Kimco Realty(KIM) - 2024 Q4 - Annual Results

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]