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)

Kimco Realty Corp. (KIM) reported second-quarter 2024 funds from operations (FFO) per share of 41 cents, which beat the Zacks Consensus Estimate of 40 cents. The reported figure grew 5.1% from the year-ago quarter’s tally.Though Kimco reported growth in revenues, a rise in interest expenses acted as a dampener.This retail REIT clocked in revenues of $500.2 million, which topped the consensus mark of $496.9 million. Moreover, the figure improved 13% year over year.According to Conor Flynn, CEO of Kimco, "Our ...

Financial Data and Key Metrics Changes - FFO for Q2 2024 was $276 million, or $0.41 per diluted share, compared to $243.9 million, or $0.39 per diluted share in Q2 2023, representing a 5.1% increase per share [17][18] - Total pro rata NOI for Q2 2024 was $387.9 million, an increase of $45.8 million year-over-year [18] - Same-site NOI growth was positive 3% for Q2 2024, driven by higher minimum rents [20] Business Line Data and Key Metrics Changes - The company signed 144 new leases totaling 669,000 square feet with rent spreads of 26.3%, marking the 11th consecutive quarter of double-digit new leasing spreads [10] - Renewals and options totaled 338 with a spread of 9%, contributing to an overall deal volume of 2.3 million square feet and combined rent spreads of 11.7% [10] - Pro-rata occupancy increased to 96.2%, with anchored occupancy at 98.1% and small shop occupancy at 91.7%, matching an all-time high [10] Market Data and Key Metrics Changes - The retail sector is experiencing a positive dynamic with store openings outpacing closures, leading to record-low vacancies [8] - The development of new shopping centers remains low at approximately 0.2% of existing inventory, providing a tailwind for the retail sector [8] - The company noted that rents would need to increase by 35% to 55% to stimulate new development investments in top markets [9] Company Strategy and Development Direction - The company focuses on grocery-anchored, necessity-based retail, which has proven resilient in various economic conditions [9] - The management is optimistic about the performance of the RPT portfolio, which has shown significant outperformance [11] - The company aims to achieve $300 million to $350 million in acquisitions for 2024, with a focus on larger format open-air centers [15] Management's Comments on Operating Environment and Future Outlook - Management highlighted mixed signals in the economy, with strong labor market conditions supporting consumer resilience [7] - The company raised its FFO per diluted share guidance for 2024 to a range of $1.60 to $1.62, reflecting strong first-half results and expectations for the remainder of the year [23] - Management expressed confidence in achieving same-site NOI growth of 2.75% to 3.25% for the full year [23] Other Important Information - The company has increased its cost-saving synergies from the RPT acquisition to $35 million to $36 million for the year [23] - The balance sheet metrics showed consolidated net debt to EBITDA at 5.5 times, indicating a strong liquidity position [21][22] - The company achieved sustainability goals, resulting in reduced borrowing spreads on its credit facilities [22] Q&A Session Summary Question: Contribution of FFO guidance from same property NOI - Management indicated that the primary driver of the FFO guidance increase is the operating portfolio, with quicker rent commencements contributing significantly [26][27] Question: Factors driving deceleration in same property NOI growth - Management acknowledged tougher comparisons in Q3 but remains comfortable with the revised guidance range [29] Question: Ability to close the gap in small shop occupancy - Management sees the vacancy as an opportunity and anticipates that small shop leasing will strengthen as anchors come online [33][34] Question: Interest in the retail sector compared to six months ago - Management noted increased capital formation for open-air shopping centers and a growing interest from private equity [37][38] Question: Incremental deal flow expectations - Management expects more core acquisitions in the second half of the year as structured investments have been completed [42] Question: Retention of anchor leases - Management is actively resolving expiring leases and focusing on backfilling space at higher rents [82] Question: Year-over-year rent growth expectations - Management anticipates continued same-site NOI growth above historical averages, driven by high retention rates and new leasing [86]

For the quarter ended June 2024, Kimco Realty (KIM) reported revenue of $500.23 million, up 13% over the same period last year. EPS came in at $0.41, compared to $0.16 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $496.9 million, representing a surprise of +0.67%. The company delivered an EPS surprise of +2.50%, with the consensus EPS estimate being $0.40.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how the ...

Kimco Realty (KIM) came out with quarterly funds from operations (FFO) of $0.41 per share, beating the Zacks Consensus Estimate of $0.40 per share. This compares to FFO of $0.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 2.50%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.38 per share when it actually produced FFO of $0.39, delivering a surprise of 2.63%.Over the last four quarters ...

Exhibit 99.1 Kimco Realty® Announces Second Quarter 2024 Results – Strong Operating Performance Drives Growth in Net Income and FFO – JERICHO, New York, August 1, 2024 - 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, today reported results for the second quarter ended June 30, 2024. For the three months ended June 30, 2024 and 2023, Kimco Realty's net ...

– Strong Operating Performance Drives Growth in Net Income and FFO – – Small Shop Occupancy Matches Record High – – Raises 2024 Outlook – JERICHO, N.Y., Aug. 01, 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, today reported results for the second quarter ended June 30, 2024. For the three months ended June 30, 2024 and 2023, Kim ...