JERICHO, N.Y., Sept. 11, 2024 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE: KIM) will announce its third quarter 2024 earnings on Thursday, October 31, 2024, before market open. You are invited to listen to our quarterly earnings conference call. The webcast information is as follows: When: 8:30 AM ET, October 31, 2024 Live Webcast: 3Q24 Kimco Realty Earnings Conference Call or on Kimco Realty’s website investors.kimcorealty.com Dial #: 1-888-317-6003 (International: 1-412-317-6061). Passcode: 1893940 Audio from ...

Kimco Realty (KIM) recently announced that the retail real estate investment trust (REIT) secured an ‘A-’ credit rating with a stable outlook from Fitch Ratings. This achievement positions the company among only 12 publicly-listed U.S. REITs that hold a credit rating of ‘A-’ or higher.Kimco's rating is a testament to the long-term stewardship of its proficient management teams and the effective oversight of its board, which have enabled the company to thrive through many commercial real estate cycles.Its po ...

amriphoto The stock price of Kimco Realty Corporation (NYSE:KIM) has surged since July, indicating that passive income investors have warm up again to shopping center-focused real estate investment trusts. Kimco Realty is growing its net operating income and funds from operations, and the portfolio has strong lease metrics as well, particularly with respect to occupancy and rents. I think that Kimco Realty offers passive income investors a very high quality 4.2% dividend yield that has a high margin of ...

JERICHO, N.Y., Sept. 09, 2024 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE: KIM), a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-used properties in the United States, today announced the company achieved an ‘A-’ credit rating with a stable outlook from Fitch Ratings (“Fitch”), making it one of just 12 publicly-listed U.S. REITs with a credit rating of ‘A-’ equivalent or better. In its public announcement, Fitch noted “Ki ...

buzbuzzer Kimco Realty Corporation (NYSE:KIM), incorporated in 1958 and headquartered in Jericho, NY, is a self-administered REIT that primarily owns, acquires, redevelops, and manages grocery-anchored shopping centers in markets all over the country. The market dynamics are interesting and provide value investors with a good hunting ground for opportunities, but Kimco Realty doesn't seem like one. Though its investment-grade balance sheet, strong liquidity, and relatively good recent performance are at ...

JERICHO, N.Y., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE: KIM), a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, announced today that it has amended and upsized its unsecured term loan to $550 million from the prior amount of $500 million. The amendment added one bank with the terms, applicable spread, maturity date and credit covenants unchanged from the term loan agr ...

SweetBabeeJayKimco Realty (NYSE:KIM) has been on a sustained rally since mid-June, when it hit a low due to a market comedown from previously buoyant expectations that the Fed would be extremely aggressive with rate cuts in 2024. This was a period when the probability that the Fed would keep rates unchanged for much of 2024, represented by grey, ramped up exponentially. It's now August and expectations have reverted with the Fed likely to begin rate cuts at its September 18th FOMC meeting. The CME FedWa ...

Core Viewpoint - Kimco Realty (KIM) has experienced a stock price increase of 17.2% over the past three months, outperforming its industry average of 13.3% [1] Group 1: Financial Performance - In Q2 2024, Kimco reported funds from operations (FFO) per share of 41 cents, exceeding the Zacks Consensus Estimate of 40 cents, and reflecting a 5.1% increase from the previous year [1] - The company has maintained 54 consecutive quarters of positive leasing spreads, indicating strong pricing power across its portfolio [3] Group 2: Portfolio and Market Position - Kimco's properties are strategically located in drivable first-ring suburbs of major metropolitan areas, with 82% of its annual base rent (ABR) coming from these key markets [2] - The company has a diverse tenant base, with 81% of its pro rata ABR derived from national and regional tenants, which supports stable cash flows [2] - The grocery-anchored segment of Kimco's portfolio has increased its ABR from 81% in 2022 to 83% as of June 30, 2024, with a target to reach 85% [3] Group 3: Growth Strategy - Kimco is focused on mixed-use assets in strong economic areas, benefiting from the recovery in both the apartment and retail sectors [4] - The company has disposed of 11 operating properties and six land parcels for a total of $254.1 million in the first half of 2024, using proceeds to enhance its portfolio [5] - Kimco aims for acquisitions in the range of $300 million to $350 million for 2024, including structured investments [5] Group 4: Financial Health - As of Q2 2024, Kimco has $1.9 billion in immediate liquidity and a consolidated weighted average debt maturity profile of 8.7 years [6] - The company holds investment-grade ratings of BBB+ from S&P and Baa1 from Moody's, facilitating favorable access to the debt market [6]

JERICHO, N.Y., Aug. 13, 2024 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE: KIM), a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-used properties in the United States, today announced the publication of its fourth Green Bond Report, outlining the use of the net proceeds and the associated estimated environmental impact of the company’s inaugural green bond, issued in July of 2020. The $493.7 million in net proceeds from th ...

PART I - FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the company, reflecting the impact of the RPT Realty merger [Condensed Consolidated Financial Statements of Kimco Realty Corporation](index=6&type=section&id=Condensed%20Consolidated%20Financial%20Statements%20of%20Kimco%20Realty%20Corporation) The company's balance sheet expanded due to the RPT merger, while net income decreased significantly compared to the prior year Kimco Realty Corporation - Balance Sheet Highlights (in thousands) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$19,504,177** | **$18,274,022** | | Real estate, net | $16,565,463 | $15,094,925 | | **Total Liabilities** | **$8,707,560** | **$8,548,287** | | Notes payable, net | $7,337,253 | $7,262,851 | | **Total Equity** | **$10,726,607** | **$9,653,458** | Kimco Realty Corporation - Income Statement Highlights (in thousands) | Metric | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Total Revenues | $1,003,985 | $885,732 | | Operating Income | $291,405 | $329,673 | | Net Income Attributable to the Company | $108,764 | $396,389 | | **Net Income Available to Common Shareholders** | **$92,861** | **$383,938** | | Diluted EPS | $0.14 | $0.62 | - Net cash flow from operating activities decreased to **$470.2 million** for the six months ended June 30, 2024, from $600.3 million in the same period of 2023, while net cash used for financing activities increased significantly to **$1.12 billion**[36](index=36&type=chunk) [Condensed Consolidated Financial Statements of Kimco Realty OP, LLC](index=15&type=section&id=Condensed%20Consolidated%20Financial%20Statements%20of%20Kimco%20Realty%20OP%2C%20LLC) The operating partnership's financial statements mirror the parent company's, with a capital structure presented as Members' Capital - The assets and liabilities of Kimco Realty OP, LLC are identical to those of the parent company, Kimco Realty Corporation, as the parent consolidates the OP for financial reporting[15](index=15&type=chunk)[38](index=38&type=chunk) Kimco Realty OP, LLC - Income Statement Highlights (in thousands) | Metric | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Total Revenues | $1,003,985 | $885,732 | | Operating Income | $291,405 | $329,673 | | Net Income Attributable to Kimco OP | $108,940 | $396,389 | | **Net Income Available to Common Unitholders** | **$93,037** | **$383,938** | | Diluted EPS | $0.14 | $0.62 | [Notes to Condensed Consolidated Financial Statements](index=23&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies and key financial events, including the RPT Realty merger, debt management, and equity transactions - The company operates as a single reportable segment, focusing on the ownership, management, and operation of open-air, grocery-anchored shopping centers[55](index=55&type=chunk) - On January 2, 2024, the company completed its merger with RPT Realty, acquiring 56 shopping centers and incurring **$25.2 million** in related expenses during the first half of 2024[57](index=57&type=chunk)[59](index=59&type=chunk) RPT Merger Provisional Purchase Price Allocation (in thousands) | Category | Provisional Allocation as of June 30, 2024 | | :--- | :--- | | Real estate assets | $1,888,591 | | Investments in JVs & other | $446,017 | | Other assets acquired | $63,657 | | **Total assets acquired** | **$2,398,265** | | Notes payable | ($821,500) | | Other liabilities assumed | ($134,305) | | **Total liabilities assumed** | **($955,805)** | | **Total purchase price** | **$1,442,460** | - During the first six months of 2024, the company sold its remaining shares of Albertsons Companies Inc (ACI), generating net proceeds of **$299.1 million** and a taxable gain of **$288.7 million**[94](index=94&type=chunk) - In January 2024, the company entered into 21 interest rate swap agreements with notional amounts totaling **$510.0 million** to hedge variable-rate debt[115](index=115&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=41&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes financial results, highlighting a 3.4% Same Property NOI growth alongside a net income decline due to merger costs and a non-recurring dividend - The company's primary business objective is to be the premier owner and operator of open-air, grocery-anchored shopping centers and mixed-use assets in the U.S[177](index=177&type=chunk) Key Performance Indicators - Six Months Ended June 30 | Metric | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | Net Income Available to Common Shareholders | $92.9M | $383.9M | ($291.0M) | | Diluted EPS | $0.14 | $0.62 | ($0.48) | | FFO per Diluted Share | $0.80 | $0.78 | $0.02 | | Same Property NOI Growth | 3.4% | N/A | N/A | - The significant decrease in Net Income is primarily attributed to a **$194.1 million** special dividend from ACI received in 2023 and **$25.2 million** in one-time merger charges incurred in 2024[186](index=186&type=chunk)[194](index=194&type=chunk)[198](index=198&type=chunk) [Results of Operations](index=43&type=section&id=Results%20of%20Operations) Rental property revenue increased due to the RPT merger, but higher expenses and the absence of a prior-year special dividend reduced net income - Revenues from rental properties for the first half of 2024 increased by **$117.8 million** year-over-year, driven by **$89.3 million** from the RPT merger portfolio[189](index=189&type=chunk) - Depreciation and amortization for the six months ended June 30, 2024, increased by **$47.3 million** year-over-year, mainly due to the addition of properties from the RPT merger[196](index=196&type=chunk) - The company incurred **$25.2 million** in merger charges during the first six months of 2024, primarily consisting of severance, professional, and legal fees[194](index=194&type=chunk) - A significant variance in year-over-year net income was the **$194.1 million** special dividend from Albertsons Companies Inc (ACI) received in 2023, which did not recur in 2024[198](index=198&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position through operating cash flow, a $2.0 billion credit facility, and access to public capital markets Summary of Cash Flow Activities (in thousands) | Activity | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net cash from operating activities | $470,150 | $600,279 | | Net cash (used for)/from investing activities | ($10,532) | $162,923 | | Net cash used for financing activities | ($1,115,820) | ($376,554) | | **Net change in cash** | **($656,202)** | **$386,648** | - The company has a **$2.0 billion** unsecured revolving credit facility, which can be increased to $2.75 billion, with **$220.0 million** outstanding as of June 30, 2024[206](index=206&type=chunk)[231](index=231&type=chunk) - During the first half of 2024, the company repaid approximately **$1.2 billion** of unsecured notes, including **$511.5 million** assumed in the RPT merger[216](index=216&type=chunk)[230](index=230&type=chunk) - The company anticipates spending up to **$175.0 million** on property acquisitions and up to **$200.0 million** on redevelopment for the remainder of 2024[212](index=212&type=chunk)[213](index=213&type=chunk) [Funds From Operations (FFO)](index=52&type=section&id=Funds%20From%20Operations) FFO, a key non-GAAP performance metric, increased to $0.80 per diluted share for the first six months of 2024, despite including merger-related charges FFO Reconciliation and Per Share Data (in thousands, except per share) | Metric | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net income available to common shareholders | $92,861 | $383,938 | | Adjustments (Depreciation, Gains, etc) | $444,926 | $98,031 | | **FFO available to common shareholders** | **$537,787** | **$481,969** | | FFO per diluted share | $0.80 | $0.78 | - FFO for the six months ended June 30, 2024, includes **$25.2 million**, or **$0.04 per diluted share**, of merger-related charges[254](index=254&type=chunk) [Same Property Net Operating Income (Same property NOI)](index=53&type=section&id=Same%20Property%20Net%20Operating%20Income) Same property NOI, a non-GAAP measure, grew 3.4% in the first half of 2024, driven by increased rental revenue and lower operating expenses - Same property NOI for the six months ended June 30, 2024, **increased by 3.4%** year-over-year, rising to **$758.8 million**[258](index=258&type=chunk)[259](index=259&type=chunk) - The **3.4% growth** in six-month same property NOI was primarily driven by a **$21.8 million** increase in rental revenue from strong leasing activity[259](index=259&type=chunk)[260](index=260&type=chunk) - For the three months ended June 30, 2024, same property NOI **increased by 3.0%** compared to the same period in 2023[258](index=258&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=54&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuation, which it manages through a majority fixed-rate debt structure and interest rate swaps - The company's main market risk is interest rate risk, which it manages using derivative instruments like interest rate swaps[263](index=263&type=chunk) - As of June 30, 2024, the company had interest rate swaps with a total notional value of **$510.0 million** to convert variable-rate debt to fixed-rate[263](index=263&type=chunk) Debt Obligations by Type as of June 30, 2024 (in millions) | Debt Type | Total Carrying Value | | :--- | :--- | | **Secured Debt** | | | Fixed Rate | $320.3 | | Variable Rate | $17.2 | | **Unsecured Debt** | | | Fixed Rate | $7,123.1 | | Variable Rate | $214.2 | - A hypothetical **1.0% increase** in short-term interest rates would have resulted in a **$1.2 million** increase in interest expense for the six months ended June 30, 2024[267](index=267&type=chunk) [Controls and Procedures](index=55&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2024, with no material changes during the quarter - The Chief Executive Officer and Chief Financial Officer of both Kimco Realty Corporation and Kimco Realty OP, LLC concluded that disclosure controls and procedures were effective as of June 30, 2024[268](index=268&type=chunk)[271](index=271&type=chunk) - The company is integrating RPT's operations following the January 2, 2024 merger, but these activities have not materially impacted internal controls over financial reporting[269](index=269&type=chunk)[272](index=272&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=56&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material litigation, nor is it aware of any such threatened litigation - The company is not presently involved in any material legal proceedings, and none are known to be threatened[276](index=276&type=chunk) [Risk Factors](index=56&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's 2023 Annual Report on Form 10-K - There are no material changes to the risk factors disclosed in the company's 2023 Form 10-K[277](index=277&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=56&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased under public programs, but shares were repurchased to satisfy employee tax withholding obligations - The company did not repurchase any common or preferred stock under its publicly announced repurchase programs during the first six months of 2024[278](index=278&type=chunk)[279](index=279&type=chunk) - As of June 30, 2024, **$224.9 million** was available for repurchase under the company's common share repurchase program[279](index=279&type=chunk) - The company repurchased 740,406 common shares for **$14.7 million** during the first half of 2024 to cover employee tax withholding obligations on vested equity awards[280](index=280&type=chunk) [Other Information](index=56&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the second quarter of 2024 - No director or officer adopted or terminated a Rule 10b5-1 trading plan during the second quarter of 2024[284](index=284&type=chunk) [Exhibits](index=57&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including credit agreement amendments and required CEO/CFO certifications - The exhibits include amendments to credit agreements, CEO/CFO certifications under Sarbanes-Oxley, and XBRL data files[286](index=286&type=chunk)