OUR FUTURE IS ESSENTIAL
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A N N UA L R E P O R T
OUR FUTURE
IS ESSENTIAL
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust
America’s
(REIT) headquartered in Jericho, NY that is one of North
largest publicly traded owners and operators of open-air,
grocery-
anchored shopping centers and mixed-use assets. As of December
31, 2020, the company owned interests in 400 U.S. shopping
centers and mixed-use assets comprising 70 million square feet
leasable space primarily concentrated in the top major
of gross
metropolitan markets.
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2020 Operating Review ............... 1
Form 10-K ........................................12
Shareholder Information ........124
Corporate Directory ................IBC
ON THE COVER:
SUBURBAN SQUARE
METRO AREA: PHILADELPHIA-CAMDEN-WILLMINMINGGTOT N (P( A-NA NNJ-DJ DJ DE-ME-ME MD)D)D)
ON THIS PAGE:
VETERANS MEMORIAL PLAZA
METRO AREA: NEW YORK-NEWARK-JERSEY CITYY (NY-NY-NNNJ-PJ-PJ-PJ PA)A)A)
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Dear Fellow Shareholders and Associates:
2020 was a year that could never have been imagined or anticipated.
A global pandemic, social unrest, and a volatile political landscape
combined to wreak havoc on the economy and our psyches and
cause radical changes in our daily lives. Amid this crisis, however, we
have found clarity. Three critical lessons stand out: First, our focus on
open-air, grocery anchored and mixed-use assets in top markets is the
strategy that will allow us to weather any storm. Second, the last mile
store is critical to the retail supply chain. And finally, the future of brick
and mortar retail is centered around essentials – delivering necessity
goods and services through physical stores that provide superior
convenience, optimize last-mile fulfillment and distribution, and foster
customer loyalty by meeting the changing needs of today’s consumer.
The work we put in over the last
five years as we executed on our
2020 Vision strategy has provided
a solid foundation.
Our portfolio transformation, tenant composition, and balance sheet
strength have enabled us to remain steady throughout this crisis, while
a refined focus on essential retail along with the ability to strategically
mine the embedded value in our portfolio will provide growth in the
years to come.
The year was certainly challenging. As many tenants struggled through
mandatory closures and other COVID-related operating limitations, pro-
rata portfolio occupancy ended the year at 93.9 percent, representing
a 250-basis-point decrease from 2019.
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Net income available to the company’s common shareholders in 2020 was
$2.25 per diluted share, which included a $190.8 million gain from the partial
monetization of our investment in Albertsons Companies, Inc. This gain was
excluded from NAREIT Funds from Operations*, which was $1.17 per diluted share
for the full year 2020, impacted by increases in rent abatements and credit loss
as a result of the pandemic.
A crisis like the COVID-19 pandemic
is a true test for an organization – a test
of its leadership, its core values, and of
the overall health of the company.
The way our team navigated this crisis is a great source of pride. Our focus from
the outset was on three main pillars: teamwork, communication, and liquidity.
It became, and remains, a top priority to support our existing tenants’ success.
The support of our tenant base has created a commonality of purpose throughout
every area of our organization. Our team instantly banded together to accomplish
the most critical work, with associates from other departments joining in the efforts
to contact thousands of tenants to offer a lifeline via rent deferrals.
Through our Tenant Assistance Program
(TAP), we helped hundreds of small
business tenants secure approximately
$20 million in disaster relief funding.
We proactively helped restaurant tenants fast-track the approval of outdoor dining
so they could safely serve more customers, and as consumers looked for safe
ways to shop, we responded by rapidly launching our Curbside Pickup® program
at over 300 sites.
We increased and enhanced our communication with tenants, sharing valuable
assistance and information through our COVID-19 response webpage. We also
increased the quality and frequency of communication with our Board of Directors
and with our associates. Our significant investment in technology enabled our
workforce to quickly and seamlessly pivot to a fully remote work model, while our
focus on communication helped us to maintain the sense of connection and spirit
of collaboration that was so prevalent when we were working together in the same
physical space.
2
*A reconciliation of net
to NAREIT FFO is provided in the Form 10-K included in this Annual Report.
income available to the company’s common shareholders
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RAPIDLY LAUNCHED OUR
CURBSIDE
PICKUP®
PROGRAM
AT OVER 300 SITES
BELBELBELMARMARMART PLAZAZA
METROO AREA: MIAMIMI-FORTT LALAUDEUDERDARDALE-LE WESTT PAPALMLM BEEACHACH (F(FL)L)
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And of course, every effort was made to shore up our balance sheet and liquidity position once the
crisis manifested. This included the strategic procurement of a $590 million term loan in April, which was
subsequently repaid, along with an opportunistic $400 million unsecured bond offering.
Overall, the measures we took have been effective.
Collections trended upwards throughout the year,
culminating in our collection of 92 percent
of total pro-rata base rents billed during
the fourth quarter of 2020.
As a light begins to emerge at the end of the tunnel, we’ll continue to explore ways to further help our
tenants refine and execute on their omnichannel and last-mile strategies, as the physical store, optimized
for distribution and fulfillment, continues to shine as the most economical way to get goods and services
into customers’ hands.
With the worst of the crisis hopefully behind us,
leasing continues to be our top focus as we work
to push our volume back to pre-COVID levels.
444444
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Green shoots already began to appear in the fourth quarter of
2020, with our ability to continue to lease space and drive rents
in such a challenging environment highlighting the importance of
quality real estate and showcasing the resiliency of our grocery-
anchored portfolio. Ninety-two new leases representing 406,000
square feet were signed in the fourth quarter of 2020 alone
– 18 percent more than in the fourth quarter of 2019 – and we
recognized a 6 percent increase in pro-rata rental rate spreads
on comparable spaces. We continue to see robust demand from
essential retailers who saw a COVID-19 surge and used their large
cash reserves to expand their footprints. Our focus going forward
will be to continue increasing the percentage of annualized base
rent coming from grocery-anchored centers, with a target of 85+
percent in five years relative to our current 77 percent.
Beyond the demand from grocers, we see healthy demand from
off-price, home goods, home improvement, furniture, health,
wellness, medical, and beauty categories, and we have recently
begun to see a rebound in demand from restaurants and value
fitness retailers. As our team focuses on re-leasing space, we
are using all of the many resources at our disposal, including
sophisticated data analytics that can assist us in determining the
best tenant mix for our centers, identifying leasing opportunities,
monitoring traffic patterns, and helping our tenant partners
pinpoint voids in the market.
Leasing Snaps Back
92
NEW LEASES SIGNED
IN Q4 2020
REPRESENTING
406,000 SF
Q4 2020 LEASING
VOLUME WAS
18%
HIGHER
THAN Q4 2019
6%
INCREASE
IN PRO-RATA RENTAL
RATE SPREADS IN
Q4 2020
GRAND PARKWAY MARKETPLACE
METMETMETRORORO ARARAREA:EA:EA: HOHOH USTUS ON-THE WOODLANDS-SUGAR LAND (T( X)))
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Despite the challenges of the year, we were
able to make significant progress on our
Signature Series® projects as construction
continued during the pandemic.
The October 2020 grand opening of the ShopRite grocer at The Boulevard, our
Signature Series redevelopment project on Staten Island, was a true testament
to the strength and staying power of bricks-and-mortar, with a steady stream of
shoppers driving record sales volume for the brand in the first few days. Our high-
quality portfolio provides meaningful opportunities for long-term value creation
for our shareholders. We continue expanding our mixed-use entitlements, and
we are on track to achieve our 5-year goal of 10,000 entitled apartment units
in our portfolio by 2025. With parking lots taking up approximately 80 percent
of the land area of our retail properties, and the other 20 percent containing
single-story buildings, our assets are in an ideal position for growth, offering
us flexibility and adaptability to create value in the future if cost of capital and
supply and demand conditions are favorable.
On the acquisitions front, we are on the lookout for opportunities that may
present themselves if pricing dislocation manifests. In the meantime, we see
opportunity in providing preferred equity and mezzanine financing given
the pullback of traditional lending sources from the market. We are taking a
disciplined approach, evaluating only assets that fit in our portfolio, provide an
accretive spread to our current cost of capital, and offer the opportunity for an
eventual acquisition through a right of first refusal or offer.
$2.3B
IMMEDIATE
LIQUIDITY
10.9-YR
WEIGHTED AVERAGE
CONSOLIDATED DEBT
MATURITY PROFILE
6
THE BOULEVARD
METRO AREA: NEW YORK-NEWARK-JERSEY CITY (NY-NJ-PA)
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Our balance sheet strength has been key
to our resiliency and is also a launching pad
for the opportunities we’ll see in the future.
Kimco leads our sector in liquidity, with $2.3 billion in immediate liquidity, including
$293 million in cash and cash equivalents, and $2 billion available on our untapped
revolving credit facility at year-end 2020. Our 10.9-year weighted average
consolidated debt maturity profile remains one of the longest in the REIT industry,
with 2021 consolidated debt maturities totaling only approximately $140 million, or
3 percent of total pro-rata debt, and no unsecured debt maturing in 2021. We also
ended the year holding over $700 million of Albertsons’ common stock. We continue
to seek ways to mitigate costs, notably with the adoption of a voluntary early
retirement program and the streamlining of regional operations in 2020. Moving into
2021, our Board of Directors declared a $0.17 dividend for the first quarter on the
Company’s common shares, which reflects a more normalized level.
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77777777
2020 also saw us expand our industry-leading environmental, social, and governance (ESG) platform to our
capital structure as we issued an innovative $2 billion “green” credit facility tied to climate performance,
and completed our first green bond issuance, which was boosted from $300 million to $500 million on
strong investor demand. Additional ESG highlights from the year include our recent listing on the Dow
Jones Sustainability World Index, where we are the only North American retail real estate owner listed.
The index represents the top ten percent of the largest 2,500 companies in the S&P based on long-term
economic and ESG factors.
ESG Disclosure Roadmap
Kimco is committed to best-in-class ESG disclosure. Detailed information on ESG
program governance and performance can be found in three primary locations:
ANNUAL
REPORT/10-K
Summarizes ESG
program priorities
and material risk
disclosures.
PROXY
STATEMENT
Summarizes corporate
governance practices,
including how the Board
and management are
engaged in ESG program
strategy, governance
and accountability.
CORPORATE
RESPONSIBILITY
REPORT
Based on the Global
Reporting Initiative (GRI)
standard, summarizes
environmental and
social performance
strategy, governance
and accountability.
888
PENPENPENPENPE TTAGTAGTAGONONONN CECECECEENTRNTNNTNT EE
METMETRORO ARAREA:EA: WAWASHISHINGTNGTONONONONNON-ARLARLINGINGTONTON-AL-ALEXAEXANDRNDRIAIA (D(DC-VC-VA-MA-MD-WD-WV)V)
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Kimco was also certified as a Great Place
to Work for the third consecutive year
– a direct reflection of our positive
and collaborative culture.
We have worked to enhance our diversity, equity and inclusion (DEI) initiatives,
and have formed an internal DEI committee to ensure that we are recognizing
and celebrating the diverse voices within our organization and creating an
environment of inclusivity that will allow us to attract and retain diverse talent.
With our most recent Corporate Responsibility Report, we are now aligning
ESG disclosure with guidelines established by the Sustainability Accounting
Standards Board (SASB) and Task Force on Climate-Related Financial
Disclosures (TCFD), marking a notable step forward in improving stakeholder
transparency. And finally, we have recently announced a set of 16 ambitious
ESG goals that fall under each of the program pillars established by our ESG
Steering Committee. Our desire is to develop an ESG program that is not only
best in our industry, but among all public companies.
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We head into 2021 with confidence and optimism about
our portfolio, our team, our balance sheet, and the
opportunities that lie ahead.
Like our tenants, we are looking at your real estate differently, and our approach has evolved alongside
the changing circumstances of the retail and mixed-use environments. Our portfolio offers a safe and
accessible destination for everyday essential goods and services, filling a critical need that, as we’ve
seen, is not diminished even in the most challenging circumstances. With our diverse tenant mix and
a concentration in the strongest growth markets in the U.S., paired with the support of our well-capitalized
balance sheet and our entrepreneurial approach, we are confident in our ability to create value for all
stakeholders in the years to come.
Milton Cooper
Executive Chairman
Conor C. Flynn
Chief Executive Officer
Ross Cooper
President &
Chief Investment Officer
Glenn G. Cohen,
Executive Vice President,
Chief Financial Officer
& Treasurer
David Jamieson
Executive Vice President
& Chief Operating Officer
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METMETMETMETMEMEETMETMETMETROROROROROROOO ARARARARARARA EA:EA:EA:EA:EAAAA:EAA SASASASASASAAANNNNN DIDIDDDDD EGOEGOEGOEGOOOG -CA-CA-CA-CA-CA-CAA-CARLSRLSRLSRLSLSRLSRLSRLSRLSSSSBADBADBADBADBADDDBAD (C(C(CCCC(C( A)A)A)A)A))A)A
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FORM 10-K
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
☑
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2020
OR
For the transition period from __________ to __________
Commission file number 1-10899
Kimco Realty Corporation
(Exact name of registrant as specified in its charter)
Maryland
(State or other jurisdiction of
incorporation or organization)
13-2744380
(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)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Common Stock, par value $.01 per share.
Depositary Shares, each representing one-thousandth of a share of 5.125% Class L
Cumulative Redeemable, Preferred Stock, $1.00 par value per share.
Depositary Shares, each representing one-thousandth of a share of 5.250% Class M
Cumulative Redeemable Preferred Stock, $1.00 par value per share.
Securities registered pursuant to section 12(g) of the Act: None
Trading
Symbol(s)
KIM
KIMprL
KIMprM
Name of each exchange on
which registered
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑
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 12b-2 of the Exchange Act.
Large accelerated filer
Non-accelerated filer
Accelerated filer
Smaller reporting 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. ☐
☐ Emerging growth company ☐
☐
☑
☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting
firm that prepared or issued its audit report. ☑
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑
The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was approximately $5.4 billion
based upon the closing price on the New York Stock Exchange for such equity on June 30, 2020.
Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.
(APPLICABLE ONLY TO CORPORATE REGISTRANTS)
As of February 11, 2021, the registrant had 432,439,820 shares of common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Part III incorporates certain information by reference to the Registrant's definitive proxy statement to be filed with respect to the Annual Meeting of
Stockholders expected to be held on April 27, 2021.
Index to Exhibits begins on page 46.
TABLE OF CONTENTS
PART I
Form 10-K
Report Page
Item No.
Item 1. Business
Item 1A. Risk Factors
Item 1B. Unresolved Staff Comments
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Mine Safety Disclosures
PART II
Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities
Item 6. Selected Financial Data
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Item 8. Financial Statements and Supplementary Data
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
Item 9A. Controls and Procedures
Item 9B. Other Information
Item 10. Directors, Executive Officers and Corporate Governance
Item 11. Executive Compensation
PART III
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 13. Certain Relationships and Related Transactions, and Director Independence
Item 14. Principal Accounting Fees and Services
Item 15. Exhibits, Financial Statement Schedules
Item 16. Form 10-K Summary
PART IV
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FORWARD-LOOKING STATEMENTS
This annual report on Form 10-K (“Form 10-K”), together with other statements and information publicly disseminated by
Kimco Realty Corporation (the “Company”) contains certain forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends
such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions.
Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and
expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,”
“target,” “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and
unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and could materially affect
actual results, performances or achievements. Factors which may cause actual results to differ materially from current expectations
include, but are not limited to, (i) general adverse economic and local real estate conditions, (ii) the inability of major tenants to
continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) financing risks,
such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (iv) the
Company’s ability to raise capital by selling its assets, (v) changes in governmental laws and regulations and management’s ability
to estimate the impact of such changes, (vi) the level and volatility of interest rates and management’s ability to estimate the impact
thereof, (vii) pandemics or other health crises, such as coronavirus disease 2019 (“COVID-19”), (viii) the availability of suitable
acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in
accordance with our expectations, (ix) valuation and risks related to the Company’s joint venture and preferred equity investments,
(x) valuation of marketable securities and other investments including the shares of Albertsons Companies, Inc. common stock held
by the Company, (xi) increases in operating costs, (xii) changes in the dividend policy for the Company’s common and preferred
stock and the Company’s ability to pay dividends at current levels, (xiii) the reduction in the Company’s income in the event of
multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiv) impairment
charges, (xv) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain
securities until maturity and (xvi) the risks and uncertainties identified under Item 1A, “Risk Factors” and elsewhere in this Form
10-K and in the Company’s other filings with the Securities and Exchange Commission (“SEC”). Accordingly, there is no assurance
that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking
statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures
the Company makes or related subjects in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K that the
Company files with the SEC.
PART I
Item 1. Business
Overview
Kimco Realty Corporation, a Maryland corporation, is one of North America’s largest publicly traded owners and operators of
open-air, grocery-anchored shopping centers and mixed-use assets in the U.S. The terms “Kimco,” the “Company,” “we,” “our”
and “us” each refer to Kimco Realty Corporation and our subsidiaries, unless the context indicates otherwise. In statements regarding
qualification as a real estate investment trust (“REIT”), such terms refer solely to Kimco Realty Corporation. The Company’s mission
is to create destinations for everyday living that inspire a sense of community and deliver value to our many stakeholders.
The Company began operations through its predecessor, The Kimco Corporation, which was organized in 1966 upon the
contribution of several shopping center properties owned by its principal stockholders. In 1973, these principals formed the Company
as a Delaware corporation, and, in 1985, the operations of The Kimco Corporation were merged into the Company. The Company
completed its initial public stock offering (the “IPO”) in November 1991, and, commencing with its taxable year which began
January 1, 1992, elected to qualify as a REIT in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986,
as amended (the “Code”). If, as the Company believes, it is organized and operates in such a manner so as to qualify and remain
qualified as a REIT under the Code, the Company generally will not be subject to U.S. federal income tax, provided that distributions
to its stockholders equal at least the amount of its REIT taxable income, as defined in the Code. The Company maintains certain
subsidiaries that made joint elections with the Company to be treated as taxable REIT subsidiaries (“TRSs”), that permit the
Company to engage through such TRSs in certain business activities that the REIT may not conduct directly. A TRS is subject to
federal and state taxes on its income, and the Company includes a provision for taxes in its consolidated financial statements. In
1994, the Company reorganized as a Maryland corporation. In March 2006, the Company was added to the S&P 500 Index, an index
containing the stock of 500 Large Cap companies, most of which are U.S. corporations. The Company's common stock, Class L
Depositary Shares and Class M Depositary Shares are traded on the New York Stock Exchange (“NYSE”) under the trading symbols
“KIM”, “KIMprL”, and “KIMprM”, respectively.
3
The Company is a self-administered REIT and has not engaged, nor does it expect to retain, any REIT advisors in connection
with the operation of its properties. The Company’s ownership interests in real estate consist of its consolidated portfolio and
portfolios where the Company owns an economic interest, such as properties in the Company’s investment real estate management
programs, where the Company partners with institutional investors and also retains management.
The Company began to expand its operations through the development of real estate and the construction of shopping centers
but revised its growth strategy to focus on the acquisition and redevelopment of existing shopping centers that include a grocery
component. The Company also expanded internationally within Canada, Mexico, Chile, Brazil and Peru, but has since substantially
liquidated its investments in Mexico and has completely exited Canada, Chile, Brazil and Peru. More recently the Company, on a
selective basis, embarked on several ground-up development and re-development projects which include residential and mixed-use
components.
The Company implemented its investment real estate management format through the establishment of various institutional
joint venture programs, in which the Company has noncontrolling interests. The Company earns management fees, acquisition fees,
disposition fees as well as promoted interests based on achieving certain performance metrics.
In addition, the Company has capitalized on its established expertise in retail real estate by establishing other ventures in which
the Company owns a smaller equity interest and provides management, leasing and operational support for those properties. The
Company has also provided preferred equity capital in the past to real estate entrepreneurs and, from time to time, provides real
estate capital and management services to both healthy and distressed retailers. The Company has also made selective investments
in secondary market opportunities where a security or other investment is, in management’s judgment, priced below the value of the
underlying assets, however these investments are subject to volatility within the equity and debt markets.
As of December 31, 2020, the Company had interests in 400 shopping center properties (the “Combined Shopping Center
Portfolio”), aggregating 70.1 million square feet of gross leasable area (“GLA”), located in 27 states. In addition, the Company had
122 other property interests, primarily through the Company’s preferred equity investments and other real estate investments, totaling
5.4 million square feet of GLA.
COVID-19 Pandemic
In March 2020, COVID-19 was recognized as a pandemic by the World Health Organization (“WHO”) and declared a national
emergency throughout the United States. The COVID-19 pandemic has resulted in a widespread health crisis that has adversely
affected businesses, economies, and financial markets worldwide and has caused significant volatility in U.S. and international debt
and equity markets. The impact of COVID-19 on the retail industry for both landlords and tenants has been wide ranging, including,
but not limited to, the temporary closures of many businesses, "shelter in place" orders, social distancing guidelines and other
governmental, business and individual actions taken in response to the COVID-19 pandemic. There has also been reduced consumer
spending due to job losses, government restrictions in response to COVID-19 and other effects attributable to COVID-19.
The Company is aware of the critical role its shopping centers play in the communities they serve, often providing access to
essential goods and services such as groceries, drug stores, and medical care. The Company’s shopping centers have remained open
throughout the COVID-19 pandemic to continue to provide access to these essential goods and services, and the Company has taken
steps to protect the shoppers and tenants at its sites, following the guidance of the Centers for Disease Control and Prevention
(“CDC”) and the WHO.
The COVID-19 pandemic has created significant economic uncertainty and volatility and has considerably impacted the
Company’s stakeholders. The COVID-19 pandemic has impacted the Company’s financial condition, results of operations and cash
flows since its onset. The extent to which the COVID-19 pandemic will continue to impact the Company’s financial condition,
results of operations and cash flows, will depend on future developments, which continue to be highly uncertain and difficult to
predict. The Company’s business, operations and financial results will depend on numerous evolving factors that the Company is
not able to predict, including the duration and scope of the pandemic, governmental, business and individual actions that have been
and continue to be, taken in response to the pandemic, the distribution and effectiveness of vaccines, the impact on economic activity
from the pandemic and actions taken in response, the effect on the Company’s tenants and their businesses, the ability of tenants to
make their rental payments, additional closures of tenants’ businesses and the impact of opening and reclosing of communities in
response to COVID-19. Any of these events could materially adversely impact the Company’s business, financial condition, results
of operations or stock price. The Company will continue to monitor the economic, financial, and social conditions resulting from the
COVID-19 pandemic and will assess its asset portfolio for any impairment indicators. In addition, the Company will continue to
monitor for any material or adverse effects resulting from the COVID-19 pandemic.
Since the outbreak of the COVID-19 pandemic, the Company’s shopping centers have remained open; however, a substantial
number of tenants had or continue to have temporarily or permanently closed their businesses. Others had, or continue to have,
shortened their operating hours or offered reduced services. The Company has also had a substantial number of tenants that have
4
made late or partial rent payments, requested a deferral of rent payments, forgiveness of rent payments or defaulted on rent payments.
Since the COVID-19 pandemic began, the Company has seen an increase in the number of tenants filing for bankruptcy, some of
which emerged from bankruptcy prior to December 31, 2020. The Company continues to evaluate the impact bankruptcy filings
have or will have on collections, vacancies and future rental income.
Business Objective and Strategies
Over the past several years, the Company has transformed its portfolio, focusing on major metropolitan-area U.S. markets,
predominantly on the East and West coasts and in the Sunbelt region, which are supported by strong demographics, significant
projected population growth, and where the Company perceives significant barriers to entry. As a result of this transformation, the
Company now owns a predominantly grocery-anchored portfolio clustered in the nation’s top markets which has positioned the
Company to address many of the challenges brought upon by COVID-19. As of December 31, 2020, the Company derived 84.6%
of its annualized base rent from its top major metro markets.
The Company’s focus on high-quality locations has led to significant opportunities for value creation through the reinvestment
in its assets to add density, replace outdated shopping center concepts, and better meet changing consumer demands. In order to add
density to existing properties, the Company has obtained multi-family entitlements for 4,984 units of which 1,266 units have been
constructed as of December 31, 2020. The Company continues to place strategic emphasis on live/work/play environments and in
reinvesting in its existing assets, while building shareholder value. This philosophy is exemplified by the Company’s Signature
SeriesTM properties Dania Pointe, Grand Parkway Marketplace, Kentlands Market Square, Lincoln Square, Mill Station, Pentagon
Centre, Suburban Square and The Boulevard.
The strength and security of the Company’s balance sheet remains central to its strategy. The Company’s strong balance sheet
and liquidity position are evidenced by its investment grade unsecured debt ratings (Baa1/BBB+) by two major ratings agencies. The
Company maintains one of the longest average debt maturity profiles in the REIT industry, now at 10.9 years. The Company expects
to continue to take steps to reduce leverage, unencumber assets and improve its debt coverage metrics as redevelopment and
development projects continue to come online and contribute additional cash flow growth.
Business Objective
The Company’s primary business objective is to be the premier owner and operators of open-air, grocery-anchored shopping
centers and mixed-use assets in the U.S. The Company believes it can achieve this objective by:
●
●
●
●
increasing the value of its existing portfolio of properties and generating higher levels of portfolio growth;
increasing cash flows for reinvestment and/or for distribution to shareholders;
continuing growth in desirable demographic areas with successful retailers; and
increasing capital appreciation.
Business Strategies
The Company’s stronger transformed portfolio, over time, should enable the Company to maintain higher occupancy levels,
rental rates and rental growth. With the COVID-19 pandemic affecting much of the retail sector the Company further concentrated
its business objectives to three main areas as follows:
** The “PLUS” business encompasses investment opportunities with retailers who have significant real estate holdings. The Company believes
it can utilize its Structured Investment Program to take advantage of opportunities resulting from market dislocation in the form of preferred
equity investments and/or mezzanine financing for qualified real estate owners in need of capital.
To effectively execute these strategies the Company seeks to:
●
●
significantly increase its leasing efforts over the next several years to offset the impact of the COVID-19 pandemic;
increase rental rates where possible through the leasing of space to new tenants;
5
●
attract a diverse and robust tenant base across a variety of retailers at its properties, with a focus on essential tenants
such as grocers and home improvement;
renew leases with existing tenants;
●
● decrease vacancy levels and duration of vacancy;
● monitor operating costs and overhead;
●
●
retail re-tenanting, renovating, expanding and redeveloping existing shopping centers to obtain the highest and best
use to maximize the real estate value, which could include acquiring adjacent land parcels;
selectively acquire established income-producing real estate properties and properties requiring significant re-tenanting
and redevelopment, primarily in geographic regions in which the Company presently operates;
continue to assess its portfolio and dispose of certain underperforming properties;
●
● provide unmatched tenant services deriving from decades of experience managing retail properties;
●
● provide communities with a "just around the corner" destination for everyday living goods and services.
assist small shop tenants during the COVID-19 pandemic to enable them to continue to successfully operate; and
The Company has established certain areas of focus which it believes will advance the execution of its strategies over the
coming years:
The Company reduces its operating and leasing risks through diversification achieved by the geographic distribution of its
properties and a large tenant base. As of December 31, 2020, no single open-air shopping center accounted for more than 2.0% of
the Company's annualized base rental revenues, including the proportionate share of base rental revenues from properties in which
the Company has less than a 100% economic interest, or more than 2.0% of the Company’s total shopping center GLA. Furthermore,
at December 31, 2020, the Company’s single largest tenant represented only 4.0%, and the Company’s five largest tenants aggregated
less than 12.6%, of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from
properties in which the Company has less than a 100% economic interest.
6
As one of the original participants in the growth of the shopping center industry and one of the nation's largest owners and
operators of open-air shopping centers, the Company has established close relationships with major national and regional retailers
and maintains a broad network of industry contacts. Management is associated with and/or actively participates in many shopping
center and REIT industry organizations. Notwithstanding these relationships, there are numerous regional and local commercial
developers, real estate companies, financial institutions and other investors who compete with the Company for the acquisition of
properties and other investment opportunities and in seeking tenants who will lease space in the Company’s properties.
Human Capital Resources
The Company believes that our employees are one of our strongest resources and that a variety of perspectives and experiences
found in a diverse workforce spark innovation and enrich company culture. The Company is committed to diversity and inclusion
best practices in all phases of the employee life cycle, including recruitment, training and development and promotion.
The Company has been and will continue to be an equal opportunity employer committed to hiring, developing, and supporting
a diverse and inclusive workplace. To ensure full implementation of this equal employment policy, we will take steps to ensure that
persons are recruited, hired, assigned and promoted without regard to race, national origin, religion, age, color, sex, sexual
orientation, gender identity, disability, or protected veteran status, or any other characteristic protected by local, state, or federal
laws, rules, or regulations. All of our employees must adhere to a Code of Business Conduct and Ethics that sets standards for
appropriate behavior and includes required internal training on preventing, identifying, reporting and stopping any type of
discrimination.
In order to attract and retain high performing individuals, we are committed to partnering with our employees to provide
opportunities for their professional development and promote their health and well-being. We also offer our employees a broad
range of company-paid benefits, and we believe our compensation package and benefits are competitive with others in our
industry. Our benefits programs include a robust offering of medical, dental, vision benefits, life, disability and other ancillary
benefits requiring very low employee contributions. In addition, the Company has been recognized as a Great Place to Work® based
on surveys and feedback collected from its employees.
The Company’s executive and management team promotes a true “open door” environment in which all feedback and
suggestions are welcome. Whether it be through regular all employee calls, department meetings, frequent training sessions, Coffee
Connections with the executive team, use of our BRAVO recognition program, awarding of iPads for Ideas, or participation in our
flagship LABS (Leaders Advancing Business Strategy) program, associates are encouraged to be inquisitive and share ideas. Those
ideas have resulted in a number of programs and benefit enhancements.
The Company promotes physical health, including access to a national gym membership program for associates and their family
members as well as host regular wellness and nutrition seminars and health screenings. The Company also feels it is important that
our associates are engaged and active in the community. At our headquarters and in each of our regions a Committee of employees
host numerous volunteer and social activities that are derived from employee sentiment. Whether we’re participating in walks, runs,
meal servings, food drives, toy drives, or St. Jude Ride for a Reason, the Company promotes and supports associate volunteerism
with two volunteer days off per year and a company matching program that provide up to $500 per year in support of each associates
charitable endeavors. In addition, each year, the Company provides $100,000 in education scholarships for children of our associates,
which is managed by an independent third-party.
The Company's executive offices are located at 500 North Broadway, Suite 201, Jericho, NY 11753, a mixed-use property that
is wholly owned by the Company, and its telephone number is (516) 869-9000. Nearly all operating functions, including leasing,
legal, construction, data processing, maintenance, finance and accounting are administered by the Company from its executive
offices in Jericho, New York and supported by the Company’s regional offices. As of December 31, 2020, a total of 484 persons
were employed by the Company of which 41.5% were located in our corporate office with the remainder located in 26 offices
throughout the United States. The average tenure of our employees was 10 years.
The health and safety of the Company’s employees and their families is a top priority. The Company always takes the necessary
steps to protect its employees, especially during the COVID-19 pandemic where employees were empowered to work from home
and care for their family members and children, whose lives have also been impacted. The Company will continue to evaluate
individual situations as they arise and adjust its approach as appropriate, with the goal of enabling its employees to be as productive
as possible while offering them the flexibility they need to care for themselves and their families. The following are steps that were
taken by the Company in response to the COVID-19 pandemic:
● Transitioned the entire workforce from full-time office to flexible work from home arrangement, which the Company
successfully continued since March 2020. This included immediate and extensive technology training on virtual meetings
and remote working as well as safety protocols.
● Business travel has been stopped with relatively few business-essential exceptions.
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● The Company has benefited from recent investments in new technology and software over the last year, as its entire team
is equipped with new laptops and cellular capability to enable them to work remotely.
● The Company’s human resources and information technology teams are available to all employees to address any needs or
concerns they may have.
● Associates will be provided paid time off to care for themselves or family members diagnosed with COVID-19.
● The Company has increased communications at all levels and has initiated bi-weekly company-wide virtual meetings such
that executives are accessible to answer any questions and transparently keep associates informed.
Environment, Social and Governance (“ESG”) Programs
The Company is focused on building a thriving and viable business, one that succeeds by delivering long-term value for its
stakeholders. The Company’s ESG programs are aligned with its core business strategy of creating destinations for everyday living
that inspire a sense of community and deliver value to its many stakeholders.
The Company has established five ESG Program Pillars and the corresponding objectives:
The Company is committed to best-in-class ESG disclosure, and has aligned its annual reporting with standards from the Global
Reporting Initiative (“GRI”), Sustainability Accounting Standards Board (“SASB”) and Task Force on Climate-Related Financial
Disclosures (“TCFD”). Additional ESG information of relevance to stakeholders can be found on the Company’s website in the
Corporate Responsibility Report. This report, which is based on the GRI standard, summarizes the Company's environmental and
social performance.
The Company recognizes that climate change is one of the most significant stakeholder issues of our times, threatening the
viability of economic and environmental systems globally. As a real estate portfolio owner, the Company monitors physical and
8
transition risks as well as opportunities posed to its business by climate change and quantifies and discloses the climate impacts of
its activities. The Company’s science-based emissions reduction goals are aligned with the Paris Climate Accord and put the
company on pace to achieve net zero emissions by 2050. During 2020, the Company issued $500.0 million in 2.70% notes due 2030
in its inaugural green bond offering. Net proceeds from this offering are allocated to finance or refinance, in whole or in part, recently
completed, existing or future eligible green projects, in alignment with the four core components of the Green Bond Principles, 2018
as administered by the International Capital Market Association. Additionally, the Company’s $2.0 billion Credit Facility (as defined
below) is a green credit facility which incorporates rate reductions associated with attainment of Scope 1 and 2 greenhouse gas
emissions reductions.
The Company’s industry leading ESG initiatives led to its 2020 listing on the Dow Jones Sustainability World Index (“DJSI
World Index”), where it is the only North American retail real estate owner listed. The DJSI World Index is comprised of corporate
leaders in global sustainability, with companies listed on the DJSI World Index representing the top 10 percent of the largest 2,500
companies in the S&P Global Broad Market Index based on long-term economic and ESG factors. The Company has been the sole
retail real estate owner listed on the Dow Jones Sustainability North America Index for the last six years, and the Company also is a
constituent of the FTSE4Good Index Series, designed to measure the performance of companies demonstrating strong ESG practices.
Information About Our Executive Officers
The following table sets forth information with respect to the executive officers of the Company as of December 31, 2020:
Name
Milton Cooper
Conor C. Flynn
Ross Cooper
Glenn G. Cohen
David Jamieson
Available Information
Age
91
40
38
56
40
Position
Executive Chairman of the Board of Directors
Chief Executive Officer
President and Chief Investment Officer
Executive Vice President,
Chief Financial Officer and Treasurer
Executive Vice President,
Chief Operating Officer
Joined Kimco
Co-Founder
2003
2006
1995
2007
The Company’s website is located at http://www.kimcorealty.com. The information contained on our website does not constitute
part of this Form 10-K. On the Company’s website you can obtain, free of charge, a copy of this Form 10-K, quarterly reports on
Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of
the Exchange Act of 1934, as amended, as soon as reasonably practicable, after we file such material electronically with, or furnish
it to, the SEC. The public may read and obtain a copy of any materials we file electronically with the SEC at http://www.sec.gov.
Item 1A. Risk Factors
We are subject to certain business and legal risks including, but not limited to, the following:
Risks Related to Our Business and Operations
Adverse global market and economic conditions may impede our ability to generate sufficient income and maintain our
properties.
Our properties consist primarily of open-air shopping centers and other retail properties. Our performance, therefore, is generally
linked to economic conditions in the market for retail space. The economic performance and value of our properties is subject to all
of the risks associated with owning and operating real estate, including but not limited to:
changes in the national, regional and local economic climate;
●
local conditions, including an oversupply of, or a reduction in demand for, space in properties like those that we own;
●
trends toward smaller store sizes as retailers reduce inventory and develop new prototypes;
●
increasing use by customers of e-commerce and online store sites;
●
●
the attractiveness of our properties to tenants;
● market disruptions due to global pandemics;
●
●
●
●
●
the ability of tenants to pay rent, particularly anchor tenants with leases in multiple locations;
tenants who may declare bankruptcy and/or close stores;
competition from other available properties to attract and retain tenants;
changes in market rental rates;
the need to periodically pay for costs to repair, renovate and re-let space;
9
● ongoing consolidation in the retail sector;
●
●
●
the excess amount of retail space in a number of markets;
changes in operating costs, including costs for maintenance, insurance and real estate taxes;
the expenses of owning and operating properties, which are not necessarily reduced when circumstances such as market
factors and competition cause a reduction in income from the properties;
changes in laws and governmental regulations, including those governing usage, zoning, the environment and taxes;
acts of terrorism and war and acts of God, including physical and weather-related damage to our properties;
the continued service and availability of key personnel; and
the risk of functional obsolescence of properties over time.
●
●
●
●
Competition may limit our ability to purchase new properties or generate sufficient income from tenants and may
decrease the occupancy and rental rates for our properties.
Numerous commercial developers and real estate companies compete with us in seeking tenants for our existing properties and
properties for acquisition. Open-air lifestyle centers or other retail shopping centers with more convenient locations or better rents
may attract tenants or cause them to seek more favorable lease terms at or prior to renewal. Retailers at our properties may face
increasing competition from other retailers, e-commerce, outlet malls, discount shopping clubs, direct mail, telemarketing or home
shopping networks, all of which could (i) reduce rents payable to us; (ii) reduce our ability to attract and retain tenants at our
properties; or (iii) lead to increased vacancy rates at our properties. We may fail to anticipate the effects of changes in consumer
buying practices, particularly of growing online sales and the resulting retailing practices and space needs of our tenants or a general
downturn in our tenants’ businesses, which may cause tenants to close stores or default in payment of rent.
We face competition in the acquisition or development of real property from others engaged in real estate investment that could
increase our costs associated with purchasing and maintaining assets. Some of these competitors may have greater financial resources
than we do. This could result in competition for the acquisition of properties for tenants who lease or consider leasing space in our
existing and subsequently acquired properties and for other real estate investment or development opportunities.
Our performance depends on our ability to collect rent from tenants, including anchor tenants, our tenants’ financial
condition and our tenants maintaining leases for our properties.
At any time, our tenants may experience a downturn in their business that may significantly weaken their financial condition.
As a result, our tenants may delay a number of lease commencements, decline to extend or renew leases upon expiration, fail to
make rental payments when due, close stores or declare bankruptcy. Any of these actions could result in the termination of tenants’
leases and the loss of rental income attributable to these tenants’ leases. In the event of a default by a tenant, we may experience
delays and costs in enforcing our rights as landlord under the terms of the leases.
In addition, multiple lease terminations by tenants, including anchor tenants, or a failure by multiple tenants to occupy their
premises in a shopping center could result in lease terminations or significant reductions in rent by other tenants in the same shopping
centers under the terms of some leases. In that event, we may be unable to re-lease the vacated space at attractive rents or at all, and
our rental payments from our continuing tenants could significantly decrease. The occurrence of any of the situations described
above, particularly involving a substantial tenant with leases in multiple locations, could have a material adverse effect on our
financial condition, results of operations and cash flows.
A tenant that files for bankruptcy protection may not continue to pay us rent. A bankruptcy filing by, or relating to, one of our
tenants or a lease guarantor would bar all efforts by us to collect pre-bankruptcy debts from the tenant or the lease guarantor, or their
property, unless the bankruptcy court permits us to do so. A tenant bankruptcy could delay our efforts to collect past due balances
under the relevant leases and could ultimately preclude collection of these sums. If a lease is rejected by a tenant in bankruptcy, we
would have only a general unsecured claim for damages. As a result, it is likely that we would recover substantially less than the full
value of any unsecured claims we hold, if at all.
Our expenses may remain constant or increase, even if income from our Combined Shopping Center Portfolio decreases,
which could adversely affect our financial condition, results of operations and cash flows.
Costs associated with our business, such as common area expenses, utilities, insurance, real estate taxes, mortgage payments,
and corporate expenses are relatively inflexible and generally do not decrease in the event that a property is not fully occupied, rental
rates decrease, a tenant fails to pay rent or other circumstances cause our revenues to decrease. In addition, inflation could result in
higher operating costs. If we are unable to lower our operating costs when revenues decline and/or are unable to pass along cost
increases to our tenants, our financial condition, results of operations and cash flows could be adversely impacted.
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We may be unable to sell our real estate property investments when appropriate or on terms favorable to us.
Real estate property investments are illiquid and generally cannot be disposed of quickly. The capitalization rates at which
properties may be sold could be higher than historic rates, thereby reducing our potential proceeds from sale. In addition, the Code
includes certain restrictions on a REIT’s ability to dispose of properties that are not applicable to other types of real estate companies.
Therefore, we may not be able to vary our portfolio in response to economic or other conditions promptly or on terms favorable to
us within a time frame that we would need. All of these factors reduce our ability to respond to changes in the performance of our
investments and could adversely affect our business, financial condition and results of operations.
Certain properties we own have a low tax basis, which may result in a taxable gain on sale. We may utilize 1031 exchanges to
mitigate taxable income; however, there can be no assurance that we will identify properties that meet our investment objectives for
acquisitions. In the event that we do not utilize 1031 exchanges, we may be required to distribute the gain proceeds to shareholders
or pay income tax, which may reduce our cash flow available to fund our commitments.
We may acquire or develop properties or acquire other real estate related companies, and this may create risks.
We may acquire or develop properties or acquire other real estate related companies when we believe that an acquisition or
development is consistent with our business strategies. We may not succeed in consummating desired acquisitions or in completing
developments on time or within budget. When we do pursue a project or acquisition, we may not succeed in leasing newly developed
or acquired properties at rents sufficient to cover the costs of acquisition or development and operations. Difficulties in integrating
acquisitions may prove costly or time-consuming and could divert management’s attention from other activities. Acquisitions or
developments in new markets or industries where we do not have the same level of market knowledge may result in poorer than
anticipated performance. We may also abandon acquisition or development opportunities that management has begun pursuing and
consequently fail to recover expenses already incurred and will have devoted management’s time to a matter not consummated.
Furthermore, our acquisitions of new properties or companies will expose us to the liabilities of those properties or companies, some
of which we may not be aware of at the time of the acquisition. In addition, development of our existing properties presents similar
risks.
Newly acquired or re-developed properties may have characteristics or deficiencies currently unknown to us that affect their
value or revenue potential. It is also possible that the operating performance of these properties may decline under our management.
As we acquire additional properties, we will be subject to risks associated with managing new properties, including lease-up and
tenant retention. In addition, our ability to manage our growth effectively will require us to successfully integrate our new
acquisitions into our existing management structure. We may not succeed with this integration or effectively manage additional
properties, particularly in secondary markets. Also, newly acquired properties may not perform as expected.
We face risks associated with the development of mixed-use commercial properties.
We operate, are currently developing, and may in the future develop, properties either alone or through joint ventures with other
persons that are known as “mixed-use” developments. This means that in addition to the development of retail space, the project
may also include space for residential, office, hotel or other commercial purposes. We have less experience in developing and
managing non-retail real estate than we do with retail real estate. As a result, if a development project includes a non-retail use, we
may seek to develop that component ourselves, sell the rights to that component to a third-party developer with experience
developing properties for such use or partner with such a developer. If we do not sell the rights or partner with such a developer, or
if we choose to develop the other component ourselves, we would be exposed not only to those risks typically associated with the
development of commercial real estate generally, but also to specific risks associated with the development and ownership of non-
retail real estate. In addition, even if we sell the rights to develop the other component or elect to participate in the development
through a joint venture, we may be exposed to the risks associated with the failure of the other party to complete the development as
expected. These include the risk that the other party would default on its obligations necessitating that we complete the other
component ourselves, including providing any necessary financing. In the case of residential properties, these risks include
competition for prospective residents from other operators whose properties may be perceived to offer a better location or better
amenities or whose rent may be perceived as a better value given the quality, location and amenities that the resident seeks. We will
also compete against condominiums and single-family homes that are for sale or rent. In the case of office properties, the risks also
include changes in space utilization by tenants due to technology, economic conditions and business culture, declines in financial
condition of these tenants and competition for credit worthy office tenants. In the case of hotel properties, the risks also include
increases in inflation and utilities that may not be offset by increases in room rates. We are also dependent on business and
commercial travelers and tourism. Because we have less experience with residential, office and hotel properties than with retail
properties, we expect to retain third-parties to manage our residential and other non-retail components as deemed warranted. If we
decide to not sell or participate in a joint venture and instead hire a third-party manager, we would be dependent on them and their
key personnel who provide services to us and we may not find a suitable replacement if the management agreement is terminated,
or if key personnel leave or otherwise become unavailable to us.
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Construction projects are subject to risks that materially increase the costs of completion.
In the event that we decide to redevelop existing properties, we will be subject to risks and uncertainties associated with
construction and development. These risks include, but are not limited to, risks related to obtaining all necessary zoning, land-use,
building occupancy and other governmental permits and authorizations, risks related to the environmental concerns of government
entities or community groups, risks related to changes in economic and market conditions between development commencement
and stabilization, risks related to construction labor disruptions, adverse weather, acts of God or shortages of materials and labor
which could cause construction delays and risks related to increases in the cost of labor and materials which could cause construction
costs to be greater than projected and adversely impact the amount of our development fees or our financial condition, results of
operations and cash flows.
The Americans with Disabilities Act of 1990 could require us to take remedial steps with respect to existing or newly
acquired properties.
Our existing properties, as well as properties we may acquire, as commercial facilities, are required to comply with Title III of
the Americans with Disabilities Act of 1990 (the “ADA”). Investigation of a property may reveal non-compliance with this Act. The
requirements of the ADA, or of other federal, state or local laws or regulations, also may change in the future and restrict further
renovations of our properties with respect to access for disabled persons. Future compliance with this Act may require expensive
changes to the properties.
We do not have exclusive control over our joint venture and preferred equity investments, such that we are unable to
ensure that our objectives will be pursued.
We have invested in some properties as a co-venturer or a partner, instead of owning directly. In these investments, we do not
have exclusive control over the development, financing, leasing, management and other aspects of these investments. As a result,
the co-venturer or partner might have interests or goals that are inconsistent with ours, take action contrary to our interests or
otherwise impede our objectives. These investments involve risks and uncertainties. The co-venturer or partner may fail to provide
capital or fulfill its obligations, which may result in certain liabilities to us for guarantees and other commitments. Conflicts arising
between us and our partners may be difficult to manage and/or resolve and it could be difficult to manage or otherwise monitor the
existing business arrangements. The co-venturer or partner also might become insolvent or bankrupt, which may result in significant
losses to us.
In addition, joint venture arrangements may decrease our ability to manage risk and implicate additional risks, such as:
● potentially inferior financial capacity, diverging business goals and strategies and the need for our venture partner’s
continued cooperation;
● our inability to take actions with respect to the joint venture activities that we believe are favorable to us if our joint
venture partner does not agree;
● our inability to control the legal entity that has title to the real estate associated with the joint venture;
● our lenders may not be easily able to sell our joint venture assets and investments or may view them less favorably as
collateral, which could negatively affect our liquidity and capital resources;
● our joint venture partners can take actions that we may not be able to anticipate or prevent, which could result in negative
impacts on our debt and equity; and
● our joint venture partners’ business decisions or other actions or omissions may result in harm to our reputation or
adversely affect the value of our investments.
Our joint venture and preferred equity investments generally own real estate properties for which the economic performance
and value is subject to all the risks associated with owning and operating real estate as described above.
We may not be able to recover our investments in marketable securities, mortgage receivables or other investments,
which may result in significant losses to us.
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Footnote 9 to the Notes to
the Company’s Consolidated Financial Statements included in this Form 10-K for additional discussion regarding the shares held by
the Company of Albertsons Companies, Inc. (“ACI”).
Our investments in marketable securities are subject to specific risks relating to the particular issuer of the securities, including
the financial condition and business outlook of the issuer, which may result in significant losses to us. Marketable securities are
generally unsecured and may also be subordinated to other obligations of the issuer. As a result, investments in marketable securities
are subject to risks of:
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●
●
●
●
●
limited liquidity in the secondary trading market;
substantial market price volatility, resulting from changes in prevailing interest rates;
subordination to the prior claims of banks and other senior lenders to the issuer;
the possibility that earnings of the issuer may be insufficient to meet its debt service and distribution obligations; and
the declining creditworthiness and potential for insolvency of the issuer during periods of rising interest rates and
economic downturn.
These risks may adversely affect the value of outstanding marketable securities and the ability of the issuers to make distribution
payments.
Our investments in mortgage receivables are subject to specific risks relating to the borrower and the underlying property. In
the event of a default by a borrower, it may be necessary for us to foreclose our mortgage or engage in costly negotiations. Delays
in liquidating defaulted mortgage loans and repossessing and selling the underlying properties could reduce our investment returns.
Furthermore, in the event of default, the actual value of the property securing the mortgage may decrease. A decline in real estate
values will adversely affect the value of our loans and the value of the mortgages securing our loans.
Our mortgage receivables may be or become subordinated to mechanics' or materialmen's liens or property tax liens. In these
instances, we may need to protect a particular investment by making payments to maintain the current status of a prior lien or
discharge it entirely. Where that occurs, the total amount we recover may be less than our total investment, resulting in a loss. In the
event of a major loan default or several loan defaults resulting in losses, our investments in mortgage receivables would be materially
and adversely affected.
The economic performance and value of our other investments, which we do not control and are in retail operations, are subject
to risks associated with owning and operating retail businesses, including:
changes in the national, regional and local economic climate;
the adverse financial condition of some large retailing companies;
increasing use by customers of e-commerce and online store sites; and
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● ongoing consolidation in the retail sector.
A decline in the value of our other investments may require us to recognize an other-than-temporary impairment (“OTTI”)
against such assets. When the fair value of an investment is determined to be less than its amortized cost at the balance sheet date,
we assess whether the decline is temporary or other-than-temporary. If we intend to sell an impaired asset, or it is more likely than
not that we will be required to sell the impaired asset before any anticipated recovery, then we must recognize an OTTI through
charges to earnings equal to the entire difference between the asset’s amortized cost and its fair value at the balance sheet date. When
an OTTI is recognized through earnings, a new cost basis is established for the asset, and the new cost basis may not be adjusted
through earnings for subsequent recoveries in fair value.
Our real estate assets may be subject to impairment charges.
We periodically assess whether there are any indicators that the value of our real estate assets and other investments may be
impaired. A property’s value is considered to be impaired only if the estimated aggregate future undiscounted property cash flows
are less than the carrying value of the property. In our estimate of cash flows, we consider factors such as trends and prospects and
the effects of demand and competition on expected future operating income. If we are evaluating the potential sale of an asset or
redevelopment alternatives, the undiscounted future cash flows consider the most likely course of action as of the balance sheet date
based on current plans, intended holding periods and available market information. We are required to make subjective assessments
as to whether there are impairments in the value of our real estate assets and other investments. Impairment charges have an
immediate direct impact on our earnings. There can be no assurance that we will not take additional charges in the future related to
the impairment of our assets. Any future impairment could have a material adverse effect on our results of operations in the period
in which the charge is taken.
We intend to continue to sell our lesser quality assets and may not be able to recover our investments, which may result
in significant losses to us.
There can be no assurance that we will be able to recover the current carrying amount of all of our lesser quality properties and
investments and those of our unconsolidated joint ventures in the future. Our failure to do so would require us to recognize
impairment charges for the period in which we reached that conclusion, which could materially and adversely affect our financial
condition, results of operations and cash flows.
13
We have substantially completed our efforts to exit our investments in Mexico and have completely exited Chile, Brazil,
Peru and Canada, however, we cannot predict the impact of laws and regulations affecting these international operations,
including the United States Foreign Corrupt Practices Act, or the potential that we may face regulatory sanctions.
Our international operations have included properties in Canada, Mexico, Chile, Brazil and Peru and are subject to a variety of
United States and foreign laws and regulations, including the United States Foreign Corrupt Practices Act and foreign tax laws and
regulations. Although we have substantially completed our efforts to exit our investments in Mexico, South America and Canada,
we cannot assure you that our past or any current international operations will continue to be found to be in compliance with such
laws or regulations. In addition, we cannot predict the manner in which such laws or regulations might be administered or interpreted,
or when, or the potential that we may face regulatory sanctions or tax audits as a result of our international operations.
We face risks relating to cybersecurity attacks which could adversely affect our business, cause loss of confidential
information and disrupt operations.
A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity, or availability of our
information resources. More specifically, a cyber incident is an intentional attack or an unintentional event that can include gaining
unauthorized access to systems to disrupt operations, corrupt data, or steal confidential information. We may face cyber incidents
and security breaches through malware, computer viruses, ransomware, attachments to e-mails, persons inside our organization or
persons with access to systems inside our organization and other significant disruptions of our IT networks and related systems. The
risk of a cybersecurity breach or disruption, particularly through a cyber incident, including by computer hackers, foreign
governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and
intrusions from around the world have increased. Our IT networks and related systems are essential to the operation of our business
and our ability to perform day-to-day operations and, in some cases, may be critical to the operations of certain of our tenants.
Although we make efforts to maintain the security and integrity of these types of IT networks and related systems, and we have
implemented various measures to manage the risk of a security breach or disruption, there can be no assurance that our security
efforts and measures will be effective or that attempted security breaches or disruptions would not be successful or damaging.
As a result of the COVID-19 pandemic, employees working remotely has amplified certain risks to our business. The number
of points of potential cyberattack, such as laptops and mobile devices have increased and any failure to effectively manage these
risks, including to timely identify and appropriately respond to any cyberattacks or other disruption to our technology infrastructure,
may adversely affect our business. Cyber criminals are targeting their attacks on individual employees, utilizing interest in
pandemic related information to increase business email compromise scams designed to trick victims into transferring sensitive data
or funds, or steal credentials that compromise information systems which extend to multiple platforms throughout the Company.
While we maintain some of our own critical information technology systems, we also depend on third-parties to provide
important information technology services relating to several key business functions, such as payroll, human resources, electronic
communications and certain finance functions. Our measures to prevent, detect and mitigate these threats, including password
protection, firewalls, backup servers, threat monitoring, log aggregation, vulnerability scanning, data encryption, periodic
penetration testing and multifactor authentication, may not be successful in preventing a data breach or limiting the effects of a
breach. Furthermore, the security measures employed by third-party service providers may prove to be ineffective at preventing
breaches of their systems.
The primary risks that could directly result from the occurrence of a cyber incident include operational interruption, damage to
our relationship with our tenants, and private data exposure. We could be required to expend significant capital and other resources
to address any data security incident or breach, which may not be covered or fully covered by our insurance and which may involve
payments for investigations, forensic analyses, legal advice, public relations advice, system repair or replacement, or other services.
Our financial results may be negatively impacted by such an incident or any resulting negative media attention.
A cyber incident could:
● disrupt the proper functioning of our networks and systems and therefore our operations and/or those of certain of our
tenants;
result in misstated financial reports, violations of loan covenants and/or missed reporting deadlines;
result in our inability to properly monitor our compliance with the rules and regulations regarding our qualification as a
REIT;
result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of proprietary, confidential,
sensitive or otherwise valuable information of ours or others, which others could use to compete against us or for
disruptive, destructive or otherwise harmful purposes and outcomes;
result in our inability to maintain the building systems relied upon by our tenants for the efficient use of their leased space;
require significant management attention and resources to remedy and damages that result;
subject us to regulatory enforcement;
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subject us to claims for breach of contract, damages, credits, penalties or termination of leases or other agreements; or
●
● damage our reputation among our tenants, investors and associates.
Moreover, cyber incidents perpetrated against our tenants, including unauthorized access to customers’ credit card data and
other confidential information, could diminish consumer confidence and consumer spending and negatively impact our business.
We may be subject to liability under environmental laws, ordinances and regulations.
Under various federal, state, and local laws, ordinances and regulations, we may be considered an owner or operator of real
property and may be responsible for paying for the disposal or treatment of hazardous or toxic substances released on or in our
property, as well as certain other potential costs relating to hazardous or toxic substances (including governmental fines and injuries
to persons and property). This liability may be imposed whether or not we knew about, or were responsible for, the presence of
hazardous or toxic substances.
Natural disasters, severe weather conditions and the effects of climate change could have an adverse impact on our
financial condition, results of operations and cash flows.
Our operations are located in areas that are subject to natural disasters and severe weather conditions such as hurricanes,
tornados, earthquakes, snowstorms, floods and fires, and the frequency of these natural disasters and severe weather conditions may
increase due to climate change. The occurrence of natural disasters, severe weather conditions and the effects of climate change can
delay new development or redevelopment projects, increase investment costs to repair or replace damaged properties, increase
operation costs, including the cost of energy at our properties, increase costs for future property insurance, negatively impact the
tenant demand for lease space and cause substantial damages or losses to our properties which could exceed any applicable insurance
coverage. The incurrence of any of these losses, costs or business interruptions may adversely affect our financial condition, results
of operations and cash flows.
In addition, changes in government legislation and regulation on climate change could result in increased capital expenditures
to improve the energy efficiency of our existing properties and could also require us to spend more on our development or
redevelopment projects without a corresponding increase in revenues, which may adversely affect our financial condition, results of
operations and cash flows.
Pandemics or other health crises may adversely affect our tenants’ financial condition and the profitability of our
properties.
Our business and the businesses of our tenants could be materially and adversely affected by the risks, or the public perception
of the risks, related to a pandemic or other health crisis, such as the recent outbreak of novel coronavirus (COVID-19).
Such events could result in the complete or partial closure of one or more of our tenants’ manufacturing facilities or distribution
centers, temporary or long-term disruption in our tenants’ supply chains from local and international suppliers, and /or delays in the
delivery of our tenants’ inventory.
The profitability of our properties depends, in part, on the willingness of customers to visit our tenants’ businesses. The risk, or
public perception of the risk, of a pandemic or media coverage of infectious diseases could cause employees or customers to avoid
our properties, which could adversely affect foot traffic to our tenants’ businesses and our tenants’ ability to adequately staff their
businesses. Such events could adversely impact tenants’ sales and/or cause the temporary closure of our tenants’ businesses, which
could severely disrupt their operations and have a material adverse effect on our business, financial condition and results of
operations.
The Company’s business, financial condition, results of operations or stock price has and may continue to be adversely
impacted by the COVID-19 pandemic and such impact could be material.
In March 2020, the outbreak of COVID-19 was recognized as a pandemic by the WHO. The COVID-19 pandemic has resulted
in a widespread health crisis that has had a significant adverse effect on businesses, economies and financial markets worldwide,
and has caused significant volatility in U.S. and international debt and equity markets. There is significant uncertainty around the
extent and duration of business disruptions related to COVID-19, as well as its long-term impact on the U.S. economy.
Our business and the businesses of our tenants have been adversely affected by the COVID-19 pandemic and actions taken to
contain or prevent its spread. A substantial number of tenants have temporarily or permanently closed their businesses, have
shortened their operating hours or offered reduced services. As a result, the Company has also had a substantial number of tenants
that have made late or partial rent payments, requested a deferral of rent payments, forgiveness of rent payments or defaulted on rent
payments, and it is likely that more of our tenants will be similarly impacted in the future. Impacts of COVID-19 could also result
15
in the complete or partial closure of one or more of our tenants’ manufacturing facilities or distribution centers, temporary or long-
term disruption in our tenants’ supply chains from local and international suppliers, and/or delays in the delivery of our tenants’
inventory.
Even after governmental restrictions are lifted, our tenants may continue to be impacted by economic conditions resulting from
COVID-19 or public perception of the risk of COVID-19, which could adversely affect foot traffic to our tenants’ businesses and
our tenants’ ability to adequately staff their businesses. Such events could severely disrupt their operations and have a material
adverse effect on our business, financial condition and results of operations. A downturn in our tenants’ businesses that significantly
weakens their financial condition could cause them to delay lease commencements or decline to extend or renew leases upon
expiration and could lead to additional failures to make rental payments when due, store closures or bankruptcies, and we may be
unable to collect past due balances under relevant leases. We have received requests for rent relief from some of our tenants. We are
assessing these requests on a case-by-case basis and have agreed, and may continue to agree, to certain relief. It is likely there will
be additional requests for relief in the future.
In addition, like many other companies, due to government mandates, we have instructed our employees to work from home,
which, especially if this persists for a prolonged period of time, may have an adverse impact on our employees, operations and
systems. Extended periods of remote work arrangements could strain our business continuity plans, introduce operational risk,
including but not limited to cybersecurity risks, and impair our ability to manage our business. While most of our operations can be
performed remotely, there is no guarantee that we will be as effective while working remotely because our team is dispersed, many
employees may have additional personal needs to attend to and employees may become sick themselves and be unable to work.
Decreased effectiveness of our team could adversely affect our results due to our inability to meet in person with potential tenants,
longer time periods to review and approve leases, longer time to respond to tenant and property issues, or other decreases in
productivity that could seriously harm our business.
The COVID-19 pandemic, or a future pandemic, could also have material and adverse effects on our ability to successfully
operate and on our financial condition, results of operations and cash flows due to, among other factors:
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a complete or partial closure of, or other operational issues at, one or more of our properties resulting from government or
tenant action;
the reduced economic activity severely impacts our tenants' businesses, financial condition and liquidity and may cause
one or more of our tenants to be unable to meet their obligations to us in full, or in part, or to otherwise seek modifications
of such obligations;
the reduced economic activity could result in a prolonged recession, which could negatively impact consumer discretionary
spending;
●
● difficulty accessing debt and equity capital on attractive terms, or at all, impacts to our credit ratings, and a prolonged severe
disruption and instability in the global financial markets or deteriorations in credit and financing conditions may affect our
access to capital necessary to fund business operations or address maturing liabilities on a timely basis and our tenants'
ability to fund their business operations and meet their obligations to us;
the financial impact of the COVID-19 pandemic could negatively impact our future compliance with financial covenants
of our Credit Facility and other debt agreements and result in a default and potentially an acceleration of indebtedness,
which non-compliance could negatively impact our ability to make additional borrowings under our Credit Facility and
pay dividends;
any impairment in value of our real estate assets that is recorded as a result of weaker economic conditions;
a continued decline in business activity and demand for real estate transactions could adversely affect our ability or desire
to grow our portfolio of properties; and
a deterioration in our or our tenants' ability to operate in affected areas or delays in the supply of products or services to us
or our tenants from vendors that are needed for our or our tenants' efficient operations could adversely affect our operations
and those of our tenants.
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The extent to which the COVID-19 pandemic continues to impact our business, results of operations, financial condition and
stock price will depend on numerous evolving factors that are highly uncertain and which we may not be able to predict, including
the duration and scope of the pandemic, governmental, business and individual actions that have been and continue to be taken in
response to the pandemic, the impact on economic activity from the pandemic and actions taken in response, the impact on our
employees and other operational disruptions or difficulties we may face, the effect on our tenants and their businesses, the ability of
tenants to pay their contracted rents and any additional closures of our tenants’ businesses. These effects, individually or in the
aggregate, will adversely impact our tenant’s ability to pay their contracted rent. Any of these events could materially adversely
impact our business, financial condition, results of operations or stock price.
Financial disruption or a prolonged economic downturn could materially and adversely affect the Company’s business.
Worldwide financial markets have recently experienced periods of extraordinary disruption and volatility, which has been
exacerbated by the COVID-19 pandemic, resulting in heightened credit risk, reduced valuation of investments and decreased
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economic activity. Moreover, many companies have experienced reduced liquidity and uncertainty as to their ability to raise capital
during such periods of market disruption and volatility. In the event that these conditions recur or result in a prolonged economic
downturn, our results of operations, financial position or liquidity could be materially and adversely affected. These market
conditions may affect the Company's ability to access debt and equity capital markets. In addition, as a result of recent financial
events, we may face increased regulation.
Corporate responsibility, specifically related to ESG factors, may impose additional costs and expose us to new risks.
The importance of sustainability evaluations is becoming more broadly accepted by investors and shareholders. Certain
organizations that provide corporate governance and other corporate risk information to investors and shareholders have developed
scores and ratings to evaluate companies and investment funds based upon ESG or “sustainability” metrics. Many investment funds
focus on positive ESG business practices and sustainability scores when making investments and may consider a company’s
sustainability score as a reputational or other factor in making an investment decision. In addition, investors, particularly institutional
investors, use these scores to benchmark companies against their peers and if a company is perceived as lagging, these investors may
engage with companies to require improved ESG disclosure or performance. We may face reputational damage in the event our
corporate responsibility procedures or standards do not meet the standards set by various constituencies. In addition, the criteria by
which companies are rated may change, which could cause us to receive lower scores than previous years. A low sustainability score
could result in a negative perception of the Company, or exclusion of our common stock from consideration by certain investors
who may elect to invest with our competition instead.
Our success depends largely on the continued service and availability of key personnel.
We depend on the deep industry knowledge and efforts of key personnel, including our executive officers, to manage our day-
to-day operations and strategic business direction. Our ability to attract, retain and motivate key personnel may significantly impact
our future performance, and if any of our executive officers or other key personnel depart the Company, for any reason, we may not
be able to easily replace such individual. The loss of the services of our executive officers and other key personnel could have a
material adverse effect on our financial condition, results of operations and cash flows.
Risks Related to Our Debt and Equity Securities
We may be unable to obtain financing through the debt and equity markets, which would have a material adverse effect
on our growth strategy, our financial condition and our results of operations.
We cannot assure you that we will be able to access the credit and/or equity markets to obtain additional debt or equity financing
or that we will be able to obtain financing on terms favorable to us. The inability to obtain financing on a timely basis could have
negative effects on our business, such as:
● we could have great difficulty acquiring or developing properties, which would materially adversely affect our investment
strategy;
● our liquidity could be adversely affected;
● we may be unable to repay or refinance our indebtedness;
● we may need to make higher interest and principal payments or sell some of our assets on terms unfavorable to us to fund
our indebtedness; or
● we may need to issue additional capital stock, which could further dilute the ownership of our existing stakeholders.
Adverse changes in our credit ratings could impair our ability to obtain additional debt and equity financing on terms favorable
to us, if at all, and could significantly reduce the market price of our publicly traded securities.
We are subject to financial covenants that may restrict our operating and acquisition activities.
Our Credit Facility and the indentures under which our senior unsecured debt is issued contain certain financial and operating
covenants, including, among other things, certain coverage ratios and limitations on our ability to incur debt, make dividend
payments, sell all or substantially all of our assets and engage in mergers and consolidations and certain acquisitions. These covenants
may restrict our ability to pursue certain business initiatives or certain acquisition transactions that might otherwise be advantageous.
In addition, failure to meet any of the financial covenants could cause an event of default under our Credit Facility and the indentures
and/or accelerate some or all of our indebtedness, which would have a material adverse effect on us.
Impacts from transition away from London Inter-bank Offered Rate (“LIBOR”).
A portion of our long-term indebtedness bears interest at fluctuating interest rates based on LIBOR for deposits of U.S. dollars.
LIBOR and certain other interest “benchmarks” may be subject to regulatory guidance and/or reform that could cause interest rates
17
under our current or future debt agreements to perform differently than in the past or cause other unanticipated consequences. The
United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced that it intends to stop encouraging or
requiring banks to submit LIBOR rates after 2021, and it is unclear if LIBOR will cease to exist or if new methods of calculating
LIBOR will evolve. In November 2020, ICE Benchmark Association, the administrator of LIBOR, published a consultation
regarding its intention to cease publication of U.S. dollar LIBOR after June 2023. If LIBOR ceases to exist or if the methods of
calculating LIBOR change from their current form, interest rates on our current or future indebtedness may be adversely affected.
Changes in market conditions could adversely affect the market price of our publicly traded securities.
The market price of our publicly traded securities depends on various market conditions, which may change from time-to-time.
Among the market conditions that may affect the market price of our publicly traded securities are the following:
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the extent of institutional investor interest in us;
the reputation of REITs generally and the reputation of REITs with portfolios similar to ours;
the attractiveness of the securities of REITs in comparison to securities issued by other entities, including securities issued
by other real estate companies;
● our financial condition and performance;
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the market’s perception of our growth potential, potential future cash dividends and risk profile;
an increase in market interest rates, which may lead prospective investors to demand a higher distribution rate in relation
to the price paid for our shares; and
● general economic and financial market conditions.
We may change the dividend policy for our common stock in the future.
The decision to declare and pay dividends on our common stock in the future, as well as the timing, amount and composition of
any such future dividends, will be at the sole discretion of our Board of Directors and will depend on our earnings, operating cash
flows, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under our indebtedness
including preferred stock, the annual distribution requirements under the REIT provisions of the Code, state law and such other
factors as our Board of Directors deems relevant or are requirements under the Code or state or federal laws. Any negative change
in our dividend policy could have a material adverse effect on the market price of our common stock.
Our charter and bylaws and Maryland law contain provisions that may delay, defer or prevent a change of control
transaction, even if such a change in control may be in our best interest, and as a result may depress the market price of our
securities.
Our charter contains certain ownership limits. Our charter contains various provisions that are intended to preserve our
qualification as a REIT and, subject to certain exceptions, authorize our directors to take such actions as are necessary or appropriate
to preserve our qualification as a REIT. For example, our charter prohibits the actual, beneficial or constructive ownership by any
person of more than 9.8% in value or number of shares, whichever is more restrictive, of the outstanding shares of our common
stock, and more than 9.8% in value of the aggregate outstanding shares of all classes and series of our stock. Our Board of Directors,
in its sole and absolute discretion, may exempt a person, prospectively or retroactively, from these ownership limits if certain
conditions are satisfied. The restrictions on ownership and transfer of our stock may:
● discourage a tender offer or other transactions or a change in management or of control that might involve a premium
●
price for our common stock or that our stockholders otherwise believe to be in their best interests; or
result in the transfer of shares acquired in excess of the restrictions to a trust for the benefit of a charitable beneficiary
and, as a result, the forfeiture by the acquirer of the benefits of owning the additional shares.
Risks Related to Our Status as a REIT and Related U.S. Federal Income Tax Matters
Loss of our tax status as a REIT or changes in U.S. federal income tax laws, regulations, administrative interpretations
or court decisions relating to REITs could have significant adverse consequences to us and the value of our securities.
We have elected to be taxed as a REIT for U.S. federal income tax purposes under the Code. We believe that we are organized
and operate in a manner that has allowed us to qualify and will allow us to remain qualified as a REIT under the Code. However,
there can be no assurance that we have qualified or will continue to qualify as a REIT for U.S. federal income tax purposes.
Qualification as a REIT involves the application of highly technical and complex Code provisions, for which there are only
limited judicial and administrative interpretations. The determination of various factual matters and circumstances not entirely within
our control may affect our ability to qualify as a REIT. The rules dealing with U.S. federal income taxation are constantly under
review by persons involved in the legislative process and by the U.S. Internal Revenue Service (the "IRS") and U.S. Department of
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the Treasury. We cannot predict how changes in the tax laws might affect our investors or us. New legislation, regulations,
administrative interpretations or court decisions could significantly and negatively change the tax laws with respect to qualification
as a REIT, the U.S. federal income tax consequences of such qualification or the desirability of an investment in a REIT relative to
other investments.
In order to qualify as a REIT, we must satisfy a number of requirements, including requirements regarding the ownership of our
stock, the composition of our assets and the sources of our gross income. Also, we must make distributions to stockholders
aggregating annually at least 90% of our REIT taxable income, excluding net capital gains. Furthermore, we own a direct or indirect
interest in certain subsidiary REITs which have elected to be taxed as REITs for U.S. federal income tax purposes under the Code.
Provided that each subsidiary REIT qualifies as a REIT, our interest in such subsidiary REIT will be treated as a qualifying real
estate asset for purposes of the REIT asset tests. To qualify as a REIT, the subsidiary REIT must independently satisfy all of the
REIT qualification requirements. The failure of a subsidiary REIT to qualify as a REIT could have an adverse effect on our ability
to comply with the REIT income and asset tests, and thus our ability to qualify as a REIT.
If we were to lose our REIT status, we would face serious tax consequences that would substantially reduce the funds available
to pay dividends to stockholders for each of the years involved because:
● we would not be allowed a deduction for dividends to stockholders in computing our taxable income and we would be
subject to the regular U.S. federal corporate income tax;
● we could possibly be subject to the federal alternative minimum tax for taxable years prior to 2018 or increased state and
local taxes;
● unless we were entitled to relief under statutory provisions, we could not elect to be taxed as a REIT for four taxable years
following the year during which we were disqualified; and
● we would not be required to make distributions to stockholders.
Our failure to qualify as a REIT or new legislation or changes in U.S. federal income tax laws including with respect to
qualification as a REIT or the tax consequences of such qualification, could also impair our ability to expand our business or raise
capital and have a materially adverse effect on the value of our securities.
To maintain our REIT status, we may be forced to borrow funds during unfavorable market conditions, and the
unavailability of such capital on favorable terms at the desired times, or at all, may cause us to curtail our investment
activities and/or to dispose of assets at inopportune times, which could adversely affect our financial condition, results of
operations, cash flows and per share trading price of our common stock.
To qualify as a REIT, we generally must distribute to our stockholders at least 90% of our REIT taxable income each year,
excluding net capital gains, and we will be subject to regular U.S. federal corporate income taxes on the amount we distribute that
is less than 100% of our net taxable income each year, including capital gains. In addition, we will be subject to a 4% nondeductible
excise tax on the amount, if any, by which distributions paid by us in any calendar year are less than the sum of 85% of our ordinary
income, 95% of our capital gain net income and 100% of our undistributed income from prior years. While we have historically
satisfied these distribution requirements by making cash distributions to our stockholders, a REIT is permitted to satisfy these
requirements by making distributions of cash or other property, including, in limited circumstances, its own stock. Assuming we
continue to satisfy these distribution requirements with cash, we may need to borrow funds to meet the REIT distribution
requirements and avoid the payment of income and excise taxes even if the then prevailing market conditions are not favorable for
these borrowings. These borrowing needs could result from differences in timing between the actual receipt of cash and inclusion of
income for U.S. federal income tax purposes, or the effect of non-deductible capital expenditures, the creation of cash reserves or
required debt or amortization payments. These sources, however, may not be available on favorable terms or at all. Our access to
third-party sources of capital depends on a number of factors, including the market's perception of our growth potential, our current
debt levels, the market price of our common stock, and our current and potential future earnings. We cannot assure you that we will
have access to such capital on favorable terms at the desired times, or at all, which may cause us to curtail our investment activities
and/or to dispose of assets at inopportune times, and could adversely affect our financial condition, results of operations, cash flows
and per share trading price of our common stock.
The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which
would be treated as sales for U.S. federal income tax purposes.
A REIT's net income from prohibited transactions is subject to a 100% penalty tax. In general, prohibited transactions are sales
or other dispositions of property, other than foreclosure property, held primarily for sale to customers in the ordinary course of
business. Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary
course of our business, unless a sale or disposition qualifies under certain statutory safe harbors, such characterization is a factual
determination and no guarantee can be given that the IRS would agree with our characterization of our properties or that we will
always be able to make use of the available safe harbors.
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Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
The maximum tax rate applicable to “qualified dividend income” payable to U.S. stockholders that are individuals, trusts and
estates is 20%. Dividends payable by REITs, however, generally are not eligible for these reduced rates. U.S. stockholders that are
individuals, trusts and estates generally may deduct up to 20% of the ordinary dividends (i.e., dividends not designated as capital
gain dividends or qualified dividend income) received from a REIT for taxable years beginning before January 1, 2026. Although
this deduction reduces the effective tax rate applicable to certain dividends paid by REITs (generally to 29.6% assuming the
shareholder is subject to the 37% maximum rate), such tax rate is still higher than the tax rate applicable to corporate dividends that
constitute qualified dividend income. Accordingly, investors who are individuals, trusts and estates may perceive investments in
REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends treated as qualified
dividend income, which could materially and adversely affect the value of the shares of REITs, including the per share trading price
of our common stock.
Item 1B. Unresolved Staff Comments
None.
Item 2. Properties
Real Estate Portfolio. As of December 31, 2020, the Company had interests in 400 shopping center properties aggregating 70.1
million square feet of GLA located in 27 states and Puerto Rico. In addition, the Company had 122 other property interests, primarily
through the Company’s preferred equity investments and other real estate investments, totaling 5.4 million square feet of
GLA. Open-air shopping centers comprise the primary focus of the Company's current portfolio. As of December 31, 2020, the
Company’s Combined Shopping Center Portfolio, including noncontrolling interests, was 93.9% leased.
The Company's open-air shopping center properties, which are generally owned and operated through subsidiaries or joint
ventures, had an average size of 175,302 square feet as of December 31, 2020. The Company generally retains its shopping centers
for long-term investment and consequently pursues a program of regular physical maintenance together with redevelopment, major
renovations and refurbishing to preserve and increase the value of its properties. This includes renovating existing facades, installing
uniform signage, resurfacing parking lots and enhancing parking lot lighting. During 2020, the Company expended $175.7 million
in connection with property redevelopments and $45.6 million related to improvements.
The Company's management believes its experience in the real estate industry and its relationships with numerous national and
regional tenants gives it an advantage in an industry where ownership is fragmented among a large number of property owners. The
Company's open-air shopping centers are usually "anchored" by a grocery store, off-price retailer, discounter or service-oriented
tenant. As one of the original participants in the growth of the shopping center industry and one of the nation's largest owners and
operators of shopping centers, the Company has established close relationships with a large number of major national and regional
retailers. Some of the major national and regional companies that are tenants in the Company's shopping center properties include
TJX Companies, The Home Depot, Ahold Delhaize, Albertsons Companies, Ross Stores, PetSmart, Whole Foods Market, Walmart,
Burlington Stores and Bed Bath & Beyond.
The Company reduces its operating and leasing risks through diversification achieved by the geographic distribution of its
properties and a large tenant base. As of December 31, 2020, no single open-air shopping center accounted for more than 2.0% of
the Company's annualized base rental revenues, including the proportionate share of base rental revenues from properties in which
the Company has less than a 100% economic interest, or more than 2.0% of the Company’s total shopping center GLA. At December
31, 2020, the Company’s five largest tenants were TJX Companies, The Home Depot, Ahold Delhaize, Albertsons Companies and
Ross Stores, which represented 4.0%, 2.6%, 2.1%, 2.0% and 1.9%, respectively, of the Company’s annualized base rental revenues,
including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic
interest.
A substantial portion of the Company's income consists of rent received under long-term leases. Most of the leases provide for
the payment of fixed-base rentals monthly in advance and for the payment by tenants of an allocable share of the real estate taxes,
insurance, utilities and common area maintenance expenses incurred in operating the shopping centers (certain of the leases provide
for the payment of a fixed-rate reimbursement of these such expenses). Although many of the leases require the Company to make
roof and structural repairs as needed, a number of tenant leases place that responsibility on the tenant, and the Company's standard
small store lease provides for reimbursements by the tenant as part of common area maintenance. Additionally, many of the leases
provide for reimbursements by the tenant of capital expenditures.
Minimum base rental revenues and operating expense reimbursements accounted for 99% and other revenues, including
percentage rents, accounted for 1% of the Company's total revenues from rental properties for the year ended December 31, 2020.
20
The Company's management believes that the base rent per leased square foot for many of the Company's existing leases is generally
lower than the prevailing market-rate base rents in the geographic regions where the Company operates, reflecting the potential for
future growth. Additionally, a majority of the Company’s leases have provisions requiring contractual rent increases. The Company’s
leases may also include escalation clauses, which provide for increases based upon changes in the consumer price index or similar
inflation indices.
As of December 31, 2020, the Company’s consolidated operating portfolio, comprised of 311 shopping center properties
aggregating 51.0 million square feet of GLA, was 93.9% leased. The consolidated operating portfolio consists entirely of properties
located in the U.S., inclusive of Puerto Rico For the period January 1, 2020 to December 31, 2020, the Company increased the
average base rent per leased square foot, which includes the impact of tenant concessions, in its consolidated portfolio of open-air
shopping centers from $17.96 to $18.16, an increase of $0.20. This increase primarily consists of (i) an $0.18 increase relating to
rent step-ups within the portfolio and new leases signed net of leases vacated and (ii) a $0.02 increase relating to dispositions.
The Company has a total of 5,277 leases in the consolidated operating portfolio. The following table sets forth the aggregate
lease expirations for each of the next ten years, assuming no renewal options are exercised. For purposes of the table, the Total
Annual Base Rent Expiring represents annualized rental revenue, excluding the impact of straight-line rent, for each lease that expires
during the respective year. Amounts in thousands, except for number of leases data:
Year Ending
December 31,
(1)
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
Number of
Leases
Expiring
Square Feet
Expiring
Total Annual Base
Rent Expiring
% of Gross
Annual Rent
170
612
814
737
660
612
400
255
314
247
204
489
$
3,930 $
$
5,684
5,770 $
5,094
$
5,245 $
$
5,311
3,269 $
3,398
$
2,601 $
$
1,704
10,931
64,045
98,680
98,264
93,610
92,695
76,080
51,477
61,161
45,274
32,698
1.3%
7.9%
12.2%
12.1%
11.6%
11.4%
9.4%
6.4%
7.6%
5.6%
4.0%
(1) Leases currently under a month to month lease or in process of renewal.
During 2020, the Company executed 761 leases totaling over 5.3 million square feet in the Company’s consolidated operating
portfolio comprised of 204 new leases and 557 renewals and options. The leasing costs associated with these new leases are estimated
to aggregate $39.1 million or $31.11 per square foot. These costs include $30.4 million of tenant improvements and $8.7 million of
external leasing commissions. The average rent per square foot for (i) new leases was $19.10 and (ii) renewals and options was
$18.33. The Company will seek to obtain rents that are higher than amounts within its expiring leases, however, there are many
variables and uncertainties which can significantly affect the leasing market at any time; as such, the Company cannot guarantee that
future leases will continue to be signed for rents that are equal to or higher than current amounts.
Ground-Leased Properties. The Company has interests in 30 consolidated shopping center properties that are subject to long-
term ground leases where a third-party owns and has leased the underlying land to the Company to construct and/or operate a
shopping center. The Company pays rent for the use of the land and generally is responsible for all costs and expenses associated
with the building and improvements. At the end of these long-term leases, unless extended, the land together with all improvements
reverts to the landowner.
More specific information with respect to each of the Company's property interests is set forth in Exhibit 99.1, which is
incorporated herein by reference.
Item 3. Legal Proceedings
The Company is not presently involved in any litigation nor, to its knowledge, is any litigation threatened against the Company
or its subsidiaries that, in management's opinion, would result in any material effect on the Company's ownership, management or
operation of its properties taken as a whole, or which is not covered by the Company's liability insurance.
Item 4. Mine Safety Disclosures
Not applicable.
21
PART II
Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information: The Company’s common stock is traded on the NYSE under the trading symbol "KIM".
Holders: The number of holders of record of the Company's common stock, par value $0.01 per share, was 1,944 as of February
1, 2021.
Dividends: Since the IPO, the Company has paid regular quarterly cash dividends to its stockholders. While the Company
intends to continue paying regular quarterly cash dividends, future dividend declarations will be paid at the discretion of the Board
of Directors and will depend on the actual cash flows of the Company, its financial condition, capital requirements, the annual
distribution requirements under the REIT provisions of the Code and such other factors as the Board of Directors deems relevant.
The Company’s Board of Directors will continue to evaluate the Company’s dividend policy on a quarterly basis as they monitor
sources of capital and evaluate operating fundamentals. The Company is required by the Code to distribute at least 90% of its REIT
taxable income. The actual cash flow available to pay dividends will be affected by a number of factors, including the revenues
received from operating properties, the operating expenses of the Company, the interest expense on its borrowings, the ability of
lessees to meet their obligations to the Company, the ability to refinance near-term debt maturities and any unanticipated capital
expenditures.
Dividend paid per share
Ordinary income
Capital gains
Return of capital
Year Ended December 31,
2019
2020
$
0.82
$
38%
61%
1%
1.12
70%
21%
9%
In addition to common stock offerings, the Company has capitalized on the growth in its business through the issuance of
unsecured fixed and floating-rate medium-term notes, underwritten bonds, unsecured bank debt, mortgage debt and construction
loans, convertible preferred stock and perpetual preferred stock. Borrowings under the Company's Credit Facility have also been an
interim source of funds to both finance the purchase of properties and other investments and meet any short-term working capital
requirements. The various instruments governing the Company's issuance of its unsecured public debt, bank debt, mortgage debt
and preferred stock impose certain restrictions on the Company regarding dividends, voting, liquidation and other preferential rights
available to the holders of such instruments. See "Management's Discussion and Analysis of Financial Condition and Results of
Operations" and Footnotes 13, 14 and 17 of the Notes to Consolidated Financial Statements included in this Form 10-K.
The Company does not believe that the preferential rights available to the holders of its Class L Preferred Stock and Class M
Preferred Stock, the financial covenants contained in its public bond indentures, as amended, or the credit agreement for its Credit
Facility will have an adverse impact on the Company's ability to pay dividends in the normal course to its common stockholders or
to distribute amounts necessary to maintain its qualification as a REIT.
The Company maintains a dividend reinvestment and direct stock purchase plan (the "Plan") pursuant to which common and
preferred stockholders and other interested investors may elect to automatically reinvest their dividends to purchase shares of the
Company’s common stock or, through optional cash payments, purchase shares of the Company’s common stock. The Company
may, from time-to-time, either (i) purchase shares of its common stock in the open market or (ii) issue new shares of its common
stock for the purpose of fulfilling its obligations under the Plan.
Recent Sales of Unregistered Securities: None.
Issuer Purchases of Equity Securities: During the year ended December 31, 2020, the Company repurchased 294,346 shares for
an aggregate purchase price of $5.4 million (weighted average price of $18.27 per share) in connection with common shares
surrendered or deemed surrendered to the Company to satisfy statutory minimum tax withholding obligations in connection with the
vesting of restricted stock awards under the Company’s equity-based compensation plans. In addition, during February 2020, the
Company extended its share repurchase program for a term of two years, which will expire in February 2022, pursuant to which the
Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to
$300.0 million. The Company did not make any repurchases under this common share repurchase program during 2020. As of
December 31, 2020, the Company had $224.9 million available under this common share repurchase program.
22
Period
January 1, 2020 – January 31, 2020
February 1, 2020 – February 29, 2020
March 1, 2020 – March 31, 2020
April 1, 2020 – April 30, 2020
May 1, 2020 – May 31, 2020
June 1, 2020 – June 30, 2020
July 1, 2020 – July 31, 2020
August 1, 2020 – August 31, 2020
September 1, 2020 – September 30, 2020
October 1, 2020 – October 31, 2020
November 1, 2020 – November 30, 2020
December 1, 2020 – December 31, 2020
Total
Total
Number of
Shares
Purchased
Average
Price
Paid per
Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
Approximate Dollar
Value of Shares that
May Yet Be
Purchased
Under the Plans or
Programs
(in millions)
30,631
238,412
1,665
-
17,157
1,020
-
-
-
3,155
2,306
-
294,346
$
$
20.63
18.82
17.76
-
8.76
12.72
-
-
-
11.49
12.80
-
18.27
$
-
-
-
-
-
-
-
-
-
-
-
-
-
224.9
224.9
224.9
224.9
224.9
224.9
224.9
224.9
224.9
224.9
224.9
224.9
Total Stockholder Return Performance: The following performance chart compares, over the five years ended December 31,
2020, the cumulative total stockholder return on the Company’s common stock with the cumulative total return of the S&P 500
Index and the cumulative total return of the NAREIT Equity REITs Index (the “NAREIT Equity REITs”) prepared and published
by the National Association of Real Estate Investment Trusts (“NAREIT”). The NAREIT Equity REITs Index is a free-float adjusted,
market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than
50% of total assets in qualifying real estate assets other than mortgages secured by real property.
Stockholder return performance, presented annually for the five years ended December 31, 2020, is not necessarily indicative
of future results. All stockholder return performance assumes the reinvestment of dividends. The information in this paragraph and
the following performance chart are deemed to be furnished, not filed.
Comparison of 5 year cumulative total return data points
Dec-18
Dec-17
Dec-16
Dec-15
Dec-19
Dec-20
Kimco Realty Corporation
S&P 500
NAREIT Equity REITs
$
$
$
100
100
100
$
$
$
99
112
109
$
$
$
75
136
114
$
$
$
65
130
109
$
$
$
98
171
137
$
$
$
75
203
126
23
Item 6. Selected Financial Data
The following table sets forth selected, historical, consolidated financial data for the Company and should be read in conjunction
with the Consolidated Financial Statements of the Company and Notes thereto and "Management’s Discussion and Analysis of
Financial Condition and Results of Operations" included in this Form 10-K.
The Company believes that the book value of its real estate assets, which reflects the historical costs of such real estate assets
less accumulated depreciation, is not indicative of the current market value of its properties. Historical operating results are not
necessarily indicative of future operating performance.
Operating Data:
$
Revenues from rental properties, net
$
Impairment charges (1)
Depreciation and amortization
$
Gain on sale of properties/change in control of interests (1) $
$
Gain/(loss) on marketable securities, net (1) (2)
$
Interest expense
$
Early extinguishment of debt charges
$
(Provision)/benefit for income taxes, net
$
Net income
$
Net income attributable to the Company
Net income available to the Company’s common
shareholders
$
2020
2019
Year Ended December 31,
2018
(in thousands, except per share data)
2017
1,044,888
$
(6,624) $
(288,955) $
$
6,484
$
594,753
(186,904) $
(7,538) $
(978) $
$
$
1,002,877
1,000,833
1,142,334
$
(48,743) $
(277,879) $
$
79,218
$
829
(177,395) $
$
$
$
$
-
3,317
413,561
410,605
1,149,603
$
(79,207) $
(310,380) $
$
229,840
(3,487) $
(183,339) $
(12,762) $
(1,600) $
$
$
498,463
497,795
1,183,785
$
(67,331) $
(360,811) $
$
93,538
$
-
(191,956) $
(1,753) $
$
880
$
439,671
$
426,075
2016
1,152,401
(93,266)
(355,320)
92,823
-
(192,549)
(45,674)
(78,583)
386,138
378,850
975,417
$
339,988
$
439,604
$
372,461
$
332,630
Earnings per common share:
Net income available to the Company’s common
shareholders:
Basic
Diluted
Weighted average shares of common stock:
Basic
Diluted
Cash dividends declared per common share
Cash flow provided by operations
Cash flow (used for)/provided by investing activities
Cash flow used for financing activities
$
$
$
$
$
$
2.26
2.25
429,950
431,633
0.540
$
$
$
0.80
0.80
420,370
421,799
1.120
$
$
$
1.02
1.02
420,641
421,379
1.120
$
$
$
0.87
0.87
423,614
424,019
1.090
$
$
$
0.79
0.79
418,402
419,709
1.035
$
589,913
(33,273) $
(387,399) $
$
583,628
(120,421) $
(482,841) $
$
637,936
253,645
$
(986,513) $
$
614,181
(294,280) $
(223,874) $
592,096
165,383
(804,527)
2020
2019
December 31,
2018
(in thousands)
2017
2016
Balance Sheet Data:
Real estate, before accumulated depreciation
Total assets
Total debt
Total stockholders' equity
$
$
$
$
12,068,827
11,614,498
5,355,480
5,608,044
$
$
$
$
11,929,276
10,997,867
5,315,767
4,864,892
$
$
$
$
11,877,190
10,999,100
4,873,872
5,333,804
$
$
$
$
12,653,446
11,763,726
5,478,927
5,394,244
$
$
$
$
12,008,075
11,230,600
5,066,368
5,256,139
(1) Amounts exclude noncontrolling interests.
(2) On January 1, 2018, the Company adopted ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition
and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). In accordance with the adoption of ASU
2016-01, the Company recognizes changes in the fair value of equity investments with readily determinable fair values in
net income. Previously, changes in fair value of the Company’s available-for-sale marketable securities were recognized in
accumulated other comprehensive income.
24
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the Consolidated Financial Statements and Notes thereto included
in this Form 10-K. Historical results and percentage relationships set forth in the Consolidated Statements of Income contained in
the Consolidated Financial Statements, including trends, should not be taken as indicative of future operations.
Critical Accounting Policies
The Consolidated Financial Statements of the Company include the accounts of the Company, its wholly owned subsidiaries
and all entities in which the Company has a controlling interest, including where the Company has been determined to be a primary
beneficiary of a variable interest entity in accordance with the consolidation guidance of the FASB Accounting Standards
Codification. The Company applies these provisions to each of its joint venture investments to determine whether the cost, equity or
consolidation method of accounting is appropriate. The Company evaluates performance on a property specific or transactional basis
and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance.
Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with accounting
principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with
GAAP requires management to make estimates and assumptions in certain circumstances that affect amounts reported in the
accompanying Consolidated Financial Statements and related notes. In preparing these financial statements, management has made
its best estimates and assumptions that affect the reported amounts of assets and liabilities. These estimates are based on, but not
limited to, historical results, industry standards and current economic conditions, giving due consideration to materiality. The most
significant assumptions and estimates relate to revenue recognition and the recoverability of trade accounts receivable, depreciable
lives, valuation of real estate and intangible assets and liabilities, valuation of joint venture investments and other investments, and
realizability of deferred tax assets and uncertain tax positions. Application of these assumptions requires the exercise of judgment
as to future uncertainties, and, as a result, actual results could materially differ from these estimates.
The Company is required to make subjective assessments as to whether there are impairments in the value of its real estate
properties, investments in joint ventures and other investments. The Company’s reported net earnings are directly affected by
management’s estimate of impairments.
Revenue Recognition and Recoverability of Trade Accounts Receivable
Revenues from rental properties, net are comprised of minimum base rent, percentage rent, lease termination fee income,
amortization of above-market and below-market rent adjustments and straight-line rent adjustments. Upon the adoption of ASU
2016-02, Leases (Topic 842) (“ASU 2016-02”), the Company elected the lessor practical expedient to combine the lease and non-
lease components, determined the lease component was the predominant component and as a result, accounted for the combined
components under Topic 842. Non-lease components include reimbursements paid to the Company from tenants for common area
maintenance costs and other operating expenses. The combined components are included in Revenues from rental properties, net on
the Company’s Consolidated Statements of Income.
Base rental revenues from rental properties are recognized on a straight-line basis over the terms of the related leases. Certain
of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. These percentage rents are
recognized once the required sales level is achieved. Rental income may also include payments received in connection with lease
termination agreements. Lease termination fee income is recognized when the lessee provides consideration in order to terminate
an existing lease agreement and has vacated the leased space. If the lessee continues to occupy the leased space for a period of time
after the lease termination is agreed upon, the termination fee is accounted for as a lease modification based on the modified lease
term. Upon acquisition of real estate operating properties, the Company estimates the fair value of identified intangible assets and
liabilities (including above-market and below-market leases, where applicable). The capitalized above-market or below-market
intangible asset or liability is amortized to rental income over the estimated remaining term of the respective leases, which includes
the expected renewal option period for below-market leases.
Also included in Revenues from rental properties, net are ancillary income and tax increment financing (“TIF”) income.
Ancillary income is derived through various agreements relating to parking lots, clothing bins, temporary storage, vending machines,
ATMs, trash bins and trash collections, seasonal leases, etc. The majority of the revenue derived from these sources is through lease
agreements/arrangements and is recognized in accordance with the lease terms described in the lease. The Company has TIF
agreements with certain municipalities and receives payments in accordance with the agreements. TIF reimbursement income is
recognized on a cash-basis when received.
25
Trade accounts receivable
The Company reviews its trade accounts receivable, including its straight-line rent receivable, related to base rents, straight-line
rent, expense reimbursements and other revenues for collectability. When evaluating the probability of the collection of the lessee’s
total accounts receivable, including the corresponding straight-line rent receivable balance on a lease-by-lease basis, the Company
considered the effects COVID-19 has had on its tenants, including the corresponding straight-line rent receivable. The Company’s
analysis of its accounts receivable included (i) customer credit worthiness, (ii) assessment of risk associated with the tenant, and (iii)
current economic trends. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected
recovery of pre-petition and post-petition bankruptcy claims. Effective January 1, 2019, in accordance with the adoption of Topic
842, the Company includes provision for doubtful accounts in Revenues from rental properties, net. If a lessee’s accounts receivable
balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease and will only
recognize lease income on a cash basis. In addition to the lease-specific collectability assessment performed under Topic 842, the
analysis also recognizes a general reserve, as a reduction to Revenues from rental properties, for its portfolio of operating lease
receivables which are not expected to be fully collectible based on the Company’s historical and current collection experience and
the potential for settlement of arrears. Although the Company estimates uncollectible receivables and provides for them through
charges against revenues from rental properties, actual results may differ from those estimates. If the Company subsequently
determines that it is probable it will collect the remaining lessee’s lease payments under the lease term, the Company will then
reinstate the straight-line balance and the lease income will then be limited to the lesser of (i) the straight-line rental income or (ii)
the lease payments that have been collected from the lessee.
Real Estate
Depreciable Lives
The Company’s investments in real estate properties are stated at cost, less accumulated depreciation and amortization.
Expenditures for maintenance and repairs are charged to operations as incurred. Significant renovations and replacements, which
improve and extend the life of the asset, are capitalized.
The Company capitalizes acquisition costs related to real estate operating properties, which qualify as asset acquisitions. Also,
upon acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets (consisting of
land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above
and below-market leases, in-place leases, and tenant relationships, where applicable), assumed debt and redeemable units issued at
the date of acquisition, based on evaluation of information and estimates available at that date. Fair value is determined based on a
market approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.
Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows:
Buildings and building improvements (in years)
Fixtures, leasehold and tenant improvements (including certain
identified intangible assets)
5 to 50
Terms of leases or useful lives, whichever is shorter
The Company is required to make subjective assessments as to the useful lives of its properties for purposes of determining the
amount of depreciation to reflect on an annual basis with respect to those properties. These assessments have a direct impact on the
Company’s net earnings.
Valuation of Real Estate, and Intangible Assets and Liabilities
On a continuous basis, management assesses whether there are any indicators, including property operating performance,
changes in anticipated holding period, general market conditions and delays of development, that the value of the real estate
properties (including any related amortizable intangible assets or liabilities) may be impaired. A property value is considered
impaired only if management’s estimate of current and projected operating cash flows, net of anticipated construction and leasing
costs (undiscounted and unleveraged), of the property over its anticipated hold period is less than the net carrying value of the
property. Such cash flow projections consider factors such as expected future costs of materials and labor, operating income, trends
and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the carrying
value of the property would be adjusted to reflect the estimated fair value of the property. The Company’s estimated fair values are
primarily based upon estimated sales prices from signed contracts or letters of intent from third-parties, discounted cash flow models
or third-party appraisals. Estimated fair values that are based on discounted cash flow models include all estimated cash inflows and
outflows over a specified holding period. Capitalization rates and discount rates utilized in these models are based upon unobservable
rates that the Company believes to be within a reasonable range of current market rates.
26
When a real estate asset is identified by management as held-for-sale, the Company ceases depreciation of the asset and estimates
the sales price of such asset net of selling costs. If, in management’s opinion, the net sales price of the asset is less than the net book
value of such asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property.
Valuation of Joint Venture Investments and Other Investments
The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting as the
Company exercises significant influence, but does not control, these entities. These investments are recorded initially at cost and are
subsequently adjusted for cash contributions and distributions. Earnings for each investment are recognized in accordance with each
respective investment agreement and, where applicable, are based upon an allocation of the investment’s net assets at book value as
if the investment was hypothetically liquidated at the end of each reporting period.
The Company’s joint ventures and other real estate investments primarily consist of co-investments with institutional and other
joint venture partners in open-air shopping center properties, consistent with its core business. These joint ventures typically obtain
non-recourse third-party financing on their property investments, thus contractually limiting the Company’s exposure to losses to
the amount of its equity investment, and, due to the lender’s exposure to losses, a lender typically will require a minimum level of
equity in order to mitigate its risk. From time to time the joint ventures will obtain unsecured debt, which may be guaranteed by the
joint venture. The Company’s exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying
value in these investments.
On a continuous basis, management assesses whether there are any indicators, including property operating performance and
general market conditions, that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An
investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of
the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss will be
measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. Estimated fair
values which are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding
period, capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes
to be within a reasonable range of current market rates.
Realizability of Deferred Tax Assets and Uncertain Tax Positions
The Company is subject to U.S. federal, state and local income taxes on the income from its activities relating to its TRSs and
subject to local taxes on certain non-U.S. investments. The Company accounts for income taxes using the asset and liability method,
which requires that deferred tax assets and liabilities be recognized based on future tax consequences of temporary differences
between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply in the years in which temporary differences are expected to be
recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period
when the changes are enacted.
A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required if, based on the evidence
available, it is more likely than not (i.e., a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will
not be realized. The valuation allowance, which requires significant judgement from management, should be sufficient to reduce the
deferred tax asset to the amount that is more likely than not to be realized. The Company’s reported net earnings are directly affected
by management’s judgement in determining a valuation allowance.
The Company recognizes and measures benefits for uncertain tax positions, which requires significant judgment from
management. Although the Company believes it has adequately reserved for any uncertain tax positions, no assurance can be given
that the final tax outcome of these matters will not be different. The Company adjusts these reserves in light of changing facts and
circumstances, such as the closing of a tax audit or the refinement of an estimate. Changes in the recognition or measurement of
uncertain tax positions could result in material increases or decreases in the Company’s income tax expense in the period in which
a change is made, which could have a material impact on operating results (see Footnote 22 of the Notes to Consolidated Financial
Statements included in this Form 10-K).
Executive Overview
Kimco Realty Corporation is one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored
shopping centers and mixed-use assets. The executive officers are engaged in the day-to-day management and operation of real
estate exclusively with the Company, with nearly all operating functions, including leasing, asset management, maintenance,
construction, legal, finance and accounting, administered by the Company.
27
COVID-19 Pandemic
The COVID-19 pandemic has resulted in a widespread health crisis that has adversely affected businesses, economies and
financial markets worldwide, and has caused significant volatility in U.S. and international debt and equity markets. The COVID-
19 pandemic has significantly impacted the retail sector in which the Company operates and, if the effects of the pandemic are
prolonged, it could continue to have a significant adverse impact on the underlying industries of many of the Company’s tenants.
The majority of the Company’s tenants and their operations have been impacted, and may continue to be impacted, affecting their
ability to pay rent. Through the duration of the pandemic a substantial number of tenants have had to temporarily or permanently
close their business, shortened their operating hours or offer reduced services for some period of time.
As a result of the current economic uncertainty and the impact to many of the Company’s tenants, the Company has taken
important steps to offer its support, including:
● The Company has worked, and continues to work, with these tenants to grant rent deferrals or rent waivers on a lease by
lease basis.
● The Company established a Tenant Assistance Program to assist small business tenants in identifying and applying for
federal and state aid to help support their businesses during the COVID-19 pandemic. In partnership with advisory firms
the Company provides assistance with the application process at the Company’s expense. These firms assist tenants in
identifying suitable loan programs, identifying potential lending institutions, and preparing and submitting applications.
● The Company is closely monitoring recommendations and mandates of federal, state and local governments, and health
authorities.
● At the onset of the COVID-19 pandemic in the U.S., the Company immediately increased the frequency and intensity of
its janitorial services to help prevent the spread of the virus. Areas such as public bathrooms, interior concourses and
hallways, vestibules and shared doors, and elevators and escalators are being sanitized multiple times per day.
● The Company’s teams worked to provide additional assistance in the communities where it operates, finding creative ways
to use its conveniently located shopping centers during this difficult time. The Company fast-tracked the approval of drive-
thru testing centers, blood-drive locations, and school lunch pick-ups.
● The Company launched the Kimco Curbside Pickup™ program designating dedicated parking spots for curbside
merchandise pickup at its shopping centers for use by all tenants and their customers.
As of December 31, 2020, mandated or voluntary tenant closures represented 2.7% of annual base rent for all of the Company's
wholly owned locations and the Company's share of ownership in joint ventures (collectively, the "pro-rata annual base rent"). As a
result, the Company has also had a substantial number of tenants that have made late or partial rent payments, requested a deferral
of rent payments, forgiveness of rent payments or defaulted on rent payments, and it is likely that more of the Company’s tenants
will be similarly impacted in the future. From the onset of the COVID-19 pandemic, the Company granted selective deferrals for
approximately 9%, of its pro-rata annual base rent, forgave rental payments aggregating $13.7 million of pro-rata rents. Collection
rates have steadily increased from 74% of its pro-rata annual base rent for second quarter ended June 30, 2020 to 92% for the fourth
quarter ended December 31, 2020, with rates increasing each quarter. The Company continues to negotiate for the payment of the
remaining rents not yet collected as well as work with tenants to grant rent waivers on a lease by lease basis. The deferrals generally
have a repayment period of six to 18 months. The Company has also collected 91% of the pro-rata annual base rent for the month of
January 2021.
The Company considered the impacts COVID-19 has had on its tenants when evaluating the adequacy of the collectability of
the lessee’s total accounts receivable balance, including the corresponding straight-line rent receivable. During the year ended
December 31, 2020, the Company’s revenue was reduced by $81.0 million associated with potentially uncollectible revenues
including revenues from tenants that are being accounted for on a cash basis, which includes $15.2 million for straight-line rent
receivables, primarily attributable to the COVID-19 pandemic. Since the COVID-19 pandemic began, the Company has seen an
increase in the number of tenants filing for bankruptcy, some of which emerged from bankruptcy prior to December 31, 2020. As of
December 31, 2020, there were 38 leases or 0.7% of pro-rata annual base rent, within the Company’s portfolio associated with
tenants in bankruptcy. The Company continues to evaluate the impact these bankruptcy filings have or will have on collections,
vacancies and future rental income. Management’s estimate of the collectability of accrued rents and accounts receivable is based
on the best information available to management at the time of evaluation. The Company will continue to monitor the economic,
financial, and social conditions resulting from the COVID-19 pandemic and will continue to assess the collectability of its tenant
accounts receivables. As such, the Company may determine that further adjustments to its accounts receivable may be required in
the future, and such amounts may be material.
The impact of COVID-19 on the Company’s future results could be significant and will largely depend on future developments,
which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of COVID-
19, the success of governmental, business and individual actions that have been and continue to be taken in response to COVID-19,
the impact of COVID-19 on economic activity, the effect of COVID-19 on the Company’s tenants and their businesses, the ability
of tenants to make their rental payments and any additional closures of tenants’ businesses.
28
The Company continues to monitor the impact of COVID-19 on the Company’s business, tenants and industry as a whole. The
magnitude and duration of the COVID-19 pandemic and its impact on the Company’s operations and liquidity remains uncertain as
this pandemic continues to evolve globally and within the United States. Management cannot, at this point, estimate ultimate losses
related to the COVID-19 pandemic. The Company will continue to monitor the economic, financial, and social conditions resulting
from the COVID-19 pandemic and will assess its asset portfolio for any impairment indicators. If the Company determines that any
of its assets are impaired, the Company would be required to take impairment charges, and such amounts could be material. See
Footnote 6 to the Notes to the Company’s Consolidated Financial Statements for additional discussion regarding impairment charges.
The following highlights the Company’s significant transactions, events and results that occurred during the year ended
December 31, 2020:
Financial and Portfolio Information:
● Net income available to the Company’s common shareholders was $975.4 million, or $2.25 per diluted share, for the year
ended December 31, 2020 as compared to $340.0 million, or $0.80 per diluted share, for the year ended December 31,
2019.
● Funds from operations (“FFO”) was $503.7 million, or $1.17 per diluted share, for the year ended December 31, 2020, as
compared to $608.4 million, or $1.44 per diluted share, for the corresponding period in 2019 (see additional disclosure on
FFO beginning on page 41).
● Same property net operating income (“Same property NOI”) was $784.5 million for the year ended December 31, 2020,
as compared to $852.5 million the corresponding period in 2019 (see additional disclosure on Same property NOI beginning
on page 42).
Increased collections of pro-rata base rent from 74% in the second quarter ended June 30, 2020 to 92% in the fourth quarter
ended December 31, 2020. Executed 761 new leases, renewals and options totaling approximately 5.4 million square feet
in the consolidated operating portfolio.
●
● The Company’s consolidated operating portfolio occupancy at December 31, 2020 was 93.9% as compared to 96.2% at
December 31, 2019.
Acquisition Disposition and Other Activity (see Footnotes 3, 5 and 9 of the Notes to Consolidated Financial Statements included in
this Form 10-K):
● Acquired a land parcel located in Peoria, AZ next to an existing shopping center, for a purchase price of $7.1 million.
● Disposed of three operating properties and four parcels, in separate transactions, for an aggregate sales price of $31.8
million. Certain of these transactions resulted in aggregate gains of $6.5 million.
● Monetized $227.3 million from the Company’s ACI investment, which resulted in a gain of $190.8 million. The Company
now holds 39.8 million shares of ACI.
Development Activity (see Footnote 4 of the Notes to Consolidated Financial Statements included in this Form 10-K):
● Placed in service Dania Pointe Phase II, a Signature SeriesTM development project located in Dania Beach, FL.
Capital Activity (for additional details see Liquidity and Capital Resources below):
● Obtained a new $2.0 billion revolving Credit Facility, scheduled to mature in March 2024, with two additional six-month
options to extend, which accrues interest at a rate of LIBOR plus 76.5 basis points.
Issued $400.0 million of 1.90% notes maturing March 2028.
Issued $500.0 million of 2.70% unsecured Green Bond maturing in October 2030 (the "Green Bond").
●
●
● Redeemed all its 3.20% senior unsecured notes due 2021 totaling $484.9 million, the Company incurred aggregate
prepayment charges of $7.5 million.
● Entered into a term loan with total borrowing capacity of $590.0 million in April 2020, at a rate of LIBOR plus 140 basis
points (the "Term Loan"), which was terminated and fully repaid in July 2020.
● Repaid $159.0 million of mortgage and construction debt that encumbered 5 properties.
● As of December 31, 2020, had $2.3 billion in immediate liquidity, including $293.2 million in cash.
29
As a result of the above debt activity, the Company’s consolidated debt maturity profile, including extension options, is as follows:
Debt Maturity Profile
)
s
n
o
i
l
l
i
m
n
i
(
s
r
a
l
l
o
D
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$-
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
e
t
a
R
t
s
e
r
e
t
n
I
e
g
a
r
e
v
A
d
e
t
h
g
i
e
W
Years
Total Maturing Debt
Weighted Average Interest Rate on Maturing Debt
● As of December 31, 2020, the weighted average interest rate was 3.41% and the weighted average maturity profile was 10.9
years related to the Company’s consolidated debt.
The Company faces external factors which may influence its future results from operations. The convenience and availability
of e-commerce has continued to impact the retail sector, which could affect our ability to increase or maintain rental rates and our
ability to renew expiring leases and/or lease available space. To mitigate the effect of e-commerce on its business, the Company’s
strategy has been to attract local area customers to its properties by providing a diverse and robust tenant base across a variety of
retailers, including grocery stores, off-price retailers, discounters or service-oriented tenants, which offer buy online and pick up in
store, off-price merchandise and day-to-day necessities rather than high-priced luxury items.
Over the past several years, the Company has transformed its portfolio, focusing on major metropolitan-area U.S. markets,
predominantly on the East and West coasts and in the Sunbelt region, which are supported by strong demographics, significant
projected population growth, and where the Company perceives significant barriers to entry. Given this significant transformation
successfully executed over the last several years, the Company now owns a predominantly grocery-anchored portfolio clustered in
the nation’s top markets which positioned the Company to overcome many of the challenges brought upon by COVID-19. The
Company believes that this transformed portfolio will enable it to maintain higher occupancy levels, rental rates and rental growth.
In addition, the Company, on a selective basis, has developed or redeveloped projects which include residential and mixed-use
components.
As part of the Company’s investment strategy, each property is evaluated for its highest and best use, which may include
residential and mixed-use components. In addition, the Company may consider other opportunistic investments related to retailer
controlled real estate, such as, repositioning underperforming retail locations, retail real estate financing and bankruptcy transaction
support. The Company may continue to dispose of certain properties. If the estimated fair value for any of these assets is less than
their net carrying values, the Company would be required to take impairment charges and such amounts could be material. For a
further discussion of these and other factors that could impact our future results, performance or transactions, see Item 1A. “Risk
Factors.”
Results of Operations
Comparison of the years ended December 31, 2020 and 2019
The following table presents the comparative results from the Company’s Consolidated Statements of Income for the year ended
December 31, 2020, as compared to the corresponding period in 2019 (in thousands, except per share data):
30
Revenues
Revenues from rental properties, net
Management and other fee income
Operating expenses
Rent (1)
Real estate taxes
Operating and maintenance (2)
General and administrative (3)
Impairment charges
Depreciation and amortization
Gain on sale of properties/change in control of interests
Other income/(expense)
Other income, net
Gain on marketable securities, net
Gain on sale of cost method investment
Interest expense
Early extinguishment of debt charges
(Provision)/benefit for income taxes, net
Equity in income of joint ventures, net
Equity in income of other real estate investments, net
Net income attributable to noncontrolling interests
Preferred stock redemption charges
Preferred dividends
Net income available to the Company's common shareholders
Net income available to the Company's common shareholders:
Diluted per share
$
$
2020
Year Ended December 31,
2019
$ Change
$
1,044,888
13,005
$
1,142,334
16,550
$
(11,270)
(157,661)
(174,038)
(93,217)
(6,624)
(288,955)
6,484
4,119
594,753
190,832
(186,904)
(7,538)
(978)
47,353
28,628
(2,044)
-
(25,416)
975,417
2.25
$
$
(11,311)
(153,659)
(171,981)
(96,942)
(48,743)
(277,879)
79,218
10,985
829
-
(177,395)
-
3,317
72,162
26,076
(2,956)
(18,528)
(52,089)
339,988
0.80
$
$
(97,446)
(3,545)
41
(4,002)
(2,057)
3,725
42,119
(11,076)
(72,734)
(6,866)
593,924
190,832
(9,509)
(7,538)
(4,295)
(24,809)
2,552
912
18,528
26,673
635,429
1.45
(1) Rent expense relates to ground lease payments for which the Company is the lessee.
(2) Operating and maintenance expense consists of property related costs including repairs and maintenance costs, roof repair, landscaping,
parking lot repair, snow removal, utilities, property insurance costs, security and various other property related expenses.
(3) General and administrative expense includes employee-related expenses (including salaries, bonuses, equity awards, benefits, severance
costs and payroll taxes), professional fees, office rent, travel expense and other company-specific expenses.
Net income available to the Company’s common shareholders was $975.4 million for the year ended December 31, 2020, as
compared to $340.0 million for the comparable period in 2019. On a diluted per share basis, net income available to the Company’s
common shareholders for the year ended December 31, 2020, was $2.25 as compared to $0.80 for the comparable period in 2019.
For additional disclosure, see Footnote 24 of the Notes to Consolidated Financial Statements included in this Form 10-K.
The following describes the changes of certain line items included on the Company’s Consolidated Statements of Income, that
the Company believes changed significantly and affected Net income available to the Company’s common shareholders during the
year ended December 31, 2020, as compared to the corresponding period in 2019:
Revenue from rental properties, net –
The decrease in Revenues from rental properties, net of $97.4 million is primarily from (i) an increase of $80.0 million in
adjustments associated with potentially uncollectible revenues, including revenues from tenants that are being accounted for on a
cash basis and straight-line rent receivables, primarily due to the COVID-19 pandemic, for the year ended December 31, 2020, as
compared to the corresponding period in 2019 and (ii) a decrease in revenues of $30.6 million due to properties sold during 2020
and 2019, partially offset by (iii) the completion of certain redevelopment and development projects included in the Company’s
Signature Series™, acquisitions, tenant buyouts and net growth in the current portfolio, which provided incremental revenues for
the year ended December 31, 2020 of $13.2 million, as compared to the corresponding period in 2019.
Management and other fee income –
The decrease in Management and other fee income of $3.5 million is primarily due to lower cash receipts for the year ended
December 31, 2020, as compared to the corresponding period in 2019, related to (i) the deferral of rent payments, rent relief provided,
late or partial rent payments or defaulted rent payments as a result of the COVID-19 pandemic and (ii) the sale of properties and
change of ownership interest within various joint venture investments during the year ended December 31, 2020, as compared to the
corresponding period in 2019.
31
Real estate taxes –
The increase in Real estate taxes of $4.0 million is primarily due to (i) an increase of $8.4 million related to the completion of
certain redevelopment and development projects and an overall increase in assessed values in the current portfolio during the year
ended December 31, 2020, as compared to the corresponding period in 2019, partially offset by (ii) a decrease of $4.4 million due
to properties sold during 2020 and 2019.
General and administrative –
The decrease in General and administrative expense of $3.7 million is primarily due to (i) a reduction in travel and entertainment
and convention costs of $2.9 million due to fewer business related trips as a result of the COVID-19 pandemic, (ii) a decrease in
employee-related expenses of $2.3 million, (iii) a reduction in office rent expense of $1.4 million, due to the relocation of the
Company’s headquarters to Company-owned office space, (iv) a decrease of $0.9 million primarily due to the fluctuations in value
of various directors’ deferred stock, (v) a decrease in professional fees of $0.9 million and (vi) a decrease in information technology
costs of $0.7 million for the year ended December 31, 2020, as compared to the corresponding period in 2019, partially offset by
(vii) an increase in severance charges related to employee retirement and terminations of $5.5 million during the year ended
December 31, 2020, as compared to the corresponding period in 2019.
Impairment charges –
During the years ended December 31, 2020 and 2019, the Company recognized impairment charges related to adjustments to
property carrying values of $6.6 million and $48.7 million, respectively, for which the Company’s estimated fair values were
primarily based upon (i) signed contracts or letters of intent from third-party offers or (ii) discounted cash flow models. These
adjustments to property carrying values were recognized in connection with the Company’s efforts to market certain properties and
management’s assessment as to the likelihood and timing of such potential transactions. Certain of the calculations to determine fair
value utilized unobservable inputs and, as such, were classified as Level 3 of the fair value hierarchy. For additional disclosure, see
Footnotes 6 and 16 of the Notes to Consolidated Financial Statements included in this Form 10-K.
Depreciation and amortization –
The increase in Depreciation and amortization of $11.1 million is primarily due to (i) an increase of $17.3 million in write-offs
of depreciable assets primarily due to tenant vacates during the year ended December 31, 2020, as compared to the corresponding
period in 2019 and (ii) an increase of $6.0 million primarily related to the completion of certain development and redevelopment
projects being placed into service during 2020 and 2019, partially offset by (iii) a decrease of $6.2 million resulting from property
dispositions in 2020 and 2019 and (iv) a decrease of $6.0 million related to fully depreciated assets during the year ended December
31, 2020, as compared to the corresponding period in 2019.
Gain on sale of properties/change in control of interests –
During 2020, the Company disposed of three operating properties and four parcels, in separate transactions, for an aggregate
sales price of $31.8 million, for which certain of the transactions resulted in aggregate gains of $6.5 million. During 2019, the
Company disposed of 20 operating properties and nine parcels, in separate transactions, for an aggregate sales price of $344.7
million, for which certain of the transactions resulted in aggregate gains of $79.2 million.
Other income, net –
The decrease in Other income, net of $6.9 million is primarily due to (i) a net decrease in settlement proceeds of $2.8 million
related to property condemnations during the year ended December 31, 2020, as compared to the corresponding period in 2019, (ii)
a gain on forgiveness of debt of $2.8 million related to property disposed through a deed in lieu transaction during 2019, (iii) a
decrease of $1.6 million related to the recognition of income from the Company’s Puerto Rico properties, resulting from the receipt
of casualty insurance claims in excess of the value of the assets written-off during the year ended December 31, 2020, as compared
to the corresponding period in 2019, (iv) an increase in environmental remediation costs of $1.3 million for the year ended December
31, 2020, as compared to the corresponding period in 2019, and (v) a decrease in mortgage financing income of $0.8 million, partially
offset by (vi) a net increase in interest, dividends and other income of $2.9 million, primarily related to dividends received on the
Company’s ACI shares during the year ended December 31, 2020, as compared to the corresponding period in 2019.
Gain on marketable securities, net –
The increase in Gain on marketable securities, net of $593.9 million is primarily the result of the mark-to-market fluctuations
of the Company’s ACI investment, which launched its IPO in June 2020. This offering resulted in the Company changing the
classification of its ACI investment from a cost method investment to a marketable security.
32
Gain on sale of cost method investment –
In June 2020, the Company recognized an aggregate gain of $190.8 million related to (i) a $131.6 million gain resulting from
ACI’s partial repurchase of its common stock from existing shareholders in conjunction with its issuance of convertible preferred
stock and (ii) a gain of $59.2 million in connection with the partial sale of the Company’s investment in ACI through ACI’s IPO.
Interest expense –
The increase in Interest expense of $9.5 million is primarily due to higher levels of borrowings during 2020, as compared to
2019.
Early extinguishment of debt charges –
During the year ended December 31, 2020, the Company fully redeemed $484.9 million of its outstanding 3.20% senior
unsecured notes, which were scheduled to mature in May 2021. As a result, the Company incurred a prepayment charge of $7.5
million for the year ended December 31, 2020.
(Provision)/benefit for income taxes, net –
The change in (Provision)/benefit for income taxes, net of $4.3 million is primarily due to release of a deferred tax asset valuation
allowance relating to Alternative Minimum Tax credits during 2019.
Equity in income of joint ventures, net –
The decrease in Equity in income of joint ventures, net of $24.8 million is primarily due to (i) the recognition of net gains of
$16.0 million resulting from the sale of properties within various joint venture investments during 2019 and (ii) lower equity in
income of $13.6 million within various joint venture investments during the year ended December 31, 2020, as compared to the
corresponding period in 2019, primarily resulting from the sale of properties within various joint venture investments during 2019
and an increase in adjustments of trade account receivable and straight-line receivable balances associated with the leases accounted
for on a cash basis due to the impact from the COVID-19 pandemic during 2020, partially offset by (iii) a decrease in impairment
charges of $4.8 million recognized during the year ended December 31, 2020, as compared to the corresponding period in 2019.
Preferred stock redemption charges –
During 2019, the Company redeemed all its outstanding Class I Preferred Stock, Class J Preferred Stock and Class K Preferred
Stock and, as a result, the Company recorded a redemption charge of $18.5 million. This charge was subtracted from net income
attributable to the Company to arrive at net income available to the Company’s common shareholders and used in the calculation of
earnings per share for the year ended December 31, 2019.
Preferred dividends –
The decrease in Preferred dividends of $26.7 million is primarily due to the redemption of all the Company's outstanding Class
I Preferred Stock, Class J Preferred Stock and Class K Preferred Stock during 2019 as discussed above.
Comparison of the years ended December 31, 2019 and 2018
Information pertaining to fiscal year 2018 was included in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2019 under Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of
Operations,” which was filed with the SEC on February 25, 2020.
Liquidity and Capital Resources
The Company’s capital resources include accessing the public debt and equity capital markets, mortgage and construction loan
financing, and immediate access to an unsecured revolving credit facility (the “Credit Facility”) with bank commitments of $2.0
billion which can be increased to $2.75 billion through an accordion feature. In addition, the Company holds 39.8 million shares of
ACI, which are subject to certain contractual lock-up provisions.
33
The Company’s cash flow activities are summarized as follows (in thousands):
Cash and cash equivalents, beginning of year
Net cash flow provided by operating activities
Net cash flow used for investing activities
Net cash flow used for financing activities
Net change in cash and cash equivalents
Cash and cash equivalents, end of year
Operating Activities
Year Ended December 31,
2019
2020
$
$
123,947
589,913
(33,273)
(387,399)
169,241
293,188
$
$
143,581
583,628
(120,421)
(482,841)
(19,634)
123,947
The Company anticipates that cash on hand, net cash flow provided by operating activities, borrowings under its Credit Facility
and the issuance of equity and public debt, as well as other debt and equity alternatives, will provide the necessary capital required
by the Company. The Company will continue to evaluate its capital requirements for both its short-term and long-term liquidity
needs, which could be affected by various risks and uncertainties, including, but not limited to, the effects of the COVID-19 pandemic
and other risks detailed in Part I, Item 1A. Risk Factors. See further discussion relating to the effects of the COVID-19 pandemic in
the “COVID-19 Pandemic” and “Financing Activities” sections within this Item 7.
Cash flows provided by operating activities for the year ended December 31, 2020, were $589.9 million, as compared to $583.6
million for the comparable period in 2019. The increase of $6.3 million is primarily attributable to:
an increase in distributions from the Company’s joint venture programs;
changes in accounts payable, accrued expenses, operating assets and liabilities, net due to timing of receipts and
payments;
●
●
● new leasing, expansion and re-tenanting of core portfolio properties; and
●
●
●
the acquisition of an operating property during 2020; partially offset by
an increase in tenants on cash basis, tenant vacates and rent relief provided as a result of the COVID-19 pandemic; and
the disposition of operating properties in 2020 and 2019.
Due to the current economic uncertainty resulting from the COVID-19 pandemic, the Company has worked, and continues to
work, with its tenants to grant rent deferrals or rent waivers on a lease by lease basis. The deferrals are generally anticipated to be
paid within six to 18 months.
Investing Activities
Cash flows used for investing activities were $33.3 million for 2020, as compared to $120.4 million for 2019.
Investing activities during 2020 consisted primarily of:
Cash inflows:
● $227.3 million in proceeds from the partial sale of the Company’s ACI cost method investment prior to its IPO and
the sale of 4.7 million shares of ACI common stock during its IPO;
● $30.5 million in proceeds from the sale of three operating properties and four parcels;
● $17.9 million in reimbursements of investments in and advances to real estate joint ventures and reimbursements of
investments in and advances to other real estate investments, primarily related to the sale of properties within the joint
venture portfolio and the Company’s Preferred Equity Program; and
● $2.5 million in proceeds from insurance casualty claims.
Cash outflows:
● $243.6 million for improvements to operating real estate primarily related to the Company’s active redevelopment
pipeline and improvements to real estate under development;
● $30.8 million for investments in and advances to real estate joint ventures, primarily related to a redevelopment project
and the repayment of a mortgage within the Company’s joint venture portfolio, and investments in other real estate
investments, primarily related to an investment in a new preferred equity investment and the repayment of mortgages
within the Company’s Preferred Equity Program;
● $25.0 million for investment in other financing receivable; and
● $12.6 million for the acquisition of operating real estate.
34
Investing activities during 2019 consisted primarily of:
Cash inflows:
● $324.3 million in proceeds from the sale of 20 consolidated operating properties and nine parcels;
● $27.7 million in reimbursements of investments in and advances to real estate joint ventures and reimbursements of
investments in and advances to other real estate investments, primarily related to the sale of properties within the joint
venture portfolio and the Company’s Preferred Equity Program;
● $10.4 million in collection of mortgage loans receivable;
● $4.0 million in proceeds from insurance casualty claims; and
● $2.0 million in proceeds from sale of marketable securities.
Cash outflows:
● $443.7 million for improvements to operating real estate primarily related to the Company’s active redevelopment
pipeline and improvements to real estate under development; and
● $40.5 million for investments in and advances to real estate joint ventures, primarily related to a redevelopment project
within the Company’s joint venture portfolio, and investments in other real estate investments, primarily related to
repayment of a mortgage within the Company’s Preferred Equity Program.
Acquisitions of Operating Real Estate and Other Related Net Assets
During the years ended December 31, 2020 and 2019, the Company expended $12.6 million and $2.0 million, respectively,
(net of Internal Revenue Code 26 U.S.C. §1031 proceeds) towards the acquisition of operating real estate properties. The Company
anticipates spending approximately $75.0 million to $100.0 million towards the acquisition of operating properties during 2021. The
Company intends to fund these acquisitions with cash flow from operating activities, proceeds from property dispositions and
availability under its Credit Facility.
Improvements to Operating Real Estate
During the years ended December 31, 2020 and 2019, the Company expended $221.3 million and $324.8 million, respectively,
towards improvements to operating real estate. These amounts consist of the following (in thousands):
Redevelopment and renovations
Tenant improvements and tenant allowances
Total (1)
Year Ended December 31,
2019
2020
$
$
175,661
45,617
221,278
$
$
265,954
58,867
324,821
(1) During the year ended December 31, 2020 and 2019, the Company capitalized payroll of $9.4 million and $7.9 million, respectively,
and capitalized interest of $9.7 million and $6.3 million, respectively, in connection with the Company’s improvements to operating real
estate.
The Company has an ongoing program to redevelop and re-tenant its properties to maintain or enhance its competitive position
in the marketplace. The Company is actively pursuing redevelopment opportunities within its operating portfolio which it believes
will increase the overall value by bringing in new tenants and improving the assets’ value. The Company has identified three
categories of redevelopment: (i) large scale redevelopment, which involves demolishing and building new square footage, including
square footage for mixed-use, (ii) value creation redevelopment, which includes the subdivision of large anchor spaces into multiple
tenant layouts, and (iii) creation of out-parcels and pads located in the front of the shopping center properties.
The Company anticipates its capital commitment toward these redevelopment projects and re-tenanting efforts for 2021 will be
approximately $75.0 million to $150.0 million. The funding of these capital requirements will be provided by proceeds from property
dispositions, net cash flow provided by operating activities and availability under the Company’s Credit Facility.
Financing Activities
Cash flows used for financing activities were $387.4 million for 2020, as compared to $482.8 million for 2019.
Financing activities during 2020 primarily consisted of the following:
35
Cash inflows:
● $900.0 million in proceeds from issuance of unsecured notes comprised of (i) $500.0 million of the Company’s
unsecured 2.700% Green Bond due 2030 and (ii) $400.0 million of the Company’s unsecured 1.90% Notes due 2028;
and
● $590.0 million in proceeds from issuance of the Term Loan.
Cash outflows:
● $590.0 million in repayments of the Term Loan;
● $484.9 million in early redemption of the Company’s 3.20% senior unsecured notes due 2021;
● $379.9 million of dividends paid;
● $200.0 million in repayments under the Credit Facility, net;
● $169.2 million in principal payment on debt (related to the repayment of debt on four encumbered properties),
including normal amortization of rental property debt;
● $23.3 million for the redemption/distribution of noncontrolling interests, primarily related to the redemption of certain
partnership interests by consolidated subsidiaries;
● $18.0 million for financing origination costs, primarily related to the Credit Facility, Term Loan, Green Bond and
senior unsecured notes;
● $7.5 million in payment of early extinguishment of debt charges; and
● $5.6 million in other financing related costs.
Financing activities during 2019 primarily consisted of the following:
Cash inflows:
● $350.0 million in proceeds from the issuance of unsecured notes;
● $204.0 million in proceeds from the issuance of stock, net, primarily through the Company’s at-the-market continuous
offering program (the "ATM program");
● $100.0 million in proceeds from the Company’s Credit Facility, net; and
● $16.0 million in proceeds from construction loan financing for one development project.
Cash outflows:
● $575.0 million for the redemption of the Company’s Class I, Class J and Class K Preferred Stock;
● $531.6 million of dividends paid;
● $18.8 million for principal payments on debt (related to the repayment of debt on two encumbered properties),
including normal amortization on rental property debt;
● $15.1 million for the redemption/distribution of noncontrolling interests, primarily related to the redemption of certain
partnership interests by consolidated subsidiaries; and
● $7.7 million for financing origination cost, primarily related to the issuance of senior unsecured notes.
The Company continually evaluates its debt maturities, and, based on management’s current assessment, believes it has viable
financing and refinancing alternatives that will not materially adversely impact its expected financial results. The Company continues
to pursue borrowing opportunities with large commercial U.S. and global banks, select life insurance companies and certain regional
and local banks.
Debt maturities for 2021 consist of: $139.4 million of consolidated debt; $138.0 million of unconsolidated joint venture debt
and $19.9 million of debt included in the Company’s Preferred Equity Program, assuming the utilization of extension options where
available. The 2021 consolidated debt maturities are anticipated to be repaid with operating cash flows and borrowings from the
Credit Facility. The 2021 debt maturities on properties in the Company’s unconsolidated joint ventures and Preferred Equity
Program are anticipated to be repaid through operating cash flows, debt refinancing, unsecured credit facilities, proceeds from sales
and partner capital contributions, as deemed appropriate.
The Company intends to maintain strong debt service coverage and fixed charge coverage ratios as part of its commitment to
maintain or obtain an upgrade on its investment-grade senior, unsecured debt ratings. The Company may, from time to time, seek
to obtain funds through additional common and preferred equity offerings, unsecured debt financings and/or mortgage/construction
loan financings and other capital alternatives.
Since the completion of the Company’s IPO in 1991, the Company has utilized the public debt and equity markets as its principal
source of capital for its expansion needs. Since the IPO, the Company has completed additional offerings of its public unsecured
debt and equity, raising in the aggregate over $15.6 billion. Proceeds from public capital market activities have been used for the
purposes of, among other things, repaying indebtedness, acquiring interests in open-air shopping centers, funding real estate under
development projects, expanding and improving properties in the portfolio and other investments.
36
During February 2018, the Company filed a shelf registration statement on Form S-3, which is effective for a term of three
years, for future unlimited offerings, from time-to-time, of debt securities, preferred stock, depositary shares, common stock and
common stock warrants. The Company, pursuant to this shelf registration statement may, or a new shelf registration statement filed
to replace the existing shelf registration statement, from time to time, offer for sale its senior unsecured debt for any general corporate
purposes, including (i) funding specific liquidity requirements in its business, including property acquisitions, development and
redevelopment costs and (ii) managing the Company’s debt maturities.
During May 2020, the Company filed a registration statement on Form S-8 for its 2020 Equity Participation Plan (the “2020
Plan”), which was approved by the Company’s stockholders and is a successor to the Restated Kimco Realty Corporation 2010
Equity Participation Plan that expired in March 2020. The 2020 Plan provides for a maximum of 10,000,000 shares of the
Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock
units, performance awards, dividend equivalents, stock payments and deferred stock awards. At December 31, 2020, the Company
had 9.98 million shares of common stock available for issuance under the 2020 Plan. (See Footnote 21 of the Notes to Consolidated
Financial Statements included in this Form 10-K).
Preferred Stock –
The following Preferred Stock classes were redeemed during the year ended December 31, 2019:
Class of
Preferred
Stock
Class I
Class K
Class J
Redemption
Date
9/14/2019
9/14/2019
12/31/2019
Dividend
Rate
Depositary
Shares
Redeemed
Redemption
Price per
Depositary
Share
Redemption
Amount
(in millions)
Redemption
Charges (1)
(in millions)
6.00%
5.625%
5.50%
7,000,000
7,000,000
9,000,000
$
$
$
25
25
25
$
$
$
175.0
175.0
225.0
$
$
$
5.5
5.9
7.1
(1) Redemption charges resulting from the difference between the redemption amount and the carrying amount of the respective preferred stock
class on the Company’s Consolidated Balance Sheets are accounted for in accordance with the FASB’s guidance on Distinguishing Liabilities
from Equity. These charges were subtracted from net income attributable to the Company to arrive at net income available to the Company’s
common shareholders and used in the calculation of earnings per share.
ATM Program
During September 2019, the Company established an ATM program pursuant to which the Company may offer and sell from
time to time shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $500.0 million
through a consortium of banks acting as sales agents. Sales of the shares of common stock may be made, as needed, from time to
time in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, including by means of ordinary brokers’
transactions on the New York Stock Exchange or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to
prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. During 2019, the Company issued 9,514,544
shares and received proceeds of $200.1 million, net of commissions and fees of $1.8 million. The Company did not offer for sale
any shares of common stock under the ATM program during 2020. As of December 31, 2020, the Company had $298.1 million
available under this ATM program.
Share Repurchase Program –
During February 2020, the Company extended its share repurchase program, for a term of two years, which is scheduled to
expire February 29, 2022. Under this program, the Company may repurchase shares of its common stock, par value $0.01 per share,
with an aggregate gross purchase price of up to $300.0 million. The Company did not repurchase any shares under the share
repurchase program during the year ended December 31, 2020. As of December 31, 2020, the Company had $224.9 million available
under this common share repurchase program.
Senior Notes –
During the year ended December 31, 2020, the Company issued the following senior unsecured notes (dollars in millions):
Date Issued
Aug-2020
Jul-2020 (1)
Maturity Date
Mar-2028
Oct-2030
Amount Issued
$
$
400.0
500.0
Interest Rate
1.90%
2.70%
37
(1) In July 2020, the Company issued unsecured Green Bond, of which the net proceeds from this offering are allocated to finance or refinance,
in whole or in part, recently completed, existing or future Eligible Green Projects, in alignment with the four core components of the Green
Bond Principles, 2018 as administered by the International Capital Market Association. Eligible Green Projects include projects with
disbursements made in the three years preceding the issue date of the notes. The Company intends to spend the remaining net proceeds
from the offering during the life of the notes.
During the year ended December 31, 2020, the Company repaid the following senior unsecured notes (dollars in millions):
Date Paid
Jul-2020 & Aug-2020 (1)
Maturity Date
May-2021
Amount Repaid
$
484.9
Interest Rate
3.20%
(1) The Company incurred a prepayment charge of $7.5 million, which is included in Early extinguishment of debt charges on the
Company’s Consolidated Statements of Income.
The Company’s supplemental indenture governing its senior notes contains the following covenants, all of which the Company
is compliant with:
Covenant
Consolidated Indebtedness to Total Assets
Consolidated Secured Indebtedness to Total Assets
Consolidated Income Available for Debt Service to Maximum Annual Service Charge
Unencumbered Total Asset Value to Consolidated Unsecured Indebtedness
Must Be
<65%
<40%
>1.50x
>1.50x
As of December 31,
2020
39%
2%
7.9x
2.6x
For a full description of the various indenture covenants refer to the Indenture dated September 1, 1993; the First Supplemental
Indenture dated August 4, 1994; the Second Supplemental Indenture dated April 7, 1995; the Third Supplemental Indenture dated
June 2, 2006; the Fourth Supplemental Indenture dated April 26, 2007; the Fifth Supplemental Indenture dated as of September 24,
2009; the Sixth Supplemental Indenture dated as of May 23, 2013; and the Seventh Supplemental Indenture dated as of April 24,
2014, each as filed with the SEC. See the Exhibits Index for specific filing information.
Credit Facility –
In February 2020, the Company obtained a new $2.0 billion Credit Facility with a group of banks, which replaced the Company’s
existing $2.25 billion unsecured revolving credit facility. The Credit Facility is scheduled to expire in March 2024, with two
additional six-month options to extend the maturity date, at the Company’s discretion, to March 2025. The Credit Facility is a green
credit facility tied to sustainability metric targets, as described in the agreement. The Company achieved such targets, which
effectively reduced the rate on the Credit Facility by one basis point. The Credit Facility, which accrues interest at a rate of LIBOR
plus 76.5 basis points (0.91% as of December 31, 2020), can be increased to $2.75 billion through an accordion feature. Pursuant to
the terms of the Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum
indebtedness ratios and (ii) minimum interest and fixed charge coverage ratios. As of December 31, 2020, the Credit Facility had no
outstanding balance and $0.3 million appropriated for letters of credit and the Company was in compliance with its covenants.
Pursuant to the terms of the Credit Facility, the Company is subject to maintenance of various covenants. The Company is
currently in compliance with these covenants. The financial covenants for the Credit Facility are as follows:
Covenant
Total Indebtedness to Gross Asset Value (“GAV”)
Total Priority Indebtedness to GAV
Unencumbered Asset Net Operating Income to Total Unsecured Interest Expense
Fixed Charge Total Adjusted EBITDA to Total Debt Service
Must Be
<60%
<35%
>1.75x
>1.50x
As of December 31,
2020
45%
0%
3.6x
3.3x
For a full description of the Credit Facility’s covenants refer to the Amended and Restated Credit Agreement dated as of
February 27, 2020, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated February 28, 2020.
Term Loan –
On April 1, 2020, the Company entered into the Term Loan with total outstanding borrowings of $590.0 million pursuant to a
credit agreement with a group of banks. The Term Loan was scheduled to mature in April 2021, with a one-year extension option to
extend the maturity date, at the Company’s discretion, to April 2022. The Term Loan accrued interest at a rate of LIBOR plus 140
basis points or, at the Company’s option, a spread of 40 basis points to the base rate defined in the Term Loan, that in each case
fluctuated in accordance with changes in the Company’s senior debt ratings. The Term Loan could be increased by an additional
38
$750.0 million through an accordion feature. Pursuant to the terms of the Term Loan, the Company was subject to covenants that
were substantially the same as those in the Credit Facility. During July 2020, the Term Loan was fully repaid and the facility was
terminated.
Mortgages and Construction Loan Payable –
During 2020, the Company repaid $92.0 million of mortgage debt (including fair market value adjustment of $0.4 million) that
encumbered four operating properties.
In August 2018, the Company closed on a construction loan commitment of $67.0 million relating to one development property.
This loan commitment was scheduled to mature in August 2020, with six additional six-month options to extend the maturity date
to August 2023 and bore interest at a rate of LIBOR plus 180 basis points. This construction loan was fully repaid in January 2020.
In addition to the public equity and debt markets as capital sources, the Company may, from time to time, obtain mortgage
financing on selected properties and construction loans to partially fund the capital needs of its real estate under development
projects. As of December 31, 2020, the Company had over 325 unencumbered property interests in its portfolio.
COVID-19 –
As the COVID-19 pandemic continues to evolve, an uncertainty remains in relation to the long-term economic impact it will
have. As a result, the Company has focused on creating a strong liquidity position by: (i) maintaining availability under its $2.0
billion ($2.75 billion with the accordion feature) Credit Facility; (ii) issuing a $500.0 million Green Bond, (iii) issuing $400.0 million
of 1.90% unsecured senior notes due 2028; (iv) paying down and terminating its Term Loan; (v) repaying $484.9 million of senior
unsecured notes due 2021 which extended the Company’s weighted average debt maturity profile to 10.9 years, (vi) holding $293.2
million of cash and cash equivalents on hand at December 31, 2020; and (vii) having access to over 325 unencumbered property
interests.
The Company continues to monitor the impact of COVID-19 on the Company’s business, tenants and industry as a whole. The
magnitude and duration of the COVID-19 pandemic and its impact on the Company’s operations and liquidity remains uncertain as
this pandemic continues to evolve globally and within the United States. The continued impact of COVID-19 could materially disrupt
the Company’s business operations and materially adversely affect the Company’s liquidity. Management cannot, at this point, fully
estimate ultimate losses related to the COVID-19 pandemic.
Dividends –
In connection with its intention to continue to qualify as a REIT for U.S. federal income tax purposes, the Company expects to
continue paying regular dividends to its stockholders. These dividends will be paid from operating cash flows. The Company’s Board
of Directors will continue to evaluate the Company’s dividend policy on a quarterly basis as the Board of Directors monitors sources
of capital and evaluates the impact of the economy and capital markets availability on operating fundamentals. Since cash used to
pay dividends reduces amounts available for capital investment, the Company generally intends to maintain a dividend payout ratio
which reserves such amounts as it considers necessary for the expansion and renovation of shopping centers in its portfolio, debt
reduction, the acquisition of interests in new properties and other investments as suitable opportunities arise and such other factors
as the Board of Directors considers appropriate. Cash dividends paid were $379.9 million, $531.6 million and $529.8 million in
2020, 2019 and 2018 respectively.
Although the Company receives substantially all of its rental payments on a monthly basis, it generally intends to continue
paying dividends quarterly. Amounts accumulated in advance of each quarterly distribution will be invested by the Company in
short-term money market or other suitable instruments. The Company’s Board of Directors will continue to monitor the impact the
COVID-19 pandemic has on the Company's financial performance and economic outlook. The Company’s objective is to establish
a dividend level which maintains compliance with the Company’s REIT taxable income distribution requirements. On February 22,
2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.17 per common share payable to shareholders of
record on March 10, 2021, which is scheduled to be paid on March 24, 2021.
The Company’s Board of Directors declared a quarterly dividend with respect to the Company’s classes of cumulative
redeemable preferred shares (Classes L and M) which are scheduled to be paid on April 15, 2021, to shareholders of record on April
1, 2021.
Other –
The Company is subject to taxes on activities in Puerto Rico, Canada, and Mexico. In general, under local country law
applicable to the structures the Company has in place and applicable treaties, the repatriation of cash to the Company from its
39
subsidiaries and joint ventures in Puerto Rico, Canada and Mexico generally are not subject to withholding tax. The Company is
subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the
U.S. These investments are held by the Company at the REIT level and not in the Company’s taxable REIT subsidiary. Accordingly,
the Company does not expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s
foreign subsidiaries.
Contractual Obligations and Other Commitments
The Company has debt obligations relating to its Credit Facility, unsecured senior notes and mortgages with maturities ranging
from four months to 28 years. As of December 31, 2020, the Company’s total debt had a weighted average term to maturity of 10.9
years. In addition, the Company has non-cancelable operating leases pertaining to its shopping center portfolio. As of December 31,
2020, the Company had 30 consolidated shopping center properties that are subject to long-term ground leases where a third-party
owns and has leased the underlying land to the Company to construct and/or operate a shopping center. The following table
summarizes the Company’s debt maturities (excluding extension options, unamortized debt issuance costs of $56.4 million and fair
market value of debt adjustments aggregating $3.5 million) and obligations under non-cancelable operating leases as of December
31, 2020:
Payments due by period (in millions)
2021
2022
2023
2024
2025
Thereafter
Total
Long-Term Debt:
Principal (1)
Interest (2)
Non-cancelable operating leases (3)
$
$
$
144.9
183.0
11.2
$
$
$
644.4
170.4
10.6
$
$
$
365.1
146.9
10.6
$
$
$
401.7
133.0
9.8
$
$
$
500.6
116.0
9.3
$
$
$
3,351.7
1,466.3
128.8
$
$
$
5,408.4
2,215.6
180.3
(1) Maturities utilized do not reflect extension options, which range from six months to one year.
(2) For loans which have interest at floating rates, future interest expense was calculated using the rate as of December 31, 2020.
(3) For leases which have inflationary increases, future ground and office rent expense was calculated using the rent based upon initial
lease payment.
The Company has $139.4 million of secured debt scheduled to mature in 2021. Subsequent to December 31, 2020, the Company
repaid $12.3 million of this secured debt. The Company anticipates satisfying the remaining future maturities with operating cash
flows and its Credit Facility, if needed.
The Company has issued letters of credit in connection with the completion and repayment guarantees, primarily on certain of
the Company’s redevelopment projects and guaranty of payment related to the Company’s insurance program. At December 31,
2020, these letters of credit aggregated $36.2 million.
In connection with the construction of its development/redevelopment projects and related infrastructure, certain public agencies
require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. These bonds expire upon
the completion of the improvements and infrastructure. As of December 31, 2020, the Company had $16.3 million in performance
and surety bonds outstanding.
The Company has accrued $1.5 million of non-current uncertain tax positions and related interest under the provisions of the
authoritative guidance that addresses accounting for income taxes, which are included in Other liabilities on the Company’s
Consolidated Balance Sheets at December 31, 2020. These amounts are not included in the table above because a reasonably reliable
estimate regarding the timing of settlements with the relevant tax authorities, if any, cannot be made.
Off-Balance Sheet Arrangements
Unconsolidated Real Estate Joint Ventures
The Company has investments in various unconsolidated real estate joint ventures with varying structures. These joint ventures
primarily operate shopping center properties. Such arrangements are generally with third-party institutional investors and individuals.
The properties owned by the joint ventures are primarily financed with individual non-recourse mortgage loans, however, the
Company, on a selective basis, has obtained unsecured financing for certain joint ventures. As of December 31, 2020, the Company
did not guarantee any joint venture unsecured debt. Non-recourse mortgage debt is generally defined as debt whereby the lenders’
sole recourse with respect to borrower defaults is limited to the value of the property collateralized by the mortgage. The lender
generally does not have recourse against any other assets owned by the borrower or any of the constituent members of the borrower,
except for certain specified exceptions listed in the particular loan documents (see Footnote 7 of the Notes to Consolidated Financial
40
Statements included in this Form 10-K). The table below presents debt balances within the Company’s unconsolidated joint venture
investments for which the Company held noncontrolling ownership interests at December 31, 2020 (dollars in millions):
Joint Venture
Prudential Investment Program (1)
Kimco Income Opportunity Portfolio (2)
Canada Pension Plan Investment Board
Other Joint Venture Programs
Total
Kimco
Ownership
Interest
Number of
Properties
15.0%
48.6%
55.0%
Various
40
37
4
16
Mortgages
and Notes
Payable, Net
(in millions)
495.8
$
536.9
84.9
423.4
1,541.0
$
Number of
Encumbered
Properties
Weighted
Average
Interest
Rate
11
22
1
10
2.05%
3.87%
3.25%
3.41%
Weighted
Average
Remaining
Term
(months)*
37.2
25.3
30.0
86.7
* Average remaining term includes extensions
(1) Includes an unsecured term loan of $200.0 million (excluding deferred financing costs of $0.2 million), which is scheduled to mature in
August 2021, with a one-year extension option at the joint venture’s discretion, and bears interest at a rate equal to LIBOR plus 1.50% (1.64%
at December 31, 2020).
(2) Includes unsecured revolving credit facilities, which had an aggregate outstanding balance of $92.5 million at December 31, 2020 and are
scheduled to mature in January 2024, with two, six-month extension options at the joint venture’s discretion, and January 2025.
As of December 31, 2020, these loans had scheduled maturities ranging from four months to 10.5 years and bore interest at rates
ranging from 1.34% to 5.79%. Approximately $138.0 million of the aggregate outstanding loan balances matures in 2021. These
maturing loans are anticipated to be repaid with operating cash flows, debt refinancing, unsecured credit facilities, proceeds from
sales and partner capital contributions, as deemed appropriate (see Footnote 7 of the Notes to Consolidated Financial Statements
included in this Form 10-K).
Other Real Estate Investments
The Company has provided capital to owners and developers of real estate properties and loans through its Preferred Equity
Program. As of December 31, 2020, the Company’s net investment under the Preferred Equity program was $98.2 million relating
to 113 properties, including 103 net leased properties, which are accounted for as direct financing leases. As of December 31, 2020,
these preferred equity investment properties had non-recourse mortgage loans aggregating $141.9 million (including fair market
value of debt adjustments aggregating $4.8 million). These loans have scheduled maturities ranging from one month to four years
and bear interest at rates ranging from 4.19% to 9.85%. Due to the Company’s preferred position in these investments, the Company’s
share of each investment is subject to fluctuation and is dependent upon property cash flows. The Company’s maximum exposure
to losses associated with its preferred equity investments is limited to its invested capital.
Funds From Operations
FFO is a supplemental non-GAAP financial measure utilized to evaluate the operating performance of real estate companies.
NAREIT defines FFO as net income/(loss) available to the Company’s common shareholders computed in accordance with GAAP,
excluding (i) depreciation and amortization related to real estate, (ii) gains or losses from sales of certain real estate assets, (iii) gains
and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the
impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) after adjustments for
unconsolidated partnerships and joint ventures calculated to reflect FFO on the same basis. The Company also made an election, per
the NAREIT Funds From Operations White Paper-2018 Restatement, to exclude from its calculation of FFO (i) gains and losses on
the sale of assets and impairments of assets incidental to its main business and (ii) mark-to-market changes in the value of its equity
securities. As such, the Company does not include gains/impairments on land parcels, gains/losses (realized or unrealized) from
marketable securities, allowance for credit losses on mortgage receivables or gains/impairments on preferred equity participations
in NAREIT defined FFO. As a result of this election, the Company will no longer disclose FFO available to the Company’s common
shareholders as adjusted (“FFO as adjusted”) as an additional supplemental measure. The incidental adjustments noted above which
were previously excluded from NAREIT FFO and used to determine FFO as adjusted are now included in NAREIT FFO, and
therefore, the Company believes FFO as adjusted is no longer necessary.
The Company presents FFO available to the Company’s common shareholders as it considers it an important supplemental
measure of our operating performance and believes it is frequently used by securities analysts, investors and other interested parties
in the evaluation of REITs, many of which present FFO available to the Company’s common shareholders when reporting results.
Comparison of our presentation of FFO available to the Company’s common shareholders to similarly titled measures for other
REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such
REITs.
41
FFO is a supplemental non-GAAP financial measure of real estate companies’ operating performances, which does not represent
cash generated from operating activities in accordance with GAAP and, therefore, should not be considered an alternative for net
income or cash flows from operations as a measure of liquidity. Our method of calculating FFO available to the Company’s common
shareholders may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.
The Company’s reconciliation of net income available to the Company’s common shareholders to FFO available to the
Company’s common shareholders is reflected in the table below (in thousands, except per share data).
Net income available to the Company’s common shareholders
Gain on sale of properties/change in control of interests
Gain on sale of joint venture properties
Depreciation and amortization - real estate related
Depreciation and amortization - real estate joint ventures
Impairment charges of depreciable real estate properties
Gain on sale of cost method investment
Profit participation from other real estate investments, net
(Gain)/loss on of marketable securities, net
(Benefit)/provision for income taxes (1)
Noncontrolling interests (1)
FFO available to the Company’s common shareholders
Weighted average shares outstanding for FFO calculations:
Basic
Units
Dilutive effect of equity awards
Diluted (2)
FFO per common share – basic
FFO per common share – diluted (2)
Three Months Ended
December 31,
Year Ended
December 31,
2020
2019
2020
2019
$
$
194,880
(787)
(30)
73,578
9,658
4,043
-
2,210
(150,108)
(74)
(337)
133,033
430,103
666
1,364
432,133
$
$
92,812
(31,836)
(892)
67,864
10,910
11,504
-
1,288
546
-
(303)
151,893
422,467
777
1,336
424,580
$
$
975,417
(6,484)
(48)
285,596
40,331
8,397
(190,832)
(13,665)
(594,753)
1,426
(1,710)
503,675
429,950
639
1,475
432,064
339,988
(79,218)
(16,066)
276,097
40,954
55,945
-
(7,300)
(829)
-
(1,193)
608,378
420,370
826
1,365
422,561
0.31
0.31
$
$
0.36
0.36
$
$
1.17
1.17
$
$
1.45
1.44
$
$
$
$
(1) Related to gains, impairment and depreciation on properties, where applicable.
(2) Reflects the potential impact if certain units were converted to common stock at the beginning of the period, which would have a dilutive
effect on FFO available to the Company’s common shareholders. FFO available to the Company’s common shareholders would be increased
by $92 and $199 for the three months ended December 31, 2020 and 2019, respectively, and $309 and $868 for the years ended December
31, 2020 and 2019, respectively. The effect of other certain convertible units would have an anti-dilutive effect upon the calculation of Net
income available to the Company’s common shareholders per share. Accordingly, the impact of such conversion has not been included in
the determination of diluted earnings per share calculations.
Same Property Net Operating Income
Same property NOI is a supplemental non-GAAP financial measure of real estate companies’ operating performance and should
not be considered an alternative to net income in accordance with GAAP or cash flows from operations as a measure of liquidity.
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.
Same property NOI is calculated using revenues from rental properties (excluding straight-line rent adjustments, lease
termination fees, TIFs and amortization of above/below market rents) less charges for bad debt, operating and maintenance expense,
real estate taxes and rent expense plus the Company’s proportionate share of Same property NOI from unconsolidated real estate
joint ventures, calculated on the same basis. The Company’s method of calculating Same property NOI available to the Company’s
common shareholders may differ from methods used by other REITs and, accordingly, may not be comparable to such other REITs.
42
The following is a reconciliation of Net income available to the Company’s common shareholders to Same property NOI (in
thousands):
Net income available to the Company’s common shareholders
Adjustments:
Management and other fee income
General and administrative
Impairment charges
Depreciation and amortization
Gain on sale of properties/change in control of interests
Interest and other expense, net
(Gain)/loss on marketable securities, net
Gain on sale of cost method investment
Provision/(benefit) for income taxes, net
Equity in income of other real estate investments, net
Net income attributable to noncontrolling interests
Preferred stock redemption charges
Preferred dividends
Non same property net operating income
Non-operational expense from joint ventures, net
Same property NOI
$
Three Months Ended
December 31,
2020
2019
Year Ended
December 31,
2020
2019
$
194,880
$
92,812
$
975,417
$
339,988
(3,125)
20,901
3,115
74,295
(787)
42,162
(150,108)
-
496
(1,733)
565
-
6,354
(10,929)
16,237
192,323
$
(4,321)
24,646
7,508
68,439
(31,836)
42,284
546
-
263
(3,318)
624
7,159
9,448
(19,778)
20,463
214,939
$
(13,005)
93,217
6,624
288,955
(6,484)
190,323
(594,753)
(190,832)
978
(28,628)
2,044
-
25,416
(33,328)
68,510
784,454
$
(16,550)
96,942
48,743
277,879
(79,218)
166,410
(829)
-
(3,317)
(26,076)
2,956
18,528
52,089
(85,087)
59,992
852,450
Same property NOI decreased by $22.6 million, or 10.5%, for the three months ended December 31, 2020, as compared to the
corresponding period in 2019, which is primarily the result of a reduction of revenue associated with potentially uncollectible
revenues.
Same property NOI decreased by $68.0 million, or 8.0%, for the year ended December 31, 2020, as compared to the
corresponding period in 2019, which is primarily the result of a reduction of revenue associated with potentially uncollectible
revenues.
Effects of Inflation
Many of the Company's long-term leases contain provisions designed to mitigate the adverse impact of inflation. Such
provisions include clauses enabling the Company to receive payment of additional rent calculated as a percentage of tenants' gross
sales above pre-determined thresholds, which generally increase as prices rise, and/or as a result of escalation clauses, which
generally increase rental rates during the terms of the leases. Such escalation clauses often include increases based upon changes in
the consumer price index or similar inflation indices. In addition, many of the Company's leases are for terms of less than 10 years,
which permits the Company to seek to increase rents to market rates upon renewal. Most of the Company's leases include escalation
clauses or require the tenant to pay an allocable share of operating expenses, including common area maintenance costs, real estate
taxes and insurance, thereby reducing the Company's exposure to increases in costs and operating expenses resulting from inflation.
New Accounting Pronouncements
See Footnote 1 of the Notes to Consolidated Financial Statements included in this Form 10-K.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
The Company’s primary market risk exposure is interest rate risk. The Company periodically evaluates its exposure to short-
term interest rates and will, from time-to-time, enter into interest rate protection agreements which mitigate, but do not eliminate,
the effect of changes in interest rates on its floating-rate debt. The Company has not entered, and does not plan to enter, into any
derivative financial instruments for trading or speculative purposes. The following table presents the Company’s aggregate fixed
rate and variable rate debt obligations outstanding, including fair market value adjustments and unamortized deferred financing costs,
as of December 31, 2020, with corresponding weighted-average interest rates sorted by maturity date. The table does not include
extension options where available (amounts in millions).
43
Secured Debt
Fixed Rate
Average Interest Rate
Unsecured Debt
Fixed Rate
Average Interest Rate
2021
2022
2023
2024
2025
Thereafter
Total
Fair Value
$
139.4
$
147.1
$
5.39%
4.05%
$
12.0
3.23%
$
8.3
6.73%
$
-
-
$
4.5
7.08%
311.3
$
312.9
4.73%
$
-
-
$
498.0
$
348.8
$
397.8
$
497.4
$
3,302.2
$
5,044.2
$
5,487.0
3.40%
3.13%
2.7%
3.3%
3.42%
3.3%
Item 8. Financial Statements and Supplementary Data
The response to this Item 8 is included in our audited Consolidated Financial Statements and Notes to Consolidated Financial
Statements, which are contained in Part IV, Item 15 of this Form 10-K.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has
evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and
15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of the end of the period covered by this
report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that the
Company’s disclosure controls and procedures are effective as of December 31, 2020.
Changes in Internal Control Over Financial Reporting
There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules
13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth fiscal quarter ended December 31, 2020, that have materially
affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term
is defined in Exchange Act Rule 13a-15(f) and 15d-15(f). Under the supervision and with the participation of our management,
including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal
control over financial reporting based on the framework in the Internal Control - Integrated Framework (2013) issued by the
Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under the framework in Internal
Control - Integrated Framework (2013), our management concluded that our internal control over financial reporting was effective
as of December 31, 2020.
The effectiveness of our internal control over financial reporting as of December 31, 2020, has been audited by
PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears under Item
8.
Item 9B. Other Information
None.
44
Item 10. Directors, Executive Officers and Corporate Governance
PART III
The information required by this item is incorporated by reference to “Proposal 1—Election of Directors,” “Corporate
Governance,” “Committees of the Board of Directors,” “Executive Officers” and “Other Matters” in our definitive proxy
statement to be filed with respect to the Annual Meeting of Stockholders expected to be held on April 27, 2021 (“Proxy
Statement”).
We have adopted a Code of Business Conduct and Ethics (the “Code of Ethics”). The Code of Ethics is available at the
Investors/Governance/Governance Documents section of our website at www.kimcorealty.com. A copy of the Code of
Ethics is available in print, free of charge, to stockholders upon request to us at the address set forth in Item 1 of this Annual
Report on Form 10-K under the section “Business - Overview.” We intend to satisfy the disclosure requirements under the
Securities and Exchange Act of 1934, as amended, regarding an amendment to or waiver from a provision of our Code of
Ethics by posting such information on our website.
Item 11. Executive Compensation
The information required by this item is incorporated by reference to “Compensation Discussion and Analysis,”
“Executive Compensation Committee Report,” “Compensation Tables,” “Compensation of Directors” and “Other Matters”
in our Proxy Statement.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The information required by this item is incorporated by reference to “Security Ownership of Certain Beneficial
Owners and Management” and “Compensation Tables” in our Proxy Statement.
Item 13. Certain Relationships and Related Transactions, and Director Independence
The information required by this item is incorporated by reference to “Certain Relationships and Related Transactions”
and “Corporate Governance” in our Proxy Statement.
Item 14. Principal Accountant Fees and Services
The information required by this item is incorporated by reference to “Independent Registered Public Accountants” in
our Proxy Statement.
45
Item 15. Exhibits and Financial Statement Schedules
(a) 1. Financial Statements –
PART IV
The following consolidated financial information is included as a separate section of this annual
report on Form 10-K.
Report of Independent Registered Public Accounting Firm
Consolidated Financial Statements
Consolidated Balance Sheets as of December 31, 2020 and 2019
Consolidated Statements of Income for the years ended December 31, 2020, 2019 and 2018
Consolidated Statements of Comprehensive Income for the years ended December 31, 2020,
2019 and 2018
Consolidated Statements of Changes in Equity for the years ended December 31, 2020,
2019 and 2018
Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and
2018
Notes to Consolidated Financial Statements
2. Financial Statement Schedules -
Form 10-K
Report
Page
51
53
54
55
56
58
59
Schedule II -
Valuation and Qualifying Accounts for the years ended December 31, 2020,
2019 and 2018
Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2020
Schedule IV - Mortgage Loans on Real Estate as of December 31, 2020
97
98
111
All other schedules are omitted since the required information is not present or is not present in
amounts sufficient to require submission of the schedule.
3.
Exhibits -
The exhibits listed on the accompanying Index to Exhibits are filed as part of this report.
47
Item 16. Form 10-K Summary
None.
46
Exhibit
Number
3.1(a)
3.1(b)
3.1(c)
3.1(d)
3.1(e)
3.1(f)
3.1(g)
3.1(h)
3.2
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
4.9
4.10
10.1
10.2
10.3
10.4
10.5
10.6
10.7
INDEX TO EXHIBITS
Incorporated by Reference
Exhibit Description
Form
File No.
Date of
Filing
Exhibit
Number
Filed/
Furnished
Herewith
Page
Number
Articles of Restatement of Kimco Realty Corporation,
dated January 14, 2011
Amendment to Articles of Restatement of Kimco Realty
Corporation, dated May 8, 2014
Articles Supplementary of Kimco Realty Corporation,
dated November 8, 2010
Articles Supplementary of Kimco Realty Corporation,
dated March 12, 2012
Articles Supplementary of Kimco Realty Corporation,
dated July 17, 2012
Articles Supplementary of Kimco Realty Corporation,
dated November 30, 2012
Articles Supplementary of Kimco Realty Corporation,
dated August 8, 2017
Articles Supplementary of Kimco Realty Corporation,
dated December 12, 2017
Amended and Restated Bylaws of Kimco Realty
Corporation, dated February 25, 2009
Agreement of Kimco Realty Corporation pursuant to Item
601(b)(4)(iii)(A) of Regulation S-K
Indenture dated September 1, 1993, between Kimco Realty
Corporation and Bank of New York (as successor to IBJ
Schroder Bank and Trust Company)
First Supplemental Indenture, dated August 4, 1994,
between Kimco Realty Corporation and Bank of New York
(as successor to IBJ Schroder Bank and Trust Company)
Second Supplemental Indenture, dated April 7, 1995,
between Kimco Realty Corporation and Bank of New York
(as successor to IBJ Schroder Bank and Trust Company)
Third Supplemental Indenture, dated June 2, 2006, between
Kimco Realty Corporation and The Bank of New York, as
Trustee
Fourth Supplemental Indenture, dated April 26, 2007,
between Kimco Realty Corporation and The Bank of New
York, as Trustee
Fifth Supplemental Indenture, dated September 24, 2009,
between Kimco Realty Corporation and The Bank of New
York Mellon, as Trustee
Sixth Supplemental Indenture, dated May 23, 2013,
between Kimco Realty Corporation and The Bank of New
York Mellon, as Trustee
Seventh Supplemental Indenture, dated April 24, 2014,
between Kimco Realty Corporation and The Bank of New
York Mellon, as Trustee
Description of Securities
Amended and Restated Stock Option Plan
Second Amended and Restated 1998 Equity Participation
Plan of Kimco Realty Corporation (restated February 25,
2009)
Form of Indemnification Agreement
Kimco Realty Corporation Executive Severance Plan, dated
March 15, 2010
Restated Kimco Realty Corporation 2010 Equity
Participation Plan
Amendment No. 1 to the Kimco Realty Corporation 2010
Equity Participation Plan
Form of Performance Share Award Grant Notice and
Performance Share Award Agreement
10-K
1-10899
02/28/11
3.1(a)
10-K
1-10899
02/27/17
3.1(b)
10-K
1-10899
02/28/11
3.1(b)
8-A12B
1-10899
03/13/12
8-A12B
1-10899
07/18/12
8-A12B
1-10899
12/03/12
8-A12B
1-10899
08/08/17
8-A12B
1-10899
12/12/17
10-K
1-10899
02/27/09
S-11
333-42588
09/11/91
3.2
3.2
3.2
3.3
3.3
3.2
4.1
S-3
333-67552
09/10/93
4(a)
10-K
1-10899
03/28/96
4.6
8-K
1-10899
04/07/95
4(a)
8-K
1-10899
06/05/06
4.1
8-K
1-10899
04/26/07
1.3
8-K
1-10899
09/24/09
4.1
8-K
1-10899
05/23/13
4.1
8-K
1-10899
04/24/14
4.1
10-K
10-K
10-K
1-10899
1-10899
1-10899
02/25/20
03/28/95
02/27/09
4.10
10.3
10.9
10-K
8-K
1-10899
1-10899
02/27/09
03/19/10
99.1
10.5
10-K
1-10899
02/27/17
10.6
10-K
1-10899
02/23/18
10.7
8-K
1-10899
03/19/10
10.8
47
INDEX TO EXHIBITS
Incorporated by Reference
Exhibit Description
Form
File No.
Date of
Filing
Exhibit
Number
Filed/
Furnished
Herewith
Page
Number
Exhibit
Number
10.8
10.9
10.10
10.11
10.12
10.13
10.14
10.15
21.1
23.1
31.1
31.2
32.1
99.1
8-K
10-Q
10-Q
10-Q
1-10899
1-10899
1-10899
First Amendment to the Kimco Realty Corporation
Executive Severance Plan, dated March 20, 2012
Amended and Restated Credit Agreement, dated as of
February 27, 2020, among Kimco Realty Corporation, the
subsidiaries of Kimco from time to time parties thereto, the
several banks, financial institutions and other entities from
time to time party thereto and JPMorgan Chase Bank, N.A.,
as administrative agent for the Lenders thereunder
Kimco Realty Corporation 2020 Equity Participation Plan DEF 14A 1-10899
1-10899
Credit Agreement, dated April 1, 2020, among Kimco
Realty Corporation and each of the parties named therein
Amendment No.1 to Credit Agreement, dated April 20,
2020, among Kimco Realty Corporation and each of the
parties named therein.
Amendment No.2 to Credit Agreement, dated April 24,
2020, among Kimco Realty Corporation and each of the
parties named therein.
Form of Kimco Realty Corporation 2020 Equity
Participation Plan Performance Share Award Grant Notice
and Performance Share Award Agreement.
Form of Kimco Realty Corporation 2020 Equity
Participation Plan Restricted Stock Award Grant Notice
and Restricted Stock Award Agreement.
Significant Subsidiaries of the Company
Consent of PricewaterhouseCoopers LLP
Certification of the Company’s Chief Executive Officer,
Conor C. Flynn, pursuant to Section 302 of the Sarbanes-
Oxley Act of 2002
Certification of the Company’s Chief Financial Officer,
Glenn G. Cohen, pursuant to Section 302 of the Sarbanes-
Oxley Act of 2002
Certification of the Company’s Chief Executive Officer,
Conor C. Flynn, and the Company’s Chief Financial
Officer, Glenn G. Cohen, pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
Property Chart
—
—
—
—
—
—
1-10899
1-10899
1-10899
10-Q
10-Q
10-Q
—
—
—
—
101.DEF
101.SCH
101.CAL
101.INS XBRL Instance Document - the instance document does
not appear in the Interactive Data File because its XBRL
tags are embedded within the Inline XBRL document
Inline XBRL Taxonomy Extension Schema Document
Inline XBRL Taxonomy Extension Calculation Linkbase
Document
Inline XBRL Taxonomy Extension Definition Linkbase
Document
Inline XBRL Taxonomy Extension Label Linkbase
Document
Inline XBRL Taxonomy Extension Presentation Linkbase
Document
Cover Page Interactive Data File (formatted as Inline
XBRL and contained in Exhibit 101)
101.LAB
101.PRE
104
—
—
—
—
—
—
—
—
—
—
—
—
—
—
05/10/12
10.3
03/02/20
10.1
03/18/20 Annex B
08/07/20
10.1
08/07/20
10.2
08/07/20
10.3
08/07/20
10.4
08/07/20
10.5
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
x
x
*
*
—
**
—
—
—
—
—
—
—
*
x
x
x
x
x
x
x
* - Filed herewith
** - Furnished herewith
x - Incorporated by reference to the corresponding Exhibit to the Company’s Annual Report on Form 10-K filed on February 23, 2021
48
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
SIGNATURES
KIMCO REALTY CORPORATION
By: /s/ Conor C. Flynn
Conor C. Flynn
Chief Executive Officer
Dated: February 23, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following
persons on behalf of the registrant and in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Milton Cooper
Milton Cooper
/s/ Conor C. Flynn
Conor C. Flynn
/s/ Frank Lourenso
Frank Lourenso
/s/ Richard Saltzman
Richard Saltzman
/s/ Philip Coviello
Philip Coviello
/s/ Colombe Nicholas
Colombe Nicholas
/s/ Mary Hogan Preusse
Mary Hogan Preusse
/s/ Valerie Richardson
Valerie Richardson
/s/ Henry Moniz
Henry Moniz
/s/ Glenn G. Cohen
Glenn G. Cohen
/s/ Paul Westbrook
Paul Westbrook
Executive Chairman of the Board of Directors
February 23, 2021
Chief Executive Officer and Director
February 23, 2021
February 23, 2021
February 23, 2021
February 23, 2021
February 23, 2021
February 23, 2021
February 23, 2021
February 23, 2021
February 23, 2021
February 23, 2021
Director
Director
Director
Director
Director
Director
Director
Executive Vice President -
Chief Financial Officer and Treasurer
Vice President -
Chief Accounting Officer
49
ANNUAL REPORT ON FORM 10-K
ITEM 8, ITEM 15 (a) (1) and (2)
INDEX TO FINANCIAL STATEMENTS
AND
FINANCIAL STATEMENT SCHEDULES
KIMCO REALTY CORPORATION AND SUBSIDIARIES
Report of Independent Registered Public Accounting Firm
Consolidated Financial Statements and Financial Statement Schedules:
Consolidated Balance Sheets as of December 31, 2020 and 2019
Consolidated Statements of Income for the years ended December 31, 2020, 2019 and 2018
Consolidated Statements of Comprehensive Income for the years ended December 31, 2020, 2019 and 2018
Consolidated Statements of Changes in Equity for the years ended December 31, 2020, 2019 and 2018
Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018
Notes to Consolidated Financial Statements
Financial Statement Schedules:
Valuation and Qualifying Accounts years ended December 31, 2020, 2019 and 2018
Real Estate and Accumulated Depreciation as of December 31, 2020
II.
III.
IV. Mortgage Loans on Real Estate as of December 31, 2020
Form 10-K
Page
51
53
54
55
56
58
59
97
98
111
50
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders
of Kimco Realty Corporation:
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the consolidated financial statements, including the related notes, as listed in the index appearing under Item 15(a)(1), and
the financial statement schedules listed in the index appearing under Item 15(a)(2), of Kimco Realty Corporation and its subsidiaries (the
“Company”) (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over
financial reporting as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the
Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period
ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion,
the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on
criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over
financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report
on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s
consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be
independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or
fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the
consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures
included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits
also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an
understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the
design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures
as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations
of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements
that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material
to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication
of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by
51
communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures
to which they relate.
Analysis of Real Estate Properties for Indicators of Impairment
As described in Notes 1 and 6 to the consolidated financial statements, the net carrying value of the Company’s real estate, net was $9.3
billion. On a continuous basis, management assesses whether there are indicators, including property operating performance, changes in
anticipated holding period, and general market conditions, that the value of the Company’s real estate properties may be impaired. An
impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying
amount, at which time, the property is written-down to its estimated fair value.
The principal considerations for our determination that performing procedures relating to the analysis of real estate properties for indicators
of impairment of property carrying values is a critical audit matter are (i) the significant judgment by management to identify indicators of
impairment related to property operating performance, changes in anticipated holding period, and general market conditions which led to
(ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to
management’s determination of impairment indicators related to property operating performance, changes in anticipated holding period,
and general market conditions.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on
the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s analysis of
real estate properties for indicators of impairment. These procedures also included, among others (i) testing management’s process for
identifying real estate properties for indicators of impairment, (ii) evaluating the appropriateness of management’s undiscounted cash flow
analysis, (iii) testing the underlying data used in the analysis, and (iv) evaluating the reasonableness of management’s determination of
impairment indicators related to property operating performance, changes in anticipated holding period, and general market conditions.
Evaluating the reasonableness of management’s determination of impairment indicators included (i) evaluating property operating
performance and management’s intent with respect to holding or disposing of properties, (ii) evaluating the consistency of the sales prices
utilized by management with external market and industry data, and (iii) assessing management’s considerations of general market
conditions.
Estimate of Collectability of Accounts Receivable, Including the Corresponding Straight-Line Rent Receivable
As described in Notes 1 and 11 to the consolidated financial statements, the Company's accounts receivable and notes receivable, net of
$219.2 million as of December 31, 2020, including the corresponding straight- line rent receivable, was reduced by $81.0 million during
the year associated with potentially uncollectible receivables, which included $15.2 million for straight-line rent receivables. The
Company’s analysis of its accounts receivable included (i) customer credit worthiness, (ii) assessment of risk associated with the tenant,
and (iii) current economic trends. If a lessee’s accounts receivable balance is considered uncollectible, the Company will write-off the
receivable balances associated with the lease and will only recognize lease income on a cash basis. This analysis also recognizes a general
reserve, as a reduction to revenues from rental properties, for its portfolio of operating lease receivables which are not expected to be fully
collectible based on the Company’s historical and current collection experience and the potential for settlement of arrears.
The principal considerations for our determination that performing procedures relating to the estimate of the collectability of accounts
receivable, including the corresponding straight-line rent receivable, is a critical audit matter is (i) the significant judgment by management
when determining the estimate of collectability of accounts receivable, including the corresponding straight-line rent receivable, which led
to (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence relating to
management’s analysis of the customer credit worthiness, risk associated with the tenant, and current economic trends.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on
the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the estimate of collectability
of accounts receivable, including the corresponding straight-line rent receivable. These procedures also included, among others (i) testing
management’s process for determining the estimate of the collectability of accounts receivable, including the corresponding straight-line
rent receivables, (ii) evaluating the appropriateness of the method, (iii) evaluating the reasonableness of the customer credit worthiness,
risk associated with the tenant, and current economic trends used by management when evaluating the probability of the collection of the
lessee’s total accounts receivable, including the corresponding straight-line rent receivable, and (iv) testing the underlying data used in the
estimate. Evaluating the reasonableness of the customer credit worthiness, risk associated with the tenant, and current economic trends
involved evaluating whether they were reasonable considering (i) the current and past performance of the tenant and the customer credit;
and (ii) the consistency with external market and industry data.
/s/ PricewaterhouseCoopers LLP
New York, New York
February 23, 2021
We have served as the Company’s auditor since at least 1991.We have not been able to determine the specific year we began serving as
auditor of the Company.
52
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
Assets:
Real estate:
Land
Building and improvements
Real estate
Less: accumulated depreciation and amortization
Total real estate, net
Real estate under development
Investments in and advances to real estate joint ventures
Other real estate investments
Cash and cash equivalents
Marketable securities
Accounts and notes receivable, net
Deferred charges and prepaid expenses
Operating lease right-of-use assets, net
Other assets
Total assets (1)
Liabilities:
Notes payable, net
Mortgages and construction loan payable, net
Accounts payable and accrued expenses
Dividends payable
Operating lease liabilities
Other liabilities
Total liabilities (2)
Redeemable noncontrolling interests
Commitments and contingencies (Footnote 20)
Stockholders' equity:
December 31,
2020
December 31,
2019
$
$
$
$
2,781,888
9,281,267
12,063,155
(2,717,114)
9,346,041
5,672
590,694
117,140
293,188
706,954
219,248
135,967
102,369
97,225
11,614,498
5,044,208
311,272
146,457
5,366
96,619
324,538
5,928,460
15,784
$
$
2,788,155
8,920,951
11,709,106
(2,500,053)
9,209,053
220,170
578,118
194,400
123,947
9,353
218,689
150,330
99,125
194,682
10,997,867
4,831,759
484,008
170,082
126,274
92,711
346,183
6,051,017
17,943
Preferred stock, $1.00 par value, authorized 7,054,000 shares; Issued and outstanding (in
series) 19,580 shares; Aggregate liquidation preference $489,500
Common stock, $.01 par value, authorized 750,000,000 shares; issued and outstanding
432,518,743, and 431,814,951 shares, respectively
Paid-in capital
Cumulative distributions in excess of net income
20
20
4,325
5,766,511
(162,812)
4,318
5,765,233
(904,679)
Total stockholders' equity
Noncontrolling interests
Total equity
Total liabilities and equity
5,608,044
62,210
5,670,254
11,614,498
$
4,864,892
64,015
4,928,907
10,997,867
$
(1) Includes restricted assets of consolidated variable interest entities (“VIEs”) at December 31, 2020 and December 31, 2019 of $102,482 and
$245,489, respectively. See Footnote 10 of the Notes to Consolidated Financial Statements.
(2) Includes non-recourse liabilities of consolidated VIEs at December 31, 2020 and December 31, 2019 of $62,076 and $153,436, respectively.
See Footnote 10 of the Notes to Consolidated Financial Statements.
The accompanying notes are an integral part of these consolidated financial statements.
53
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Revenues
Revenues from rental properties, net
Management and other fee income
Total revenues
Operating expenses
Rent
Real estate taxes
Operating and maintenance
General and administrative
Provision for doubtful accounts
Impairment charges
Depreciation and amortization
Total operating expenses
Year Ended December 31,
2019
2018
2020
$
$
1,044,888
13,005
1,057,893
$
1,142,334
16,550
1,158,884
1,149,603
15,159
1,164,762
(11,270)
(157,661)
(174,038)
(93,217)
-
(6,624)
(288,955)
(731,765)
(11,311)
(153,659)
(171,981)
(96,942)
-
(48,743)
(277,879)
(760,515)
(10,929)
(153,336)
(164,294)
(87,797)
(6,253)
(79,207)
(310,380)
(812,196)
229,840
582,406
16,528
(3,487)
-
(183,339)
(12,762)
Gain on sale of properties/change in control of interests
6,484
79,218
Operating income
332,612
477,587
Other income/(expense)
Other income, net
Gain/(loss) on marketable securities, net
Gain on sale of cost method investment
Interest expense
Early extinguishment of debt charges
4,119
594,753
190,832
(186,904)
(7,538)
10,985
829
-
(177,395)
-
Income before income taxes, net, equity in income of joint ventures, net, and
equity in income from other real estate investments, net
927,874
312,006
399,346
(Provision)/benefit for income taxes, net
Equity in income of joint ventures, net
Equity in income of other real estate investments, net
(978)
47,353
28,628
3,317
72,162
26,076
(1,600)
71,617
29,100
Net income
1,002,877
413,561
498,463
Net income attributable to noncontrolling interests
(2,044)
(2,956)
(668)
Net income attributable to the Company
1,000,833
410,605
497,795
Preferred stock redemption charges
Preferred dividends
Net income available to the Company's common shareholders
Per common share:
Net income available to the Company's common shareholders:
-Basic
-Diluted
Weighted average shares:
-Basic
-Diluted
$
$
$
-
(25,416)
(18,528)
(52,089)
-
(58,191)
975,417
$
339,988
$
439,604
2.26
2.25
$
$
0.80
0.80
$
$
1.02
1.02
429,950
431,633
420,370
421,799
420,641
421,379
The accompanying notes are an integral part of these consolidated financial statements.
54
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
Net income
Other comprehensive income:
Change in unrealized value on interest rate swaps
Other comprehensive income
Year Ended December 31,
2019
2020
2018
$
1,002,877
$
413,561
$
498,463
-
-
-
-
344
344
Comprehensive income
1,002,877
413,561
498,807
Comprehensive income attributable to noncontrolling interests
(2,044)
(2,956)
(668)
Comprehensive income attributable to the Company
$
1,000,833
$
410,605
$
498,139
The accompanying notes are an integral part of these consolidated financial statements.
55
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T
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2019
2020
2018
$
1,002,877
$
413,561
$
498,463
Cash flow from operating activities:
Net income
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
Impairment charges
Early extinguishment of debt charges
Equity award expense
Gain on sale of operating properties/change in control of interests
(Gain)/loss on marketable securities, net
Gain on sale of cost method investment
Equity in income of joint ventures, net
Equity in income from other real estate investments, net
Distributions from joint ventures and other real estate investments
Change in accounts and notes receivable
Change in accounts payable and accrued expenses
Change in other operating assets and liabilities
Net cash flow provided by operating activities
Cash flow from investing activities:
Acquisition of operating real estate and other related net assets
Improvements to operating real estate
Acquisition of real estate under development
Improvements to real estate under development
Investment in marketable securities
Proceeds from sale/repayments of marketable securities
Proceeds from sale of cost method investment
Investments in and advances to real estate joint ventures
Reimbursements of investments in and advances to real estate joint ventures
Investment in and advances to other real estate investments
Reimbursements of investments in and advances to other real estate investments
Investment in other financing receivable
Collection of mortgage loans receivable
Investment in other investments
Proceeds from sale of properties
Proceeds from insurance casualty claims
Net cash flow (used for)/provided by investing activities
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt
Principal payments on rental property debt
Proceeds from mortgage and construction loan financings
Proceeds from issuance of unsecured term loan
Proceeds from issuance of unsecured notes
(Repayments)/proceeds from the unsecured revolving credit facility, net
Repayments of unsecured term loan
Repayments under unsecured notes
Financing origination costs
Payment of early extinguishment of debt charges
Contributions from noncontrolling interests
Redemption/distribution of noncontrolling interests
Dividends paid
Proceeds from issuance of stock, net
Redemption of preferred stock
Repurchase of common stock
Change in other financing liabilities
Net cash flow used for financing activities
288,955
6,624
7,538
23,685
(6,484)
(594,753)
(190,832)
(47,353)
(28,628)
149,022
(559)
5,576
(25,755)
589,913
(12,644)
(221,278)
-
(22,358)
-
931
227,270
(15,882)
4,499
(14,918)
13,435
(25,000)
177
(500)
30,545
2,450
(33,273)
(158,556)
(10,693)
-
590,000
900,000
(200,000)
(590,000)
(484,905)
(18,040)
(7,538)
149
(23,345)
(379,874)
981
-
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(5,578)
(387,399)
277,879
48,743
-
20,200
(79,218)
(829)
-
(72,162)
(26,076)
93,877
(34,160)
(3,611)
(54,576)
583,628
(1,957)
(324,821)
-
(118,841)
(244)
2,023
-
(27,665)
21,759
(12,816)
5,960
(48)
10,449
(2,500)
324,280
4,000
(120,421)
(6,539)
(12,212)
16,028
-
350,000
100,000
-
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(7,707)
(1,531)
-
(15,134)
(531,565)
204,012
(575,000)
-
(3,193)
(482,841)
310,380
79,207
12,762
18,221
(229,840)
3,487
-
(71,617)
(29,100)
104,626
5,229
(9,175)
(54,707)
637,936
(5,407)
(290,874)
(4,592)
(235,988)
(63)
957
-
(36,139)
21,127
(524)
12,878
(125)
22,299
(857)
754,731
16,222
253,645
(204,746)
(13,113)
50,972
-
-
92,254
-
(315,095)
(1,221)
(13,308)
109
(6,660)
(529,756)
33,705
-
(75,126)
(4,528)
(986,513)
(94,932)
238,513
143,581
Net change in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
169,241
123,947
293,188
$
(19,634)
143,581
123,947
$
$
Interest paid during the year including payment of early extinguishment of debt charges of $7,538, $1,531
and $13,308, respectively (net of capitalized interest of $13,683, $15,690 and $17,549, respectively)
$
183,558
$
169,026
$
199,701
Income taxes paid/(received) during the year (net of refunds received of $47, $3,452 and $1,007,
respectively)
$
747
$
(1,106)
$
514
The accompanying notes are an integral part of these consolidated financial statements.
58
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Amounts relating to the number of buildings, square footage, tenant and occupancy data, joint venture debt average interest rates
and terms and estimated project costs are unaudited.
The terms “Kimco”, the “Company” and “our” each refer to Kimco Realty Corporation and its subsidiaries, unless the context
indicates otherwise. In statements regarding qualification as a REIT, such terms refer solely to Kimco Realty Corporation.
1. Summary of Significant Accounting Policies:
Business and Organization
The Company operates as a Real Estate Investment Trust (“REIT”) and is engaged principally in the ownership, management,
development and operation of open-air shopping centers, which are anchored primarily by grocery stores, off-price retailers,
discounters or service-oriented tenants. Additionally, the Company provides complementary services that capitalize on the
Company’s established retail real estate expertise. The Company evaluates performance on a property specific or transactional
basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring
performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with
accounting principles generally accepted in the United States of America ("GAAP").
The Company has elected to be taxed as a REIT for federal income tax purposes under the Internal Revenue Code of 1986, as
amended (the "Code"). The Company is organized and operates in a manner that enables it to qualify as a REIT under the Code.
Coronavirus Disease 2019 ("COVID-19") Pandemic
The COVID-19 pandemic has resulted in a widespread health crisis that has adversely affected businesses, economies, and
financial markets worldwide and has caused significant volatility in U.S. and international debt and equity markets. The impact
of COVID-19 on the retail industry for both landlords and tenants has been wide ranging, including, but not limited to, the
temporary closures of many businesses, "shelter in place" orders, social distancing guidelines and other governmental, business
and individual actions taken in response to the COVID-19 pandemic. There has also been reduced consumer spending due to
job losses, government restrictions in response to COVID-19 and other effects attributable to COVID-19.
The COVID-19 pandemic has created significant economic uncertainty and volatility and has considerably impacted the
Company’s stakeholders. The COVID-19 pandemic has impacted the Company's financial condition, results of operations and
cash flows since its onset. The extent to which the COVID-19 pandemic will continue to impact the Company’s financial
condition, results of operations and cash flows, will depend on future developments, which continue to be highly uncertain and
difficult to predict. The Company’s business, operations and financial results will depend on numerous evolving factors that the
Company is not able to predict, including the duration and scope of the pandemic, governmental, business and individual actions
that have been and continue to be, taken in response to the pandemic, the distribution and effectiveness of vaccines, the impact
on economic activity from the pandemic and actions taken in response, the effect on the Company’s tenants and their
businesses, the ability of tenants to make their rental payments, additional closures of tenants’ businesses and the impact of
opening and reclosing of communities in response to COVID-19. Any of these events could materially adversely impact the
Company’s business, financial condition, results of operations or stock price. The Company will continue to monitor the
economic, financial, and social conditions resulting from the COVID-19 pandemic and will assess its asset portfolio for any
impairment indicators. In addition, the Company will continue to monitor for any material or adverse effects resulting from the
COVID-19 pandemic.
Basis of Presentation
The accompanying Consolidated Financial Statements include the accounts of the Company. The Company’s subsidiaries
include subsidiaries which are wholly owned or which the Company has a controlling interest, including where the Company
has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the consolidation
guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-
company balances and transactions have been eliminated in consolidation.
59
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Use of Estimates
GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and
liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting
period. The most significant assumptions and estimates relate to the valuation of real estate and related intangible assets and
liabilities, equity method investments, other investments, including the assessment of impairments, as well as, depreciable lives,
revenue recognition, the collectability of trade accounts receivable, realizability of deferred tax assets and the assessment of
uncertain tax positions. Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a
result, actual results could differ from these estimates.
Subsequent Events
The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its consolidated
financial statements.
Real Estate
Real estate assets are stated at cost, less accumulated depreciation and amortization. Upon acquisition of real estate operating
properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements
and tenant improvements) and identified intangible assets and liabilities (consisting of above-market and below-market leases,
in-place leases and tenant relationships, where applicable), assumed debt and redeemable units issued at the date of acquisition,
based on evaluation of information and estimates available at that date. Fair value is determined based on a market approach,
which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. Acquisitions of operating properties are categorized as asset acquisitions
and as such the Company capitalizes the acquisition costs associated with these acquisitions.
In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market
and below-market leases is estimated based on the present value of the difference between the contractual amounts, including
fixed rate below-market lease renewal options, to be paid pursuant to the leases and management’s estimate of the market lease
rates and other lease provisions (i.e., expense recapture, base rental changes, etc.) measured over a period equal to the estimated
remaining term of the lease. The capitalized above-market or below-market intangible is amortized to rental income over the
estimated remaining term of the respective leases, which includes the expected renewal option period for below-market leases.
Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument.
In determining the value of in-place leases, management considers current market conditions and costs to execute similar leases
in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In
estimating carrying costs, management includes real estate taxes, insurance, other operating expenses, estimates of lost rental
revenue during the expected lease-up periods and costs to execute similar leases including leasing commissions, legal and other
related costs based on current market demand. The value assigned to in-place leases and tenant relationships is amortized over
the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized
costs relating to that lease would be written off.
Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows:
Buildings and building improvements (in years)
Fixtures, leasehold and tenant improvements
(including certain identified intangible assets)
5 to 50
Terms of leases or useful
lives, whichever is shorter
The Company periodically assesses the useful lives of its depreciable real estate assets, including those expected to be
redeveloped in future periods, and accounts for any revisions prospectively. Expenditures for maintenance, repairs and
demolition costs are charged to operations as incurred. Significant renovations and replacements, which improve or extend the
life of the asset, are capitalized. The useful lives of amortizable intangible assets are evaluated each reporting period with any
changes in estimated useful lives being accounted for over the revised remaining useful life.
When a real estate asset is identified by management as held-for-sale, the Company ceases depreciation of the asset and estimates
the fair value. If the fair value of the asset, less cost to sell, is less than the net book value of the asset, an adjustment to the
carrying value would be recorded to reflect the estimated fair value of the property, less estimated costs of sale and the asset is
classified as other assets.
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On a continuous basis, management assesses whether there are any indicators, including property operating performance,
changes in anticipated holding period and general market conditions, that the value of the real estate properties (including any
related amortizable intangible assets or liabilities) may be impaired. A property value is considered impaired only if
management’s estimated fair value is less than the net carrying value of the property. The Company’s estimated fair value is
primarily based upon (i) estimated sales prices from signed contracts or letters of intent from third-party offers, (ii) discounted
cash flow models of the property over its remaining hold period or (iii) third-party appraisals. An impairment is recognized on
properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount, at which
time, the property is written-down to its estimated fair value. Estimated fair values which are based on discounted cash flow
models include all estimated cash inflows and outflows over a specified holding period, capitalization rates and discount rates
utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current
market rates. In addition, such cash flow models consider factors such as expected future operating income, trends and prospects,
as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the carrying value of the
property would be adjusted to an amount to reflect the estimated fair value of the property. The Company does not have access
to the unobservable inputs used to determine the estimated fair values of third-party offers.
Real Estate Under Development
Real estate under development represents the development of open-air shopping center projects, which may include residential
and mixed-use components, that the Company plans to hold as long-term investments. These properties are carried at cost. The
cost of land and buildings under development includes specifically identifiable costs. Capitalized costs include pre-construction
costs essential to the development of the property, construction costs, interest costs, real estate taxes, insurance, legal costs,
salaries and related costs of personnel directly involved and other costs incurred during the period of development. The Company
ceases cost capitalization when the property is held available for occupancy and placed into service. This usually occurs upon
substantial completion of all development activity necessary to bring the property to the condition needed for its intended use,
but no later than one year from the completion of major construction activity. However, the Company may continue to capitalize
costs even though a project is substantially completed if construction is still ongoing at the site. If, in management’s opinion,
the current and projected undiscounted cash flows of these assets to be held as long-term investments is less than the net carrying
value plus estimated costs to complete the development, the carrying value would be adjusted to an amount that reflects the
estimated fair value of the property.
Investments in Unconsolidated Joint Ventures
The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting as the
Company exercises significant influence, but does not control, these entities. These investments are recorded initially at cost
and are subsequently adjusted for cash contributions and distributions. Earnings for each investment are recognized in
accordance with each respective investment agreement and where applicable, are based upon an allocation of the investment’s
net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.
The Company’s joint ventures primarily consist of co-investments with institutional and other joint venture partners in open-air
shopping center properties, consistent with its core business. These joint ventures typically obtain non-recourse third-party
financing on their property investments, thus contractually limiting the Company’s exposure to losses primarily to the amount
of its equity investment; and due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in
order to mitigate its risk. The Company, on a limited selective basis, has obtained unsecured financing for certain joint ventures.
These unsecured financings may be guaranteed by the Company with guarantees from the joint venture partners for their
proportionate amounts of any guaranty payment the Company is obligated to make. As of December 31, 2020, the Company
did not guaranty any unsecured joint venture debt.
To recognize the character of distributions from equity investees within its Consolidated Statements of Cash Flows, all
distributions received are presumed to be returns on investment and classified as cash inflows from operating activities unless
the Company’s cumulative distributions received less distributions received in prior periods that were determined to be returns
of investment exceed its cumulative equity in earnings recognized by the investor (as adjusted for amortization of basis
differences). When such an excess occurs, the current-period distribution up to this excess is considered a return of investment
and classified as cash inflows from investing.
On a continuous basis, management assesses whether there are any indicators, including the underlying investment property
operating performance and general market conditions, that the value of the Company’s investments in unconsolidated joint
ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment
is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent
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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
impairment has occurred, the loss will be measured as the excess of the carrying amount of the investment over the estimated
fair value of the investment. Estimated fair values which are based on discounted cash flow models include all estimated cash
inflows and outflows over a specified holding period, and, where applicable, any estimated debt premiums. Capitalization rates
and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a
reasonable range of current market rates.
Other Real Estate Investments and Other Assets
Other real estate investments primarily consist of preferred equity investments for which the Company provides capital to
owners and developers of real estate. The Company typically accounts for its preferred equity investments on the equity method
of accounting, whereby earnings for each investment are recognized in accordance with each respective investment agreement
and based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at
the end of each reporting period.
On a continuous basis, management assesses whether there are any indicators, including the underlying investment property
operating performance and general market conditions, that the value of the Company’s Other real estate investments may be
impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the
carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has
occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the
investment.
The Company’s estimated fair values are based upon a discounted cash flow model for each investment that includes all
estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums.
Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes
to be within a reasonable range of current market rates.
Other assets include investments for which the Company applies the cost method of accounting. The Company recognizes as
income distributions from net accumulated earnings of the investee since the date of acquisition. The net accumulated earnings
of an investee subsequent to the date of investment are recognized by the Company only to the extent distributed by the investee.
Distributions received in excess of earnings subsequent to the date of investment are considered a return of investment and are
recorded as reductions of cost of the investment.
Cash and Cash Equivalents
Cash and cash equivalents include demand deposits in banks, commercial paper and certificates of deposit with original
maturities of three months or less. Cash and cash equivalent balances may, at a limited number of banks and financial
institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through major financial
institutions and primarily in funds that are currently U.S. federal government insured up to applicable account limits.
Recoverability of investments is dependent upon the performance of the issuers.
Mortgages and Other Financing Receivables
Mortgages and other financing receivables consist of loans acquired and loans originated by the Company, which are included
within Other assets on the Company's Consolidated Balance Sheets. Borrowers of these loans are primarily experienced owners,
operators or developers of commercial real estate. The Company’s loans are primarily mortgage loans that are collateralized by
real estate. Mortgages and other financing receivables are recorded at stated principal amounts, net of any discount or premium
or deferred loan origination costs or fees. The related discounts or premiums on mortgages and other loans purchased are
amortized or accreted over the life of the related loan receivable. The Company defers certain loan origination and commitment
fees, net of certain origination costs and amortizes them as an adjustment of the loan’s yield over the term of the related loan.
On January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13 Financial Instruments – Credit
Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology
with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement
of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including
loan receivables and held-to-maturity debt securities. The Company adopted this standard using the modified retrospective
method for all financial assets measured at amortized cost. Results for reporting periods beginning after January 1, 2020 are
presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP.
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On a quarterly basis, the Company reviews credit quality indicators such as (i) payment status to identify performing versus
non-performing loans, (ii) changes affecting the underlying real estate collateral and (iii) national and regional economic factors.
The Company has determined that it has one portfolio segment, primarily represented by loans collateralized by real estate,
whereby it determines, as needed, reserves for loan losses on an asset-specific basis. The reserve for loan losses reflects
management's estimate of loan losses as of the balance sheet date and are included in Other income, net on the Company's
Consolidated Statements of Income. The reserve is increased through loan loss expense and is decreased by charge-offs when
losses are confirmed through the receipt of assets such as cash or via ownership control of the underlying collateral in full
satisfaction of the loan upon foreclosure or when significant collection efforts have ceased.
Interest income on performing loans is accrued as earned. A non-performing loan is placed on non-accrual status when it is
probable that the borrower may be unable to meet interest payments as they become due. Generally, loans 90 days or more past
due are placed on non-accrual status unless there is sufficient collateral to assure collectability of principal and interest. Upon
the designation of non-accrual status, all unpaid accrued interest is reserved and charged against current income. Interest income
on non-performing loans is generally recognized on a cash basis. Recognition of interest income on non-performing loans on
an accrual basis is resumed when it is probable that the Company will be able to collect amounts due according to the contractual
terms.
Marketable Securities
The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB’s Investments-Debt
and Equity Securities guidance. In accordance with ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10):
Recognition and Measurement of Financial Assets and Financial Liabilities, the Company recognizes changes in the fair value
of equity investments with readily determinable fair values in net income.
Deferred Leasing Costs
Effective January 1, 2019, in accordance with the adoption of ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), indirect
internal leasing costs previously capitalized are expensed. However, external leasing costs and direct internal leasing costs will
continue to be capitalized and amortized on a straight-line basis, over the terms of the related leases, as applicable. Previously,
capitalized indirect internal leasing costs were deferred and included in Other assets, on the Company’s Consolidated Balance
Sheets; however, upon adoption of ASU 2016-02 they are expensed and included in General and administrative expense.
Deferred leasing costs are classified as operating activities on the Company’s Consolidated Statements of Cash Flows.
Software Development Costs
Expenditures for major software purchases and software developed for internal use are capitalized and amortized on a straight-
line basis generally over a period of three to ten years. The Company’s policy provides for the capitalization of external direct
costs of materials and services associated with developing or obtaining internal use computer software. In addition, the Company
also capitalizes certain payroll and payroll-related costs for employees who are directly associated with internal use computer
software projects. The amount of payroll costs that can be capitalized with respect to these employees is limited to the time
directly spent on such projects. Costs associated with preliminary project stage activities, training, maintenance and all other
post-implementation stage activities are expensed as incurred. As of December 31, 2020, and 2019, the Company had
unamortized software development costs of $19.1 million and $14.5 million, respectively, which are included in Other assets
on the Company’s Consolidated Balance Sheets. The Company expensed $3.2 million, $1.7 million and $5.3 million in
amortization of software development costs during the years ended December 31, 2020, 2019 and 2018, respectively.
Deferred Financing Costs
Costs incurred in obtaining long-term financing, included in Notes payable, net and Mortgages and construction loan payable,
net in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, which approximates the effective
interest method, over the terms of the related debt agreements, as applicable.
Revenue, Trade Accounts Receivable and Gain Recognition
The Company determines the proper amount of revenue to be recognized in accordance with ASU 2014-09, Revenue from
Contracts with Customers (Topic 606), (“Topic 606”), by performing the following steps: (i) identify the contract with the
customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the
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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
transaction price to the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied.
As of December 31, 2020, the Company had no outstanding contract assets or contract liabilities.
The Company’s primary source of revenues are derived from lease agreements which fall under the scope of ASU 2016-02,
Leases (Topic 842), (“Topic 842”), which includes rental income and expense reimbursement income. The Company also has
revenues which are accounted for under Topic 606, which include fees for services performed at various unconsolidated joint
ventures for which the Company is the manager. These fees primarily include property and asset management fees, leasing fees,
development fees and property acquisition/disposition fees. Also affected by Topic 606 are gains on sales of properties and tax
increment financing (“TIF”) contracts. The Company presents its revenue streams on the Company’s Consolidated Statements
of Income as Revenues from rental properties, net and Management and other fee income.
Revenues from rental properties, net
Revenues from rental properties, net are comprised of minimum base rent, percentage rent, lease termination fee income,
amortization of above-market and below-market rent adjustments and straight-line rent adjustments. The Company accounts for
lease and non-lease components, as combined components under Topic 842. Non-lease components include reimbursements
paid to the Company from tenants for common area maintenance costs and other operating expenses. The combined components
are included in Revenues from rental properties, net on the Company’s Consolidated Statements of Income.
Base rental revenues from rental properties are recognized on a straight-line basis over the terms of the related leases. Certain
of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. These percentage rents
are recognized once the required sales level is achieved. Rental income may also include payments received in connection with
lease termination agreements. Lease termination fee income is recognized when the lessee provides consideration in order to
terminate an existing lease agreement and has vacated the leased space. If the lessee continues to occupy the leased space for a
period of time after the lease termination is agreed upon, the termination fee is accounted for as a lease modification based on
the modified lease term. Upon acquisition of real estate operating properties, the Company estimates the fair value of identified
intangible assets and liabilities (including above-market and below-market leases, where applicable). The capitalized above-
market or below-market intangible asset or liability is amortized to rental income over the estimated remaining term of the
respective leases, which includes the expected renewal option period for below-market leases.
Also included in Revenues from rental properties, net are ancillary income and TIF income. Ancillary income is derived through
various agreements relating to parking lots, clothing bins, temporary storage, vending machines, ATMs, trash bins and trash
lease
collections, seasonal
agreements/arrangements and is recognized in accordance with the lease terms described in the lease. The Company has TIF
agreements with certain municipalities and receives payments in accordance with the agreements. TIF reimbursement income
is recognized on a cash basis when received.
leases, etc. The majority of
the revenue derived from
these sources
is through
Management and other fee income
Property management fees, property acquisition and disposition fees, construction management fees, leasing fees and asset
management fees all fall within the scope of Topic 606. These fees arise from contractual agreements with third-parties or with
entities in which the Company has a noncontrolling interest. Management and other fee income related to partially owned entities
are recognized to the extent attributable to the unaffiliated interest. Property and asset management fee income is recognized as
a single performance obligation (managing the property) comprised of a series of distinct services (maintaining property,
handling tenant inquiries, etc.). The Company believes that the overall service of property management is substantially the same
each day and has the same pattern of performance over the term of the agreement. As a result, each day of service represents a
performance obligation satisfied at that point in time. These fees are recognized at the end of each period for services performed
during that period, primarily billed to the customer monthly with payment due upon receipt.
Leasing fee income is recognized as a single performance obligation primarily upon the rent commencement date. The Company
believes the leasing services it provides are similar for each available space leased and none of the individual activities necessary
to facilitate the execution of each lease are distinct. These fees are billed to the customer monthly with payment due upon receipt.
Property acquisition and disposition fees are recognized when the Company satisfies a performance obligation by acquiring a
property or transferring control of a property. These fees are billed subsequent to the acquisition or sale of the property and
payment is due upon receipt.
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Construction management fees are recognized as a single performance obligation (managing the construction of the project)
composed of a series of distinct services. The Company believes that the overall service of construction management is
substantially the same each day and has the same pattern of performance over the term of the agreement. As a result, each day
of service represents a performance obligation satisfied at that point in time. These fees are based on the amount spent on the
construction at the end of each period for services performed during that period, primarily billed to the customer monthly with
payment due upon receipt.
Trade Accounts Receivable
The Company reviews its trade accounts receivable, including its straight-line rent receivable, related to base rents, straight-line
rent, expense reimbursements and other revenues for collectability. When evaluating the probability of the collection of the
lessee’s total accounts receivable, including the corresponding straight-line rent receivable balance on a lease-by-lease basis;
the Company considered the effects COVID-19 has had on its tenants, including the corresponding straight-line rent receivable.
The Company’s analysis of its accounts receivable included (i) customer credit worthiness, (ii) assessment of risk associated
with the tenant, and (iii) current economic trends. In addition, tenants in bankruptcy are analyzed and considerations are made
in connection with the expected recovery of pre-petition and post-petition bankruptcy claims. Effective January 1, 2019, in
accordance with the adoption of Topic 842, the Company includes provision for doubtful accounts in Revenues from rental
properties, net. If a lessee’s accounts receivable balance is considered uncollectible, the Company will write-off the receivable
balances associated with the lease and will only recognize lease income on a cash basis. In addition to the lease-specific
collectability assessment performed under Topic 842, the analysis also recognizes a general reserve, as a reduction to Revenues
from rental properties, for its portfolio of operating lease receivables which are not expected to be fully collectible based on the
Company’s historical and current collection experience and the potential for settlement of arrears. Although the Company
estimates uncollectible receivables and provides for them through charges against revenues from rental properties, actual results
may differ from those estimates. If the Company subsequently determines that it is probable it will collect the remaining lessee’s
lease payments under the lease term, the Company will then reinstate the straight-line balance and the lease income will then be
limited to the lesser of (i) the straight-line rental income or (ii) the lease payments that have been collected from the lessee.
Since the outbreak of the COVID-19 pandemic, the Company’s shopping centers have remained open; however, a substantial
number of tenants had or continue to have temporarily or permanently closed their businesses. Others had, or continue to have,
shortened their operating hours or offered reduced services. The Company has also had a substantial number of tenants that have
made late or partial rent payments, requested a deferral of rent payments or defaulted on rent payments. Since the COVID-19
pandemic began, the Company has seen an increase in the number of tenants filing for bankruptcy. The Company continues to
evaluate the impact these bankruptcy filings have or will have on collections, vacancies and future rental income. The Company
considered the effects COVID-19 has had on its tenants when evaluating the adequacy of the collectability of the lessee’s total
accounts receivable balance,
the year ended
December 31, 2020, the Company’s revenue was reduced by $81.0 million associated with potentially uncollectible revenues,
including revenues from tenants that are being accounted for on a cash basis, which includes $15.2 million for straight-line rent
receivables, primarily attributable to the COVID-19 pandemic. Management’s estimate of the collectability of accrued rents and
accounts receivable is based on the best information available to management at the time of evaluation. The Company has, and
continues to have, worked with tenants to grant rent deferrals or rent waivers on a lease by lease basis. The deferrals generally
have a repayment period of six to 18 months.
the corresponding straight-line rent receivable. During
including
Gains on sale of properties/change in control of interests
On January 1, 2018, the Company adopted ASU 2017-05, Other Income–Gains and Losses from the Derecognition of
Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales
of Nonfinancial Assets (“Topic 610”) for gains and losses from the sale and/or transfer of real estate property. Topic 610 provides
that sales of nonfinancial assets, such as real estate, are to be recognized when control of the asset transfers to the buyer, which
will occur when the buyer has the ability to direct the use of or obtain substantially all of the remaining benefits from the asset.
This generally occurs when the transaction closes and consideration is exchanged for control of the property.
Leases
The FASB issued Topic 842, which amended the guidance in former ASC Topic 840, Leases. The new standard increases
transparency and comparability by requiring the recognition by lessees of right-of-use (“ROU”) assets and lease liabilities on
the balance sheet for those leases classified as operating leases.
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KIMCO REALTY CORPORATION AND SUBSIDIARIES
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The Company adopted this standard effective January 1, 2019 under the modified retrospective approach and elected the optional
transition method to apply the provisions of Topic 842 as of the adoption date, rather than the earliest period presented. As such,
the requirements of Topic 842 were not applied in the comparative periods presented in the Company’s Consolidated Financial
Statements. The Company also elected the package of practical expedients, which permits the Company to not reassess (i)
whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and
(iii) any initial direct costs for any existing leases as of the effective date. The Company did not elect the hindsight practical
expedient, which permits entities to use hindsight in determining the lease term and assessing impairment.
Lessor
The Company accounts for non-lease components and related lease components combined under Topic 842, in accordance with
the defined criteria in ASU 2018-11, Leases - Targeted Improvements (“ASU 2018-11”). As a lessor, the Company’s recognition
of rental revenue under Topic 842 remained mainly consistent with recognition of rental revenue under the previous guidance,
Topic 840, apart from the narrower definition of initial direct costs that can be capitalized. The new standard defines initial
direct costs as only the incremental costs that would not have been incurred if the lease had not been obtained. Under Topic 842
initial direct costs include commissions paid to third-parties, including brokers, leasing and referral agents and internal leasing
commissions paid to employees for successful execution of lease agreements. These initial direct costs are capitalized and
generally amortized over the term of the related leases using the straight-line method. Internal employee compensation, payroll-
related benefits and certain external legal fees are considered indirect costs associated with the execution of lease agreements
and will no longer be capitalized; these costs will be included in general and administrative expense. As a result of electing the
package of practical expedients described above, existing leases and related initial direct costs have not been reassessed prior to
the effective date, and therefore, adoption of the lease standard did not have an impact on the Company’s previously reported
Consolidated Statements of Income for initial direct costs.
In April 2020, the FASB staff developed a question-and-answer document, Topic 842 and Topic 840: Accounting for Lease
Concessions related to the Effects of the COVID-19 Pandemic, which focuses on the application of the lease guidance in Topic
842, Leases for lease concessions related to the effects of the COVID-19 pandemic. The FASB staff has been made aware that,
given the unprecedented and global nature of the COVID-19 pandemic, it may be exceedingly challenging for entities to
determine whether existing contracts provide enforceable rights and obligations for lease concessions and, if so, whether those
concessions are consistent with the terms of the contract or are modifications to a contract. As such, an entity can elect not to
evaluate whether certain relief provided by a lessor in response to the COVID-19 pandemic is a lease modification. An entity
that makes this election can then elect to apply the modification guidance to that relief or account for the concession as if it were
contemplated as part of the existing contract. This election is available for concessions related to the effects of the COVID-19
pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. For example, this
election is available for concessions that result in the total payments required by the modified contract being substantially the
same as or less than total payments required by the original contract.
Some concessions will provide a deferral of payments with no substantive changes to the consideration in the original contract.
A deferral affects the timing of cash receipts, but the amount of the consideration is substantially the same as that required by
the original contract. The FASB staff expects that there will be multiple ways to account for those deferrals, none of which the
FASB staff believes are preferable to the others. Two of those methods are:
(i) Account for the concessions as if no changes to the lease contract were made. Under that accounting, a lessor would increase
its lease receivable and a lessee would increase its accounts payable as receivables/payments accrue. In its income statement,
a lessor would continue to recognize income and a lessee would continue to recognize expense during the deferral period.
(ii) Account for the deferred payments as variable lease payments.
The Company has elected to apply the modification relief as described in (i) above to the lease concessions it has entered into
during the year ended December 31, 2020, related to the COVID-19 pandemic as a lessor related to rental income recognized.
Lessee
The Company’s leases where it is the lessee primarily consist of ground leases and administrative office leases. ROU assets
represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s
obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement
date of the lease and are based on the present value of lease payments over the lease term. The Company utilized an incremental
borrowing rate based on the information available at adoption of Topic 842 in determining the present value of lease payments
since these leases do not provide an implicit rate. Variable lease payments are excluded from the lease liabilities and
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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
corresponding ROU assets, as they are recognized in the period in which the obligation for those payments is incurred. Many
of the Company’s lessee agreements include options to extend the lease, which were not included in the Company’s minimum
lease terms unless reasonably certain to be exercised. Rental expense for lease payments related to operating leases is recognized
on a straight-line basis over the lease term. See Note 11 to the Company’s Consolidated Financial Statements for further details.
Income Taxes
The Company elected to qualify as a REIT for federal income tax purposes commencing with its taxable year January 1, 1992
and operates in a manner that enables the Company to qualify and maintain its status as a REIT. Accordingly, the Company
generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its
REIT taxable income as defined under Section 856 through 860 of the Code. Most states, in which the Company holds
investments in real estate, conform to the federal rules recognizing REITs.
The Company maintains certain subsidiaries which made joint elections with the Company to be treated as taxable REIT
subsidiaries (“TRSs”), which permit the Company to engage through such TRSs in certain business activities that the REIT may
not conduct directly. A TRS is subject to federal and state income taxes on its income, and the Company includes a provision
for taxes in its consolidated financial statements. As such, the Company, through its wholly owned TRSs, has been engaged in
various retail real estate related opportunities including retail real estate management and disposition services which primarily
focuses on leasing and disposition strategies of retail real estate controlled by both healthy and distressed and/or bankrupt
retailers. The Company may consider other investments through its TRSs should suitable opportunities arise. The Company is
subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside
the U.S. These investments are held by the Company at the REIT level and not in the Company’s TRSs. Accordingly, the
Company does not expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the
Company’s foreign subsidiaries.
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the
estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets
and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities
are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or
settled. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such
assets to be more likely than not.
The Company reviews the need to establish a valuation allowance against deferred tax assets on a quarterly basis. The review
includes an analysis of various factors, such as future reversals of existing taxable temporary differences, the capacity for the
carryback or carryforward of any losses, the expected occurrence of future income or loss and available tax planning strategies.
The Company applies the FASB’s guidance relating to uncertainty in income taxes recognized in a Company’s financial
statements. Under this guidance the Company may recognize the tax benefit from an uncertain tax position only if it is more
likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the
position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit
that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for
uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and
accounting in interim periods.
Noncontrolling Interests
The Company accounts for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing
Liabilities from Equity guidance issued by the FASB. Noncontrolling interests represent the portion of equity that the Company
does not own in those entities it consolidates. The Company identifies its noncontrolling interests separately within the equity
section on the Company’s Consolidated Balance Sheets. The amounts of consolidated net earnings attributable to the Company
and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Income.
Noncontrolling interests also include amounts related to partnership units issued by consolidated subsidiaries of the Company
in connection with certain property acquisitions. These units have a stated redemption value or a defined redemption amount
based upon the trading price of the Company’s common stock and provides the unit holders various rates of return during the
holding period. The unit holders generally have the right to redeem their units for cash at any time after one year from issuance.
For convertible units, the Company typically has the option to settle redemption amounts in cash or common stock.
67
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from
Equity guidance. Convertible units for which the Company has the option to settle redemption amounts in cash or common
stock are included in the caption Noncontrolling interests within the equity section on the Company’s Consolidated Balance
Sheets. Units which embody a conditional obligation requiring the Company to redeem the units for cash after a specified or
determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined
to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within
the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets.
Contingently redeemable noncontrolling interests are recorded at fair value upon issuance. Any change in the fair value or
redemption value of these noncontrolling interests is subsequently recognized through Paid-in capital on the Company’s
Consolidated Balance Sheets and is included in the Company’s computation of earnings per share (see Footnote 23 of the Notes
to the Consolidated Financial Statements).
Stock Compensation
In May 2020, the Company’s stockholders approved the 2020 Equity Participation Plan (the “2020 Plan"), which is a successor
to the Restated Kimco Realty Corporation 2010 Equity Participation Plan that expired in March 2020. The 2020 Plan provides
for a maximum of 10,000,000 shares of the Company’s common stock to be reserved for the issuance of stock options, stock
appreciation rights, restricted stock units, performance awards, dividend equivalents, stock payments and deferred stock awards.
Unless otherwise determined by the Board of Directors at its sole discretion, restricted stock grants generally vest (i) 100% on
the fourth or fifth anniversary of the grant, (ii) ratably over three, four and five years or (iii) over ten years at 20% per year
commencing after the fifth year. Performance share awards, which vest over a period of one to three years, may provide a right
to receive shares of the Company’s common stock or restricted stock based on the Company’s performance relative to its peers,
as defined, or based on other performance criteria as determined by the Board of Directors. In addition, the 2020 Plan provides
for the granting of restricted stock to each of the Company’s non-employee directors (the “Independent Directors”) and permits
such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees.
The Company accounts for equity awards in accordance with the FASB’s Stock Compensation guidance which requires that all
share-based payments to employees be recognized in the Statements of Income over the service period based on their fair values.
Fair value of performance awards is determined using the Monte Carlo method, which is intended to estimate the fair value of
the awards at the grant date (see Footnote 21 of the Notes to Consolidated Financial Statements for additional disclosure on the
assumptions and methodology).
Reclassifications
Certain amounts in the prior periods have been reclassified in order to conform to the current period’s presentation. For
comparative purposes, the Company reclassified (i) $9.4 million of marketable securities from Other assets to Marketable
securities on the Company’s Consolidated Balance Sheets at December 31, 2019 and (ii) $0.8 million of gain on marketable
securities, net and $3.5 million of loss on marketable securities, net from Other income, net to Gain/(loss) on marketable
securities, net on the Company’s Consolidated Statements of Income for the years ended December 31, 2019 and 2018,
respectively.
New Accounting Pronouncements
The following table represents ASUs to the FASB’s ASCs that, as of December 31, 2020, are not yet effective for the
Company and for which the Company has not elected early
adoption, where permitted:
ASU
Description
ASU 2020-01, Investments
– Equity Securities (Topic
321), Investments – Equity
Method and Joint Ventures
(Topic 323), and
The amendments clarify the interaction between the
for equity securities, equity method
accounting
investments, and certain derivative instruments. This
ASU, among other things, clarifies that an entity should
consider observable transactions that require a company
68
Effective
Date
January 1,
2021; Early
adoption
permitted
Effect on the financial
statements or other
significant
matters
The adoption of this ASU is
not expected to have a
material impact on the
Company’s financial position
and/or results of operations.
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Derivatives and Hedging
(Topic 815)—Clarifying
the Interactions between
Topic 321, Topic 323, and
Topic 815 (a consensus of
the Emerging Issues Task
Force)
to either apply or discontinue the equity method of
accounting under Topic 323 for the purposes of applying
the measurement alternative in accordance with Topic
321 immediately before applying or upon discontinuing
the equity method.
The following ASUs to the FASB’s ASCs have been adopted by the Company as of the date listed:
ASU
Description
ASU 2020-04, Reference Rate
Reform (Topic 848) – Facilitation
of the Effects of Reference Rate
Reform on Financial Reporting
This ASU is intended to provide temporary optional expedients and
exceptions to GAAP guidance on contract modifications and hedge
accounting to ease the financial reporting burdens related to the expected
market transition from the London Interbank Offered Rate ("LIBOR")
and other interbank offered rates to alternative reference rates.
Effect on the financial
statements or other
significant matters
The adoption of this ASU did not
have a material impact on the
Company’s financial position
and/or results of operations.
Adoption Date
This guidance is
effective
immediately, and
the Company
may elect to
apply the
amendments
prospectively
through
December 31,
2022.
ASU 2020-03, Codification
Improvements to Financial
Instruments
This ASU improves and clarifies various financial instruments topics.
The ASU includes seven different issues that describe the areas of
improvement and the related amendments to GAAP, intended to make
the standards easier
to understand and apply by eliminating
inconsistencies and providing clarifications.
The amendment
is divided into
issues 1 to 7 with
different
effective dates.
The Company adopted issues 1-7
of this ASU, the adoption did not
have a material impact on the
Company’s financial position
and/or results of operations.
ASU 2018-17, Consolidation
(Topic 810) – Targeted
Improvements to Related Party
Guidance for Variable Interest
Entities
The amendment to Topic 810 clarifies the following areas:
(i) Applying the variable interest entity (VIE) guidance to private
companies under common control, and
(ii) Considering indirect interests held through related parties under
common control, for determining whether fees paid to decision
makers and service providers are variable interests.
January 1, 2020;
Early adoption
permitted
The adoption of this ASU did not
have a material impact on the
Company’s financial position
and/or results of operations.
This update improves the accounting for those areas, thereby improving
general purpose financial reporting. Retrospective adoption is required.
The amendment aligns the requirements for capitalizing implementation
costs incurred in a hosting arrangement that is a service contract with the
requirements for capitalizing implementation costs incurred to develop
or obtain internal-use software.
January 1, 2020;
Early adoption
permitted
The adoption of this ASU did not
have a material impact on the
Company’s financial position
and/or results of operations.
ASU 2018-15,
Intangibles – Goodwill and
Other – Internal-Use Software
(Subtopic 350-40): Customer’s
Accounting for Implementation
Costs Incurred in a Cloud
Computing Arrangement that is a
Service Contract
ASU 2018-13, Fair Value
Measurement (Topic 820):
Disclosure Framework – Changes
to the Disclosure Requirements for
Fair Value Measurement
The amendment modifies the disclosure requirements for fair value
measurements in Topic 820, based on the concepts in the FASB
Concepts Statement, Conceptual Framework for Financial Reporting –
Chapter 8: Notes to Financial Statements, including the consideration of
costs and benefits.
January 1, 2020;
Early adoption
permitted
The adoption of this ASU did not
have a material impact on the
Company’s financial position
and/or results of operations.
ASU 2016-13, Financial
Instruments – Credit Losses (Topic
326): Measurement of Credit
Losses on Financial Instruments
ASU 2018-19, Codification
Improvements to Topic
326, Financial Instruments – Credit
Losses
The new guidance introduces a new model for estimating credit losses
for certain types of financial instruments, including loans receivable,
held-to-maturity debt securities, and net investments in direct financing
leases, amongst other financial instruments. ASU 2016-13 also modifies
the impairment model for available-for-sale debt securities and expands
the disclosure requirements regarding an entity’s assumptions, models,
and methods for estimating the allowance for losses.
In November 2018, the FASB issued ASU 2018-19, which includes
amendments to (i) clarify receivables arising from operating leases are
within the scope of the new leasing standard (Topic 842) discussed below
and (ii) align the implementation date for nonpublic entities’ annual
January 1, 2020;
Early adoption
permitted
The Company adopted this
standard using the modified
retrospective method.
While the Company’s mortgages
and other financing receivables are
impacted by this ASU, the adoption
did not have a material impact on
the Company’s Consolidated
Financial Statements.
69
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
ASU 2019-05, Financial
Instruments – Credit Losses (Topic
326), Targeted Transition Relief
ASU 2019-11, Codification
Improvements to Topic 326,
Financial Instruments – Credit
Losses
statements with
financial
their
interim financial statements. Early adoption is permitted as of the
original effective date.
implementation date
the
for
the
FASB issued ASU 2019-05,
In May 2019,
which
amends ASU 2016-13 to allow companies to irrevocably elect, upon
adoption of ASU 2016-13, the fair value option on financial instruments
that (i) were previously recorded at amortized cost and (ii) are within the
scope of ASC 326-203 if the instruments are eligible for the fair value
option under ASC 825-10.4. The fair value option election does not apply
to held-to-maturity debt securities. Entities are required to make this
election on an instrument-by-instrument basis. These amendments
should be applied on a modified-retrospective basis by means of a
cumulative-effect adjustment to the opening balance of retained earnings
balance in the statement of financial position as of the date that an entity
adopted the amendments in ASU 2016-13. Certain disclosures are
required. The effective date will be the same as the effective date in ASU
2016-13.
In November 2019, the FASB issued ASU 2019-11, which clarifies the
treatment of certain credit losses and disclosure requirements.
2. Real Estate:
The Company’s components of Real estate, net consist of the following (in thousands):
Land:
Developed land
Undeveloped land
Total land
Buildings and improvements:
Buildings
Building improvements
Tenant improvements
Fixtures and leasehold improvements
Above-market leases
In-place leases
Total buildings and improvements
Real estate
Accumulated depreciation and amortization (1)
Total real estate, net
December 31,
2020
2019
$
$
$
2,758,936
22,952
2,781,888
5,911,602
1,918,641
820,027
32,123
125,858
473,016
9,281,267
12,063,155
(2,717,114)
9,346,041
$
2,759,232
28,923
2,788,155
5,661,306
1,840,580
771,498
31,563
128,854
487,150
8,920,951
11,709,106
(2,500,053)
9,209,053
(1) At December 31, 2020 and 2019, the Company had accumulated amortization relating to in-place leases and above-market leases
aggregating $499,022 and $485,040, respectively.
In addition, at December 31, 2020 and 2019, the Company had intangible liabilities relating to below-market leases from
property acquisitions of $231.3 million and $259.3 million, respectively, net of accumulated amortization of $219.6 million and
$207.0 million, respectively. These amounts are included in the caption Other liabilities on the Company’s Consolidated Balance
Sheets.
The Company’s amortization associated with above-market and below-market leases for the years ended December 31, 2020,
2019 and 2018 resulted in net increases to revenue of $22.5 million, $20.0 million and $14.9 million, respectively. The
Company’s amortization expense associated with in-place leases, which is included in depreciation and amortization, for the
years ended December 31, 2020, 2019 and 2018 was $26.3 million, $33.1 million and $47.4 million, respectively.
The estimated net amortization income/(expense) associated with the Company’s above-market and below-market leases and
in-place leases for the next five years are as follows (in millions):
Above-market and below-market leases amortization, net
In-place leases amortization
$
$
12.1
$
(23.1) $
12.2
$
(17.8) $
70
2021
2022
2023
2024
$ 11.0
11.3
(13.5) $ (10.3) $
2025
$ 11.2
(7.5)
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
3. Property Acquisitions and Other Investments:
Acquisition/Consolidation of Operating Properties
During the year ended December 31, 2020, the Company acquired the following operating property, through a direct asset
purchase (in thousands):
Property Name
North Valley Parcel
Location
Peoria, AZ
Month Acquired
Feb-20
$
Purchase Price
Cash
GLA*
7,073
9
* Gross leasable area ("GLA")
During the year ended December 31, 2019, the Company acquired the following operating properties, in separate transactions,
through direct asset purchases or consolidation due to change in control resulting from the purchase of additional interests of a
joint venture investment (in thousands):
Purchase Price
Property Name
Location
Bell Camino Out-parcel Sun City, AZ
Gateway at Donner Pass
Out-parcel
Rancho Penasquitos Out-
parcel
Linwood Square (1)
San Diego, CA
Indianapolis, IN
Truckee, CA
Month
Acquired/
Consolidated
Jan-19
Jan-19
Jan-19
Dec-19
$
$
Cash*
Debt
5,678
$
13,527
12,064
1,957
33,226
$
Other
Consideration
**
Total
GLA
$
$
-
-
-
4,543
4,543
$
$
5,678
13,527
12,064
11,889
43,158
45
40
40
165
290
-
-
-
5,389
5,389
* The Company utilized an aggregate $36.1 million associated with Internal Revenue Code 26 U.S.C. §1031 sales proceeds.
** Includes the Company’s previously held equity interest investment, net of noncontrolling interest of the remaining partners.
(1) The Company acquired a partner’s ownership interest in a property which was held in a joint venture in which the Company had a
noncontrolling interest. The Company now has a 69.5% controlling interest in this property and has deemed this entity to be a VIE for
which the Company is the primary beneficiary and consolidates the asset. The Company evaluated this transaction pursuant to the
FASB’s Consolidation guidance and, as a result, recognized a gain on change in control of interests of $0.1 million resulting from the
fair value adjustment associated with the Company’s previously held equity interest, which are included in the purchase price above in
Other Consideration.
Included in the Company’s Consolidated Statements of Income are $0.4 million and $1.4 million in total revenues from the date
of acquisition through December 31, 2020 and 2019, respectively, for operating properties acquired during each of the respective
years.
Purchase Price Allocations
The purchase price for these acquisitions is allocated to real estate and related intangible assets acquired and liabilities assumed,
as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocations for properties
acquired/consolidated during the years ended December 31, 2020 and 2019, are as follows (in thousands):
Land
Buildings
Building improvements
Tenant improvements
In-place leases
Above-market leases
Below-market leases
Allocation as of
December 31, 2020
935
$
4,610
221
382
925
-
-
Weighted-
Average Useful
Life (in Years)
n/a
50.0
45.0
19.4
19.4
n/a
n/a
Allocation as of
December 31, 2019
11,852
$
21,075
3,703
2,234
4,921
203
(765)
Weighted-
Average Useful
Life (in Years)
n/a
50.0
45.0
16.9
18.2
9.0
12.0
71
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Other assets
Other liabilities
Net assets acquired/consolidated
$
-
-
7,073
n/a
n/a
$
850
(915)
43,158
n/a
n/a
4. Real Estate Under Development:
The Company had a real estate development project located in Dania Beach, FL for long-term investment. During June 2020,
this real estate development project, aggregating $229.9 million (including internal capitalized costs of $31.2 million), was
placed in service, and the Company reclassified $228.8 million to Land and Building and improvements and $1.1 million to
Other assets on the Company’s Consolidated Balance Sheets. As of December 31, 2020, the Company has one land parcel
located in Dania Beach, FL which is held for future development included in Real estate under development on the Company’s
Consolidated Balance Sheets.
During 2019, the Company sold a land parcel at a development project located in Dania Beach, FL for a sales price of $32.5
million, which resulted in a gain of $4.3 million, which is included in Gain on sale of properties/change in control of interests
on the Company’s Consolidated Statements of Income.
5. Dispositions of Real Estate:
Real Estate
The table below summarizes the Company’s disposition activity relating to operating properties and parcels, in separate
transactions (dollars in millions):
2020
Year Ended December 31,
2019 (1)
2018
Aggregate sales price/gross fair value
Gain on sale of properties/change in control of interests
Number of operating properties sold/deconsolidated
Number of parcels sold
$
$
$
$
31.8
6.5
3
4
$
$
344.7
79.2
20
9
1,164.3
229.8
54
7
(1) Includes the parcel sale at Dania Pointe, noted above in Footnote 4 of the Notes to Consolidated Financial Statements.
Included in the table above, during the year ended December 31, 2018, the Company sold a portion of its investment in an
operating property to its partner based on a gross fair value of $320.0 million, including $206.0 million of non-recourse mortgage
debt, and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the
Company no longer consolidates the entity and as such, reduced noncontrolling interests by $43.8 million and recognized a gain
on change in control of $6.8 million, in accordance with the adoption of ASU 2017-05 effective as of January 1, 2018 (see
Footnote 1 of the Notes to Consolidated Financial Statements). The Company has an investment in this unconsolidated property
($62.4 million as of the date of deconsolidation), included in Investments in and advances to real estate joint ventures on the
Company’s Consolidated Balance Sheets. The Company’s share of this investment is subject to change and is based upon a cash
flow waterfall provision within the partnership agreement (54.8% as of the date of deconsolidation).
Land Sales
During 2018, the Company sold 10 land parcels, for an aggregate sales price of $9.7 million. These transactions resulted in an
aggregate gain of $6.3 million, before income tax expense and noncontrolling interest for the year ended December 31, 2018.
The gains from these transactions are recorded as other income, which is included in Other income, net on the Company’s
Consolidated Statements of Income.
6. Impairments:
Management assesses on a continuous basis whether there are any indicators, including property operating performance, changes
in anticipated holding period, general market conditions and delays of or change in plans for development, that the value of the
Company’s assets (including any related amortizable intangible assets or liabilities) may be impaired. To the extent impairment
has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset.
The Company has a capital recycling program which provides for the disposition of certain properties, typically of lesser quality
assets in less desirable locations. The Company adjusted the anticipated hold period for these properties and as a result the
72
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Company recognized impairment charges on certain operating properties (see Footnote 16 of the Notes to Consolidated
Financial Statements for fair value disclosure).
The Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential
transactions and/or the property hold period resulted in the Company recognizing impairment charges for the years ended
December 31, 2020, 2019 and 2018 as follows (in millions):
Properties marketed for sale (1)
Properties disposed/deeded in lieu/foreclosed (2)
Total net impairment charges
2020
2019
2018
$
$
5.5
1.1
6.6
$
$
12.5
36.2
48.7
$
$
59.5
19.7
79.2
(1) These impairment charges relate to adjustments to property carrying values for properties which the Company has marketed for sale as part
of its capital recycling program and as such has adjusted the anticipated hold periods for such properties. During December 2018, the
Company recognized an impairment charge of $41.0 million related to a development project located in Jacksonville, FL, which the Company
had no longer intended to develop. The Company has sold portions of the property and is marketing the remainder of the property as is for
sale.
(2) Amounts relate to dispositions/deeds in lieu/foreclosures during the respective years shown.
In addition to the impairment charges above, the Company recognized impairment charges during 2020, 2019 and 2018 of $0.8
million, $5.6 million and $6.9 million, respectively, relating to certain properties held by various unconsolidated joint ventures
in which the Company holds noncontrolling interests. These impairment charges are included in Equity in income of joint
ventures, net on the Company’s Consolidated Statements of Income (see Footnote 7 of the Notes to Consolidated Financial
Statements).
The COVID-19 pandemic has significantly impacted the retail sector in which the Company operates, and if the effects of the
pandemic are prolonged, it could have a significant adverse impact to the underlying industries of many of the Company’s
tenants. Management cannot, at this point, estimate ultimate losses related to the COVID-19 pandemic. The Company will
continue to monitor the economic, financial, and social conditions resulting from this pandemic and assess its asset portfolio for
any impairment indicators.
7. Investment in and Advances to Real Estate Joint Ventures:
The Company has investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily
in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the
joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the
Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting.
The table below presents unconsolidated joint venture investments for which the Company held an ownership interest at
December 31, 2020 and 2019 (in millions, except number of properties):
Joint Venture
Prudential Investment Program (1) (2)
Kimco Income Opportunity Portfolio (“KIR”) (2)
Canada Pension Plan Investment Board (“CPP”) (2)
Other Joint Venture Programs
Total*
Ownership
Interest
The Company's Investment
December 31,
2020
2019
15.0% $
48.6%
55.0%
Various
$
175.1
177.4
159.7
78.5
590.7
$
$
169.5
175.0
151.7
81.9
578.1
* Representing 97 property interests and 21.2 million square feet of GLA, as of December 31, 2020, and 98 property interests and 21.3 million
square feet of GLA, as of December 31, 2019.
(1) Represents three separate joint ventures, with three separate accounts managed by Prudential Global Investment Management.
(2) The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property
management fees, asset management fees and construction management fees.
The table below presents the Company’s share of net income for these investments which is included in Equity in income of
joint ventures, net on the Company’s Consolidated Statements of Income (in millions):
73
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Prudential Investment Program (1)
KIR
CPP
Other Joint Venture Programs (2)
Total
Year Ended December 31,
2019
2020
2018
$
$
9.0
30.5
5.6
2.3
47.4
$
$
10.4
50.3
5.8
5.7
72.2
$
$
15.2
38.7
5.1
12.6
71.6
(1) During the year ended December 31, 2019, the Prudential Investment Program recognized an impairment charge on a property of $29.9 million,
of which the Company’s share was $3.7 million.
(2) During the year ended December 31, 2018, a joint venture investment distributed cash proceeds resulting from the refinancing of an existing
loan of which the Company’s share was $3.6 million. This distribution was in excess of the Company’s carrying basis in this joint venture
investment and to that extent was recognized as income. In addition, during the year ended December 31, 2018, a joint venture recognized an
impairment charge related to the pending foreclosure of a property, of which the Company’s share was $5.2 million.
During 2019, certain of the Company’s real estate joint ventures disposed of nine operating properties, in separate transactions,
for an aggregate sales price of $247.4 million. These transactions resulted in an aggregate net gain to the Company of $14.4
million, for the year ended December 31, 2019.
During 2018, certain of the Company’s real estate joint ventures disposed of 11 operating properties, in separate transactions,
for an aggregate sales price of $213.5 million. These transactions resulted in an aggregate net gain to the Company of $18.5
million, for the year ended December 31, 2018.
The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company
held noncontrolling ownership interests at December 31, 2020 and 2019 (dollars in millions):
December 31, 2020
December 31, 2019
Mortgages
and
Notes
Payable,
Net
$
$
495.8
536.9
84.9
423.4
1,541.0
Weighted
Average
Interest
Rate
2.05%
3.87%
3.25%
3.41%
Weighted
Average
Remaining
Term
(months)*
37.2
25.3
30.0
86.7
Mortgages
and
Notes
Payable, Net
538.1
$
556.0
84.8
415.2
1,594.1
$
Weighted
Average
Interest
Rate
3.46%
4.39%
3.25%
3.87%
Weighted
Average
Remaining
Term
(months)*
46.8
28.4
42.0
80.9
Joint Venture
Prudential Investment Program
KIR
CPP
Other Joint Venture Programs
Total
* Average remaining term includes extensions
KIR –
The Company holds a 48.6% noncontrolling limited partnership interest in KIR and has a master management agreement
whereby the Company performs services for fees relating to the management, operation, supervision and maintenance of the
joint venture properties. The Company’s equity in income from KIR for the year ended December 31, 2019 exceeded 10% of
the Company’s income from continuing operations before income taxes; as such, the Company is providing summarized
financial information for KIR as follows (in millions):
Assets:
Real estate, net
Other assets
Total Assets
Liabilities and Members’ Capital:
Notes payable, net
Mortgages payable, net
Other liabilities
Members’ capital
Total Liabilities and Members' Capital
December 31,
2020
2019
$
$
$
$
787.1
75.3
862.4
91.5
445.4
17.4
308.1
862.4
$
$
$
$
788.7
83.6
872.3
-
556.0
16.3
300.0
872.3
74
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Revenues, net
Operating expenses
Depreciation and amortization
Gain on sale of properties
Interest expense
Other expense, net
Net income
Year Ended December 31,
2019
2018
2020
$
$
173.9 $
(49.5)
(36.9)
-
(23.8)
(1.6)
62.1 $
193.6 $
(51.0)
(38.0)
32.2
(28.2)
(1.1)
107.5 $
197.2
(53.3)
(42.2)
13.5
(33.3)
(1.5)
80.4
Summarized financial information for the Company’s investment in and advances to all other real estate joint ventures is as
follows (in millions):
Assets:
Real estate, net
Other assets
Total Assets
Liabilities and Members’ Capital:
Notes payable, net
Mortgages payable, net
Other liabilities
Noncontrolling interests
Members’ capital
Total Liabilities and Members' Capital
Revenues, net
Operating expenses
Impairment charges
Depreciation and amortization
Gain on sale of properties
Interest expense
Other expense, net
Net income
December 31,
2020
2019
$
$
$
$
2,549.2
179.0
2,728.2
199.8
804.3
53.6
18.3
1,652.2
2,728.2
$
$
$
$
2020
Year Ended December 31,
2019
2018
$
$
282.4
(101.9)
(4.4)
(75.0)
0.2
(31.2)
(10.8)
59.3
$
$
317.6
(99.4)
(39.5)
(76.9)
15.0
(47.1)
(14.2)
55.5
$
$
2,596.9
140.3
2,737.2
199.8
838.3
59.5
17.7
1,621.9
2,737.2
309.1
(92.8)
(20.7)
(80.3)
46.8
(46.8)
(2.9)
112.4
Other liabilities included in the Company’s accompanying Consolidated Balance Sheets include investments in certain real
estate joint ventures totaling $3.7 million and $3.5 million at December 31, 2020 and 2019, respectively. The Company has
varying equity interests in these real estate joint ventures, which may differ from their proportionate share of net income or loss
recognized in accordance with GAAP.
The Company’s maximum exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying
value in these investments. Generally, such investments contain operating properties and the Company has determined these
entities do not contain the characteristics of a VIE. As of December 31, 2020 and 2019, the Company’s carrying value in these
investments was $590.7 million and $578.1 million, respectively.
The Company will continue to monitor the economic, financial, and social conditions resulting from the COVID-19 pandemic
and assess its joint venture portfolio for any impairment indicators.
8. Other Real Estate Investments:
Preferred Equity Capital –
The Company has provided capital to owners and developers of real estate properties and loans through its Preferred Equity
program. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to
75
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
its net investment. As of December 31, 2020, the Company’s net investment under the Preferred Equity program was $98.2
million relating to 113 properties, including 103 net leased properties which are accounted for as direct financing leases. For the
year ended December 31, 2020, the Company earned $28.4 million from its preferred equity investments, including net profit
participation of $13.7 million. As of December 31, 2019, the Company’s net investment under the Preferred Equity program
was $175.3 million relating to 240 properties, including 230 net leased properties which are accounted for as direct financing
leases. For the year ended December 31, 2019, the Company earned $25.8 million from its preferred equity investments,
including net profit participation of $7.3 million.
In December 2020, the Company entered into a preferred equity investment through a partnership, which provided a mezzanine
financing loan that is encumbered by a property located in Queens, NY. As of December 31, 2020, the Company’s net investment
was $10.1 million (included above) and held an ownership interest of 71.43%.
As of December 31, 2020, these preferred equity investment properties had non-recourse mortgage loans aggregating $141.9
million (excluding fair market value of debt adjustments aggregating $4.8 million). These loans have scheduled maturities
ranging from one month to four years and bear interest at rates ranging from 4.19% to 9.85%. Due to the Company’s preferred
position in these investments, the Company’s share of each investment is subject to fluctuation and is dependent upon property
cash flows. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited
to its invested capital.
Summarized financial information relating to the Company’s preferred equity investments is as follows (in millions):
Assets:
Real estate, net
Other assets
Total Assets
Liabilities and Partners’/Members’ Capital:
Mortgages payable, net
Other liabilities
Partners’/Members’ capital
Total Liabilities and Partners’/Members' Capital
Revenues
Operating expenses
Depreciation and amortization
Gain on sale of properties
Interest expense
Other expense, net
Net income
9. Marketable Securities:
December 31,
2020
2019
$
$
$
$
95.7
216.5
312.2
146.7
4.5
161.0
312.2
$
$
$
$
2020
Year Ended December 31,
2019
2018
$
$
44.6
(11.1)
(2.9)
0.2
(7.0)
(4.0)
19.8
$
$
66.6
(16.0)
(3.2)
13.6
(11.9)
(7.9)
41.2
$
$
91.6
484.6
576.2
236.1
2.6
337.5
576.2
77.0
(15.5)
(4.3)
1.9
(16.9)
(8.2)
34.0
The amortized cost and unrealized gains/(losses), net of marketable securities as of December 31, 2020 and 2019, are as follows
(in thousands):
Marketable securities:
Amortized cost (1)
Unrealized gains/(losses), net (1)
Total fair value
As of December
31, 2020
As of December
31, 2019
$
$
114,531
592,423
706,954
$
$
12,064
(2,711)
9,353
(1) See Albertsons Companies, Inc. discussion below.
During the years ended December 31, 2020 and 2019, the net unrealized gains on marketable securities were $594.8 million and
$0.8 million, respectively. These net unrealized gains are included in Gain/(loss) on marketable securities, net on the Company’s
76
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Consolidated Statements of Income. See Footnote 16 to the Notes to the Company’s Consolidated Financial Statements for fair
value disclosure.
Albertsons Companies, Inc. (“ACI”) –
The Company owned 9.29% of the common stock of ACI, one of the largest food and drug retailers in the United States, and
accounted for this $140.2 million investment on the cost method, which was included in Other assets on the Company’s
Consolidated Balance Sheets as of December 31, 2019. During June 2020, ACI issued $1.75 billion of convertible preferred
stock and used the net proceeds of $1.68 billion to repurchase approximately 17.5% of ACI’s common stock owned by its
current shareholders. As a result of this transaction, the Company received net proceeds of $156.1 million, recognized a gain of
$131.6 million, which is included in Gain on sale of cost method investment on the Company’s Consolidated Statements of
Income, and held a 7.5% ownership interest in ACI.
On June 25, 2020, ACI announced its initial public offering (“IPO”) of 50.0 million shares of its common stock had been priced
at $16.00 per share. In connection with this transaction, the Company received net proceeds of $71.4 million, net of fees, from
the sale of 4.7 million common shares in ACI and recognized a gain of $59.2 million, which is included in Gain on sale of cost
method investment on the Company’s Consolidated Statements of Income. The shares began trading on the New York Stock
Exchange under the symbol "ACI" on June 26, 2020. As of December 31, 2020, the Company holds 39.8 million common
shares in ACI (subject to certain contractual lock-up provisions) which are accounted for as available-for-sale marketable
securities and are included in Marketable securities on the Company’s Consolidated Balance Sheets. As of December 31, 2020,
the Company’s investment in ACI was $700.4 million, including a mark-to-market gain of $596.8 million.
During October 2020, ACI declared a cash dividend of $0.10 per share of Class A common stock and Class A-1 common stock.
The cash dividend was paid on November 10, 2020 to stockholders of record as of the close of business on October 26, 2020.
As a result, the Company recognized $4.0 million of dividend income during the year ended December 31, 2020, which is
included in Other income, net on the Company’s Consolidated Statements of Income.
10. Variable Interest Entities (“VIE”):
Included within the Company’s operating properties at December 31, 2020 and 2019, are 22 consolidated entities that are VIEs
for which the Company is the primary beneficiary. These entities have been established to own and operate real estate property.
The Company’s involvement with these entities is through its majority ownership and management of the properties. The entities
were deemed VIEs primarily because the unrelated investors do not have substantive kick-out rights to remove the general or
managing partner by a vote of a simple majority or less and they do not have substantive participating rights. The Company
determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest. At December 31,
2020, total assets of these VIEs were $1.0 billion and total liabilities were $62.1 million. At December 31, 2019, total assets of
these VIEs were $0.9 billion and total liabilities were $70.9 million.
The majority of the operations of these VIEs are funded with cash flows generated from the properties. The Company has not
provided financial support to any of these VIEs that it was not previously contractually required to provide, which consists
primarily of funding any capital expenditures, including tenant improvements, which are deemed necessary to continue to
operate the entity and any operating cash shortfalls that the entity may experience.
Additionally, included within the Company’s real estate development projects at 2019, was one consolidated entity that was a
VIE, for which the Company was the primary beneficiary. This entity was established to develop a real estate property to hold
as a long-term investment. The Company’s involvement with this entity was through its majority ownership and management
of the property. This entity was deemed a VIE primarily because the equity investments at risk were not sufficient to permit the
entity to finance its activities without additional financial support. The initial equity contributed to this entity was not sufficient
to fully finance the real estate construction as development costs are funded by the partners throughout the construction period.
The Company determined that it was the primary beneficiary of this VIE as a result of its controlling financial interest. At
December 31, 2019, total assets of this real estate development VIE were $346.9 million and total liabilities were $82.5 million.
During the year ended December 31, 2020, the Company purchased the partner’s noncontrolling interest and maintains full
ownership of the entity. As a result, the entity is no longer a VIE.
All liabilities of these VIEs are non-recourse to the Company (“VIE Liabilities”). The assets of the unencumbered VIEs are not
restricted for use to settle only the obligations of these VIEs. The remaining VIE assets are encumbered by third-party non-
recourse mortgage debt. The assets associated with these encumbered VIEs (“Restricted Assets”) are collateral under the
respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. The
77
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
classification of the Restricted Assets and VIE Liabilities on the Company’s Consolidated Balance Sheets are as follows (in
millions):
December 31, 2020 December 31, 2019
Number of unencumbered VIEs
Number of encumbered VIEs
Total number of consolidated VIEs
Restricted Assets:
Real estate, net
Cash and cash equivalents
Accounts and notes receivable, net
Other assets
Total Restricted Assets
VIE Liabilities:
Mortgages and construction loan payable, net
Accounts payable and accrued expenses
Operating lease liabilities
Other liabilities
Total VIE Liabilities
$
$
$
$
19
3
22
97.7 $
1.8
1.9
1.1
102.5 $
36.5 $
5.2
5.5
14.9
62.1 $
19
4
23
228.9
9.2
3.8
3.6
245.5
104.5
7.1
5.6
36.2
153.4
11. Leases
Lessor Leases
The Company’s primary source of revenues is derived from lease agreements, which includes rental income and expense
reimbursement. The Company’s lease income is comprised of minimum base rent, expense reimbursements, percentage rent,
lease termination fee income, ancillary income, amortization of above-market and below-market rent adjustments and straight-
line rent adjustments.
The disaggregation of the Company’s lease income, which is included in Revenue from rental properties on the Company’s
Consolidated Statements of Operations, as either fixed or variable lease income based on the criteria specified in ASC 842, for
the years ended December 31, 2020 and 2019, is as follows (in thousands):
Lease income:
Fixed lease income (1)
Variable lease income (2)
Above-market and below-market leases amortization, net
Total lease income (3)
Year Ended December 31,
2019
2020
$
$
804,107
218,266
22,515
1,044,888
$
$
880,214
242,110
20,010
1,142,334
(1) Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments.
(2) Includes minimum base rents, expense reimbursements, percentage rent, lease termination fee income and ancillary income.
(3) During 2020, the Company’s revenue was reduced by $81.0 million associated with potentially uncollectible revenues, including revenues
from tenants that are being accounted for on a cash basis, and disputed amounts, which includes $15.2 million for straight-line rent
receivables, primarily attributable to the COVID-19 pandemic.
Base rental revenues from rental properties are recognized on a straight-line basis over the terms of the related leases. The
difference between the amount of rental income contracted through leases and rental income recognized on a straight-line basis
for the years ended December 31, 2020, 2019 and 2018 was ($6.9) million, $17.2 million and $13.6 million, respectively.
The Company is primarily engaged in the operation of shopping centers that are either owned or held under long-term leases
that expire at various dates through 2072. The Company, in turn, leases premises in these centers to tenants pursuant to lease
agreements which provide for terms ranging generally from five to 25 years and for annual minimum rentals plus incremental
rents based on operating expense levels and tenants' sales volumes. Annual minimum rentals plus incremental rents based on
78
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
operating expense levels and percentage rents comprised 98% of total revenues from rental properties for each of the three years
ended December 31, 2020, 2019 and 2018.
The minimum revenues expected to be received by the Company from rental properties under the terms of all non-cancelable
tenant leases for future years, assuming no new or renegotiated leases are executed for such premises, are as follows (in millions):
Minimum revenues
$
848.8
$
741.0
$
645.3
$
549.9
$
457.8
$
2,403.3
2021
2022
2023
2024
2025
Thereafter
Lessee Leases
The Company adopted Topic 842, on January 1, 2019, and, as a result, recorded a ROU asset of $106.0 million and a
corresponding lease liability of $98.7 million (see Footnote 1 to the Company’s Consolidated Financial Statements for further
discussion on the adoption of Topic 842). As the lessee, the Company currently leases real estate space under noncancelable
operating lease agreements for ground leases and administrative office leases. The Company’s leases have remaining lease terms
ranging from less than one to 51 years, some of which include options to extend the terms for up to an additional 75 years. The
Company does not include any of its renewal options in its lease terms for calculating its lease liability as the renewal options
allow the Company to maintain operational flexibility, and the Company is not reasonably certain it will exercise these renewal
options at this time. The weighted-average remaining non-cancelable lease term for the Company’s operating leases was 20.3
years at December 31, 2020.
The Company’s operating lease liabilities are determined based on the estimated present value of the Company’s minimum
lease payments under its lease agreements. The discount rate used to determine the lease liabilities is based on the estimated
incremental borrowing rate on a lease by lease basis. When calculating the incremental borrowing rates, the Company utilized
data from (i) its recent debt issuances, (ii) publicly available data for instruments with similar characteristics, (iii) observable
mortgage rates and (iv) unlevered property yields and discount rates. The Company then applied adjustments to account for
considerations related to term and security that may not be fully incorporated by the data sets. At December 31, 2020, the
weighted-average discount rate was 6.53%. During the year ended December 31, 2020, the Company obtained $8.9 million of
right-use-assets in exchange for new operating lease liabilities related to a new ground lease.
The components of the Company’s lease expense, which are included in rent expense and general and administrative expense
on the Company’s Consolidated Statements of Income, were as follows (in thousands):
Lease cost:
Operating lease cost
Variable lease cost
Total lease cost
Year Ended December 31,
2019
2020
$
$
10,371
2,852
13,223
$
$
12,630
2,038
14,668
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the
operating lease liabilities (in thousands):
Year Ending December 31,
2021
2022
2023
2024
2025
Thereafter
Total minimum lease payments
Less imputed interest
Total operating lease liabilities
$
$
$
11,209
10,596
10,623
9,801
9,285
128,795
180,309
(83,690)
96,619
79
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
12. Other Assets:
Mortgages and Other Financing Receivables
The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by
the Company. For a complete listing of the Company’s mortgages and other financing receivables at December 31, 2020, see
Financial Statement Schedule IV included in this annual report on Form 10-K.
The following table reconciles mortgage loans and other financing receivables from January 1, 2018 to December 31, 2020 (in
thousands):
2020
2019
2018
$
7,829
$
14,448
$
Balance at January 1,
Additions:
New mortgage and other loans
Additions under existing mortgage loans
Foreign currency translation
Amortization of loan discounts
Deductions:
Loan repayments
Collections of principal
Charge off/foreign currency translation
Allowance for credit losses
Amortization of loan costs
Balance at December 31,
$
25,500
-
-
-
(25)
(152)
-
(906)
-
32,246
$
3,750
48
-
33
(10,136)
(313)
-
-
(1)
7,829
$
21,838
14,825
-
116
125
(21,012)
(1,287)
(155)
-
(2)
14,448
The Company reviews payment status to identify performing versus non-performing loans. As of December 31, 2020, the
Company had a total of eight loans, all of which were identified as performing loans.
13. Notes Payable:
As of December 31, 2020 and 2019 the Company’s Notes payable, net consisted of the following (dollars in millions):
Carrying Amount at
December 31,
2020
2019
Interest Rate at
December 31,
2020
2019
Senior unsecured notes
Credit facility
Deferred financing costs, net (3)
$
$
5,100.0
-
(55.8)
5,044.2
$
$
4,684.9
200.0
(53.1)
4,831.8
1.90% - 4.45% 2.70% - 4.45%
(2)
n/a
3.46%*
(1)
n/a
3.33%*
Maturity Date at
December 31, 2020
Nov-2022– Oct
2049
Mar-2024
n/a
* Weighted-average interest rate
(1) Accrues interest at a rate of LIBOR plus 0.765% (0.91% at December 31, 2020).
(2) Accrued interest at a rate of LIBOR plus 0.875% (2.64% at December 31, 2019).
(3) As of December 31, 2020, the Company had $5.6 million of deferred financing costs, net related to the Credit Facility that are included
in Other assets on the Company’s Consolidated Balance Sheets.
During the years ended December 31, 2020 and 2019, the Company issued the following senior unsecured notes (dollars in
millions):
Date Issued
Aug-2020
Jul-2020 (1)
Aug-2019
Maturity Date
Mar-2028
Oct-2030
Oct-2049
$
$
$
Amount Issued
Interest Rate
400.0
500.0
350.0
1.90%
2.70%
3.70%
(1) In July 2020, the Company issued unsecured notes (the “Green Bond”), of which the net proceeds from this offering are allocated to
finance or refinance, in whole or in part, recently completed, existing or future Eligible Green Projects, in alignment with the four core
components of the Green Bond Principles, 2018 as administered by the International Capital Market Association. Eligible Green Projects
include projects with disbursements made in the three years preceding the issue date of the notes.
80
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
During the year ended December 31, 2020, the Company repaid the following senior unsecured notes (dollars in millions):
Date Paid
Jul-2020 & Aug-2020 (1)
Maturity Date
May-2021
Amount
Repaid
Interest
Rate
$
484.9
3.20%
(1) The Company incurred a prepayment charge of $7.5 million, which is included in Early extinguishment of debt charges on the
Company’s Consolidated Statements of Income.
The scheduled maturities of all notes payable excluding unamortized debt issuance costs of $55.8 million, as of December 31,
2020, were as follows (in millions):
Principal payments
$
-
$
500.0
$
350.0
$
400.0
$
500.0
2021
2022
2023
2024
2025
Thereafter
3,350.0
$
Total
$
5,100.0
The Company’s supplemental indentures governing its Senior Unsecured Notes contain covenants whereby the Company is
subject to maintaining (a) certain maximum leverage ratios on both unsecured senior corporate and secured debt, minimum debt
service coverage ratios and minimum equity levels, (b) certain debt service ratios and (c) certain asset to debt ratios. In addition,
the Company is restricted from paying dividends in amounts that exceed by more than $26.0 million the funds from operations,
as defined, generated through the end of the calendar quarter most recently completed prior to the declaration of such dividend;
however, this dividend limitation does not apply to any distributions necessary to maintain the Company's qualification as a
REIT providing the Company is in compliance with its total leverage limitations. The Company was in compliance with all of
the covenants as of December 31, 2020.
Interest on the Company’s fixed-rate Senior Unsecured Notes is payable semi-annually in arrears. Proceeds from these issuances
were primarily used for the acquisition of shopping centers, the expansion and improvement of properties in the Company’s
portfolio and the repayment of certain debt obligations of the Company.
Term Loan
On April 1, 2020, the Company entered into an unsecured term loan (the "Term Loan") with total outstanding borrowings of
$590.0 million pursuant to a credit agreement with a group of banks. The Term Loan was scheduled to mature in April 2021,
with a one-year extension option to extend the maturity date, at the Company’s discretion, to April 2022. The Term Loan accrued
interest at a rate of LIBOR plus 140 basis points or, at the Company’s option, a spread of 40 basis points to the base rate defined
in the Term Loan, that in each case fluctuated in accordance with changes in the Company’s senior debt ratings. The Term Loan
could be increased by an additional $750.0 million through an accordion feature. Pursuant to the terms of the Term Loan, the
Company was subject to covenants that were substantially the same as those in the Credit Facility. During July 2020, the Term
Loan was fully repaid and the facility was terminated.
Credit Facility
In February 2020, the Company obtained a new $2.0 billion unsecured revolving credit facility (the “Credit Facility”) with a
group of banks, which replaced the Company’s existing $2.25 billion unsecured revolving credit facility. The Credit Facility is
scheduled to expire in March 2024, with two additional six-month options to extend the maturity date, at the Company’s
discretion, to March 2025. The Credit Facility is a green credit facility tied to sustainability metric targets, as described in the
agreement. The Company achieved such targets, which effectively reduced the rate on the Credit Facility by one basis point.
The Credit Facility, which accrues interest at a rate of LIBOR plus 76.5 basis points (0.91% as of December 31, 2020), can be
increased to $2.75 billion through an accordion feature. Pursuant to the terms of the Credit Facility, the Company, among other
things, is subject to covenants requiring the maintenance of (i) maximum indebtedness ratios and (ii) minimum interest and
fixed charge coverage ratios. As of December 31, 2020, the Credit Facility had no outstanding balance, $0.3 million appropriated
for letters of credit and the Company was in compliance with its covenants.
14. Mortgages and Construction Loan Payable:
Mortgages, collateralized by certain shopping center properties (see Financial Statement Schedule III included in this annual
report on Form 10-K), are generally due in monthly installments of principal and/or interest.
81
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
As of December 31, 2020 and 2019, the Company’s Mortgages and construction loan payable, net consisted of the following
(in millions):
Carrying Amount at
December 31,
2020
2019
Interest Rate at
December 31,
2020
2019
Mortgages payable
Construction loan payable (1)
Fair value debt adjustments, net
Deferred financing costs, net
$
$
308.4
-
3.5
(0.6)
311.3
$
$
410.6
67.0
7.9
(1.5)
484.0
3.23% - 7.23% 3.23% - 7.23%
3.56%
n/a
n/a
4.97%*
n/a
n/a
n/a
4.73%*
Maturity Date at
December 31, 2020
Apr-2021 – Apr-
2028
n/a
n/a
n/a
* Weighted-average interest rate
(1) Accrued interest at a rate of LIBOR plus 1.80% (3.56% as of December 31, 2019). In January 2020, the construction loan was
fully repaid.
During 2020, the Company repaid $92.0 million of mortgage debt (including fair market value adjustment of $0.4 million) that
encumbered four operating properties.
During 2019, the Company repaid $6.6 million of mortgage debt that encumbered three operating properties. Additionally,
during 2019, the Company disposed of an encumbered property through a deed in lieu transaction. This transaction resulted in
a net decrease in mortgage debt of $7.0 million (including a fair market value adjustment of $0.1 million) and a gain on
forgiveness of debt of $2.8 million, which is included in Other income, net in the Company’s Consolidated Statements of
Income.
The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable,
excluding unamortized fair value debt adjustments of $3.5 million and unamortized debt issuance costs of $0.6 million, as of
December 31, 2020, were as follows (in millions):
Principal payments
$
144.9
$
144.4
$
15.1
$
1.7
$
0.6
2021
2022
2023
2024
2025
Thereafter
1.7
$
Total
$
308.4
15. Noncontrolling Interests and Redeemable Noncontrolling Interests:
Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates as a
result of having a controlling interest or having determined that the Company was the primary beneficiary of a VIE in accordance
with the provisions of the FASB’s Consolidation guidance. The Company accounts and reports for noncontrolling interests in
accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. The
Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance
Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented
separately on the Company’s Consolidated Statements of Income.
Noncontrolling interests
The Company owns seven shopping center properties located throughout Puerto Rico. These properties were acquired partially
through the issuance of $158.6 million of non-convertible units and $45.8 million of convertible units. Noncontrolling interests
related to these acquisitions totaled $233.0 million of units, including premiums of $13.5 million and a fair market value
adjustment of $15.1 million (collectively, the "Units"). Since the acquisition date the Company has redeemed a substantial
portion of these units. As of December 31, 2020 and 2019, noncontrolling interests relating to the remaining units were $5.2
million. The Units related annual cash distribution rates and related conversion features consisted of the following as of
December 31, 2020:
Type
Class B-1 Preferred Units (1)
Class B-2 Preferred Units (2)
Class C DownReit Units (1)
$
$
$
Par Value
Per Unit
10,000
10,000
Number of
Units
Remaining
189
42
30.52
52,797
82
Return Per Annum
7.0%
7.0%
Equal to the Company’s
common stock dividend
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
(1) These units are redeemable for cash by the holder or at the Company’s option, shares of the Company’s common stock, based upon the
conversion calculation as defined in the agreement. These units are included in Noncontrolling interests on the Company’s Consolidated
Balance Sheets.
(2) These units are redeemable for cash by the holder or callable by the Company and are included in Redeemable noncontrolling interests on
the Company’s Consolidated Balance Sheets.
The Company owns a shopping center located in Bay Shore, NY, which was acquired in 2006 with the issuance of 647,758
redeemable Class B Units at a par value of $37.24 per unit. The units accrue a return equal to the Company’s common stock
dividend and are redeemable for cash by the holder or at the Company’s option, shares of the Company’s common stock at a
ratio of 1:1. These units are callable by the Company any time after April 3, 2026, and are included in Noncontrolling interests
on the Company’s Consolidated Balance Sheets. During 2007, 30,000 units, or $1.1 million par value, of the Class B Units were
redeemed and at the Company’s option settled in cash. In addition, during 2019 and 2018, 188,951 and 25,970 units, or $8.0
million and $1.1 million book value, respectively, of the Class B Units were redeemed and at the Company’s option settled in
cash for $4.0 million and $0.5 million, respectively. The redemption value of these units is calculated using the 30 day weighted
average closing price of the Company’s common stock prior to redemption. As of December 31, 2020 and 2019, noncontrolling
interest relating to the remaining Class B Units was $16.1 million and $16.2 million, respectively.
Noncontrolling interests also includes 138,015 convertible units issued during 2006 by the Company, which were valued at $5.3
million, including a fair market value adjustment of $0.3 million, related to an interest acquired in an office building located in
Albany, NY. These units are currently redeemable at the option of the holder for cash or at the option of the Company for the
Company’s common stock at a ratio of 1:1. The holder is entitled to a distribution equal to the dividend rate of the Company’s
common stock.
During the year ended December 31, 2020, the Company acquired its partners’ interests in two consolidated entities, in separate
transactions, for an aggregate purchase price of $20.6 million. These transactions resulted in a net decrease in Noncontrolling
interests of $1.3 million and a corresponding net decrease in Paid-in capital of $19.3 million on the Company’s Consolidated
Balance Sheets. There are no remaining partners in one of these consolidated entities.
Redeemable noncontrolling interests
Included within noncontrolling interests are units that were determined to be contingently redeemable that are classified as
Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and Stockholder’s equity
on the Company’s Consolidated Balance Sheets.
The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the years ended
December 31, 2020 and 2019 (in thousands):
2020
2019
Balance at January 1,
Income
Distributions
Redemption of redeemable units (1)
Adjustment to estimated redemption value (2)
Balance at December 31,
$
$
17,943
1,022
(1,021)
-
(2,160)
15,784
$
$
23,682
358
(345)
(5,752)
-
17,943
(1) During 2019, the Company redeemed all 5,223,313 Class A Units for a total redemption price of $5.8 million.
(2) During the year ended December 31, 2020, the Company recorded an adjustment of $2.2 million to the estimated redemption fair market
value of this noncontrolling interest in accordance with the provisions of the joint venture agreement and ASC 480 – Accounting for
Redeemable Equity Instruments. The Company assesses the fair market value of this noncontrolling interest on a recurring basis and
determined that its valuation was classified within Level 3 of the fair value hierarchy. The estimated fair market value of this
noncontrolling interest was based upon a discounted cash flow model, for which a capitalization rate of 5.50% and discount rate of
6.50% were utilized in the model based upon unobservable rates that the Company believes to be within a reasonable range of current
market rates. No adjustment to fair value was required during the year ended December 31, 2019.
16. Fair Value Disclosure of Financial Instruments:
All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in
management’s estimation, based upon an interpretation of available market information and valuation methodologies,
reasonably approximate their fair values except those listed below, for which fair values are disclosed. The valuation method
83
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
used to estimate fair value for fixed-rate and variable-rate debt is based on discounted cash flow analyses, with assumptions that
include credit spreads, market yield curves, trading activity, loan amounts and debt maturities. The fair values for marketable
securities are based on published values, securities dealers’ estimated market values or comparable market sales. Such fair value
estimates are not necessarily indicative of the amounts that would be realized upon disposition.
As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements
and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on
market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and
2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs
classified within Level 3 of the hierarchy).
The following are financial instruments for which the Company’s estimate of fair value differs from the carrying amounts (in
thousands):
Notes payable, net (1)
Mortgages and construction loan payable, net (2)
December 31,
2020
2019
Carrying
Amounts
Estimated
Fair Value
Carrying
Amounts
Estimated
Fair Value
$
$
5,044,208
311,272
$
$
5,486,953
312,933
$
$
4,831,759
484,008
$
$
4,983,763
486,042
(1) The Company determined that the valuation of its Senior Unsecured Notes were classified within Level 2 of the fair value hierarchy and
its Credit Facility was classified within Level 3 of the fair value hierarchy. The estimated fair value amounts classified as Level 2 as of
December 31, 2020 and 2019, were $5.5 billion and $4.8 billion, respectively. The estimated fair value amounts classified as Level 3 as
of December 31, 2019, was $199.9 million.
(2) The Company determined that its valuation of these mortgages and construction loan payable was classified within Level 3 of the fair
value hierarchy.
The Company has certain financial instruments that must be measured under the FASB’s Fair Value Measurements and
Disclosures guidance, including available for sale securities. The Company currently does not have non-financial assets and
non-financial liabilities that are required to be measured at fair value on a recurring basis.
In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value
hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level
input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular
input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
The Company from time to time has used interest rate swaps to manage its interest rate risk. The fair values of interest rate
swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments)
and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an
expectation of future interest rates (forward curves) derived from observable market interest rate curves. Based on these inputs,
the Company has determined that interest rate swap valuations are classified within Level 2 of the fair value hierarchy.
The tables below present the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2020
and 2019, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):
Assets:
Marketable equity securities
$
706,954
$
706,954
$
-
$
Balance at
December 31,
2020
Level 1
Level 2
Level 3
Assets:
Marketable equity securities
$
9,353
$
9,353
$
-
$
Balance at
December 31,
2019
Level 1
Level 2
Level 3
-
-
84
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Assets measured at fair value on a non-recurring basis at December 31, 2020 and 2019 are as follows (in thousands):
Balance at
December 31,
2020
24,899
5,464
$
$
Level 1
Level 2
Level 3
Real estate
Other real estate investments
Real estate
Other real estate investments
$
$
$
$
Balance at
December 31,
2019
Level 1
39,510
32,974
$
$
-
-
-
-
$
$
$
$
Level 2
-
-
-
-
$
$
$
$
24,899
5,464
Level 3
39,510
32,974
During the year ended December 31, 2020, the Company recognized impairment charges related to adjustments to property
carrying values of $6.6 million. The Company’s estimated fair values of these properties were primarily based upon estimated
sales prices from signed contracts or letters of intent from third-party offers. Based on these inputs, the Company determined
that its valuation of this investment was classified within Level 3 of the fair value hierarchy.
During the year ended December 31, 2019, the Company recognized impairment charges related to adjustments to property
carrying values of $48.7 million. The Company’s estimated fair values of these properties were primarily based upon estimated
sales prices from (i) signed contracts or letters of intent from third-party offers or (ii) discounted cash flow models. The Company
does not have access to the unobservable inputs used to determine the estimated fair values of third-party offers. For the
discounted cash flow model, the capitalization rate was 10.50% and the discount rate was 11.50% which were utilized in the
model based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for the
investment. Based on these inputs, the Company determined that its valuation of this investment was classified within Level 3
of the fair value hierarchy.
The property carrying value impairment charges resulted from the Company’s efforts to market certain assets and management’s
assessment as to the likelihood and timing of such potential transactions.
17. Preferred Stock, Common Stock and Convertible Unit Transactions:
Preferred Stock
The Company’s outstanding Preferred Stock is detailed below (in thousands, except share data and par values):
Class of
Preferred
Stock
Class L
Class M
Shares
Authorized
10,350
10,580
Shares
Issued and
Outstanding
9,000
10,580
19,580
As of December 31, 2020 and 2019
Liquidation
Preference
(in
thousands)
Dividend
Rate
Annual
Dividend per
Depositary
Share
Par
Value
$
$
225,000
264,500
489,500
5.125% $
5.250% $
1.28125
1.31250
$
$
1.00
1.00
Optional
Redemption
Date
8/16/2022
12/20/2022
The following Preferred Stock classes were redeemed during the year ended December 31, 2019:
Class of
Preferred
Stock
Class J
Class I
Class K
Redemption
Date
12/31/2019
9/14/2019
9/14/2019
Depositary
Shares
Redeemed
Redemption
Price per
Depositary
Share
Redemption
Amount
(in millions)
Redemption
Charges
(in millions) (1)
9,000,000
7,000,000
7,000,000
$
$
$
25.00
25.00
25.00
$
$
$
225.0
175.0
175.0
$
$
$
7.1
5.5
5.9
(1) Redemption charges resulting from the difference between the redemption amount and the carrying amount of the respective preferred stock
class on the Company’s Consolidated Balance Sheets are accounted for in accordance with the FASB’s guidance on Distinguishing Liabilities
85
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
from Equity. These charges were subtracted from net income attributable to the Company to arrive at net income available to the Company’s
common shareholders and used in the calculation of earnings per share.
The Company’s Preferred Stock Depositary Shares for all classes are not convertible or exchangeable for any other property or
securities of the Company.
Voting Rights - The Class L and M Preferred Stock rank pari passu as to voting rights, priority for receiving dividends and
liquidation preference as set forth below.
As to any matter on which the Class L or M Preferred Stock may vote, including any actions by written consent, each share of
the Class L or M Preferred Stock shall be entitled to 1,000 votes, each of which 1,000 votes may be directed separately by the
holder thereof. With respect to each share of Class L or M Preferred Stock, the holder thereof may designate up to 1,000 proxies,
with each such proxy having the right to vote a whole number of votes (totaling 1,000 votes per share of Class L or M Preferred
Stock). As a result, each Class L or M Depositary Share is entitled to one vote.
Liquidation Rights
In the event of any liquidation, dissolution or winding up of the affairs of the Company, preferred stock holders are entitled to
be paid, out of the assets of the Company legally available for distribution to its stockholders, a liquidation preference of $25,000
per share of Class L Preferred Stock and $25,000 per share of Class M Preferred Stock ($25.00 per each Class L and Class M
Depositary Share), plus an amount equal to any accrued and unpaid dividends to the date of payment, before any distribution of
assets is made to holders of the Company’s common stock or any other capital stock that ranks junior to the preferred stock as
to liquidation rights.
Common Stock
During September 2019, the Company established an ATM program, pursuant to which the Company may offer and sell from
time to time shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $500.0 million
through a consortium of banks acting as sales agents. Sales of the shares of common stock may be made, as needed, from time
to time in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, including by means of ordinary brokers’
transactions on the New York Stock Exchange or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related
to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. During the year ended December 31,
2019, the Company issued 9,514,544 shares and received proceeds of $200.1 million, net of commissions and fees of $1.8
million. The Company did not offer for sale any shares of common stock under the ATM Program during the year ended
December 31, 2020. The Company had $298.1 million available under this ATM program as of December 31, 2020.
During February 2020, the Company extended its share repurchase program for a term of two years, which will expire in
February 2022. Under this program, the Company may repurchase shares of its common stock, par value $0.01 per share, with
an aggregate gross purchase price of up to $300.0 million. The Company did not repurchase any shares under the share
repurchase program during the years ended December 31, 2020 and 2019. As of December 31, 2020, the Company had $224.9
million available under this share repurchase program.
The Company, from time to time, repurchases shares of its common stock in amounts that offset new issuances of common
stock relating to the exercise of stock options or the issuance of restricted stock awards. These repurchases may occur in open
market purchases, privately negotiated transactions or otherwise subject to prevailing market conditions, the Company’s
liquidity requirements, contractual restrictions and other factors. During 2020, 2019 and 2018, the Company repurchased
294,346 shares, 223,609 shares and 278,566 shares, respectively, relating to shares of common stock surrendered to the
Company to satisfy statutory minimum tax withholding obligations relating to the vesting of restricted stock awards under the
Company’s equity-based compensation plans.
Convertible Units
The Company has various types of convertible units that were issued in connection with the purchase of operating properties
(see Footnote 15 of the Notes to Consolidated Financial Statements). The amount of consideration that would be paid to
unaffiliated holders of units issued from the Company’s consolidated subsidiaries which are not mandatorily redeemable, as if
the termination of these consolidated subsidiaries occurred on December 31, 2020, is $10.9 million. The Company has the option
to settle such redemption in cash or shares of the Company’s common stock. If the Company exercised its right to settle in
common stock, the unit holders would receive 0.7 million shares of common stock.
86
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Dividends Declared
The following table provides a summary of the dividends declared per share:
Common Stock
Class I Depositary Shares
Class J Depositary Shares
Class K Depositary Shares
Class L Depositary Shares
Class M Depositary Shares
2020
Year Ended December 31,
2019
2018
$
$
$
$
$
$
0.54000
-
-
-
1.28125
1.31250
$
$
$
$
$
$
1.12000
0.99583
1.37500
0.93359
1.28125
1.31250
$
$
$
$
$
$
1.12000
1.50000
1.37500
1.40625
1.28125
1.31250
18. Supplemental Schedule of Non-Cash Investing/Financing Activities:
The following schedule summarizes the non-cash investing and financing activities of the Company for the years ended
December 31, 2020, 2019 and 2018 (in thousands):
Acquisition of real estate interests through proceeds held in escrow
Proceeds deposited in escrow through sale of real estate interests
Disposition of real estate interests through the issuance of mortgage
receivable
Disposition of real estate interests by a deed in lieu/foreclosure of debt
Forgiveness of debt due to a deed in lieu/foreclosure
Capital expenditures accrual
Surrender of restricted common stock
Declaration of dividends paid in succeeding period
(Decrease)/increase in redeemable noncontrolling interests’ carrying
amount
Consolidation of Joint Ventures:
Increase in real estate and other assets, net
Increase in mortgages payable, other liabilities and noncontrolling
interests
$
$
$
$
$
$
$
$
$
$
$
Deconsolidation of Joint Ventures:
Decrease in real estate and other assets
$
Increase in investments in and advances to real estate joint ventures $
Decrease in mortgages and construction loan payable, other
liabilities and noncontrolling interests
$
19. Transactions with Related Parties:
2020
2019
2018
-
-
-
-
-
37,411
5,395
5,366
$
$
$
$
$
$
$
$
(2,160) $
-
-
-
-
-
$
$
$
$
$
36,076
5,106
3,750
3,892
6,905
65,900
4,030
126,274
-
7,884
7,747
-
-
-
$
$
$
$
$
$
$
$
$
$
$
$
$
$
-
41,949
14,700
7,444
12,415
60,611
4,360
130,262
7,521
-
-
300,299
62,429
248,274
The Company provides management services for shopping centers owned principally by affiliated entities and various real estate
joint ventures in which certain stockholders of the Company have economic interests. Such services are performed pursuant to
management agreements which provide for fees based upon a percentage of gross revenues from the properties and other direct
costs incurred in connection with management of the centers. Substantially all of the Management and other fee income on the
Company’s Consolidated Statements of Income constitute fees earned from affiliated entities. Reference is made to Footnotes
3 and 7 of the Notes to Consolidated Financial Statements for additional information regarding transactions with related parties.
Ripco
Ripco Real Estate Corp. (“Ripco”) business activities include serving as a leasing agent and representative for national and
regional retailers including Target, Best Buy, Kohl’s and many others, providing real estate brokerage services and principal
real estate investing. Todd Cooper, an officer and 50% shareholder of Ripco, is a son of Milton Cooper, Executive Chairman of
the Board of Directors of the Company. During 2020, 2019 and 2018, the Company paid brokerage commissions of $0.5 million,
$0.4 million and $0.2 million, respectively, to Ripco for services rendered primarily as leasing agent for various national tenants
in shopping center properties owned by the Company.
87
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
20. Commitments and Contingencies:
Letters of Credit
The Company has issued letters of credit in connection with the completion and repayment guarantees primarily on certain of
the Company’s redevelopment projects and guaranty of payment related to the Company’s insurance program. At December
31, 2020, these letters of credit aggregated $36.2 million.
Other
In connection with the construction of its development and redevelopment projects and related infrastructure, certain public
agencies require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. These bonds
expire upon the completion of the improvements and infrastructure. As of December 31, 2020, there were $16.3 million in
performance and surety bonds outstanding.
The Company is subject to various other legal proceedings and claims that arise in the ordinary course of business. Management
believes that the final outcome of such matters will not have a material adverse effect on the financial position, results of
operations or liquidity of the Company as of December 31, 2020.
21. Incentive Plans:
In May 2020, the Company’s stockholders approved the 2020 Equity Participation Plan (the “2020 Plan”), which is a successor
to the Restated Kimco Realty Corporation 2010 Equity Participation Plan (the "2010 Plan" and together with the 2020 Plan, the
"Plan") that expired in March 2020. The 2020 Plan provides for a maximum of 10,000,000 shares of the Company’s common
stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units,
performance awards, dividend equivalents, stock payments and deferred stock awards. At December 31, 2020, the Company
had 9.98 million shares of common stock available for issuance under the 2020 Plan.
The Company accounts for equity awards in accordance with FASB’s Compensation – Stock Compensation guidance which
requires that all share-based payments to employees, including grants of employee stock options, restricted stock and
performance shares, be recognized in the Consolidated Statements of Income over the service period based on their fair values.
Fair value of performance awards is determined using the Monte Carlo method, which is intended to estimate the fair value of
the awards at the grant date. Fair value of restricted shares is based on the price on the date of grant.
The Company recognized expense associated with its equity awards of $23.7 million, $20.2 million and $18.2 million, for the
years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, the Company had $34.4 million of
total unrecognized compensation cost related to unvested stock compensation granted under the Plan. That cost is expected to
be recognized over a weighted-average period of 2.9 years.
Stock Options
During 2020, 2019 and 2018, the Company did not grant any stock options. Information with respect to stock options outstanding
under the 2010 Plan for the years ended December 31, 2020, 2019 and 2018 are as follows:
Weighted-
Average
Exercise Price
Per Share
Aggregate
Intrinsic Value
(in millions)
Shares
Options outstanding, January 1, 2018
Exercised
Forfeited
Options outstanding, December 31, 2018
Exercised
Forfeited
Options outstanding, December 31, 2019
Exercised
Forfeited
Options outstanding, December 31, 2020
Options exercisable (fully vested) -
88
3,464,946
$
(42,259) $
(1,781,321) $
1,641,366
$
(268,856) $
(74,574) $
$
(63,365) $
(72,250) $
$
1,297,936
1,162,321
27.81
14.00
36.53
18.78
14.43
20.24
19.60
15.48
16.20
20.03
$
$
$
$
$
$
$
-
0.1
0.4
1.1
2.0
0.2
-
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
December 31, 2018
December 31, 2019
December 31, 2020
1,641,366
1,297,936
1,162,321
$
$
$
18.78
19.60
20.03
$
$
$
0.4
2.0
-
The exercise price per share for options outstanding as of December 31, 2020 ranges from $15.09 to $24.12. The Company
estimates forfeitures based on historical data. As of December 31, 2020, all of the Company’s outstanding options were vested.
The weighted-average remaining contractual life for options outstanding and exercisable as of December 31, 2020 was 1.4 years.
Cash received from options exercised under the 2010 Plan was $1.0 million, $3.9 million and $0.6 million for the years ended
December 31, 2020, 2019 and 2018, respectively.
Restricted Stock
Information with respect to restricted stock under the Plan for the years ended December 31, 2020, 2019 and 2018 are as follows:
Restricted stock outstanding as of January 1,
Granted (1)
Vested
Forfeited
Restricted stock outstanding as of December 31,
2020
2019
2018
2,367,843
820,150
(784,120)
(9,048)
2,394,825
2,104,914
884,170
(603,148)
(18,093)
2,367,843
1,777,429
1,100,590
(751,201)
(21,904)
2,104,914
(1) The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2020, 2019 and 2018 were $18.67,
$18.03 and $14.72, respectively.
Restricted shares have the same voting rights as the Company’s common stock and are entitled to a cash dividend per share
equal to the Company’s common dividend which is taxable as ordinary income to the holder. For the years ended December 31,
2020, 2019 and 2018, the dividends paid on unvested restricted shares were $2.2 million, $3.0 million and $2.8 million,
respectively.
Performance Shares
Information with respect to performance share awards under the 2010 Plan for the years ended December 31, 2020, 2019 and
2018 are as follows:
Performance share awards outstanding as of January 1,
Granted (1)
Vested (2)
Performance share awards outstanding as of December 31,
2020
2019
2018
704,530
506,720
(297,450)
913,800
433,230
407,080
(135,780)
704,530
235,950
297,450
(100,170)
433,230
(1) The weighted-average grant date fair value for performance shares issued during the years ended December 31, 2020, 2019 and 2018 were
$18.02, $22.00 and $15.40, respectively.
(2) For the years ended December 31, 2020, 2019 and 2018, the corresponding common stock equivalent of these vested awards were 594,900,
104,551 and 0 shares, respectively.
The more significant assumptions underlying the determination of fair values for these performance awards granted during 2020,
2019 and 2018 were as follows:
Stock price
Dividend yield (1)
Risk-free rate
Volatility (2)
Term of the award (years)
$
2020
2019
2018
18.93
$
0%
1.42%
24.67%
2.88
17.81
$
0%
2.52%
24.55%
2.88
14.99
0%
2.39%
22.90%
2.85
(1) Total Shareholder Returns, as used in the performance share awards computation, are measured based on cumulative dividend stock prices, as
such a zero percent dividend yield is utilized.
(2) Volatility is based on the annualized standard deviation of the daily logarithmic returns on dividend-adjusted closing prices over the look-back
period based on the term of the award.
89
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Other
The Company maintains a 401(k)-retirement plan covering substantially all officers and employees, which permits participants
to defer up to the maximum allowable amount determined by the Internal Revenue Service of their eligible compensation. This
deferred compensation, together with Company matching contributions, which generally equal employee deferrals up to a
maximum of 5% of their eligible compensation, is fully vested and funded as of December 31, 2020. The Company’s
contributions to the plan were $2.3 million, $2.2 million and $2.2 million for the years ended December 31, 2020, 2019 and
2018, respectively.
The Company recognized severance costs associated with employee retirements and terminations during the years ended
December 31, 2020, 2019 and 2018, of $8.7 million, $2.6 million and $3.8 million, respectively.
22. Income Taxes:
The Company elected to qualify as a REIT in accordance with the Code commencing with its taxable year which began January
1, 1992. To qualify as a REIT, the Company must meet several organizational and operational requirements, including a
requirement that it currently distribute at least 90% of its REIT taxable income to its stockholders. Management intends to
adhere to these requirements and maintain the Company’s REIT status. As a REIT, the Company generally will not be subject
to corporate federal income tax, provided that dividends to its stockholders equal at least the amount of its REIT taxable income.
If the Company were to fail to qualify as a REIT in any taxable year, it would be subject to federal income taxes at regular
corporate rates (including any applicable alternative minimum tax) and would not be permitted to elect REIT status for four
subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and
local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income. In addition,
taxable income from non-REIT activities managed through TRSs is subject to federal, state and local income taxes. The
Company is also subject to local taxes on certain non-U.S. investments.
Reconciliation between GAAP Net Income and Federal Taxable Income
The following table reconciles GAAP net income to taxable income for the years ended December 31, 2020, 2019 and 2018 (in
thousands):
2020
(Estimated)
2019
(Actual)
2018
(Actual)
GAAP net income attributable to the Company
GAAP net (income)/loss attributable to TRSs
GAAP net income from REIT operations (1)
Net book depreciation in excess of tax depreciation
Capitalized leasing/legal commissions
Deferred/prepaid/above-market and below-market rents, net
Fair market value debt amortization
Book/tax differences from executive compensation (2)
Book/tax differences from non-qualified stock options
Book/tax differences from investments in and advances to real estate joint
ventures
Book/tax differences from sale of properties
Book/tax differences from accounts receivable
Book adjustment to property carrying values and marketable equity securities
Taxable currency exchange (loss)/gain, net
Tangible property regulation deduction
GAAP gain on change in control of joint venture interests
Dividends from TRSs
Severance accrual
Other book/tax differences, net
Adjusted REIT taxable income
$
$
1,000,833
(960)
999,873
(61,272)
-
(16,891)
(3,847)
10,388
(231)
45,782
(10,494)
45,175
(588,777)
(29)
(50,597)
-
2
6,425
(1,097)
374,410
$
$
410,605
1,119
411,724
55,903
-
(33,287)
(4,510)
6,026
(1,121)
4,837
(13,830)
1,573
37,709
(33)
-
(137)
3,331
(475)
(3,946)
463,764
$
$
497,795
(2,436)
495,359
46,754
(15,268)
(23,466)
(5,268)
5,460
(112)
22,263
(13,612)
1,636
59,866
929
(40,361)
(6,800)
526
913
(1,774)
527,045
90
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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) In accordance with the Tax Cuts and Jobs Act, effective for tax years beginning on January 1, 2018, Section 162(m) of the Code places a $1.0
million limit per executive on the amount a company can deduct for executive compensation for each of their CEO, CFO and the other three
most highly paid executives.
Characterization of Distributions
The following characterizes distributions paid for tax purposes for the years ended December 31, 2020, 2019 and 2018, (amounts
in thousands):
2020
2019
2018
Preferred I Dividends
Ordinary income
Capital gain
Preferred J Dividends
Ordinary income
Capital gain
Preferred K Dividends
Ordinary income
Capital gain
Preferred L Dividends
Ordinary income
Capital gain
Preferred M Dividends
Ordinary income
Capital gain
Common Dividends
Ordinary income
Capital gain
Return of capital
Total dividends distributed for
tax purposes
$
$
$
$
$
$
$
$
$
$
$
$
$
-
-
-
-
-
-
-
-
-
4,382
7,149
11,531
5,277
8,609
13,886
133,849
214,863
3,522
352,234
377,651
-
-
-
-
-
-
-
-
-
$
$
$
$
$
$
38% $
62%
100% $
38% $
62%
100% $
38% $
61%
1%
100% $
7,389
2,207
9,596
11,541
3,447
14,988
6,927
2,069
8,996
8,879
2,652
11,531
10,692
3,194
13,886
328,726
98,618
42,265
469,609
77% $
23%
100% $
77% $
23%
100% $
77% $
23%
100% $
77% $
23%
100% $
77% $
23%
100% $
70% $
21%
9%
100% $
5,565
4,935
10,500
6,559
5,816
12,375
5,217
4,627
9,844
6,111
5,420
11,531
6,031
5,348
11,379
235,642
212,077
23,564
471,283
53%
47%
100%
53%
47%
100%
53%
47%
100%
53%
47%
100%
53%
47%
100%
50%
45%
5%
100%
$
528,606
$
526,912
For the years ended December 31, 2020, 2019 and 2018 cash dividends paid for tax purposes were equivalent to, or in excess
of, the dividends paid deduction.
Taxable REIT Subsidiaries and Taxable Entities
The Company is subject to federal, state and local income taxes on income reported through its TRS activities, which include
wholly owned subsidiaries of the Company. The Company’s TRSs include Kimco Realty Services II, Inc. (“KRS”), FNC Realty
Corporation, Kimco Insurance Company (collectively “KRS Consolidated”) and the consolidated entity, Blue Ridge Real Estate
Company/Big Boulder Corporation.
On December 22, 2017, the Tax Cuts and Jobs Act was signed into law, making significant changes to taxation of corporations
and individuals. Effective for tax years beginning on January 1, 2018, this tax reform law reduces the federal statutory income
tax rate from 35% to 21% for corporations and changed other certain tax provisions and deductions.
The Company is also subject to local non-U.S. taxes on certain investments located outside the U.S. In general, under local
country law applicable to the entity ownership structures the Company has in place and applicable tax treaties, the repatriation
of cash to the Company from its subsidiaries and joint ventures in Canada, Puerto Rico and Mexico generally is not subject to
withholding tax. The Company is subject to and includes in its tax provision non-U.S. income taxes on certain investments
91
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
located in jurisdictions outside the U.S. These investments are primarily held by the Company at the REIT level and not in the
Company’s TRSs. Accordingly, the Company does not expect a U.S. income tax impact associated with the repatriation of
undistributed earnings from the Company’s foreign subsidiaries.
Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for the temporary
differences between the financial reporting basis and the tax basis of taxable assets and liabilities.
The Company’s pre-tax book income/(loss) and (provision)/benefit for income taxes relating to the Company’s TRSs and
taxable entities which have been consolidated for accounting reporting purposes, for the years ended December 31, 2020, 2019
and 2018, are summarized as follows (in thousands):
Income/(loss) before income taxes – U.S.
(Provision)/benefit for income taxes, net:
Federal:
Current
Deferred
Federal tax benefit/(provision)
State and local:
Current
Deferred
State and local tax provision
Total tax benefit/(provision)– U.S.
Net income from U.S. TRSs
(Loss)/income before taxes – Non-U.S.
Benefit/(provision) for Non-U.S. income taxes:
Current
Deferred
Non-U.S. tax benefit
2020
2019
2018
$
1,051
$
(1,682) $
4,331
(482)
539
57
(48)
34
(14)
43
1,094
$
3,362
(349)
3,013
(26)
(19)
(45)
2,968
1,286
$
(64) $
(599) $
479
-
479
$
$
(69) $
418
349
$
(1,221)
(1,198)
(2,419)
(43)
(414)
(457)
(2,876)
1,455
2,384
1,634
(358)
1,276
$
$
$
$
In addition, the Company’s (Provision)/benefit for income taxes, net includes $1.5 million of estimated state and local tax
provision related to the REIT operations during the year ended December 31, 2020.
(Provision)/benefit for income taxes, net differs from the amounts computed by applying the statutory federal income tax rate
to taxable income before income taxes as follows (in thousands):
Federal (provision)/benefit at statutory tax rate (1) (2)
State and local provision, net of federal benefit (3) (4)
Total tax (provision)/benefit – U.S.
$
$
(221) $
(1,236)
(1,457) $
3,010
(42)
2,968
$
$
(2,490)
(386)
(2,876)
2020
2019
2018
(1) The year ended December 31, 2019 includes a tax benefit from AMT credit refunds of $3.7 million and $1.1 million related to the recording of
a deferred tax valuation allowance.
(2) The year ended December 31, 2018 includes a charge of $1.6 million related to the recording of a deferred tax valuation allowance.
(3) The year ended December 31, 2018 includes a charge of $0.3 million related to the recording of a deferred tax valuation allowance.
(4) The year ended December 31, 2020 includes $1.5 million of estimated state and local tax provision related to the REIT operations.
Deferred Tax Assets, Liabilities and Valuation Allowances
The Company’s deferred tax assets and liabilities at December 31, 2020 and 2019, were as follows (in thousands):
Deferred tax assets:
Tax/GAAP basis differences
Net operating losses (1)
Tax credit carryforwards (2)
Capital loss carryforwards
2020
2019
$
29,105
17,885
2,340
-
29,618
20,917
2,340
2,270
$
92
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Related party deferred losses
Charitable contribution carryforwards
Valuation allowance
Total deferred tax assets
Deferred tax liabilities
Net deferred tax assets
619
23
(36,957)
13,015
(12,765)
250
$
619
23
(42,703)
13,084
(12,844)
240
$
(1) Expiration dates ranging from 2021 to 2032.
(2) Expiration dates ranging from 2027 to 2035.
The major differences between the GAAP basis of accounting and the basis of accounting used for federal and state income tax
reporting consist of impairment charges recorded for GAAP purposes, but not recognized for tax purposes, depreciation and
amortization, rental revenue recognized on the straight-line method for GAAP, reserves for doubtful accounts, above-market
and below-market lease amortization, differences in GAAP and tax basis of assets sold, and the period in which certain gains
were recognized for tax purposes, but not yet recognized under GAAP.
Deferred tax assets and deferred tax liabilities are included in the captions Other assets and Other liabilities on the Company’s
Consolidated Balance Sheets at December 31, 2020 and 2019. Operating losses and the valuation allowance are related primarily
to the Company’s consolidation of its TRSs for accounting and reporting purposes.
Under GAAP a reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if, based on the
evidence available, it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets
will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more
likely than not to be realized. Effective August 1, 2016, the Company merged Kimco Realty Services, Inc. (“KRSI”), a TRS
holding REIT qualifying real estate, into a wholly owned LLC (the “Merger”) and KRSI was dissolved. As a result of the
Merger, the Company determined that the realization of its then net deferred tax assets was not deemed more likely than not and
as such, the Company recorded a full valuation allowance against these net deferred tax assets that existed at the time of the
Merger.
The Company prepared an analysis of the tax basis built-in tax gain or built-in loss inherent in each asset acquired from KRSI
in the Merger. Assets of a TRS that become REIT assets in a merger transaction of the type entered into by the Company and
KRSI are subject to corporate tax on the aggregate net built-in gain (built-in gains in excess of built-in losses) during a
recognition period. Accordingly, the Company is subject to corporate-level taxation on the aggregate net built-in gain from the
sale of KRSI assets within 60 months from the Merger date (the recognition period) which expires August 1, 2021. The
maximum taxable amount with respect to all merged assets disposed within 60 months of the Merger is limited to the aggregate
net built-in gain at the Merger date. The Company compared fair value to tax basis for each property or asset to determine its
built-in gain (value over basis) or built-in loss (basis over value) which could be subject to corporate level taxes if the Company
disposed of the asset previously held by KRSI during the 60 months following the Merger date. In the event that sales of KRSI
assets during the recognition period result in corporate level tax, the unrecognized tax benefits reported as deferred tax assets
from KRSI will be utilized to reduce the corporate level tax for GAAP purposes.
Uncertain Tax Positions
The Company is subject to income tax in certain jurisdictions outside the U.S., principally Canada and Mexico. The statute of
limitations on assessment of tax varies from three to seven years depending on the jurisdiction and tax issue. Tax returns filed
in each jurisdiction are subject to examination by local tax authorities. The Company is currently under audit by the Canadian
Revenue Agency and Mexican Tax Authority. The resolution of these audits are not expected to have a material effect on the
Company’s financial statements. The Company has accrued $1.5 million and $2.4 million of non-current uncertain tax positions
and related interest under the provisions of the authoritative guidance that addresses accounting for income taxes at December
31, 2020 and 2019, respectively, which are included in Other liabilities on the Company’s Consolidated Balance Sheets. The
Company does not believe that the total amount of unrecognized tax benefits as of December 31, 2020, will significantly increase
or decrease within the next 12 months.
During August 2016, the Mexican Tax Authority issued tax assessments against 35 entities, including certain joint ventures, of
the Company that had previously held interests in operating properties in Mexico. These assessments relate to certain income
tax, interest expense and withholding tax items subject to the United States-Mexico Income Tax Convention (the “Treaty”). The
assessments were for the 2010 tax year with four of the 35 entities also assessed for the years 2007 and/or 2008. The assessments
include amounts for taxes aggregating $33.7 million, interest aggregating $16.5 million and penalties aggregating $11.4 million.
The Company’s aggregate share of these amounts is $52.6 million. The Company filed appeals in the Mexican Tax Court in
93
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
September 2018 challenging these assessments, as it believes that it has operated in accordance with the Treaty provisions and
has therefore concluded that no amounts are payable with respect to this matter. The U.S. Competent Authority (Department
of Treasury), responsible for administering U.S. tax treaties, indicates agreement with this position and has represented the
Company regarding this matter with the Mexican Competent Authority. During April 2019, all the appeals were argued at
a hearing in the Superior Chamber of the Tax Court. During the fourth quarter of 2019, the Company started receiving rulings
from the Mexican Tax Court and has to date received 34 rulings on its 35 total assessments which found that $16.1 million
($12.8 million representing the Company’s share) of the total assessment was improperly assessed, but ruled in favor of the
Mexican Tax Authority with respect to the balance of the assessments. Regarding the portion of the ruling in favor of the
Mexican Tax Authority, the Company believes it has operated in accordance with the Treaty provisions and has therefore not
changed its position on this matter. The Company has filed appeals for the 34 rulings it has received in the Mexican Appeals
Court. The remaining ruling not yet received from the Mexican Tax Court is expected to be consistent with the current rulings
and the Company intends to appeal when received. The appeals were assigned to 18 different Appeals Circuit Courts. To date,
eight appealed assessments have been ruled on, of which one Circuit Court ruled in favor of the Company and five Circuit
Courts ruled against in seven cases. The unfavorable rulings have been appealed to the Supreme Court in Mexico. The Company
intends to continue to vigorously defend its position and believes it will prevail, however this outcome cannot be assured.
23. Earnings Per Share:
The following table sets forth the reconciliation of earnings and the weighted-average number of shares used in the calculation
of basic and diluted earnings per share (amounts presented in thousands, except per share data):
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders
Change in estimated redemption value of redeemable noncontrolling interests
Earnings attributable to participating securities
Net income available to the Company’s common shareholders for basic earnings
per share
Distributions on convertible units
Net income available to the Company’s common shareholders for diluted
earnings per share
Weighted average common shares outstanding – basic
Effect of dilutive securities (1):
Equity awards
Assumed conversion of convertible units
Weighted average common shares outstanding – diluted
Net income available to the Company's common shareholders:
Basic earnings per share
Diluted earnings per share
For the Year Ended December 31,
2019
2018
2020
$
975,417
2,160
(6,347)
971,230
161
$
339,988
-
(2,599)
337,389
30
439,604
(7,521)
(2,375)
429,708
99
971,391
$
337,419
$
429,807
429,950
1,475
208
431,633
420,370
1,365
64
421,799
2.26
2.25
$
$
0.80
0.80
$
$
420,641
628
110
421,379
1.02
1.02
$
$
$
$
(1) The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing
operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share
calculations. Additionally, there were 1.2 million, 0.5 million and 1.3 million stock options that were not dilutive as of December 31, 2020,
2019 and 2018, respectively.
The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The
impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby
earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares'
participation rights in undistributed earnings.
94
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
24. Supplemental Financial Information (Unaudited):
The following represents the quarterly results of operations, expressed in thousands except per share amounts, for the years
ended December 31, 2020 and 2019:
Revenues
Net income/(loss) attributable to the Company
Net income/(loss) per common share:
Basic
Diluted
Revenues
Net income attributable to the Company
Net income per common share:
Basic
Diluted
25. Captive Insurance Company:
First
Quarter
289,744
90,100
0.19
0.19
First
Quarter
295,010
116,169
0.24
0.24
$
$
$
$
$
$
$
$
2020
Second
Quarter
238,916
747,893
1.71
1.71
$
$
$
$
2019
Second
Quarter
284,873
101,027
0.20
0.20
$
$
$
$
$
$
$
$
$
$
$
$
Third
Quarter
Fourth
Quarter
259,792
$
(38,394) $
269,441
201,234
(0.10) $
(0.10) $
0.46
0.45
Third
Quarter
282,871
83,990
0.14
0.14
Fourth
Quarter
296,130
109,419
0.22
0.22
$
$
$
$
In October 2007, the Company formed a wholly owned captive insurance company, KIC, which provides general liability
insurance coverage for all losses below the deductible under the Company’s third-party liability insurance policy. The Company
created KIC as part of its overall risk management program and to stabilize its insurance costs, manage exposure and recoup
expenses through the functions of the captive program. The Company capitalized KIC in accordance with the applicable
regulatory requirements. KIC established annual premiums based on projections derived from the past loss experience of the
Company’s properties. KIC has engaged an independent third-party to perform an actuarial estimate of future projected claims,
related deductibles and projected expenses necessary to fund associated risk management programs. Premiums paid to KIC may
be adjusted based on this estimate. Like premiums paid to third-party insurance companies, premiums paid to KIC may be
reimbursed by tenants pursuant to specific lease terms.
KIC assumes occurrence basis general liability coverage (not including casualty loss or business interruption) for the Company
and its affiliates under the terms of a reinsurance agreement entered into by KIC and the reinsurance provider.
From October 1, 2007 through February 1, 2022, KIC assumes 100% of the first $250,000 per occurrence risk layer. This
coverage is subject to annual aggregates ranging between $7.8 million and $13.2 million per policy year. The annual aggregate
is adjustable based on the amount of audited square footage of the insureds’ locations and can be adjusted for subsequent
program years. Defense costs erode the stated policy limits. KIC is required to pay the reinsurance provider for unallocated loss
adjustment expenses an amount ranging between 8.0% and 12.2% of incurred losses for the policy periods ending September
30, 2008 through January 31, 2022. These amounts do not erode the Company’s per occurrence or aggregate limits.
As of December 31, 2020 and 2019, the Company maintained a letter of credit in the amount of $21.5 million issued in favor of
the reinsurance provider to provide security for the Company’s obligations under its agreement with the reinsurance provider.
The letter of credit maintained as of December 31, 2020, has an expiration date of February 15, 2022, with automatic renewals
for one year.
Activity in the liability for unpaid losses and loss adjustment expenses for the years ended December 31, 2020 and 2019, is
summarized as follows (in thousands):
95
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Balance at the beginning of the year
Incurred related to:
Current year
Prior years
Total incurred
Paid related to:
Current year
Prior years
Total paid
Balance at the end of the year
2020
2019
$
15,664 $
16,130
3,693
(179)
3,514
(450)
(4,986)
(5,436)
13,742 $
5,331
(1,948)
3,383
(256)
(3,593)
(3,849)
15,664
$
For the years ended December 31, 2020 and 2019, the changes in estimates in insured events in the prior years, incurred losses
and loss adjustment expenses resulted in a decrease of $0.2 million and $1.9 million, respectively, which was primarily due to
continued regular favorable loss development on the general liability coverage assumed.
96
KIMCO REALTY CORPORATION AND SUBSIDIARIES
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS
For Years Ended December 31, 2020, 2019 and 2018
(in thousands)
Balance at
beginning of
period
Charged to
expenses
Adjustments
to
valuation
accounts
Deductions
Balance at
end of
period
Year Ended December 31, 2020
Allowance for uncollectable accounts (1)
Allowance for deferred tax asset
$
$
-
42,703
$
$
22,377
-
$
$
-
$
(5,746) $
Year Ended December 31, 2019
Allowance for deferred tax asset
Year Ended December 31, 2018
Allowance for uncollectable accounts (1)
Allowance for deferred tax asset
$
$
$
45,413
$
-
$
(2,710) $
17,066
54,155
$
$
9,254
-
$
$
-
$
(8,742) $
(5,882) $
$
-
20,438
45,413
-
-
-
$
$
$
22,377
36,957
42,703
(1) Includes allowances on accounts receivable and straight-line rents. Effective January 1, 2019, in accordance with
the adoption of Topic 842, the Company includes provision for doubtful accounts in Revenues from rental properties,
net on the Company’s Consolidated Statements of Income. If a lessee’s accounts receivable balance is considered
uncollectible, these uncollectible lessee lease receivables would be recognized as a reduction in revenues and would
not be considered an allowance. With this implementation, the Allowance for Uncollectible Accounts was re-
characterized to be appropriately reflected as reductions in revenues for uncollectible amounts. In addition, the
Company also recognizes a general reserve which is included for the year ended December 31, 2020. See Footnote
1 of the Notes to the Consolidated Financial Statements for additional disclosure.
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R
KIMCO REALTY CORPORATION AND SUBSIDIARIES
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
As of December 31, 2020
(in thousands)
Interest
Rate
Final
Maturity
Date
Periodic
Payment
Terms (a)
Prior Liens
Original Face
Amount
of Mortgages
Carrying
Amount of
Mortgages
(b)
Principal Amount
of
Loans Subject to
Delinquent
Principal
or Interest
12.00% May-33
4.00% Dec-24
12.00% Dec-22
12.00% Aug-21
7.41% Oct-26
6.88% Dec-30
$
I
P& I
I
I
P& I
P&I
$
-
-
-
2.28% Apr-27
5.00% May-20
P& I
P&I
$
3,075
3,750
25,000
500
$
3,075
3,671
25,000
500
1,354
500
600
175
-
256
244
305
125
(930)
$
-
$
34,954
$
32,246
$
-
-
-
-
-
-
-
-
-
-
Description
Mortgage Loans:
Retail
Las Vegas, NV
Walker, MI
Pompano, FL
Mesa, AZ
Nonretail
Commack, NY
Melbourne, FL
Other Financing Loans:
Nonretail
Borrower A
Borrower B
Allowance for Credit losses:
(a) I = Interest only; P&I = Principal & Interest.
(b) The aggregate cost for Federal income tax purposes was approximately $32.2 million as of December 31, 2020.
For a reconciliation of mortgage and other financing receivables from January 1, 2018 to December 31, 2020, see Footnote 12 of
the Notes to the Consolidated Financial Statements included in this Form 10-K.
The Company feels it is not practicable to estimate the fair value of each receivable as quoted market prices are not available.
The cost of obtaining an independent valuation on these assets is deemed excessive considering the materiality of the total
receivables.
111
Exhibit 31.1
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Conor C. Flynn, certify that:
1. I have reviewed this Annual Report on Form 10-K of Kimco Realty Corporation;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has
materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report
financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant’s internal control over financial reporting.
Date: February 23, 2021
/s/ Conor C. Flynn
Conor C. Flynn
Chief Executive Officer
112
Exhibit 31.2
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Glenn G. Cohen, certify that:
1. I have reviewed this Annual Report on Form 10-K of Kimco Realty Corporation;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has
materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report
financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant’s internal control over financial reporting.
Date: February 23, 2021
/s/ Glenn G. Cohen
Glenn G. Cohen
Chief Financial Officer
113
Section 1350 Certification
Exhibit 32.1
Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned
officers of Kimco Realty Corporation (the “Company”) hereby certifies, to such officer’s knowledge, that:
(i) the accompanying Annual Report on Form 10-K of the Company for the year ended December 31, 2020 (the “Report”)
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of
operations of the Company.
Date: February 23, 2021
Date: February 23, 2021
/s/ Conor C. Flynn
Conor C. Flynn
Chief Executive Officer
/s/ Glenn G. Cohen
Glenn G. Cohen
Chief Financial Officer
114
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Kimco Realty Corporation and Subsidiaries
Shareholder Information
Counsel
Latham & Watkins LLP
Washington, DC
Auditors
PricewaterhouseCoopers LLP
New York, NY
Registrar and Transfer Agent
EQ Shareowner Services
P.O. Box 64874
St. Paul, MN 55164-0854
1-866-557-8695
Website: www.shareowneronline.com
Stock Listings
NYSE—Symbols
KIM, KIMprL,
KIMprM
Investor Relations
A copy of the Company’s Annual Report on
Form 10-K may be obtained at no cost to
stockholders by writing to:
David F. Bujnicki
Senior Vice President,
Investor Relations & Strategy
Kimco Realty Corporation
500 North Broadway, Suite 201
Jericho, NY 11753
1-866-831-4297
E-mail: ir@kimcorealty.com
Offices
Executive Offices
500 North Broadway
Suite 201
Jericho, NY 11753
516-869-9000
www.kimcorealty.com
Annual Meeting of Stockholders
Annual Report to Stockholders
All stockholders are cordially invited to
attend the 2021 annual meeting which will
be conducted via a live broadcast. The
company has embraced the environmentally-
friendly virtual meeting format, which it
believes enables increased stockholder
attendance and participation. During this
virtual meeting, you may ask questions and
will be able to vote your shares electronically.
the 2021 annual meeting by visiting www.
virtualshareholdermeeting.com/KIM2021.
The company will respond to as many
inquiries at the 2021 annual meeting as
time allows.
If you plan to attend the 2021 annual
meeting online, you will need the 16-digit
control number included in your Notice,
on your proxy card or on the instructions
that accompany your proxy materials.
The 2021 annual meeting will begin
promptly at 10:00 a.m. (Eastern Time),
and you should allow ample time for
the online check-in procedures.
Our Annual Report on Form 10-K filed with
the Securities and Exchange Commission
(SEC) is included in this 2021 Annual
Repor t and forms our annual repor t
to security holders within the meaning
of SEC rules.
Dividend Reinvestment and
Common Stock Purchase Plan
The Company’s Dividend Reinvestment
and Common Stock Purchase Plan
provides stockholders with an opportunity
to conveniently and economically acquire
Kimco common stock. Stockholders may
have their dividends automatically directed
to our transfer agent to purchase common
shares without paying any brokerage
commissions. Requests for booklets
describing the Plan, enrollment forms and
any correspondence or questions regarding
the Plan should be directed to:
EQ Shareowner Services
P.O. Box 64856
St. Paul, MN 55164-0856
1-866-557-8695
Holders of Record
Holders of record of the Company’s
common stock, par value $0.01 per share,
totaled 1,933 as of March 2, 2021.
Regional Offices
Mesa, AZ
480-461-0050
Phoenix, AZ
480-874-7538
Daly City, CA
650-301-3000
Roseville, CA
916-791-0600
Tustin, CA
949-252-3880
Vista, CA
760-727-1002
Aurora, CO
720-870-1210
Wilton, CT
516-869-7161
Gaithersburg, MD
847-294-6400
Forth Worth, TX
214-720-0559
Dania Beach, FL
203-761-8951
Timonium, MD
410-684-2000
Arlington, VA
703-415-7612
Woodbridge, VA
703-583-0071
Bellevue, WA
425-373-3500
Hollywood, FL
954-923-8444
Orlando, FL
407-302-4400
Tampa, FL
727-536-3287
Glenview, IL
847-294-6400
Newton, MA
617-933-2820
Charlotte, NC
704-367-0131
New York, NY
212-972-7456
Portland, OR
503-574-3329
Ardmore, PA
610-896-7560
Caguas, PR
787-704-2670
124
Corporate Directory
Board of Directors
Milton Cooper
Executive Chairman
Kimco Realty Corporation
Philip E. Coviello (1v)(2)(3)
Partner*
Latham & Watkins LLP
Conor C. Flynn
Chief Executive Officer
Kimco Realty Corporation
Frank Lourenso (1)(2v)(3)
Executive Vice President*
JPMorgan Chase & Co.
Henry Moniz (1)(2)(3)
Chief Compliance Officer
Facebook, Inc.
Colombe M. Nicholas (2)(3)
Consultant*
Financo Global Consulting
Mary Hogan Preusse (1)(2)(3v)
Lead Independent Director
Kimco Realty Corporation
Managing Director and
Co-Head of Americas Real Estate*
APG Asset Management US Inc.
Valerie Richardson (1)(2)(3)
Chief Operating Officer
International Council of
Shopping Centers
Richard B. Saltzman (1)(2)(3)
Senior Advisor at Ranger
Global Real Estate Advisors
and Peaceable Street Capital
* Retired
(1) Audit Committee
(2) Executive Compensation Committee
(3) Nominating and Corporate
Governance Committee
(v) Chairman
Executive and
Senior Management
Milton Cooper
Executive Chairman
Conor C. Flynn
Chief Executive Officer
Ross Cooper
President & Chief Investment Officer
Glenn G. Cohen
Executive Vice President,
Chief Financial Officer & Treasurer
David Jamieson
Executive Vice President
& Chief Operating Officer
Bruce Rubenstein
Executive Vice President,
General Counsel & Secretary
Raymond Edwards
Executive Vice President
Retailer Services
David F. Bujnicki
Senior Vice President
Investor Relations & Strategy
Geoffrey Glazer
Senior Vice President
National Development
Leah Landro
Senior Vice President
Human Resources
Thomas Taddeo
Senior Vice President
& Chief Information Officer
U.S. Regional Management
Carmen Decker
President
Western Region
Wilbur E. Simmons, III
President
Southern Region
Joshua Weinkranz
President
Northern Region
Corporate Management
Barbara E. Briamonte
Vice President
Legal
David Domb
Vice President
Research
Paul Dooley
Vice President
Real Estate Tax & Insurance
Kenneth Fisher
Vice President
& Chief Technology Officer
Christopher Freeman
Senior Vice President
Property Management
Scott Gerber
Vice President
Risk
Brett N. Klein
Vice President
Financial Planning & Analysis
Julio Ramon
Vice President
Property Finance
Jonathon Siswick
Vice President
Lease Administration
William Teichman
Vice President
Business Operations
Kathleen Thayer
Vice President
Corporate Accounting
Harvey G. Weinreb
Vice President
Tax
Paul Westbrook
Vice President &
Chief Accounting Officer
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