Kimco Realty® Announces Second Quarter 2022 Results

Rhea-AI Summary

Kimco Realty (NYSE: KIM) reported solid second-quarter results for 2022, highlighting a 17.6% increase in Funds From Operations (FFO) to $0.40 per diluted share. Despite a net loss of ($125.8 million) or ($0.21) per share, occupancy rose to 95.1%, driven by a strong demand for grocery-anchored spaces. The board declared a 29% increase in dividends, now at $0.22 per share. Kimco revised its full-year guidance for net income down to $0.48 to $0.52 per share but raised FFO projections to $1.54 to $1.57.

Positive

• FFO increased by 17.6% to $0.40 per diluted share.
• Pro-rata portfolio occupancy improved to 95.1%, up 120 basis points year-over-year.
• Board raised the quarterly dividend by 29% to $0.22 per share.
• Same-Property NOI grew by 3.4% compared to the previous year.

Negative

• Net loss available to common shareholders was ($125.8 million), a significant decline from last year's $110.3 million profit.
• Revised full-year net income guidance down to $0.48 to $0.52 per share from previous estimates of $0.79 to $0.82.

– Solid Operating Results Reaffirm Robust Demand for Quality Open-Air Retail Space –

– Company Updates 2022 Outlook –

– Board Raises Quarterly Common Dividend Third Consecutive Quarter; Up 29% Over Prior Year –

JERICHO, N.Y.--(BUSINESS WIRE)-- Kimco Realty® (NYSE: KIM), North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including mixed-use assets, today reported results for the second quarter ended June 30, 2022. For the three months ended June 30, 2022 and 2021, Kimco’s net (loss)/income available to the company’s common shareholders per diluted share was ($0.21) and $0.25, respectively.

Second Quarter Highlights:

• Produced Funds From Operations* (FFO) of $0.40 per diluted share, representing a 17.6% increase over the comparable period in 2021.
• Grew pro-rata portfolio occupancy 40 basis points sequentially to 95.1%, representing an increase of 120 basis points year-over-year.
• Increased pro-rata small shop occupancy 370 basis points over the second quarter of 2021, representing the largest year-over-year increase in over 10 years.
• Generated pro-rata leasing spreads of 16.6% for new leases on comparable spaces.
• Produced a 3.4% increase in Same-Property Net Operating Income* (NOI) over the same period a year ago.
• Subsequent to quarter end, published the company’s ninth annual Corporate Responsibility Report detailing performance in environmental, social, and governance (ESG) areas.

Kimco CEO Conor Flynn stated, “Our focus on leasing continues to validate the high quality of our portfolio, with over seven million square feet leased through the end of June. Our last-mile, open-air, grocery-anchored portfolio is facilitating higher retention, driving strong new tenant demand, and maintaining solid pricing power, even in the current inflationary environment, all of which should lead to greater free cashflow and visible earnings growth. With an emphasis on necessity-based goods and services, our portfolio is well-positioned in high-growth and affluent markets to serve the needs of consumers and retailers alike as we work to enhance shareholder value.”

Financial Results:

The company reported a net loss available to the company’s common shareholders of ($125.8) million, or ($0.21) per diluted share, for the second quarter of 2022. This compares to net income available to the company’s common shareholders of $110.3 million, or $0.25 per diluted share, for the second quarter of 2021. The year-over-year change is primarily attributable to a $285.8 million mark-to-market reduction on marketable securities mainly stemming from a change in the value of Albertsons Companies, Inc. (NYSE: ACI) common stock held by the company. Other items impacting the year-over-year change include an increase in consolidated revenues from rental properties of $137.5 million as well as higher depreciation and amortization expense of $52.0 million, both of which were due in part to the merger with Weingarten Realty Investors (Weingarten) in August of 2021.

*Reconciliations of net (loss)/income available to the company’s common shareholders to certain non-GAAP measures including FFO, Same-property NOI and Net Debt to EBITDA are provided in the tables accompanying this press release.

FFO was $246.4 million, or $0.40 per diluted share, for the second quarter 2022 compared to $148.8 million, or $0.34 per diluted share, for the second quarter 2021, which includes $3.2 million, or $0.01 per diluted share, of merger related costs.

Operating Results:

• Pro-rata portfolio occupancy ended the quarter at 95.1%, an increase of 40 basis points sequentially and 120 basis points year-over-year. The improvement in portfolio occupancy was driven by positive net absorption including the lowest level of vacates (by GLA) during a quarter in over 10 years.
• Pro-rata anchor occupancy ended the quarter at 97.6%, an increase of 30 basis points sequentially and 70 basis points year-over-year.
• Pro-rata small shop occupancy expanded 80 basis points sequentially and 370 basis points year-over-year to 89.2%.
• Signed 498 leases totaling 2.3 million square feet with blended pro-rata rental-rate spreads on comparable spaces increasing 7.1%, and with rental rates for new leases up 16.6% and renewals and options growing 5.6%.
• Reported a 290-basis-point spread between leased (reported) occupancy versus economic occupancy at the end of the second quarter, representing $44 million of future rent.
• Produced 3.4% growth in Same-Property Net Operating Income (NOI) over the same period a year ago, driven by a 4.7% increase in minimum rent.

Transaction Activities:

• Sold four shopping centers and four land parcels totaling 1.1 million square feet for $221.6 million. The company’s pro-rata share of the sales price was $100.3 million.
• Acquired three previously unowned parcels that are part of the company’s existing grocery-anchored centers for a gross purchase price of $6.3 million. Kimco’s share of the purchase price was $5.6 million. In addition, the company acquired an additional 3.58% ownership interest in the Kimco Income REIT (KIR) joint venture from existing partners for $55.1 million. Kimco’s interest in KIR is now 52.1%.
• Provided a total of $50.1 million in mezzanine financing on three different shopping centers with Kimco gaining either a right of first offer or right of first refusal in the event of a future sale of these assets.
• Subsequent to quarter end, acquired two grocery-anchored centers located in Philadelphia, Pennsylvania and Massapequa, New York totaling 329,000 square feet for $89.0 million in aggregate. In addition, the company acquired the fee interest at Pike Center in Rockville, MD for a purchase price of $21.2 million.

Capital Market Activities:

• Generated net proceeds of $11.3 million through the issuance of approximately 450,000 shares of common stock through the company’s “At the Market” (ATM) program at a weighted average price of $25.30 per share during the second quarter.
• Ended the quarter with a Net Debt to EBITDA* level of 6.4x on a look-through basis, which includes outstanding preferred stock and the company’s pro-rata share of joint venture debt, equaling the lowest reported leverage level since the company began reporting this metric.
• Ended the second quarter with approximately $2.3 billion of immediate liquidity, including full availability under the company’s $2.0 billion unsecured revolving credit facility, and $297 million of cash and cash equivalents on the balance sheet. In addition, Kimco maintains ACI common stock valued at over $1.0 billion, subject to certain lock-up provisions until September 10, 2022.

Dividend Declarations:

• Kimco’s board of directors declared a cash dividend of $0.22 per common share, representing a 10% increase from the prior quarterly dividend and 29.4% over the corresponding period of the prior year. The quarterly cash dividend on common shares, which is based on projected REIT taxable income, is payable on September 23, 2022 to shareholders of record on September 9, 2022.
• The board of directors also declared quarterly dividends with respect to each of the company’s Class L and Class M series of cumulative redeemable preferred shares. These dividends on the preferred shares will be paid on October 17, 2022 to shareholders of record on October 3, 2022.

2022 Full Year Outlook:

Based on these results and the outlook for the remainder of 2022, the company has revised its full-year guidance ranges as follows:

	Current*	Previous
Net Income available to common shareholders (per diluted share):	$0.48 to $0.52	$0.79 to $0.82
FFO (per diluted share):	$1.54 to $1.57	$1.50 to $1.53

*The tables accompanying this press release provide a reconciliation for this forward-looking non-GAAP measure.

Conference Call Information

When: 8:30 AM ET, July 28, 2022

Live Webcast: 2Q22 Kimco Realty Earnings Conference Call or on Kimco Realty’s website investors.kimcorealty.com (replay available through October 27, 2022)

Dial #: 1-877-407-0784 (International: 1-201-689-8560)

About Kimco Realty®

Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco Realty is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of June 30, 2022, the company owned interests in 533 U.S. shopping centers and mixed-use assets comprising 92 million square feet of gross leasable space. For further information, please visit www.kimcorealty.com.

The company announces material information to its investors using the company’s investor relations website (investors.kimcorealty.com), SEC filings, press releases, public conference calls, and webcasts. The company also uses social media to communicate with its investors and the public, and the information the company posts on social media may be deemed material information. Therefore, the company encourages investors, the media, and others interested in the company to review the information that it posts on the social media channels, including Facebook (www.facebook.com/kimcorealty), Twitter (www.twitter.com/kimcorealty), YouTube (www.youtube.com/kimcorealty) and LinkedIn (www.linkedin.com/company/kimco-realty-corporation). The list of social media channels that the company uses may be updated on its investor relations website from time to time.

Safe Harbor Statement

This communication contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “commit,” “anticipate,” “estimate,” “project,” “will,” “target,” “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which, in some cases, are beyond the Company’s control and could materially affect actual results, performances or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) general adverse economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center, (iv) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in accordance with our expectations, (v) the Company’s ability to raise capital by selling its assets, (vi) increases in operating costs due to inflation and supply chain issues, (vii) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company following the merger between Kimco and Weingarten Realty Investors (the “Merger”), (viii) the possibility that, if the Company does not achieve the perceived benefits of the Merger as rapidly or to the extent anticipated by financial analysts or investors, the market price of the Company’s common stock could decline, (ix) changes in governmental laws and regulations, including but not limited to changes in data privacy, environmental (including climate change), safety and health laws, and management’s ability to estimate the impact of such changes, (x) valuation and risks related to the Company’s joint venture and preferred equity investments, (xi) valuation of marketable securities and other investments, including the shares of Albertsons Companies, Inc. common stock held by the Company, (xii) impairment charges, (xiii) pandemics or other health crises, such as coronavirus disease 2019 (“COVID-19”), (xiv) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xv) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (xvi) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xvii) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity, and (xviii) the other risks and uncertainties identified under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year-ended December 31, 2021. Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that the Company files with the Securities and Exchange Commission (“SEC”).

###

Condensed Consolidated Balance Sheets
(in thousands, except share data)
(unaudited)
			June 30, 2022			December 31, 2021
Assets:
	Real estate, net of accumulated depreciation and amortization
		of $3,238,079 and $3,010,699, respectively	$	14,837,685		$	15,035,900
	Real estate under development			5,672			5,672
	Investments in and advances to real estate joint ventures			1,083,509			1,006,899
	Other investments			101,680			122,015
	Cash and cash equivalents			296,798			334,663
	Marketable securities			1,073,706			1,211,739
	Accounts and notes receivable, net			260,140			254,677
	Operating lease right-of-use assets, net			144,092			147,458
	Other assets			394,287			340,176
Total assets			$	18,197,569		$	18,459,199
Liabilities:
	Notes payable, net		$	7,056,644		$	7,027,050
	Mortgages payable, net			346,461			448,652
	Dividends payable			5,326			5,366
	Operating lease liabilities			121,434			123,779
	Other liabilities			682,697			730,690
Total liabilities				8,212,562			8,335,537
Redeemable noncontrolling interests				13,270			13,480
Stockholders' equity:
	Preferred stock, $1.00 par value, authorized 7,054,000 shares;
		Issued and outstanding (in series) 19,435 and 19,580 shares, respectively;
		Aggregate liquidation preference $485,868 and $489,500, respectively		19			20
	Common stock, $.01 par value, authorized 750,000,000 shares; Issued and
		outstanding 618,483,648 and 616,658,593 shares, respectively		6,185			6,167
	Paid-in capital			9,605,163			9,591,871
	Retained earnings			163,210			299,115
	Accumulated other comprehensive income			6,476			2,216
Total stockholders' equity				9,781,053			9,899,389
	Noncontrolling interests			190,684			210,793
Total equity				9,971,737			10,110,182
Total liabilities and equity			$	18,197,569		$	18,459,199

Condensed Consolidated Statements of Operations
(in thousands, except share data)
(unaudited)
			Three Months Ended June 30,						Six Months Ended June 30,
				2022			2021			2022			2021
Revenues
	Revenues from rental properties, net		$	423,273		$	285,732		$	845,927		$	564,603
	Management and other fee income			3,925			3,284			8,520			6,721
	Total revenues			427,198			289,016			854,447			571,324
Operating expenses
	Rent			(4,070)			(2,993)			(8,151)			(6,028)
	Real estate taxes			(56,075)			(39,594)			(110,389)			(78,530)
	Operating and maintenance			(69,784)			(46,897)			(139,009)			(93,417)
	General and administrative			(27,981)			(24,754)			(57,929)			(49,232)
	Impairment charges			(14,419)			(104)			(14,691)			(104)
	Merger charges			-			(3,193)			-			(3,193)
	Depreciation and amortization			(124,611)			(72,573)			(254,905)			(147,449)
	Total operating expenses			(296,940)			(190,108)			(585,074)			(377,953)
Gain on sale of properties				2,944			18,861			7,137			28,866
Operating income				133,202			117,769			276,510			222,237
Other income/(expense)
	Other income, net			6,642			1,782			12,625			5,139
	(Loss)/gain on marketable securities, net			(261,467)			24,297			(139,703)			85,382
	Interest expense			(56,466)			(46,812)			(113,485)			(94,528)
	Early extinguishment of debt charges			(57)			-			(7,230)			-
(Loss)/income before income taxes, net, equity in income of joint ventures,
	net, and equity in income from other investments, net			(178,146)			97,036			28,717			218,230
	(Provision)/benefit for income taxes, net			(96)			(1,275)			57			(2,583)
	Equity in income of joint ventures, net			44,130			16,318			67,700			34,070
	Equity in income of other investments, net			3,385			5,039			8,758			8,826
Net (loss)/income				(130,727)			117,118			105,232			258,543
	Net loss/(income) attributable to noncontrolling interests			11,226			(421)			12,569			(3,904)
Net (loss)/income attributable to the company				(119,501)			116,697			117,801			254,639
	Preferred dividends, net			(6,250)			(6,354)			(12,604)			(12,708)
Net (loss)/income available to the company's common shareholders			$	(125,751)		$	110,343		$	105,197		$	241,931
Per common share:
	Net (loss)/income available to the company's common shareholders: (1)
		Basic	$	(0.21)		$	0.25		$	0.17		$	0.56
		Diluted (2)	$	(0.21)		$	0.25		$	0.17		$	0.56
Weighted average shares:
		Basic		615,642			431,011			615,207			430,769
		Diluted		615,642			432,489			616,943			432,430

(1)

Adjusted for earnings attributable from participating securities of ($533) and ($672) for the three months ended June 30, 2022 and 2021, respectively. Adjusted for earnings attributed from participating securities of ($1,000) and ($1,475) for the six months ended June 30, 2022 and 2021, respectively.

(2)

Reflects the potential impact if certain units were converted to common stock at the beginning of the period. The impact of the conversion would have an antidilutive effect on net income and therefore have not been included. Adjusted for distributions on convertible units of $0 and $9 for the three months ended June 30, 2022 and 2021, respectively. Adjusted for distributions on convertible units of $0 and $18 for the six months ended June 30, 2022 and 2021, respectively.

Reconciliation of Net (Loss)/Income Available to the Company's Common Shareholders to
FFO Available to the Company's Common Shareholders (1)
(in thousands, except share data)
(unaudited)
		Three Months Ended June 30,							Six Months Ended June 30,
			2022			2021				2022			2021
Net (loss)/income available to the company's common shareholders		$	(125,751)		$	110,343			$	105,197		$	241,931
	Gain on sale of properties		(2,944)			(18,861)				(7,137)			(28,866)
	Gain on sale of joint venture properties		(27,198)			-				(30,184)			(5,283)
	Depreciation and amortization - real estate related		123,672			71,781				253,133			145,894
	Depreciation and amortization - real estate joint ventures		16,616			10,234				33,501			20,241
	Impairment charges (including real estate joint ventures)		17,233			104				17,933			1,172
	Profit participation from other investments, net		(1,988)			(1,346)				(5,651)			(1,151)
	Loss/(gain) on marketable securities, net		261,467			(24,297)				139,703			(85,382)
	Provision/(benefit) for income taxes, net (2)		3			1,096				(8)			2,142
	Noncontrolling interests (2)		(14,729)			(271)				(19,459)			2,355
FFO available to the company's common shareholders		$	246,381		$	148,783	(5)		$	487,028	(4)	$	293,053	(5)
Weighted average shares outstanding for FFO calculations:
Basic			615,642			431,011				615,207			430,769
	Units		2,473			642				2,509			653
	Dilutive effect of equity awards		1,419			1,356				1,689			1,528
Diluted			619,534			433,009				619,405			432,950
FFO per common share - basic		$	0.40		$	0.35			$	0.79		$	0.68
FFO per common share - diluted (3)		$	0.40		$	0.34			$	0.79		$	0.68

(1)	The company considers FFO to be an important supplemental measure of its operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting results. Comparison of the company's presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the Nareit definition used by such REITs.
(2)	Related to gains, impairments and depreciation on properties, where applicable.
(3)	Reflects the potential impact if certain units were converted to common stock at the beginning of the period. FFO available to the company’s common shareholders would be increased by $483 and $97 for the three months ended June 30, 2022 and 2021, respectively. FFO available to the company’s common shareholders would be increased by $955 and $195 for the six months ended June 30, 2022 and 2021, respectively. The effect of other certain convertible units would have an anti-dilutive effect upon the calculation of FFO available to the company’s common shareholders per share. Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations.
(4)	Includes Early extinguishment of debt charges of $7.2 million recognized during the six months ended June 30, 2022.
(5)	Includes Merger charges of $3.2 million recognized during the three and six months ended June 30, 2021 in connection with the WRI merger.

Reconciliation of Net (Loss)/Income Available to the Company's Common Shareholders
to Same Property NOI (1)(2)
(in thousands)
(unaudited)
			Three Months Ended June 30,						Six Months Ended June 30,
				2022			2021			2022			2021
Net (loss)/income available to the Company's common shareholders			$	(125,751)		$	110,343		$	105,197		$	241,931
	Adjustments:
		Management and other fee income		(3,925)			(3,284)			(8,520)			(6,721)
		General and administrative		27,981			24,754			57,929			49,232
		Impairment charges		14,419			104			14,691			104
		Merger charges		-			3,193			-			3,193
		Depreciation and amortization		124,611			72,573			254,905			147,449
		Gain on sale of properties		(2,944)			(18,861)			(7,137)			(28,866)
		Interest and other expense, net		49,881			45,030			108,090			89,389
		Loss/(gain) on marketable securities, net		261,467			(24,297)			139,703			(85,382)
		Provision/(benefit) for income taxes, net		96			1,275			(57)			2,583
		Equity in income of other investments, net		(3,385)			(5,039)			(8,758)			(8,826)
		Net (loss)/income attributable to noncontrolling interests		(11,226)			421			(12,569)			3,904
		Preferred dividends, net		6,250			6,354			12,604			12,708
		WRI Same Property NOI (3)		-			93,855			-			185,639
		Non same property net operating income		(17,295)			(14,159)			(35,122)			(31,578)
		Non-operational expense from joint ventures, net		(2,858)			14,606			16,826			26,568
Same Property NOI			$	317,321		$	306,868		$	637,782		$	601,327

(1)	The company considers Same Property NOI as an important operating performance measure because it is frequently used by securities analysts and investors to measure only the net operating income of properties that have been owned by the company for the entire current and prior year reporting periods. It excludes properties under redevelopment, development and pending stabilization; properties are deemed stabilized at the earlier of (i) reaching 90% leased or (ii) one year following a project’s inclusion in operating real estate. Same Property NOI assists in eliminating disparities in net income due to the development, acquisition or disposition of properties during the particular period presented, and thus provides a more consistent performance measure for the comparison of the company's properties. The company’s method of calculating Same Property NOI may differ from methods used by other REITs and, accordingly, may not be comparable to such other REITs.
(2)	Amounts represent Kimco Realty's pro-rata share.
(3)	Amounts for the three months and six months ended June 30, 2021, represent the Same Property NOIs from WRI properties, not included in the Company's Net (loss)/income available to the Company's common shareholders for the same period.

Reconciliation of the Projected Range of Net Income to Funds From Operations
Available to the Company's Common Shareholders
(unaudited, all amounts shown are per diluted share)
		Current Projected Range
		Full Year 2022
			Low			High
Net income available to the company's common shareholders		$	0.48		$	0.52
Gain on sale of properties			(0.01)			(0.04)
Gain on sale of joint venture properties			(0.05)			(0.07)
Depreciation & amortization - real estate related			0.82			0.85
Depreciation & amortization - real estate joint ventures			0.11			0.12
Profit participation from other investments, net			(0.01)			(0.01)
Loss on marketable securities, net			0.23			0.23
Noncontrolling interests (1)			(0.03)			(0.03)
FFO available to the company's common shareholders (2)		$	1.54		$	1.57

(1) Related to gains, impairments and depreciation on properties, where applicable.

(2) Includes $7.2 million of prepayment charges and write-offs of deferred financing costs related to the redemption of $500 million 3.400% notes due 11/1/2022.

Projections involve numerous assumptions such as rental income (including assumptions on percentage rent), interest rates, tenant defaults, occupancy rates, selling prices of properties held for disposition, expenses (including salaries and employee costs), insurance costs and numerous other factors. Not all of these factors are determinable at this time and actual results may vary from the projected results, and may be above or below the range indicated. The above range represents management’s estimate of results based upon these assumptions as of the date of this press release.

Reconciliation of Net (Loss)/Income to EBITDA
(in thousands)
(unaudited)
		Three Months Ended June 30,
			2022			2021
Net (loss)/income		$	(130,727)		$	117,118
Interest			56,466			46,812
Early extinguishment of debt charges			57			-
Depreciation and amortization			124,611			72,573
Gain on sale of properties			(2,944)			(18,861)
Gain on sale of joint venture properties			(27,198)			-
Impairment charges (including real estate joint ventures)			17,233			104
Merger charges			-			3,193
Pension valuation adjustment			(240)			-
Profit participation from other investments, net			(1,988)			(1,346)
Loss/(gain) on marketable securities			261,467			(24,297)
Provision for income taxes, net			96			1,275
Consolidated EBITDA		$	296,833		$	196,571
Consolidated EBITDA		$	296,833		$	196,571
Pro-rata share of interest expense - real estate joint ventures			5,527			4,622
Pro-rata share of depreciation and amortization - real estate joint ventures			16,616			10,234
EBITDA including pro-rata share - joint ventures		$	318,976		$	211,427
Consolidated debt		$	7,403,105		$	5,215,505
Consolidated cash			(296,798)			(230,062)
Consolidated net debt		$	7,106,307		$	4,985,443
Consolidated net debt		$	7,106,307		$	4,985,443
Pro-rata share of debt			659,979			582,358
Liquidation preference for preferred stock			485,868			489,500
Pro-rata share of cash			(85,804)			(49,256)
Net Debt including pro-rata share - joint ventures		$	8,166,350		$	6,008,045
Annualized Consolidated EBITDA			1,187,332			786,284
Net Debt to Consolidated EBITDA		6.0x			6.3x
Annualized EBITDA including pro-rata share - joint ventures			1,275,904			845,708
Net Debt to EBITDA on a look-through basis (1)		6.4x			7.1x

(1)	Net Debt to EBITDA on a look-through basis includes outstanding preferred stock and company's pro-rata share of joint venture debt.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220728005221/en/

David F. Bujnicki

Senior Vice President, Investor Relations and Strategy

Kimco Realty Corporation

1-866-831-4297

dbujnicki@kimcorealty.com

Source: Kimco Realty Corporation

FAQ

What were Kimco Realty's second-quarter results for 2022?

In Q2 2022, Kimco Realty reported a net loss of ($125.8 million), FFO of $0.40 per share, and a 3.4% increase in Same-Property NOI.

How much did Kimco raise its dividend in 2022?

Kimco raised its quarterly dividend by 29% to $0.22 per share, payable on September 23, 2022.

What is the current occupancy rate for Kimco Realty's portfolio?

As of the end of Q2 2022, Kimco's pro-rata portfolio occupancy was 95.1%, reflecting a year-over-year increase.

What changes did Kimco make to its outlook for 2022?

Kimco revised its full-year net income guidance down to $0.48 to $0.52 per share, while increasing FFO guidance to $1.54 to $1.57 per share.