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Exhibit 99.1
Kimco Realty Reports Third Quarter 2018 Results
- Operating Fundamentals Solid; Small Shop Occupancy Reaches All-Time High -
- Company Raises 2018 Guidance Ranges -
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--October 25, 2018--Kimco Realty Corp. (NYSE:KIM) today reported results for the third quarter and year-to-date period ended September 30, 2018.
Highlights:
Financial Results
Net Income for the third quarter of 2018 was $85.6 million, or $0.19 per diluted share, compared to $102.0 million, or $0.24 per diluted share, for the third quarter of 2017. The change was primarily due to $11.0 million of higher early extinguishment of debt charges related to the redemption of the company’s $300 million 6.875% unsecured bond during the third quarter of 2018, as well as $4.4 million of lower gains on the sales of operating properties, net of impairments, on a year-over-year basis.
For the nine months ended September 30, 2018, Net Income was $366.0 million, or $0.85 per diluted share, compared to $299.0 million, or $0.70 per diluted share, for the nine months ended September 30, 2017. The increase was primarily due to:
Offset by:
Funds From Operations available to the company’s common shareholders (“NAREIT FFO”) was $144.4 million, or $0.34 per diluted share, for the third quarter 2018 compared to $165.3 million, or $0.39 per diluted share, for the third quarter 2017. NAREIT FFO for the third quarter of 2018 included $7.7 million of transactional charges (net of transactional income), compared to $3.9 million of transactional income (net of transactional charges) for the third quarter 2017. NAREIT FFO for the third quarter 2018 was additionally impacted by lower NOI compared to the same period in 2017 as a result of the company’s proactive disposition plan completed during the nine months ended September 30, 2018. Gains on sales, property impairments, and depreciation related to operating properties are excluded from the calculation of NAREIT FFO.
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Kimco Realty Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Cash outflows: $258.3 million for improvements to operating real estate related to the Companys active redevelopment pipeline and improvements to real estate under development; $120.8 million for acquisition of operating real estate and other related net assets, including six consolidated operating properties and four out-parcels, and acquisition of real estate under development related to a development project; $26.8 million for investments in and advances to real estate joint ventures, primarily related to a redevelopment project within one joint venture and the repayment of a mortgage in another joint venture; and $9.8 million for investment in marketable securities.
Cash outflows: $368.6 million for improvements to operating real estate related to the Companys active redevelopment pipeline and improvements to real estate under development; $25.8 million for investments in and advances to real estate joint ventures, primarily related to a redevelopment project within the Companys joint venture portfolio; and $10.0 million for the acquisition of operating real estate and other related net assets, including two land parcels, and the acquisition of a land parcel at one development project.
Net income attributable to noncontrolling interests - The decrease in Net income attributable to noncontrolling interests of $13.0 million for the nine months ended September 30, 2018, as compared to the corresponding period in 2017, is primarily due to equity in income allocated to the Companys noncontrolling interest members as a result of a distribution in excess of basis in the ACI joint venture during 2017.
Financing activities during 2018 primarily consisted of the following: Cash inflows: $122.3 million in proceeds from the Companys unsecured revolving credit facility, net; $33.6 million in proceeds primarily from the exercise of the Class M Preferred Stock over-allotment option; and $30.4 million in proceeds from construction loan financing at one development project.
Share Repurchase Program - During...Read more
Investing activities during 2018 consisted...Read more
29 Table of Contents 29...Read more
28 Table of Contents 28...Read more
(3) Related to transactional (income)/expense,...Read more
Interest expense - The decrease...Read more
These costs include $42.7 million...Read more
Cash outflows: $690.5 million for...Read more
(3) General and administrative costs...Read more
The financial covenants for the...Read more
The increase in Other income,...Read more
Investing activities during 2017 consisted...Read more
The increase in Equity in...Read more
During February 2018, the Company...Read more
Preferred dividends - The increase...Read more
Equity in income of other...Read more
During the nine months ended...Read more
In addition, the Credit Facility...Read more
You should not rely on...Read more
The properties acquired are primarily...Read more
If the estimated fair value...Read more
The Company?s business interruption insurance...Read more
Impairment charges - During the...Read more
These amounts consist of the...Read more
Additionally, on October 23, 2018,...Read more
The Company is actively pursuing...Read more
The Company continues to transform...Read more
The Company, pursuant to this...Read more
The Company?s investment strategy is...Read more
The Company anticipates the total...Read more
Comparison of our presentation of...Read more
The Company does not anticipate...Read more
On July 24, 2018, the...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Kimco Realty Corp provided additional information to their SEC Filing as exhibits
Ticker: KIM
CIK: 879101
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-18-018863
Submitted to the SEC: Fri Oct 26 2018 5:42:10 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Real Estate Investment Trusts