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)
January
31, 2019
Kimco
Realty Corporation
(Exact
Name of Registrant as Specified in its Charter)
Maryland |
1-10899 |
13-2744380 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
3333 New Hyde Park Road
Suite 100
New Hyde Park, NY 11042
(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))
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 ⃞
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. ⃞
Item 2.02. Results of Operations and Financial Condition
On January 31, 2019, Kimco Realty Corporation issued a press release announcing its financial results for the year and quarter ended December 31, 2018. A copy of the press release is furnished as Exhibit 99.1 to this Current Report.
The information in this Current Report, including the exhibit, is furnished under Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. The information in this Current Report on Form 8-K, including the exhibit, 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 January 31, 2019 issued by Kimco Realty Corporation
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
KIMCO REALTY CORPORATION |
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By: |
/s/ Glenn G. Cohen |
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Name: |
Glenn G. Cohen |
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Title: |
Chief Financial Officer |
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January 31, 2019 |
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EXHIBIT INDEX
Exhibit 99.1
Kimco Realty Announces Fourth Quarter and Full Year 2018 Results
–
Strong Operating Results Continue; Small Shop Occupancy Reaches New
All-Time High –
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Successfully Completes Three Signature Series™ Development Projects –
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Provides 2019 Outlook –
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--January 31, 2019--Kimco Realty Corp. (NYSE:KIM) today reported results for the fourth quarter and year ended December 31, 2018.
Highlights - Fourth Quarter and Full Year 2018:
Financial Results
Net income available to common shareholders for the fourth quarter of 2018 was $73.6 million, or $0.17 per diluted share, compared to $73.5 million, or $0.17 per diluted share, for the fourth quarter 2017.
For the full year 2018, net income available to common shareholders was $439.6 million, or $1.02 per diluted share, compared to $372.5 million, or $0.87 per diluted share, for the full year 2017. The increase was primarily due to:
offset by:
NAREIT Funds From Operations (“FFO”) was $146.2 million, or $0.35 per diluted share, for the fourth quarter 2018 compared to $160.1 million, or $0.38 per diluted share, for the fourth quarter 2017. NAREIT FFO for the fourth quarter of 2018 included $1.2 million of transactional charges (net of transactional income) compared to $6.3 million in the fourth quarter of 2017.
For the full year 2018, NAREIT FFO was $620.7 million, or $1.47 per diluted share, compared to $655.6 million, or $1.55 per diluted share, for the full year 2017. NAREIT FFO for 2018 included $7.7 million of transactional income (net of transactional charges) compared to $11.3 million for 2017.
FFO as adjusted available to common shareholders (“FFO as adjusted”), which excludes the effects of non-operating impairments, as well as transactional income and charges, was $147.4 million, or $0.35 per diluted share, for the fourth quarter 2018 compared to $166.4 million, or $0.39 per diluted share, for the fourth quarter 2017. For the full year 2018, FFO as adjusted was $613.0 million, or $1.45 per diluted share, compared to $644.2 million, or $1.52 per diluted share, for the full year 2017.
A reconciliation of net income available to the company’s common shareholders to NAREIT FFO, FFO as adjusted and same-property NOI is provided in the tables accompanying this press release.
Operating Results
Investment Activity
During the fourth quarter of 2018, Kimco sold 16 properties and two land parcels totaling 1.9 million square feet for $357.1 million. Kimco’s share of the sales price was $228.4 million. For the full year 2018, the company sold 68 properties and eight land parcels totaling 8.2 million square feet for $1.1 billion. Kimco’s share of the sales price was $913.9 million.
During 2018, Kimco completed three Signature Series ground-up development projects totaling $317.4 million: Grand Parkway Marketplace Phase II in Houston; Dania Pointe Phase I in Fort Lauderdale; and Lincoln Square, a mixed-use project in Philadelphia.
In addition, the company completed 28 redevelopment projects during 2018 totaling $89.7 million with a blended return of 10.9%.
Capital Markets Activity
During 2018, Kimco:
Kimco ended the year with $100 million outstanding on its $2.25 billion revolving credit facility. The company has no debt maturing in 2019 in its consolidated portfolio, and as of December 31, 2018, it had a weighted average maturity of 10.5 years with a weighted average interest rate of 3.62%.
2019 Full Year Outlook |
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Net Income attributable to common shareholders* (per diluted share): | $0.71 to $0.76 | ||
NAREIT FFO* and FFO as adjusted* (per diluted share): | $1.44 to $1.48 |
* Includes the negative impact of ($0.03) per diluted share related to the implementation of ASU 2016-02 that requires companies to expense certain previously capitalized internal leasing & legal costs. Reconciliations are provided for these forward-looking non-GAAP metrics (NAREIT FFO and FFO as adjusted) in the tables accompanying this press release.
Operating Assumptions: |
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Same-property NOI (excluding redevelopments): | 1.50% to 2.50% | ||
Total combined redevelopment & development investment: | $275 million to $350 million |
Dividend Declarations
Kimco’s board of directors declared a quarterly cash dividend of $0.28 per common share, payable on April 15, 2019, to shareholders of record on April 2, 2019.
The board of directors also declared quarterly dividends with respect to each of the company’s Class I, Class J, Class K, Class L and Class M series of cumulative redeemable preferred shares. All dividends on the preferred shares will be paid on April 15, 2019, to shareholders of record on April 1, 2019.
Conference Call and Supplemental Materials
Kimco will hold its quarterly conference call on Thursday, January 31, 2019, at 10:00 a.m. Eastern Time (ET). The call will include a review of the company’s fourth quarter and full year 2018 results as well as a discussion of the company’s strategy and expectations for the future. To participate, dial 1-888-317-6003 (Passcode: 5454441).
A replay will be available through May 1, 2019, by dialing 1-877-344-7529 (Passcode: 10126460). Access to the live call and replay will be available through the company's website at investors.kimcorealty.com.
About Kimco
Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America’s largest publicly traded owners and operators of open-air shopping centers. As of December 31, 2018, the company owned interests in 437 U.S. shopping centers comprising 76 million square feet of leasable space primarily concentrated in the top major metropolitan markets. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 60 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.
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 company’s blog (blog.kimcorealty.com) and social media channels, including Facebook (www.facebook.com/kimcorealty), Twitter (www.twitter.com/kimcorealty), YouTube (www.youtube.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.
Safe Harbor Statement
The statements in this news release state the company’s and management’s intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the company’s actual results could differ materially from those projected in such forward-looking statements. 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 inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the company, (iv) the company’s ability to raise capital by selling its assets, (v) changes in governmental laws and regulations and management’s ability to estimate the impact of such changes, (vi) the level and volatility of interest rates and foreign currency exchange rates and management’s ability to estimate the impact thereof, (vii) risks related to the Company’s international operations, (viii) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in accordance with our expectations, (ix) valuation and risks related to the company’s joint venture and preferred equity investments, (x) valuation of marketable securities and other investments, (xi) increases in operating costs, (xii) changes in the dividend policy for the company’s common and preferred stock and the company’s ability to pay dividends at current levels, (xiii) the reduction in the company’s income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiv) impairment charges and (xv) unanticipated changes in the company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company’s SEC filings. Copies of each filing may be obtained from the company or the SEC.
The company refers you to the documents filed by the company from time to time with the SEC, specifically the section titled “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2017, as may be updated or supplemented in the company’s Quarterly Reports on Form 10-Q and the company’s other filings with the SEC, which discuss these and other factors that could adversely affect the company’s results. The company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
Condensed Consolidated Balance Sheets | |||||||||
(in thousands, except share information) | |||||||||
(unaudited) | |||||||||
December 31, | December 31, | ||||||||
2018 | 2017 | ||||||||
Assets: | |||||||||
Operating real estate, net of accumulated depreciation and amortization | |||||||||
of $2,385,287 and $2,433,053, respectively | $ | 9,250,519 | $ | 9,817,875 | |||||
Investments in and advances to real estate joint ventures | 570,922 | 483,861 | |||||||
Real estate under development | 241,384 | 402,518 | |||||||
Other real estate investments | 192,123 | 217,584 | |||||||
Mortgages and other financing receivables | 14,448 | 21,838 | |||||||
Cash and cash equivalents | 143,581 | 238,513 | |||||||
Marketable securities | 10,302 | 13,265 | |||||||
Accounts and notes receivable, net | 184,528 | 189,757 | |||||||
Other assets | 391,293 | 378,515 | |||||||
Total assets | $ | 10,999,100 | $ | 11,763,726 | |||||
Liabilities: | |||||||||
Notes payable, net | $ | 4,381,456 | $ | 4,596,140 | |||||
Mortgages and construction loan payable, net | 492,416 | 882,787 | |||||||
Dividends payable | 130,262 | 128,892 | |||||||
Other liabilities | 560,231 | 617,617 | |||||||
Total liabilities | 5,564,365 | 6,225,436 | |||||||
Redeemable noncontrolling interests | 23,682 | 16,143 | |||||||
Stockholders' equity: | |||||||||
Preferred stock, $1.00 par value, authorized 5,996,240 shares; | |||||||||
42,580 and 41,200 shares issued and outstanding (in series), respectively; | |||||||||
Aggregate liquidation preference $1,064,500 and $1,030,000, respectively | 43 | 41 | |||||||
Common stock, $.01 par value, authorized 750,000,000 shares | |||||||||
issued and outstanding 421,388,879 and 425,646,380 shares, respectively | 4,214 | 4,256 | |||||||
Paid-in capital | 6,117,254 | 6,152,764 | |||||||
Cumulative distributions in excess of net income | (787,707) | (761,337) | |||||||
Accumulated other comprehensive loss | - | (1,480) | |||||||
Total stockholders' equity | 5,333,804 | 5,394,244 | |||||||
Noncontrolling interests | 77,249 | 127,903 | |||||||
Total equity | 5,411,053 | 5,522,147 | |||||||
Total liabilities and equity | $ | 10,999,100 | $ | 11,763,726 | |||||
Condensed Consolidated Statements of Income | |||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
Revenues | |||||||||||||||||||||
Revenues from rental properties | $ | 214,230 | $ | 233,349 | $ | 882,345 | $ | 912,670 | |||||||||||||
Reimbursement income | 63,452 | 68,973 | 246,381 | 247,563 | |||||||||||||||||
Other rental property income | 4,122 | 8,310 | 20,877 | 23,552 | |||||||||||||||||
Management and other fee income | 2,397 | 4,593 | 15,159 | 17,049 | |||||||||||||||||
Total revenues | 284,201 | 315,225 | 1,164,762 | 1,200,834 | |||||||||||||||||
Operating expenses | |||||||||||||||||||||
Rent | (2,667) | (2,833) | (10,929) | (11,145) | |||||||||||||||||
Real estate taxes | (37,766) | (41,817) | (153,336) | (157,196) | |||||||||||||||||
Operating and maintenance | (40,373) | (44,013) | (164,294) | (169,552) | |||||||||||||||||
General and administrative | (20,022) | (27,972) | (87,797) | (91,690) | |||||||||||||||||
Provision for doubtful accounts | (1,682) | (1,429) | (6,253) | (5,630) | |||||||||||||||||
Impairment charges | (45,352) | (33,051) | (79,207) | (67,331) | |||||||||||||||||
Depreciation and amortization | (74,266) | (85,024) | (310,380) | (360,811) | |||||||||||||||||
Total operating expenses | (222,128) | (236,139) | (812,196) | (863,355) | |||||||||||||||||
Gain on sale of operating properties/change in control of interests | 49,379 | 31,436 | 229,840 | 93,538 | |||||||||||||||||
Operating income | 111,452 | 110,522 | 582,406 | 431,017 | |||||||||||||||||
Other (expense)/income | |||||||||||||||||||||
Other (expense)/income, net | (1,634) | (1,254) | 13,041 | 2,559 | |||||||||||||||||
Interest expense | (42,881) | (52,126) | (183,339) | (191,956) | |||||||||||||||||
Early extinguishment of debt charges | - | - | (12,762) | (1,753) | |||||||||||||||||
Income before income taxes, net, equity in income of joint ventures, net, | |||||||||||||||||||||
gain on change in control of joint venture interests and equity in | |||||||||||||||||||||
income from other real estate investments, net | 66,937 | 57,142 | 399,346 | 239,867 | |||||||||||||||||
(Provision)/benefit for income taxes, net | (2,583) | (1,344) | (1,600) | 880 | |||||||||||||||||
Equity in income of joint ventures, net | 19,131 | 23,719 | 71,617 | 60,763 | |||||||||||||||||
Gain on change in control of joint venture interests | - | - | - | 71,160 | |||||||||||||||||
Equity in income of other real estate investments, net | 4,462 | 5,049 | 29,100 | 67,001 | |||||||||||||||||
Net income | 87,947 | 84,566 | 498,463 | 439,671 | |||||||||||||||||
Net loss/(income) attributable to noncontrolling interests | 214 | 330 | (668) | (13,596) | |||||||||||||||||
Net income attributable to the Company | 88,161 | 84,896 | 497,795 | 426,075 | |||||||||||||||||
Preferred stock redemption charges | - | - | - | (7,014) | |||||||||||||||||
Preferred dividends | (14,534) | (11,431) | (58,191) | (46,600) | |||||||||||||||||
Net income available to the Company's common shareholders | $ | 73,627 | $ | 73,465 | $ | 439,604 | $ | 372,461 | |||||||||||||
Per common share: | |||||||||||||||||||||
Net income available to the Company: (2) | |||||||||||||||||||||
Basic | $ | 0.17 | $ | 0.17 | $ | 1.02 | $ | 0.87 | |||||||||||||
Diluted | $ | 0.17 | (1) | $ | 0.17 | (1) | $ | 1.02 | (1) | $ | 0.87 | (1) | |||||||||
Weighted average shares: | |||||||||||||||||||||
Basic | 419,258 | 423,734 | 420,641 | 423,614 | |||||||||||||||||
Diluted | 419,886 | 424,088 | 421,379 | 424,019 | |||||||||||||||||
(1) 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 anti-dilutive effect on net income and therefore have not been included. Adjusted for distributions on convertible units of $99 for the year ended December 31, 2018. |
(2) Adjusted for earnings attributable from participating securities of ($597) and ($536) for the three months ended December 31, 2018 and 2017, and ($2,375) and ($2,132) for the year ended December 31, 2018 and 2017, respectively. Adjusted for the change in carrying amount of redeemable noncontrolling interest of ($3,603) and ($7,521) for the three months and year ended December 31, 2018, respectively. |
Certain reclassifications of prior year amounts have been made to conform with the current year presentation. |
Reconciliation of Net Income Available to the Company's Common Shareholders to | |||||||||||||||||
FFO and FFO as Adjusted Available to the Company's Common Shareholders | |||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Net income available to the Company's common shareholders | $ | 73,627 | $ | 73,465 | $ | 439,604 | $ | 372,461 | |||||||||
Gain on sale of operating properties/change in control of interests | (49,379) | (31,436) | (229,763) | (92,830) | |||||||||||||
Gain on sale of joint venture operating properties/change in control of interests | (12,446) | (6,849) | (18,549) | (79,034) | |||||||||||||
Depreciation and amortization - real estate related | 74,086 | 83,959 | 305,079 | 356,191 | |||||||||||||
Depreciation and amortization - real estate jv's | 10,717 | 9,835 | 43,483 | 39,248 | |||||||||||||
Impairments on depreciable real estate | 50,050 | 32,854 | 83,754 | 65,148 | |||||||||||||
Benefit for income taxes (2) | - | - | - | (39) | |||||||||||||
Noncontrolling interests (2) | (421) | (1,688) | (2,891) | (5,583) | |||||||||||||
Funds from operations available to the Company's common shareholders | 146,234 | 160,140 | 620,717 | 655,562 | |||||||||||||
Transactional charges/(income), net | 1,181 | 6,251 | (7,674) | (11,327) | |||||||||||||
Funds from operations available to the Company's common shareholders as adjusted | $ | 147,415 | $ | 166,391 | $ | 613,043 | $ | 644,235 | |||||||||
Weighted average shares outstanding for FFO calculations: | |||||||||||||||||
Basic | 419,258 | 423,734 | 420,641 | 423,614 | |||||||||||||
Units | 837 | 961 | 835 | 852 | |||||||||||||
Dilutive effect of equity awards | 628 | 354 | 629 | 405 | |||||||||||||
Diluted (1) | 420,723 | 425,049 | 422,105 | 424,871 | |||||||||||||
FFO per common share - basic | $ | 0.35 | $ | 0.38 | $ | 1.48 | $ | 1.55 | |||||||||
FFO per common share - diluted (1) | $ | 0.35 | $ | 0.38 | $ | 1.47 | $ | 1.55 | |||||||||
FFO as adjusted per common share - diluted (1) | $ | 0.35 | $ | 0.39 | $ | 1.45 | $ | 1.52 | |||||||||
(1) Reflects the potential impact if certain units were converted to common stock at the beginning of the period. Funds from operations would be increased by $228 and $274 for the three months ended December 31, 2018 and 2017, and $916 and $923 for the year ended December 31, 2018 and 2017, respectively. | |
(2) Related to gains, impairments and depreciation on operating properties, where applicable. | |
Reconciliation of Net Income Available to the Company's Common Shareholders | |||||||||||||||||
to Same Property NOI | |||||||||||||||||
(in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Net income available to the Company's common shareholders | $ | 73,627 | $ | 73,465 | $ | 439,604 | $ | 372,461 | |||||||||
Adjustments: | |||||||||||||||||
Management and other fee income | (2,397) | (4,593) | (15,159) | (17,049) | |||||||||||||
General and administrative | 20,022 | 27,972 | 87,797 | 91,690 | |||||||||||||
Impairment charges | 45,352 | 33,051 | 79,207 | 67,331 | |||||||||||||
Depreciation and amortization | 74,266 | 85,024 | 310,380 | 360,811 | |||||||||||||
Interest and other expense, net | 44,515 | 53,380 | 183,060 | 191,150 | |||||||||||||
Provision/(benefit) for income taxes, net | 2,583 | 1,344 | 1,600 | (880) | |||||||||||||
Gain on change in control of joint venture interests | - | - | - | (71,160) | |||||||||||||
Equity in income of other real estate investments, net | (4,462) | (5,049) | (29,100) | (67,001) | |||||||||||||
Gain on sale of operating properties/change in control of interests | (49,379) | (31,436) | (229,840) | (93,538) | |||||||||||||
Net (loss)/income attributable to noncontrolling interests | (214) | (330) | 668 | 13,596 | |||||||||||||
Preferred stock redemption charges | - | - | - | 7,014 | |||||||||||||
Preferred dividends | 14,534 | 11,431 | 58,191 | 46,600 | |||||||||||||
Non same property net operating income | (20,269) | (47,533) | (118,690) | (169,513) | |||||||||||||
Non-operational expense from joint ventures, net | 13,219 | 9,359 | 60,417 | 72,970 | |||||||||||||
Same Property NOI | $ | 211,397 | $ | 206,085 | $ | 828,135 | $ | 804,482 | |||||||||
Certain reclassifications of prior year amounts have been made to conform with the current year presentation. | |||||||||||||||||
Reconciliation of Diluted Net Income Available to Common Shareholders Per Common Share | |||||||||||||
to Diluted Funds From Operations Available to Common Shareholders Per Common Share | |||||||||||||
(unaudited) | |||||||||||||
Actual | Projected Range | ||||||||||||
2018 | Full Year 2019 | ||||||||||||
Low |
High |
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Diluted net income available to common shareholder | $ | 1.02 | $ | 0.71 | $ | 0.76 | |||||||
per common share | |||||||||||||
Depreciation & amortization | 0.72 | 0.68 | 0.71 | ||||||||||
Depreciation & amortization real estate joint ventures, | |||||||||||||
net of noncontrolling interests | 0.10 | 0.09 | 0.10 | ||||||||||
Gain on sale of operating properties/change in control of interests | (0.54) | (0.03) | (0.07) | ||||||||||
Gain on sale of joint venture operating properties/change in control of interests | (0.04) | (0.01) | (0.02) | ||||||||||
Impairments on depreciable real estate | 0.20 | - | - | ||||||||||
Noncontrolling interests (1) | 0.01 | - | - | ||||||||||
FFO per diluted common share | $ | 1.47 | $ | 1.44 | $ | 1.48 | |||||||
Transactional income, net | (0.02) | - | - | ||||||||||
FFO, as adjusted per diluted common share | $ | 1.45 | $ | 1.44 | $ | 1.48 | |||||||
(1) Adjusted for the change in carrying amount of redeemable noncontrolling interest of ($7,521) or ($0.02) per share for the year ended December 31, 2018 |
Projections involve numerous assumptions such as rental income (including assumptions on percentage rent), interest rates, tenant defaults, occupancy rates, foreign currency exchange rates (such as the US-Canadian rate), 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. |
CONTACT:
David F. Bujnicki
Senior Vice President, Investor
Relations and Strategy
Kimco Realty Corp.
1-866-831-4297
dbujnicki@kimcorealty.com