Exhibit 99.1


Kimco Realty Announces First Quarter 2021 Results

– Leasing Levels Reach 2.8 Million Square Feet Signed During the Quarter –

– Raises 2021 Outlook –

JERICHO, N.Y.--(BUSINESS WIRE)--April 29, 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 first quarter ended March 31, 2021. For the three months ended March 31, 2021 and 2020, Kimco’s net income available to the company’s common shareholders was $0.30 per diluted share and $0.19 per diluted share, respectively.

First Quarter Highlights:

  • Executed 358 leases totaling 2.8 million square feet, the highest combined lease count and gross leasable area since the first quarter of 2019.
  • Generated new cash pro-rata leasing spreads of 8.2% on comparable spaces.
  • Reported pro-rata portfolio occupancy of 93.5%.
  • Collected 94% of total pro-rata base rents billed during the first quarter.
  • Ended the quarter with $2.3 billion of immediate liquidity including $254 million in cash.
  • Subsequent to quarter end, announced the entry into a strategic merger agreement with Weingarten Realty Investors (NYSE: WRI), creating the nation’s preeminent open-air, grocery-anchored shopping center and mixed-use real estate platform.

“Our well-positioned, predominately grocery-anchored portfolio that focuses on essential goods and services, enabled us to drive over 2.8 million square feet of leasing in the first quarter, again reaching pre-pandemic levels,” said Conor Flynn, Kimco’s Chief Executive Officer. “The operating environment remains very favorable, evidenced by our strong leasing levels, positive spreads on new leases and solid rent collections, reflecting increasing tenant health. The success of our ongoing efforts supports raising our outlook for 2021. Looking further ahead, future opportunities for Kimco are strengthened considerably with the pending merger with Weingarten. This highly strategic combination will result in a stronger and more diversified portfolio, with significant embedded growth opportunities in high-growth Sun Belt markets. Upon closing, we will be well positioned to build additional value for all of our stakeholders.”

Financial Results

Net income available to the company’s common shareholders for the first quarter of 2021 was $131.6 million, or $0.30 per diluted share, compared to $83.7 million, or $0.19 per diluted share, for the first quarter of 2020. The year-over-year change includes:

  • $65.8 million increase in gain on marketable securities, net, primarily as a result of the mark-to-market adjustment on 39.8 million shares of common stock of Albertsons Companies, Inc. (NYSE: ACI) held by the company.
  • $6.2 million increase from gains on sales of properties.
  • ($7.2) million decrease in equity in income of other real estate investments, net due to gains on sales of net leased assets sold during 2020.
  • ($7.4) million decrease in total revenue resulting from $3.8 million of higher rent abatements, partially offset by a change in reserves over the same period in the prior year, as well as $4.2 million in lower income recognized from above and below market rents.

The following information was filed by Kimco Realty Corp (KIM) on Thursday, April 29, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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