– Sequential Growth in Portfolio Occupancy
Highlights Strong Operating Fundamentals –
– Raises 2021 Guidance on Improved Outlook
–
Kimco Realty Corp. (NYSE: KIM), one of North America’s largest
publicly traded owners and operators of open-air, grocery-anchored
shopping centers and mixed-use assets, today reported results for
the second quarter ended June 30, 2021. For the three months ended
June 30, 2021 and 2020, Kimco’s net income available to the
company’s common shareholders was $0.25 per diluted share and $1.71
per diluted share, respectively.
Second Quarter
Highlights:
- Grew pro-rata portfolio occupancy 40 basis points sequentially
to 93.9%.
- Increased pro-rata anchor occupancy 70 basis points
sequentially to 96.9%.
- Generated new cash pro-rata leasing spreads of 9.2% on
comparable spaces.
- Same property Net Operating Income (NOI) including
redevelopments grew 16.7% year-over-year.
- Produced FFO of $0.34 per diluted share which reflects only
$0.8 million of credit loss recognized during the quarter.
- Ended the quarter with over $780 million of Albertsons
Companies Inc. (NYSE: ACI) common stock.
- Subsequent to quarter end, issued 2020 Corporate Responsibility
Report.
“Our core focus remains on leasing, leasing and leasing which
helped drive the sequential improvement in occupancy at a pace much
greater than initially anticipated. With over 4.6 million square
feet leased in the first half of 2021, we are demonstrating the
value that our tenants and their customers place on last mile real
estate anchored by highly desirable grocers in open-air centers,”
stated Conor Flynn, Kimco’s Chief Executive Officer.
“We’ve raised our outlook for 2021 as our operating fundamentals
are returning to pre-pandemic levels at a faster pace than
originally projected,” Mr. Flynn continued. “Our raised outlook
also reflects our confidence that the upcoming merger with
Weingarten Realty will create additional value for our
shareholders, as the combined business will benefit from enhanced
diversification and embedded growth opportunities to drive future
cash flow.”
Financial Results:
Net income available to the company’s common shareholders for
the second quarter of 2021 was $110.3 million, or $0.25 per diluted
share, compared to $741.5 million, or $1.71 per diluted share, for
the second quarter of 2020. The year-over-year change includes:
- ($501.9) million decrease in gain on marketable securities
mainly attributable to the 39.8 million shares of Albertsons
Companies, Inc. (NYSE: ACI) common stock held by the company.
During the second quarter of 2020, ACI completed its initial public
offering which resulted in Kimco recognizing a one-time
mark-to-market adjustment of $524.7 million to reflect the
company’s ACI holdings at fair value. Previously, Kimco accounted
for this investment on the cost method.
- ($190.8) million decrease in gain on sale of cost method
investment, as these gains related to the partial monetization of
Kimco’s investment in ACI from the sale of stock during the second
quarter of 2020.
- $43.8 million improvement in consolidated credit loss on
potentially uncollectible accounts receivable.
- $17.0 million increase from gains on sales of properties driven
by an $18.8 million gain recognized on the sale of two Rite Aid
distribution centers during the second quarter of 2021.
NAREIT Funds From Operations (FFO) was $148.8 million, or $0.34
per diluted share, for the second quarter of 2021 and includes
charges related to the pending merger with Weingarten Realty of
($3.2) million, or ($0.01) per diluted share. NAREIT FFO was $103.5
million, or $0.24 per diluted share, for the second quarter 2020. A
reconciliation of net income available to the company’s common
shareholders to NAREIT FFO is provided in the tables accompanying
this press release.
Operating Results:
- Pro-rata portfolio occupancy ended the quarter at 93.9%, an
increase of 40 basis points sequentially, with the spread between
leased (reported) occupancy vs. economic occupancy approximately
300 basis points at the end of the second quarter of 2021.
- Pro-rata anchor occupancy ended the quarter at 96.9%,
representing a 70-basis-point sequential improvement from the first
quarter of 2021 and the largest sequential increase in the past 10
years.
- Pro-rata small shop occupancy ended the quarter at 85.5%, a
decline of 30 basis points sequentially from the first quarter of
2021, reflecting the impact from the inclusion of Dania Pointe
Phases II & III into occupancy at the end of the second
quarter. Excluding the impact of Dania Pointe Phases II & III,
small shop occupancy would be 86.1%, up 30 basis points
sequentially.
- Pro-rata rental-rate spreads on comparable spaces during the
second quarter of 2021 increased 5.9%, with rental rates for new
leases up 9.2% and renewals/options up 4.7%.
- During the second quarter, the company signed 333 leases
totaling 1.8 million square feet of gross leasable area (GLA),
which includes 139 new leases for 691,000 square feet, and exceeds
the trailing five-year average GLA for leases executed during the
second quarter by 11%.
- Same-property NOI, including redevelopments, increased 16.7%
for the second quarter of 2021 over the comparable period in 2020.
A reconciliation of net income available to the company’s common
shareholders to Same-property NOI is provided in the tables
accompanying this press release.
Transaction Activities:
- As previously announced, Kimco and Weingarten Realty Investors
(NYSE: WRI), a grocery-anchored Sun Belt shopping center owner,
manager and developer, entered into a definitive merger agreement
providing for the merger of Weingarten with and into Kimco, with
Kimco continuing as the surviving public company. The transaction
is expected to close following the approval of shareholders at
their respective special meetings on August 3, 2021 and the
completion of other customary closing conditions. The transaction
is expected to be immediately accretive to earnings and further
improve the leverage metrics for Kimco.
- Contributed $54.9 million of preferred equity funding in
conjunction with the acquisition of The Rim, a 1.1 million square
foot, mixed-use shopping center located in San Antonio, Texas.
- During the second quarter, the company sold two Rite Aid
distribution centers located in California for $108 million. Kimco
recognized an $18.8 million gain on the sale of these properties
which the company acquired for a cash purchase price of $84.8
million in January 2021.
Capital Markets:
- Ended the second quarter with over $2.2 billion of immediate
liquidity, including full availability under the company’s $2.0
billion unsecured revolving credit facility.
- Kimco’s consolidated net debt to EBITDA improved to
pre-pandemic levels of 6.3x at the end of the second quarter of
2021.
- At the end of the quarter, Kimco maintains $783.2 million of
ACI common stock, subject to certain lock-up provisions.
Dividend Declarations:
- Kimco’s board of directors 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 October 15, 2021, to shareholders
of record on October 1, 2021.
- With respect to the common stock dividend, the board of
directors intends to declare a regular quarterly cash dividend,
payable during the third quarter, shortly after the pending merger
with Weingarten closes.
2021 Full Year Outlook:
Kimco’s 2021 guidance is presented on a stand-alone basis and
does not incorporate any additional impact from its pending merger
with Weingarten other than the $(3.2) million, or $(0.01) per
diluted share, of merger-related charges incurred during the second
quarter of 2021. The company has raised its 2021 guidance ranges as
follows:
Guidance (per diluted share)
Current*
Previous
Net income available to common
shareholders:
$0.83 to $0.87
$0.66 to $0.70
NAREIT FFO:
$1.29 to $1.33**
$1.22 to $1.26
*The tables accompanying this press
release provide a reconciliation for this forward-looking non-GAAP
measure. **Includes $(0.01) per diluted share of merger-related
charges incurred during the second quarter of 2021.
Conference Call and Supplemental
Materials
Kimco will hold its quarterly conference call on Thursday, July
29, 2021, at 8:30 a.m. Eastern Time (ET). The call will include a
review of the company’s second quarter results as well as a
discussion of the company’s strategy and expectations for the
future. To participate, dial 1-888-317-6003 or 1-412-317-6061 for
international calls, (Passcode: 7581643).
Audio replay from the conference call will be available on Kimco
Realty’s website at investors.kimcorealty.com through Wednesday,
October 27, 2021.
About Kimco
Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust
(REIT) headquartered in Jericho, N.Y. that is one of North
America’s largest publicly traded owners and operators of open-air,
grocery-anchored shopping centers and mixed-use assets. The
company’s portfolio is primarily concentrated in the first-ring
suburbs of the top major metropolitan markets, including those in
high-barrier-to-entry coastal markets and rapidly expanding Sun
Belt cities, with a tenant mix focused on essential,
necessity-based goods and services that drive multiple shopping
trips per week. Kimco is also committed to leadership in
environmental, social and governance (ESG) issues and is a
recognized industry leader in these areas. Publicly traded on the
NYSE since 1991, and included in the S&P 500 Index, the company
has specialized in shopping center ownership, management,
acquisitions, and value enhancing redevelopment activities for more
than 60 years. As of June 30, 2021, the company owned interests in
398 U.S. shopping centers and mixed-use assets comprising 70
million square feet of gross leasable space. For further
information, please visit www.kimcorealty.com
The company announces material information to its investors
using the company’s investor relations website
(investors.kimcorealty.com), SEC filings, press releases, public
conference calls, and webcasts. The company also uses social media
to communicate with its investors and the public, and the
information the company posts on social media may be deemed
material information. Therefore, the company encourages investors,
the media, and others interested in the company to review the
information that it posts on the social media channels, including
Facebook (www.facebook.com/KimcoRealty), Twitter
(www.twitter.com/kimcorealty), YouTube
(www.youtube.com/kimcorealty) and LinkedIn
(www.linkedin.com/company/kimco-realty-corporation). The list of
social media channels that the company uses may be updated on its
investor relations website from time to time.
Safe Harbor Statement
This communication 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 Exchange
Act. Kimco Realty Corporation (“KIM”) 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. Words such
as “expects,” “anticipates,” “intends,” “plans,” “believes,”
“seeks,” “estimates,” “will,” “should,” “may,” “projects,” “could,”
“estimates” or variations of such words and other similar
expressions are intended to identify such forward-looking
statements, which generally are not historical in nature, but not
all forward-looking statements include such identifying words.
Forward-looking statements regarding KIM and Weingarten Realty
Investors (“WRI”), include, but are not limited to, statements
related to the anticipated acquisition of WRI and the anticipated
timing and benefits thereof; KIM’s expected financing for the
transaction; KIM’s ability to deleverage and its projected target
net leverage; and other statements that are not historical facts.
These forward-looking statements are based on each of the
companies’ current plans, objectives, estimates, expectations and
intentions and inherently involve significant risks and
uncertainties. Actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements as a result of these risks and uncertainties, which
include, without limitation, risks and uncertainties associated
with: KIM’s and WRI’s ability to complete the acquisition on the
proposed terms or on the anticipated timeline, or at all, including
risks and uncertainties related to securing the necessary
shareholder approvals and satisfaction of other closing conditions
to consummate the acquisition; the occurrence of any event, change
or other circumstance that could give rise to the termination of
the definitive transaction agreement relating to the proposed
transaction; risks related to diverting the attention of WRI and
KIM management from ongoing business operations; failure to realize
the expected benefits of the acquisition; significant transaction
costs and/or unknown or inestimable liabilities related to the
proposed transaction; the risk of shareholder litigation in
connection with the proposed transaction, including any resulting
expense or delay; the risk that WRI’s business will not be
integrated successfully or that such integration may be more
difficult, time-consuming or costly than expected; KIM’s ability to
obtain the expected financing to consummate the acquisition; 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 completion of the
acquisition; effects relating to any further announcements
regarding the proposed transaction or the consummation of the
acquisition on the market price of KIM’s common stock or WRI’s
common shares; the possibility that, if KIM does not achieve the
perceived benefits of the acquisition as rapidly or to the extent
anticipated by financial analysts or investors, the market price of
KIM’s common stock could decline; general adverse economic and
local real estate conditions; the inability of major tenants to
continue paying their rent obligations due to bankruptcy,
insolvency or a general downturn in their business; financing
risks, such as the inability to obtain equity, debt or other
sources of financing or refinancing on favorable terms to KIM;
KIM’s ability to raise capital by selling its assets; changes in
governmental laws and regulations and management’s ability to
estimate the impact of such changes; the level and volatility of
interest rates and management’s ability to estimate the impact
thereof; pandemics or other health crises, such as coronavirus
disease 2019 (COVID-19); the availability of suitable acquisition,
disposition, development and redevelopment opportunities, and risks
related to acquisitions not performing in accordance with our
expectations; valuation and risks related to KIM’s joint venture
and preferred equity investments; valuation of marketable
securities and other investments, including the shares of
Albertsons Companies Inc. common stock held by KIM; increases in
operating costs; changes in the dividend policy for KIM’s common
and preferred stock and KIM’s ability to pay dividends; the
reduction in KIM’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; impairment charges;
unanticipated changes in KIM’s intention or ability to prepay
certain debt prior to maturity and/or hold certain securities until
maturity; and other risks and uncertainties affecting KIM and WRI,
including those described from time to time under the caption “Risk
Factors” and elsewhere in KIM’s and WRI’s Securities and Exchange
Commission (“SEC”) filings and
reports, including KIM’s Annual Report on Form 10-K for the year
ended December 31, 2020, WRI’s Annual Report on Form 10-K for the
year ended December 31, 2020, and subsequent filings and reports by
either company. Moreover, other risks and uncertainties of which
KIM or WRI are not currently aware may also affect each of the
companies’ forward-looking statements and may cause actual results
and the timing of events to differ materially from those
anticipated. The forward-looking statements made in this
communication are made only as of the date hereof or as of the
dates indicated in the forward-looking statements, even if they are
subsequently made available by KIM or WRI on their respective
websites or otherwise. Neither KIM nor WRI undertakes any
obligation to update or supplement any forward-looking statements
to reflect actual results, new information, future events, changes
in its expectations or other circumstances that exist after the
date as of which the forward-looking statements were made.
Important Additional Information and
Where to Find It
In connection with the proposed Merger, KIM has filed with the
SEC a registration statement on Form S-4 to register the shares of
KIM common stock to be issued in connection with the Merger, which
was declared effective by the SEC on June 25, 2021. The
registration statement includes a joint proxy statement/prospectus
which was sent to the common stockholders of KIM and the
shareholders of WRI seeking their approval of their respective
transaction-related proposals. KIM and WRI also plan to file other
documents with the SEC with respect to the proposed Merger.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION
STATEMENT ON FORM S-4 AND THE RELATED JOINT PROXY
STATEMENT/PROSPECTUS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO
THOSE DOCUMENTS AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH
THE SEC IN CONNECTION WITH THE PROPOSED MERGER BECAUSE THEY CONTAIN
IMPORTANT INFORMATION ABOUT KIM, WRI AND THE PROPOSED
TRANSACTION.
Investors and security holders may obtain copies of these
documents free of charge through the website maintained by the SEC
at www.sec.gov or from KIM at its website, www.kimcorealty.com, or
from WRI at its website, www.weingarten.com. Documents filed with
the SEC by KIM will be available free of charge by accessing KIM’s
website at www.kimcorealty.com under the heading Investors or,
alternatively, by directing a request to KIM at IR@kimcorealty.com
or 500 North Broadway Suite 201, Jericho, New York 11753,
telephone: (866) 831-4297, and documents filed with the SEC by WRI
will be available free of charge by accessing WRI’s website at
www.weingarten.com under the heading Investors or, alternatively,
by directing a request to WRI at ir@weingarten.com or 2600 Citadel
Plaza Drive, Houston, TX 77008, telephone: (800) 298-9974.
Participants in the
Solicitation
KIM and WRI and certain of their respective directors and
executive officers and other members of management and employees
may be deemed to be participants in the solicitation of proxies
from the common stockholders of KIM and the shareholders of WRI in
respect of the proposed transaction under the rules of the SEC.
Information about KIM’s directors and executive officers is
available in KIM’s proxy statement dated March 17, 2021 for its
2021 Annual Meeting of Stockholders. Information about WRI’s
directors and executive officers is available in WRI’s proxy
statement dated March 15, 2021 for its 2021 Annual Meeting of
Shareholders. Other information regarding the participants in the
proxy solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, is contained in the
joint proxy statement/prospectus and other relevant materials filed
with the SEC regarding the merger when they become available.
Investors should read the joint proxy statement/prospectus
carefully before making any voting or investment decisions. You may
obtain free copies of these documents from KIM or WRI using the
sources indicated above.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act.
Condensed Consolidated Balance Sheets (in thousands,
except share information) (unaudited) June 30, 2021 December
31, 2020
Assets: Real estate, net of accumulated
depreciation and amortization of $2,784,417 and $2,717,114,
respectively
$
9,263,542
$
9,346,041
Real estate under development
5,672
5,672
Investments in and advances to real estate joint ventures
595,283
590,694
Other real estate investments
141,536
117,140
Cash and cash equivalents
230,062
293,188
Marketable securities
792,136
706,954
Accounts and notes receivable, net
200,121
219,248
Operating lease right-of-use assets, net
99,924
102,369
Other assets
230,646
233,192
Total assets
$
11,558,922
$
11,614,498
Liabilities: Notes payable, net
$
5,047,529
$
5,044,208
Mortgages payable, net
167,976
311,272
Dividends payable
5,366
5,366
Operating lease liabilities
94,492
96,619
Other liabilities
455,560
470,995
Total liabilities
5,770,923
5,928,460
Redeemable noncontrolling interests
15,784
15,784
Stockholders' equity: Preferred stock, $1.00 par
value, authorized 7,054,000 shares; Issued and outstanding (in
series) 19,580 shares; Aggregate liquidation preference $489,500
20
20
Common stock, $.01 par value, authorized 750,000,000 shares;
issued and outstanding 433,516,714 and 432,518,743 shares,
respectively
4,335
4,325
Paid-in capital
5,771,179
5,766,511
Cumulative distributions in excess of net income
(68,265
)
(162,812
)
Total stockholders' equity
5,707,269
5,608,044
Noncontrolling interests
64,946
62,210
Total equity
5,772,215
5,670,254
Total liabilities and equity
$
11,558,922
$
11,614,498
Condensed Consolidated Statements of Income (in
thousands, except per share data) (unaudited) Three Months
Ended June 30, Six Months Ended June 30,
2021
2020
2021
2020
Revenues Revenues from rental properties, net
$
285,732
$
235,961
$
564,603
$
521,965
Management and other fee income
3,284
2,955
6,721
6,695
Total revenues
289,016
238,916
571,324
528,660
Operating expenses Rent
(2,993
)
(2,827
)
(6,028
)
(5,662
)
Real estate taxes
(39,594
)
(38,678
)
(78,530
)
(78,330
)
Operating and maintenance
(46,897
)
(38,940
)
(93,417
)
(81,348
)
General and administrative
(24,754
)
(22,504
)
(49,232
)
(43,521
)
Impairment charges
(104
)
(138
)
(104
)
(3,112
)
Merger charges
(3,193
)
-
(3,193
)
-
Depreciation and amortization
(72,573
)
(73,559
)
(147,449
)
(142,956
)
Total operating expenses
(190,108
)
(176,646
)
(377,953
)
(354,929
)
Gain on sale of properties
18,861
1,850
28,866
5,697
Operating income
117,769
64,120
222,237
179,428
Other income/(expense) Other income, net
1,782
49
5,139
1,293
Gain on marketable securities, net
24,297
526,243
85,382
521,577
Gain on sale of cost method investment
-
190,832
-
190,832
Interest expense
(46,812
)
(48,015
)
(94,528
)
(94,075
)
Income before income taxes, net, equity in income of joint
ventures, net, and equity in income from other real estate
investments, net
97,036
733,229
218,230
799,055
Provision for income taxes, net
(1,275
)
(51
)
(2,583
)
(94
)
Equity in income of joint ventures, net
16,318
10,158
34,070
23,806
Equity in income of other real estate investments, net
5,039
4,782
8,826
15,740
Net income
117,118
748,118
258,543
838,507
Net income attributable to noncontrolling interests
(421
)
(225
)
(3,904
)
(514
)
Net income attributable to the company
116,697
747,893
254,639
837,993
Preferred dividends
(6,354
)
(6,354
)
(12,708
)
(12,708
)
Net income available to the company's common shareholders
$
110,343
$
741,539
$
241,931
$
825,285
Per common share: Net income available to the company's
common shareholders: (2) Basic
$
0.25
$
1.71
$
0.56
$
1.91
Diluted (1)
$
0.25
$
1.71
$
0.56
$
1.90
Weighted average shares: Basic
431,011
429,967
430,769
429,851
Diluted
432,489
431,170
432,430
431,527
(1)
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 $9 and $33 for the three months ended June 30,
2021 and 2020, respectively. Adjusted for distributions on
convertible units of $18 and $81 for the six months ended June 30,
2021 and 2020, respectively.
(2)
Adjusted for earnings attributable from participating securities of
($672) and ($5,253) for the three months ended June 30, 2021 and
2020, respectively. Adjusted for earnings attributed from
participating securities of ($1,475) and ($5,687) for the six
months ended June 30, 2021 and 2020, respectively.
Reconciliation of Net Income Available to the Company's Common
Shareholders to FFO Available to the Company's Common
Shareholders (in thousands, except per share data) (unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2021
2020
2021
2020
Net income available to the company's common shareholders
$
110,343
$
741,539
$
241,931
$
825,285
Gain on sale of properties
(18,861
)
(1,850
)
(28,866
)
(5,697
)
Gain on sale of joint venture properties
-
-
(5,283
)
(18
)
Depreciation and amortization - real estate related
71,781
72,296
145,894
141,003
Depreciation and amortization - real estate joint ventures
10,234
10,178
20,241
20,742
Impairment charges (including real estate joint ventures)
104
138
1,172
3,579
Gain on sale of cost method investment
-
(190,832
)
-
(190,832
)
Profit participation from other real estate investments, net
(1,346
)
(1,186
)
(1,151
)
(7,469
)
Gain on marketable securities, net
(24,297
)
(526,243
)
(85,382
)
(521,577
)
Provision for income taxes (1)
1,096
-
2,142
1
Noncontrolling interests (1)
(271
)
(559
)
2,355
(1,063
)
FFO available to the company's common shareholders
$
148,783
(3
)
$
103,481
$
293,053
(3
)
$
263,954
Weighted average shares outstanding for FFO calculations:
Basic
431,011
429,967
430,769
429,851
Units
642
662
653
639
Dilutive effect of equity awards
1,356
970
1,528
1,469
Diluted (2)
433,009
431,599
432,950
431,959
FFO per common share - basic
$
0.35
(3
)
$
0.24
$
0.68
(3
)
$
0.61
FFO per common share - diluted (2)
$
0.34
(3
)
$
0.24
$
0.68
(3
)
$
0.61
(1)
Related to gains, impairments and depreciation on
properties, where applicable.
(2)
Reflects the potential impact if certain units were
converted to common stock at the beginning of the period, which
would have a dilutive effect on FFO available to the company’s
common shareholders. FFO available to the company’s common
shareholders would be increased by $97 and $0 for the three months
ended June 30, 2021 and 2020, respectively. FFO available to the
company’s common shareholders would be increased by $195 and $160
for the six months ended June 30, 2021 and 2020, respectively. The
effect of other certain convertible units would have an
anti-dilutive effect upon the calculation of FFO available to the
company’s common shareholders per share. Accordingly, the impact of
such conversion has not been included in the determination of
diluted earnings per share calculations.
(3)
Includes Merger charges of $3.2 million recognized during
the three and six months ended June 30, 2021 in connection with the
anticipated Weingarten Realty Investors merger.
Reconciliation of Net Income Available to the Company's Common
Shareholders to Same Property NOI (in thousands)
(unaudited) Three Months Ended June 30, Six Months Ended
June 30,
2021
2020
2021
2020
Net income available to the company's common shareholders
$
110,343
$
741,539
$
241,931
$
825,285
Adjustments: Management and other fee income
(3,284
)
(2,955
)
(6,721
)
(6,695
)
General and administrative
24,754
22,504
49,232
43,521
Impairment charges
104
138
104
3,112
Merger charges
3,193
-
3,193
-
Depreciation and amortization
72,573
73,559
147,449
142,956
Gain on sale of properties
(18,861
)
(1,850
)
(28,866
)
(5,697
)
Interest and other expense, net
45,030
47,966
89,389
92,782
Gain on marketable securities, net
(24,297
)
(526,243
)
(85,382
)
(521,577
)
Gain on sale of cost method investment
-
(190,832
)
-
(190,832
)
Provision for income taxes, net
1,275
51
2,583
94
Equity in income of other real estate investments, net
(5,039
)
(4,782
)
(8,826
)
(15,740
)
Net income attributable to noncontrolling interests
421
225
3,904
514
Preferred dividends
6,354
6,354
12,708
12,708
Non same property net operating income
(10,716
)
3,097
(26,780
)
(14,458
)
Non-operational expense from joint ventures, net
14,606
16,764
26,569
35,778
Same Property NOI
$
216,456
$
185,535
$
420,487
$
401,751
Certain reclassifications of prior year amounts have been
made to conform with the current year presentation.
Reconciliation of Diluted Net Income Available to Common
Shareholders Per Common Share to Diluted Funds From
Operations Available to Common Shareholders Per Common Share
(unaudited) Actual Projected Range
2020
Full Year 2021
Low High Diluted net income available to
company's common shareholder per common share (1)
$2.25
$0.83
$0.87
Depreciation and amortization - real estate
related
0.66
0.65
0.68
Depreciation and amortization - real estate
joint ventures
0.10
0.08
0.10
Gain on sale of properties
(0.01)
(0.07)
(0.09)
Gain on sale of joint venture properties
-
(0.01)
(0.03)
Impairments charges (including real estate
joint ventures)
0.02
-
-
Gain on sale of cost method investment
(0.44)
-
-
Profit participation from other real estate
investments, net
(0.03)
-
(0.02)
Gain on marketable securities
(1.38)
(0.20)
(0.20)
Provision/(benefit) for income taxes
-
-
0.01
Noncontrolling interests
-
0.01
0.01
FFO per diluted common share
$ 1.17
$ 1.29
(2)
$ 1.33
(2)
(1)
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 $0.2 million for the year ended December 31,
2020. Adjusted for earnings attributable from participating
securities of ($6.3 million) for the year ended December 31, 2020.
Adjusted for the change in carrying amount of redeemable
noncontrolling interest of $2.2 million for the year ended December
31, 2020.
(2)
Includes $(0.01) per diluted share of merger-related charges
incurred during the second quarter of 2021. Kimco's 2021 guidance
is presented on a stand-alone basis and does not include any
additional impact from the pending merger with Weingarten Realty
Investors.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210729005308/en/
David F. Bujnicki Senior Vice President, Investor Relations and
Strategy Kimco Realty Corporation 1-866-831-4297
dbujnicki@kimcorealty.com
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