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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
GAAP Net Income to Taxable Income Reconciliation | The following table reconciles GAAP net income to taxable income for the years ended December 31, 2024, 2023 and 2022 (in thousands):
|  | 2024 (Estimated) |  |  | 2023 (Actual) |  |  | 2022 (Actual) |
GAAP net income attributable to the Company |  | $ | 410,785 |  |  | $ | 654,273 |  |  | $ | 125,976 |
GAAP net income attributable to TRSs |  |  | (1,084 | ) |  |  | (30 | ) |  |  | (5,042 | )
GAAP net income from REIT operations (1) |  |  | 409,701 |  |  |  | 654,243 |  |  |  | 120,934 |
Federal income taxes |  |  | 21,626 |  |  |  | 50,686 |  |  |  | 47,328 |
Net book depreciation in excess of tax depreciation |  |  | 142,326 |  |  |  | 111,124 |  |  |  | 120,446 |
Deferred/prepaid/above-market and below-market rents, net |  |  | (41,444 | ) |  |  | (30,740 | ) |  |  | (38,479 | )
Fair market value debt amortization |  |  | (8,026 | ) |  |  | (21,053 | ) |  |  | (38,303 | )
Book/tax differences from executive compensation |  |  | 30,018 |  |  |  | 31,169 |  |  |  | 23,248 |
Book/tax differences from equity awards |  |  | (3,780 | ) |  |  | (7,157 | ) |  |  | (7,846 | )
Book/tax differences from defined benefit plan |  |  | - |  |  |  | 2,948 |  |  |  | - |
Book/tax differences from investments in and advances to real estate joint ventures |  |  | 33,579 |  |  |  | (20,271 | ) |  |  | 11,736 |
Book/tax differences from sale of properties and marketable equity securities |  |  | 332,100 |  |  |  | 190,048 |  |  |  | 217,797 |
Book/tax differences from accounts receivable |  |  | 4,702 |  |  |  | (3,596 | ) |  |  | (8,430 | )
Book adjustment to property carrying values and marketable equity securities |  |  | (28 | ) |  |  | (24,206 | ) |  |  | 335,199 |
Taxable currency exchange (loss)/gain, net |  |  | - |  |  |  | (2,585 | ) |  |  | 198 |
Tangible property regulation deduction |  |  | (153,866 | ) |  |  | (55,551 | ) |  |  | (61,492 | )
GAAP change in ownership of joint venture interests |  |  | - |  |  |  | - |  |  |  | 45,767 |
Dividends from TRSs |  |  | 6,489 |  |  |  | 13 |  |  |  | 243 |
Severance accrual |  |  | 1,276 |  |  |  | (724 | ) |  |  | (2,065 | )
Other book/tax differences, net (2) |  |  | 20,904 |  |  |  | 11,228 |  |  |  | 2,115 |
Adjusted REIT taxable income (3) |  | $ | 795,577 |  |  | $ | 885,576 |  |  | $ | 768,396 |
Certain amounts in the prior periods have been reclassified to conform to the current year presentation in the table above. (1) All adjustments to "GAAP net income from REIT operations" are net of amounts attributable to noncontrolling interests and TRSs. (2) Includes merger related book/tax differences of $22.4 mil lion and $3.4 million for the years ended December 31, 2024 and 2023, respectively. (3) Includes designated long term capital gain of $104.5 mi llion, $241.2 million and $251.5 million for the years ended December 31, 2024, 2023 and 2022, respectively, for which the Company elected to pay the associated corporate income taxes.
Taxable Characteristics of Distributions Paid | The following characterizes distributions paid for tax purposes for the years ended December 31, 2024, 2023 and 2022, (amounts in thousands):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Preferred L Dividends |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ordinary income |  | $ | 7,755 |  |  |  | 68 | % |  | $ | 11,432 |  |  |  | 100 | % |  | $ | 9,657 |  |  |  | 84 | %
Capital gain |  |  | 3,650 |  |  |  | 32 | % |  |  | - |  |  |  | - |  |  |  | 1,839 |  |  |  | 16 | %
|  | $ | 11,405 |  |  |  | 100 | % |  | $ | 11,432 |  |  |  | 100 | % |  | $ | 11,496 |  |  |  | 100 | %
Preferred M Dividends |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ordinary income |  | $ | 9,340 |  |  |  | 68 | % |  | $ | 13,749 |  |  |  | 100 | % |  | $ | 11,615 |  |  |  | 84 | %
Capital gain |  |  | 4,396 |  |  |  | 32 | % |  |  | - |  |  |  | - |  |  |  | 2,212 |  |  |  | 16 | %
|  | $ | 13,736 |  |  |  | 100 | % |  | $ | 13,749 |  |  |  | 100 | % |  | $ | 13,827 |  |  |  | 100 | %
Preferred N Dividends |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ordinary income |  | $ | 3,766 |  |  |  | 68 | % |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Capital gain |  |  | 1,772 |  |  |  | 32 | % |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  | $ | 5,538 |  |  |  | 100 | % |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Common Dividends |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ordinary income |  | $ | 443,473 |  |  |  | 68 | % |  | $ | 622,885 |  |  |  | 99 | % |  | $ | 418,725 |  |  |  | 81 | %
Capital gain |  |  | 208,693 |  |  |  | 32 | % |  |  | - |  |  |  | - |  |  |  | 82,711 |  |  |  | 16 | %
Return of capital |  |  | - |  |  |  | - |  |  |  | 6,292 |  |  |  | 1 | % |  |  | 15,508 |  |  |  | 3 | %
|  | $ | 652,166 |  |  |  | 100 | % |  | $ | 629,177 |  |  |  | 100 | % |  | $ | 516,944 |  |  |  | 100 | %
Total dividends distributed for tax purposes |  | $ | 682,845 |  |  |  |  |  | $ | 654,358 |  |  |  |  |  | $ | 542,267 |  |  |  |
(Provision)/Benefit for Income Taxes | The Company’s provision/(benefit) for income taxes relating to the Company for the years ended December 31, 2024, 2023 and 2022, are summarized as follows (in thousands):
|  | 2024 |  |  | 2023 |  |  | 2022 |
TRSs and taxable entities |  | $ | 97 |  |  | $ | 83 |  |  | $ | (533 | )
REIT (1) |  |  | 25,320 |  |  |  | 60,869 |  |  |  | 57,187 |
Total tax provision |  | $ | 25,417 |  |  | $ | 60,952 |  |  | $ | 56,654 |
(1) During 2024, 2023 and 2022, the Company sold shares of ACI common stock and recognized long-term capital gains for tax purposes of $288.7 million, $241.2 million and $251.5 million, respectively. During 2024, the Company elected to retain the proceeds from the stock sales for general corporate purposes and, after applying available deductions, also retained net long-term capital gains of $108.2 million and pay corporate income tax on the taxable gain, in the amount of $26.1 million for federal and state income tax purposes. In 2023 and 2022 the Company elected to retain the entire proceeds from these stock sales for general corporate purposes and pay corporate income tax on the related taxable gains. During 2023, the Company incurred federal taxes of $50.7 million and state and local taxes of $10.2 million. During 2022, the Company incurred federal taxes of $47.3 million and state and local taxes of $9.9 million. This undistributed long-term capital gain is allocated to, and reportable by, each shareholder, and each shareholder is also entitled to claim a federal income tax credit for its allocable share of the federal income tax paid by the Company. The allocable share of the long-term capital gain and the federal tax credit will be reported to direct holders of Kimco common stock, on Form 2439, and to others in year-end reporting documents issued by brokerage firms for the Company’s common stock held in a brokerage accounts.
Deferred Tax Assets and Liabilities | The Company’s deferred tax assets and liabilities at December 31, 2024 and 2023, were as follows (in thousands):
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Tax/GAAP basis differences |  | $ | 6,423 |  |  | $ | 3,293 |
Net operating losses (1) |  |  | 8,775 |  |  |  | 4,463 |
Valuation allowance |  |  | (10,327 | ) |  |  | (3,776 | )
Total deferred tax assets |  |  | 4,871 |  |  |  | 3,980 |
Deferred tax liabilities |  |  | (6,181 | ) |  |  | (5,843 | )
Net deferred tax liabilities |  | $ | (1,310 | ) |  | $ | (1,863 | )
(1) Net operating losses do not expire.

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