Kimco Realty® Announces Third Quarter 2022 Results
Kimco Realty reported its third-quarter results for 2022, revealing a significant 28.1% increase in funds from operations (FFO) to $0.41 per diluted share despite a drop in net income to $51.6 million or $0.08 per diluted share due to a $532.6 million mark-to-market reduction in securities, including Albertsons stock. Portfolio occupancy improved to 95.3%, and the company declared a cash dividend of $0.23, marking a 4.5% increase. Kimco revised its full-year guidance, raising net income and FFO outlooks. The company also executed significant transactions, enhancing its liquidity position.
- FFO increased by 28.1% to $0.41 per diluted share.
- Portfolio occupancy rose to 95.3%, with strong rent spreads of 16.5% for new leases.
- Declared a quarterly cash dividend of $0.23, a 4.5% increase.
- Raised full-year guidance for net income to $0.64-$0.66 per diluted share and FFO to $1.57-$1.59 per diluted share.
- Achieved a net debt to EBITDA ratio of 6.3x, the lowest reported since tracking this metric.
- Net income dropped significantly to $51.6 million, down from $501.4 million year over year, mainly due to mark-to-market losses on securities.
- Increased expenses totaling $19.4 million for operating and maintenance, alongside $11.2 million in depreciation.
– Positive Operating Results Driven by Continued Strong Tenant Demand –
– Company Raises 2022 Outlook –
– Board Raises Quarterly Common Dividend for the
Third Quarter Highlights:
-
Produced Funds From Operations* (FFO) of
per diluted share, representing a$0.41 28.1% increase over the comparable period in 2021. -
Grew pro-rata portfolio occupancy 20 basis points sequentially to
95.3% , representing an increase of 120 basis points year over year. - Increased pro-rata anchor and small shop occupancy 90 and 190 basis points, respectively, over the third quarter of 2021.
-
Generated pro-rata rent spreads of
16.5% for new leases on comparable spaces. -
Produced a
3.1% increase in Same-Property Net Operating Income* (NOI) over the same period a year ago. - Achieved a Net Debt to EBITDA* ratio of 6.3x on a look-through basis (which includes company’s outstanding preferred stock and pro-rata share of joint venture debt), marking the lowest leverage level since the company began reporting this metric.
-
Subsequent to quarter end, generated net proceeds of approximately
through the monetization of 11.5 million of its 39.8 million shares in$301.1 million Albertsons Companies, Inc. (NYSE: ACI).Kimco still retains 28.3 million shares of Albertsons.
Financial Results:
Net income available to the company’s common shareholders for the third quarter of 2022 was
FFO was
*Reconciliations of net 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.
Operating Results:
-
Pro-rata portfolio occupancy ended the quarter at
95.3% , with anchor and small shop occupancy at97.8% and89.2% , respectively. -
Signed 461 leases totaling 2.1 million square feet, generating blended pro-rata rent spreads on comparable spaces of
7.5% , and with rental rates for new leases up16.5% and renewals and options growing6.2% . -
Reported a 280-basis-point spread between leased (reported) occupancy versus economic occupancy at the end of the third quarter, representing
in annual base rent.$45 million -
Produced
3.1% growth in Same-Property NOI over the same period a year ago, driven by a4.8% increase in minimum rent.
Transaction Activities:
-
As previously announced, acquired two grocery-anchored centers located in the Fishtown neighborhood of
Philadelphia andMassapequa, New York totaling 329,000 square feet for in aggregate. In addition, the company acquired the fee interest at Pike Center in$89.0 million Rockville, Maryland for a purchase price of .$21.2 million -
Sold nine shopping centers and two land parcels totaling 1.2 million square feet for
. The company’s pro-rata share of the sales price was$187.6 million .$64.0 million -
Received full repayment of
from a mezzanine loan at Pompano Citi Centre in Pompano,$25.0 million Florida .
Capital Market Activities:
-
Issued
of$650 million 4.60% unsecured notes maturingFebruary 2033 . -
Redeemed a total of
of unsecured debt during the quarter that included: i)$902.0 million aggregate principal amount of$288.4 million 3.375% notes dueOctober 2022 ; ii) aggregate principal amount of$299.7 million 3.50% notes dueApril 2023 ; and iii) aggregate principal amount of$313.9 million 3.125% notes dueJune 2023 . -
Ended the third quarter with approximately
of immediate liquidity, including$2.0 billion available under the company’s$1.9 billion unsecured revolving credit facility and$2.0 billion of cash and cash equivalents on the balance sheet.$124 million -
At the end of third quarter of 2022,
Kimco held 39.8 million shares of Albertsons common stock, valued at approximately . Subsequently, the company sold 11.5 million shares of Albertsons generating net proceeds of approximately$1.0 billion .$301.1 million Kimco still retains 28.3 million shares of Albertsons of which 28.0 million shares remain under lockup for up to seven months.
Dividend Declarations:
-
Kimco’s board of directors declared a cash dividend of
per common share, representing a$0.23 4.5% increase from the prior quarterly dividend and35.3% over the corresponding period of the prior year. The quarterly cash dividend on common shares is based on projected REIT taxable income, excluding REIT taxable income attributable to the partial ACI monetization and expected ACI special dividend, and is payable onDecember 23, 2022 to shareholders of record onDecember 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
January 17, 2023 to shareholders of record onDecember 30, 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:
Revised* |
Previous |
|
Net Income available to common shareholders (per diluted share): |
|
|
FFO (per diluted share): |
|
|
*The tables accompanying this press release provide a reconciliation for this forward-looking non-GAAP measure.
Conference Call Information
When:
Live Webcast: 3Q22 Kimco Realty Earnings Conference Call or on Kimco Realty’s website investors.kimcorealty.com (replay available through
Dial #: 1-888-317-6003 (International: 1-412-317-6061). Passcode: 4605029
About Kimco Realty®
Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) headquartered in
The company announces material information to its investors using the company’s investor relations website (investors.kimcorealty.com),
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
Condensed Consolidated Balance Sheets | ||||||||
(in thousands, except share data) | ||||||||
(unaudited) | ||||||||
Assets: | ||||||||
Real estate, net of accumulated depreciation and amortization | ||||||||
of |
$ |
14,748,910 |
$ |
15,035,900 |
||||
Real estate under development |
|
5,672 |
|
5,672 |
||||
Investments in and advances to real estate joint ventures |
|
1,092,351 |
|
1,006,899 |
||||
Other investments |
|
105,984 |
|
122,015 |
||||
Cash and cash equivalents |
|
123,531 |
|
334,663 |
||||
Marketable securities |
|
999,094 |
|
1,211,739 |
||||
Accounts and notes receivable, net |
|
269,887 |
|
254,677 |
||||
Operating lease right-of-use assets, net |
|
135,429 |
|
147,458 |
||||
Other assets |
|
434,711 |
|
340,176 |
||||
Total assets | $ |
17,915,569 |
$ |
18,459,199 |
||||
Liabilities: | ||||||||
Notes payable, net | $ |
6,909,382 |
$ |
7,027,050 |
||||
Mortgages payable, net |
|
300,739 |
|
448,652 |
||||
Dividends payable |
|
5,326 |
|
5,366 |
||||
Operating lease liabilities |
|
114,923 |
|
123,779 |
||||
Other liabilities |
|
732,081 |
|
730,690 |
||||
Total liabilities |
|
8,062,451 |
|
8,335,537 |
||||
Redeemable noncontrolling interests |
|
13,270 |
|
13,480 |
||||
Stockholders' Equity: | ||||||||
Preferred stock, |
||||||||
Issued and outstanding (in series) 19,435 and 19,580 shares respectively; | ||||||||
Aggregate liquidation preference |
|
19 |
|
20 |
||||
Common stock, |
||||||||
and outstanding 618,462,620 and 616,658,593 shares, respectively |
|
6,185 |
|
6,167 |
||||
Paid-in capital |
|
9,611,382 |
|
9,591,871 |
||||
Retained earnings |
|
78,790 |
|
299,115 |
||||
Accumulated other comprehensive income |
|
6,688 |
|
2,216 |
||||
Total stockholders' equity |
|
9,703,064 |
|
9,899,389 |
||||
Noncontrolling interests |
|
136,784 |
|
210,793 |
||||
Total equity |
|
9,839,848 |
|
10,110,182 |
||||
Total liabilities and equity | $ |
17,915,569 |
$ |
18,459,199 |
Condensed Consolidated Statements of Income | |||||||||||||||||
(in thousands, except share data) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||||
Revenues | |||||||||||||||||
Revenues from rental properties, net | $ |
429,042 |
|
$ |
364,694 |
|
$ |
1,274,969 |
|
$ |
929,297 |
|
|||||
Management and other fee income |
|
4,361 |
|
|
3,913 |
|
|
12,881 |
|
|
10,634 |
|
|||||
Total revenues |
|
433,403 |
|
|
368,607 |
|
|
1,287,850 |
|
|
939,931 |
|
|||||
Operating expenses | |||||||||||||||||
Rent |
|
(3,703 |
) |
|
(3,678 |
) |
|
(11,854 |
) |
|
(9,706 |
) |
|||||
Real estate taxes |
|
(55,578 |
) |
|
(50,594 |
) |
|
(165,967 |
) |
|
(129,124 |
) |
|||||
Operating and maintenance |
|
(71,457 |
) |
|
(52,063 |
) |
|
(210,466 |
) |
|
(145,480 |
) |
|||||
General and administrative |
|
(29,677 |
) |
|
(25,904 |
) |
|
(87,606 |
) |
|
(75,136 |
) |
|||||
Impairment charges |
|
(7,067 |
) |
|
(850 |
) |
|
(21,758 |
) |
|
(954 |
) |
|||||
Merger charges |
|
- |
|
|
(46,998 |
) |
|
- |
|
|
(50,191 |
) |
|||||
Depreciation and amortization |
|
(125,419 |
) |
|
(114,238 |
) |
|
(380,324 |
) |
|
(261,687 |
) |
|||||
Total operating expenses |
|
(292,901 |
) |
|
(294,325 |
) |
|
(877,975 |
) |
|
(672,278 |
) |
|||||
Gain on sale of properties |
|
3,821 |
|
|
1,975 |
|
|
10,958 |
|
|
30,841 |
|
|||||
Operating income |
|
144,323 |
|
|
76,257 |
|
|
420,833 |
|
|
298,494 |
|
|||||
Other income/(expense) | |||||||||||||||||
Other income, net |
|
6,226 |
|
|
6,696 |
|
|
18,851 |
|
|
11,834 |
|
|||||
(Loss)/gain on marketable securities, net |
|
(75,491 |
) |
|
457,127 |
|
|
(215,194 |
) |
|
542,510 |
|
|||||
Interest expense |
|
(52,391 |
) |
|
(52,126 |
) |
|
(165,876 |
) |
|
(146,654 |
) |
|||||
Early extinguishment of debt charges |
|
(428 |
) |
|
- |
|
|
(7,658 |
) |
|
- |
|
|||||
Income before income taxes, net, equity in income of joint ventures, net, | |||||||||||||||||
and equity in income from other investments, net |
|
22,239 |
|
|
487,954 |
|
|
50,956 |
|
|
706,184 |
|
|||||
Benefit/(provision) for income taxes, net |
|
1,039 |
|
|
(314 |
) |
|
1,096 |
|
|
(2,897 |
) |
|||||
Equity in income of joint ventures, net |
|
26,360 |
|
|
20,025 |
|
|
94,060 |
|
|
54,095 |
|
|||||
Equity in income of other investments, net |
|
6,733 |
|
|
1,539 |
|
|
15,491 |
|
|
10,365 |
|
|||||
Net income |
|
56,371 |
|
|
509,204 |
|
|
161,603 |
|
|
767,747 |
|
|||||
Net loss/(income) attributable to noncontrolling interests |
|
1,583 |
|
|
(1,465 |
) |
|
14,152 |
|
|
(5,369 |
) |
|||||
Net income attributable to the company |
|
57,954 |
|
|
507,739 |
|
|
175,755 |
|
|
762,378 |
|
|||||
Preferred dividends, net |
|
(6,307 |
) |
|
(6,354 |
) |
|
(18,911 |
) |
|
(19,062 |
) |
|||||
Net income available to the company's common shareholders | $ |
51,647 |
|
$ |
501,385 |
|
$ |
156,844 |
|
$ |
743,316 |
|
|||||
Per common share: | |||||||||||||||||
Net income available to the company's common shareholders: (1) | |||||||||||||||||
Basic | $ |
0.08 |
|
$ |
0.91 |
|
$ |
0.25 |
|
$ |
1.57 |
|
|||||
Diluted (2) | $ |
0.08 |
|
$ |
0.91 |
|
$ |
0.25 |
|
$ |
1.56 |
|
|||||
Weighted average shares: | |||||||||||||||||
Basic |
|
615,832 |
|
|
546,842 |
|
|
615,417 |
|
|
469,885 |
|
|||||
Diluted |
|
618,018 |
|
|
548,766 |
|
|
617,856 |
|
|
474,452 |
|
(1) |
Adjusted for earnings attributable to participating securities of ( |
||||||||
(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 |
||||||||
Reconciliation of Net 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 |
Nine Months Ended |
||||||||||||||||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
||||
Net income available to the company's common shareholders | $ |
51,647 |
|
$ |
501,385 |
|
$ |
156,844 |
|
$ |
743,316 |
|
|||||||||
Gain on sale of properties |
|
(3,821 |
) |
|
(1,975 |
) |
|
(10,958 |
) |
|
(30,841 |
) |
|||||||||
Gain on sale of joint venture properties |
|
(7,998 |
) |
|
- |
|
|
(38,182 |
) |
|
(5,283 |
) |
|||||||||
Depreciation and amortization - real estate related |
|
124,478 |
|
|
113,404 |
|
|
377,611 |
|
|
259,298 |
|
|||||||||
Depreciation and amortization - real estate joint ventures |
|
16,667 |
|
|
15,365 |
|
|
50,168 |
|
|
35,605 |
|
|||||||||
Impairment charges (including real estate joint ventures) |
|
7,735 |
|
|
2,041 |
|
|
25,668 |
|
|
3,213 |
|
|||||||||
Profit participation from other investments, net |
|
(5,358 |
) |
|
2,380 |
|
|
(11,009 |
) |
|
1,229 |
|
|||||||||
Loss/(gain) on marketable securities, net |
|
75,491 |
|
|
(457,127 |
) |
|
215,194 |
|
|
(542,510 |
) |
|||||||||
(Benefit)/Provision from income taxes, net (2) |
|
(227 |
) |
|
35 |
|
|
(235 |
) |
|
2,177 |
|
|||||||||
Noncontrolling interests (2) |
|
(4,144 |
) |
|
(1,805 |
) |
|
(23,603 |
) |
|
551 |
|
|||||||||
FFO available to the company's common shareholders | $ |
254,470 |
|
$ |
173,703 |
|
(5 |
) |
$ |
741,498 |
|
(4 |
) |
$ |
466,755 |
|
(5 |
) |
|||
Weighted average shares outstanding for FFO calculations: | |||||||||||||||||||||
Basic |
|
615,832 |
|
|
546,842 |
|
|
615,417 |
|
|
469,885 |
|
|||||||||
Units |
|
2,558 |
|
|
2,626 |
|
|
2,498 |
|
|
2,642 |
|
|||||||||
Dilutive effect of equity awards |
|
2,133 |
|
|
1,718 |
|
|
2,392 |
|
|
1,837 |
|
|||||||||
Diluted |
|
620,523 |
|
|
551,186 |
|
|
620,307 |
|
|
474,364 |
|
|||||||||
FFO per common share - basic | $ |
0.41 |
|
$ |
0.32 |
|
$ |
1.20 |
|
$ |
0.99 |
|
|||||||||
FFO per common share - diluted (3) | $ |
0.41 |
|
$ |
0.32 |
|
$ |
1.20 |
|
$ |
0.99 |
|
|||||||||
(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 |
|||||||||||||||||||
(4 |
) |
Includes Early extinguishment of debt charges of |
|||||||||||||||||||
(5 |
) |
Includes Merger charges of |
Reconciliation of Net Income Available to the Company's Common Shareholders | ||||||||||||||||||
to Same Property NOI (1)(2) | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Net income available to the company's common shareholders | $ |
51,647 |
|
$ |
501,385 |
|
$ |
156,844 |
|
$ |
743,316 |
|
||||||
Adjustments: | ||||||||||||||||||
Management and other fee income |
|
(4,361 |
) |
|
(3,913 |
) |
|
(12,881 |
) |
|
(10,634 |
) |
||||||
General and administrative |
|
29,677 |
|
|
25,904 |
|
|
87,606 |
|
|
75,136 |
|
||||||
Impairment charges |
|
7,067 |
|
|
850 |
|
|
21,758 |
|
|
954 |
|
||||||
Merger charges |
|
- |
|
|
46,998 |
|
|
- |
|
|
50,191 |
|
||||||
Depreciation and amortization |
|
125,419 |
|
|
114,238 |
|
|
380,324 |
|
|
261,687 |
|
||||||
Gain on sale of properties |
|
(3,821 |
) |
|
(1,975 |
) |
|
(10,958 |
) |
|
(30,841 |
) |
||||||
Interest and other expense, net |
|
46,593 |
|
|
45,430 |
|
|
154,683 |
|
|
134,820 |
|
||||||
Loss/(gain) on marketable securities, net |
|
75,491 |
|
|
(457,127 |
) |
|
215,194 |
|
|
(542,510 |
) |
||||||
(Benefit)/provision for income taxes, net |
|
(1,039 |
) |
|
314 |
|
|
(1,096 |
) |
|
2,897 |
|
||||||
Equity in income of other investments, net |
|
(6,733 |
) |
|
(1,539 |
) |
|
(15,491 |
) |
|
(10,365 |
) |
||||||
Net (loss)/income attributable to noncontrolling interests |
|
(1,583 |
) |
|
1,465 |
|
|
(14,152 |
) |
|
5,369 |
|
||||||
Preferred dividends, net |
|
6,307 |
|
|
6,354 |
|
|
18,911 |
|
|
19,062 |
|
||||||
WRI Same Property NOI (3) |
|
- |
|
|
36,311 |
|
|
- |
|
|
252,651 |
|
||||||
Non same property net operating income |
|
(21,099 |
) |
|
(24,658 |
) |
|
(61,601 |
) |
|
(91,523 |
) |
||||||
Non-operational expense from joint ventures, net |
|
14,754 |
|
|
18,658 |
|
|
31,580 |
|
|
45,226 |
|
||||||
Same Property NOI | $ |
318,319 |
|
$ |
308,695 |
|
$ |
950,721 |
|
$ |
905,436 |
|
||||||
(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 |
|||||||||||||||||
(2) |
Amounts represent |
|||||||||||||||||
(3) |
Amounts for the three months and nine months ended |
|||||||||||||||||
Reconciliation of the |
||||||||
Available to the Company's Common Shareholders | ||||||||
(unaudited, all amounts shown are per diluted share) | ||||||||
Full Year 2022 | ||||||||
Low | High | |||||||
Net income available to the company's common shareholders | $ |
0.64 |
|
$ |
0.66 |
|
||
Gain on sale of properties |
|
(0.02 |
) |
|
(0.04 |
) |
||
Gain on sale of joint venture properties |
|
(0.06 |
) |
|
(0.07 |
) |
||
Depreciation & amortization - real estate related |
|
0.81 |
|
|
0.83 |
|
||
Depreciation & amortization - real estate joint ventures |
|
0.10 |
|
|
0.11 |
|
||
Impairment charges (including real estate joint ventures) |
|
0.04 |
|
|
0.04 |
|
||
Profit participation from other investments, net |
|
(0.02 |
) |
|
(0.02 |
) |
||
Special Dividends from marketable securities (1) |
|
(0.31 |
) |
|
(0.31 |
) |
||
Loss on marketable securities, net |
|
0.32 |
|
|
0.32 |
|
||
Provision for income taxes |
|
0.11 |
|
|
0.11 |
|
||
Noncontrolling interests (2) |
|
(0.04 |
) |
|
(0.04 |
) |
||
FFO available to the company's common shareholders (3) | $ |
1.57 |
|
$ |
1.59 |
|
||
(1) Related to the special cash dividend to be distributed by Albertsons as part of the consideration for the recently announced merger agreement with Kroger. |
||||||||
(2) Related to gains, impairments and depreciation on properties, where applicable. |
||||||||
(3) Includes Early extinguishment of debt charges |
||||||||
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 Income to EBITDA | ||||||||
(in thousands) | ||||||||
(unaudited) | ||||||||
Three Months Ended |
||||||||
|
2022 |
|
|
2021 |
|
|||
Net income | $ |
56,371 |
|
$ |
509,204 |
|
||
Interest |
|
52,391 |
|
|
52,126 |
|
||
Early extinguishment of debt charges |
|
428 |
|
|
- |
|
||
Depreciation and amortization |
|
125,419 |
|
|
114,238 |
|
||
Gain on sale of properties |
|
(3,821 |
) |
|
(1,975 |
) |
||
Gain on sale of joint venture properties |
|
(7,998 |
) |
|
- |
|
||
Impairment charges (including real estate joint ventures) |
|
7,557 |
|
|
2,041 |
|
||
Merger charges |
|
- |
|
|
46,998 |
|
||
Pension valuation adjustment |
|
420 |
|
|
- |
|
||
Profit participation from other investments, net |
|
(5,358 |
) |
|
2,380 |
|
||
Loss/(gain) on marketable securities |
|
75,491 |
|
|
(457,127 |
) |
||
(Provision)/benefit for income taxes, net |
|
(1,039 |
) |
|
314 |
|
||
Consolidated EBITDA | $ |
299,861 |
|
$ |
268,199 |
|
||
Consolidated EBITDA | $ |
299,861 |
|
$ |
268,199 |
|
||
Pro-rata share of interest expense - real estate joint ventures |
|
6,034 |
|
|
5,050 |
|
||
Pro-rata share of depreciation and amortization - real estate joint ventures |
|
16,667 |
|
|
15,365 |
|
||
EBITDA including pro-rata share - joint ventures | $ |
322,562 |
|
$ |
288,614 |
|
||
Consolidated debt | $ |
7,210,121 |
|
$ |
7,516,681 |
|
||
Consolidated cash |
|
(123,531 |
) |
|
(483,471 |
) |
||
Consolidated net debt | $ |
7,086,590 |
|
$ |
7,033,210 |
|
||
Consolidated net debt | $ |
7,086,590 |
|
$ |
7,033,210 |
|
||
Pro-rata share of debt |
|
602,996 |
|
|
632,449 |
|
||
Liquidation preference for preferred stock |
|
485,868 |
|
|
489,500 |
|
||
Pro-rata share of cash |
|
(60,547 |
) |
|
(55,731 |
) |
||
Net Debt including pro-rata share - joint ventures | $ |
8,114,907 |
|
$ |
8,099,428 |
|
||
Annualized Consolidated EBITDA |
|
1,199,444 |
|
|
1,072,796 |
|
||
Net Debt to Consolidated EBITDA | 5.9x | 6.6x | ||||||
Annualized EBITDA including pro-rata share - joint ventures |
|
1,290,248 |
|
|
1,154,456 |
|
||
Net Debt to EBITDA on a look-through basis (1) | 6.3x | 7.0x | ||||||
(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/20221027005117/en/
Senior Vice President, Investor Relations and Strategy
1-866-831-4297
dbujnicki@kimcorealty.com
Source:
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