filings.toolsKimco Realty 10-Q 2021-09-30
Filed 2021-11-05. 1 sections, 208K characters. Original on sec.gov · Markdown · JSON
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended September 30, 2021
or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from to
Commission File Number: 1-10899
Kimco Realty Corporation
(Exact name of registrant as specified in its charter)
| Maryland | 13-2744380 | |
|---|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
500 North Broadway, Suite 201, Jericho, NY 11753
(Address of principal executive offices) (Zip Code)
(516) 869-9000
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $.01 per share. | KIM | New York Stock Exchange |
| Depositary Shares, each representing one-thousandth of a share of 5.125% Class L Cumulative Redeemable, Preferred Stock, $1.00 par value per share. | KIMprL | New York Stock Exchange |
| Depositary Shares, each representing one-thousandth of a share of 5.250% Class M Cumulative Redeemable, Preferred Stock, $1.00 par value per share. | KIMprM | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12-b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ |
|---|---|---|---|---|---|
| Smaller reporting company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 27, 2021, the registrant had 616,428,058 shares of common stock outstanding.
PART I - FINANCIAL INFORMATION
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share information)
| September 30, 2021 | December 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Assets: | ||||||||
| Real estate, net of accumulated depreciation and amortization of $2,886,259 and $2,717,114, respectively | $ | 14,778,312 | $ | 9,346,041 | ||||
| Real estate under development | 5,672 | 5,672 | ||||||
| Investments in and advances to real estate joint ventures | 1,178,511 | 590,694 | ||||||
| Other investments | 130,470 | 117,140 | ||||||
| Cash and cash equivalents | 483,471 | 293,188 | ||||||
| Marketable securities | 1,249,125 | 706,954 | ||||||
| Accounts and notes receivable, net | 235,082 | 219,248 | ||||||
| Operating lease right-of-use assets, net | 149,203 | 102,369 | ||||||
| Other assets | 380,675 | 233,192 | ||||||
| Total assets (1) | $ | 18,590,521 | $ | 11,614,498 | ||||
| Liabilities: | ||||||||
| Notes payable, net | $ | 7,034,047 | $ | 5,044,208 | ||||
| Mortgages payable, net | 482,634 | 311,272 | ||||||
| Dividends payable | 5,366 | 5,366 | ||||||
| Operating lease liabilities | 125,015 | 96,619 | ||||||
| Other liabilities | 772,251 | 470,995 | ||||||
| Total liabilities (2) | 8,419,313 | 5,928,460 | ||||||
| Redeemable noncontrolling interests | 15,784 | 15,784 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock, $1.00 par value, authorized 7,054,000 shares; Issued and outstanding (in series) 19,580 shares; Aggregate liquidation preference $489,500 | 20 | 20 | ||||||
| Common stock, $.01 par value, authorized 750,000,000 shares; Issued and outstanding 616,413,920 and 432,518,743 shares, respectively | 6,164 | 4,325 | ||||||
| Paid-in capital | 9,579,517 | 5,766,511 | ||||||
| Retained earnings/(cumulative distributions in excess of net income) | 328,609 | (162,812 | ) | |||||
| Total stockholders' equity | 9,914,310 | 5,608,044 | ||||||
| Noncontrolling interests | 241,114 | 62,210 | ||||||
| Total equity | 10,155,424 | 5,670,254 | ||||||
| Total liabilities and equity | $ | 18,590,521 | $ | 11,614,498 |
| (1) | Includes restricted assets of consolidated variable interest entities (“VIEs”) at September 30, 2021 and December 31, 2020 of $230,847 and $102,482, respectively. See Footnote 13 of the Notes to Condensed Consolidated Financial Statements. |
|---|
| (2) | Includes non-recourse liabilities of consolidated VIEs at September 30, 2021 and December 31, 2020 of $122,475 and $62,076, respectively. See Footnote 1
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