Please wait while we load the requested 10-Q report or click the link below:
Kimco Realty Announces First Quarter 2020 Results
– Strong Liquidity Position with Availability in Excess of $2 Billion –
– Solid First Quarter Operating Performance –
– Provides COVID-19 Update –
JERICHO, N.Y.--(BUSINESS WIRE)--May 8, 2020--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 properties, today reported results for the first quarter ended March 31, 2020. For the three months ended March 31, 2020 and 2019, Kimco’s net income available to the company’s common shareholders was $0.19 per diluted share and $0.24 per diluted share, respectively.
First Quarter Highlights:
- Attained pro-rata anchor occupancy of 98.6%, an increase of 80 basis points from first quarter 2019.
- Generated new cash pro-rata leasing spreads of 13.3%.
- Grew same-property net operating income (NOI)* 1.5% compared to the same period in 2019.
- Obtained a new $2.0 billion revolving credit facility.
- Nearly $900 million of cash and cash equivalents on its balance sheet at the end of April.
- Secured a new $590 million unsecured term loan facility.
- Established Kimco Tenant Assistance Program (TAP) to help tenants apply for government-sponsored COVID-19 aid programs.
- Launched the Kimco Curbside Pickup™ program designating dedicated parking spots for curbside pickup at its centers for use by all tenants and their customers.
“Our results this quarter continue to speak to the strength and quality of our portfolio,” stated Conor Flynn, Kimco’s Chief Executive Officer. “Given the significant transformation successfully executed over the last several years, we now own a predominantly grocery-anchored portfolio clustered in the nation’s top markets. We also have the strongest liquidity position and one of longest debt maturity profiles in our sector, to not only overcome the current challenges, but to potentially capitalize on emerging opportunities as we move ahead. I have been moved and humbled by our associates’ focus on tenant and community support during this time of crisis. Our commitment to servicing and engaging with all of our stakeholder groups will remain a hallmark of Kimco’s success going forward.”
The following information was filed by Kimco Realty Corp (KIM) on Friday, May 8, 2020 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.
View differences made from one quarter to another to evaluate Kimco Realty Corp's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Kimco Realty Corp.