0001157523-22-000173.txt : 20220210 0001157523-22-000173.hdr.sgml : 20220210 20220210065226 ACCESSION NUMBER: 0001157523-22-000173 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220210 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220210 DATE AS OF CHANGE: 20220210 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: 22609510 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 a52577254.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 10, 2022

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 10, 2022, Kimco Realty Corporation (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2021. 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 10, 2022 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 10, 2022
By:
/s/ Glenn G. Cohen
 
 
Name:
Glenn G. Cohen
 
 
Title:
Chief Financial Officer

EX-99.1 2 a52577254ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

Kimco Realty® Announces Fourth Quarter and Full Year 2021 Results

– Expanded Portfolio Concentrated in High-Growth Markets Drives Outperformance –

– Board Raises Quarterly Cash Dividend on Common Shares by 11.8% –

– Company Provides Initial 2022 Outlook –

JERICHO, N.Y.--(BUSINESS WIRE)--February 10, 2022--Kimco Realty® (NYSE: KIM), North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and mixed-use assets, today reported results for the fourth quarter and full year ended December 31, 2021. For the three months ended December 31, 2021 and 2020, Kimco Realty's net income available to the company’s common shareholders was $0.13 per diluted share and $0.45 per diluted share, respectively.

Fourth Quarter Highlights:

  • Produced Funds From Operations (FFO) of $0.39 per diluted share
  • Grew pro-rata portfolio occupancy 30 basis points sequentially to 94.4%
  • Sequentially grew pro-rata anchor occupancy 20 basis points to 97.1% and small shop occupancy 40 basis points to 87.7%
  • Generated new cash pro-rata leasing spreads of 14.1% on comparable spaces
  • Leased 2.1 million square feet during the quarter and over 8.7 million square feet during 2021
  • Reported a 12.9% increase in Same-property Net Operating Income (NOI), including redevelopments and the former Weingarten Realty (WRI) portfolio, during the fourth quarter over the same period a year ago
  • Lowered Net Debt to EBITDA on a look-through basis, which includes outstanding preferred stock and the company’s pro-rata share of joint venture debt, to 6.6x, representing the lowest reported level since the company began disclosing this metric
  • Investment in Albertsons Companies Inc. (NYSE: ACI) common stock valued at over $1.2 billion at quarter end
  • Subsequent to year end, the company announces new appointments to its senior leadership team.

“We are extremely proud to have completed another quarter with leasing volume exceeding two million square feet, bringing leasing for the year to 8.7 million square feet,” stated Kimco Realty CEO Conor Flynn. “Our ongoing commitment to leasing our open-air, last-mile, grocery-anchored centers and mixed-use assets in growing markets is resulting in solid occupancy gains and growth in FFO. The ongoing challenges of COVID notwithstanding, the successful merger with WRI combined with unprecedent levels of tenant demand driven by the critical importance of bricks and mortar shopping for profitable last-mile fulfillment and distribution should help drive continued strong results in 2022 and beyond, and further enhance shareholder value.

Financial Results:

Fourth Quarter 2021

Net income available to the company’s common shareholders for the fourth quarter of 2021 was $75.3 million, or $0.13 per diluted share, compared to $194.9 million, or $0.45 per diluted share, for the fourth quarter of 2020. The year-over-year change is primarily attributable to a $187.5 million reduction in the gain on marketable securities, primarily as a result of the mark-to-market fluctuations on 39.8 million shares of common stock of Albertsons Companies, Inc. (NYSE: ACI) held by the company. This was partially offset by the positive impact associated with the integration of WRI for a full quarter since the successful merger completion in August of 2021.

Nareit FFO was $240.1 million, or $0.39 per diluted share, for the fourth quarter of 2021 compared to $133.0 million, or $0.31 per diluted share, for the fourth quarter 2020.

Full Year 2021

Net income available to the company’s common shareholders was $818.6 million, or $1.60 per diluted share, for the full year 2021 compared to $975.4 million, or $2.25 per diluted share, for the full year 2020.

Nareit FFO was $706.8 million, or $1.38 per diluted share, for the full year 2021 and includes $47.2 million, or $0.09 per diluted share, of net merger-related charges and pension valuation adjustments associated with WRI. For the full year 2020, Nareit FFO was $503.7 million, or $1.17 per diluted share.

A reconciliation of net income available to the company’s common shareholders to Nareit FFO is provided in the tables accompanying this press release.

Fourth Quarter 2021 Operating Results:

  • Pro-rata portfolio occupancy ended the quarter at 94.4%, representing an increase of 50 basis points year-over-year and 30 basis points sequentially. The spread between Kimco Realty’s leased (reported) occupancy vs. economic occupancy was 270 basis points at the end of the period, compressing 30 basis points sequentially.
  • Ended the quarter with pro-rata anchor occupancy at 97.1%, up 40 basis points year-over-year and 20 basis points sequentially, and small shop occupancy at 87.7%, an increase of 160 basis points year-over-year and 40 basis points sequentially.
  • Signed 438 leases totaling 2.1 million square feet with blended pro-rata rental-rate spreads on comparable spaces increasing 8.1%, and with rental rates for new leases up 14.1% and renewals and options growing 7.0%.
  • Same-property NOI, including redevelopments, increased 12.9% for the fourth quarter of 2021 over the comparable period in 2020. A reconciliation of net income available to the company’s common shareholders to Same-property NOI is provided in the tables accompanying this press release.

Fourth Quarter 2021 Transaction Activities:

  • As previously announced, Kimco Realty acquired the remaining 70% interest in a portfolio of six Publix-anchored, Sunbelt shopping centers from the company’s existing joint venture partner, Jamestown, for a gross purchase price of $425.8 million. The company subsequently entered into a joint venture partnership with Blackstone Real Estate Income Trust, Inc. (“BREIT”) under which Kimco Realty and BREIT each will own 50% of the portfolio, with the company continuing to manage the properties on behalf of the joint venture.
  • Acquired the remaining 85% interest in Anaheim Plaza and Brookvale Shopping Center, two grocery-anchored shopping centers located in California from an existing joint venture partner for a gross purchase price of $134.0 million. Kimco Realty’s pro-rata share of the sales price was $113.9 million.
  • Purchased the remaining 10% interest in Centro Arlington, a 366-unit multi-family, mixed-use property that is anchored by a Harris Teeter grocer in Arlington, Virginia from the existing joint venture partner for a pro-rata price of $26.0 million.
  • Provided $15.0 million of mezzanine funding towards the acquisition of The Markets at Town Center, a 254,000-square-foot grocery-anchored center located in Jacksonville, Florida.
  • Separately sold two land parcels and four shopping centers, totaling 380,000 square-feet, for a total of $65.8 million. Kimco Realty’s share of the sales price was $14.7 million.
  • Acquired two adjacent parcels at existing centers for a gross purchase price of $20.3 million. Kimco Realty’s share of the purchase price was $13.8 million.

Fourth Quarter 2021 Capital Market Activities:

  • Lowered Net Debt to EBITDA on a consolidated and look-through basis (which includes outstanding preferred stock and the company’s pro-rata share of joint venture debt) to 6.1x and 6.6x, respectively.

    A reconciliation of Net Income to EBITDA is provided in the tables accompanying this press release.

  • Ended the fourth quarter with over $2.3 billion of immediate liquidity, including full availability under the company’s $2.0 billion unsecured revolving credit facility, and $334.7 million of cash and cash equivalents. In addition, Kimco Realty’s investment in ACI, which is subject to certain lock-up provisions, was valued at over $1.2 billion at year-end.
  • Subsequently, the company’s board of directors approved an extension of Kimco Realty’s existing stock repurchase program for up to $300.0 million of shares of the company’s common stock of which $224.9 million remains available. The repurchase program is now scheduled to expire on February 29, 2024, unless further extended or cancelled by the company’s board of directors.

Under the repurchase program, repurchases can be made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with the rules of the Securities and Exchange Commission and other applicable legal requirements. The specific timing, price and size of purchases will depend on prevailing stock prices, general economic and market conditions, and other considerations. The repurchase program does not obligate the company to acquire any particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at the company’s discretion.

Senior Leadership Appointments:

The company has elevated several members of its senior leadership team in recognition of their distinguished service, successful oversight of key strategic initiatives and commitment to maintaining Kimco Realty’s standing as a best-in-class organization. These appointments also highlight the depth and breadth of the company’s strong management team:

  • Leah Landro – Executive Vice President and Chief Human Resources Officer
  • Tom Taddeo - Executive Vice President and Chief Information Officer
  • Kathleen Thayer – Senior Vice President, Corporate Accounting and Assistant Treasurer
  • Will Teichman – Senior Vice President, Strategic Operations

All appointments are effective immediately.

Dividend Declarations:

As previously announced:

  • Kimco Realty’s board of directors raised the quarterly cash dividend on common shares 11.8% by declaring a dividend of $0.19 per common share, payable on March 24, 2022, to shareholders of record on March 10, 2022.
  • The board of directors also declared quarterly dividends with respect to each of the company’s Class L and Class M series of cumulative redeemable preferred shares. These dividends on the preferred shares will be paid on April 15, 2022 to shareholders of record on April 1, 2022.

2022 Full Year Outlook:

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

$0.51 to $0.55

Nareit FFO (per diluted share)*:

$1.46 to $1.50

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

The company’s full year outlook is based on the following assumptions:

  • Same-property NOI growth will be positive
  • Credit loss on rental revenue of 100 basis points at the midpoint
  • No income attributable to cash basis tenants from collection of prior period accounts receivables or the reinstatement of straight-line rent receivables
  • Total property acquisitions (including structured investments), net of dispositions, of $100 million
  • No redemption of preferred stock outstanding that becomes callable or early prepayment charges of maturing debt
  • No monetization of ACI shares. Kimco Realty anticipates it will monetize a portion of its ACI investment during 2022 but prefers not to make any assumption as to the timing or amount in order to maintain maximum optionality. The company will update its 2022 outlook as appropriate
  • No issuance of common equity

Conference Call and Supplemental Materials

Kimco Realty will hold its quarterly conference call on Thursday, February 10, 2022, 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: 9108870).

Audio replay from the conference call will be available on Kimco Realty’s website at investors.kimcorealty.com through Tuesday, May 10, 2022.

About Kimco Realty®

Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco Realty is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of December 31, 2021, the company owned interests in 541 U.S. shopping centers and mixed-use assets comprising 93 million square feet of gross leasable space. For further information, please visit www.kimcorealty.com

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

This communication contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “target,” “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which, in some cases, are beyond the Company’s control and could materially affect actual results, performances or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) general adverse economic and local real estate conditions, (ii) the 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) the Company’s failure to realize the expected benefits of the merger with Weingarten Realty Investors (the “Merger”), (x) significant transaction costs and/or unknown or inestimable liabilities related to the Merger, (xi) the risk of shareholder litigation in connection with the Merger, including any resulting expense, (xii) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company following the Merger, (xiii) the possibility that, if the Company does not achieve the perceived benefits of the Merger as rapidly or to the extent anticipated by financial analysts or investors, the market price of the Company’s common stock could decline, (xiv) valuation and risks related to the Company’s joint venture and preferred equity investments, (xv) valuation of marketable securities and other investments, including the shares of Albertsons Companies, Inc. common stock held by the Company, (xvi) increases in operating costs, (xvii) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xviii) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center, (xix) impairment charges, (xx) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity and (xxi) the other risks and uncertainties identified under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year-ended December 31, 2020, as supplemented by the risks and uncertainties identified under Item 1A, “Risk Factors” in subsequently filed Annual Report and Quarterly Reports on Form 10-Q. Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that the Company files with the Securities and Exchange Commission (“SEC”).

 
Condensed Consolidated Balance Sheets
(in thousands, except share information)
(unaudited)





 



December 31, 2021
December 31, 2020
Assets:




Real estate, net of accumulated depreciation and amortization




of $3,010,699 and $2,717,114 respectively

$

15,035,900


$

9,346,041

 


Real estate under development

 

5,672


 

5,672

 


Investments in and advances to real estate joint ventures

 

1,006,899


 

590,694

 


Other investments

 

122,015


 

117,140

 


Cash and cash equivalents

 

334,663


 

293,188

 


Marketable securities

 

1,211,739


 

706,954

 


Accounts and notes receivable, net

 

254,677


 

219,248

 


Operating lease right-of-use assets, net

 

147,458


 

102,369

 


Other assets

 

340,176


 

233,192

 

Total assets

$

18,459,199


$

11,614,498

 






 
Liabilities:



Notes payable, net

$

7,027,050


$

5,044,208

 


Mortgages payable, net

 

448,652


 

311,272

 


Dividends payable

 

5,366


 

5,366

 


Operating lease liabilities

 

123,779


 

96,619

 


Other liabilities

 

730,690


 

470,995

 

Total liabilities

 

8,335,537


 

5,928,460

 

Redeemable noncontrolling interests

 

13,480


 

15,784

 






 
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 616,658,593 and 432,518,743 shares, respectively

 

6,167


 

4,325

 


Paid-in capital

 

9,591,871


 

5,766,511

 


Retained earnings / (cumulative distributions in excess of net income)

 

299,115


 

(162,812

)


Accumulated other comprehensive income

 

2,216


 

-

 

Total stockholders' equity

 

9,899,389


 

5,608,044

 


Noncontrolling interests

 

210,793


 

62,210

 

Total equity

 

10,110,182


 

5,670,254

 

Total liabilities and equity

$

18,459,199


$

11,614,498

 






 

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








 


Three Months Ended December 31,
Year Ended December 31,


 

2021

 

 

 

2020

 

 

2021 (3)

 

 

2020

 

Revenues







Revenues from rental properties, net

$

420,405

 


$

266,316

 


$

1,349,702

 


$

1,044,888

 


Management and other fee income

 

4,249

 


 

3,125

 


 

14,883

 


 

13,005

 


Total revenues

 

424,654

 


 

269,441

 


 

1,364,585

 


 

1,057,893

 

Operating expenses







Rent

 

(4,067

)


 

(2,841

)


 

(13,773

)


 

(11,270

)


Real estate taxes

 

(52,132

)


 

(38,928

)


 

(181,256

)


 

(157,661

)


Operating and maintenance

 

(77,402

)


 

(49,846

)


 

(222,882

)


 

(174,038

)


General and administrative

 

(28,985

)


 

(20,901

)


 

(104,121

)


 

(93,217

)


Impairment charges

 

(2,643

)


 

(3,115

)


 

(3,597

)


 

(6,624

)


Merger charges

 

-

 


 

-

 


 

(50,191

)


 

-

 


Depreciation and amortization

 

(133,633

)


 

(74,295

)


 

(395,320

)


 

(288,955

)


Total operating expenses

 

(298,862

)


 

(189,926

)


 

(971,140

)


 

(731,765

)









 
Gain on sale of properties

 

-

 


 

787

 


 

30,841

 


 

6,484

 

Operating income

 

125,792

 


 

80,302

 


 

424,286

 


 

332,612

 









 
Other income/(expense)







Other income, net

 

7,976

 


 

3,725

 


 

19,810

 


 

4,119

 


(Loss)/gain on marketable securities, net

 

(37,347

)


 

150,108

 


 

505,163

 


 

594,753

 


Gain on sale of cost method investment

 

-

 


 

-

 


 

-

 


 

190,832

 


Interest expense

 

(57,479

)


 

(45,887

)


 

(204,133

)


 

(186,904

)


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 investments, net

 

38,942

 


 

188,248

 


 

745,126

 


 

927,874

 









 

Provision for income taxes, net

 

(483

)


 

(496

)


 

(3,380

)


 

(978

)


Equity in income of joint ventures, net

 

30,683

 


 

12,314

 


 

84,778

 


 

47,353

 


Equity in income of other investments, net

 

12,807

 


 

1,733

 


 

23,172

 


 

28,628

 









 
Net income

 

81,949

 


 

201,799

 


 

849,696

 


 

1,002,877

 


Net income attributable to noncontrolling interests

 

(268

)


 

(565

)


 

(5,637

)


 

(2,044

)

Net income attributable to the company

 

81,681

 


 

201,234

 


 

844,059

 


 

1,000,833

 


Preferred dividends

 

(6,354

)


 

(6,354

)


 

(25,416

)


 

(25,416

)

Net income available to the company's common shareholders

$

75,327

 


$

194,880

 


$

818,643

 


$

975,417

 









 
Per common share:







Net income available to the company's common shareholders: (2)







Basic

$

0.13

 


$

0.46

 


$

1.61

 


$

2.26

 


Diluted (1)

$

0.13

 


$

0.45

 


$

1.60

 


$

2.25

 

Weighted average shares:







Basic

 

614,150

 


 

430,103

 


 

506,248

 


 

429,950

 


Diluted

 

616,612

 


 

431,708

 


 

511,385

 


 

431,633

 









 

(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 and $42 for the three months ended December 31, 2021 and 2020, respectively. Adjusted for distributions on convertible units of $3,087 and $161 for the year ended December 31, 2021 and 2020, respectively.

 
   

(2)

  Adjusted for earnings attributable from participating securities of ($400) and ($1,244) for the three months ended December 31, 2021 and 2020, respectively. Adjusted for earnings attributed from participating securities of ($5,346) and ($6,347) for the year ended December 31, 2021 and 2020, respectively. Adjusted for the change in carrying amount of redeemable noncontrolling interest of $2,304 and $2,160 for the three months and year ended December 31, 2021 and 2020, respectively.

 
   

(3)

  Includes the impact of the WRI merger from August 3, 2021.

   

Reconciliation of Net Income Available to the Company's Common Shareholders to
FFO Available to the Company's Common Shareholders (1)
(in thousands, except per share data)
(unaudited)








 


Three Months Ended December 31,
Year Ended December 31,


 

2021

 

 

 

2020

 

 

2021 (5)

 

 

2020

 

Net income available to the company's common shareholders

$

75,327

 


$

194,880

 


$

818,643

 


$

975,417

 


Gain on sale of properties

 

-

 


 

(787

)


 

(30,841

)


 

(6,484

)


Gain on sale of joint venture properties

 

(11,596

)


 

(30

)


 

(16,879

)


 

(48

)


Depreciation and amortization - real estate related

 

132,797

 


 

73,578

 


 

392,095

 


 

285,596

 


Depreciation and amortization - real estate joint ventures

 

15,949

 


 

9,658

 


 

51,555

 


 

40,331

 


Impairment charges (including real estate joint ventures)

 

3,932

 


 

4,043

 


 

7,145

 


 

8,397

 


Gain on sale of cost method investment

 

-

 


 

-

 


 

-

 


 

(190,832

)


Profit participation from other investments, net

 

(9,824

)


 

2,210

 


 

(8,595

)


 

(13,665

)


Loss/(gain) on marketable securities, net

 

37,347

 


 

(150,108

)


 

(505,163

)


 

(594,753

)


(Benefit)/provision for income taxes (2)

 

(25

)


 

(74

)


 

2,152

 


 

1,426

 


Noncontrolling interests (2)

 

(3,835

)


 

(337

)


 

(3,285

)


 

(1,710

)

FFO available to the company's common shareholders

$

240,072

 

(4

)

$

133,033

 


$

706,827

 

(4

)

$

503,675

 









 
Weighted average shares outstanding for FFO calculations:






Basic

 

614,150

 


 

430,103

 


 

506,248

 


 

429,950

 


Units

 

3,878

 


 

666

 


 

2,627

 


 

639

 


Dilutive effect of equity awards (3)

 

2,410

 


 

1,364

 


 

2,422

 


 

1,475

 

Diluted (3)

 

620,438

 


 

432,133

 


 

511,297

 


 

432,064

 









 
FFO per common share - basic

$

0.39

 


$

0.31

 


$

1.40

 


$

1.17

 

FFO per common share - diluted (3)

$

0.39

 


$

0.31

 


$

1.38

 


$

1.17

 









 

(1)

  The company considers FFO to be an important supplemental measure of its operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting results. Comparison of the company's presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the Nareit definition used by such REITs.

(2)

  Related to gains, impairments and depreciation on properties, where applicable.

(3)

  Reflects the potential impact if certain units were converted to common stock at the beginning of the period. FFO available to the company’s common shareholders would be increased by $856 and $92 for the three months ended December 31, 2021 and 2020, respectively. FFO available to the company’s common shareholders would be increased by $1,053 and $309 for the year ended December 31, 2021 and 2020, respectively.

(4)

  Includes $47.2 million, or $0.09 per diluted share, of net merger-related charges and pension valuation adjustments associated with WRI for the year ended December 31, 2021. In addition the three months ended December 31, 2021, includes WRI pension valuation adjustments of $3.0 million of income included in Other income, net.

(5)

  Includes the impact of the WRI merger from August 3, 2021.

Reconciliation of Net Income Available to the Company's Common Shareholders
to Same Property NOI (1)(2)
(in thousands)
(unaudited)









 



Three Months Ended December 31,
Year Ended December 31,



 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

Net income available to the Company's common shareholders

$

75,327

 


$

194,880

 


$

818,643

 


$

975,417

 


Adjustments:








Management and other fee income

 

(4,249

)


 

(3,125

)


 

(14,883

)


 

(13,005

)



General and administrative

 

28,985

 


 

20,901

 


 

104,121

 


 

93,217

 



Impairment charges

 

2,643

 


 

3,115

 


 

3,597

 


 

6,624

 



Merger charges

 

-

 


 

-

 


 

50,191

 


 

-

 



Depreciation and amortization

 

133,633

 


 

74,295

 


 

395,320

 


 

288,955

 



Gain on sale of properties

 

-

 


 

(787

)


 

(30,841

)


 

(6,484

)



Interest and other expense, net

 

49,503

 


 

42,162

 


 

184,323

 


 

190,323

 



Loss/(gain) on marketable securities, net

 

37,347

 


 

(150,108

)


 

(505,163

)


 

(594,753

)



Gain on sale of cost method investment

 

-

 


 

-

 


 

-

 


 

(190,832

)



Provision for income taxes, net

 

483

 


 

496

 


 

3,380

 


 

978

 



Equity in income of other investments, net

 

(12,807

)


 

(1,733

)


 

(23,172

)


 

(28,628

)



Net income attributable to noncontrolling interests

 

268

 


 

565

 


 

5,637

 


 

2,044

 



Preferred dividends

 

6,354

 


 

6,354

 


 

25,416

 


 

25,416

 



WRI Same Property NOI (3)

 

-

 


 

80,288

 


 

-

 


 

-

 



Non same property net operating income

 

(15,825

)


 

(7,623

)


 

(206,992

)


 

(22,605

)



Non-operational expense from joint ventures, net

 

9,987

 


 

16,238

 


 

55,214

 


 

68,510

 

Same Property NOI

$

311,649

 


$

275,918

 


$

864,791

 


$

795,177

 










 

(1)

  The company considers Same Property NOI as an important operating performance measure because it is frequently used by securities analysts and investors to measure only the net operating income of properties that have been owned by the company for the entire current and prior year reporting periods. It excludes properties under redevelopment, development and pending stabilization; properties are deemed stabilized at the earlier of (i) reaching 90% leased or (ii) one year following a project’s inclusion in operating real estate. Same Property NOI assists in eliminating disparities in net income due to the development, acquisition or disposition of properties during the particular period presented, and thus provides a more consistent performance measure for the comparison of the company's properties. The company’s method of calculating Same Property NOI may differ from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

(2)

  Amounts represent Kimco Realty's pro-rate share. Same Property NOI from properties acquired through the WRI merger are included in the quarter to date statistics but excluded from the year to date statistics.

(3)

  Amounts for the three months ended December 31, 2020, represent the Same Property NOIs from WRI properties, not included in the Company's reported NOI.
 
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


2021 (4)


Full Year 2022




Low
High
Diluted net income available to company's common shareholder





per common share

$

1.60

 

(1

)

$

0.51


$

0.55

 







 
Gain on sale of properties

 

(0.06

)


 

-


 

(0.03

)







 
Gain on sale of joint venture properties

 

(0.03

)


 

-


 

(0.01

)







 
Depreciation & amortization - real estate related

 

0.77

 


 

0.85


 

0.89

 







 
Depreciation & amortization - real estate joint ventures

 

0.10

 


 

0.10


 

0.11

 







 
Impairment charges (including real estate joint ventures)

 

0.01

 


 

-


 

-

 







 
Profit participation from other investments, net

 

(0.02

)


 

-


 

(0.01

)







 
Gain on marketable securities, net

 

(0.98

)


 

-


 

-

 







 
Noncontrolling interests (2)

 

(0.01

)


 

-


 

-

 







 
FFO per diluted common share

$

1.38

 

(3

)

$

1.46


$

1.50

 

(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 $3.087 million for the year ended December 31, 2021. Adjusted for earnings attributed from participating securities of ($5.346) million for the year ended December 31, 2021. Adjusted for the change in carrying amount of redeemable noncontrolling interest of $2.304 million for the year ended December 31, 2021.  

   
     

(2)

  Related to gains, impairments and depreciation on properties, where applicable.  

(3)

  Includes $47.2 million, or $0.09 per diluted share, of net merger-related charges and pension valuation adjustments associated with WRI for the year ended December 31, 2021. In addition the three months ended December 31, 2021, includes WRI pension valuation adjustments of $3.0 million of income included in Other income, net.  

   

(4)

  Includes the impact of the WRI merger from August 3, 2021.  

Reconciliation of Net Income to EBITDA
(in thousands)
(unaudited)




 


Three Months Ended December 31,


 

2021

 


 

2020

 

Net income

$

81,949

 


$

201,799

 

Interest

 

57,479

 


 

45,887

 

Depreciation and amortization

 

133,633

 


 

74,295

 

Gain on sale of properties

 

-

 


 

(787

)

Gain on sale of joint venture properties

 

(11,596

)


 

(30

)

Impairment charges (including real estate joint ventures)

 

3,932

 


 

4,043

 

Profit participation from other investments, net

 

(9,824

)


 

2,210

 

Pension valuation adjustment

 

(2,948

)


 

-

 

Loss/(gain) on marketable securities, net

 

37,347

 


 

(150,108

)

Provision for income taxes

 

483

 


 

496

 

Consolidated EBITDA

$

290,455

 


$

177,805

 





 
Consolidated EBITDA

$

290,455

 


$

177,805

 

Pro-rata share of interest expense - real estate joint ventures

 

4,690

 


 

5,297

 

Pro-rata share of depreciation and amortization - real estate joint ventures

 

15,949

 


 

9,658

 

EBITDA including pro-rata share - joint ventures

$

311,094

 


$

192,760

 





 
Consolidated Debt

$

7,475,702

 


$

5,355,480

 

Consolidated Cash

 

334,663

 


 

293,188

 

Consolidated Net Debt

$

7,141,039

 


$

5,062,292

 





 
Consolidated Net Debt

$

7,141,039

 


$

5,062,292

 

Prorata Share of debt

 

680,052

 


 

606,144

 

Liquidation preference for preferreds

 

489,500

 


 

489,500

 

Pro-rata share of cash

 

(47,920

)


 

(40,198

)

Net Debt including pro-rata share - joint ventures

$

8,262,671

 


$

6,117,738

 





 
Annualized Consolidated EBITDA

$

1,161,824

 


$

711,220

 

Net Debt to Consolidated EBITDA 6.1x
7.1x




 
Annualized EBITDA including pro-rata share - joint ventures

$

1,244,376

 


$

771,040

 

Net Debt including pro-rata share - joint ventures to EBITDA including pro-rata share joint ventures 6.6x
7.9x




 

 

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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