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Kimco Realty Corp (KIM) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

SEC Filings

Kimco Realty Corp

CIK: 879101 Ticker: KIM

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:

  • Reported net income available to the company’s common shareholders (“Net Income”) of $85.6 million or $0.19 per diluted share for the third quarter of 2018.
  • Increased same-property net operating income (“NOI”) by 2.2% (2.3% including redevelopments) during the third quarter compared to the same period in 2017.
  • Expanded pro-rata small shop occupancy to a record high of 90.8%.
  • Generated new leasing spreads of 12.1%, representing the nineteenth consecutive quarter that the rental rate for new leases over the prior rent for the comparable space increased by more than 10%.
  • Disposed of 10 shopping centers and two land parcels totaling 1.3 million square feet for a gross sales price of $156.8 million during the third quarter of 2018. Kimco’s share of the sales price was $153.7 million.

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:

  • $51.5 million of higher gains on the sales of operating properties, net of impairments; and
  • $37.9 million of lower depreciation expense on operating properties

Offset by:

  • $11.0 million of higher early extinguishment of debt charges; and
  • $5.2 million of lower NOI compared to the same period in 2017 as a result of the net dispositions completed during the nine months ended September 30, 2018.

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.


The following information was filed by Kimco Realty Corp (KIM) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Kimco Realty Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Current Period Unaudited)
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Changes In Equity (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Income (Unaudited)
Note 1 - Business And Organization
Note 10 - Notes, Mortgages And Construction Loan Payable
Note 10 - Notes, Mortgages And Construction Loan Payable (Details Textual)
Note 10 - Notes, Mortgages And Construction Loan Payable (Tables)
Note 10 - Notes, Mortgages And Construction Loan Payable - Repaid Notes (Details)
Note 11 - Noncontrolling Interests
Note 11 - Noncontrolling Interests (Details Textual)
Note 11 - Noncontrolling Interests (Tables)
Note 11- Noncontrolling Interests - Redemption Value Of The Redeemable Noncontrolling Interests (Details)
Note 12 - Fair Value Measurements
Note 12 - Fair Value Measurements (Details Textual)
Note 12 - Fair Value Measurements (Tables)
Note 12 - Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis (Details)
Note 12 - Fair Value Measurements - Estimate Of Fair Value Differs From Carrying Amounts (Details)
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity (Details Textual)
Note 13 - Stockholders' Equity (Tables)
Note 13 - Stockholders' Equity - Dividends Declared Per Share (Details)
Note 13 - Stockholders' Equity - Outstanding Preferred Stock (Details)
Note 14 - Supplemental Schedule Of Non-Cash Investing / Financing Activities
Note 14 - Supplemental Schedule Of Non-Cash Investing / Financing Activities (Tables)
Note 14 - Supplemental Schedule Of Non-Cash Investing / Financing Activities - Non-Cash Investing And Financing Activities (Details)
Note 15 - Incentive Plans
Note 15 - Incentive Plans (Details Textual)
Note 16 - Accumulated Other Comprehensive Income
Note 16 - Accumulated Other Comprehensive Income (Details Textual)
Note 16 - Accumulated Other Comprehensive Income (Tables)
Note 16 - Accumulated Other Comprehensive Income - Components Of Accumulated Other Comprehensive Income (Details)
Note 17 - Earnings Per Share
Note 17 - Earnings Per Share (Details Textual)
Note 17 - Earnings Per Share (Tables)
Note 17 - Earnings Per Share - Reconciliation Of Earnings/(Loss) And The Weighted Average Number Of Shares (Details)
Note 2 - Summary Of Significant Accounting Policies
Note 2 - Summary Of Significant Accounting Policies (Details Textual)
Note 3 - Operating Property Activities
Note 3 - Operating Property Activities (Details Textual)
Note 3 - Operating Property Activities (Tables)
Note 3 - Operating Property Activities - Disposition Activity (Details)
Note 4 - Real Estate Under Development
Note 4 - Real Estate Under Development (Details Textual)
Note 4 - Real Estate Under Development (Tables)
Note 4 - Real Estate Under Development - Costs Incurred For Real Estate Development (Details)
Note 5 - Investments In And Advances To Real Estate Joint Ventures
Note 5 - Investments In And Advances To Real Estate Joint Ventures (Details Textual)
Note 5 - Investments In And Advances To Real Estate Joint Ventures (Tables)
Note 5 - Investments In And Advances To Real Estate Joint Ventures - Investment Details (Details)
Note 5 - Investments In And Advances To Real Estate Joint Ventures - Joint Venture Investments Accounted For Under The Equity Method, Debt Details (Details)
Note 5 - Investments In And Advances To Real Estate Joint Ventures - The Company's Share Of Net Income/(Loss) (Details)
Note 6 - Other Real Estate Investments And Other Assets
Note 6 - Other Real Estate Investments And Other Assets (Details Textual)
Note 7 - Variable Interest Entities ("Vie")
Note 7 - Variable Interest Entities ("Vie") (Details Textual)
Note 7 - Variable Interest Entities ("Vie") (Tables)
Note 7 - Variable Interest Entities ("Vie") - Summary Of Restricted Assets And Vie Liabilities (Details)
Note 8 - Mortgages And Other Financing Receivables
Note 8 - Mortgages And Other Financing Receivables (Details Textual)
Note 8 - Mortgages And Other Financing Receivables (Tables)
Note 8 - Mortgages And Other Financing Receivables - Mortgages Receivable (Details)
Note 9 - Marketable Securities
Note 9 - Marketable Securities (Details Textual)
Significant Accounting Policies (Policies)
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

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