Kimco Realty Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Kimco Realty Corp. reported $674.1 million in total assets and $619.9 million in total debt as of March 31, 2024, with significant fair value noted for its senior unsecured notes and preferred shares issued in connection with the RPT Merger.</b>

AI Summary

KIMCO REALTY CORP (KIM-PN) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Kimco Realty Corp. reported total assets of $674,117,917 and total debt of $619,871,237 as of March 31, 2024. The company's senior unsecured notes had an estimated fair value of $6.6 billion as of March 31, 2024, classified within Level 2 of the fair value hierarchy. In connection with the RPT Merger, Kimco issued 1,849 shares of Class N Cumulative Convertible Perpetual Preferred Shares, with a fair market value of $105.6 million. The company acquired ownership in two unconsolidated joint ventures with a provisional fair market value of $425.9 million and $7.4 million post-RPT Merger. Total assets include restricted assets of consolidated VIEs of $385,607 as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking KIMCO REALTY CORP, this filing contains several important signals. The filing details the financial position of Kimco Realty Corp. as of Q1 2024, providing key figures for assets, debt, and the impact of recent mergers and acquisitions. Understanding the fair value of financial instruments and the implications of convertible preferred shares is crucial for assessing the company's financial health and potential dilution.

Risk Assessment

Risk Level: medium — KIMCO REALTY CORP shows moderate risk based on this filing. The company's financial disclosures, particularly regarding the fair value of its senior unsecured notes ($6.6 billion) and the potential conversion of preferred shares, indicate a complex financial structure that warrants careful monitoring.

Analyst Insight

Investors should closely examine the terms and potential impact of the convertible preferred shares and the fair value hierarchy classifications for the company's debt instruments.

Revenue Breakdown

Key Numbers

• 674,117,917 — Total Assets (As of March 31, 2024)
• 619,871,237 — Total Debt (As of March 31, 2024)
• 6.6 — Fair Value of Senior Unsecured Notes (As of March 31, 2024 (in billions))
• 105.6 — Fair Market Value of Class N Preferred Shares (Issued in connection with RPT Merger (in millions))
• 425.9 — Provisional Fair Market Value of Joint Venture 1 (Acquired in RPT Merger)
• 7.4 — Provisional Fair Market Value of Joint Venture 2 (Acquired in RPT Merger)
• 385,607 — Restricted Assets of VIEs (As of March 31, 2024)
• 178,952 — Non-recourse Liabilities of VIEs (As of March 31, 2024)

Key Players & Entities

• KIMCO REALTY CORP (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-03 (date) — FILED AS OF DATE
• 0000879101 (company) — CENTRAL INDEX KEY
• 6798 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• MD (state) — STATE OF INCORPORATION
• 132744380 (tax_id) — IRS NUMBER
• RPT Merger (event) — In connection with the RPT Merger

FAQ

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_10q.htm (10-Q) — 2817KB
• ex_657395.htm (EX-31.1) — 10KB
• ex_657396.htm (EX-31.2) — 10KB
• ex_657397.htm (EX-31.3) — 10KB
• ex_657398.htm (EX-31.4) — 10KB
• ex_657399.htm (EX-32.1) — 4KB
• ex_657400.htm (EX-32.2) — 4KB
• ex_657401.htm (EX-32.3) — 4KB
• ex_657402.htm (EX-32.4) — 4KB
• 0001437749-24-014590.txt (&nbsp;) — 12797KB
• kim-20240331.xsd (EX-101.SCH) — 120KB
• kim-20240331_cal.xml (EX-101.CAL) — 73KB
• kim-20240331_def.xml (EX-101.DEF) — 779KB
• kim-20240331_lab.xml (EX-101.LAB) — 604KB
• kim-20240331_pre.xml (EX-101.PRE) — 826KB
• kim20240331_10q_htm.xml (XML) — 2261KB

- 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

View Full Filing

View this 10-Q filing on SEC EDGAR