Kimco Realty Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Kimco Realty Corp. filed its 2023 10-K, reporting $7.05 billion in assets and $618.48 million in debt, with a net income of $56.45 million.</b>

AI Summary

KIMCO REALTY CORP (KIM-PN) filed a Annual Report (10-K) with the SEC on February 26, 2024. Kimco Realty Corp. reported total assets of $7.05 billion for the fiscal year ended December 31, 2023. The company's total debt stood at $618.48 million as of December 31, 2023. Net income attributable to Kimco Realty Corp. was $56.45 million for the fiscal year 2023. Revenue, including minimum base rents, expense reimbursements, and ancillary income, was $734 million. The company had $6.7 million in deferred financing costs related to its Credit Facility as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking KIMCO REALTY CORP, this filing contains several important signals. The filing provides a comprehensive overview of Kimco's financial health and operational performance for the fiscal year 2023, including detailed asset and debt figures. Investors can assess the company's profitability and leverage through key metrics like net income and total debt, aiding in investment decisions.

Risk Assessment

Risk Level: medium — KIMCO REALTY CORP shows moderate risk based on this filing. The company's financial performance is subject to market conditions in the real estate sector, as indicated by its revenue figures and asset valuation.

Analyst Insight

Review the detailed breakdown of revenue segments and risk factors to understand potential impacts on future earnings and asset values.

Revenue Breakdown

Key Numbers

• 7,054,000,000 — Total Assets (As of December 31, 2023.)
• 618,483,565 — Total Debt (As of December 31, 2023.)
• 56,451,000 — Net Income (For the fiscal year 2023.)
• 734,000,000 — Revenue (Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments.)
• 6,700,000 — Deferred Financing Costs (Related to the Credit Facility as of December 31, 2023.)
• 25,000,000 — Seller Financing (Provided in 2023 related to the sale of an operating property.)

Key Players & Entities

• Kimco Realty Corp. (company) — Filer of the 10-K report.
• Kimco Realty OP, LLC (company) — Another entity associated with the filing.
• MD (jurisdiction) — State of incorporation for Kimco Realty Corp.
• DE (jurisdiction) — State of incorporation for Kimco Realty OP, LLC.
• NY (jurisdiction) — State for the business and mailing address.
• $7.05 billion (dollar_amount) — Total assets reported for FY 2023.
• $618.48 million (dollar_amount) — Total debt reported as of December 31, 2023.
• $56.45 million (dollar_amount) — Net income attributable to Kimco Realty Corp. for FY 2023.

FAQ

Risk Factors

• Valuation of Mortgages Payable [medium — financial]: The company determined its mortgages payable were classified within Level 3 of the fair value hierarchy, indicating significant unobservable inputs.
• Deferred Financing Costs [low — financial]: Deferred financing costs related to the Credit Facility were $6.7 million as of December 31, 2023, impacting the balance sheet.
• Seller Financing [low — financial]: The company provided $25.0 million in seller financing for a property sale in 2023, which carries associated risks.

Key Financial Figures

• $1.00 — Cumulative Redeemable Preferred Stock, $1.00 par value per share. KIMprL New Yor

Filing Documents

• kim20231231_10k.htm (10-K) — 9832KB
• ex_626877.htm (EX-3.4) — 14KB
• ex_628752.htm (EX-4.12) — 278KB
• ex_628931.htm (EX-10.12) — 192KB
• ex_628932.htm (EX-10.13) — 73KB
• ex_628933.htm (EX-10.14) — 108KB
• ex_622443.htm (EX-21.1) — 2KB
• ex_622444.htm (EX-23.1) — 2KB
• ex_628753.htm (EX-23.2) — 2KB
• ex_622445.htm (EX-31.1) — 10KB
• ex_622446.htm (EX-31.2) — 10KB
• ex_622447.htm (EX-31.3) — 10KB
• ex_622448.htm (EX-31.4) — 10KB
• ex_622449.htm (EX-32.1) — 4KB
• ex_622450.htm (EX-32.2) — 5KB
• ex_622451.htm (EX-32.3) — 4KB
• ex_622452.htm (EX-32.4) — 4KB
• ex_628934.htm (EX-97.1) — 25KB
• ex_623368.htm (EX-99.1) — 2395KB
• ex_628752img001.jpg (GRAPHIC) — 2KB
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• mdabusinessstrategypic2024v5.jpg (GRAPHIC) — 60KB
• mdapicture32024-2.jpg (GRAPHIC) — 118KB
• mdapicturemap2.jpg (GRAPHIC) — 28KB
• mdasustainablegrowthpic3.jpg (GRAPHIC) — 88KB
• 0001437749-24-005407.txt (&nbsp;) — 50701KB
• kim-20231231.xsd (EX-101.SCH) — 305KB
• kim-20231231_cal.xml (EX-101.CAL) — 87KB
• kim-20231231_def.xml (EX-101.DEF) — 1521KB
• kim-20231231_lab.xml (EX-101.LAB) — 1372KB
• kim-20231231_pre.xml (EX-101.PRE) — 1621KB
• kim20231231_10k_htm.xml (XML) — 13492KB

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 23

Cybersecurity

Item 1C. Cybersecurity 23

Properties

Item 2. Properties 24

Legal Proceedings

Item 3. Legal Proceedings 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 25 PART II 26

Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26

Reserved

Item 6. Reserved 28

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 44

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 44

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 44

Controls and Procedures

Item 9A. Controls and Procedures 44

Other Information

Item 9B. Other Information 45

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 45 PART III 46

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 46

Executive Compensation

Item 11. Executive Compensation 46

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 46

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 46

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 46 PART IV 47

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 47

Form 10-K Summary

Item 16. Form 10-K Summary 47 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This annual report on Form 10-K ("Form 10-K"), together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). 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," "plan," "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 impact of competition, including the availability of acquisition or development opportunities and the costs associated with purchasing and maintaining assets; (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iv) 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, (v) the potential impact of e-commerce and other changes in consumer b

Business

Item 1. Business Overview The Company is North America's largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and a growing portfolio of mixed-use assets. The Company's mission is to create destinations for everyday living that inspire a sense of community and deliver value to our many stakeholders. The Company began operations through its predecessor, The Kimco Corporation, which was organized in 1966 upon the contribution of several shopping center properties owned by its principal stockholders. In 1973, these principals formed the Company as a Delaware corporation, and, in 1985, the operations of The Kimco Corporation were merged into the Company. The Company completed its initial public stock offering (the "IPO") in November 1991, and, commencing with its taxable year which began January 1, 1992, elected to qualify as a REIT in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). To qualify as a REIT, the Company must meet several organizational and operational requirements and is required to annually distribute at least 90% of its net taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. In addition, the Company will be subject to federal income tax at regular corporate rates to the extent that it distributes less than 100% of its net taxable income, including any net capital gains. In January of 2023, the Company consummated the Reorganization into an UPREIT structure as described in the Explanatory Note at the beginning of this Annual Report. If, as the Company believes, it is organized and operates in such a manner so as to qualify and remain qualified as a REIT under the Code, the Company generally will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income, as defined in the Code. The Company maintains certain subsidiaries

View Full Filing

View this 10-K filing on SEC EDGAR