Kimco Realty Corp

NYSE:KIMUnited States

07:15 AM EDT, 05/02/2024 (MT Newswires) -- ...

necessarily be meaningful due to possible differences in the application of the Nareit definition used by such REITs. (2 ) Related to gains, impairments, depreciation on properties, gains/(losses) on sales of marketable securities and derivatives, where applicable. (3 ) Reflects the potential impact of convertible preferred shares and certain units were converted to common stock at the beginning of the period. FFO available to the company's common shareholders would be increased by $2,443 and $584 for the three months ended March 31, 2024 and 2023, respectively. The effect of other certain convertible securities would have an anti-dilutive effect upon the calculation of FFO available to the company's common shareholders per share. Accordingly, the impact of such conversion has not been included in the determination of diluted FFO per share calculations. (4 ) Includes merger-related charges of $25.2 million ($0.04 per share on a diluted basis) for the three months March 31, 2024. Reconciliation of Net (Loss)/ Income Available to the Company's Common Shareholders to Same Property NOI (1)(2) (in thousands) (unaudited) Three Months Ended March 31, ------------------------------------ 2024 2023 Net (loss)/income available to the company's common shareholders $ (18,916) $ 283,512 Adjustments: Management and other fee income (4,849) (4,554) General and administrative 36,298 34,749 Impairment charges 3,701 11,806 Merger charges 25,246 - Depreciation and amortization 154,719 126,301 Gain on sale of properties (318) (39,206) Special dividend income - (194,116) Interest expense and other income, net 62,476 58,174 Loss on marketable securities, net 27,686 10,144 Provision for income taxes, net 72,010 30,829 Equity in income of other investments, net (1,534) (2,122) Net income attributable to noncontrolling interests 1,936 4,013 Preferred dividends, net 7,942 6,251 RPT same property NOI (3) 610 39,678 Non same property net operating income (14,856) (14,390) Non-operational expense from joint ventures, net 29,122 16,039 Same Property NOI $ 381,273 $ 367,108 =========== =========== (1 ) The company considers Same Property NOI as an important operating performance measure because it is frequently used by securities analysts and investors to measure only the net operating income of properties that have been owned by the company for the entire current and prior year reporting periods. It excludes properties under redevelopment, development and pending stabilization; properties are deemed stabilized at the earlier of (i) reaching 90% leased or (ii) one year following a project's inclusion in operating real estate. Same Property NOI assists in eliminating disparities in net income due to the development, acquisition or disposition of properties during the particular period presented, and thus provides a more consistent performance measure for the comparison of the company's properties. The company's method of calculating Same Property NOI may differ from methods used by other REITs and, accordingly, may not be comparable to such other REITs. (2 ) Amounts represent Kimco Realty's pro-rata share. (3 ) Amounts for the three months ended March 31, 2024 and March 31, 2023, represent the Same property NOI from RPT properties, not included in the Company's Net (loss)/income available to the Company's common shareholders. Reconciliation of the Projected Range of Net Income Available to the Company's Common Shareholders to Funds From Operations Available to the Company's Common Shareholders (unaudited, all amounts shown are per diluted share) Projected Range Full Year 2024 ------------------- Low High --------- -------- Net income available to the company's common shareholders $ 0.40 $ 0.44 Gain on sale of properties - (0.03) Gain on sale of joint venture properties - (0.01) Depreciation & amortization - real estate related 0.88 0.91 Depreciation & amortization - real estate joint ventures 0.12 0.13 Impairment charges (including real estate joint ventures) 0.01 0.01 Gain on marketable securities, net 0.04 0.04 Provision for income taxes 0.11 0.11 FFO available to the company's common shareholders $ 1.56 $ 1.60 ===== ====== Merger cost adjustment 0.04 0.04 FFO excluding merger costs $ 1.60 $ 1.64 ===== ====== CONTACT: David F. Bujnicki Senior Vice President, Investor Relations and Strategy Kimco Realty Corporation (833) 800-4343 dbujnicki@kimcorealty.com