibits.

51
     
Signatures 52

 

 

 

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except share information)

 

  

March 31, 2024

  

December 31, 2023

 

Assets:

        

Real estate, net of accumulated depreciation and amortization of $3,973,210 and $3,842,869, respectively

 $16,626,386  $15,094,925 

Investments in and advances to real estate joint ventures

  1,516,851   1,087,804 

Other investments

  156,171   144,089 

Cash and cash equivalents

  136,767   783,757 

Marketable securities

  2,737   330,057 

Accounts and notes receivable, net

  308,275   307,617 

Operating lease right-of-use assets, net

  132,712   128,258 

Other assets

  586,480   397,515 

Total assets (1)

 $19,466,379  $18,274,022 
         

Liabilities:

        

Notes payable, net

 $7,242,570  $7,262,851 

Mortgages payable, net

  351,376   353,945 

Accounts payable and accrued expenses

  239,725   216,237 

Dividends payable

  6,722   5,308 

Operating lease liabilities

  122,308   109,985 

Other liabilities

  665,383   599,961 

Total liabilities (1)

  8,628,084   8,548,287 

Redeemable noncontrolling interests

  70,439   72,277 
         

Commitments and Contingencies (Footnote 19)

          
         

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 750,000,000 shares; Issued and outstanding 674,117,917 and 619,871,237 shares, respectively

  6,741   6,199 

Paid-in capital

  10,906,300   9,638,494 

Cumulative distributions in excess of net income

  (303,302)  (122,576)

Accumulated other comprehensive income

  10,279   3,329 

Total stockholders' equity

  10,620,039   9,525,465 

Noncontrolling interests

  147,817   127,993 

Total equity

  10,767,856   9,653,458 

Total liabilities and equity

 $19,466,379  $18,274,022 

 

 

(1)

Total assets include restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2024 and December 31, 2023 of $385,607 and $388,626, respectively. Total liabilities include non-recourse liabilities of consolidated VIEs at March 31, 2024 and December 31, 2023 of $178,952 and $180,855, respectively. See Footnote 14 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 March 31,

 
   

2024

   

2023

 

Revenues

               

Revenues from rental properties, net

  $ 498,905     $ 438,338  

Management and other fee income

    4,849       4,554  

Total revenues

    503,754       442,892  
                 

Operating expenses

               

Rent

    (4,279 )     (4,013 )

Real estate taxes

    (63,360 )     (57,506 )

Operating and maintenance

    (85,774 )     (75,242 )

General and administrative

    (36,298 )     (34,749 )

Impairment charges

    (3,701 )     (11,806 )

Merger charges

    (25,246 )     -  

Depreciation and amortization

    (154,719 )     (126,301 )

Total operating expenses

    (373,377 )     (309,617 )
                 

Gain on sale of properties

    318       39,206  
                 

Operating income

    130,695       172,481  
                 

Other income/(expense)

               

Special dividend income

    -       194,116  

Other income, net

    12,089       3,132  

Loss on marketable securities, net

    (27,686 )     (10,144 )

Interest expense

    (74,565 )     (61,306 )
                 

Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net

    40,533       298,279  
                 

Provision for income taxes, net

    (72,010 )     (30,829 )

Equity in income of joint ventures, net

    20,905       24,204  

Equity in income of other investments, net

    1,534       2,122  
                 

Net (loss)/income

    (9,038 )     293,776  
                 

Net income attributable to noncontrolling interests

    (1,936 )     (4,013 )
                 

Net (loss)/income attributable to the Company

    (10,974 )     289,763  
                 

Preferred dividends, net

    (7,942 )     (6,251 )
                 

Net (loss)/income available to the Company's common shareholders

  $ (18,916 )   $ 283,512  
                 

Per common share:

               

Net (loss)/income available to the Company's common shareholders:

               

-Basic

  $ (0.03 )   $ 0.46  

-Diluted

  $ (0.03 )   $ 0.46  
                 

Weighted average shares:

               

-Basic

    670,118       616,489  

-Diluted

    670,118       619,628  

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

 

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(unaudited)

(in thousands)

 

  

Three Months Ended March 31,

 
  

2024

  

2023

 

Net (loss)/income

 $(9,038) $293,776 

Other comprehensive income:

        

Change in unrealized gains on cash flow hedges for interest payments

  6,459   - 

Equity in unrealized gains on cash flow hedges for interest payments of unconsolidated investee

  491   - 

Other comprehensive income

  6,950   - 
         

Comprehensive (loss)/income

  (2,088)  293,776 
         

Comprehensive income attributable to noncontrolling interests

  (1,936)  (4,013)
         

Comprehensive (loss)/income attributable to the Company

 $(4,024) $289,763 

 

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 March 31, 2024 and 2023

(unaudited)

(in thousands)

 

                                            Retained                                
                                            Earnings/                                
                                            (Cumulative    

Accumulated

                         
                                            Distributions    

Other

   

Total

                 
   

Preferred Stock

   

Common Stock

   

Paid-in

   

in Excess

   

Comprehensive

   

Stockholders'

   

Noncontrolling

   

Total

 
   

Issued

   

Amount

   

Issued

   

Amount

   

Capital

   

of Net Income)

   

Income

   

Equity

   

Interests

   

Equity

 
                                                                                 

Balance at January 1, 2023

    19     $ 19       618,484     $ 6,185     $ 9,618,271     $ (119,548 )   $ 10,581     $ 9,515,508     $ 131,401     $ 9,646,909  

Net income

    -       -       -       -       -       289,763       -       289,763       4,013       293,776  

Redeemable noncontrolling interests income

    -       -       -       -       -       -       -       -       (1,546 )     (1,546 )

Dividends declared to preferred shares

    -       -       -       -       -       (6,251 )     -       (6,251 )     -       (6,251 )

Dividends declared to common shares

    -       -       -       -       -       (142,574 )     -       (142,574 )     -       (142,574 )

Repurchase of preferred stock

    -       -       -       -       (320 )     -       -       (320 )     -       (320 )

Distributions to noncontrolling interests

    -       -       -       -       -       -       -       -       (1,063 )     (1,063 )

Issuance of common stock

    -       -       1,988       20       (20 )     -       -       -       -       -  

Surrender of restricted common stock

    -       -       (753 )     (8 )     (16,089 )     -       -       (16,097 )     -       (16,097 )

Exercise of common stock options

    -       -       173       2       3,725       -       -       3,727       -       3,727  

Amortization of equity awards

    -       -       -       -       9,346       -       -       9,346       -       9,346  

Balance at March 31, 2023

    19     $ 19       619,892     $ 6,199     $ 9,614,913     $ 21,390     $ 10,581     $ 9,653,102     $ 132,805     $ 9,785,907  
                                                                                 

Balance at January 1, 2024

    19     $ 19       619,871     $ 6,199     $ 9,638,494     $ (122,576 )   $ 3,329     $ 9,525,465     $ 127,993     $ 9,653,458  

Net (loss)/income

    -       -       -       -       -       (10,974 )     -       (10,974 )     1,936       (9,038 )

Other comprehensive income:

                                                                               

Change in unrealized gains on cash flow hedges for interest payments

    -       -       -       -       -       -       6,459       6,459       -       6,459  

Equity in unrealized gains on cash flow hedges for interest payments of unconsolidated investee

    -       -       -       -       -       -       491       491       -       491  

Redeemable noncontrolling interests income

    -       -       -       -       -       -       -       -       (1,137 )     (1,137 )

Dividends declared to preferred shares

    -       -       -       -       -       (7,960 )     -       (7,960 )     -       (7,960 )

Dividends declared to common shares

    -       -       -       -       -       (161,792 )     -       (161,792 )     -       (161,792 )

Distributions to noncontrolling interests

    -       -       -       -       -       -       -       -       (1,760 )     (1,760 )

Issuance of preferred stock for merger (1)

    2       2       -       -       105,605       -       -       105,607       -       105,607  

Issuance of common stock for merger (1)

    -       -       53,034       530       1,166,234       -       -       1,166,764       -       1,166,764  

Issuance of common stock

    -       -       1,967       20       (20 )     -       -       -       -       -  

Noncontrolling interests assumed from the merger (1)

    -       -       -       -       -       -       -       -       20,975       20,975  

Surrender of common stock

    -       -       (754 )     (8 )     (14,651 )     -       -       (14,659 )     -       (14,659 )

Amortization of equity awards

    -       -       -       -       9,679       -       -       9,679       391       10,070  

Redemption/conversion of noncontrolling interests

    -       -       -       -       (18 )     -       -       (18 )     (581 )     (599 )

Adjustment of redeemable noncontrolling interests to estimated fair value

    -       -       -       -       977       -       -       977       -       977  

Balance at March 31, 2024

    21     $ 21       674,118     $ 6,741     $ 10,906,300     $ (303,302 )   $ 10,279     $ 10,620,039     $ 147,817     $ 10,767,856  

 

(1)   See Footnotes 1 and 3 of the Notes to Condensed Consolidated Financial Statements for further details.

 

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)

 

  

Three Months Ended March 31,

 
  

2024

  

2023

 
         

Cash flow from operating activities:

        

Net (loss)/income

 $(9,038) $293,776 

Adjustments to reconcile net (loss)/income to net cash flow provided by operating activities:

        

Depreciation and amortization

  154,719   126,301 

Impairment charges

  3,701   11,806 

Straight-line rental income adjustments, net

  (7,405)  (7,701)

Amortization of above-market and below-market leases, net

  (5,901)  (2,989)

Amortization of deferred financing costs and fair value debt adjustments, net

  (710)  (2,313)

Equity award expense

  10,044   9,333 

Gain on sale of properties

  (318)  (39,206)

Loss on marketable securities, net

  27,686   10,144 

Change in fair value of embedded derivative liability

  1,842   - 

Equity in income of joint ventures, net

  (20,905)  (24,204)

Equity in income of other investments, net

  (1,534)  (2,122)

Distributions from joint ventures and other investments

  23,508   13,428 

Change in accounts and notes receivable, net

  22,446   8,887 

Change in accounts payable and accrued expenses

  4,533   (30,597)

Change in other operating assets and liabilities, net

  (26,577)  (19,310)

Net cash flow provided by operating activities

  176,091   345,233 
         

Cash flow from investing activities:

        

Acquisition of operating real estate and other related net assets

  -   (98,546)

Improvements to operating real estate

  (44,083)  (40,202)

Acquisition of RPT Realty

  (149,103)  - 

Investment in marketable securities

  (1)  (2,202)

Proceeds from sale of marketable securities

  299,634   138,207 

Investments in and advances to real estate joint ventures

  (3,182)  (12,848)

Reimbursements of investments in and advances to real estate joint ventures

  5,920   5,446 

Investments in and advances to other investments

  (2,894)  (6,326)

Reimbursements of investments in and advances to other investments

  931   199 

Investment in mortgage and other financing receivables

  (9,000)  (11,211)

Collection of mortgage and other financing receivables

  38,189   59 

Proceeds from sale of properties

  65,019   70,983 

Net cash flow provided by investing activities

  201,430   43,559 
         

Cash flow from financing activities:

        

Principal payments on debt, excluding normal amortization of rental property debt

  -   (37,187)

Principal payments on rental property debt

  (2,724)  (2,794)

Proceeds from issuance of unsecured term loans

  510,000   - 

Proceeds from unsecured revolving credit facility, net

  125,000   - 

Repayments of unsecured term loans

  (310,000)  - 

Repayments of unsecured notes

  (1,157,700)  - 

Financing origination costs

  (1,538)  (6,026)

Redemption/distribution of noncontrolling interests

  (4,904)  (2,609)

Dividends paid

  (168,338)  (148,882)

Proceeds from issuance of stock, net

  -   3,727 

Repurchase of preferred stock

  -   (268)

Shares repurchased for employee tax withholding on equity awards

  (14,631)  (16,085)

Change in tenants' security deposits

  324   680 

Net cash flow used for financing activities

  (1,024,511)  (209,444)
         

Net change in cash, cash equivalents and restricted cash

  (646,990)  179,348 

Cash, cash equivalents and restricted cash, beginning of the period

  783,757   149,829 

Cash, cash equivalents and restricted cash, end of the period

 $136,767  $329,177 
         

Interest paid (net of capitalized interest of $666 and $198, respectively)

 $73,556  $54,847 
         

Income taxes paid, net of refunds

 $51,157  $47,617 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

 

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except unit information)

 

  

March 31, 2024

  

December 31, 2023

 

Assets:

        

Real estate, net of accumulated depreciation and amortization of $3,973,210 and $3,842,869, respectively

 $16,626,386  $15,094,925 

Investments in and advances to real estate joint ventures

  1,516,851   1,087,804 

Other investments

  156,171   144,089 

Cash and cash equivalents

  136,767   783,757 

Marketable securities

  2,737   330,057 

Accounts and notes receivable, net

  308,275   307,617 

Operating lease right-of-use assets, net

  132,712   128,258 

Other assets

  586,480   397,515 

Total assets (1)

 $19,466,379  $18,274,022 
         

Liabilities:

        

Notes payable, net

 $7,242,570  $7,262,851 

Mortgages payable, net

  351,376   353,945 

Accounts payable and accrued expenses

  239,725   216,237 

Dividends payable

  6,722   5,308 

Operating lease liabilities

  122,308   109,985 

Other liabilities

  665,383   599,961 

Total liabilities (1)

  8,628,084   8,548,287 

Redeemable noncontrolling interests

  70,439   72,277 
         

Commitments and Contingencies (Footnote 19)

          
         

Members' capital:

        

Preferred units; 21,216 and 19,367 units outstanding, respectively

  573,003   467,396 

General member; 674,117,917 and 619,871,237 common units outstanding, respectively

  10,036,757   9,054,740 

Limited members; 1,074,100 common units outstanding at March 31, 2024

  21,093   - 

Accumulated other comprehensive income

  10,279   3,329 

Total members' capital

  10,641,132   9,525,465 

Noncontrolling interests

  126,724   127,993 

Total capital

  10,767,856   9,653,458 

Total liabilities and capital

 $19,466,379  $18,274,022 

 

 

(1)

Total assets include restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2024 and December 31, 2023 of $385,607 and $388,626, respectively. Total liabilities include non-recourse liabilities of consolidated VIEs at March 31, 2024 and December 31, 2023 of $178,952 and $180,855, respectively. See Footnote 14 of the Notes to Condensed Consolidated Financial Statements.

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

 

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per unit data)

 

   

Three Months Ended March 31,

 
   

2024

   

2023

 

Revenues

               

Revenues from rental properties, net

  $ 498,905     $ 438,338  

Management and other fee income

    4,849       4,554  

Total revenues

    503,754       442,892  
                 

Operating expenses

               

Rent

    (4,279 )     (4,013 )

Real estate taxes

    (63,360 )     (57,506 )

Operating and maintenance

    (85,774 )     (75,242 )

General and administrative

    (36,298 )     (34,749 )

Impairment charges

    (3,701 )     (11,806 )

Merger charges

    (25,246 )     -  

Depreciation and amortization

    (154,719 )     (126,301 )

Total operating expenses

    (373,377 )     (309,617 )
                 

Gain on sale of properties

    318       39,206  
                 

Operating income

    130,695       172,481  
                 

Other income/(expense)

               

Special dividend income

    -       194,116  

Other income,