Kimco Realty Corp. - KIM STOCK NEWS

Kimco Realty (NYSE: KIM) announced strong performance for Q4 and full year 2022, reporting a year-over-year occupancy increase of 130 basis points to 95.7%, with 2.5 million square feet leased in Q4 and 11.6 million for the year. Despite a net loss of $56.1 million in Q4, the company achieved FFO of $0.38 per diluted share. Key financial highlights include a $301.1 million gain from selling ACI shares and a declared quarterly dividend of $0.23, a 21% increase over last year. Looking ahead, Kimco projects 2023 net income between $0.93 and $0.97 per share, with FFO expected between $1.53 and $1.57 per share.

Kimco Realty (NYSE: KIM), the leading publicly traded owner of open-air grocery-anchored shopping centers, announced its 2022 dividend distributions, totaling $0.840 for common shares. The dividends were allocated across four payments, with the last at $0.230 per share. Kimco also recognized a long-term capital gain of approximately $251 million from selling shares of Albertsons Companies (NYSE: ACI). This gain will be distributed to shareholders of record as part of their taxable income, with each receiving a federal tax credit corresponding to the income tax paid by Kimco. Detailed information is available on the company's investor relations website.

Kimco Realty (NYSE: KIM) announced a reorganization into an Umbrella Partnership Real Estate Investment Trust (UPREIT) structure, with a new holding company named "New Kimco". This transition aims to enhance the company's competitive edge in acquiring real estate through tax-deferred opportunities. The Reorganization is expected to be effective January 1, 2023, and will not materially impact shareholders, financial positions, or debt securities. All existing shares will convert automatically to the new structure, thus retaining dividend payments. The Merger is anticipated to qualify as a tax-free reorganization under federal tax laws.

Kimco Realty (NYSE: KIM) will announce its fourth quarter 2022 earnings on February 9, 2023, before market open. A conference call will be held at 8:30 AM ET on the same day, accessible via a live webcast. Kimco Realty is North America's largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, focusing on necessity-based goods. As of September 30, 2022, it owned interests in 526 shopping centers and mixed-use assets comprising 91 million square feet of gross leasable space.

Kimco Realty (NYSE: KIM) has acquired a portfolio of eight Long Island shopping centers for $375.8 million. The deal, funded by cash and mortgage debt, enhances Kimco's presence in a high-demand market. This property, with a 94.4% lease rate and an average household income of $187,000, is strategically located near the company's headquarters. The acquisition aligns with Kimco's goal of increasing grocery-anchored rental income and adds 540,000 square feet to their portfolio, now totaling over 3.5 million square feet in Long Island.

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.

Kimco Realty recently announced a strategic move by partially selling its stake in Albertsons following the Kroger-Albertsons merger announcement. The transaction implied a 37% valuation increase for Kimco's holdings in Albertsons, valued at $34.10 per share. Kimco realized net proceeds of approximately $301.1 million from the sale of 11.5 million shares, retaining 28.3 million shares. To comply with REIT regulations, the company plans to issue a special dividend potentially in cash and/or stock by year-end.

Kimco Realty (NYSE: KIM) will present at the BofA Securities 2022 Global Real Estate Conference on September 14, 2022, from 2:55 PM to 3:30 PM ET. The presentation will be available via a live webcast, with a replay accessible for 24 hours post-event until December 13, 2022. Kimco Realty is a leading real estate investment trust focused on grocery-anchored shopping centers across North America. As of June 30, 2022, it owned interests in 533 shopping centers and mixed-use assets totaling 92 million square feet of gross leasable space.