XML 18 R4.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Revenues from rental properties, net $ 441,816 $ 429,042 $ 1,319,162 $ 1,274,969
Management and other fee income 4,249 4,361 12,635 12,881
Total revenues 446,065 433,403 1,331,797 1,287,850
Operating expenses        
Rent (3,939) (3,703) (12,097) (11,854)
Real estate taxes (57,875) (55,578) (173,002) (165,967)
Operating and maintenance (76,604) (71,457) (226,919) (210,466)
General and administrative (33,697) (29,677) (101,180) (87,606)
Impairment charges (2,237) (7,067) (14,043) (21,758)
Merger charges (3,750) 0 (3,750) 0
Depreciation and amortization (127,437) (125,419) (382,983) (380,324)
Total operating expenses (305,539) (292,901) (913,974) (877,975)
Gain on sale of properties 0 3,821 52,376 10,958
Operating income 140,526 144,323 470,199 420,833
Other income/(expense)        
Special dividend income 0 0 194,116 0
Other income, net 8,377 6,226 19,080 18,851
Gain/(loss) on marketable securities, net 13,225 (75,491) 17,642 (215,194)
Interest expense (60,424) (52,391) (182,404) (165,876)
Early extinguishment of debt charges 0 (428) 0 (7,658)
Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net 101,704 22,239 518,633 50,956
Benefit/(provision) for income taxes, net 729 1,039 (61,127) 1,096
Net income 120,790 56,371 523,836 161,603
Net (income)/loss attributable to noncontrolling interests (2,551) 1,583 (9,208) 14,152
Net income attributable to the Company 118,239 57,954 514,628 175,755
Preferred dividends, net (6,285) (6,307) (18,736) (18,911)
Net income available to the Company's common shareholders $ 111,954 $ 51,647 $ 495,892 $ 156,844
Per common share:        
-Basic (in dollars per share) $ 0.18 $ 0.08 $ 0.80 $ 0.25
-Diluted (in dollars per share) $ 0.18 $ 0.08 $ 0.80 $ 0.25
Weighted average shares:        
-Basic (in shares) 617,090 615,832 616,888 615,417
-Diluted (in shares) [1] 617,271 618,018 619,495 617,856
Joint Ventures [Member]        
Other income/(expense)        
Equity in income, net $ 16,257 $ 26,360 $ 57,589 $ 94,060
Other Real Estate Investments [Member]        
Other income/(expense)        
Equity in income, net 2,100 6,733 8,741 15,491
Kimco Realty OP, LLC [Member]        
Revenues        
Revenues from rental properties, net 441,816 429,042 1,319,162 1,274,969
Management and other fee income 4,249 4,361 12,635 12,881
Total revenues 446,065 433,403 1,331,797 1,287,850
Operating expenses        
Rent (3,939) (3,703) (12,097) (11,854)
Real estate taxes (57,875) (55,578) (173,002) (165,967)
Operating and maintenance (76,604) (71,457) (226,919) (210,466)
General and administrative (33,697) (29,677) (101,180) (87,606)
Impairment charges (2,237) (7,067) (14,043) (21,758)
Merger charges (3,750) 0 (3,750) 0
Depreciation and amortization (127,437) (125,419) (382,983) (380,324)
Total operating expenses (305,539) (292,901) (913,974) (877,975)
Gain on sale of properties 0 3,821 52,376 10,958
Operating income 140,526 144,323 470,199 420,833
Other income/(expense)        
Special dividend income 0 0 194,116 0
Other income, net 8,377 6,226 19,080 18,851
Gain/(loss) on marketable securities, net 13,225 (75,491) 17,642 (215,194)
Interest expense (60,424) (52,391) (182,404) (165,876)
Early extinguishment of debt charges 0 (428) 0 (7,658)
Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net 101,704 22,239 518,633 50,956
Benefit/(provision) for income taxes, net 729 1,039 (61,127) 1,096
Net income 120,790 56,371 523,836 161,603
Net (income)/loss attributable to noncontrolling interests (2,551) 1,583 (9,208) 14,152
Net income attributable to the Company 118,239 57,954 514,628 175,755
Preferred dividends, net (6,285) (6,307) (18,736) (18,911)
Net income available to the Company's common shareholders $ 111,954 $ 51,647 $ 495,892 $ 156,844
Per common share:        
-Basic (in dollars per share) $ 0.18 $ 0.08 $ 0.80 $ 0.25
-Diluted (in dollars per share) $ 0.18 $ 0.08 $ 0.80 $ 0.25
Weighted average shares:        
-Basic (in shares) 617,090 615,832 616,888 615,417
-Diluted (in shares) 617,271 618,018 619,495 617,856
Kimco Realty OP, LLC [Member] | Joint Ventures [Member]        
Other income/(expense)        
Equity in income, net $ 16,257 $ 26,360 $ 57,589 $ 94,060
Kimco Realty OP, LLC [Member] | Other Real Estate Investments [Member]        
Other income/(expense)        
Equity in income, net $ 2,100 $ 6,733 $ 8,741 $ 15,491
[1] The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations.