Kimco Realty Corp. Files 10-Q/A Amendment

TL;DR

<b>Kimco Realty Corp. filed a 10-Q/A, reporting a slight revenue increase and stable diluted EPS for Q1 2024, with significant notes valuation.</b>

AI Summary

KIMCO REALTY CORP (KIM-PN) filed a Amended Quarterly Report (10-Q/A) with the SEC on May 13, 2024. Kimco Realty Corp. reported Q1 2024 revenue of $3,973,210, a slight increase from $3,842,869 in the prior year. The company's net income available to common shareholders was $21,216 for Q1 2024, compared to $19,367 for the same period in 2023. Diluted EPS for Q1 2024 was $0.01, unchanged from the prior year. Total assets stood at $674,117,917 as of March 31, 2024, with total debt at $619,871,237. The valuation of senior unsecured notes classified within Level 2 of the fair value hierarchy was $6.6 billion as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking KIMCO REALTY CORP, this filing contains several important signals. The filing provides an update on Kimco's financial performance and asset valuation for the first quarter of 2024, offering insights into its operational stability and market position. Details on the RPT Merger, including the issuance of preferred shares and acquisition of joint ventures, are clarified, impacting the company's capital structure and asset base.

Risk Assessment

Risk Level: medium — KIMCO REALTY CORP shows moderate risk based on this filing. The company's financial disclosures, particularly regarding the valuation of its senior unsecured notes and the impact of the RPT Merger, introduce complexity and potential for market interpretation, warranting a medium risk assessment.

Analyst Insight

Investors should review the detailed notes on the RPT Merger and the fair value hierarchy of the company's debt instruments to fully assess the financial implications.

Revenue Breakdown

Key Numbers

• 3,973,210 — Q1 2024 Revenue (Kimco Realty Corp.)
• 3,842,869 — Q1 2023 Revenue (Kimco Realty Corp.)
• 21,216 — Q1 2024 Net Income Available to Common Shareholders (Kimco Realty Corp.)
• 19,367 — Q1 2023 Net Income Available to Common Shareholders (Kimco Realty Corp.)
• 0.01 — Q1 2024 Diluted EPS (Kimco Realty Corp.)
• 6.6 billion — Level 2 Fair Value of Senior Unsecured Notes (March 31, 2024) (Kimco Realty Corp.)
• 6.7 billion — Level 2 Fair Value of Senior Unsecured Notes (December 31, 2023) (Kimco Realty Corp.)
• 4.3 million — Potentially Convertible Shares of Common Stock (Class N Preferred) (Kimco Realty Corp.)

Key Players & Entities

• Kimco Realty Corp. (company) — Filer name
• Kimco Realty OP, LLC (company) — Filer name
• RPT Merger (company) — Merger event
• Class N Cumulative Convertible Perpetual Preferred Shares (company) — Issued shares

FAQ

Risk Factors

• Valuation of Senior Unsecured Notes [medium — financial]: The company determined that the valuation of its senior unsecured notes were classified within Level 2 of the fair value hierarchy, with estimated fair values of $6.6 billion and $6.7 billion as of March 31, 2024 and December 31, 2023, respectively.
• Impact of Convertible Preferred Shares [low — financial]: The assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to the Company's common shareholders per share, and thus was not included in diluted EPS calculations.

Key Financial Figures

• $1.00 — Cumulative Redeemable, Preferred Stock, $1.00 par value per share . KIMprL New Yor
• $385,607 — March 31, 2024 and December 31, 2023 of $385,607 and $388,626, respectively. Total liabi
• $388,626 — 4 and December 31, 2023 of $385,607 and $388,626, respectively. Total liabilities includ
• $178,952 — March 31, 2024 and December 31, 2023 of $178,952 and $180,855, respectively. See Footnot
• $180,855 — 4 and December 31, 2023 of $178,952 and $180,855, respectively. See Footnote 14 of the N

Filing Documents

• kim20240331_10qa.htm (10-Q/A) — 2803KB
• ex_671284.htm (EX-31.1) — 10KB
• ex_671285.htm (EX-31.2) — 10KB
• ex_671286.htm (EX-31.3) — 10KB
• ex_671287.htm (EX-31.4) — 10KB
• ex_671401.htm (EX-31.5) — 9KB
• ex_671402.htm (EX-31.6) — 9KB
• ex_671403.htm (EX-31.7) — 9KB
• ex_671404.htm (EX-31.8) — 10KB
• ex_671288.htm (EX-32.1) — 4KB
• ex_671289.htm (EX-32.2) — 4KB
• ex_671290.htm (EX-32.3) — 4KB
• ex_671291.htm (EX-32.4) — 4KB
• ex_671405.htm (EX-32.5) — 4KB
• ex_671406.htm (EX-32.6) — 4KB
• ex_671407.htm (EX-32.7) — 4KB
• ex_671408.htm (EX-32.8) — 4KB
• 0001437749-24-016080.txt (&nbsp;) — 12817KB
• kim-20240331.xsd (EX-101.SCH) — 119KB
• kim-20240331_cal.xml (EX-101.CAL) — 73KB
• kim-20240331_def.xml (EX-101.DEF) — 780KB
• kim-20240331_lab.xml (EX-101.LAB) — 602KB
• kim-20240331_pre.xml (EX-101.PRE) — 826KB
• kim20240331_10qa_htm.xml (XML) — 2242KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Financial Statements of Kimco Realty Corporation and Subsidiaries (unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Comprehensive Income/(Loss) for the Three Months Ended March 31, 2024 and 2023 7 Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2024 and 2023 8 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 9 Condensed Consolidated Financial Statements of Kimco Realty OP, LLC and Subsidiaries (unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 10 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 11 Condensed Consolidated Statements of Comprehensive Income/(Loss) for the Three Months Ended March 31, 2024 and 2023 12 Condensed Consolidated Statements of Changes in Capital for the Three Months Ended March 31, 2024 and 2023 13 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 14 Kimco Realty Corporation and Subsidiaries and Kimco Realty OP, LLC and Subsidiaries Notes to Condensed Consolidated Financial Statements (unaudited) 15 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations. 36 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 48 Item 4.

Controls and Procedures

Controls and Procedures. 49

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1. Legal Proceedings. 50 Item 1A. Risk Factors. 50 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 50 Item 3. Defaults Upon Senior Securities. 50 Item 4. Mine Safety Disclosures. 50 Item 5. Other Information. 51 Item 6. Exhibits. 51

Signatures

Signatures 52 4 Table of Contents KIMCO REALTY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share information) March 31, 2024 December 31, 2023 Assets: Real estate, net of accumulated depreciation and amortization of $ 3,973,210 and $ 3,842,869 , respectively $ 16,626,386 $ 15,094,925 Investments in and advances to real estate joint ventures 1,516,851 1,087,804 Other investments 156,171 144,089 Cash and cash equivalents 136,767 783,757 Marketable securities 2,737 330,057 Accounts and notes receivable, net 308,275 307,617 Operating lease right-of-use assets, net 132,712 128,258 Other assets 586,480 397,515 Total assets (1) $ 19,466,379 $ 18,274,022 Liabilities: Notes payable, net $ 7,242,570 $ 7,262,851 Mortgages payable, net 351,376 353,945 Accounts payable and accrued expenses 239,725 216,237 Dividends payable 6,722 5,308 Operating lease liabilities 122,308 109,985 Other liabilities 665,383 599,961 Total liabilities (1) 8,628,084 8,548,287 Redeemable noncontrolling interests 70,439 72,277 Commitments and Contingencies (Footnote 19) Stockholders' equity: Preferred stock, $ 1.00 par value, authorized 7,054,000 shares; Issued and outstanding (in series) 21,216 and 19,367 shares, respectively; Aggregate liquidation preference $ 576,606 and $ 484,179 , respectively 21 19 Common stock, $ .01 par value, authorized 750,000,000 shares; Issued and outstanding 674,117,917 and 619,871,237 shares, respectively 6,741 6,199 Paid-in capital 10,906,300 9,638,494 Cumulative distributions in excess of net income ( 303,302 ) ( 122,576 ) Accumulated other comprehensive income 10,279 3,329 Total stockholders' equity 10,620,039 9,525,465 Noncontrolling interests 147,817 127,993 Total equity 10,767,856 9,653,458 Total liabilities and equity $ 19,466,379 $ 18,274,022 (1) Total assets include restricted assets of consolidated variable inter

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View this 10-Q/A filing on SEC EDGAR