– Strong Operating Results from the Expanded
Portfolio Following Strategic Merger –
– Raises 2021 Outlook –
Kimco Realty Corp. (NYSE: KIM), North America’s largest publicly
traded owner and operator of open-air, grocery-anchored shopping
centers and mixed-use assets, today reported results for the third
quarter ended September 30, 2021. For the three months ended
September 30, 2021 and 2020, Kimco’s net income/(loss) available to
the company’s common shareholders was $0.91 per diluted share and
($0.10) per diluted share, respectively.
Third Quarter
Highlights:
- Completed the strategic merger with Weingarten Realty Investors
on August 3, 2021.
- Produced FFO of $0.32 per diluted share, which includes
merger-related costs of $47.0 million, or $0.08 per diluted
share.
- Grew pro-rata portfolio occupancy 20 basis points sequentially
to 94.1%.
- Increased pro-rata small shop occupancy 180 basis points
sequentially to 87.3%.
- Signed 411 leases totaling 2.1 million square feet of gross
leasable area (GLA).
- Same property Net Operating Income (NOI), which excludes the
impact of the Weingarten Realty portfolio, grew 12.1% over the
prior year.
- Ended the quarter with Kimco’s investment in Albertsons
Companies Inc. (NYSE: ACI) common stock valued at over $1.2
billion.
- Achieved an “A” rating from the Global Real Estate
Sustainability Benchmark (GRESB) for both Public Disclosure and
Real Estate Performance Assessment placing Kimco as the top company
in its respective US Retail peer group. Additionally, Kimco was
again named as a constituent of the FTSE4Good Index Series and was
certified as a Great Place to Work® company for the 4th consecutive
year.
Kimco CEO Conor Flynn commented, “We are extremely proud to have
completed another quarter where leasing volume exceeded two million
square feet, bringing year-to-date leasing to 6.7 million square
feet. We remain committed to ‘leasing, leasing and leasing,’ and
our success continues to validate the importance and value of the
real estate we own. With the strategic addition of the Weingarten
portfolio and our highly desirable open-air, last-mile
grocery-anchored centers in growing markets, we are excited to
again raise our outlook for 2021 as we embrace the opportunity to
create additional value for shareholders.”
Financial Results:
Net income/(loss) available to the company’s common shareholders
for the third quarter of 2021 was $501.4 million, or $0.91 per
diluted share, compared to ($44.7) million, or ($0.10) per diluted
share, for the third quarter of 2020. The year-over-year change
includes:
- $534.1 million increase in gain on marketable securities,
primarily as a result of the mark-to-market fluctuations on 39.8
million shares of common stock of Albertsons Companies, Inc. (NYSE:
ACI) held by the company which was valued at over $1.2B at the end
of the third quarter of 2021.
- $26.6 million improvement in consolidated credit loss on
potentially uncollectible accounts receivable.
- $7.5 million less in charges related to early extinguishment of
debt.
- $47.0 million in charges during the third quarter of 2021
related to the merger with Weingarten Realty.
NAREIT Funds From Operations (FFO) was $173.7 million, or $0.32
per diluted share, for the third quarter of 2021 and includes
merger charges with Weingarten Realty of $47.0 million, or $0.08
per diluted share. NAREIT FFO was $106.7 million, or $0.25 per
diluted share, for the third 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 94.1%, an
increase of 20 basis points sequentially, with the spread between
leased (reported) occupancy vs. economic occupancy 300 basis
points.
- Pro-rata anchor occupancy ended the quarter at 96.9%, flat on a
sequential basis.
- Pro-rata small shop occupancy ended the quarter at 87.3%, an
increase of 180 basis points sequentially from the second quarter
of 2021.
- Pro-rata rental-rate spreads on comparable spaces during the
third quarter of 2021 increased 4.9%, with rental rates for new
leases up 5.0% and renewals/options up 4.9%.
- During the third quarter, the company signed 411 leases
totaling 2.1 million square feet of GLA benefitting from the
Weingarten merger. This was bolstered by 141 new leases for 605,000
square feet.
- Same-property NOI, including redevelopments, increased 12.1%
for the third quarter of 2021 over the comparable period in 2020.
The company excluded Weingarten Realty from the calculation of
same-property NOI since it was not owned for the full period. Kimco
expects to include the Weingarten portfolio in its Same-property
NOI beginning in the fourth quarter of 2021. 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.
Weingarten Merger:
- In August, completed the strategic merger with Weingarten
Realty Investors further expanding Kimco’s grocery-anchored
portfolio and its presence in fast growing Sun-belt markets with
the addition of 149 properties totaling 23.5 million square feet of
GLA.
- In connection with the merger, Kimco previously disclosed
annualized cost synergy ranges of $35 million to $38 million on a
GAAP basis and $31 million to $34 million on a cash basis. At the
end of the third quarter, the company had achieved synergies at the
upper end of both ranges. The company anticipates achieving the
full benefit of these synergies by the end of 2022.
Transaction Activities:
- Provided $21.5 million of third-party mezzanine funding towards
the acquisition of Alamo Ranch, a 465,000 square foot retail center
located in San Antonio, Texas.
- Sold two single-tenant centers located in Massachusetts and one
land parcel in San Antonio for a total of $23.5 million.
- Subsequent to quarter end, acquired the remaining 70 percent
interest in a portfolio of six Publix-anchored, Sunbelt shopping
centers from Kimco’s existing joint venture partner, Jamestown, for
a gross purchase price of $425.8 million. The company then entered
into a joint venture partnership with Blackstone Real Estate Income
Trust, Inc. (“BREIT”) in which both Kimco and BREIT will own 50
percent of the portfolio, with Kimco continuing to manage the
properties on behalf of the joint venture.
Capital Markets:
- Established a new continuous “At The Market” (ATM) equity
offering program through which the company may offer and sell
shares of its common stock, par value $0.01 per share, with an
aggregate gross sales price of up to $500 million.
- Generated net proceeds of $76.9 million through the issuance of
approximately 3.5 million shares of common stock through the
company’s ATM program at a weighted average price of $22.08 per
share.
- Issued $500 million of 2.250% notes maturing December 2031,
which represents the lowest coupon for ten-year, unsecured notes
issued by the company in its history.
- Ended the third quarter with over $2.4 billion of immediate
liquidity, including full availability under the company’s $2.0
billion unsecured revolving credit facility, and $483 million of
cash and cash equivalents. In addition, Kimco maintains over $1.2
billion of ACI common stock, subject to certain lock-up
provisions.
Dividend Declarations:
As previously announced:
- Kimco’s board of directors declared a quarterly cash dividend
of $0.17 per common share, payable on December 23, 2021, to
shareholders of record on December 9, 2021.
- The board of directors also 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 January 17, 2022, to shareholders
of record on January 3, 2022.
2021 Full Year Outlook:
Kimco’s 2021 guidance has been updated to include the impact for
the completed merger with Weingarten and includes merger-related
cost totaling $50.2 million, or $0.10 per diluted share. As a
result, the company has raised its 2021 guidance ranges as
follows:
Guidance (per diluted share)
Current*
Previous
Net income available to common
shareholders:
$1.70 to $1.72**
$0.83 to $0.87
NAREIT FFO:
$1.36 to $1.37**
$1.29 to $1.33
*The tables accompanying this
press release provide a reconciliation for this forward-looking
non-GAAP measure.
**Includes $0.10 per diluted
share of merger-related charges incurred during 2021.
Conference Call and Supplemental
Materials
Kimco will hold its quarterly conference call on Friday,
November 5, 2021, at 8:30 a.m. Eastern Time (ET). The call will
include a review of the company’s third 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: 7894589).
Audio replay from the conference call will be available on Kimco
Realty’s website at investors.kimcorealty.com through Saturday,
February 5, 2022.
About Kimco
Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust
(REIT) headquartered in Jericho, N.Y. that is North America’s
largest publicly traded owner and operator 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 September 30, 2021, the company owned
interests in 545 U.S. shopping centers and mixed-use assets
comprising 94 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, and Section 21E of the Securities Exchange Act of 1934, as
amended. 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,” “anticipate,”
“estimate,” “project,” “will,” “target,” “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 inability of major tenants to continue paying their rent
obligations due to bankruptcy, insolvency or a general downturn in
their business, (iii) financing risks, such as the inability to
obtain equity, debt or other sources of financing or refinancing on
favorable terms to the Company, (iv) the Company’s ability to raise
capital by selling its assets, (v) changes in governmental laws and
regulations and management’s ability to estimate the impact of such
changes, (vi) the level and volatility of interest rates and
management’s ability to estimate the impact thereof, (vii)
pandemics or other health crises, such as coronavirus disease 2019
(“COVID-19”), (viii) the availability of suitable acquisition,
disposition, development and redevelopment opportunities, and risks
related to acquisitions not performing in accordance with our
expectations, (ix) the Company’s failure to realize the expected
benefits of the merger with Weingarten Realty Investors (the
“Merger”), (x) significant transaction costs and/or unknown or
inestimable liabilities related to the Merger, (xi) the risk of
shareholder litigation in connection with the Merger, including any
resulting expense, (xii) 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 the Merger, (xiii) the possibility that, if the
Company does not achieve the perceived benefits of the Merger as
rapidly or to the extent anticipated by financial analysts or
investors, the market price of the Company’s common stock could
decline, (xiv) valuation and risks related to the Company’s joint
venture and preferred equity investments, (xv) valuation of
marketable securities and other investments, including the shares
of Albertsons Companies, Inc. common stock held by the Company,
(xvi) increases in operating costs, (xvii) changes in the dividend
policy for the Company’s common and preferred stock and the
Company’s ability to pay dividends at current levels, (xviii) 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, (xix) impairment charges, (xx)
unanticipated changes in the Company’s intention or ability to
prepay certain debt prior to maturity and/or hold certain
securities until maturity and (xxi) the other risks and
uncertainties identified under Item 1A, “Risk Factors” in our
Annual Report on Form 10-K for the year-ended December 31, 2020, as
supplemented by the risks and uncertainties identified under Item
1A, “Risk Factors” in this Quarterly Report on Form 10-Q.
Accordingly, there is no assurance that the Company’s expectations
will be realized. The Company disclaims any intention or obligation
to update the forward-looking statements, whether as a result of
new information, future events or otherwise. You are advised to
refer to any further disclosures the Company makes in the Company’s
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that
the Company files with the Securities and Exchange Commission
(“SEC”).
Condensed Consolidated Balance
Sheets
(in thousands, except share
information)
(unaudited)
September 30, 2021 (1)
December 31, 2020
Assets: Real estate, net of accumulated depreciation and
amortization of 2,886,259 and 2,717,114 respectively
$
14,778,312
$
9,346,041
Real estate under development
5,672
5,672
Investments in and advances to real estate joint ventures
1,178,511
590,694
Other investments
130,470
117,140
Cash and cash equivalents
483,471
293,188
Marketable securities
1,249,125
706,954
Accounts and notes receivable, net
235,082
219,248
Operating lease right-of-use assets, net
149,203
102,369
Other assets
380,675
233,192
Total assets
$
18,590,521
$
11,614,498
Liabilities: Notes payable, net
$
7,034,047
$
5,044,208
Mortgages payable, net
482,634
311,272
Dividends payable
5,366
5,366
Operating lease liabilities
125,015
96,619
Other liabilities
772,251
470,995
Total liabilities
8,419,313
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 616,413,920 and 432,518,743 shares,
respectively
6,164
4,325
Paid-in capital
9,579,517
5,766,511
Retained earnings / (cumulative distributions in excess of net
income)
328,609
(162,812
)
Total stockholders' equity
9,914,310
5,608,044
Noncontrolling interests
241,114
62,210
Total equity
10,155,424
5,670,254
Total liabilities and equity
$
18,590,521
$
11,614,498
(1) Includes the impact of the
WRI merger.
Condensed Statements of Operations
(in thousands, except per share
data)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2021 (3)
2020
2021 (3)
2020
Revenues Revenues from rental properties, net
$
364,694
$
256,607
$
929,297
$
778,572
Management and other fee income
3,913
3,185
10,634
9,880
Total revenues
368,607
259,792
939,931
788,452
Operating expenses Rent
(3,678
)
(2,767
)
(9,706
)
(8,429
)
Real estate taxes
(50,594
)
(40,403
)
(129,124
)
(118,733
)
Operating and maintenance
(52,063
)
(42,844
)
(145,480
)
(124,192
)
General and administrative
(25,904
)
(28,795
)
(75,136
)
(72,316
)
Impairment charges
(850
)
(397
)
(954
)
(3,509
)
Merger charges
(46,998
)
-
(50,191
)
-
Depreciation and amortization
(114,238
)
(71,704
)
(261,687
)
(214,660
)
Total operating expenses
(294,325
)
(186,910
)
(672,278
)
(541,839
)
Gain on sale of properties
1,975
-
30,841
5,697
Operating income
76,257
72,882
298,494
252,310
Other income/(expense) Other income/(expense), net
6,696
(900
)
11,834
393
Gain/(loss) on marketable securities, net
457,127
(76,931
)
542,510
444,646
Gain on sale of cost method investment
-
-
-
190,832
Interest expense
(52,126
)
(46,942
)
(146,654
)
(141,017
)
Early extinguishment of debt charges
-
(7,538
)
-
(7,538
)
Income/(loss) before income taxes, net, equity in income of joint
ventures, net and equity in income from other investments, net
487,954
(59,429
)
706,184
739,626
Provision for income taxes, net
(314
)
(388
)
(2,897
)
(482
)
Equity in income of joint ventures, net
20,025
11,233
54,095
35,039
Equity in income of other investments, net
1,539
11,155
10,365
26,895
Net income/(loss)
509,204
(37,429
)
767,747
801,078
Net income attributable to noncontrolling interests
(1,465
)
(965
)
(5,369
)
(1,479
)
Net income/(loss) attributable to the company
507,739
(38,394
)
762,378
799,599
Preferred dividends
(6,354
)
(6,354
)
(19,062
)
(19,062
)
Net income/(loss) available to the company's common shareholders
$
501,385
$
(44,748
)
$
743,316
$
780,537
Per common share: Net income/(loss) available to the
company's common shareholders: (2) Basic
$
0.91
$
(0.10
)
$
1.57
$
1.80
Diluted (1)
$
0.91
$
(0.10
)
$
1.56
$
1.80
Weighted average shares: Basic
546,842
429,994
469,885
429,899
Diluted
548,766
429,994
474,452
431,602
(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 $42 and $0 for the three
months ended September 30, 2021 and 2020, respectively. Adjusted
for distributions on convertible units of $3,009 and $119 for the
nine months ended September 30, 2021 and 2020, respectively.
(2)
Adjusted for earnings
attributable from participating securities of ($4,078) and ($251)
for the three months ended September 30, 2021 and 2020,
respectively. Adjusted for earnings attributed from participating
securities of ($5,749) and ($5,259) for the nine months ended
September 30, 2021, respectively.
(3)
Includes the impact of the WRI
merger from August 3rd.
Reconciliation of Net Income/Loss Available to the Company's
Common Shareholders to
FFO Available to the Company's
Common Shareholders (1)
(in thousands, except per share
data)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2021 (5)
2020
2021 (5)
2020
Net income/(loss) available to the company's common shareholders
$
501,385
$
(44,748
)
$
743,316
$
780,537
Gain on sale of properties
(1,975
)
-
(30,841
)
(5,697
)
Gain on sale of joint venture properties
-
-
(5,283
)
(18
)
Depreciation and amortization - real estate related
113,404
71,015
259,298
212,018
Depreciation and amortization - real estate joint ventures
15,365
9,932
35,605
30,673
Impairment charges (including real estate joint ventures)
2,041
775
3,213
4,354
Gain on sale of cost method investment
-
-
-
(190,832
)
Profit participation from other investments, net
2,380
(8,406
)
1,229
(15,875
)
(Gain)/loss on marketable securities, net
(457,127
)
76,931
(542,510
)
(444,646
)
Provision for income taxes (2)
35
1,500
2,177
1,501
Noncontrolling interests (2)
(1,805
)
(310
)
551
(1,373
)
FFO available to the company's common shareholders
$
173,703
(4)
$
106,689
$
466,755
(4)
$
370,642
Weighted average shares outstanding for FFO calculations:
Basic
546,842
429,994
469,885
429,899
Units
2,626
658
2,642
639
Dilutive effect of equity awards
1,718
1,192
1,837
1,496
Diluted (3)
551,186
431,844
474,364
432,034
FFO per common share - basic
$
0.32
$
0.25
$
0.99
$
0.86
FFO per common share - diluted (3)
$
0.32
$
0.25
$
0.99
$
0.86
(1)
The company considers FFO to be
an important supplemental measure of its operating performance and
believes it is frequently used by securities analysts, investors
and other interested parties in the evaluation of REITs, many of
which present FFO when reporting results. Comparison of the
company's presentation of FFO to similarly titled measures for
other REITs may not necessarily be meaningful due to possible
differences in the application of the NAREIT definition used by
such REITs.
(2)
Related to gains, impairments and
depreciation on properties, where applicable.
(3)
Reflects the potential impact if
certain units were converted to common stock at the beginning of
the period. FFO available to the company’s common shareholders
would be increased by $435 and $57 for the three months ended
September 30, 2021 and 2020, respectively. FFO available to the
company’s common shareholders would be increased by $630 and $218
for the nine months ended September 30, 2021 and 2020,
respectively.
(4)
Includes Merger charges of $47.0
and $50.2 million recognized during the three and nine months ended
September 30, 2021.
(5)
Includes the impact of the WRI
merger from August 3rd.
Reconciliation of Net Income/Loss Available to the Company's
Common Shareholders
to Same Property NOI
(1)
(in thousands)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2021 (2)
2020
2021 (1)
2020
Net income/(loss) available to the company's common shareholders
$
501,385
$
(44,748
)
$
743,316
$
780,537
Adjustments: Management and other fee income
(3,913
)
(3,185
)
(10,634
)
(9,880
)
General and administrative
25,904
28,795
75,136
72,316
Impairment charges
850
397
954
3,509
Merger charges
46,998
-
50,191
-
Depreciation and amortization
114,238
71,704
261,687
214,660
Gain on sale of properties
(1,975
)
-
(30,841
)
(5,697
)
Interest and other expense, net
45,430
55,380
134,820
148,161
(Gain)/loss on marketable securities, net
(457,127
)
76,931
(542,510
)
(444,645
)
Gain on sale of cost method investment
-
-
-
(190,832
)
Provision for income taxes, net
314
388
2,897
482
Equity in income of other investments, net
(1,539
)
(11,155
)
(10,365
)
(26,895
)
Net income attributable to noncontrolling interests
1,465
965
5,369
1,479
Preferred dividends
6,354
6,354
19,062
19,062
Non same property net operating income (2)
(76,304
)
(1,464
)
(104,893
)
(17,659
)
Non-operational expense from joint ventures, net
18,658
16,494
45,227
52,272
Same Property NOI
$
220,738
$
196,856
$
639,416
$
596,870
(1)
The company considers same
property NOI as an important operating performance measure because
it is frequently used by securities analysts and investors to
measure only the net operating income of properties that have been
owned by the company for the entire current and prior year
reporting periods. It excludes properties under redevelopment,
development and pending stabilization; properties are deemed
stabilized at the earlier of (i) reaching 90% leased or (ii) one
year following a project’s inclusion in operating real estate. Same
property NOI assists in eliminating disparities in net income due
to the development, acquisition or disposition of properties during
the particular period presented, and thus provides a more
consistent performance measure for the comparison of the company's
properties. The company’s method of calculating Same property NOI
may differ from methods used by other REITs and, accordingly, may
not be comparable to such other REITs.
(2)
The Company excluded Weingarten
Realty from the calculation of same-property NOI since it was not
owned for the full period. Kimco expects to include the Weingarten
portfolio in its same-property NOI beginning in the fourth quarter
of 2021.
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 $1.70 $1.72 Depreciation and
amortization - real estate related
0.66
0.71
0.74
Depreciation and amortization - real estate joint ventures
0.10
0.10
0.11
Gain on sale of properties/change in control of interests
(0.01
)
(0.06
)
(0.09
)
Gain on sale of joint venture properties
-
(0.01
)
(0.02
)
Impairments charges (including real estate joint ventures)
0.02
-
-
Gain on sale of cost method investment
(0.44
)
-
-
Profit participation from other investments, net
(0.03
)
(0.01
)
(0.03
)
Gain on marketable securities, net
(1.38
)
(1.07
)
(1.07
)
Provision for income taxes (2)
-
-
0.01
FFO per diluted common share (3)
$ 1.17
$ 1.36
$ 1.37
(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)
Related to gains, impairments and
depreciation on properties, where applicable.
(3)
Includes Merger charges of $50.2
million recognized during the nine months ended September 30, 2021
in connection with the Weingarten Realty Investors merger.
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/20211105005208/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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