Exhibit 99.1

Kimco Realty Announces Fourth Quarter and Full Year 2020 Results

– Base Rent Collections Strengthen to 92% Collected in the Fourth Quarter –

– New Leasing Volumes Exceed Pre-Pandemic Levels –

JERICHO, N.Y.--(BUSINESS WIRE)--February 11, 2021--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 fourth quarter and full year ended December 31, 2020.


  • Collected 92% of total pro-rata base rents billed during the fourth quarter and subsequently collected 91% for the month of January.
  • Reported pro-rata portfolio occupancy of 93.9%.
  • Signed 92 new leases for 406,000 square feet during the fourth quarter which represents an 18% increase over the same period in 2019.
  • Recognized a 6.0% increase in pro-rata rental-rate spreads on comparable spaces.
  • Ended the quarter with $2.3 billion in immediate liquidity including $293 million in cash.
  • Announced new resources to help small businesses access the latest round of PPP funding through Kimco’s Tenant Assistance Program (TAP).

“Thanks to Kimco’s dedicated associates and resilient portfolio, during the fourth quarter our rent collections remained strong, our leasing volume reached pre-pandemic levels and we continued our efforts to help tenants overcome the impact of COVID-19,” stated Conor Flynn, Kimco’s Chief Executive Officer. “With our predominately grocery-anchored portfolio focused on essential goods and services, we remain favorably positioned to outperform during the recovery and beyond. As we turn the corner towards relief and recovery in the months ahead, we also remember those we have lost and express our deep gratitude to the frontline workers still courageously doing their part to keep us safe.”

Financial Results

Fourth Quarter 2020

Net income available to the company’s common shareholders for the fourth quarter of 2020 was $194.9 million, or $0.45 per diluted share, compared to $92.8 million, or $0.22 per diluted share, for the fourth quarter of 2019. The year-over-year change was primarily due to:

  • $148.5 million in the mark-to-market adjustment on 39.8 million common shares of Albertsons Companies, Inc. (NYSE: ACI) held by the company.
  • ($21.2) million from potentially uncollectible receivables, including $9.7 million in abatements.
  • ($24.5) million decrease in gains on the sales of properties, net of impairments, including those in joint ventures.
  • $10.3 million associated with a $7.2 million charge for the redemption of preferred stock during the fourth quarter of 2019 resulting in $3.1 million less in preferred dividends paid during the fourth quarter of 2020.

The following information was filed by Kimco Realty Corp (KIM) on Thursday, February 11, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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