Group 1 - Kimco Realty will present at the Citi 2025 Global Property CEO Conference on March 3, 2025, from 7:30 AM to 8:05 AM ET [1] - A replay of the webcast will be available 12 hours after the live event until March 2, 2026 [1] Group 2 - Kimco Realty is a leading real estate investment trust (REIT) focused on high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the U.S. [2] - The company's portfolio includes 568 U.S. shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space as of December 31, 2024 [2] - Kimco Realty has been publicly traded on the NYSE since 1991 and is included in the S&P 500 Index [2]

Green Initiatives - The Company issued $500.0 million in 2.70% notes due 2030 in its inaugural green bond offering, fully allocated as of June 30, 2024[71] - The Company has a target to reduce Scope 1 and 2 greenhouse gas emissions by 30% from a 2018 baseline by 2030 and aims for net zero emissions by 2050[67] - The Company operates a $2.0 billion green credit facility with rate adjustments tied to Scope 1 and 2 emissions reductions[71] Employee Engagement and Satisfaction - As of December 31, 2024, the Company employed 717 individuals, with an average tenure of 9.6 years[64] - The Company has been recognized as a Great Place to Work for seven consecutive years, highlighting its commitment to employee satisfaction[58] - The Company promotes community engagement by offering two volunteer days off per year and a matching program for charitable endeavors[63] - The Company maintains a hybrid work model to enhance communication and collaboration among associates[59] - The Company has a significant focus on employee health and well-being, offering a range of benefits including a Safe Harbor 401(k) program[57] Corporate Responsibility and Financial Compliance - The Company has established a Corporate Responsibility program aligned with its core business strategy to deliver long-term value[65] - To qualify as a REIT, the company must distribute at least 90% of its REIT taxable income annually, excluding net capital gains[146] - If the company loses its REIT status, it would face significant tax consequences, reducing funds available for stockholder distributions[145] - The company may need to borrow funds during unfavorable market conditions to meet REIT distribution requirements, which could adversely affect its financial condition[146] - The company is subject to a 4% nondeductible excise tax if distributions are less than 85% of ordinary income, 95% of capital gain net income, and 100% of undistributed income from prior years[146] - Tax liabilities from acquisitions may impact the company's business, particularly if it acquires a C corporation and disposes of its assets within five years[150] - The company could be subject to a 100% penalty tax on net income from prohibited transactions, which may limit its ability to engage in certain sales[151] - Dividends payable by REITs do not qualify for reduced tax rates available for some dividends, making them less attractive to certain investors[152] - The failure of subsidiary REITs to qualify could adversely affect the company's ability to comply with REIT income and asset tests[144] - The company's access to capital depends on market perception of growth potential, current debt levels, and stock price[146] - The company must not have any earnings and profits accumulated in a non-REIT year to maintain its REIT status[150] Financial Risks - The Company is exposed to interest rate risk primarily through its unsecured revolving credit facility, which bears interest at a floating rate[136]

Financial Performance & Growth Drivers - Kimco's total capitalization reached $25.1 billion[4] - The company estimates portfolio average organic growth (rent bumps) of 1.25% to 1.5% per year[7] - Kimco realized $36 million in G&A synergies from the RPT acquisition in 2024[7] - Kimco achieved a 7.7% growth in FFO/diluted share over 4Q23[73] - Kimco projects 2025 capital expenditures to be less than 20% of NOI[58] Portfolio & Occupancy - Portfolio occupancy reached 96.3%[75] - Small shop occupancy is at 91.7%, nearing an all-time high[75] - Approximately 82% of Kimco's Annual Base Rent (ABR) comes from top major metro markets[9] - Approximately 90% of 2024 GLA was overall retention[24] - Anchor leasing spreads trailing 12 months ("TTM") were 59.2%[33] Capital Allocation & Investments - Kimco anticipates $100 million to $125 million in total net acquisitions in 2025, including Structured Investments, with a 7.0% to 8.0% blended cap rate[7, 60] - Kimco has deployed approximately $400 million in structured investments[61] - The company completed the $2.2 billion acquisition of 56 properties from RPT in January 2024 at an ~8.50% implied cap rate[64] Debt & Financial Strength - Kimco's look-through net debt to EBITDA was 5.6x in 4Q24[65] - Approximately 99.8% of Kimco's consolidated debt is fixed rate[79] - Kimco has $2.7 billion in immediate liquidity[80]

Core Viewpoint - Kimco Realty Corporation held its Q4 2024 earnings conference call on February 7, 2025, with key executives participating to discuss the company's performance and outlook [1][2]. Group 1: Company Overview - The management team present during the call included Conor Flynn (CEO), Ross Cooper (President & CIO), Glenn Cohen (CFO), and David Jamieson (EVP & COO), among others [3]. Group 2: Conference Call Structure - The call was structured to allow participants to listen only initially, with a Q&A session following the presentation [2]. - The event was recorded for future reference [2]. Group 3: Forward-Looking Statements - The company reminded participants that statements made during the call may be forward-looking, and actual results could differ materially from those projected [4].

Financial Data and Key Metrics Changes - FFO for Q4 2024 was $286.9 million or $0.42 per diluted share, up from $239.4 million or $0.39 per diluted share in Q4 2023, representing a per-share increase of 7.7% [35] - Total pro-rata NOI increased by $60.8 million or 17.8% to $403.4 million compared to the same period last year [35] - Year-end portfolio occupancy stood at 96.3%, reflecting a year-over-year increase of 10 basis points [37] Business Line Data and Key Metrics Changes - Same-site NOI growth for Q4 was 4.5%, driven primarily by higher minimum rent contributing 3.8% [38] - RPT same-site NOI growth reached 6.2%, with occupancy increasing by 120 basis points [23] - Internet-resistant retailers now account for over 50% of new lease volume, with a surge in leasing to medical and wellness tenants [19] Market Data and Key Metrics Changes - National vacancy rate remains near record lows, facilitating strong leasing momentum [13] - The lack of new supply is measured at just 0.3% of existing retail stock, contributing to favorable supply and demand dynamics [13] - The average unemployment rate across the portfolio is 20 basis points lower than the national average, supporting increased sales at retailers [16] Company Strategy and Development Direction - The company is focused on repositioning its portfolio into first-ring suburbs to leverage natural barriers to entry and pricing power advantages [14] - Kimco Realty Corporation aims to transform its portfolio into a grocery-anchored and mixed-use portfolio, capitalizing on demographic trends [15] - The company plans to selectively dispose of long-term flat ground leases and monetize select development entitlements to enhance growth [32] Management's Comments on Operating Environment and Future Outlook - Management remains confident about growth prospects despite economic uncertainties and recent tenant bankruptcies [43] - The initial 2025 FFO per share outlook range is $1.70 to $1.72, representing a growth range of 3% to 4.2% [43] - The company anticipates same property NOI growth of 2% plus, factoring in potential credit loss from bankruptcies [44] Other Important Information - The company achieved its goal of entitling 12,000 apartment units a year ahead of schedule, expanding its mixed-use portfolio [15] - The liquidity position remains strong with $690 million in cash and full availability of a $2 billion revolving credit facility [41] - Moody's affirmed the company's Baa1 unsecured debt rating with a positive outlook [42] Q&A Session Summary Question: Can you talk about the credit loss reserve and exposure to potential trouble tenants? - Management indicated a credit loss reserve of 75 to 100 basis points, with a 130 basis point impact from tenants in bankruptcy [51][60] - The company has already absorbed a 10 basis point impact from Big Lots in 2024, with ongoing efforts to backfill spaces [52][56] Question: What does the opportunity set look like for acquisitions? - Management stated that they have already identified and closed on net acquisition activity, with plans to recycle capital from dispositions into new opportunities [67][69] Question: Can you provide more color on the assumptions for credit loss reserves? - Management expressed comfort with the credit loss range, considering the ongoing bankruptcy processes for Party City and Joanne's [111][112] Question: What is the focus on development and redevelopment spending? - Management emphasized a retail-driven focus for redevelopment, with opportunities to backfill existing spaces rather than extensive new development [96][99] Question: How are you planning to market spaces from bankrupt tenants? - The company markets spaces well in advance of any bankruptcy filings, with ongoing efforts to upgrade tenancy and secure new leases [125][126]

Core Viewpoint - Kimco Realty Corp. reported strong fourth-quarter 2024 results, with funds from operations (FFO) per share meeting expectations and showing year-over-year growth, despite increased interest expenses [1][2][4]. Financial Performance - FFO per share for Q4 2024 was 42 cents, a 7.7% increase from the previous year [1] - Total revenues reached $525.4 million, exceeding the consensus estimate of $513.1 million, and reflecting a 16.3% year-over-year improvement [2] - For the full year 2024, FFO per share was $1.65, up 5.1% from $1.57, surpassing the Zacks Consensus Estimate of $1.64 [2] - Annual revenues increased 14.2% year over year to $2.04 billion [2] Operational Highlights - Pro-rata portfolio occupancy at the end of Q4 was 96.3%, up 10 basis points year over year [3] - Pro-rata anchor occupancy was 98.2%, reflecting a 20 basis point increase year over year [3] - Pro-rata small shop occupancy remained flat at 91.7% year over year [3] - Kimco executed 429 leases totaling 2.4 million square feet in the quarter, with blended pro-rata cash rent spreads on comparable spaces at 11.4% [4] Cost and Expenses - Interest expenses rose 23.4% year over year to $83.7 million [4] - Same-property net operating income (NOI) grew 4.5% year over year, supported by a 3.8% increase in minimum rent [4] Acquisition Activity - Kimco acquired Waterford Lakes Town Center for $322 million and Markets at Town Center for $108 million [5] Balance Sheet and Liquidity - The company ended Q4 2024 with $2.7 billion in immediate liquidity, including $689.7 million in cash [6] - Net-debt-to-EBITDA ratio was 5.6x, unchanged from the prior year [6] Equity Offering - Kimco raised $136.3 million from the sale of 5.4 million shares at an average price of $25.07 per share [7] Dividend Declaration - A quarterly cash dividend of 25 cents per share was declared, payable on March 21, 2025 [9] 2025 Guidance - For 2025, Kimco expects FFO per share in the range of $1.70 to $1.72, above the Zacks Consensus Estimate of $1.69 [10] - The outlook is based on same-property NOI growth of over 2.0% and total acquisitions expected between $100 million and $125 million [10]

Core Insights - Kimco Realty reported $525.4 million in revenue for Q4 2024, a 16.3% year-over-year increase, with an EPS of $0.42 compared to $0.22 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $513.1 million by 2.40%, while the EPS met the consensus estimate [1] Financial Performance Metrics - Pro-rata portfolio occupancy was reported at 96.3%, slightly below the estimated 96.8% [4] - Management and other fee income was $4.33 million, below the average estimate of $4.57 million, but showed a year-over-year increase of 16.9% [4] - Revenues from rental properties, net, were $521.06 million, surpassing the average estimate of $511.41 million, reflecting a year-over-year change of 16.3% [4] - Diluted net EPS was reported at $0.23, exceeding the average estimate of $0.17 [4] Stock Performance - Kimco Realty shares returned +1.7% over the past month, compared to the Zacks S&P 500 composite's +1.9% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]

Core Insights - Kimco Realty reported quarterly funds from operations (FFO) of $0.42 per share, matching the Zacks Consensus Estimate and showing an increase from $0.39 per share a year ago [1] - The company achieved revenues of $525.4 million for the quarter ended December 2024, exceeding the Zacks Consensus Estimate by 2.40% and up from $451.6 million year-over-year [2] - Kimco Realty has surpassed consensus FFO estimates three times in the last four quarters and topped revenue estimates four times in the same period [1][2] Financial Performance - The FFO for the previous quarter was initially expected to be $0.41 per share, but the actual result was $0.43, resulting in a surprise of 4.88% [1] - The current consensus FFO estimate for the upcoming quarter is $0.42, with projected revenues of $517.88 million, and for the current fiscal year, the estimate is $1.69 on $2.09 billion in revenues [7] Market Position - Kimco Realty shares have underperformed the market, losing about 4.4% since the beginning of the year, while the S&P 500 has gained 3.4% [3] - The Zacks Industry Rank places the REIT and Equity Trust - Retail sector in the top 29% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] Future Outlook - The sustainability of Kimco Realty's stock price movement will largely depend on management's commentary during the earnings call and the trends in estimate revisions [3][4] - The estimate revisions trend for Kimco Realty is currently mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6]

Financial Performance - Fourth quarter 2024 net income was $154.8 million, or $0.23 per diluted share, a 4.5% increase from $133.4 million, or $0.22 per diluted share in Q4 2023[4] - Full year 2024 net income was $375.7 million, or $0.55 per diluted share, down from $629.3 million, or $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 $410.8 million, compared to $654.3 million in 2023, reflecting a decrease of 37.2%[24] - The company reported a basic net income per common share of $0.23 for Q4 2024, compared to $0.22 for Q4 2023, marking a 4.5% increase[24] - Net income available to the company's common shareholders for Q4 2024 was $154.835 million, an increase of 16% from $133.360 million in Q4 2023[27] Funds From Operations (FFO) - Funds From Operations (FFO) grew 7.7% year-over-year to $286.9 million, or $0.42 per diluted share, compared to $239.4 million, or $0.39 per diluted share in Q4 2023[7] - FFO for the full year 2024 was $1.1 billion, or $1.65 per diluted share, representing a 5.1% increase from $970.0 million, or $1.57 per diluted share in 2023[9] - Funds from Operations (FFO) available to the company's common shareholders for Q4 2024 was $286.901 million, up 20% from $239.443 million in Q4 2023[27] - FFO per common share - diluted for the year ended December 31, 2024, was $1.65, compared to $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 $1.70 and $1.72 per diluted share[33] Revenue and Income Growth - Total revenues for Q4 2024 reached $525.4 million, a 16.3% increase from $451.6 million in Q4 2023[24] - Rental property revenues for the year were $2.02 billion, a 14.3% increase from $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 $1.526 billion, a 3.5% increase from $1.475 billion in 2023[30] Portfolio and Acquisitions - The company acquired Waterford Lakes Town Center for $322 million and Markets at 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 $20.3 billion in 2024, up from $18.3 billion in 2023, representing an 11.1% growth[22] - Total liabilities rose to $9.46 billion in 2024, compared to $8.55 billion in 2023, an increase of 10.7%[22] - The company’s cash and cash equivalents decreased to $689.7 million in 2024 from $783.8 million in 2023, a decline of 12.0%[22] - The company ended 2024 with approximately $2.7 billion of immediate liquidity, including $689.7 million in cash and cash equivalents[15] Expenses and Charges - Operating income for Q4 2024 was $166.4 million, slightly down from $168.6 million in Q4 2023[24] - Interest expense and other income, net for Q4 2024 was $66.032 million, compared to $46.917 million in Q4 2023, showing an increase of 41%[30] - The company incurred impairment charges of $4.5 million for the year, down from $14.0 million in 2023[24] - The company reported impairment charges of $9.985 million for the year ended December 31, 2024, down from $15.060 million in 2023[27] - The company incurred merger-related charges of $25.246 million for the year ended December 31, 2024, compared to $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 $603.685 million, compared to $507.265 million in 2023, indicating a significant increase[30] Shareholder Returns - Preferred dividends increased to $31.8 million for the year ended December 31, 2024, compared 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]

– Achieves High End of Full Year Outlook with Strong Fourth Quarter Growth in Net Income and FFO – – Leased Over 11 Million Square Feet in 2024 – – Company Provides Initial 2025 Outlook – JERICHO, N.Y., Feb. 07, 2025 (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 fourth quarter and full year ended Decem ...