0001157523-21-000167.txt : 20210211 0001157523-21-000167.hdr.sgml : 20210211 20210211070217 ACCESSION NUMBER: 0001157523-21-000167 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20210211 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210211 DATE AS OF CHANGE: 20210211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KIMCO REALTY CORP CENTRAL INDEX KEY: 0000879101 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 132744380 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10899 FILM NUMBER: 21616640 BUSINESS ADDRESS: STREET 1: 500 NORTH BROADWAY STREET 2: SUITE 201, P.O. BOX 9010 CITY: JERICHO STATE: NY ZIP: 11753 BUSINESS PHONE: (516) 869-9000 MAIL ADDRESS: STREET 1: 500 NORTH BROADWAY STREET 2: SUITE 201 CITY: JERICHO STATE: NY ZIP: 11753 8-K 1 a52377561.htm KIMCO REALTY CORPORATION 8-K
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) February 11, 2021

KIMCO REALTY CORPORATION
 (Exact Name of registrant as specified in its charter)

Maryland
 
1-10899
 
13-2744380
(State or other jurisdiction
of incorporation)
 
(Commission File Number)
 
(IRS Employer
Identification No.)

500 N. Broadway
Suite 201
Jericho, New York 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:
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

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 February 11, 2021, Kimco Realty Corporation (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2020. A copy of the press release is furnished as Exhibit 99.1 to this Current Report. 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 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 February 11, 2021 issued by Kimco Realty Corporation
 
 
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)




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
 
 
Date: February 11, 2021
By:
/s/ Glenn G. Cohen
 
 
Name:
Glenn G. Cohen
 
 
Title:
Chief Financial Officer


EX-99.1 2 a52377561ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

Kimco Realty Announces Fourth Quarter and Full Year 2020 Results

– Base Rent Collections Strengthen to 92% Collected in the Fourth Quarter –

– New Leasing Volumes Exceed Pre-Pandemic Levels –

JERICHO, N.Y.--(BUSINESS WIRE)--February 11, 2021--Kimco Realty Corp. (NYSE: KIM), one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets, today reported results for the fourth quarter and full year ended December 31, 2020.

Highlights:

  • Collected 92% of total pro-rata base rents billed during the fourth quarter and subsequently collected 91% for the month of January.
  • Reported pro-rata portfolio occupancy of 93.9%.
  • Signed 92 new leases for 406,000 square feet during the fourth quarter which represents an 18% increase over the same period in 2019.
  • Recognized a 6.0% increase in pro-rata rental-rate spreads on comparable spaces.
  • Ended the quarter with $2.3 billion in immediate liquidity including $293 million in cash.
  • Announced new resources to help small businesses access the latest round of PPP funding through Kimco’s Tenant Assistance Program (TAP).

“Thanks to Kimco’s dedicated associates and resilient portfolio, during the fourth quarter our rent collections remained strong, our leasing volume reached pre-pandemic levels and we continued our efforts to help tenants overcome the impact of COVID-19,” stated Conor Flynn, Kimco’s Chief Executive Officer. “With our predominately grocery-anchored portfolio focused on essential goods and services, we remain favorably positioned to outperform during the recovery and beyond. As we turn the corner towards relief and recovery in the months ahead, we also remember those we have lost and express our deep gratitude to the frontline workers still courageously doing their part to keep us safe.”

Financial Results

Fourth Quarter 2020

Net income available to the company’s common shareholders for the fourth quarter of 2020 was $194.9 million, or $0.45 per diluted share, compared to $92.8 million, or $0.22 per diluted share, for the fourth quarter of 2019. The year-over-year change was primarily due to:

  • $148.5 million in the mark-to-market adjustment on 39.8 million common shares of Albertsons Companies, Inc. (NYSE: ACI) held by the company.
  • ($21.2) million from potentially uncollectible receivables, including $9.7 million in abatements.
  • ($24.5) million decrease in gains on the sales of properties, net of impairments, including those in joint ventures.
  • $10.3 million associated with a $7.2 million charge for the redemption of preferred stock during the fourth quarter of 2019 resulting in $3.1 million less in preferred dividends paid during the fourth quarter of 2020.

NAREIT Funds From Operations (FFO)* was $133.0 million, or $0.31 per diluted share, compared to $151.9 million, or $0.36 per diluted share, for the fourth quarter 2019.

Full Year 2020

Net income available to the company’s common shareholders was $975.4 million, or $2.25 per diluted share, for the full year 2020 compared to $340.0 million, or $0.80 per diluted share, for the full year 2019.

NAREIT FFO was $503.7 million, or $1.17 per diluted share, for the full year 2020 compared to $608.4 million, or $1.44 per diluted share, for the full year 2019.

*A reconciliation of net income available to the company’s common shareholders to NAREIT FFO and same-property NOI is provided in the tables accompanying this press release.

Fourth Quarter 2020 Operating Results

  • Pro-rata portfolio occupancy ended the quarter at 93.9% with anchor and small shop occupancy at 96.7% and 86.1%, respectively.
  • The company executed a total of 247 leases totaling 1.1 million square feet. This includes 92 new leases for 406,000 square feet which represents a significant increase over the 295,000 square feet of new leases signed during the third quarter of 2020 and 344,000 square feet of new leases for the comparable period in 2019.
  • Pro-rata rental-rate spreads on comparable spaces increased 6.0%, with rental rates for new leases up 6.8% and renewals/options growing by 5.6%.
  • Same-property Net Operating Income (NOI)* decreased 10.5% from the fourth quarter of 2019 due primarily to a charge for potentially uncollectible accounts receivable. For the year ended December 31, 2020, same-property NOI decreased 8.0% compared to the prior year.

Capital Markets

  • Ended the quarter with $2.3 billion of immediate liquidity, including full availability under the company’s $2.0 billion unsecured revolving credit facility, and $293 million in cash and cash equivalents. In addition, Kimco held over $700 million of Albertsons common stock at the end of the quarter, subject to certain lock-up provisions.
  • Kimco’s consolidated weighted-average debt maturity profile of 10.9 years remains one of the longest in the REIT industry. The company’s upcoming debt maturities in 2021 total approximately 3% of total pro-rata debt, which is the lowest level over the next seven years. This includes only $204.2 million of total pro-rata mortgage debt coming due with no unsecured debt maturities in 2021. Kimco’s next unsecured bond does not mature until November of 2022.

COVID-19 Update

  • At the end of January, all of Kimco’s shopping centers were open and operational with 97% of tenants open, based on annualized base rent (ABR), including those that are operating on a limited basis.
  • Kimco has collected 92% of the total pro-rata base rents billed for the fourth quarter of 2020. Subsequently, collections for total pro-rata base rents billed in January were approximately 91%.
  • The company granted rent deferrals totaling 1.9% of pro-rata minimum base rent for the fourth quarter of 2020. The company continues to negotiate the payment of rents not yet collected or deferred.

Dividends

During 2020, Kimco paid cash dividends totaling $0.82 per common share. Kimco’s Board of Directors will continue to assess the impact of COVID-19 on the company’s operations and expects to establish a more normalized and well-covered dividend level based on our projection of REIT taxable income and adjusted funds from operations for 2021.

2021 Full Year Outlook

Net Income available to common shareholders (per diluted share):

$0.46 to $0.52

NAREIT FFO (per diluted share)*:

$1.18 to $1.24

*The tables accompanying this press release provide a reconciliation for this forward-looking non-GAAP measure

Conference Call and Supplemental Materials

Kimco will hold its quarterly conference call on Thursday, February 11, 2021, at 8:30 a.m. Eastern Time (ET). The call will include a review of the company’s fourth quarter and full year results as well as a discussion of the company’s strategy and expectations for the future. To participate, dial 1-888-317-6003 or 1-412-317-6061 for international calls, (Passcode: 5970211).

Audio replay from the conference call will be available on Kimco Realty’s website at investors.kimcorealty.com through Tuesday, May 11, 2021.

About Kimco

Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets. As of December 31, 2020, the company owned interests in 400 U.S. shopping centers and mixed-use assets comprising 70 million square feet of gross 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 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 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 management’s ability to estimate the impact thereof, (vii) pandemics or other health crises, such as coronavirus disease 2019 (COVID-19), (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, (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 Securities and Exchange Commission (“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, 2019, 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, 2020
December 31, 2019
Assets:



Real estate, net of accumulated depreciation and amortization of $2,717,114 and $2,500,053, respectively

$

9,346,041

 


$

9,209,053

 

Real estate under development

 

5,672

 


 

220,170

 

Investments in and advances to real estate joint ventures

 

590,694

 


 

578,118

 

Other real estate investments

 

117,140

 


 

194,400

 

Cash and cash equivalents

 

293,188

 


 

123,947

 

Marketable securities

 

706,954

 


 

9,353

 

Accounts and notes receivable, net

 

219,248

 


 

218,689

 

Operating lease right-of-use assets, net

 

102,369

 


 

99,125

 

Other assets

 

233,192

 


 

345,012

 

Total assets

$

11,614,498

 


$

10,997,867

 





 
Liabilities:



Notes payable, net

$

5,044,208

 


$

4,831,759

 

Mortgages and construction loan payable, net

 

311,272

 


 

484,008

 

Dividends payable

 

5,366

 


 

126,274

 

Operating lease liabilities

 

96,619

 


 

92,711

 

Other liabilities

 

470,995

 


 

516,265

 

Total liabilities

 

5,928,460

 


 

6,051,017

 

Redeemable noncontrolling interests

 

15,784

 


 

17,943

 





 
Stockholders' equity:



Preferred stock, $1.00 par value, authorized 7,054,000 shares;



Issued and outstanding (in series) 19,580 shares;



Aggregate liquidation preference $489,500

 

20

 


 

20

 





 
Common stock, $.01 par value, authorized 750,000,000 shares; issued and outstanding 432,518,743 and 431,814,951 shares, respectively

 

4,325

 


 

4,318

 

Paid-in capital

 

5,766,511

 


 

5,765,233

 

Cumulative distributions in excess of net income

 

(162,812

)


 

(904,679

)

Total stockholders' equity

 

5,608,044

 


 

4,864,892

 

Noncontrolling interests

 

62,210

 


 

64,015

 

Total equity

 

5,670,254

 


 

4,928,907

 

Total liabilities and equity

$

11,614,498

 


$

10,997,867

 


Condensed Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)









 


Three Months Ended December 31,


Year Ended December 31,




2020


2019


2020


2019


Revenues








Revenues from rental properties, net

$

266,316

 


$

291,809

 


$

1,044,888

 


$

1,142,334

 


Management and other fee income

 

3,125

 


 

4,321

 


 

13,005

 


 

16,550

 


Total revenues

 

269,441

 


 

296,130

 


 

1,057,893

 


 

1,158,884

 


Operating expenses








Rent

 

(2,841

)


 

(2,859

)


 

(11,270

)


 

(11,311

)


Real estate taxes

 

(38,928

)


 

(39,788

)


 

(157,661

)


 

(153,659

)


Operating and maintenance

 

(49,846

)


 

(48,110

)


 

(174,038

)


 

(171,981

)


General and administrative

 

(20,901

)


 

(24,646

)


 

(93,217

)


 

(96,942

)


Impairment charges

 

(3,115

)


 

(7,508

)


 

(6,624

)


 

(48,743

)


Depreciation and amortization

 

(74,295

)


 

(68,439

)


 

(288,955

)


 

(277,879

)


Total operating expenses

 

(189,926

)


 

(191,350

)


 

(731,765

)


 

(760,515

)











 
Gain on sale of properties/change in control of interests

 

787

 


 

31,836

 


 

6,484

 


 

79,218

 


Operating income

 

80,302

 


 

136,616

 


 

332,612

 


 

477,587

 











 
Other income/(expense)








Other income, net

 

3,725

 


 

3,473

 


 

4,119

 


 

10,985

 


Gain/(loss) on marketable securities, net

 

150,108

 


 

(546

)


 

594,753

 


 

829

 


Gain on sale of cost method investment

 

-

 


 

-

 


 

190,832

 


 

-

 


Interest expense

 

(45,887

)


 

(45,757

)


 

(186,904

)


 

(177,395

)


Early extinguishment of debt charges

 

-

 


 

-

 


 

(7,538

)


 

-

 


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

 

188,248

 


 

93,786

 


 

927,874

 


 

312,006

 











 
(Provision)/benefit for income taxes, net

 

(496

)


 

(263

)


 

(978

)


 

3,317

 


Equity in income of joint ventures, net

 

12,314

 


 

13,202

 


 

47,353

 


 

72,162

 


Equity in income of other real estate investments, net

 

1,733

 


 

3,318

 


 

28,628

 


 

26,076

 











 
Net income

 

201,799

 


 

110,043

 


 

1,002,877

 


 

413,561

 


Net income attributable to noncontrolling interests

 

(565

)


 

(624

)


 

(2,044

)


 

(2,956

)


Net income attributable to the Company

 

201,234

 


 

109,419

 


 

1,000,833

 


 

410,605

 


Preferred stock redemption charges

 

-

 


 

(7,159

)


 

-

 


 

(18,528

)


Preferred dividends

 

(6,354

)


 

(9,448

)


 

(25,416

)


 

(52,089

)


Net income available to the Company's common shareholders

$

194,880

 


$

92,812

 


$

975,417

 


$

339,988

 



















 
Per common share:








Net income available to the Company: (2)








Basic

$

0.46

 


$

0.22

 


$

2.26

 


$

0.80

 


Diluted

$

0.45

 


$

0.22

 


$

2.25

 

(1

)

$

0.80

 

(1

)

Weighted average shares:








Basic

 

430,103

 


 

422,467

 


 

429,950

 


 

420,370

 


Diluted

 

431,708

 


 

423,857

 


 

431,633

 


 

421,799

 


(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 antidilutive effect on net income and therefore have not been included. Adjusted for distributions on convertible units of $42 and $0 for the three months ended December 31, 2020 and 2019, respectively. Adjusted for distributions on convertible units of $161 and $30 for the year ended December 31, 2020 and 2019, respectively.

(2)


Adjusted for earnings attributable from participating securities of ($1,244) and ($661) for the three months ended December 31, 2020 and 2019, respectively. Adjusted for earnings attributable from participating securities of ($6,347) and ($2,599) for the year ended December 31, 2020 and 2019, respectively. Adjusted for the change in carrying amount of redeemable noncontrolling interest of $2,160 for the three months and year ended December 31, 2020, respectively.


Reconciliation of Net Income Available to the Company's Common Shareholders to
FFO Available to the Company's Common Shareholders
(in thousands, except per share data)
(unaudited)








 


Three Months Ended December 31,


Year Ended December 31,



2020


2019


2020


2019

Net income available to the Company's common shareholders

$

194,880

 


$

92,812

 


$

975,417

 


$

339,988

 

Gain on sale of properties/change in control of interests

 

(787

)


 

(31,836

)


 

(6,484

)


 

(79,218

)

Gain on sale of joint venture properties

 

(30

)


 

(892

)


 

(48

)


 

(16,066

)

Depreciation and amortization - real estate related

 

73,578

 


 

67,864

 


 

285,596

 


 

276,097

 

Depr. and amort. - real estate jvs

 

9,658

 


 

10,910

 


 

40,331

 


 

40,954

 

Impairment charges (including real estate jvs)

 

4,043

 


 

11,504

 


 

8,397

 


 

55,945

 

Gain on sale of cost method investment

 

-

 


 

-

 


 

(190,832

)


 

-

 

Profit participation from other real estate investments, net

 

2,210

 


 

1,288

 


 

(13,665

)


 

(7,300

)

(Gain)/loss on marketable securities, net

 

(150,108

)


 

546

 


 

(594,753

)


 

(829

)

(Benefit)/provision for income taxes (1)

 

(74

)


 

-

 


 

1,426

 


 

-

 

Noncontrolling interests (1)

 

(337

)


 

(303

)


 

(1,710

)


 

(1,193

)

Funds available to the Company's common shareholders

$

133,033

 


$

151,893

 


$

503,675

 


$

608,378

 









 
Weighted average shares outstanding for FFO calculations:







Basic

 

430,103

 


 

422,467

 


 

429,950

 


 

420,370

 

Units

 

666

 


 

777

 


 

639

 


 

826

 

Dilutive effect of equity awards

 

1,364

 


 

1,336

 


 

1,475

 


 

1,365

 

Diluted (2)

 

432,133

 


 

424,580

 


 

432,064

 


 

422,561

 









 
FFO per common share - basic

$

0.31

 


$

0.36

 


$

1.17

 


$

1.45

 

FFO per common share - diluted (2)

$

0.31

 


$

0.36

 


$

1.17

 


$

1.44

 

(1) Related to gains, impairments and depreciation on properties, where applicable.
(2) 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 $92 and $199 for the three months ended December 31, 2020 and 2019, respectively. Funds from operations would be increased by $309 and $868 for the year ended December 31, 2020 and 2019, respectively.

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,



2020


2019


2020


2019

Net income available to the Company's common shareholders

$

194,880

 


$

92,812

 


$

975,417

 


$

339,988

 

Adjustments:







Management and other fee income

 

(3,125

)


 

(4,321

)


 

(13,005

)


 

(16,550

)

General and administrative

 

20,901

 


 

24,646

 


 

93,217

 


 

96,942

 

Impairment charges

 

3,115

 


 

7,508

 


 

6,624

 


 

48,743

 

Depreciation and amortization

 

74,295

 


 

68,439

 


 

288,955

 


 

277,879

 

Gain on sale of properties/change in control of interests

 

(787

)


 

(31,836

)


 

(6,484

)


 

(79,218

)

Interest and other expense, net

 

42,162

 


 

42,284

 


 

190,323

 


 

166,410

 

(Gain)/loss on marketable securities, net

 

(150,108

)


 

546

 


 

(594,753

)


 

(829

)

Gain on sale of cost method investment

 

-

 


 

-

 


 

(190,832

)


 

-

 

Provision/(benefit) for income taxes, net

 

496

 


 

263

 


 

978

 


 

(3,317

)

Equity in income of other real estate investments, net

 

(1,733

)


 

(3,318

)


 

(28,628

)


 

(26,076

)

Net income attributable to noncontrolling interests

 

565

 


 

624

 


 

2,044

 


 

2,956

 

Preferred stock redemption charges

 

-

 


 

7,159

 


 

-

 


 

18,528

 

Preferred dividends

 

6,354

 


 

9,448

 


 

25,416

 


 

52,089

 

Non same property net operating income

 

(10,929

)


 

(19,778

)


 

(33,328

)


 

(85,087

)

Non-operational expense from joint ventures, net

 

16,237

 


 

20,463

 


 

68,510

 


 

59,992

 

Same Property NOI

$

192,323

 


$

214,939

 


$

784,454

 


$

852,450

 

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



2020

 


Full Year 2021





Low


High







 
Diluted net income available to company's common shareholder per common share (1)

$

2.25

 


$

0.46


$

0.52

 







 
Depreciation and amortization - real estate related

 

0.66

 


 

0.64


 

0.68

 







 
Depreciation and amortization - real estate joint ventures

 

0.10

 


 

0.08


 

0.10

 







 
Gain on sale of properties

 

(0.01

)


 

-


 

(0.03

)







 
Gain on sale of joint venture properties

 

-

 


 

-


 

(0.01

)







 
Impairments charges (including real estate jvs)

 

0.02

 


 

-


 

-

 







 
Gain on sale of cost method investment

 

(0.44

)


 

-


 

-

 







 
Profit participation from other real estate investments, net

 

(0.03

)


 

-


 

(0.02

)







 
Gain on marketable securities

 

(1.38

)


 

-


 

-

 







 
FFO per diluted common share

$

1.17

 


$

1.18


$

1.24

 

(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 antidilutive effect on net income and therefore have not been included. Adjusted for distributions on convertible units of $0.2M for the year ended December 31, 2020. Adjusted for earnings attributable from participating securities of ($6.3M) for the year ended December 31, 2020. Adjusted for the change in carrying amount of redeemable noncontrolling interest of $2.2M for the year ended December 31, 2020.








 

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.

 

Contacts

David F. Bujnicki
Senior Vice President, Investor Relations and Strategy
Kimco Realty Corporation
1-866-831-4297
dbujnicki@kimcorealty.com

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