JERICHO, N.Y., June 13, 2024 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE: KIM) will announce its second quarter 2024 earnings on Thursday, August 1, 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, August 1, 2024 Live Webcast: 2Q24 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: 1566978 Audio from the ...

JERICHO, N.Y., June 13, 2024 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE:KIM) will announce its second quarter 2024 earnings on Thursday, August 1, 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, August 1, 2024 Live Webcast: 2Q24 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: 1566978 Audio from the ...

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Luis Alvarez I added aggressively to my position in Kimco Realty Corporation (NYSE:KIM) last week as the stock went through a short period of unearned selling weakness. Kimco Realty profited from strong lease activity in the first quarter and continued to exhibit very health pay-out metrics as far as the real estate investment trust’s dividend is concerned. Kimco Realty's low pay-out variability and favorable leasing spreads make the trust a compelling buy from a cash flow and dividend growth angle. My ...

These two real estate stocks have high yields and surprisingly strong businesses.Many investors are hesitant to get involved with any type of retail stock, but real estate investment trusts Simon Property Group (SPG 0.57%) and Kimco Realty (KIM -1.28%) are worth a closer look. In this video, Fool.com contributors Matt Frankel and Tyler Crowe discuss why brick-and-mortar retail is more resilient than you might think and why these two companies, in particular, could be excellent dividend stocks to buy now.*St ...

JERICHO, N.Y., May 30, 2024 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE:KIM) announced today that members of its management team will present at the Nareit REITweek Investor Conference on Tuesday, June 4, 2024. The webcast information is as follows: When: Tuesday, June 4, 2024 from 11:00 AM – 11:30 AM, ET Live Webcast: Kimco Realty Presentation Link, or enter https://vimeo.com/event/4280086/ into your browser. Audio from the conference will be available on Kimco Realty's investor relations website until July 5, ...

JERICHO, N.Y., May 30, 2024 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE: KIM) announced today that members of its management team will present at the Nareit REITweek Investor Conference on Tuesday, June 4, 2024. The webcast information is as follows: When: Tuesday, June 4, 2024 from 11:00 AM – 11:30 AM, ET Live Webcast: Kimco Realty Presentation Link, or enter https://vimeo.com/event/4280086/ into your browser. Audio from the conference will be available on Kimco Realty’s investor relations website until July 5 ...

Explanatory Note [Corporate Structure and Reporting](index=3&type=section&id=Corporate%20Structure%20and%20Reporting) The company operates under an UPREIT structure where it is the managing member of Kimco OP, holding a 99.84% interest - The company reorganized into an **Umbrella Partnership Real Estate Investment Trust (UPREIT)** structure on January 1, 2023[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - Kimco Realty Corporation (the Parent Company) is a REIT and acts as the managing member of Kimco OP, owning **99.84%** of its OP Units as of March 31, 2024[12](index=12&type=chunk)[13](index=13&type=chunk) - The financial statements of the Parent Company and Kimco OP are largely identical, with primary differences in stockholders' equity and members' capital[14](index=14&type=chunk)[15](index=15&type=chunk) PART I - FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The company reported a Q1 2024 net loss of $18.9 million, a significant decrease from Q1 2023's net income of $283.5 million [Condensed Consolidated Financial Statements of Kimco Realty Corporation](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements%20of%20Kimco%20Realty%20Corporation) Q1 2024 saw a net loss of $18.9 million, driven by merger charges and the absence of a prior-year special dividend Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$19,466,379** | **$18,274,022** | | Real estate, net | $16,626,386 | $15,094,925 | | **Total Liabilities** | **$8,628,084** | **$8,548,287** | | Notes payable, net | $7,242,570 | $7,262,851 | | **Total Equity** | **$10,767,856** | **$9,653,458** | Condensed Consolidated Statement of Operations Highlights (in thousands) | Account | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | **Total Revenues** | **$503,754** | **$442,892** | | Operating Income | $130,695 | $172,481 | | Merger Charges | ($25,246) | - | | Special Dividend Income | - | $194,116 | | **Net (Loss)/Income Attributable to the Company** | **($10,974)** | **$289,763** | | **Net (Loss)/Income per Share (Diluted)** | **($0.03)** | **$0.46** | - Net cash flow from operating activities was **$176.1 million**, a decrease from $345.2 million in Q1 2023, while financing activities used **$1.02 billion** in cash[35](index=35&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the RPT Realty merger, portfolio changes, debt structure, and the sale of Albertsons (ACI) shares - On January 2, 2024, the company completed its merger with RPT Realty (RPT), acquiring **56 open-air shopping centers** in an all-stock transaction[58](index=58&type=chunk)[59](index=59&type=chunk) RPT Merger Provisional Purchase Price Allocation (in thousands) | Category | Provisional Allocation | | :--- | :--- | | Real estate assets | $1,886,306 | | Investments in real estate joint ventures | $433,345 | | Total assets acquired | $2,395,980 | | Total liabilities assumed | ($953,520) | | **Total purchase price** | **$1,442,460** | - During Q1 2024, the company sold its remaining 14.2 million shares of Albertsons Companies Inc. (ACI) for net proceeds of **$299.1 million**, resulting in a taxable gain[101](index=101&type=chunk) - In Q1 2024, the company repaid approximately **$1.16 billion** in unsecured notes, including some assumed from the RPT merger[124](index=124&type=chunk)[254](index=254&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=36&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses the RPT merger's impact, a Q1 net loss, 3.9% same property NOI growth, and a strong liquidity position [Executive Overview](index=37&type=section&id=Executive%20Overview) Kimco is North America's largest owner of open-air, grocery-anchored shopping centers, with 569 U.S. properties - As of March 31, 2024, Kimco had interests in **569 U.S. shopping center properties**, totaling 100.8 million square feet of GLA[206](index=206&type=chunk) - The merger with RPT Realty was completed on January 2, 2024, adding **56 open-air shopping centers** (13.3 million sq. ft. of GLA) to Kimco's portfolio[207](index=207&type=chunk) - Management acknowledges economic risks such as **inflation, rising interest rates, and a potential recession**, which could adversely affect the company and its tenants[209](index=209&type=chunk)[210](index=210&type=chunk) [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Q1 2024 net loss of $18.9 million contrasts with Q1 2023 net income of $283.5 million due to non-recurring items Q1 2024 vs Q1 2023 Performance (in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenues from rental properties, net | $498,905 | $438,338 | | Merger charges | ($25,246) | $0 | | Special dividend income | $0 | $194,116 | | Net (loss)/income available to common shareholders | ($18,916) | $283,512 | | Diluted (loss)/earnings per share | ($0.03) | $0.46 | - The **$60.6 million increase** in rental property revenue was driven by $44.7 million from the RPT merger properties and $13.7 million from existing portfolio growth[218](index=218&type=chunk) - The provision for income taxes increased by **$41.2 million**, mainly due to taxes on the capital gain from the sale of ACI common stock[229](index=229&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) Primary capital sources include operating cash flow and a $2.0 billion credit facility, ensuring strong liquidity Cash Flow Summary (in thousands) | Activity | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Net cash flow provided by operating activities | $176,091 | $345,233 | | Net cash flow provided by investing activities | $201,430 | $43,559 | | Net cash flow used for financing activities | ($1,024,511) | ($209,444) | | **Net change in cash** | **($646,990)** | **$179,348** | - The company has a **$2.0 billion unsecured revolving credit facility**, which can be increased to $2.75 billion, with $125.0 million outstanding as of March 31, 2024[232](index=232&type=chunk)[255](index=255&type=chunk) - The company anticipates capital commitments of approximately **$225.0 million to $275.0 million** for redevelopment and re-tenanting efforts for the remainder of 2024[238](index=238&type=chunk) - As of March 31, 2024, the company was in compliance with all debt covenants, with **Consolidated Indebtedness to Total Assets at 36%**, well below the 60% limit[252](index=252&type=chunk) [Funds From Operations (FFO)](index=46&type=section&id=Funds%20From%20Operations%20(FFO)) Q1 2024 FFO was $261.8 million, or $0.39 per share, stable year-over-year despite merger-related charges FFO Reconciliation Highlights (in thousands) | Metric | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Net (loss)/income available to common shareholders | ($18,916) | $283,512 | | Depreciation and amortization - real estate related | $153,462 | $125,278 | | Special dividend income | - | ($194,116) | | **FFO available to the Company's common shareholders** | **$261,829** | **$238,087** | | **FFO per common share – diluted** | **$0.39** | **$0.39** | - FFO for Q1 2024 includes **$25.2 million**, or $0.04 per diluted share, of merger-related charges[278](index=278&type=chunk) [Same Property Net Operating Income (NOI)](index=47&type=section&id=Same%20Property%20Net%20Operating%20Income%20(NOI)) Same property NOI increased by 3.9% in Q1 2024, driven by strong rental revenue growth and lower credit losses Same Property NOI (in thousands) | Period | Same Property NOI | % Change | | :--- | :--- | :--- | | Three Months Ended March 31, 2024 | $381,273 | 3.9% | | Three Months Ended March 31, 2023 | $367,108 | | - The **3.9% increase** in Same property NOI was driven by higher rental revenue from leasing, lower credit losses, and reduced non-recoverable operating expenses[284](index=284&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company's primary market risk is interest rate fluctuation, managed through interest rate swaps and fixed-rate debt - The company's main market risk exposure is from interest rate fluctuations and it utilizes **interest rate swaps** to manage this risk on its variable-rate debt[288](index=288&type=chunk) Debt Obligations by Rate Type as of March 31, 2024 (in millions) | Debt Type | Fixed Rate | Variable Rate | Total | | :--- | :--- | :--- | :--- | | Secured Debt | $334.0 | $17.4 | $351.4 | | Unsecured Debt | $7,123.8 | $118.8 | $7,242.6 | | **Total** | **$7,457.8** | **$136.2** | **$7,594.0** | - A **1.0% increase** in short-term interest rates would have resulted in a **$0.3 million** increase in interest expense for the three months ended March 31, 2024[290](index=290&type=chunk) [Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that disclosure controls and procedures were effective as of March 31, 2024 - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were **effective** as of the end of the period[292](index=292&type=chunk)[295](index=295&type=chunk) - The company is in the process of integrating RPT's operations into its internal control over financial reporting following the **January 2, 2024 merger**[293](index=293&type=chunk)[296](index=296&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings.) The company is not currently involved in any litigation that would have a material adverse effect on its business - The Company is not presently involved in any **material litigation**, nor is any material litigation threatened against it[300](index=300&type=chunk) [Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors.) No material changes to risk factors have occurred since the 2023 Annual Report on Form 10-K - There are **no material changes** to the risk factors disclosed in the company's 2023 Annual Report on Form 10-K[301](index=301&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) No shares were repurchased under public programs, though some were bought to cover employee tax obligations - The company did not repurchase any shares under its common or preferred stock repurchase programs during Q1 2024[302](index=302&type=chunk)[303](index=303&type=chunk) - As of March 31, 2024, **$224.9 million** was available under the common share repurchase program[303](index=303&type=chunk) - The company repurchased **738,633 common shares for $14.6 million** to cover tax withholding obligations for employee equity awards[304](index=304&type=chunk)[305](index=305&type=chunk) [Other Information](index=51&type=section&id=Item%205.%20Other%20Information.) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the first quarter of 2024 - No director or officer adopted or terminated a **Rule 10b5-1 trading arrangement** during the three months ended March 31, 2024[309](index=309&type=chunk) [Exhibits](index=51&type=section&id=Item%206.%20Exhibits.) This section lists all exhibits filed with the Form 10-Q, including agreements and required certifications - The exhibits include the Amended and Restated LLC Agreement of Kimco Realty OP, credit agreements, parent guarantees, and **CEO/CFO certifications**[310](index=310&type=chunk)

Core Viewpoint - Kimco Realty Corp. reported strong first-quarter 2024 results, with funds from operations (FFO) per share of 39 cents, exceeding the Zacks Consensus Estimate of 38 cents and matching the previous year's figure. Revenue growth was notable, but increased interest expenses posed a challenge [1]. Financial Performance - Kimco's revenues reached $503.8 million, surpassing the consensus estimate of $468.8 million, reflecting a year-over-year increase of 13.7% [1]. - Same-property net operating income (NOI) grew by 3.9% year over year to $381.3 million, supported by a 2.8% rise in minimum rent [3]. - Interest expenses increased by 21.6% year over year to $74.6 million [3]. Portfolio Activity - The company completed a $2.3 billion acquisition of RPT Realty and disposed of 10 former RPT properties for a total of $248 million, achieving its 2024 disposition target [4]. - Pro-rata portfolio occupancy was 96%, up 20 basis points year over year but down 20 basis points sequentially [2]. Leasing and Rent Growth - Kimco executed 583 leases totaling 4.0 million square feet during the quarter, with blended pro-rata rent spreads on comparable spaces at 10.2% [2]. - Pro-rata cash rent spreads for new leases increased by 35.5%, while renewals and options rose by 7.8% [2]. Balance Sheet Position - At the end of the first quarter, Kimco had $2.0 billion in immediate liquidity, including $1.9 billion available on its unsecured revolving credit facility and over $135 million in cash [5]. - The net-debt-to-EBITDA ratio improved to 5.6X from 6.2X in the prior-year quarter [5]. Dividend and Guidance - The board declared a quarterly cash dividend of 24 cents per share, payable on June 20, 2024 [6]. - For 2024, Kimco revised its FFO per share guidance to a range of $1.56-$1.60, up from the previous range of $1.54-$1.58, with same-property NOI growth expected between 2.25-3% [7].

Investor Presentation First Quarter 2024 Tradewinds Shopping Center Key Largo, Florida Safe Harbor ...