Kimco Realty(KIM)2025-02-07 11:53Financial Performance - Fourth quarter 2024 net income was 0.23 per diluted share, a 4.5% increase from 0.22 per diluted share in Q4 2023[4] - Full year 2024 net income was 0.55 per diluted share, down from 1.02 per diluted share in 2023, primarily due to a special cash dividend received in 2023[8] - Net income attributable to the company for the year ended December 31, 2024, was 654.3 million in 2023, reflecting a decrease of 37.2%[24] - The company reported a basic net income per common share of 0.22 for Q4 2023, marking a 4.5% increase[24] - Net income available to the company's common shareholders for Q4 2024 was 133.360 million in Q4 2023[27] Funds From Operations (FFO) - Funds From Operations (FFO) grew 7.7% year-over-year to 0.42 per diluted share, compared to 0.39 per diluted share in Q4 2023[7] - FFO for the full year 2024 was 1.65 per diluted share, representing a 5.1% increase from 1.57 per diluted share in 2023[9] - Funds from Operations (FFO) available to the company's common shareholders for Q4 2024 was 239.443 million in Q4 2023[27] - FFO per common share - diluted for the year ended December 31, 2024, was 1.57 for the year ended December 31, 2023, reflecting a 5% increase[27] - The projected range for FFO available to the company's common shareholders for the full year 2025 is between 1.72 per diluted share[33] Revenue and Income Growth - Total revenues for Q4 2024 reached 451.6 million in Q4 2023[24] - Rental property revenues for the year were 1.77 billion in 2023[24] - Same Property Net Operating Income (NOI) increased by 4.5% in Q4 2024, driven by a 3.8% rise in minimum rents[13] - Same Property Net Operating Income (NOI) for the year ended December 31, 2024, was 1.475 billion in 2023[30] Portfolio and Acquisitions - The company acquired Waterford Lakes Town Center for 108 million, expanding its portfolio significantly[5][11] - Pro-rata portfolio occupancy reached 96.3%, up 10 basis points year-over-year, with pro-rata anchor occupancy at 98.2%, an increase of 20 basis points[5] Assets and Liabilities - The company's total assets increased to 18.3 billion in 2023, representing an 11.1% growth[22] - Total liabilities rose to 8.55 billion in 2023, an increase of 10.7%[22] - The company’s cash and cash equivalents decreased to 783.8 million in 2023, a decline of 12.0%[22] - The company ended 2024 with approximately 689.7 million in cash and cash equivalents[15] Expenses and Charges - Operating income for Q4 2024 was 168.6 million in Q4 2023[24] - Interest expense and other income, net for Q4 2024 was 46.917 million in Q4 2023, showing an increase of 41%[30] - The company incurred impairment charges of 14.0 million in 2023[24] - The company reported impairment charges of 15.060 million in 2023[27] - The company incurred merger-related charges of 4.766 million in 2023[28] Lease Activity - Kimco signed 429 leases totaling 2.4 million square feet in Q4 2024, with new leases generating blended pro-rata cash rent spreads of 11.4%[13] Depreciation and Amortization - Depreciation and amortization related to real estate for the year ended December 31, 2024, was 507.265 million in 2023, indicating a significant increase[30] Shareholder Returns - Preferred dividends increased to 25.0 million in 2023, reflecting a 27.2% increase[24] Share Count - The weighted average shares outstanding for FFO calculations increased to 681.726 million in Q4 2024 from 620.356 million in Q4 2023[27]