Kimco Realty
Annual Report 2021

Plain-text annual report

F i r s t i n L a s t M i l e R e t a i l – 2 0 2 1 A n n u a l R e p o r t i K m c o R e a l t y 500 North Broadway, Suite 201, Jericho, NY 11753 | (516) 869-9000 kimcorealty.com First in Last Mile Retail ™ 20 21 Annual R eport kimcorealty.com Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) headquar- tered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco Realty is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of December 31, 2021, the company owned interests in 541 U.S. shopping centers and mixed-use assets comprising 93 million square feet of gross leasable space. For further information, please visit www.kimcorealty.com 2021 Operating Review ...............1 Form 10-K .................................... 10 Stockholder Information ......... 140 Corporate Directory ...............IBC 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 Meta 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 Leah Landro Executive Vice President & Chief Human Resources Officer Thomas Taddeo Executive Vice President & Chief Information Officer David F. Bujnicki Senior Vice President Investor Relations & Strategy Geoffrey Glazer Senior Vice President National Development William Teichman Senior Vice President Business Operations Kathleen Thayer Senior Vice President & Assistant Treasurer Corporate Accounting 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 & Data Analytics 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 Jennifer Maisch Vice President Marketing & Corporate Communications Julio Ramon Vice President Property Finance Jonathon Siswick Vice President Lease Administration Harvey G. Weinreb Vice President Tax Paul Westbrook Vice President & Chief Accounting Officer Palms at Town & Country Miami, Florida Kimco’s operating results in 2021 reflect the success of our strategy, focused on grocery-anchored, open-air and mixed-use centers in the first ring suburbs of the top major metropolitan markets in the U.S. Dear Fellow Stockholders and Associates: Amid a tumultuous landscape in 2021, our portfolio fundamentals rebounded remarkably. We saw extraordinary leasing volume and solid occu- pancy gains along with growth in Funds from Operations, generating a total return for our stockholders, including dividend reinvestment, of 69.5 percent – one of the highest levels in our peer group. Our grocery-anchored, open-air portfolio is in the sweet spot of retail, attracting top retailers who can plug into the supply chain and utilize our real estate to deliver goods and services to their customers in the most flexible and convenient way possible. Our strategic merger with Weingarten Realty Investors has strength- ened our presence in fast-growing Sun Belt mar- kets, intensified our focus on grocery-anchored assets, and bolstered our pipeline of value-cre- ating redevelopment opportunities. Our highly skilled and experienced team has created a one- of-a-kind platform that makes us the premier owner and operator in our asset class, and the strength of our balance sheet ensures that we can weather any storm while also allowing us to strategically deploy capital for opportunistic investments or accretive acquisitions that will create additional value for our stockholders. Kimco’s operating results in 2021 reflect the success of our strategy, focused on grocery-anchored, open-air and mixed-use centers in the first ring suburbs of the top major metropolitan markets in the U.S. Nareit FFO for the full year 2021 was $706.8 million, or $1.38 per diluted share, compared to $503.7 million, or $1.17 per diluted share, for the full year 2020. Spurred on by our “leasing, leasing, leasing” rallying cry and capital- izing on the strong demand for our high-quality locations, our team leased 8.7 million square feet in 2021, driving a 50-basis-point increase in pro-rata occupancy for the year which landed at 94.4 percent, with anchor occupancy at 97.1 percent and small shops at 87.7 percent. Pro-rata spreads on new leases were a posi- tive 8.7 percent in 2021 and combined pro-rata spreads were a healthy 6.5 percent. With col- lections and credit loss improving, we grew Same Property Net Operating Income (NOI) by 8.8 percent in 2021 compared to 2020, excluding the Weingarten portfolio. Inclusive of the Weingarten portfolio, fourth quarter 2021 Same Property NOI increased by 12.9 percent. We ended the year with a 270-basis-point spread between our 94.4 percent leased occupancy and 91.7 percent economic occupancy, providing a nice tailwind for future Same Property NOI growth as new leases commence paying rent. kimcorealty.com First in Last Mile Retail 1 Our grocery anchors are driving multiple trips per week, and by the end of 2021, traffic at those centers was outpacing pre-pandemic 2019 levels. Grocery-Anchored Retail Leads the Recovery Although the last two years have brought unexpected challenges for the retail industry, we can say with certainty that the open-air, grocery-anchored prod- uct type is leading the retail recovery. We are stead- fast in our belief in the strength of this asset class, and we continue to push towards 85 percent of our annualized base rent generating from grocery-an- chored centers from where we stand today at 80 percent. Market fundamentals remain in our favor, with limited new supply coming online and absorp- tion trending positive as retailers continue to expand. Tight margins make the grocery industry difficult to disrupt. Furthermore, Kimco’s portfolio has benefit- ted from pandemic-induced shifts like suburbaniza- tion, which has boosted retailer sales and driven rent growth at our first-ring suburban shopping centers. The move to work-from-home has more people shopping near their homes and preparing meals. As a result of these factors and more, both pricing and traffic for grocery-anchored centers has outperformed shop- ping centers without a grocery or food component. Our grocery anchors are driving multiple trips per week, and by the end of 2021, traffic at those centers was outpacing pre-pandemic 2019 levels. The last mile physical store is proving more critical than ever to retailers’ ability to meet consumer demands, and we expect to see retailers investing significant capital in their store fleets in coming years. In a shift only accelerated by the COVID-19 pandemic, services like curbside pickup, same day delivery, BOPIS (buy online pick up in store), and free expedited shipping are now a basic expec- tation of the consumer, and the physical store is the most cost-effective and sustainable way for retailers to deliver on that expectation. Target’s physical stores fulfilled more than 95 percent of its total physical and online sales in the third quarter of 2021, and Walmart was making over 1.5 million deliveries each week from its stores in March 2021. And it’s not just grocers – The Home Depot, Dick’s Sporting Goods, and Best Buy continue to see more than half of online orders fulfilled in-store. With its convenience, optionality, and proximity to customers, the well-located open-air center reigns supreme as the best last mile solution in retail. Layering in multifamily residential and other complemen- tary mixed-use components at our grocery-anchored centers creates a 24-hour environment with an appeal- ing mix of convenience, experience, and amenities, driving traffic to the existing retail while also adding value to our communities. 2 2021 Annual Report kimcorealty.com The Marketplace at Factoria Bellevue, Washington kimcorealty.com First in Last Mile Retail 3 Enhanced Portfolio and Best-In-Class Operating Platform The successful completion of our merger with Weingarten was a highlight for the year. The strategic combination of two highly complementary portfo- lios resulted in an expanded and more diversified portfolio with a deep well of embedded growth opportunities that will drive growth and value cre- ation for the long term. The merger proved to be immediately accretive and deleveraging, and our results from the combined portfolio exceeded all underwriting assumptions – on leasing spreads, occupancy, retention rates, and cash flow. We have exceeded the high end of our projected GAAP synergies range of $35 million to $38 million. Our teams worked tirelessly to ensure a seamless integration, and those efforts paid off. We managed to fully integrate a $6 billion portfolio and onboard over 100 new employees as a result of the merger, while still driving outsized results. The combined portfolio will now reap the bene- fits of our unique operating platform, as we lever- age our scale, our relationships, and our data and technology capabilities to unlock additional value. This best-in-class platform gives us a leg-up over other operators, providing advantages in areas such as procurement to mitigate supply chain challenges. This enables us to craft creative solutions for our tenants in the areas of last mile infrastructure and small tenant support, and ulti- mately results in our continued ability to attract the most successful tenants who are reshaping the retail landscape. Our teams worked tirelessly to ensure a seamless integration, and those efforts paid off – we managed to fully integrate a $6 billion portfolio and onboard over 100 new employees, while still driving outsized results. Westchase Shopping Center Houston, Texas 4 2021 Annual Report kimcorealty.com Dania Pointe Dania Beach, Florida Growth Through Accretive and Opportunistic Capital Allocation With our enhanced portfolio and one-of-a-kind operating platform, we are extremely well posi- tioned to drive and support future growth, with multiple growth levers at our disposal. We con- tinue to view redevelopment as a significant driver of value creation, both in terms of repo- sitioning and re-tenanting our retail centers and adding density in the form of complementary uses like multifamily, hotel, or office. Our pipe- line of future mixed-use projects has expanded with the addition of the Weingarten portfolio, and our Signature Series® portfolio will grow as we activate our entitlements going forward. The Milton, our second residential tower at Pentagon Centre, across from Amazon’s HQ2 in Arlington, Virginia, is expected to top off in early spring of 2022. Multifamily projects are also underway at Camino Square in Boca Raton, Florida, and the second phase of Avery Dania Pointe at our Dania Pointe® Signature Series development in Dania Beach, Florida. Both are ground leased to third- party developers. In total, we have over 1,000 multifamily units under construction today, and we will continue to evaluate optimal timing and structure for entitled projects currently in the pipeline, with the goal of increasing the annual- ized base rent generated by mixed-use projects in our portfolio to 15 percent by 2025. kimcorealty.com First in Last Mile Retail 5 Jamestown Portfolio Pembroke Commons Pembroke Pines, Florida Flamingo Pines Pembroke Pines, Florida Our transaction activity in 2021 was concentrated on joint venture part- nership buyouts and structured investments. In addition to the buyouts of two grocery-anchored California shopping centers and one mixed-use residential asset in Arlington, VA, in the fourth quarter of 2021, we acquired our partner’s remaining interest in the six-property, Publix-anchored Jamestown portfolio, and subsequently entered into a 50-50 partnership on the portfolio with Blackstone’s BREIT. The ability to efficiently acquire existing partnership interests in high-quality assets is one of the many benefits of our merger with Weingarten, and we will prudently evaluate and execute on these opportunities going forward. We have also seen opportunity in structured investments, where we retain a right of first refusal on any future sale while generating low double-digit returns in the interim. In 2021, we provided $21.5 million in third-party mezzanine funding towards the acquisition of Alamo Ranch, a 465,000-square-foot retail center in San Antonio, Texas. In the fourth quarter of 2021, we provided $15.0 million of mezzanine funding for the acquisition of The Markets at Town Center, a 254,000-square-foot grocery-anchored center in Jacksonville, Florida. We expect to allo- cate additional capital towards our structured investment platform, only seeking out opportunities that meet our criteria for high-quality real estate, tenancy, demographics, and sponsors. Since the inception of this preferred equity and mezzanine financing program in late 2020, we have invested $126 million at double-digit returns with an option to acquire each of the assets in the future, and all investments are performing as expected. Hollywood Hills Plaza Hollywood, Florida Financial Strength The strength of our balance sheet and our abundant liquidity afford us both security and opportunity. We finished the year with over $330 million in cash and full availability on our $2.0 billion revolving credit facility. Our net debt to EBITDA was 6.6x on a look-through basis, which includes outstanding preferred stock and our pro-rata share of joint venture debt – the lowest level for this metric since we began disclosing it in 2009. Our consolidated debt maturity profile is well staggered, with a weighted average maturity of 8.5 years, and all outstanding consolidated debt is fixed rate, thus limiting interest rate risk. In 2022, we have two unsecured notes maturing, totaling $805.1 million at a blended rate of 3.39 percent, as well as two separate classes of perpetual preferred stock which become callable, totaling $489.5 million at a weighted average rate of 5.2 percent – all presenting further opportunities to improve our credit profile. In fact, we proac- tively chose to further de-risk our balance sheet subsequent to year end, and in February of 2022 we announced the early redemption of our $500 million 3.40 percent notes originally scheduled to mature in November 2022. In conjunction, we completed a new $600 million offering of 3.20 percent notes due 2032, further extending our debt maturity profile. In addition, our marketable securities investment in Albertsons (NYSE: ACI) was valued at over $1.2 billion at year end, and with lock-up restrictions scheduled to expire in June of 2022, that investment may offer additional opportunities to improve our debt metrics in the near future. Based on the favorable outlook for 2022, our Board of Directors has raised the quarterly cash dividend on Kimco common stock to $0.19 per share, representing an 11.8% increase. Publix at Princeton Lakes Atlanta, Georgia Northridge S.C. - Oakland Park Oakland Park, Florida Tamiami Trail Shops Miami, Florida 6 2021 Annual Report kimcorealty.com Lincoln Square Philadelphia, Pennsylvania Environmental, Social, and Governance Leadership As a leader in the REIT industry, an employer to hun- dreds, and a company that operates in local commu- nities across the country, we feel a deep responsibility to positively impact all of our stakeholders. In February of 2021, we announced a series of five and ten-year goals that will guide our environmental, social, and governance (ESG) strategy going forward and build upon our industry-leading achievements in these areas to date. Those goals include a Paris-aligned greenhouse gas emissions reduction target, a commit- ment to giving $1 million annually in cash and in-kind contributions to support small businesses and our communities, and a pledge to increase diversity in our management ranks. We have also expanded our stockholder engagement efforts on our ESG initiatives, and we are energized and inspired by the business and investment communities’ rapidly rising interest in ESG issues. In 2021, our ongoing ESG-focused efforts were recognized with our renewed membership as a constituent of the Dow Jones Sustainability North America Index, and with our ranking in Newsweek’s list of America’s Most Responsible Companies 2022 (announced in December 2021), where Kimco was ranked 33 out of 499 public companies. To achieve all that we are capable of and all that we aspire to, not only in terms of our financial perfor- mance, but our industry leadership and our commit- ment to each other and society, it is critical that we have the leaders and visionaries to guide us there. We were thrilled and honored to welcome Henry Moniz to our Board of Directors at the start of 2021. As Chief Compliance officer at Meta (formerly Facebook), and with his prior experience as Executive Vice President and Chief Compliance Officer at ViacomCBS, Henry has a breadth of knowledge and experience in the areas of governance, compliance, risk, data analyt- ics, and technology that are a tremendous asset to our organization. He has been a wonderful addition to our board, and we look forward to his continued contribution and guidance in the years ahead. In addition, with this and other recent changes to board composition, diverse members now represent 50 percent of Kimco’s Board of Directors. 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. kimcorealty.com First in Last Mile Retail 7 Positioned to Perform Mill Station®, Owings Mills, MD Metro Area: Baltimore-Columbia-Towson (MD) Mill Station®, Owings Mills, MD We enter 2022 with confidence. We are confident in our Metro Area: Baltimore-Columbia-Towson (MD) portfolio’s resiliency during difficult times and in our ability to drive significant growth when conditions are favorable. While the effects of the COVID-19 pandemic linger, and despite Our 2019 Nareit “Leader in the Light Award,” our inclusion in Newsweek’s headwinds coming from geopolitical uncertainty, inflation, and rising interest rates, we expect positive traffic trends “America’s Most Responsible Companies 2020,” and our addition to the and consumer demand to continue. With a steady supply FTSE4Good Index Series were crowning achievements in 2019. of mark-to-market below-market leases approaching term expiration, a war chest of redevelopment and value creation opportunities, a diverse portfolio of high-quality locations Our 2019 Nareit “Leader in the Light Award,” our inclusion in Newsweek’s in the strongest markets, a top-notch team and operating As we look towards the future and the long runway of platform, and a solid balance sheet, we are well positioned “America’s Most Responsible Companies 2020,” and our addition to the opportunities ahead of us, we have not lost sight of for continued growth. our responsibility to listen to, and engage with, our FTSE4Good Index Series were crowning achievements in 2019. many stakeholders, including tenants, shoppers, 2021 was a banner year, and we truly believe that the best Our 2019 Nareit “Leader in the Light Award,” our inclusion in Newsweek’s communities, local governments, our associates, and is ahead of us. We are incredibly proud of our dedicated associates, including the many new members of our Kimco our shareholders. Our 2019 Nareit “Leader in the Light As we look towards the future and the long runway of “America’s Most Responsible Companies 2020,” and our addition to the family, and together we’ll continue our legacy of enhancing Award,” our inclusion in Newsweek’s “America’s Most opportunities ahead of us, we have not lost sight of FTSE4Good Index Series were crowning achievements in 2019. communities, creating value beyond buildings, and shaping Responsible Companies 2020,” and our addition to the future of retail. the FTSE4Good Index Series were crowning Together we’ll continue our legacy of enhancing communities, creating value beyond buildings, and shaping the future of retail. leading the way in these critical areas goes hand in hand with our commitment to long-term value creation for our shareholders – we cannot have one issues. We remain committed to doing even more in achievements in 2019 that highlight the importance achievements in 2019 that highlight the importance our responsibility to listen to, and engage with, our we place on environmental, social, and governance we place on environmental, social, and governance issues. We remain committed to doing even more in Metro Area: Baltimore-Columbia-Towson (MD) without the other. the ESG space in 2020 and beyond. Our dedication to many stakeholders, including tenants, shoppers, the ESG space in 2020 and beyond. Our dedication to Award,” our inclusion in Newsweek’s “America’s Most our shareholders. Our 2019 Nareit “Leader in the Light communities, local governments, our associates, and As we look towards the future and the long runway of Our 2019 Nareit “Leader in the Light Award,” our inclusion in Newsweek’s opportunities ahead of us, we have not lost sight of “America’s Most Responsible Companies 2020,” and our addition to the our responsibility to listen to, and engage with, our Milton Cooper FTSE4Good Index Series were crowning achievements in 2019. Our 2019 Nareit “Leader in the Light Award,” our inclusion in Newsweek’s Milton Cooper many stakeholders, including tenants, shoppers, the FTSE4Good Index Series were crowning Executive Chairman Executive Chairman communities, local governments, our associates, and our shareholders. Our 2019 Nareit “Leader in the Light Award,” our inclusion in Newsweek’s “America’s Most Responsible Companies 2020,” and our addition to the FTSE4Good Index Series were crowning “America’s Most Responsible Companies 2020,” and our addition to the FTSE4Good Index Series were crowning achievements in 2019. leading the way in these critical areas goes hand in hand with our commitment to long-term value creation for our shareholders – we cannot have one achievements in 2019 that highlight the importance we place on environmental, social, and governance issues. We remain committed to doing even more in the ESG space in 2020 and beyond. Our dedication to leading the way in these critical areas goes hand in hand with our commitment to long-term value creation for our shareholders – we cannot have one without the other. issues. We remain committed to doing even more in Conor C. Flynn Ross Cooper Conor C. Flynn ESG Disclosure Roadmap Chief Executive Officer Chief Executive Officer President & the ESG space in 2020 and beyond. Our dedication to Chief Investment Officer leading the way in these critical areas goes hand in hand with our commitment to long-term value creation for our shareholders – we cannot have one Glenn G. Cohen Executive Vice President, Chief Financial Officer & Treasurer Kimco is committed to best-in-class ESG disclosure. Detailed information on ESG program governance and performance can be found in three primary locations: Glenn G. Cohen Executive Vice President, Chief Financial Officer & Treasurer David Jamieson Executive Vice President & Chief Operating Officer issues. We remain committed to doing even more in achievements in 2019 that highlight the importance we place on environmental, social, and governance Ross Cooper President & Chief Investment Officer As we look towards the future and the long runway of our shareholders. Our 2019 Nareit “Leader in the Light Award,” our inclusion in Newsweek’s “America’s Most communities, local governments, our associates, and achievements in 2019 that highlight the importance Responsible Companies 2020,” and our addition to we place on environmental, social, and governance Conor C. Flynn Chief Executive Officer Milton Cooper Executive Chairman without the other. David Jamieson Executive Vice President & Chief Operating Officer the ESG space in 2020 and beyond. Our dedication to without the other. Ross Cooper Glenn G. Cohen Ross Cooper Conor C. Flynn leading the way in these critical areas goes hand in ESG Disclosure Roadmap President, Chief Investment Officer Executive Vice President, Chief Executive Officer President & Summarizes ESG hand with our commitment to long-term value Chief Financial Officer & Chief Investment Officer program priorities and Treasurer creation for our shareholders – we cannot have one material risk disclosures. Annual Report/10-K Kimco is committed to best-in-class ESG disclosure. Detailed information on ESG program governance and performance can be found in three primary locations: David Jamieson Proxy Statement Executive Vice President & Summarizes corporate Chief Operating Officer governance practices, including how the Board and management are engaged in ESG program strategy, governance and accountability. ESG Disclosure Roadmap Ross Cooper President & Chief Investment Officer 4 Annual Report/10-K Glenn G. Cohen Proxy Statement David Jamieson Glenn G. Cohen Executive Vice President, Chief Financial Officer & Treasurer Executive Vice President & Executive Vice President, Summarizes corporate Summarizes ESG governance practices, including Chief Operating Officer Chief Financial Officer & program priorities and how the Board and management Treasurer material risk disclosures. 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. Kimco is committed to best-in-class ESG disclosure. Detailed information on ESG program governance and performance can be found in three primary locations: Glenn G. Cohen Executive Vice President, Chief Financial Officer & David Jamieson David Jamieson Executive Vice President, Chief Operating Officer Executive Vice President & Proxy Statement Chief Operating Officer Summarizes corporate governance practices, including how the Board and management Kimco is committed to best-in-class ESG disclosure. Detailed information on ESG program governance are engaged in ESG program and performance can be found in three primary locations: strategy, governance and accountability. program priorities and material risk disclosures. Annual Report/10-K Corporate Responsibility Report Based on the Global Reporting Initiative (GRI) standard, summarizes environmental and social performance. Proxy Statement Summarizes corporate governance practices, including how the Board and management are engaged in ESG program strategy, governance and accountability. 8 2021 Annual Report Corporate Responsibility Report Based on the Global Reporting Initiative (GRI) standard, summarizes environmental and social performance. Kimco is committed to best-in-class ESG disclosure. Detailed information on ESG program governance Annual Report/10-K 4 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. 4 Corporate Responsibility Report Based on the Global Reporting Initiative (GRI) standard, summarizes environmental and social performance. kimcorealty.com Mill Station®, Owings Mills, MD Mill Station®, Owings Mills, MD Metro Area: Baltimore-Columbia-Towson (MD) Mill Station®, Owings Mills, MD Metro Area: Baltimore-Columbia-Towson (MD) opportunities ahead of us, we have not lost sight of our responsibility to listen to, and engage with, our As we look towards the future and the long runway of many stakeholders, including tenants, shoppers, opportunities ahead of us, we have not lost sight of our responsibility to listen to, and engage with, our many stakeholders, including tenants, shoppers, Responsible Companies 2020,” and our addition to communities, local governments, our associates, and the FTSE4Good Index Series were crowning Milton Cooper Executive Chairman our shareholders. Our 2019 Nareit “Leader in the Light Award,” our inclusion in Newsweek’s “America’s Most Responsible Companies 2020,” and our addition to without the other. the FTSE4Good Index Series were crowning Milton Cooper Executive Chairman Conor C. Flynn Chief Executive Officer Milton Cooper Executive Chairman Conor C. Flynn Ross Cooper Chief Executive Officer ESG Disclosure Roadmap Chief Investment Officer President & 4 Summarizes ESG Treasurer ESG Disclosure Roadmap Annual Report/10-K Summarizes ESG 4 program priorities and material risk disclosures. and performance can be found in three primary locations: EBITDA (a non-GAAP financial measure within the meaning of the rules of the SEC) is calculated as net income before (i) interest, (ii) taxes, (iii) gains from sales of operating properties and change in control of interests, (iv) impairments of depreciable real estate, (v) impairments of non-consolidated entities that are in-substance real estate investments, (vi) depreciation and amortization, (vii) gains from sales of cost method investments, (viii) profit participation from other real estate investments, net, (ix) gains from marketable securities, net, and (x) pension valuation adjustments. Our methods of calculating EBITDA may be different from methods used by other REITs and, accord- ingly, may not be comparable to such other REITs. We believe that EBITDA are important metrics in determining the success of our business as a real estate owner and operator. See the reconciliations to the applicable GAAP measure below. In addition, we present a ratio of Look-Through Net Debt to EBITDA as of the end of a period, which is calculated using the non-GAAP measures: (1) Total debt outstanding including the Company’s pro-rata share of joint venture debt and preferred stock reduced by the Company’s cash and cash equivalents including the Company’s pro-rata share of joint venture cash and cash equivalents, and (2) Annualized EBITDA including pro-rata share of joint ventures, each as reconciled to the applicable GAAP measures below. Reconciliation of Net Income to EBITDA (In Thousands) (Unaudited) Net income Interest Depreciation and amortization Gain on sale of joint venture properties Impairment charges (including real estate joint ventures) Profit participation from other investments, net Pension valuation adjustment Loss on marketable securities, net Provision for income taxes Consolidated EBITDA Consolidated EBITDA Three Months Ended December 31, 2021 $ 81,949 57,479 133,633 (11,596) 3,932 (9,824) (2,948) 37,347 483 $ 290,455 $ 290,455 Pro-rata share of interest expense - real estate joint ventures 4,690 Pro-rata share of depreciation and amortization - real estate joint ventures 15,949 Consolidated EBITDA including pro-rata share - joint ventures $ 311,094 Consolidated Debt Consolidated Cash Consolidated Net Debt Consolidated Net Debt Pro-rata Share of debt Liquidation preference for preferred stock Pro-rata share of cash Net Debt including pro-rata share - joint ventures $ 7,475,702 334,663 $ 7,141,039 $ 7,141,039 680,052 489,500 (47,920) $ 8,262,671 Annualized EBITDA including pro-rata share - joint ventures 1,244,376 Look-Through Net Debt to EBITDA 6.6x Form 10-K 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 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 1-10899 KIMCO REALTY CORPORATION (Exact name of registrant as specified in its charter) Maryland (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 Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $.01 per share. ..................................................................... Depositary Shares, each representing one-thousandth of a share of 5.125% Class L KIM New York Stock Exchange Cumulative Redeemable, Preferred Stock, $1.00 par value per share. ...................... KIMprL New York Stock Exchange Depositary Shares, each representing one-thousandth of a share of 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share. ....................... KIMprM New York Stock Exchange Securities registered pursuant to section 12(g) of the Act: None 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 Emerging growth company ☒ ☐ ☐ 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. ☐ 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 $8.8 billion based upon the closing price on the New York Stock Exchange for such equity on June 30, 2021. (APPLICABLE ONLY TO CORPORATE REGISTRANTS) Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. As of February 10, 2022, the registrant had 616,719,061 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 26, 2022. Index to Exhibits begins on page 49. Item No. Form 10-K Report Page TABLE OF CONTENTS PART I .................................................................................................................................................................... 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. Reserved...................................................................................................................................................... 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 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections...................................................... PART III.................................................................................................................................................................. Item 10. Directors, Executive Officers and Corporate Governance ........................................................................ Item 11. Executive Compensation........................................................................................................................... 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 Accountant Fees and Services ................................................................................................... PART IV ................................................................................................................................................................. Item 15. Exhibits and Financial Statement Schedules............................................................................................. Item 16. Form 10-K Summary ................................................................................................................................ i 1 1 9 22 22 23 23 24 24 26 26 45 45 45 46 46 46 47 47 47 47 47 47 48 48 48 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,” “commit,” “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, in some cases, are 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) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center, (iv) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in accordance with our expectations, (v) the Company’s ability to raise capital by selling its assets, (vi) increases in operating costs, (vii) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company following the Merger (defined below), (viii) the possibility that, if the Company does not achieve the perceived benefits of the Merger (defined below) as rapidly or to the extent anticipated by financial analysts or investors, the market price of the Company’s common stock could decline, (ix) the risk of shareholder litigation in connection with the Merger, including any resulting expense, (x) changes in governmental laws and regulations and management’s ability to estimate the impact of such changes, (xi) valuation and risks related to the Company’s joint venture and preferred equity investments, (xii) valuation of marketable securities and other investments, including the shares of Albertsons Companies, Inc. common stock held by the Company, (xiii) impairment charges, (xiv) pandemics or other health crises, such as coronavirus disease 2019 (“COVID-19”), (xv) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xvi) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (xvii) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xviii) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity, and (xix) the other 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 North America’s largest publicly traded owner and operator of open- air, grocery-anchored shopping centers, including mixed-use assets. 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 1 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. 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 exited all international investments. Additionally, the Company developed various residential and mixed-use operating properties and continues to obtain entitlements to embark on additional projects of this nature through re-development opportunities. More recently, in August 2021, the Company expanded through a merger with Weingarten Realty Investors (“Weingarten”) to further enhance its portfolio in coastal and sun belt regions, see further discussion below. 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 to real estate professionals 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, 2021, the Company had interests in 541 shopping center properties (the “Combined Shopping Center Portfolio”), aggregating 93.3 million square feet of gross leasable area (“GLA”), located in 29 states. In addition, the Company had 50 other property interests, primarily through the Company’s preferred equity investments and other investments, totaling 6.3 million square feet of GLA. Weingarten Merger On August 3, 2021, Weingarten merged with and into the Company, with the Company continuing as the surviving public company (the “Merger”), pursuant to the definitive merger agreement (the “Merger Agreement”) between the Company and Weingarten which was entered into on April 15, 2021. The Merger brought together two industry-leading retail real estate platforms with highly complementary portfolios and created the preeminent open-air shopping center and mixed-use real estate owner in the country. As a result of the Merger, the Company acquired 149 properties, including 30 held through joint venture programs. The increased scale in targeted growth markets, coupled with a broader pipeline of redevelopment opportunities, has positioned the combined company to create significant value for its shareholders. Under the terms of the Merger Agreement, each Weingarten common share was entitled to 1.408 newly issued shares of the Company’s common stock plus $2.89 in cash, subject to certain adjustments specified in the Merger Agreement. On July 15, 2021, Weingarten’s Board of Trust Managers declared a special cash distribution of $0.69 per Weingarten common share (the “Special Distribution”) payable on August 2, 2021, to shareholders of record on July 28, 2021. The Special Distribution was paid in connection with the Merger and to satisfy REIT taxable income distribution requirements. Under the terms of the Merger Agreement, Weingarten’s payment of the Special Distribution adjusted the cash consideration paid by the Company at the closing of the Merger from $2.89 per Weingarten common share to $2.20 per Weingarten common share and had no impact on the payment of the share consideration of 1.408 newly issued shares of Company common stock for each Weingarten common share owned immediately prior to the effective time of the Merger. 2 In connection with the Merger the Company issued 179.9 million shares of common stock. See Footnote 2 to the Notes to the Company’s Consolidated Financial Statements for additional discussion regarding the Merger. COVID-19 Pandemic The coronavirus disease 2019 (“COVID-19”) pandemic continues to impact the retail real estate industry for both landlords and tenants. The extent to which the COVID-19 pandemic impacts the Company’s financial condition, results of operations and cash flows, in the near term, will continue to depend on future developments, which are uncertain at this time. The Company’s business, operations and financial results will depend on numerous evolving factors, 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, impacts on economic activity from the pandemic and actions taken in response, the effects of the pandemic on the Company’s tenants and their businesses, the ability of tenants to make their rental payments, additional closures of tenants’ businesses and impacts of opening and reclosing of communities in response to the increase in positive COVID-19 cases. 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. If the Company has determined that any of its assets are impaired, the Company would be required to take impairment charges, and such amounts could be material. The development and distribution of COVID-19 vaccines has assisted in allowing many restrictions to be lifted, providing a path to recovery. The U.S. economy continues to build upon the reopening trend as businesses reopen to full capacity and stimulus is flowing through to the consumer. The overall economy continues to recover but several issues including the lack of qualified employees, inflation risk, supply chain bottlenecks and COVID-19 variants have impacted the pace of the recovery. Business Objective and Strategies The Company has developed a strong nationally diversified portfolio of open-air, shopping centers located in drivable first- ring suburbs primarily within 20 major metropolitan sun belt and coastal markets, which are supported by strong demographics, significant projected population growth, and where the Company perceives significant barriers to entry. As of December 31, 2021, the Company derived 85% of its annualized base rent from these top major metro markets. The Company’s shopping centers provide essential, necessity-based goods and services to the local communities and are primarily anchored by grocery, home improvement, pharmacy and off-price tenants. 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 6,013 units of which 2,218 units have been constructed as of December 31, 2021. 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, Cupertino Village, The Marketplace at Factoria, Westlake S.C. 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 8.5 years. The Company expects to continue to take steps to reduce leverage, unencumber assets and improve its debt coverage metrics as mixed-use projects and redevelopments 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 operator of open-air, grocery-anchored shopping centers, including 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 while maintaining conservative payout ratios; ● improving debt metrics and upgraded unsecured debt ratings 3 ● continuing growth in desirable demographic areas with successful retailers, primarily focused on grocery anchors; and ● increasing the number of entitlements for residential use. Business Strategies The Company believes with its strong core portfolio and its recent acquisitions, it will continue to achieve higher occupancy levels, increased rental rates and rental growth in the future. To effectively execute the Company’s strategy and achieve its strategic goals the Company identified the following growth components to focus on: Organic Growth – aim to incorporate annual rent increases for small shop leases and rental increases every five years for anchors. Leasing and Mark to Market Opportunities – focus on increasing occupancy across the entire portfolio including strong post-pandemic leasing volume. In addition, the Company will direct its attention on bringing historic below-market anchor leases closer to market rates. (Re)development and Repositioning Pipeline – economic stabilization of its Signature Series projects and obtaining additional multi-family entitlements where opportunity presents itself. Accretive Capital Deployment (Acquisitions, “Plus”/Structured Investments) – opportunistic acquisition and structured investment platform focused on accretive unique opportunities. Albertsons Monetization – monetize the Company’s marketable security investment while maintaining maximum optionality. ESG – strong commitments in the areas of climate change, Diversity, Equity & Inclusion (“DE&I”) and small business support. The Company believes it is well positioned for sustainable growth with its high quality portfolio, which was most recently enhanced with the Weingarten merger, accretive and opportunistic capital allocation, financial strength and environmental, social and governance leadership. The Company has identified the following areas where it is well positioned for sustainable growth in the future. High Quality Portfolio & Operating Platform Deliver consistent funds from operations (“FFO”) growth from a portfolio of well-located, essential-anchored shopping centers and mixed-use assets. ● 85% of the portfolio is anchored by grocery stores, home improvement and pharmacy tenants ● Located in the drivable first-ring suburbs of the Company’s top 20 major metropolitan sun belt and coastal markets Accretive & Opportunistic Capital Allocation Generate additional internal and external growth through accretive acquisitions, (re)development and "Plus"/Structured investments ● Opportunistic acquisition and structured investment platform ("Plus" business) focused on accretive unique opportunities ● 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 Operating Platform Provide critical last-mile solutions to its diverse pool of tenants who continue to adapt and generate robust leasing demand. ● The demand for physical stores by omni-channel retailers has continued to increase ● Retail market recovery since the onset of COVID-19 has resulted in an increase in sales volume across most retail categories 4 Environmental, Social & Governance (“ESG”) Leadership With over 60-years of delivering value to investors, tenants, employees, and communities. ● ESG approach is aligned with core business strategy ● Proactive approach to quantifying, disclosing and managing climate, reputational and other risks ● Commitment to DE&I, ethics and governance best practices at the Board, Management, and employee levels Financial Strength Maintain a strong balance sheet and liquidity position with an emphasis on reduced leverage and a sustainable and growing dividend. The Company has: ● Over $2.3 billion of immediate liquidity, including the Company’s $2.0 billion unsecured revolving credit facility ● Ownership of 39.8 million shares of Albertsons Companies, Inc. (valued at $1.2 billion at December 31, 2021) ● A 8.5 years consolidated debt maturity profile, one of the longest in the REIT industry ● Over 480 unencumbered properties, approximately 87% of the centers in the Company’s portfolio 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, 2021, 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, 2021, the Company’s single largest tenant represented only 3.7%, and the Company’s five largest tenants aggregated less than 11.7%, 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. As one of the original participants in the growth of the shopping center industry and 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. Government Regulation Compliance with various governmental regulations has an impact on our business, including our capital expenditures, earnings and competitive position, which can be material. We incur costs to monitor and take actions to comply with governmental regulations that are applicable to our business, which include, among others, federal securities laws and regulations, applicable stock exchange requirements, REIT and other tax laws and regulations, environmental and health and safety laws and regulations, local zoning, usage and other regulations relating to real property and the Americans with Disabilities Act of 1990. In addition, see “Item 1A – Risk Factors” for a discussion of material risks to us, including, to the extent material, to our competitive position, relating to governmental regulations, and see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” together with our audited consolidated financial statements and the related notes thereto for a discussion of material information relevant to an assessment of our financial condition and results of operations, including, to the extent material, the effects that compliance with governmental regulations may have upon our capital expenditures and earnings. 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, equity 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 equitable, 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, pregnancy, sexual orientation, gender identity and expression, disability, genetic information or protected veteran status, or any other characteristic protected by local, state, or federal laws, rules, or regulations. All of our 5 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 and/or retaliation. 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, life, disability and other ancillary benefits requiring very low employee contributions. The Company has been recognized as a Great Place to Work® based on surveys and feedback collected from its employees for four consecutive years. Additionally, the Company was designated a Best Place to Work for LGBTQ+ Equality and has achieved a perfect score on the Human Rights Campaign Foundation’s 2022 Corporate Equality Index, a nationally recognized benchmarking survey and report measuring corporate policies and practices related to LGBTQ+ workplace equality. 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 to 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, the Company promotes and supports associate volunteerism with two volunteer days off per year and a company matching program 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, 2021, a total of 606 persons were employed by the Company of which 32% were located in our corporate office with the remainder located in 26 offices throughout the United States. The average tenure of our employees was 9.3 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. 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: ● The Company established a flexible work from home arrangement. This included immediate and extensive technology training on virtual meetings and remote working as well as safety protocols. ● The Company benefited from recent investments in new technology and software, 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 are provided paid time off to care for themselves or family members diagnosed with COVID-19. ● The Company has increased communications at all levels and established virtual meetings such that executives are accessible to answer any questions and transparently keep associates informed. 6 Cybersecurity The Company’s Audit Committee receives quarterly briefings from the Company’s Chief Information Officer regarding the emerging cybersecurity threat and risk landscape as well as the Company's security program and related readiness, resiliency, and response efforts. The Company has a Cyber Risk Committee (“Cyber Committee”) which reviews and reports on technology-based security issues. The Cyber Committee is comprised of senior management from various business units within the Company and meets quarterly to review the status of the Company's overall security program as well as controls and procedures and to stay up- to-date of relevant legislative, regulatory and technical developments. The Company utilizes a variety of administrative, technical and physical safeguards that take into account the nature of our IT environment, information assets and cyber risks posed by both internal and external threats. The Company has incorporated cybersecurity coverage in its insurance policies. The Company's goal is to keep its data and systems, as well as its employees safe from cybersecurity threats. The Company is not aware of any information security breaches over the last three years. The Company has invested in employee security awareness training and also conducts internal phishing exercises. When potential security issues arise, the Company conducts a prompt investigation and analysis to determine what steps to take in response to protect the Company and its valued employees and key stakeholders. 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 identified the following five pillars which outline the Company's strategic priorities within of our ESG program. This framework was enhanced in Februrary of 2021 with sixteen newly defined, comprehensive ESG goals. These goals expand upon our commitment with clear targets in each pillar: 7 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”) (now known as the Value Reporting Foundation) and Task Force on Climate-related Financial Disclosures (“TCFD”). Additional ESG information of relevance to stakeholders can be found on the Company’s website, the contents of which are not incorporated by reference and do not form a part of this Form 10-K. The Company's Board of Directors (the “Board”) sets the Company's overall ESG program objectives and oversees enterprise risk management. The Nominating and Corporate Goverance Committee of the Board is responsible for ESG program oversight and performance evaluation. 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. The scientific community has studied climate change and a consensus exists that warming is occurring outside the boundaries of historical planetary trends due in significant part to human activity. As a real estate portfolio owner, the Company monitors physical and 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 which we believe put the company on pace to achieve net zero emissions by 2050. Climate risks and opportunities are evaluated at both the corporate and individual asset level. The following table summarizes relevant climate risks identified as a part of the Company’s ongoing risk assessment process. The Company may be subject to other climate risks not included below. Climate Risk Physical Description Windstorms ....................... Increased frequency and intensity of windstorms, such as hurricanes, could lead to property damage, loss of property value and interruptions to business operations Sea Level Rise ................... Rising sea levels could lead to storm surge and other potential impacts for low-lying coastal properties leading to damage, loss of property value and interruptions to business operations Flooding ............................ Change in rainfall conditions leading to increased frequency and severity of flooding could lead to property damage, loss of property value and interruptions to business operations Wildfires ............................ Change in fire potential could lead to permanent loss of property, stress on human health (air quality) and stress on ecosystem services Heat and Water Stress ....... Increases in temperature could lead to droughts and decreased available water supply could lead to higher utility usage, supply interruptions and reputational issues in local communities Transition Regulation ......................... Regulations at the federal, state and local levels could impose additional operating and capital costs associated with utilities, energy efficiency, building materials and building design Reputation ......................... Increased interest among retail tenants in building efficiency, sustainable design criteria and "green leases", which incorporate provisions intended to promote sustainability at the property, could result in decreased demand for outdated space The Company’s approach in mitigating these risks include but are not limited to (i) carrying additional insurance coverage relating to flooding and windstorms, (ii) maintaining a geographically diversified portfolio, which limits exposure to event driven risks and (iii) creating a form “green lease” for its tenants which incorporates varied criteria that align landlord and tenant sustainability priorities as well as establishing green construction criteria. In 2020, the Company issued $500.0 million in 2.70% notes due 2030 in its inaugural green bond offering. 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. Additionally, the Company’s $2.0 billion Credit Facility (as defined below) is a green credit facility which incorporates rate adjustments associated with attainment (or nonattainment) of Scope 1 and 2 greenhouse gas emissions reductions. The Company believes its industry leading ESG initiatives led to its 2021 listing on the Dow Jones Sustainability North America Index (“DJSI North America Index”), designed for investors who recognize that sustainable business practices are critical to generating long-term shareholder value. The Company also is a constituent of the FTSE4Good Index Series, designed to measure the performance of companies related to ESG practices. 8 Information About Our Executive Officers The following table sets forth information with respect to the executive officers of the Company as of December 31, 2021: Name Milton Cooper .................. Conor C. Flynn................. Ross Cooper ..................... Glenn G. Cohen ................ Age 92 41 39 57 David Jamieson ................ 41 Available Information 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, including mixed-use assets, 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 or operate; ● 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; ● 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. 9 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 shopping centers, including mixed-use assets, 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, 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 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. E-commerce and other changes in consumer buying practices present challenges for many of our tenants and may require us to modify our properties, diversify our tenant composition and adapt our leasing practices to remain competitive. Many of our tenants face increasing competition from e-commerce and other sources that could cause them to reduce their size, limit the number of locations and/or suffer a general downturn in their businesses and ability to pay rent. We may also fail to anticipate the effects of changes in consumer buying practices, particularly of growing online sales and the resulting change in retailing practices and space needs of our tenants, which could have an adverse effect on our results of operations and cash flows. We are focused on anchoring and diversifying our properties with tenants that are more resistant to competition from e-commerce (e.g. groceries, essential retailers, restaurants and service providers), but there can be no assurance that we will be successful in modifying our properties, diversifying our tenant composition and/or adapting our leasing practices. 10 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. 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 11 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. 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. Supply chain disruptions and unexpected construction expenses and delays could impact our ability to timely deliver spaces to tenants and/or our ability to achieve the expected value of a construction project or lease, thereby adversely affecting our profitability. The construction and building industry, similar to many other industries, are experiencing worldwide supply chain disruptions due to a multitude of factors that are beyond our control. Materials, parts and labor have also increased in cost over the past year or more, sometimes significantly and over a short period of time. We may incur costs for a property renovation or tenant buildout that exceeds our original estimates due to increased costs for materials or labor or other costs that are unexpected. We also may be unable to complete renovation of a property or tenant space on schedule due to supply chain disruptions or labor shortages, which could result in increased debt service expense or construction costs. Additionally, some tenants may have the right to terminate their leases if a renovation project is not completed on time. The time frame required to recoup our renovation and construction costs and to realize a return on such costs can often be significant and materially adversely affect our profitability. 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 12 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: ● our joint venture partner having potentially inferior financial capacity, diverging business goals and strategies and the need for their 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. 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: ● 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. 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 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 collateralizing the mortgage may decrease. A decline in real estate values will adversely affect the value of our loans and the value of the properties collateralizing 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. 13 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 ● 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. We have completed our efforts to exit Mexico, 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 Mexico, Chile, Brazil, Peru and Canada 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 completed our efforts to exit our investments in Mexico, South America and Canada, we cannot assure you that our past practices 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 and security incidents which could cause loss of confidential information, disrupt operations and materially affect our business and financial results. We, like all businesses, are subject to cyberattacks and security incidents, which threaten the confidentiality, integrity, and availability of our systems and information resources. Those attacks and incidents may be due to intentional or unintentional acts by employees, contractors or third-parties, who seek to gain unauthorized access to our or our service providers’ systems to disrupt operations, corrupt data, or steal confidential information through malware, computer viruses, ransomware, social engineering (e.g., phishing attachments to e-mails) or other vectors. A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity, or availability of our information resources. 14 The risk of a cybersecurity breach or operational 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 information technology (“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. 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 IT networks and related systems, we also depend on third-parties to provide important software, technologies, tools and a broad array of services and functions, such as payroll, human resources, electronic communications and certain finance functions, among others. In addition, in the ordinary course of our business, we collect, process, transmit and store sensitive data, including intellectual property, our proprietary business information and that of our customers, suppliers and business partners, as well as personally identifiable information. Our measures to prevent, detect and mitigate these threats, such as 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 security incident or data breach or limiting the effects of such a breach. Furthermore, the security measures employed by third-party service providers may prove to be ineffective at preventing breaches of their systems. This is particularly so because attack methodologies change frequently or are not recognized until launched, and we also may be unable to investigate or remediate incidents because attackers are increasingly using techniques and tools designed to circumvent controls, to avoid detection, and to remove or obfuscate forensic evidence. The primary risks that could directly result from the occurrence of a cyberattack or security 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 an attack or incident, 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, in addition to any remedies or relief that may result from legal proceedings. Our financial results may be negatively impacted by such attacks and incidents 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 remediate systems, fulfill compliance requirements and/or to remedy any damages that result; subject us to regulatory enforcement, including investigative costs and fines or penalties, as the White House, SEC and other regulators have increased their focus on companies’ cybersecurity vulnerabilities and risks; subject us to claims for breach of contract, damages, credits, penalties or termination of leases or other agreements or other causes of action; or ● ● ● ● ● ● damage our reputation among our tenants, investors and associates. 15 The Company has cybersecurity coverage incorporated in its insurance policies; however these policies may not be sufficient to cover any or all expenses associated with the aforementioned risks. 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. The Company has environmental insurance coverage on certain of its properties, however this coverage may not be sufficient to cover any or all expenses associated with the aforementioned risks. 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, including extreme temperatures and ambient temperature increases, can delay new development or redevelopment projects, decreases the attractiveness of locations, increase investment costs to repair or replace damaged properties (or make repair or replacement impossible), 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. We anticipate the potential effects of climate change will increasingly impact the decisions and analysis we make with respect to our properties, since climate change considerations can impact the relative desirability of locations and the cost of operating and insuring real estate properties. 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 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 adversely affected businesses, economies and financial markets worldwide. The COVID-19 pandemic significantly impacted the retail sector in which the Company operates. The majority of the Company’s tenants and their operations have been, and may continue to be, impacted. Through the duration of the pandemic, 16 a substantial number of tenants had to temporarily or permanently close their business, shortened their operating hours or offer reduced services for some period of time. Impacts of new variants of COVID-19 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. New variants of COVID-19 could adversely affect 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. 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: ● ● ● 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 a 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. ● 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, could 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, resulting in heightened credit risk, reduced valuation of investments and decreased 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. 17 Corporate responsibility, specifically related to ESG factors and commitments, imposes 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 or additional costs 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. In addition, as part of our corporate responsibility, we have adopted certain ESG goals, including greenhouse gas emissions reduction targets and other sustainability initiatives. If we cannot not meet these goals fully or on time, we may face reputational damage. 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. 18 We have a substantial amount of indebtedness and may need to incur more in the future. We have substantial indebtedness, including indebtedness assumed in the Merger with Weingarten. The level of indebtedness could have adverse consequences on our business, such as: ● requiring the Company to use a substantial portion of our cash flow from operations to service our indebtedness, which would reduce the available cash flow to fund working capital, capital expenditures, development projects, and other general corporate purposes and reduce cash for distributions; ● limiting our ability to obtain additional financing to fund our working capital needs, acquisitions, capital expenditures, or other debt service requirements or for other purposes; ● increasing our costs of incurring additional debt; ● subjecting us to floating interest rates; ● limiting our ability to compete with other companies that are not as highly leveraged, as we may be less capable of responding to adverse economic and industry conditions; ● restricting the Company from making strategic acquisitions, developing properties, or exploiting business opportunities; ● restricting the way in which we conduct our business because of financial and operating covenants in the agreements governing our existing and future indebtedness; ● exposing the Company to potential events of default (if not cured or waived) under covenants contained in our debt instruments that could have a material adverse effect on our business, financial condition, and operating results; ● increasing our vulnerability to a downturn in general economic conditions; and ● limiting our ability to react to changing market conditions in its industry. The impact of any of these potential adverse consequences could have a material adverse effect on our results of operations, financial condition, and liquidity. 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 under our current or future debt agreements to perform differently than in the past or cause other unanticipated consequences. The U.K. Financial Conduct Authority, which regulates LIBOR, has announced that it will no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021. In March 2021, the ICE Benchmark Administration Limited, the administrator of LIBOR, extended the transition dates of certain LIBOR tenors to June 30, 2023, after which LIBOR reference rates will cease to be provided. Despite this deferral, the LIBOR administrator has advised that no new contracts using U.S. dollar LIBOR should be entered into after December 31, 2021. It is unknown whether any banks will continue to voluntarily submit rates for the calculation of LIBOR, or whether LIBOR will continue to be published by its administrator based on these submissions, or on any other basis, after such dates. 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: ● 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; ● 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 19 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 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 distributions 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 ("AMT") for taxable years prior to 2018, when AMT was in effect, or increased state and local taxes; 20 ● 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, or is held through a taxable REIT subsidiary, 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. 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. 21 Item 1B. Unresolved Staff Comments None. Item 2. Properties Real Estate Portfolio. As of December 31, 2021, the Company had interests in 541 shopping center properties aggregating 93.3 million square feet of GLA located in 29 states. In addition, the Company had 50 other property interests, primarily through the Company’s preferred equity investments and other investments, totaling 6.3 million square feet of GLA. Open- air shopping centers comprise the primary focus of the Company's current portfolio. As of December 31, 2021, the Company’s Combined Shopping Center Portfolio, including noncontrolling interests, was 94.4% 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 172,516 square feet as of December 31, 2021. 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 2021, the Company expended $100.8 million in connection with property redevelopments and $62.9 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, home improvement centers, off-price retailer, discounter or service-oriented tenant. As one of the original participants in the growth of the shopping center industry and the nation's largest owner and operator 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, Albertsons Companies, Ross Stores, Amazon/Whole Foods Market, PetSmart, Ahold Delhaize, Kroger, Burlington Stores and Walmart. 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, 2021, no single open-air shopping center accounted for more than 1.4% 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 1.4% of the Company’s total shopping center GLA. At December 31, 2021, the Company’s five largest tenants were TJX Companies, The Home Depot, Albertsons Companies, Ross Stores and Amazon/Whole Foods Market, which represented 3.7%, 2.2%, 2.0%, 1.9% 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 98% and other revenues, including percentage rents, accounted for 2% of the Company's total revenues from rental properties for the year ended December 31, 2021. 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, 2021, the Company’s consolidated operating portfolio, comprised of 428 shopping center properties aggregating 70.8 million square feet of GLA, was 94.2% leased. The consolidated operating portfolio consists entirely of properties located in the U.S., inclusive of Puerto Rico. For the period January 1, 2021 to December 31, 2021, 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 $18.16 to $19.05, an increase of $0.89. This increase primarily consists of (i) 22 a $0.67 increase relating to properties acquired in connection with the Merger, (ii) a $0.16 increase relating to rent step-ups within the portfolio and new leases signed, net of leases vacated and (iii) a $0.06 increase relating to acquisitions/dispositions and properties moved into the operating portfolio. The Company has a total of 8,193 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) 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Number of Leases Expiring 244 986 1,223 1,180 1,031 1,007 658 443 377 303 347 Square Feet Expiring 575 4,274 8,023 7,908 7,749 9,302 7,670 4,941 3,494 2,483 2,547 $ $ $ $ $ $ $ $ $ $ $ (1) Leases currently under a month-to-month lease or in process of renewal. Total Annual Base Rent Expiring % of Gross Annual Rent 13,745 89,935 145,031 147,564 142,265 150,014 119,638 88,739 64,267 54,898 56,215 1.2 % 7.6 % 12.2 % 12.4 % 12.0 % 12.6 % 10.1 % 7.5 % 5.4 % 4.6 % 4.7 % During 2021, the Company executed 1,147 leases totaling over 7.5 million square feet in the Company’s consolidated operating portfolio comprised of 409 new leases and 738 renewals and options. The leasing costs associated with these new leases are estimated to aggregate $84.8 million or $38.65 per square foot. These costs include $65.3 million of tenant improvements and $19.5 million of external leasing commissions. The average rent per square foot for (i) new leases was $21.90 and (ii) renewals and options was $17.02. 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 42 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. 23 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 2,869 as of January 31, 2022. 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. The following table reflects the income tax status of distributions per share paid to common shareholders: Year Ended December 31, 2021 2020 Dividend paid per share ............................................................................................... $ Ordinary income .......................................................................................................... Capital gains................................................................................................................. Return of capital........................................................................................................... 0.68 $ 77% 3% 20% 0.82 38% 61% 1% 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, convertible preferred stock and perpetual preferred stock. Borrowings under the Company's unsecured revolving 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 14, 15 and 18 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. 24 Issuer Purchases of Equity Securities: During the year ended December 31, 2021, the Company repurchased 1,084,953 shares for an aggregate purchase price of $20.8 million (weighted average price of $19.21 per share) in connection with common shares surrendered or deemed surrendered to the Company to satisfy statutory minimum tax withholding obligations in connection with equity-based compensation plans. During February 2018, the Company's Board of Directors authorized a share repurchase program, which is scheduled to expire February 29, 2024. 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, 2021. As of December 31, 2021, the Company had $224.9 million available under this common share repurchase program. Period January 1, 2021 – January 31, 2021 ............. February 1, 2021 – February 28, 2021 ......... March 1, 2021 – March 31, 2021 ................. April 1, 2021 – April 30, 2021 ..................... May 1, 2021 – May 31, 2021 ....................... June 1, 2021 – June 30, 2021 ....................... July 1, 2021 – July 31, 2021......................... August 1, 2021 – August 31, 2021............... September 1, 2021 – September 30, 2021.... October 1, 2021 – October 31, 2021 ............ November 1, 2021 – November 30, 2021 .... December 1, 2021 – December 31, 2021 ..... 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) 75,847 441,944 1,336 3,434 3,565 - - 556,357 - 1,903 567 - 1,084,953 $ $ 15.16 17.89 19.13 19.43 21.45 - - 20.78 - 21.72 24.34 - 19.21 $ $ $ $ $ $ $ $ $ $ $ $ - - - - - - - - - - - - - 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, 2021, 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. 25 Stockholder return performance, presented annually for the five years ended December 31, 2021, 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. Kimco Realty Corporation ............................... $ S&P 500........................................................... $ NAREIT Equity REITs .................................... $ 100 100 100 $ $ $ 76 122 105 $ $ $ 66 $ 116 $ 100 $ 99 $ 153 $ 126 $ 75 181 116 $ $ $ 128 233 167 Comparison of 5 year cumulative total return data points Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Item 6. Reserved 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. 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”). Critical Accounting Estimates 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 the recoverability of trade accounts receivable, depreciable lives, valuation of real estate and intangible assets and liabilities, and valuation of joint venture investments and other investments. 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. 26 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. 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. 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, 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 Valuation of Real Estate, and Intangible Assets and Liabilities 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. Transaction costs related to acquisitions that qualify as asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be business combinations are expensed as incurred. Also, upon acquisition of real estate operating properties in either an asset acquisition or business combination, 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) .......................................................................................... 5 to 50 Fixtures, leasehold and tenant improvements (including certain identified intangible assets) ...................... 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. 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 27 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. See Footnote 3, 4 and 6 of the Notes to Consolidated Financial Statements for further discussion. Valuation of Joint Venture Investments and Other 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. See Footnote 1 of the Notes to Consolidated Financial Statements, “Summary of Significant Accounting Policies”, for further discussion of the Company’s accounting policies and estimates. Executive Overview Kimco Realty Corporation is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including 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. Weingarten Merger On August 3, 2021, Weingarten Realty Investors (“Weingarten”) merged with and into the Company, with the Company continuing as the surviving public company (the “Merger”), pursuant to the definitive merger agreement (the “Merger Agreement”) between the Company and Weingarten which was entered into on April 15, 2021. The Merger brought together two industry-leading retail real estate platforms with highly complementary portfolios and created the preeminent open-air shopping center and mixed-use real estate owner in the country. As a result of the Merger, the Company acquired 149 properties, including 30 held through joint venture programs. The increased scale in targeted growth markets, coupled with a broader pipeline of redevelopment opportunities, has positioned the combined company to create significant value for its shareholders. Under the terms of the Merger Agreement, each Weingarten common share was entitled to 1.408 newly issued shares of the Company’s common stock plus $2.89 in cash, subject to certain adjustments specified in the Merger Agreement. On July 15, 2021, Weingarten’s Board of Trust Managers declared a special cash distribution of $0.69 per Weingarten common share (the “Special Distribution”) payable on August 2, 2021 to shareholders of record on July 28, 2021. The Special Distribution was paid in connection with the Merger and to satisfy REIT taxable income distribution requirements. Under the terms of the Merger Agreement, Weingarten’s payment of the Special Distribution adjusted the cash consideration paid by the Company at the closing of the Merger from $2.89 per Weingarten common share to $2.20 per Weingarten common share and had no impact on the payment of the share consideration of 1.408 newly issued shares of Company common stock for each Weingarten common share owned immediately prior to the effective time of the Merger. The total purchase price of the Merger was $4.1 billion, which consists primarily of 179.9 million shares of the Company’s common stock issued in exchange for Weingarten common shares, plus $281.1 million of cash consideration. The total purchase price was calculated based on the closing price of the Company’s common stock on August 3, 2021, which was $20.78 per share. At the effective time of the Merger, each Weingarten common share, issued and outstanding immediately prior to the effective time of the Merger (other than any shares owned directly by the Company or Weingarten and in each case not held on behalf of third parties) was converted into 1.408 shares of newly issued shares of the Company’s common 28 stock. See Footnote 2 to the Notes to the Company’s Consolidated Financial Statements for additional discussion regarding the Merger. COVID-19 Pandemic The COVID-19 pandemic has resulted in a widespread health crisis that adversely affected businesses, economies and financial markets worldwide. The COVID-19 pandemic significantly impacted the retail sector in which the Company operates. The majority of the Company’s tenants and their operations have been, and may continue to be impacted. Through the duration of the pandemic, a substantial number of tenants had to temporarily or permanently close their business, shortened their operating hours or offer reduced services for some period of time. The development and distribution of COVID-19 vaccines has assisted in allowing many restrictions to be lifted, providing a path to recovery. The U.S. economy continues to build upon the reopening trend as businesses reopen to full capacity and stimulus is flowing through to the consumer. The overall economy continues to recover but several issues including lack of qualified employees, inflation risk, supply chain bottlenecks and COVID-19 variants have impacted the pace of the recovery. The extent to which the COVID-19 pandemic impacts the Company’s financial condition, results of operations and cash flows, in the near term, will continue to depend on future developments, which continue to be uncertain, including new information that may emerge concerning the severity of COVID-19, variants, the distribution and effectiveness as well as the willingness to take the vaccines, 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. 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 the pandemic continues to evolve globally and within the United States. 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. 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. Although the Company continues to see an increase in collections of rental payments, the effects COVID-19 have had on its tenants are still heavily considered when evaluating the adequacy of the collectability of the tenant’s total accounts receivable balance, including the corresponding straight-line rent receivable. As of December 31, 2021, the Company’s consolidated accounts receivable balance was 35% potentially uncollectible, including receivables from tenants that are being accounted for on a cash basis, and 11% of the Company’s straight-line rent receivables were potentially uncollectible, also inclusive of tenants that are being accounted for on a cash basis. These reserves are primarily attributable to the impact from 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 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. Financial Highlights The following highlights the Company’s significant transactions, events and results that occurred during the year ended December 31, 2021: Financial and Portfolio Information: ● Completed the strategic Merger with Weingarten on August 3, 2021 (see additional disclosure in Footnote 2 of the Notes to Consolidated Financial Statements included in this Form 10-K). ● Net income available to the Company’s common shareholders was $818.6 million, or $1.60 per diluted share, for the year ended December 31, 2021 as compared to $975.4 million, or $2.25 per diluted share, for the year ended December 31, 2020. ● FFO was $706.8 million, or $1.38 per diluted share, for the year ended December 31, 2021, as compared to $503.7 million, or $1.17 per diluted share, for the corresponding period in 2020 (see additional disclosure on FFO beginning on page 42). 29 ● Same property net operating income (“Same property NOI”) was $864.8 million for the year ended December 31, 2021, as compared to $795.2 million the corresponding period in 2020 (see additional disclosure on Same property NOI beginning on page 44). ● Executed 1,147 new leases, renewals and options totaling approximately 7.5 million square feet in the consolidated operating portfolio. ● Consolidated operating portfolio occupancy at December 31, 2021 was 94.2% as compared to 93.9% at December 31, 2020. Acquisition and Disposition Activity (see Footnotes 2, 4 and 5 of the Notes to Consolidated Financial Statements included in this Form 10-K): ● Acquired 149 properties, including 30 held through joint venture programs, in conjunction with the Merger. ● Acquired two distribution centers for $84.7 million (which were subsequently sold for $108.0 million) and an outparcel at an existing shopping center in Columbia, MD for $12.6 million ● Acquired nine properties for an aggregate purchase price of $780.1 million from joint ventures in which the Company previously held noncontrolling ownership interests (a 50% interest in six of these properties was subsequently sold and the Company maintained a 50% noncontrolling ownership interest and deconsolidated the properties) ● Disposed of 13 operating properties (including the two distribution centers and the deconsolidation of six operating properties noted above) and 10 parcels, in separate transactions, for an aggregate sales price of $612.4 million, which resulted in aggregate gains of $30.8 million, before noncontrolling interests and taxes. Capital Activity (for additional details see Liquidity and Capital Resources below): ● Issued $500.0 million of 2.25% notes maturing December 2031. ● Assumed senior unsecured notes of $1.5 billion (including $95.6 million in fair market value adjustments) and mortgage debt of $317.7 million (including $11.0 million in fair market value adjustments) encumbering 16 operating properties in connection with the Merger. ● Assumed $234.1 million of mortgage debt encumbering nine operating properties, repaid $230.5 million of mortgage debt that encumbered 28 operating properties and deconsolidated $170.0 million of mortgage debt relating to six operating properties. ● Issued 179.9 million shares of common stock in conjunction with the Merger. ● As of December 31, 2021, had $2.3 billion in immediate liquidity, including $334.7 million in cash. As a result of the above debt activity, the Company’s consolidated debt maturity profile, including extension options as of December 31, 2021, is as follows: 30 ● As of December 31, 2021, the weighted average interest rate was 3.39% and the weighted average maturity profile was 8.5 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. The Company’s portfolio is focused on major metropolitan-area U.S. markets, predominantly on the east and west coasts and in the sun belt region, which are supported by strong demographics, significant projected population growth, and where the Company perceives significant barriers to entry. The Company 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 it can continue to increase its occupancy levels, rental rates and overall 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, 2021 and 2020 Results from operations for the year ended December 31, 2021 reflect the results of the Company’s Merger with Weingarten on August 3, 2021 and as a result only reflect the combined operations for five months. Future periods will reflect the combined operations for the entire year. Therefore, our historical financial statements may not be indicative of future operating results. 31 The following table presents the comparative results from the Company’s Consolidated Statements of Income for the year ended December 31, 2021, as compared to the corresponding period in 2020 (in thousands, except per share data): 2021 Year Ended December 31, 2020 Change Revenues Revenues from rental properties, net............................ $ Management and other fee income............................... 1,349,702 14,883 $ 1,044,888 13,005 $ Operating expenses Rent (1) ........................................................................ Real estate taxes ........................................................... Operating and maintenance (2) .................................... General and administrative (3) ..................................... Impairment charges...................................................... Merger charges............................................................. Depreciation and amortization ..................................... Gain on sale of properties .................................................... 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 for income taxes, net .................................... Equity in income of joint ventures, net......................... Equity in income of other investments, net .................. Net income attributable to noncontrolling interests...... Preferred dividends ...................................................... (13,773) (181,256) (222,882) (104,121) (3,597) (50,191) (395,320) 30,841 19,810 505,163 - (204,133) - (3,380) 84,778 23,172 (5,637) (25,416) Net income available to the Company's common shareholders ..................................................................... $ 818,643 Net income available to the Company's common shareholders: .................................................................... Diluted per share .......................................................... $ 1.60 $ $ (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 $ $ 304,814 1,878 (2,503) (23,595) (48,844) (10,904) 3,027 (50,191) (106,365) 24,357 15,691 (89,590) (190,832) (17,229) 7,538 (2,402) 37,425 (5,456) (3,593) - (156,774) (0.65) (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 and entertainment costs and other company-specific expenses. Net income available to the Company’s common shareholders was $818.6 million for the year ended December 31, 2021, as compared to $975.4 million for the comparable period in 2020. On a diluted per share basis, net income available to the Company’s common shareholders for the year ended December 31, 2021, was $1.60 as compared to $2.25 for the comparable period in 2020. For additional disclosure, see Footnote 27 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, 2021, as compared to the corresponding period in 2020: Revenue from rental properties, net – The increase in Revenues from rental properties, net of $304.8 million is primarily from (i) an increase in revenues of $197.6 million due to properties acquired, primarily resulting from the Merger, (ii) a net decrease in credit losses from tenants of $86.8 million primarily due to increased collections, (iii) an increase in net straight-line rental income of $28.5 million primarily due to a decrease in reserves, increase in leasing activity and the Merger, and (iv) an increase in lease termination fee income of $9.4 million partially offset by (v) a net decrease in revenues of $17.5 million, primarily due to tenant vacancies and dispositions for the year ended December 31, 2021, as compared to the corresponding period in 2020. 32 Real estate taxes – The increase in Real estate taxes of $23.6 million is primarily due to an increase in properties acquired through the Merger. Operating and maintenance – The increase in Operating and maintenance expense of $48.8 million is primarily due to (i) an increase in operating expenses of $31.8 million relating to properties acquired through the Merger, (ii) an increase in utilities, repairs and maintenance, insurance and advertising costs of $11.3 million, primarily due to the reopening of markets throughout the country and (iii) an increase in snow removal costs of $5.7 million. General and administrative – The increase in General and administrative expense of $10.9 million is primarily due to (i) an increase in employee-related expenses of $16.2 million primarily related to increased staffing due to the Merger and higher performance based compensation bonuses and (ii) an increase of $1.9 million primarily due to the fluctuations in value of various directors’ deferred stock, partially offset by (iii) a decrease in severance charges related to employee retirement and terminations of $8.1 million during the year ended December 31, 2021, as compared to the corresponding period in 2020. Impairment charges – During the years ended December 31, 2021 and 2020, the Company recognized impairment charges of $3.6 million and $6.6 million, respectively, primarily related to adjustments to property carrying values for which the Company’s estimated fair values were primarily based upon signed contracts or letters of intent from third-party offers. 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 values utilized unobservable inputs and, as such, were classified as Level 3 of the FASB’s fair value hierarchy. For additional disclosure, see Footnotes 6 and 17 of the Notes to Consolidated Financial Statements included in this Form 10-K. Merger charges – During the year ended December 31, 2021, the Company incurred costs of $50.2 million associated with the Merger. These charges are primarily comprised of severance costs and professional and legal fees. Depreciation and amortization – The increase in Depreciation and amortization of $106.4 million is primarily due to (i) an increase of $108.1 million primarily resulting from property acquisitions in connection with the Merger during 2021 and (ii) an increase of $8.3 million due to depreciation commencing on certain development and redevelopment projects that were placed into service during 2021 and 2020, partially offset by (iii) a decrease of $11.8 million due to write-offs of depreciable assets primarily due to tenant vacates and dispositions during 2020 and 2021. Gain on sale of properties – During 2021, the Company disposed of 13 operating properties and 10 parcels (including the deconsolidation of 6 operating properties), in separate transactions, for an aggregate sales price of $612.4 million, which resulted in aggregate gains of $30.8 million. 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. Other income, net – The increase in Other income, net of $15.7 million is primarily due to (i) an increase in dividend income of $12.9 million primarily from the shares of ACI common stock held by the Company and (ii) a net increase in mortgage and other financing income of $4.7 million primarily due to new loans issued during 2021 and 2020, (iii) an increase in net periodic benefit income of $3.6 million relating to the Company's defined benefit plan, partially offset by (iv) an increase of $2.8 million in costs associated with potential transactions for which the Company is no longer pursuing. 33 Gain on marketable securities, net – The decrease in Gain on marketable securities, net of $89.6 million is primarily the result of mark-to-market fluctuations of the shares of ACI common stock held by the Company, which were obtained during ACI’s initial public offering (“IPO”) in June 2020. The IPO resulted in the Company changing the classification of its ACI investment from a cost method investment to a marketable security. 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 shares of ACI common stock held by the Company during ACI’s IPO. Interest expense – The increase in Interest expense of $17.2 million is primarily due to (i) increased levels of borrowings and assumptions of unsecured notes and mortgages in connection with the Merger and public debt offerings and (ii) a decrease in capitalized interest due to certain development and redevelopment projects that were placed into service during 2021 and 2020, partially offset by (iii) the repayment of unsecured notes and mortgages during 2021 and 2020. Early extinguishment of debt charges – During 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. Equity in income of joint ventures, net – The increase in Equity in income of joint ventures, net of $37.4 million is primarily due to (i) an increase in equity in income of $18.7 million within various joint venture investments during 2021, as compared to the corresponding period in 2020, primarily resulting from a decrease in credit losses due to collections from tenants, including straight-line rental income, (ii) an increase in net gains of $16.6 million resulting from the sale of properties within various joint venture investments during 2021, as compared to the corresponding period in 2020, and (iii) an increase in equity in income of $3.5 million resulting from ownership interests acquired in unconsolidated joint ventures in connection with the Merger, partially offset by (iv) an increase in impairment charges of $1.4 million recognized during 2021, as compared to the corresponding period in 2020. Equity in income of other investments, net – The decrease in Equity in income of other investments, net of $5.5 million is primarily due to a decrease in equity in income and profit participation from the sale of properties within the Company’s Preferred Equity Program during 2021 and 2020, partially offset by an increase in equity in income from new investments during 2021 and 2020. Net income attributable to noncontrolling interests – The increase in Net income attributable to noncontrolling interests of $3.6 million is primarily due to (i) an increase in net gain on sale of properties, within consolidated joint ventures, during 2021, as compared to the corresponding period in 2020 and (ii) an increase in net income attributable to noncontrolling interests recognized in connection with the Merger. Comparison of the years ended December 31, 2020 and 2019 Information pertaining to fiscal year 2019 was included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 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 23, 2021. Liquidity and Capital Resources The Company’s capital resources include accessing the public debt and equity capital markets, mortgage financing, and immediate access to an unsecured revolving credit facility (the “Credit Facility”) with bank commitments of $2.0 billion 34 which can be increased to $2.75 billion through an accordion feature. In addition, the Company holds 39.8 million shares of ACI, which had a value of $1.2 billion at December 31, 2021, which are subject to certain contractual lock-up provisions that expire in June 2022. The Company’s cash flow activities are summarized as follows (in thousands): Cash, cash equivalents and restricted cash, 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, cash equivalents and restricted cash ........................................................... Cash, cash equivalents and restricted cash, end of year ................................................................. $ Operating Activities Year Ended December 31, 2020 2021 293,188 618,875 (476,259) (101,141) 41,475 334,663 $ $ 123,947 589,913 (33,273) (387,399) 169,241 293,188 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, 2021, were $618.9 million, as compared to $589.9 million for the comparable period in 2020. The increase of $29.0 million is primarily attributable to: ● the acquisition of operating properties during 2021 and 2020, including those acquired from the Merger; and ● new leasing, expansion and re-tenanting of core portfolio properties, partially offset by ● a decrease in distributions from the Company’s joint ventures programs; ● nonrecurring costs incurred in connection with the Merger during 2021; ● changes in operating assets and liabilities due to timing of receipts and payments; ● rent relief provided to tenants as a result of the COVID-19 pandemic; and ● the disposition of operating properties in 2021 and 2020. Investing Activities Cash flows used for investing activities were $476.3 million for 2021, as compared to $33.3 million for 2020. Investing activities during 2021 consisted primarily of: Cash inflows: ● $302.8 million in proceeds from the sale of 13 consolidated properties and 10 parcels (including the deconsolidation of 6 operating properties); ● $111.9 million in reimbursements of investments in and advances to real estate joint ventures and other investments primarily due to the sale of properties within the investments; and ● $13.8 million in collection of mortgage and other financing receivables. Cash outflows: ● $356.0 million for the acquisition of 11 consolidated operating properties and one parcel; ● $264.0 million net cash consideration paid in conjunction with the Merger; ● $163.7 million for improvements to operating real estate primarily related to the Company’s active redevelopment pipeline; ● $67.1 million for investments in and advances to other investments, primarily related to a preferred equity investment located in San Antonio, TX; ● $41.9 million for investment in other financing receivables; and ● $12.6 million for investments in and advances to real estate joint ventures, primarily related to a redevelopment project within the Company’s joint venture portfolio; 35 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 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 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. Acquisitions of Operating Real Estate and Other Related Net Assets During the years ended December 31, 2021 and 2020, the Company expended $619.9 million and $12.6 million, respectively, towards the acquisition of operating real estate properties, including the Merger in 2021. The Company anticipates spending approximately $100.0 million to $200.0 million towards the acquisition of operating properties during 2022. The Company intends to fund these acquisitions with cash flow from operating activities, proceeds from property dispositions and/or availability under its Credit Facility. Improvements to Operating Real Estate During the years ended December 31, 2021 and 2020, the Company expended $163.7 million and $221.3 million, respectively, towards improvements to operating real estate. These amounts consist of the following (in thousands): Year Ended December 31, 2020 2021 Redevelopment and renovations ........................................................................................ $ Tenant improvements and tenant allowances..................................................................... Total (1) ............................................................................................................................. $ 100,784 62,915 163,699 $ $ 175,661 45,617 221,278 (1) During the years ended December 31, 2021 and 2020, the Company capitalized payroll of $4.5 million and $9.4 million, respectively, and capitalized interest of $0.6 million and $9.7 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 anticipates its capital commitment toward these redevelopment projects and re-tenanting efforts for 2022 will be approximately $150.0 million to $200.0 million. The funding of these capital requirements will be provided by proceeds from property dispositions, net cash flow provided by operating activities and/or availability under the Company’s Credit Facility. 36 Financing Activities Cash flows used for financing activities were $101.1 million for 2021, as compared to $387.4 million for 2020. Financing activities during 2021 primarily consisted of the following: Cash inflows: ● $500.0 million in proceeds from issuance of 2.25% senior unsecured notes due in 2031; and ● $83.0 million in proceeds from issuance of common stock, primarily related to the Company’s at-the-market continuous offering program and the exercise of employee stock options. Cash outflows: ● $382.1 million of dividends paid; ● $239.9 million in principal payment on debt, including normal amortization of rental property debt; ● $34.6 million in redemption/distribution of noncontrolling interests; ● $20.8 million in shares repurchased for employee tax withholding on equity awards; and ● $8.2 million in financing origination costs, primarily in connection with the Company’s issuance of $500.0 million of senior unsecured notes. Financing activities during 2020 primarily consisted of the following: Cash inflows: ● $900.0 million in proceeds from issuance of unsecured notes comprised of (i) $500.0 million of the Company’s unsecured 2.70% 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. 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 2022 consist of: $921.0 million of consolidated debt; $109.3 million of unconsolidated joint venture debt and $2.5 million of debt included in the Company’s Preferred Equity Program, assuming the utilization of extension options where available. The 2022 consolidated debt maturities are anticipated to be repaid with operating cash flows, borrowings from the Credit Facility and public debt offerings, as deemed appropriate. The 2022 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, of the respective entities 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 improve its 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. 37 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 $16.2 billion. Proceeds from public capital market activities have been used for the purposes of, among other things, repaying indebtedness, acquiring interests in open-air, grocery anchored shopping centers and mixed-use assets, funding real estate under development projects, expanding and improving properties in the portfolio and other investments. During August 2021, the Company filed a shelf registration statement on Form S-3, which is effective for a term of three years, for the 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, from time to time, offer for sale its senior unsecured debt securities 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, 2021, the Company had 8.5 million shares of common stock available for issuance under the 2020 Plan. (See Footnote 22 of the Notes to Consolidated Financial Statements included in this Form 10-K). Common Stock – During August 2021, the Company established an at-the-market continuous offering program (the “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. In addition, the Company may from time to time enter into separate forward sale agreements with one or more banks. During 2021, the Company issued 3.5 million shares and received net proceeds after commissions of $76.9 million. As of December 31, 2021, the Company had $422.4 million available under this ATM program. The Company has a share repurchase program, which is scheduled to expire on February 29, 2024. 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, 2021. As of December 31, 2021, the Company had $224.9 million available under this common share repurchase program. In connection with the Merger, each Weingarten common share, issued and outstanding immediately prior to the effective time of the Merger, was converted into 1.408 shares of newly issued shares of Kimco common stock, resulting in approximately 179.9 million common shares issued to effect the Merger. Senior Notes – During the year ended December 31, 2021, the Company issued the following senior unsecured notes (dollars in millions): Date Issued Sept-2021 Maturity Date Dec-2031 Amount Issued 500.0 $ Interest Rate 2.25% 38 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 <60% <40% >1.50x >1.50x As of December 31, 2021 38% 2% 4.3x 2.4x 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 Index to Exhibits included in this Form 10-K for specific filing information. In connection with the Merger, the Company assumed senior unsecured notes of $1.5 billion (including fair market value adjustment of $95.6 million), which have scheduled maturity dates ranging from October 2022 to August 2028 and accrue interest at rates ranging from 3.25% to 6.88% per annum. The senior unsecured notes assumed during the Merger have covenants that are similar to the Company’s existing debt covenants for its senior unsecured notes. Please refer to the Indenture dated May 1, 1995 filed with Weingarten’s Form S-3 to the Registration Statement, with the Securities and Exchange Commission on May 1, 1995, First Supplemental Indenture, dated as of August 2, 2006 filed with Weingarten’s Current Report on Form 8-K dated August 2, 2006, Second Supplemental Indenture, dated as of October 9, 2012 filed with Weingarten’s Current Report on Form 8-K dated October 9, 2012. See the Exhibits Index for specific filing information. In February 2022, the Company announced the early redemption of its $500.0 million 3.40% senior unsecured notes outstanding, which were scheduled to mature in November 2022. The Company plans to redeem these notes on March 2, 2022 and as a result, the Company will incur a prepayment charge of approximately $6.5 million. In addition, in February 2022, the Company issued $600.0 million in senior unsecured notes, which are scheduled to mature in April 2032 and accrue interest at a rate of 3.20% per annum. The net proceeds from this offering will be used primarily to fund the redemption of the Company’s $500.0 million 3.40% senior unsecured notes outstanding and general corporate purposes. 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 (0.87% as of December 31, 2021), 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, 2021, the Credit Facility had no outstanding balance and appropriations for letters of credit of $1.9 million. 39 Pursuant to the terms of the Credit Facility, the Company, among other things, 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, 2021 34% 1% 4.4x 3.9x 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. See the Index to Exhibits included in this Form 10-K for specific filing information. Mortgages Payable – During 2021, the Company (i) assumed $234.1 million of individual non-recourse mortgage debt through the consolidation of nine operating properties, (ii) repaid $230.5 million of mortgage debt (including fair market value adjustment of $1.2 million) that encumbered 28 operating properties and (iii) deconsolidated $170.0 million of individual non-recourse mortgage debt relating to six operating properties for which the Company no longer holds a controlling interest. In connection with the Merger, the Company assumed mortgage debt of $317.7 million (including fair market value adjustment of $11.0 million) that encumber 16 operating properties, which have scheduled maturity dates ranging from April 2022 to August 2038 and accrue interest at rates ranging from 3.50% to 6.95% per annum. 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 to partially fund the capital needs of its real estate under development projects. As of December 31, 2021, the Company had over 480 unencumbered property interests in its portfolio. COVID-19 – As the COVID-19 pandemic continues to evolve, uncertainty remains regarding the long-term economic impact it will have. As a result, the Company has focused on creating a strong liquidity position, including, but not limited to, maintaining availability under its Credit Facility, cash and cash equivalents on hand and having access to 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. However, if the COVID-19 pandemic continues, such impacts could grow, become material and materially disrupt the Company’s business operations and materially adversely affect the Company’s liquidity. 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 $382.1 million, $379.9 million and $531.6 million in 2021, 2020 and 2019 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 that maintains compliance with the Company’s REIT taxable income distribution requirements. On October 26, 2021, the Company’s Board of Directors declared quarterly dividends with respect to the 40 Company’s classes of cumulative redeemable preferred shares (Classes L and M), which were paid on January 17, 2022, to shareholders of record on January 3, 2022. Additionally, on October 26, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.17 per common share, which was paid on December 23, 2021 to shareholders of record on December 9, 2021. On February 1, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.19 per common share, representing a 11.8% increase from the prior quarterly dividend, payable to shareholders of record on March 10, 2022, which is scheduled to be paid on March 24, 2022. In addition, 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, 2022, to shareholders of record on April 1, 2022. Contractual Obligations and Other Commitments The Company has debt obligations relating to its Credit Facility (no outstanding balance as of December 31, 2021), unsecured senior notes and mortgages with maturities ranging from four months to 28 years. As of December 31, 2021, the Company’s consolidated total debt had a weighted average term to maturity of 8.5 years. In addition, the Company has non-cancelable leases pertaining to its shopping center portfolio. As of December 31, 2021, the Company had 42 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. Amounts due in 2022 in connection with these leases aggregate $12.7 million. The following table summarizes the Company’s consolidated debt maturities (excluding extension options, unamortized debt issuance costs of $57.3 million and fair market value of debt adjustments aggregating $91.8 million) and obligations under non-cancelable operating leases as of December 31, 2021: Long-Term Debt: Principal (1) .........$ Interests (2) ..........$ Non-cancelable leases (3) Operating leases (3)...................... Financing leases (3)...................... $ $ 2022 2023 Payments due by period (in millions) 2026 2025 2024 Thereafter Total 923.9 $ 244.9 $ 713.3 $ 205.0 $ 654.3 $ 176.4 $ 794.8 $ 152.0 $ 778.4 $ 139.0 $ 3,576.6 $ 1,426.1 $ 7,441.3 2,343.4 12.7 $ 1.7 $ 12.7 $ 23.0 $ 11.9 $ 11.4 $ 10.7 $ 215.4 $ 274.8 - $ - $ - $ - $ 24.7 (1) Maturities utilized do not reflect extension options, which range from six months to one year. On February 15, 2022, the Company announced the redemption for its $500.0 million 3.40% senior unsecured notes outstanding, which mature in November 2022. The Company plans to redeem these notes on March 2, 2022 and as a result, the Company will incur a prepayment charge of approximately $6.5 million. In addition, in February 2022, the Company issued $600.0 million in senior unsecured notes, which are scheduled to mature in April 2032 and accrue interest at a rate of 3.20% per annum. The net proceeds from this offering will be used primarily to fund the redemption of the Company's $500.0 million 3.40% senior unsecured notes outstanding. (2) For loans which have interest at floating rates, future interest expense was calculated using the rate as of December 31, 2021. (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 $805.1 million of consolidated unsecured debt and $115.9 million of consolidated secured debt scheduled to mature in 2022. The Company anticipates satisfying the remaining future maturities with operating cash flows, its Credit Facility or public debt offerings, 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, 2021, these letters of credit aggregated $44.5 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, 2021, the Company had $12.7 million in performance and surety bonds outstanding. 41 The Company has two investments that have investment funding commitments totaling $27.0 million, of which $4.3 million has been funded as of December 31, 2021. The Company’s remaining commitment to fund related to these investments is $22.7 million in total as of December 31, 2021. In connection with the Merger, the Company now provides a guaranty for the payment of any debt service shortfalls on Series A bonds issued by the Sheridan Redevelopment Agency which are tax increment revenue bonds issued in connection with a property owned by the Company in Sheridan, Colorado. These tax increment revenue bonds have a balance of $49.7 million outstanding at December 31, 2021. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee ("PIF") to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The revenue generated from incremental sales, property taxes and PIF have satisfied the debt service requirements to date. The incremental taxes and PIF are to remain intact until the earlier of the payment of the bond liability in full or 2040. 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. 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, 2021, 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 Statements included in this Form 10-K). Debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at December 31, 2021, aggregated $1.6 billion. As of December 31, 2021, these loans had scheduled maturities ranging from four months to 9.5 years and bore interest at rates ranging from 1.30% to 6.38%. Approximately $109.3 million of the aggregate outstanding loan balance matures in 2022. These maturing loans are anticipated to be repaid with operating cash flows, debt refinancing, unsecured credit facilities, proceeds from sales of the respective entities, and partner capital contributions, as deemed appropriate (see Footnote 7 of the Notes to Consolidated Financial Statements included in this Form 10-K). Other 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, 2021, the Company’s net investment under the Preferred Equity Program was $98.7 million relating to 39 properties, including 28 net leased properties, which are accounted for as direct financing leases. As of December 31, 2021, these preferred equity investment properties had non-recourse mortgage loans aggregating $237.4 million. These loans have scheduled maturities ranging from two months to 2.5 years and bear interest at rates ranging from 4.19% to 8.88%. 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. 42 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. 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. 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 ....................................................................... Gain on sale of joint venture properties .................................................. Depreciation and amortization - real estate related ................................. Depreciation and amortization - real estate joint ventures ...................... Impairment charges (including real estate joint ventures)....................... Gain on sale of cost method investment.................................................. Profit participation from other investments, net...................................... Loss/(gain) on marketable securities, net ................................................ (Benefit)/provision for income taxes (1) ................................................. Noncontrolling interests (1) .................................................................... FFO available to the Company’s common shareholders (3).............. $ Weighted average shares outstanding for FFO calculations: Basic ....................................................................................................... Units.................................................................................................... Dilutive effect of equity awards .......................................................... Diluted (2)............................................................................................... Three Months Ended December 31, 2021 2020 $ $ 75,327 - (11,596) 132,797 15,949 3,932 - (9,824) 37,347 (25) (3,835) 240,072 614,150 3,878 2,410 620,438 $ $ 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 Year Ended December 31, $ $ 2021 818,643 (30,841) (16,879) 392,095 51,555 7,145 - (8,595) (505,163) 2,152 (3,285) 706,827 506,248 2,627 2,422 511,297 2020 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 FFO per common share – basic............................................................ $ FFO per common share – diluted (2)................................................... $ 0.39 0.39 $ $ 0.31 0.31 $ $ 1.40 1.38 $ $ 1.17 1.17 (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 $856 and $92 for the three months ended December 31, 2021 and 2020, respectively, and $1,053 and $309 for the years ended December 31, 2021 and 2020, respectively. The effect of other certain convertible units would have an anti- dilutive effect upon the calculation of FFO available to the Company’s common shareholders per share. Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations. Includes Merger charges of $50.2 million recognized during the year ended December 31, 2021, in connection with the Merger. In addition the three months and year ended December 31, 2021, includes a pension valuation adjustment of $3.0 million of income included in Other income, net on the Company's Consolidated Statement of Income. (3) 43 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. For the three months ended December 31, 2021 and 2020, the Company included Same property NOI from the Weingarten properties acquired through the Merger, as the Company owned these properties for the full three months ended December 31, 2021. The amount of the adjustment relating to Weingarten same property NOI for the three months ended December 31, 2020, included in the table below, represents the Same property NOI from Weingarten properties prior to the Merger, which is not included in the Company's Net income available to the Company’s common shareholders. Same property NOI from properties acquired through the Merger was excluded for the years ended December 31, 2021 and 2020, as the Company did not own these properties for the full year ended December 31, 2021. 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. 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......................................................................... Merger charges................................................................................ Depreciation and amortization ........................................................ Gain on sale of properties................................................................ Interest and other expense, net ........................................................ Loss/(gain) on marketable securities, net ........................................ Gain on sale of cost method investment.......................................... Provision for income taxes, net ....................................................... Equity in income of other investments, net ..................................... Net income attributable to noncontrolling interests......................... Preferred dividends ......................................................................... Weingarten same property NOI (2)................................................. Non same property net operating income........................................ Non-operational expense from joint ventures, net........................... Same property NOI .............................................................................. $ Three Months Ended December 31, (1) 2021 2020 75,327 $ 194,880 $ Year Ended December 31, 2021 818,643 $ 2020 975,417 (4,249) 28,985 2,643 - 133,633 - 49,503 37,347 - 483 (12,807) 268 6,354 - (15,825) 9,987 311,649 $ (3,125) 20,901 3,115 - 74,295 (787) 42,162 (150,108) - 496 (1,733) 565 6,354 80,288 (7,623) 16,238 275,918 $ (14,883) 104,121 3,597 50,191 395,320 (30,841) 184,323 (505,163) - 3,380 (23,172) 5,637 25,416 - (206,992) 55,214 864,791 $ (13,005) 93,217 6,624 - 288,955 (6,484) 190,323 (594,753) (190,832) 978 (28,628) 2,044 25,416 - (22,605) 68,510 795,177 (1) Same property NOI from properties acquired through the Merger are included in the three months ended December 31, 2021 and 2020 but excluded for the years ended December 31, 2021 and 2020. (2) Amounts for the three months ended December 31, 2020, represent the Same property NOIs from Weingarten properties, not included in the Company's Net income available to the Company's common shareholders. 44 Same property NOI increased by $35.7 million, or 12.9%, for the three months ended December 31, 2021, as compared to the corresponding period in 2020. This increase is primarily the result of (i) a decrease in credit losses of $15.7 million due to increased collections, (ii) an increase in revenues from rental properties of $11.4 million primarily related to a decrease in tenant rent abatements and vacancies as a result of the COVID-19 pandemic during 2020, as compared to 2021, and (iii) an increase of $8.6 million from properties acquired through the Merger. Same property NOI increased by $69.6 million, or 8.8%, for the year ended December 31, 2021, as compared to the corresponding period in 2020. This increase is primarily the result of (i) a decrease in credit losses of $92.3 million due to increased collections, partially offset by (ii) a decrease in revenues from rental properties of $18.8 million primarily related to a decrease in tenant rent abatements and vacancies as a result of the COVID-19 pandemic and (iii) an increase in non- recoverable operating expenses of $3.9 million. 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, 2021, with corresponding weighted-average interest rates sorted by maturity date. The table does not include extension options where available (amounts in millions). Secured Debt Fixed Rate ......................... $ Average Interest Rate........ Unsecured Debt Fixed Rate ......................... $ Average Interest Rate........ 2022 2023 2024 2025 2026 Thereafter Total Fair Value 115.9 $ 4.08% $ 55.8 3.95% $ 6.1 6.74% $ 54.8 3.50% - - $ 216.1 $ 448.7 $ 449.8 4.29 % 4.12% 805.1 $ 659.7 $ 661.9 $ 757.8 $ 788.7 $ 3,353.9 $ 7,027.1 $ 7,330.7 3.39% 3.30% 3.37% 3.48% 3.06% 3.38 % 3.35% 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. 45 Item 9A. Controls and Procedures On August 3, 2021, the Company completed the Merger and accordingly the Company’s management has integrated Weingarten’s operations into its internal control over financial reporting, as necessary, to accommodate modifications to its business processes related to the Merger transaction. None of these integration activities had a material impact on our system of internal control over financial reporting. 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, 2021. 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, 2021, 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, 2021. The effectiveness of our internal control over financial reporting as of December 31, 2021 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. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. 46 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,” “Other Matters” and if required, “Delinquent Section 16(a) Reports” in our definitive proxy statement to be filed with respect to the Annual Meeting of Stockholders expected to be held on April 26, 2022 (“Proxy Statement”). We have adopted a Code of Conduct. The Code of Conduct 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,” “Corporate Governance – Risk Oversight,” “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,” “Director Independence" 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. 47 Item 15. Exhibits and Financial Statement Schedules PART IV (a) 1. Financial Statements – The following consolidated financial information is included as a separate section of this annual report on Form 10-K. Form 10-K Report Page Report of Independent Registered Public Accounting Firm (PCAOB ID 238) ............................................. 54 Consolidated Financial Statements Consolidated Balance Sheets as of December 31, 2021 and 2020 ............................................................. Consolidated Statements of Income for the years ended December 31, 2021, 2020 and 2019 .................. Consolidated Statements of Comprehensive Income for the years ended December 31, 2021, 2020 and 2019 ........................................................................................................................................................... Consolidated Statements of Changes in Equity for the years ended December 31, 2021, 2020 and 2019. Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2020 and 2019 ........... Notes to Consolidated Financial Statements.................................................................................................. 57 58 59 60 61 62 2. Financial Statement Schedules - Schedule II - Valuation and Qualifying Accounts for the years ended December 31, 2021, 2020 and 2019.................................................................................................................................... Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2021 ............................... Schedule IV - Mortgage Loans on Real Estate as of December 31, 2021 ................................................. 108 109 120 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........................... 49 Item 16. Form 10-K Summary None. 48 INDEX TO EXHIBITS Exhibit Number 2.1 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 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 Exhibit Description Agreement and Plan of Merger, dated as of April 15, 2021, by and between Kimco Realty Corporation and Weingarten Realty Investors. 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 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 Incorporated by Reference Form File No. 1-10899 8-K Date of Filing 04/15/21 Exhibit Number 2.1 Filed/ Furnished Herewith Page Number 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 3.2 8-A12B 1-10899 07/18/12 3.2 8-A12B 1-10899 12/03/12 3.2 8-A12B 1-10899 08/08/17 3.3 8-A12B 1-10899 12/12/17 3.3 10-K 1-10899 02/27/09 3.2 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 1-10899 02/25/20 4.10 49 Incorporated by Reference Exhibit Description Form File No. Date of Filing S-3 33-57659 02/10/95 Filed/ Furnished Herewith Page Number Exhibit Number 4(a) Exhibit Number 4.11 4.12 10.1 10.2 10.3 10.4 10.5 10.6 10.7 10.8 10.9 10.10 10.11 10.12 10.13 10.14 10.15 Form of Indenture for Senior Debt Securities dated as of May 1, 1995 between Weingarten Realty Investors and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association). Second Supplemental Indenture, dated October 9, 2012, between Weingarten Realty Investors and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association). 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 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 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. 50 8-K 33-57659 10/09/12 4.1 10-K 1-10899 1-10899 10-K 03/28/95 02/27/09 10.3 10.9 10-K 1-10899 1-10899 8-K 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 10-Q 1-10899 05/10/12 10.3 8-K 1-10899 03/02/20 10.1 DEF 14A 1-10899 03/18/20 Annex 10-Q 1-10899 08/07/20 B 10.1 10-Q 1-10899 08/07/20 10.2 10-Q 1-10899 08/07/20 10.3 10-Q 1-10899 08/07/20 10.4 10-Q 1-10899 08/07/20 10.5 Exhibit Description Form File No. Incorporated by Reference Date of Filing — — — Exhibit Number — — — Page Number Filed/ Furnished Herewith X * * — — — — — — Exhibit Number 21.1 23.1 31.1 31.2 32.1 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 99.1 101.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 101.SCH Inline XBRL Taxonomy Extension Schema 101.CAL 101.DEF 101.LAB 101.PRE 104 Inline XBRL Taxonomy Extension Calculation Linkbase Inline XBRL Taxonomy Extension Definition Linkbase Inline XBRL Taxonomy Extension Label Linkbase Inline XBRL Taxonomy Extension Presentation Linkbase Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) — — — — * — — — — ** — — — — — — — — — — — — — — — — — — — — — — — — — — — — * * 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 28, 2022. 51 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 28, 2022 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/ 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 28, 2022 Chief Executive Officer and Director February 28, 2022 February 28, 2022 February 28, 2022 February 28, 2022 February 28, 2022 February 28, 2022 February 28, 2022 February 28, 2022 February 28, 2022 Director Director Director Director Director Director Executive Vice President - Chief Financial Officer and Treasurer Vice President - Chief Accounting Officer 52 ANNUAL REPORT ON FORM 10-K ITEM 8, ITEM 15 (a) (1) and (2) INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES Form 10-K Page KIMCO REALTY CORPORATION AND SUBSIDIARIES Report of Independent Registered Public Accounting Firm (PCAOB ID 238)............................................. 54 Consolidated Financial Statements and Financial Statement Schedules: Consolidated Balance Sheets as of December 31, 2021 and 2020...................................................... Consolidated Statements of Income for the years ended December 31, 2021, 2020 and 2019 .......... Consolidated Statements of Comprehensive Income for the years ended December 31, 2021, 2020 and 2019.......................................................................................................................................... Consolidated Statements of Changes in Equity for the years ended December 31, 2021, 2020 and 2019 ................................................................................................................................................ Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2020 and 2019.... Notes to Consolidated Financial Statements ................................................................................................. Financial Statement Schedules: 57 58 59 60 61 62 II. III. IV. Valuation and Qualifying Accounts years ended December 31, 2021, 2020 and 2019 ......... Real Estate and Accumulated Depreciation as of December 31, 2021 .................................. Mortgage Loans on Real Estate as of December 31, 2021..................................................... 108 109 120 53 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, 2021, 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, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021 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, 2021, 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. 54 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 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 $15.0 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. Fair value of real estate assets acquired in the Weingarten Merger As described in Note 2 to the consolidated financial statements, the Company completed a merger with Weingarten Realty Investors, with the Company continuing as the surviving public company, and accounted for the merger as a business combination using the acquisition method of accounting. The total purchase price of $4.1 billion was allocated to the fair value of the assets acquired, and the liabilities assumed, which included $5.6 billion relating to real estate assets acquired. The fair value of the real estate assets acquired were determined using various methods, including (i) a direct capitalization method or (ii) a discounted cash flow analysis. Under the direct capitalization method, management derived a normalized net operating income and applied a current market capitalization rate for each property. The estimates of normalized net operating income are based on a number of factors, including historical operating results, known trends, fair market lease rates and market/economic conditions. The discounted cash flow analyses were based on estimated future cash flow projections that utilize discount rates, terminal capitalization rates and planned capital expenditures. The principal considerations for our determination that performing procedures relating to the fair value measurement of real estate assets acquired in the Weingarten Merger is a critical audit matter are (i) the significant judgment by management when determining the fair value of the real estate assets acquired, which in turn led to a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence relating to the significant assumptions used in determining the fair value of the real estate assets acquired related to the current market capitalization rates and the fair market lease rates 55 used in the direct capitalization method, and (ii) the audit effort involved the use of professionals with specialized skill and knowledge. 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 valuation process of real estate assets acquired in the Weingarten Merger, including controls over the methodologies used and significant assumptions used in the direct capitalization method related to current market capitalization rates and the fair market lease rates. These procedures also included, among others, testing management’s process for determining the fair value of real estate assets acquired, which included (i) evaluating the appropriateness of management's use of the direct capitalization method, (ii) testing the completeness and accuracy of the underlying data used, and (iii) evaluating the reasonableness of the significant assumptions related to current market capitalization rates and the fair market lease rates, which involved considering the consistency of the assumptions with current and past performance of the business, the consistency with external market and industry data and whether these assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluation of the significant assumptions of the current market capitalization rates and the fair market lease rates. /s/ PricewaterhouseCoopers LLP New York, New York February 28, 2022 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. 56 KIMCO REALTY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share data) December 31, 2021 December 31, 2020 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 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) ................................................................................................................ $ 3,978,775 $ 14,067,824 18,046,599 (3,010,699) 15,035,900 5,672 1,006,899 122,015 334,663 1,211,739 254,677 144,461 147,458 195,715 18,459,199 $ 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 Liabilities: Notes payable, net .................................................................................................... $ Mortgages payable, net ............................................................................................ Accounts payable and accrued expenses.................................................................. Dividends payable.................................................................................................... Operating lease liabilities ......................................................................................... Other liabilities......................................................................................................... Total liabilities (2) ........................................................................................................... Redeemable noncontrolling interests .............................................................................. 7,027,050 $ 448,652 220,308 5,366 123,779 510,382 8,335,537 13,480 5,044,208 311,272 146,457 5,366 96,619 324,538 5,928,460 15,784 Commitments and contingencies (Footnote 21) Stockholders' equity: Preferred stock, $1.00 par value, authorized 7,054,000 shares; Issued and outstanding (in series) 19,580 shares; Aggregate liquidation preference $489,500 ............................................................................................................... Common stock, $.01 par value, authorized 750,000,000 shares; issued and outstanding 616,658,593, and 432,518,743 shares, respectively .......................... Paid-in capital .......................................................................................................... Retained earnings/(cumulative distributions in excess of net income)..................... Accumulated other comprehensive income.............................................................. 20 20 6,167 9,591,871 299,115 2,216 4,325 5,766,511 (162,812) - Total stockholders' equity................................................................................................ Noncontrolling interests ........................................................................................... Total equity ..................................................................................................................... Total liabilities and equity............................................................................................... $ 9,899,389 210,793 10,110,182 18,459,199 $ 5,608,044 62,210 5,670,254 11,614,498 (1) Includes restricted assets of consolidated variable interest entities (“VIEs”) at December 31, 2021 and December 31, 2020 of $227,858 and $102,482, respectively. See Footnote 11 of the Notes to Consolidated Financial Statements. (2) Includes non-recourse liabilities of consolidated VIEs at December 31, 2021 and December 31, 2020 of $153,924 and $62,076, respectively. See Footnote 11 of the Notes to Consolidated Financial Statements. The accompanying notes are an integral part of these consolidated financial statements. 57 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 ............................................................................ $ 1,349,702 14,883 1,364,585 $ 1,044,888 13,005 1,057,893 1,142,334 16,550 1,158,884 2021 Year Ended December 31, 2020 2019 Operating expenses Rent .................................................................................................... Real estate taxes ................................................................................. Operating and maintenance ................................................................ General and administrative................................................................. Impairment charges ............................................................................ Merger charges................................................................................... Depreciation and amortization ........................................................... Total operating expenses ............................................................ (13,773) (181,256) (222,882) (104,121) (3,597) (50,191) (395,320) (971,140) (11,270) (157,661) (174,038) (93,217) (6,624) - (288,955) (731,765) Gain on sale of properties .............................................................................. 30,841 6,484 Operating income........................................................................................... 424,286 332,612 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 ................................................ 19,810 505,163 - (204,133) - 4,119 594,753 190,832 (186,904) (7,538) (11,311) (153,659) (171,981) (96,942) (48,743) - (277,879) (760,515) 79,218 477,587 10,985 829 - (177,395) - Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net...................................... 745,126 927,874 312,006 (Provision)/benefit for income taxes, net ........................................... Equity in income of joint ventures, net............................................... Equity in income of other investments, net ........................................ (3,380) 84,778 23,172 (978) 47,353 28,628 3,317 72,162 26,076 Net income ..................................................................................... 849,696 1,002,877 413,561 Net income attributable to noncontrolling interests............................ (5,637) (2,044) (2,956) Net income attributable to the Company ........................................ 844,059 1,000,833 410,605 Preferred stock redemption charges ................................................... Preferred dividends ............................................................................ - (25,416) - (25,416) (18,528) (52,089) Net income available to the Company's common shareholders...... $ 818,643 $ 975,417 $ 339,988 Per common share: Net income available to the Company's common shareholders: -Basic ......................................................................................... $ -Diluted ...................................................................................... $ 1.61 1.60 $ $ 2.26 2.25 $ $ 0.80 0.80 Weighted average shares: -Basic ......................................................................................... -Diluted ...................................................................................... 506,248 511,385 429,950 431,633 420,370 421,799 The accompanying notes are an integral part of these consolidated financial statements. 58 KIMCO REALTY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) Net income ......................................................................................... $ Other comprehensive income: Change in unrealized gains related to defined benefit plan......... Other comprehensive income............................................................. 2021 Year Ended December 31, 2020 1,002,877 $ 849,696 $ 2,216 2,216 - - 2019 413,561 - - Comprehensive income ...................................................................... 851,912 1,002,877 413,561 Comprehensive income attributable to noncontrolling interests ........ (5,637) (2,044) (2,956) Comprehensive income attributable to the Company......................... $ 846,275 $ 1,000,833 $ 410,605 The accompanying notes are an integral part of these consolidated financial statements. 59 S E I I R A D I S B U S D N A N O I T A R O P R O C Y T L A E R O C M K I Y T I U Q E N I S E G N A H C F O S T N E M E T A T S D E T A D I L O S N O C 9 1 0 2 d n a 0 2 0 2 , 1 2 0 2 , 1 3 r e b m e c e D d e d n E s r a e Y e h t r o F ) s d n a s u o h t n i ( l a t o T y t i u q E g n i l l o r t n o c n o N ' s r e d l o h k c o t S s t s e r e t n I y t i u q E n i - d i a P l a t i p a C k c o t S n o m m o C k c o t S d e r r e f e r P e v i s n e h e r p m o C n i s n o i t u b i r t s i D t n u o m A d e u s s I t n u o m A d e u s s I e m o c n I ) e m o c n I t e N f o s s e c x E l a t o T d e t a l u m u c c A r e h t O d e n i a t e R e v i t a l u m u C ( / s g n i n r a E 3 5 0 , 1 1 4 , 5 $ 9 4 2 , 7 7 $ 4 0 8 , 3 3 3 , 5 $ 4 5 2 , 7 1 1 , 6 $ 4 1 2 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l a v r i a f d e t a m i t s e o t s t s e r e t n i g n i l l o r t n o c n o n e l b a m e e d e r f o t n e m t s u j d A ) 2 1 8 , 2 6 1 ( . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 2 0 2 , 1 3 r e b m e c e D , e c n a l a B 9 5 0 , 4 4 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . e m o c n i t e N : e m o c n i e v i s n e h e r p m o c r e h t O - - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . n a l p t i f e n e b d e n i f e d o t d e t a l e r s n i a g d e z i l a e r n u n i e g n a h C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . e m o c n i s t s e r e t n i g n i l l o r t n o c n o n e l b a m e e d e R ) 2 3 1 , 2 8 3 ( . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . s e r a h s d e r r e f e r p d n a n o m m o c o t d e r a l c e d s d n e d i v i D : e m o c n i e v i s n e h e r p m o C - - - - - - - - - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . s t s e r e t n i g n i l l o r t n o c n o n o t s n o i t u b i r t s i D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . s t s o c e c n a u s s i f o t e n , k c o t s n o m m o c f o e c n a u s s I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ) 1 ( r e g r e m r o f k c o t s n o m m o c f o e c n a u s s I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . s e x a t r o f k c o t s n o m m o c f o r e d n e r r u S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . s n o i t p o k c o t s n o m m o c f o e s i c r e x E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . s d r a w a y t i u q e f o n o i t a z i t r o m A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ) 1 ( r e g r e m e h t m o r f d e m u s s a s t s e r e t n i g n i l l o r t n o c n o N . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . s t s e r e t n i g n i l l o r t n o c n o n f o n o i s r e v n o c / n o i t p m e d e R . . . . . . . . . . . . . . . . . . . . e u l a v r i a f d e t a m i t s e o t s t s e r e t n i g n i l l o r t n o c n o n e l b a m e e d e r f o t n e m t s u j d A 2 8 1 , 0 1 1 , 0 1 $ 3 9 7 , 0 1 2 $ 9 8 3 , 9 9 8 , 9 $ 1 7 8 , 1 9 5 , 9 $ 7 6 1 , 6 $ 9 5 6 , 6 1 6 0 2 $ 0 2 6 1 2 , 2 $ 5 1 1 , 9 9 2 $ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 0 2 , 1 3 r e b m e c e D t a e c n a l a B 0 6 . s t n e m e t a t s l a i c n a n i f d e t a d i l o s n o c e s e h t f o t r a p l a r g e t n i n a e r a s e t o n g n i y n a p m o c c a e h T . s l i a t e d r e h t r u f r o f s t n e m e t a t S l a i c n a n i F d e t a d i l o s n o C o t s e t o N e h t f o 2 d n a 1 s e t o n t o o F e e S ) 1 ( KIMCO REALTY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) 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 properties............................................................................................ Gain on marketable securities, net............................................................................... Gain on sale of cost method investment ...................................................................... Equity in income of joint ventures, net ........................................................................ Equity in income from other investments, net ............................................................. Distributions from joint ventures and other investments.............................................. Change in accounts and notes receivable, net .............................................................. Change in accounts payable and accrued expenses...................................................... Change in other operating assets and liabilities, net..................................................... 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 ......................................................................... Improvements to real estate under development.......................................................... Acquisition of Weingarten Realty Investors, net of cash acquired of $56,451............. 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 ............. Investments in and advances to other investments....................................................... Reimbursements of investments in and advances to other investments ....................... Investment in other financing receivable ..................................................................... Collection of mortgage loans receivable...................................................................... Proceeds from sale of properties.................................................................................. Proceeds from insurance casualty claims..................................................................... Net cash flow used for 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 .................................................................................... Shares repurchased for employee tax withholding on equity awards........................... Change in tenants' security deposits ............................................................................ Net cash flow used for financing activities......................................................... Net change in cash, cash equivalents and restricted cash ...................................................... Cash, cash equivalents and restricted cash, beginning of year............................................... Cash, cash equivalents and restricted cash, end of year...................................... $ Interest paid during the year including payment of early extinguishment of debt charges of $0, $7,538 and $1,531, respectively (net of capitalized interest of $583, $13,683 and $15,690, respectively) ...................................................................................................... $ 2021 Year Ended December 31, 2020 2019 849,696 $ 1,002,877 $ 413,561 395,320 3,597 - 23,150 (30,841) (505,163) - (84,778) (23,172) 91,507 (18,079) (104,712) 22,350 618,875 (355,953) (163,699) - (263,973) - 377 - (12,571) 47,862 (67,090) 64,068 (41,897) 13,776 302,841 - (476,259) (229,288) (10,622) - - 500,000 - - - (8,197) - - (34,610) (382,132) 82,989 - (20,842) 1,561 (101,141) 41,475 293,188 334,663 197,947 288,955 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 (15,418) 13,435 (25,000) 177 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 - (5,379) (199) (387,399) 169,241 123,947 293,188 183,558 747 $ $ $ 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 (15,316) 5,960 (48) 10,449 324,280 4,000 (120,421) (6,539) (12,212) 16,028 - 350,000 100,000 - - (7,707) (1,531) - (15,134) (531,565) 204,012 (575,000) (3,971) 778 (482,841) (19,634) 143,581 123,947 169,026 (1,106) $ $ $ Income taxes paid/(received) during the year (net of refunds received of $0, $47 and $3,452, respectively)........................................................................................................ $ 1,961 The accompanying notes are an integral part of these consolidated financial statements. 61 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 and average interest rates and terms on joint venture debt 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. Weingarten Merger On August 3, 2021, Weingarten Realty Investors (“Weingarten”) merged with and into the Company, with the Company continuing as the surviving public company (the “Merger”), pursuant to the definitive merger agreement (the “Merger Agreement”) between the Company and Weingarten entered into on April 15, 2021. Under the terms of the Merger Agreement, each Weingarten common share was entitled to 1.408 newly issued shares of the Company’s common stock plus $2.89 in cash, subject to certain adjustments specified in the Merger Agreement. On July 15, 2021, Weingarten’s Board of Trust Managers declared a special cash distribution of $0.69 per Weingarten common share (the “Special Distribution”) paid on August 2, 2021 to shareholders of record on July 28, 2021. The Special Distribution was paid in connection with the Merger and to satisfy REIT taxable income distribution requirements. Under the terms of the Merger Agreement, Weingarten’s payment of the Special Distribution adjusted the cash consideration paid by the Company at the closing of the Merger from $2.89 per Weingarten common share to $2.20 per Weingarten common share and had no impact on the payment of the common share consideration of 1.408 newly issued shares of Company common stock for each Weingarten common share owned immediately prior to the effective time of the Merger. During the year ended December 31, 2021, the Company incurred merger related expenses of $50.2 million associated with the Merger. These charges are primarily comprised of severance, professional fees and legal fees. See Footnote 2 of the Company’s Consolidated Financial Statements for further details. 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 development and distribution of COVID-19 vaccines has assisted in allowing many restrictions to be lifted, providing a path to recovery. The U.S. economy continues to build upon the reopening trend as businesses reopen to full capacity and stimulus is flowing through to the consumer. The overall economy continues to recover but several issues 62 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued including the lack of qualified employees, inflation risk, supply chain bottlenecks and COVID-19 variants have impacted the pace of the recovery. The COVID-19 pandemic continues to impact the retail real estate industry for both landlords and tenants. The extent to which the COVID-19 pandemic impacts the Company’s financial condition, results of operations and cash flows, in the near term, will continue to depend on future developments, which are uncertain at this time. The Company’s business, operations and financial results will depend on numerous evolving factors, 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, impacts on economic activity from the pandemic and actions taken in response, the effects of the pandemic on the Company’s tenants and their businesses, the ability of tenants to make their rental payments, additional closures of tenants’ businesses and impacts of opening and reclosing of communities in response to the increase in positive COVID-19 cases. 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. If the Company has determined that any of its assets are impaired, the Company would be required to take impairment charges, and such amounts could be material. Although the Company continues to see an increase in collections of rental payments, the effects COVID-19 have had on its tenants are still heavily considered when evaluating the collectability of the tenant’s total accounts receivable balance, including the corresponding straight-line rent receivable. 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. 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. 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, and the collectability of trade accounts receivable. 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 (see Footnote 14 of the Notes to Consolidated Financial Statements). Real Estate Real estate assets are stated at cost, less accumulated depreciation and amortization. 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. 63 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued The Company evaluates each acquisition transaction to determine whether the acquired asset meets the definition of a business and therefore accounted for as a business combination or if the acquisition transaction should be accounted for as an asset acquisition. Under Business Combinations (Topic 805), an acquisition does not qualify as a business when (i) substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or (ii) the acquisition does not include a substantive process in the form of an acquired workforce or (iii) an acquired contract that cannot be replaced without significant cost, effort or delay. Transaction costs related to acquisitions that qualify as asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be acquisitions of a business are expensed as incurred. When substantially all of the fair value is not concentrated in a group of similar identifiable assets, the set of assets will generally be considered a business and the Company applies the purchase method of accounting for business combinations, where all tangible and identifiable intangible assets acquired, and all liabilities assumed are recorded at fair value. In a business combination, the difference, if any, between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. The fair value of any tangible real estate assets acquired is determined by valuing the building as if it were vacant, and the fair value is then allocated to land, buildings, and improvements based on available information including replacement cost, appraisal or using net operating income capitalization rates, discounted cash flow analysis or similar fair value models. Fair value estimates are also made using significant assumptions such as capitalization rates, discount rates, fair market lease rates, land values per square foot and other market data. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. Tangible assets may include land, land improvements, buildings, building improvements and tenant improvements. Intangible assets may include the value of in-place leases and above and below-market leases and other identifiable assets or liabilities based on lease or property specific characteristics. 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 (e.g., expense recapture, base rental changes) 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. 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. 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)........................................ 5 to 50 Fixtures, leasehold and tenant improvements (including certain identified intangible assets) .................................................................................... Terms of leases or useful lives, whichever is shorter The difference between the fair value and the face value of debt assumed, if any, in connection with an acquisition is recorded as a premium or discount and is amortized on a straight-line basis, which approximates the effective interest 64 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued method, over the terms of the related debt agreements. The fair value of debt is estimated based upon contractual future cash flows discounted using borrowing spreads and market interest rates that would have been available for debt with similar terms and maturities. 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. 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 or (ii) discounted cash flow models of the property over its remaining hold period. 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 65 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued 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, 2021, 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. In a business combination, the fair value of the Company’s investment in an unconsolidated joint venture is calculated using the fair value of the real estate held by the joint venture, which are valued using similar methods as described in the Company’s Real Estate policy above, offset by the fair value of the debt on the property which is then multiplied by the Company’s equity ownership percentage. 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 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 Investments Other 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 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. Cash, Cash Equivalents and Restricted Cash 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. Restricted cash is deposits held or restricted for a specific use. The Company had restricted cash totaling $9.0 million and $0.2 million at December 31, 2021 and 2020, respectively, which is included in Cash and cash equivalents on the 66 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued Company’s Consolidated Balance Sheets. This includes cash equivalents of $6.5 million that is held as collateral for certain letters of credit at December 31, 2021. 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 ASC Topic 825 Financial Instruments, the Company recognizes changes in the fair value of equity investments with readily determinable fair values in net income. 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. 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. Other Assets Other assets include Series B tax increment revenue bonds issued by the Sheridan Redevelopment Agency in connection with the development of a project in Sheridan, Colorado which were acquired in connection with the Merger, which mature on December 15, 2039. These Series B bonds have been classified as held to maturity and were recorded at estimated fair value upon the date of the Merger. The fair value estimates of the Company’s held to maturity tax increment revenue bonds are based on discounted cash flow analysis, which are based on the expected future sales tax revenues of the project. This analysis reflects the contractual terms of the bonds, including the period to maturity, and uses observable market-based inputs, such as market discount rates and unobservable market-based inputs, such as future growth and 67 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued inflation rates. Interest on these bonds is recorded at an effective interest rate while cash payments are received at the contractual interest rate. The held to maturity bonds are evaluated for credit losses based on discounted estimated future cash flows. Any future receipts in excess of the amortized basis will be recognized as revenue when received. The credit risk associated with the amortized value of these bonds is deemed as low risk as the bonds are earmarked for repayments from a government entity which are funded through sales and property taxes. At December 31, 2021, no credit allowance has been recorded. Deferred Leasing Costs Initial direct leasing 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 leasing costs are capitalized and generally amortized over the term of the related leases using the straight-line method. These direct leasing costs are included in Other assets, on the Company’s Consolidated Balance Sheets and are classified as operating activities on the Company’s Consolidated Statements of Cash Flows. Internal employee compensation, payroll-related benefits and certain external legal fees are considered indirect costs associated with the execution of lease agreements. These indirect leasing costs are expensed in accordance with ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) and included in General and administrative expense on the Company’s Consolidated Statements of Income. 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, 2021 and 2020, the Company had unamortized software development costs of $18.4 million and $19.1 million, respectively, which are included in Other assets on the Company’s Consolidated Balance Sheets. The Company expensed $3.1 million, $3.2 million and $1.7 million in amortization of software development costs during the years ended December 31, 2021, 2020 and 2019, respectively. Deferred Financing Costs Costs incurred in obtaining long-term financing, included in Notes payable, net and Mortgages 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 transaction price to the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. As of December 31, 2021, 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 68 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued 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 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. 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. The time- based output method is used to measure progress over time, as this is representative of the transfer of the services. 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. 69 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued 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 uncollectible receivable balances associated with the lease and will only recognize lease income on a cash basis. 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. In addition to the lease-specific collectability assessment performed under Topic 842, the analysis also recognizes a general reserve under ASC Topic 450 Contingencies, 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. 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. 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, including the corresponding straight-line rent receivable. 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 worked, and continues to work, 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. Gains on sale of properties Gains and losses from the sale and/or transfer of nonfinancial assets, such as real estate property, 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 Company accounts for its leases in accordance with ASU 2016-02. The Company has right-of-use (“ROU”) assets and lease liabilities on its balance sheet for those leases classified as operating and financing leases where the Company is a lessee. 70 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued Lessor 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. 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 as a lessor has elected to apply the modification relief as described in (i) above to the lease concessions it has entered into during the years ended December 31, 2021 and 2020 for rental income recognized related to the COVID- 19 pandemic. Lessee The Company’s leases where it is the lessee primarily consist of ground leases and administrative office leases. The Company classifies leases based on whether the arrangement is effectively a purchase of the underlying asset. Leases that transfer control of the underlying asset to a lessee are classified as finance leases and all other leases as operating 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. In connection with the Merger, the Company acquired two properties under finance leasing arrangements that consists of variable lease payments with a bargain purchase option which are included in Other assets, on the Company’s Consolidated Balance Sheets. ROU assets and lease liabilities are recognized at the commencement date of the lease and liabilities are determined based on the estimated present value of the Company’s minimum lease payments under its lease agreements. Variable lease payments are excluded from the lease liabilities and corresponding ROU assets, as they are recognized in the period in which the obligation for those payments is incurred. Certain of the Company’s leases have renewal options for which the Company assesses whether it is reasonably certain the Company will exercise these renewal options. Lease payments associated with renewal options that the Company is reasonably certain will be exercised are included in the measurement of the lease liabilities and corresponding ROU assets. 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. Rental expense for lease payments is recognized on a straight-line basis over the lease term. See Note 12 to the Company’s Consolidated Financial Statements for further details. 71 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued 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 Sections 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 focus 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. 72 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. In a business combination, the fair value of the noncontrolling interest in a consolidated joint venture is calculated using the fair value of the real estate held by the joint venture, which are valued using similar methods as described in the Company’s Real Estate policy above, offset by the fair value of the debt on the property which is then multiplied by the partners’ noncontrolling share. 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 27 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 22 of the Notes to Consolidated Financial Statements for additional disclosure on the assumptions and methodology). Reclassifications Certain amounts in the prior period have been reclassified in order to conform to the current period’s presentation. For comparative purposes for the years ended December 31, 2020 and 2019, the Company reclassified $5.6 million and $3.2 million of Cash flows used for Change in other financing liabilities, respectively, to (i) Cash flows used for Shares repurchased for employee tax withholdings on equity awards of $5.4 million and $4.0 million, respectively, and (ii) Cash flows used for/(provided by) Change in tenant’s security deposits of $0.2 million and ($0.8) million, respectively. 73 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued New Accounting Pronouncements The following table represents ASUs to the FASB’s ASCs that, as of December 31, 2021, are not yet effective for the Company and for which the Company has not elected early adoption, where permitted: ASU ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ASU 2021-05, Lessors – Certain Leases with Variable Lease Payments (Topic 842) Description The amendments in this update require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination rather than at fair value on the acquisition date required by Topic 805. Effective Date January 1, 2023; 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. This ASU amends the lessor lease classification in ASC 842 for leases that include variable lease payments that are not based on an index or rate. Under the amended guidance, lessors will classify a lease with variable payments that do not depend on an index or rate as an operating lease if the lease would have been classified as a sales-type lease or a direct financing lease under the previous ASU 842 classification criteria and sales-type or direct financing lease classification would result in a Day 1 loss. January 1, 2022 The adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations. The following ASUs to the FASB’s ASCs have been adopted by the Company as of the date listed: interaction between Description The amendments clarify the the accounting for equity securities, equity method investments, and certain derivative instruments. This ASU, among other things, clarifies that an entity should consider observable transactions that require a company 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. Effect on the financial statements or other significant matters Adoption Date January 1, 2021 The adoption of this ASU did not have a material impact on the Company’s financial position and/or results of operations. ASU ASU 2020-01, Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)— Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) 2. Weingarten Merger Overview On August 3, 2021, the Company completed the Merger with Weingarten, under which Weingarten merged with and into the Company, with the Company continuing as the surviving public company. The total purchase price of the Merger was $4.1 billion, which consists primarily of shares of the Company’s common stock issued in exchange for Weingarten common shares, plus $281.1 million of cash consideration. The total purchase price was calculated based on the closing price of the Company’s common stock on August 3, 2021, which was $20.78 per share. At the effective time of the Merger, each Weingarten common share, issued and outstanding immediately prior to the effective time of the Merger (other than any shares owned directly by the Company or Weingarten and in each case not held on behalf of third parties) was converted into 1.408 shares of newly issued shares of the Company’s common stock. The number of Weingarten common shares outstanding as of August 3, 2021 converted to shares of the Company’s common stock was determined as follows: 74 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued Weingarten common shares outstanding as of August 3, 2021 ....................................................................... Exchange ratio................................................................................................................................................. Kimco common stock issued........................................................................................................................... 127,784,006 1.408 179,919,880 The following table presents the purchase price and the total value of stock consideration paid by Kimco at the close of the Merger (in thousands except share price of Kimco common stock): Price of Kimco Common Stock Equity Consideration Given (Kimco Shares Issued) Calculated Value of Weingarten Consideration Cash Consideration* Total Value of Consideration As of August 3, 2021 .................... $ 20.78 179,920 $ 3,738,735 $ 320,424 $ 4,059,159 * Amounts include additional consideration of $39.3 million relating to reimbursements paid by the Company to Weingarten at the closing of the Merger for transaction costs incurred by Weingarten. As a result of the Merger, Kimco acquired 149 properties, including 30 held through joint venture programs. The consolidated net assets and results of operations of Weingarten are included in the consolidated financial statements from the closing date, August 3, 2021. Purchase Price Allocation In accordance with ASC 805-10, Business Combinations, the Company accounted for the Merger as a business combination using the acquisition method of accounting. Based on the value of the common shares issued and cash consideration paid, the total fair value of the assets acquired and liabilities assumed in the Merger was $4.1 billion. The fair value of the real estate assets acquired were determined using either (i) a direct capitalization method, (ii) a discounted cash flow analysis or (iii) estimated sales prices from signed contracts or letters of intent from third party offers. Market data and comparable sales information were used in estimating the fair value of the land acquired. The Company determined that these valuation methodologies are classified within Level 3 of the fair value hierarchy. The assumptions and estimates included in these methodologies include stabilized net operating income, future income growth, capitalization rates, discount rates, capital expenditures, and cash flow projections at the respective properties. Under the direct capitalization method, the Company derived a normalized net operating income and applied a current market capitalization rate for each property. The estimates of normalized net operating income are based on a number of factors, including historical operating results, known trends, fair market lease rates and market/economic conditions. Capitalization rates utilized to derive these fair values ranged from 4.5% to 9.5%. The discounted cash flow analyses were based on estimated future cash flow projections that utilize discount rates, terminal capitalization rates and planned capital expenditures. These estimates approximate the inputs the Company believes would be utilized by market participants in assessing fair value. The estimates of future cash flow projections are based on a number of factors, including historical operating results, estimated growth rates, known and anticipated trends, fair market lease rates and market/economic conditions. Capitalization and discount rates utilized to derive the fair values ranged from 6.0% to 8.25% and 6.75% to 9.0%, respectively. The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. The fair value of any tangible real estate assets acquired is determined by valuing the building as if it were vacant, and the fair value is then allocated to land, buildings and improvements. The Company values above and below-market lease intangibles based on estimates of market rent compared to contractual rents over expected lease terms using an appropriate discount rate. In-place leases are valued based on the costs to obtain new leases and an estimate of lost revenues and expenses over an anticipated lease up term. The Company determined that this valuation methodology is classified within Level 2 and Level 3 of the fair value hierarchy. The Company determined the fair value of its unsecured debt using current market-based pricing and interest rate yields for similar debt instruments. The Company determined the fair value of secured debt assumed by calculating the net present value of the scheduled debt service payments using current market-based terms for interest rates for debt with 75 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued similar terms that the Company believes it could obtain on similar structures and maturities. For the fair value of secured debt assumed, weighted average credit spreads utilized were 3.33% and London Inter-bank Offered Rate (“LIBOR”) + 2.14% for the fixed and floating rate debt, respectively. Any difference between the fair value and stated value of the assumed debt is recorded as a discount or premium and amortized over the remaining term of the loan. Finance lease obligations assumed are measured at fair value and are included as a liability on the accompanying balance sheet and the Company recorded the corresponding right-of-use assets. The Company determined that the valuation methodology used for its unsecured debt is classified within Level 2 of the fair value hierarchy and the valuation methodology used for its secured debt is classified within Level 3 of the fair value hierarchy. The following table summarizes the final purchase price allocation, including the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed (in thousands): Purchase Price Allocation Land ................................................................................................................................................. $ Building and improvements ............................................................................................................. In-place leases .................................................................................................................................. Above-market leases ........................................................................................................................ Real estate assets .......................................................................................................................... Investments in and advances to real estate joint ventures................................................................. Cash, accounts receivable and other assets....................................................................................... Total assets acquired .................................................................................................................... Notes payable................................................................................................................................... Mortgages payable ........................................................................................................................... Accounts payable and other liabilities.............................................................................................. Below-market leases ........................................................................................................................ Noncontrolling interests ................................................................................................................... Total liabilities assumed............................................................................................................... Total purchase price................................................................................................................... $ 1,174,407 4,040,244 370,685 42,133 5,627,469 585,382 241,582 6,454,433 (1,497,632) (317,671) (283,559) (119,373) (177,039) (2,395,274) 4,059,159 The following table details the weighted average amortization periods, in years, of the purchase price allocated to real estate and related intangible assets and liabilities acquired arising from the Merger: Land ................................................................................................................................................................ Building........................................................................................................................................................... Building improvements ................................................................................................................................... Tenant improvements...................................................................................................................................... Fixtures and leasehold improvements ............................................................................................................. In-place leases ................................................................................................................................................. Above-market leases ....................................................................................................................................... Below-market leases ....................................................................................................................................... Right-of-use intangible assets ......................................................................................................................... Fair market value of debt adjustment .............................................................................................................. Weighted Average Amortization Period (in Years) n/a 50.0 45.0 7.1 6.2 5.6 10.1 31.5 30.9 3.7 Revenues from rental properties, net and Net income available to the Company’s common shareholders in the Company’s Consolidated Statements of Income includes revenues of $198.3 million and net income of $25.8 million (excluding $50.2 million of merger related charges), respectively, resulting from the Merger for the year ended December 31, 2021. Pro forma Information (Unaudited) The pro forma financial information set forth below is based upon the Company’s historical Consolidated Statements of Income for the years ended December 31, 2021 and 2020, adjusted to give effect as if the Merger occurred as of January 1, 2020. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been, nor does it purport to represent the results of income for future periods. (Amounts presented in millions, except per share figures). 76 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued Revenues from rental properties, net............................................................... $ Net income (1) ................................................................................................ $ Net income available to the Company’s common shareholders (1) ................ $ 2,341.4 1,114.6 1,084.1 $ $ $ 2,234.9 1,193.1 1,166.3 (1) The pro forma earnings for the year ended December 31, 2021 were adjusted to exclude $50.2 million of merger costs while the pro forma earnings for the year ended December 31, 2020 were adjusted to include $50.2 million of merger costs incurred. Year Ended December 31, 2021 2020 3. Real Estate: The Company’s components of Real estate, net consist of the following (in thousands): 2021 December 31, 2020 Land: Developed land........................................................................................................... $ Undeveloped land....................................................................................................... Total land ............................................................................................................... $ 3,962,447 16,328 3,978,775 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 ............................................................................................... $ 10,042,225 1,999,319 987,216 31,421 166,840 840,803 14,067,824 18,046,599 (3,010,699) 15,035,900 $ 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 (1) At December 31, 2021 and 2020, the Company had accumulated amortization relating to in-place leases and above-market leases aggregating $569,648 and $499,022, respectively. In addition, at December 31, 2021 and 2020, the Company had intangible liabilities relating to below-market leases from property acquisitions of $336.6 million and $231.3 million, respectively, net of accumulated amortization of $227.5 million and $219.6 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, 2021, 2020 and 2019 resulted in net increases to revenue of $14.8 million, $22.5 million and $20.0 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, 2021, 2020 and 2019 was $80.1 million, $26.3 million and $33.1 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 .................................. $ 14.5 $ (138.6) $ $ 14.5 (95.4) $ 14.3 $ (66.3) $ 13.9 $ (44.9) $ 14.1 (31.0) 2022 2023 2024 2025 2026 Real Estate Under Development As of December 31, 2021 and 2020, the Company has a 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. 77 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued 4. Property Acquisitions: Acquisition/Consolidation of Operating Properties During the year ended December 31, 2021, in addition to the properties acquired in the Merger (see Footnote 2 of the Notes to Consolidated Financial Statements), the Company acquired the following operating properties, through direct asset purchases or consolidation due to change in control resulting from the purchase of additional interests or obtaining control through the modification of a joint venture investment (in thousands): Location Property Name Distribution Center #1 (1) ............................... Lancaster, CA Distribution Center #2 (1) ............................... Woodland, CA Jamestown Portfolio (6 properties) (2)............ KimPru Portfolio (2 properties) (2) ................. Columbia Crossing Parcel ............................... Columbia, MD Centro Arlington (2)........................................ Arlington, VA Various Various Month Acquired/ Consolidated Jan-21 Jan-21 Oct-21 Oct-21 Oct-21 Nov-21 Purchase Price Cash Debt Other Total $ 58,723 $ 27,589 172,899 61,705 12,600 24,178 - $ 11,277 $ 70,000 34,000 - 429,993 170,000 141,086 64,169 12,600 - 209,028 - $ 357,694 $ 234,169 $ 304,844 $ 896,707 6,411 87,094 15,212 - 184,850 GLA* 927 508 1,226 478 45 72 3,256 * Gross leasable area ("GLA") (1) Other consists of the fair value of the assets acquired which exceeded the purchase price upon closing. The transaction was a sale- leaseback with the seller which resulted in the recognition of a prepayment of rent of $17.7 million in accordance with ASC 842, Leases at closing. The prepayment of rent was amortized over the initial term of the lease through Revenues from rental properties, net on the Company's Consolidated Statements of Operations. See Footnote 16 of the Company’s Consolidated Financial Statements for additional discussion regarding fair value allocation of partnership interest for noncontrolling interests. (2) Other includes the Company’s previously held equity investments and net gains on change in control. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized net gains on change in control of interests of $5.0 million, in aggregate, resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income. The Company previously held an ownership interest of 30.0% in Jamestown Portfolio, 15.0% in KimPru Portfolio and 90.0% in Centro Arlington. 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 Included in the Company’s Consolidated Statements of Income are $10.3 million and $0.4 million in total revenues from the date of acquisition through December 31, 2021 and 2020, 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, 2021 and 2020, are as follows (in thousands): Allocation as of December 31, 2021 Weighted- Average Useful Life (in Years) Allocation as of December 31, 2020 Weighted- Average Useful Life (in Years) Land .................................................................................... $ Buildings ............................................................................. Building improvements ....................................................... Tenant improvements.......................................................... 154,320 679,646 18,476 16,391 $ n/a 50.0 45.0 8.5 935 4,610 221 382 n/a 50.0 45.0 19.4 78 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued In-place leases ..................................................................... Above-market leases ........................................................... Below-market leases ........................................................... Other assets ......................................................................... Other liabilities.................................................................... Net assets acquired/consolidated.................................. $ 48,648 6,581 (39,712) 21,331 (8,974) 896,707 9.1 6.5 38.9 n/a n/a $ 925 - - - - 7,073 19.4 - - n/a n/a 5. Dispositions of Real Estate: The table below summarizes the Company’s disposition activity relating to operating properties and parcels, in separate transactions (dollars in millions): Year Ended December 31, 2021 (1) 2020 2019 (2) Aggregate sales price/gross fair value ........................................... $ Gain on sale of properties (3) ........................................................ $ Number of operating properties sold/deconsolidated .................... Number of parcels sold ................................................................. $ $ 612.4 30.8 13 10 31.8 $ 6.5 $ 3 4 344.7 79.2 20 9 (1) During 2021, the Company purchased its partner’s 70.0% remaining interest in Jamestown Portfolio, which is comprised of six property interests. The Company then entered into a joint venture with Blackstone Real Estate Income Trust, Inc. (“BREIT”) in which it contributed these six properties for a gross sales price of $425.8 million, including $170.0 million of non-recourse mortgage debt. As a result, the Company no longer consolidates these six property interests and recognized a loss on change in control of interests of $0.4 million. The Company has a 50.0% investment in this joint venture ($130.1 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. (2) Includes the sale of 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. (3) Before noncontrolling interests of $3.0 million and taxes of $2.2 million, after utilization of net operating loss carryforwards, for the year ended December 31, 2021. 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 Company recognized impairment charges on certain operating properties (see Footnote 17 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, 2021, 2020 and 2019 as follows (in millions): Properties marketed for sale (1) ....................................... $ Properties disposed/deeded in lieu/foreclosed (2) ............ Other impairments (3) ...................................................... Total net impairment charges ....................................... $ 2021 2020 2019 2.7 $ - 0.9 3.6 $ 5.5 $ 1.1 - 6.6 $ 12.5 36.2 - 48.7 (1) Amounts 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. (2) Amounts relate to dispositions/deeds in lieu/foreclosures during the respective years shown. (3) Amounts relate to a cost method investment during the respective years shown. 79 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued The Company also recognized its share of impairment charges related to certain properties within various unconsolidated joint ventures in which the Company holds noncontrolling interests. The Company’s share of these impairment charges were $2.9 million, $0.8 million and $5.6 million for the years ended December 31, 2021, 2020 and 2019, respectively, and 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 Company manages certain of 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 unconsolidated joint venture investments for which the Company held an ownership interest at December 31, 2021 and 2020 (in millions, except number of properties): Joint Venture Prudential Investment Program ................................................ Kimco Income Opportunity Portfolio (“KIR”)......................... Canada Pension Plan Investment Board (“CPP”)..................... Other Institutional Joint Ventures (1) (2) ................................. Other Joint Venture Programs (1) ............................................ Total* ...................................................................................... Ownership Interest 15.0% 48.6% 55.0% Various Various The Company's Investment December 31, 2021 2020 $ $ $ 163.0 186.0 165.1 281.8 211.0 1,006.9 $ 175.1 177.4 159.7 - 78.5 590.7 * Representing 120 property interests and 24.7 million square feet of GLA, as of December 31, 2021, and 97 property interests and 21.2 million square feet of GLA, as of December 31, 2020. (1) In connection with the Merger, the Company acquired ownership in 9 unconsolidated joint ventures, which have a fair market value of $586.2 million at the time of Merger. These joint ventures represented 30 property interests and 4.4 million square feet of GLA. (2) During 2021, the Company entered into a new joint venture with BREIT in which it contributed six properties for a gross sales price of $425.8 million. See Footnote 5 of the Notes to Consolidated Financial Statements for the operating properties disposed by the Company. 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): Prudential Investment Program (1) ........................................... $ KIR............................................................................................ CPP ........................................................................................... Other Institutional Joint Ventures ............................................. Other Joint Venture Programs................................................... Total .......................................................................................... $ 17.5 36.9 9.2 1.7 19.5 84.8 $ $ 9.0 30.5 5.6 - 2.3 47.4 $ $ 10.4 50.3 5.8 - 5.7 72.2 2021 Year Ended December 31, 2020 2019 80 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued (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. During 2021, certain of the Company’s real estate joint ventures disposed of four properties and one parcel, in separate transactions, for an aggregate sales price of $88.9 million. These transactions resulted in an aggregate net gain to the Company of $9.9 million for the year ended December 31, 2021. In addition, during 2021, the Company acquired a controlling interest in nine operating properties from certain joint ventures, in separate transactions, with an aggregate gross fair value of $780.1 million. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized net gains on change in control of interests of $5.0 million, in aggregate, resulting from the fair value adjustments associated with the Company’s previously held equity interests. See Footnote 4 of the Notes to Consolidated Financial Statements for the operating properties acquired by the Company. 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. 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, 2021 and 2020 (dollars in millions): December 31, 2021 December 31, 2020 Mortgages and Notes Payable, Net 426.9 492.6 84.2 Joint Venture Prudential Investment Program ......... $ KIR.................................................... CPP ................................................... Other Institutional Joint Ventures (1)................................... Other Joint Venture Programs (1) ..... Total ................................................. $ 232.9 402.1 1,638.7 Weighted Average Interest Rate Weighted Average Remaining Term (months)* Mortgages and Notes Payable, Net Weighted Average Interest Rate 2.02% 2.55% 1.85% 1.65% 3.58% 45.6 $ 27.9 55.0 59.7 83.0 $ 495.8 536.9 84.9 - 423.4 1,541.0 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) As of the date of the Merger, the Company acquired ownership in 9 unconsolidated joint ventures, which had an aggregate $191.5 million of secured debt (including a fair market value adjustment of $0.8 million). 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, net ......................................................................................................... Total Assets.................................................................................................................... $ Liabilities and Members’ Capital: Notes payable, net ...................................................................................................... $ Mortgages payable, net .............................................................................................. Other liabilities........................................................................................................... 81 December 31, 2021 2020 $ $ $ 769.4 68.2 837.6 258.8 233.7 16.2 787.1 75.3 862.4 91.5 445.4 17.4 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued Members’ capital........................................................................................................ Total Liabilities and Members’ Capital.......................................................................... $ 328.9 837.6 $ 2021 Year Ended December 31, 2020 2019 Revenues, net ............................................................................ $ Operating expenses ................................................................... Depreciation and amortization .................................................. Gain on sale of properties.......................................................... Interest expense......................................................................... Other expense, net..................................................................... Net income ............................................................................ $ 186.6 (51.3) (40.3) - (18.1) (2.1) 74.8 $ $ 173.9 (49.5) (36.9) - (23.8) (1.6) 62.1 $ $ 308.1 862.4 193.6 (51.0) (38.0) 32.2 (28.2) (1.1) 107.5 Summarized financial information for the Company’s investment in and advances to all other real estate joint ventures is as follows (in millions): December 31, 2021 2020 Assets: Real estate, net ........................................................................................................... $ Other assets, net ......................................................................................................... Total Assets.................................................................................................................... $ Liabilities and Members’ Capital: Notes payable, net ...................................................................................................... $ Mortgages payable, net .............................................................................................. Other liabilities........................................................................................................... Noncontrolling interests ............................................................................................. Members’ capital........................................................................................................ Total Liabilities and Members’ Capital.......................................................................... $ 3,619.4 193.8 3,813.2 199.0 947.2 73.8 32.6 2,560.6 3,813.2 $ $ $ $ 2021 Year Ended December 31, 2020 2019 Revenues, net ............................................................................ $ Operating expenses ................................................................... Impairment charges................................................................... Depreciation and amortization .................................................. Gain on sale of properties.......................................................... Interest expense......................................................................... Other expense, net..................................................................... Net income ............................................................................ $ 340.3 (111.7) (23.5) (97.2) 61.5 (27.6) (0.9) 140.9 $ $ 282.4 (101.9) (4.4) (75.0) 0.2 (31.2) (10.8) 59.3 $ $ 2,549.2 179.0 2,728.2 199.8 804.3 53.6 18.3 1,652.2 2,728.2 317.6 (99.4) (39.5) (76.9) 15.0 (47.1) (14.2) 55.5 Other liabilities included in the Company’s accompanying Consolidated Balance Sheets include investments in certain real estate joint ventures totaling $4.8 million and $3.7 million at December 31, 2021 and 2020, 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, 2021 and 2020, the Company’s carrying value in these investments was $1.0 billion and $590.7 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. 82 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued 8. Other Investments: 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 its net investment. As of December 31, 2021, the Company’s net investment under the Preferred Equity program was $98.7 million relating to 39 properties, including 28 net leased properties which are accounted for as direct financing leases. For the year ended December 31, 2021, the Company earned $21.4 million from its preferred equity investments, including net profit participation of $8.6 million. 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. During 2021, the Company invested $60.7 million in four new investments, including a preferred equity investment of $54.9 million in a property located in San Antonio, TX. During 2020, the Company entered into a preferred equity investment of $10.0 million through a partnership, which provided a mezzanine financing loan that is encumbered by a property located in Queens, NY. As of December 31, 2021, these preferred equity investment properties had non-recourse mortgage loans aggregating $237.4 million (excluding fair market value of debt adjustments aggregating $3.3 million). These loans have scheduled maturities ranging from two months to 2.5 years and bear interest at rates ranging from 4.19% to 8.88%. 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): December 31, 2021 2020 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 .......................................................... $ 317.3 131.1 448.4 240.7 15.9 191.8 448.4 $ $ $ $ 2021 Year Ended December 31, 2020 2019 Revenues ................................................................................... $ Operating expenses ................................................................... Depreciation and amortization .................................................. Gain on sale of properties.......................................................... Interest expense......................................................................... Other expense, net..................................................................... Net income ............................................................................ $ 54.0 (21.7) (2.9) - (9.1) 0.5 19.8 $ $ 44.6 (11.1) (2.9) 0.2 (7.0) (4.0) 19.8 $ $ 95.7 216.5 312.2 146.7 4.5 161.0 312.2 66.6 (16.0) (3.2) 13.6 (11.9) (7.9) 41.2 83 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued 9. Marketable Securities: The amortized cost and unrealized gains, net of marketable securities as of December 31, 2021 and 2020, are as follows (in thousands): Marketable securities: Amortized cost .................................................................................................. $ Unrealized gains, net ......................................................................................... Total fair value .............................................................................................. $ 114,159 1,097,580 1,211,739 $ $ 114,531 592,423 706,954 As of December 31, 2021 As of December 31, 2020 During the years ended December 31, 2021 and 2020, the net unrealized gains on marketable securities were $505.2 million and $594.8 million, respectively. These net unrealized gains are included in Gain on marketable securities, net on the Company’s Consolidated Statements of Income. See Footnote 17 to the Notes to the Company’s Consolidated Financial Statements for fair value disclosure. In addition, during the years ended December 31, 2021 and 2020, the Company recognized dividend income of $17.0 million and $4.1 million, respectively, which is included in Other income, net on the Company’s Consolidated Statements of Income. 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 its $140.2 million investment on the cost method. 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, 2021, the Company had 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, 2021 and 2020, the Company’s investment in ACI was $1.2 billion and $700.4 million, respectively, including mark-to-market gains of $1.1 billion and $596.8 million, respectively. 10. Accounts and Notes Receivable The components of Accounts and notes receivable, net of potentially uncollectible amounts as of December 31, 2021 and 2020, are as follows (in thousands): Billed tenant receivables ................................................................................................ $ Unbilled common area maintenance, insurance and tax ................................................ Deferred rent receivables ............................................................................................... Other receivables............................................................................................................ Straight-line rent receivables.......................................................................................... Total accounts and notes receivable, net ........................................................................ $ 20,970 55,283 5,029 15,725 157,670 254,677 $ $ 25,428 35,982 17,328 4,880 135,630 219,248 As of December 31, 2021 As of December 31, 2020 84 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued 11. Variable Interest Entities (“VIE”): Included within the Company’s operating properties at December 31, 2021 and 2020, are 34 and 22 consolidated entities, respectively, that are VIEs for which the Company is the primary beneficiary. In August 2021, the Company acquired 11 of these VIEs in conjunction with the Merger. 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, 2021, total assets of these VIEs were $1.6 billion and total liabilities were $153.9 million. At December 31, 2020, total assets of these VIEs were $1.0 billion and total liabilities were $62.1 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. 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 classification of the Restricted Assets and VIE Liabilities on the Company’s Consolidated Balance Sheets are as follows (dollars in millions): December 31, 2021 December 31, 2020 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 payable, net ..................................................................................... $ Accounts payable and accrued expenses ........................................................... Operating lease liabilities .................................................................................. Other liabilities.................................................................................................. Total VIE Liabilities ............................................................................................. $ 30 4 34 222.9 2.0 2.0 1.0 227.9 78.9 11.8 6.7 56.5 153.9 $ $ $ $ 19 3 22 97.7 1.8 1.9 1.1 102.5 36.5 5.2 5.5 14.9 62.1 12. 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, net 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, 2021 and 2020, is as follows (in thousands): 85 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued Year Ended December 31, 2021 2020 2019 Lease income: Fixed lease income (1) ................................................... $ Variable lease income (2) .............................................. Above-market and below-market leases amortization, net............................................................................... Adjustments for potentially uncollectible revenues and disputed amounts (3) .................................................. Total lease income ..................................................... $ 1,045,888 264,040 14,843 24,931 1,349,702 $ $ 871,151 232,272 $ 22,515 880,694 246,226 20,010 (81,050 ) 1,044,888 $ (4,596 ) 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) The amounts represent adjustments associated with potentially uncollectible revenues and disputed amounts primarily due 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, 2021, 2020 and 2019 was $20.8 million, ($6.9) million and $17.2 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 2120. 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 operating expense levels and percentage rents comprised 98% of total revenues from rental properties for each of the three years ended December 31, 2021, 2020 and 2019. 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............................................. $ 2022 1,186.1 $ 2023 1,066.7 $ Lessee Leases 2024 2025 2026 922.6 $ 780.2 $ 636.4 $ Thereafter 2,779.2 The Company currently leases real estate space under non-cancelable operating lease agreements for ground leases and administrative office leases. The Company’s operating leases have remaining lease terms ranging from one to 64 years, some of which include options to extend the terms for up to an additional 75 years. In connection with the Merger, the Company obtained $32.6 million of operating right-of-use assets in exchange for new operating lease liabilities related to six properties under operating lease agreements for ground leases. In addition, the Company acquired two properties under finance leasing arrangements that consists of variable lease payments with a bargain purchase option. As a result, the Company obtained finance right-of-use assets of $23.0 million (which are included in Other assets on the Company’s Consolidated Balance Sheets) in exchange for new finance lease liabilities (which are included in Other liabilities on the Company’s Consolidated Balance Sheets). The weighted-average remaining non-cancelable lease term and weighted-average discount rates for the Company’s operating and finance leases as of December 31, 2021 were as follows: Weighted-average remaining lease term (in years) .............................................. Weighted-average discount rate ........................................................................... 25.6 6.62% 2.0 4.44% Operating Leases Finance Leases 86 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued The components of the Company’s lease expense, which are included in interest expense, rent expense and general and administrative expense on the Company’s Consolidated Statements of Operations for the years ended December 31, 2021 and 2020, were as follows (in thousands): Lease cost: Finance lease cost.............................................. Operating lease cost .......................................... Variable lease cost............................................. Total lease cost.............................................. $ $ 2021 Year Ended December 31, 2020 2019 569 11,637 3,972 16,178 $ $ $ - 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 and financing lease liabilities (in thousands): Year Ending December 31, Operating Leases Financing Leases (1) 2022 ............................................................................................................................... $ 2023 ............................................................................................................................... 2024 ............................................................................................................................... 2025 ............................................................................................................................... 2026 ............................................................................................................................... Thereafter ....................................................................................................................... Total minimum lease payments...................................................................................... $ 12,688 12,716 11,894 11,395 10,742 215,413 274,848 Less imputed interest...................................................................................................... Total lease liabilities (2)................................................................................................. $ (151,069) 123,779 $ $ $ 1,709 22,987 - - - - 24,696 (1,956) 22,740 Includes bargain purchase options exercisable in 2023 related to two properties. (1) (2) Operating lease liabilities are included in Operating lease liabilities and financing lease liabilities are included in Other liabilities on the Company’s Consolidated Balance Sheets. 13. Other Assets: Assets Held-For-Sale At December 31, 2021, the Company had a property and land parcel classified as held-for-sale at a net carrying amount of $13.7 million. 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, 2021, 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, 2019 to December 31, 2021 (in thousands): Balance at January 1,.................................................... $ Additions: New mortgage and other loans (1) ........................... Additions under existing mortgage loans ................. Amortization of loan discounts ................................ Deductions: Loan repayments ...................................................... 2021 2020 2019 32,246 $ 7,829 $ 55,307 - - (13,646) 87 25,500 - - (25) 14,448 3,750 48 33 (10,136) KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued Collections of principal ............................................ Allowance for credit losses ...................................... Other adjustments..................................................... Balance at December 31,.............................................. $ (130) (370) (305) 73,102 $ (152) (906) - 32,246 $ (313) - (1) 7,829 (1) During 2021, the Company acquired $13.4 million of mortgage loan receivables in connection with the Merger. The Company reviews payment status to identify performing versus non-performing loans. As of December 31, 2021, the Company had a total of 11 loans, of which 10 were performing loans and one is non-performing. 14. Notes Payable: As of December 31, 2021 and 2020 the Company’s Notes payable, net consisted of the following (dollars in millions): Carrying Amount at December 31, Interest Rate at December 31, 2021 2020 2021 2020 Senior unsecured notes............................ $ Credit facility (1)..................................... Fair value debt adjustments, net.............. Deferred financing costs, net (2)............. $ 7,002.1 $ - 81.0 (56.0) 7,027.1 $ 5,100.0 - - (55.8) 5,044.2 1.90% - 6.88% 0.87% n/a n/a 3.35%* 1.90% - 4.45% 0.91% n/a n/a 3.33%* Maturity Date at December 31, 2021 Oct-2022– Oct 2049 Mar-2024 n/a n/a * Weighted-average interest rate (1) Accrues interest at a rate of LIBOR plus 0.765%. (2) As of December 31, 2021 and 2020, the Company had $4.0 million and $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, respectively. In connection with the Merger, the Company assumed senior unsecured notes aggregating $1.5 billion (including fair market value adjustment of $95.6 million), which have scheduled maturity dates ranging from October 2022 to August 2028 and accrue interest at rates ranging from 3.25% to 6.88% per annum. The senior unsecured notes assumed during the Merger have covenants that are similar to the Company’s existing debt covenants for its senior unsecured notes. During the years ended December 31, 2021 and 2020, the Company issued the following senior unsecured notes (dollars in millions): Date Issued Sept-2021 Aug-2020 Jul-2020 (1) Maturity Date Dec-2031 Mar-2028 Oct-2030 Amount Issued Interest Rate $ $ $ 500.0 400.0 500.0 2.25% 1.90% 2.70% (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. 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. On February 15, 2022, the Company announced the redemption of its $500.0 million 3.40% senior unsecured notes outstanding, which were scheduled to mature in November 2022. The Company plans to redeem these notes on March 2, 2022 and as a result, the Company will incur a prepayment charge of approximately $6.5 million. 88 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued In addition, in February 2022, the Company issued $600.0 million in senior unsecured notes, which are scheduled to mature in April 2032 and accrue interest at a rate of 3.20% per annum. The scheduled maturities of all notes payable excluding unamortized fair value debt adjustments of $81.0 million and unamortized debt issuance costs of $56.0 million, as of December 31, 2021, were as follows (in millions): Principal payments .................. $ 799.4 $ 649.7 $ 646.2 $ 740.5 $ 773.0 $ 3,393.3 $ 7,002.1 2022 2023 2024 2025 2026 Thereafter Total 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 therein, 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, 2021. 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 $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 (0.87% as of December 31, 2021), 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, 2021, the Credit Facility had no outstanding balance, $1.9 million appropriated for letters of credit and the Company was in compliance with its covenants. 15. Mortgages 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. 89 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued As of December 31, 2021 and 2020, the Company’s Mortgages payable, net consisted of the following (in millions): Carrying Amount at December 31, Interest Rate at December 31, 2021 2020 2021 2020 439.2 $ 10.8 (1.3) 448.7 $ 308.4 3.5 (0.6) 311.3 3.23% - 7.23% 3.23% - 7.23% n/a n/a 4.12%* n/a n/a 4.73%* Maturity Date at December 31, 2021 Apr-2022 – Jul-2029 n/a n/a Mortgages payable ............................ $ Fair value debt adjustments, net ........ Deferred financing costs, net............. $ * Weighted-average interest rate During 2021, the Company (i) assumed $234.1 million of individual non-recourse mortgage debt through the consolidation of nine operating properties, (ii) repaid $230.5 million of mortgage debt (including fair market value adjustment of $1.2 million) that encumbered 28 operating properties and (iii) deconsolidated $170.0 million of individual non-recourse mortgage debt relating to six operating properties for which the Company no longer holds a controlling interest. In addition, in connection with the Merger, the Company assumed mortgage debt of $317.7 million (including fair market value adjustment of $11.0 million) that encumber 16 operating properties, which have scheduled maturity dates ranging from April 2022 to August 2038 and accrue interest at rates ranging from 3.50% to 6.95% per annum. 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. The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments of $10.8 million and unamortized debt issuance costs of $1.3 million, as of December 31, 2021, were as follows (in millions): Principal payments ........... $ 124.5 $ 63.6 $ 8.1 $ 54.3 $ 5.4 2022 2023 2024 2025 2026 Thereafter 183.3 $ Total $ 439.2 16. 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, 2021 and 2020, 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, 2021: 90 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued Type Par Value Per Unit Number of Units Remaining Class B-1 Preferred Units (1)......... $ Class B-2 Preferred Units (2)......... $ Class C DownReit Units (1)........... $ 10,000 10,000 30.52 189 42 52,797 Return Per Annum 7.0% 7.0% Equal to the Company’s common stock dividend (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, 2021 and 2020, noncontrolling interest relating to the remaining Class B Units was $16.1 million. 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. In connection with the Merger, the Company acquired two consolidated joint ventures structured as DownREIT partnerships. As of the date of the Merger, the Raleigh Limited Partnership had 1,813,615 units and the Madison Village Limited Partnership had 174,411 units, together which had an aggregate fair value of $41.7 million. These ventures allow the outside limited partners to redeem their interest in the partnership (at the Company’s option) in cash or for the Company’s common stock at a ratio of 1:1. The unit holders are entitled to a distribution equal to the dividend rate of the Company’s common stock. During 2021, 73,466 units were redeemed for 73,466 common shares of the Company’s common stock with a redemption value of $1.7 million. This transaction resulted in a net decrease in Noncontrolling interests of $1.5 million and a corresponding decrease in Common stock and Paid-in capital totaling $1.5 million, on the Company’s Consolidated Balance Sheets. As of December 31, 2021, the aggregate redemption value of these noncontrolling interests was approximately $40.1 million. In addition, the Company acquired ownership interests in eight consolidated joint ventures in connection with the Merger, which had noncontrolling interests of $132.3 million as of the date of the Merger. 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 $19.3 million on the Company’s Consolidated Balance Sheets. There are no remaining partners in one of these consolidated entities. Redeemable noncontrolling interests Included within noncontrolling interests are units that were determined to be contingently redeemable that are classified as Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and Stockholder’s equity on the Company’s Consolidated Balance Sheets. 91 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the years ended December 31, 2021 and 2020 (in thousands): Balance at January 1,................................................................................................$ Fair value allocation to partnership interest (1) .................................................... Income.................................................................................................................. Distributions (1) ................................................................................................... Adjustment to estimated redemption value (2)..................................................... Balance at December 31,..........................................................................................$ 2021 2020 15,784 $ 2,068 751 (2,819) (2,304) 13,480 $ 17,943 - 1,022 (1,021) (2,160) 15,784 (1) During January 2021, KIM RDC, LLC (“KIM RDC”), a wholly owned subsidiary of the Company, and KP Lancewood LLC (“KPR Member”) entered into a joint venture agreement wherein KIM RDC has a 100% controlling interest and KPR Member is entitled to a profit participation. The joint venture acquired two operating properties for a gross fair value of $104.0 million (see Footnote 4 of the Company’s Consolidated Financial Statements). During June 2021, the two joint venture properties were sold for a combined sales price of $108.0 million of which the KPR Member received a distribution of $2.1 million. (2) The Company recorded an adjustment to the estimated redemption fair market value of a noncontrolling interest in accordance with the provisions of the respective 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. 17. 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 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): December 31, 2021 2020 Carrying Amounts Estimated Fair Value Carrying Amounts Estimated Fair Value Notes payable, net (1)............................................................. $ Mortgages payable, net (2)..................................................... $ 7,027,050 448,652 $ $ 7,330,723 449,758 $ $ 5,044,208 311,272 $ $ 5,486,953 312,933 (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, 2021 and 2020, were $7.3 billion and $5.5 billion, respectively. (2) The Company determined that its valuation of these mortgages payable was classified within Level 3 of the fair value hierarchy. 92 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued 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 of 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, 2021 and 2020, aggregated by the level of the fair value hierarchy within which those measurements fall (in thousands): Balance at December 31, 2021 Level 1 Level 2 Level 3 Assets: Marketable equity securities....................................... $ 1,211,739 $ 1,211,739 $ - $ Balance at December 31, 2020 Level 1 Level 2 Level 3 Assets: Marketable equity securities....................................... $ 706,954 $ 706,954 $ - $ Assets measured at fair value on a non-recurring basis at December 31, 2021 and 2020 are as follows (in thousands): - - Other investments......................................................... $ 9,834 $ - $ - $ 9,834 Balance at December 31, 2021 Level 1 Level 2 Level 3 Balance at December 31, 2020 Level 1 Level 2 Level 3 Real estate ...................................................................... $ Other investments........................................................... $ 24,899 5,464 $ $ - - $ $ - - $ $ 24,899 5,464 The Company’s estimated fair values of these assets were primarily based upon estimated sales prices from signed contracts or letters of intent from third-party offers, which were less than the carrying value of the assets. The Company does not have access to the unobservable inputs used to determine the estimated fair values of third-party offers. Based on these inputs, the Company determined that its valuation of these investment was classified within Level 3 of the fair value hierarchy. 93 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued 18. 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 As of December 31, 2021 and 2020 Shares Issued and Outstanding Liquidation Preference (in thousands) Dividend Rate Annual Dividend per Depositary Share Par Value 9,000 $ 10,580 19,580 $ 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 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 August 2021, the Company established an at-the-market continuous offering program (the “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. In addition, the Company may from time to time enter into separate forward sale agreements with one or more banks. During 2021, the Company issued 3.5 million shares and received net proceeds after commissions of $76.9 million. As of December 31, 2021, the Company had $422.4 million available under this ATM program. In connection with the Merger, each Weingarten common share, issued and outstanding immediately prior to the effective time of the Merger, was converted into 1.408 shares of newly issued shares of Kimco common stock, resulting in approximately 179.9 million common shares being issued in connection with the Merger. The Company has a share repurchase program, which is scheduled to expire February 29, 2024. 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 94 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued years ended December 31, 2021 and 2020. As of December 31, 2021, 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 2021, 2020 and 2019, the Company repurchased 1,084,953, 294,346 and 223,609 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 16 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, 2021, is $60.9 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 2.6 million shares of common stock. Dividends Declared The following table provides a summary of the dividends declared per share: 2021 Year Ended December 31, 2020 2019 Common Stock............................................................. $ Class I Depositary Shares............................................. $ Class J Depositary Shares ............................................ $ Class K Depositary Shares ........................................... $ Class L Depositary Shares............................................ $ Class M Depositary Shares .......................................... $ - - - 0.68000 $ $ $ $ 1.28125 $ 1.31250 $ 0.54000 - - - 1.28125 1.31250 $ $ $ $ $ $ 1.12000 0.99583 1.37500 0.93359 1.28125 1.31250 19. 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, 2021, 2020 and 2019 (in thousands): 2021 2020 2019 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 common stock.......................................................................... $ Declaration of dividends paid in succeeding period ..................................... $ Decrease in redeemable noncontrolling interests’ carrying amount ............. $ Lease liabilities arising from obtaining operating right-of-use assets........... $ Allocation of fair value to noncontrolling interests ...................................... $ Purchase price fair value adjustment to prepaid rent .................................... $ Decrease in noncontrolling interests from redemption of units for common - $ - $ - $ - $ - $ 34,651 $ 20,909 $ 5,366 $ (2,304) $ 553 $ 2,068 $ 15,620 $ stock ......................................................................................................... $ 1,540 $ Weingarten Merger: Real estate assets ...................................................................................... $ Investments in and advances to real estate joint ventures......................... $ Notes payable ........................................................................................... $ 5,627,469 $ 585,382 $ (1,497,632) $ - $ - $ - $ - $ - $ 37,411 $ 5,395 $ 5,366 $ (2,160) $ - $ - $ - $ - $ - $ - $ - $ 36,076 5,106 3,750 3,892 6,905 65,900 4,030 126,274 - - - - - - - - 95 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued Mortgages payable ................................................................................... $ Below-market leases................................................................................. $ Noncontrolling interests ........................................................................... $ Other assets and liabilities, net ................................................................. $ Lease liabilities arising from obtaining operating right-of-use assets....... $ Lease liabilities arising from obtaining financing right-of-use assets....... $ Common stock issued in exchange for Weingarten common shares ........ $ Consolidation of Joint Ventures: Increase in real estate and other assets, net............................................... $ Increase in mortgages payable, other liabilities and noncontrolling (317,671) $ (119,373) $ (177,039) $ (154,775) $ 32,569 $ 23,026 $ (3,738,735) $ 506,266 $ interests................................................................................................. $ 234,091 $ Deconsolidation of Joint Venture: Decrease in real estate and other assets, net ............................................. $ Decrease in mortgages payable and other liabilities ................................. $ 300,099 $ 170,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - - - - - - 7,884 7,747 - - The following table provides a reconciliation of cash, cash equivalents and restricted cash recorded on the Company’s Consolidated Balance Sheets to the Company’s Consolidated Statements of Cash Flows (in thousands): Cash and cash equivalents ..................................................... Restricted cash....................................................................... Total cash, cash equivalents and restricted cash .................... $ $ 325,631 9,032 334,663 $ $ 292,953 235 293,188 As of December 31, 2021 As of December 31, 2020 20. Transactions with Related Parties: 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 Footnote 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 2021, 2020 and 2019, the Company paid brokerage commissions of $0.4 million, $0.5 million and $0.4 million, respectively, to Ripco for services rendered primarily as leasing agent for various national tenants in shopping center properties owned by the Company. Fifth Wall During 2021, the Company entered into an investment commitment of up to $25.0 million with Fifth Wall’s Climate Technology Fund, of which $2.8 million has been funded as of December 31, 2021. During October 2021, Mary Hogan Preusse, a member of the Company’s Board of Directors, joined Fifth Wall as a Senior Advisor. 21. 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, 2021, these letters of credit aggregated $44.5 million. 96 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued Funding Commitments The Company has two investments, including Fifth Wall discussed above, that have investment funding commitments totaling $27.0 million, of which $4.3 million has been funded as of December 31, 2021. The Company’s remaining commitment to fund related to these investments is $22.7 million in total as of December 31, 2021. 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, 2021, there were $12.7 million in performance and surety bonds outstanding. In connection with the Merger, the Company now provides a guaranty for the payment of any debt service shortfalls on the Sheridan Redevelopment Agency issued Series A bonds which are tax increment revenue bonds issued in connection with a development project in Sheridan, Colorado. These tax increment revenue bonds have a balance of $49.7 million outstanding at December 31, 2021. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee ("PIF") to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The revenue generated from incremental sales, property taxes and PIF have satisfied the debt service requirements to date. The incremental taxes and PIF are to remain intact until the earlier of the payment of the bond liability in full or 2040. 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 taken as a whole as of December 31, 2021. 22. 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 10.0 million 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, 2021, the Company had 8.5 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 $23.2 million, $23.7 million and $20.2 million, for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, the Company had $36.5 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 2.7 years. Stock Options During 2021, 2020 and 2019, 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, 2021, 2020 and 2019 are as follows: 97 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued Weighted-Average Exercise Price Per Share Aggregate Intrinsic Value (in millions) Shares Options outstanding, January 1, 2019 ....................................... Exercised............................................................................... Forfeited................................................................................ Options outstanding, December 31, 2019 ................................. Exercised............................................................................... Forfeited................................................................................ Options outstanding, December 31, 2020 ................................. Exercised............................................................................... Forfeited................................................................................ Options outstanding, December 31, 2021 ................................. Options exercisable (fully vested) - December 31, 2019........................................................ December 31, 2020........................................................ December 31, 2021........................................................ 1,297,936 1,641,366 $ (268,856) $ (74,574) $ $ (63,365) $ (72,250) $ 1,162,321 $ (315,750) $ (357,816) $ $ 488,755 1,297,936 1,162,321 488,755 $ $ $ 18.78 14.43 20.24 19.60 15.48 16.20 20.03 19.19 19.01 21.48 19.60 20.03 21.48 $ $ $ $ $ $ $ $ $ $ 0.4 1.1 2.0 0.2 - 1.1 1.5 2.0 - 1.5 The exercise price per share for options outstanding as of December 31, 2021 ranges from $18.44 to $24.12. As of December 31, 2021, all of the Company’s outstanding options were vested. The weighted-average remaining contractual life for options outstanding and exercisable as of December 31, 2021 was 1.0 year. Cash received from options exercised under the 2010 Plan was $6.1 million, $1.0 million and $3.9 million for the years ended December 31, 2021, 2020 and 2019, respectively. Restricted Stock Information with respect to restricted stock under the Plan for the years ended December 31, 2021, 2020 and 2019 are as follows: Restricted stock outstanding as of January 1, .............................. Granted (1) .............................................................................. Vested...................................................................................... Forfeited .................................................................................. Restricted stock outstanding as of December 31, ........................ 2,394,825 754,560 (759,665) (42,112) 2,347,608 2,367,843 820,150 (784,120) (9,048) 2,394,825 2,104,914 884,170 (603,148) (18,093) 2,367,843 2021 2020 2019 (1) The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2021, 2020 and 2019 were $17.81, $18.67 and $18.03, 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, 2021, 2020 and 2019, the dividends paid on unvested restricted shares were $1.8 million, $2.2 million and $3.0 million, respectively. Performance Shares Information with respect to performance share awards under the 2010 Plan for the years ended December 31, 2021, 2020 and 2019 are as follows: Performance share awards outstanding as of January 1,.............. Granted (1) .................................................................................. Vested (2) .................................................................................... Performance share awards outstanding as of 2021 2020 2019 913,800 545,380 (407,080) 704,530 506,720 (297,450) 433,230 407,080 (135,780) December 31, .......................................................................... 1,052,100 913,800 704,530 (1) The weighted-average grant date fair value for performance shares issued during the years ended December 31, 2021, 2020 and 2019 were $22.96, $18.02 and $22.00, respectively. 98 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued (2) For the years ended December 31, 2021, 2020 and 2019, the corresponding common stock equivalent of these vested awards were 814,160, 594,900 and 104,551 shares, respectively. The more significant assumptions underlying the determination of fair values for these performance awards granted during 2021, 2020 and 2019 were as follows: Stock price ............................................................. Dividend yield (1) .................................................. Risk-free rate.......................................................... Volatility (2)........................................................... Term of the award (years) ...................................... 2021 $ 17.87 0% 0.20% 48.41% 2.86 2020 $ 18.93 0% 1.42% 24.67% 2.88 2019 $ 17.81 0% 2.52% 24.55% 2.88 (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. 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, 2021. The Company’s contributions to the plan were $2.4 million, $2.3 million and $2.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. The Company recognized severance costs associated with employee retirements and terminations during the years ended December 31, 2021, 2020 and 2019, of $14.4 million (including $13.7 million of severance costs included in Merger charges on the Company's Consolidated Statements of Income), $8.7 million and $2.6 million, respectively. 23. Defined Benefit Plan: As part of the Merger, the Company assumed sponsorship of Weingarten’s noncontributory qualified cash balance retirement plan (“the Benefit Plan”). At the date of the Merger, the Benefit Plan was frozen and as a result no new benefits will be offered to employees who were not already part of the Benefit Plan on the Merger date. The Benefit Plan was terminated as of December 31, 2021. The Benefit Plan maintains a separate account for each participant. Annual additions to each participant’s account included an interest credit of 4.5% as the service credit was suspended upon the freeze. The participant data used in determining the liabilities and costs for the Benefit Plan was determined as of January 1, 2021. The following table summarizes the measurement changes in the Benefit Plan’s projected benefit obligation, plan assets and funded status, as well as the components of net periodic benefit costs, including key assumptions, from the date of the Merger through December 31, 2021 (in thousands): Change in Projected Benefit Obligation: Benefit obligation at date of the Merger............................................................................................................ $ Interest cost ....................................................................................................................................................... Settlement payments ......................................................................................................................................... Actuarial gain .................................................................................................................................................... Benefit payments............................................................................................................................................... Benefit obligation at December 31, 2021.......................................................................................................... $ Change in Plan Assets: Fair value of plan assets at date of the Merger .................................................................................................. $ Actual return on plan assets............................................................................................................................... Settlement payments ......................................................................................................................................... Benefit payments............................................................................................................................................... 2021 73,081 762 (29,107) (6,831) (910) 36,995 74,025 642 (30,104) (910) 99 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued Fair value of plan assets at December 31, 2021 ................................................................................................ $ Funded status at December 31, 2021 (included in Other assets) ........................................................................... $ Accumulated benefit obligation ............................................................................................................................ $ Net gain recognized in other comprehensive income............................................................................................ $ 43,653 6,658 36,995 2,216 The components of net periodic benefit income, included in Other income, net in the Company’s Consolidated Statements of Income for the year ended December 31, 2021 are as follows (in thousands): Interest cost ........................................................................................................................................................... $ Expected return on plan assets .............................................................................................................................. Settlement gain...................................................................................................................................................... Total net periodic benefit income...................................................................................................................... $ 2021 (750) 2,125 2,216 3,591 The weighted-average assumptions used to determine the benefit obligation as of December 31, 2021 are as follows: Discount rate ................................................................................................................................................. Salary scale increases .................................................................................................................................... Interest credit rate for cash balance plan ....................................................................................................... 2.43% N/A 4.50% The selection of the discount rate is made annually after comparison to yields based on high quality fixed-income investments. The long-term rate of return is a composite rate for the Benefit Plan. It is derived as the sum of the percentages invested in each principal asset class included in the portfolio multiplied by their respective expected rates of return. The Company considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the Benefit Plan portfolio. This analysis resulted in the selection of 7.00% as the long-term rate of return assumption for the year ended December 31, 2021. No contributions are anticipated to be made to the Benefit Plan during 2022. The expected benefit payments for the next 10 years for the Benefit Plan is as follows (in millions): Benefit payments ...................................... $ 19.5 $ 2.3 $ 2.3 $ 2.3 $ 2.2 $ 10.4 2022 2023 2024 2025 2026 2027 - 2031 The Benefit Plan’s investment policy is to address the long-term needs of the Benefit Plan and consider the risk tolerances of participants, to select appropriate investments to be offered by the Benefit Plan and to establish procedures for monitoring and evaluating the performance of the investments of the Benefit Plan. The Benefit Plan’s overall objectives for selecting and monitoring investment options are (i) to promote and optimize retirement wealth accumulation, (ii) to provide a full range of asset classes and investment options that are intended to help diversify the portfolio to maximize return within reasonable and prudent levels of risk, (iii) to control costs of administering the Benefit Plan and (iv) to manage the investments held by the Benefit Plan. The selection of investment options is determined using criteria based on the following characteristics: fund history, relative performance, investment style, portfolio structure, manager tenure, minimum assets, expenses and operation considerations. Investment options selected for use in the Benefit Plan are reviewed at least on a semi-annual basis to evaluate material changes from the selection criteria. Asset allocation is used to determine how the investment portfolio should be split between stocks, bonds and cash. The asset allocation decision is influenced by investment time horizon; risk tolerance; and investment return objectives. The primary factor in establishing asset allocation is demographics of the Benefit Plan. A broad market diversification model is used in considering all these factors, and the percentage allocation to each investment category may also vary depending upon market conditions. Re-balancing of the allocation of the Benefit Plan’s assets occurs semi-annually. The fair value of plan assets was determined based on publicly quoted market prices for identical assets as of the December 31, 2021, which are all classified as Level 1 observable inputs. The fair value and allocation of the plan assets were as follows (in thousands): 100 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued Cash and short-term investments........................................................................... $ Large company funds............................................................................................ Mid company funds............................................................................................... Small company funds............................................................................................ International funds ................................................................................................ Fixed income funds ............................................................................................... Growth funds......................................................................................................... Total .................................................................................................................. $ 26,246 7,130 662 1,958 1,972 4,260 1,425 43,653 60.1% 16.3% 1.5% 4.5% 4.5% 9.8% 3.3% 100.0% Fair Value Asset Allocation Concentrations of risk within the equity portfolio are investments classified within the following sectors: technology, healthcare, consumer cyclical goods, financial services, and communication services, which represent approximately 24%, 15%, 14%, 14% and 11% of total equity investments, respectively. 24. 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, 2021, 2020 and 2019 (in thousands): 2021 (Estimated) 2020 (Actual) 2019 (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................................. Deferred/prepaid/above-market and below-market rents, net................... Fair market value debt amortization ......................................................... Book/tax differences from executive compensation................................. Book/tax differences from non-qualified stock options............................ Book/tax differences from defined benefit plan ....................................... 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 gain/(loss), 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 (2) ........................................................... Adjusted REIT taxable income..................................................................... $ 844,059 $ (24,502) 819,557 70,792 (33,580) (18,079) 19,882 (1,069) (2,948) 25,502 (51,951) (19,971) (499,996) 882 - (5,607) 23,314 (5,358) (21,955) 299,415 $ 1,000,833 $ (956) 999,877 (55,072) (16,632) (3,847) 10,388 (231) - 40,176 (10,547) 44,193 (589,698) (29) (48,194) - 2 5,874 802 377,062 $ 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) 463,764 101 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) Includes Merger related costs of $20.7 million for the year ended December 31, 2021. Characterization of Distributions The following characterizes distributions paid for tax purposes for the years ended December 31, 2021, 2020 and 2019, (amounts in thousands): 2021 2020 2019 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 - - - - - - - - - 11,185 346 11,531 13,469 417 13,886 273,272 10,647 70,980 354,899 - - - - - - - - - $ $ $ $ $ $ 97% $ 3% 100% $ 97% $ 3% 100% $ 77% $ 3% 20% 100% $ - - - - - - - - - 4,382 7,149 11,531 5,277 8,609 13,886 133,849 214,863 3,522 352,234 - - - - - - - - - $ $ $ $ $ $ 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% purposes........................................... $ 380,316 $ 377,651 $ 528,606 For the years ended December 31, 2021, 2020 and 2019 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. In connection with the Merger, the Company acquired Weingarten Investment Inc. (“WII”), a TRS of Weingarten. The Company is 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 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. 102 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued 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, 2021, 2020 and 2019, are summarized as follows (in thousands): 2021 2020 2019 26,421 $ 1,051 $ (1,682) Income/(loss) before income taxes – U.S.................................. $ (Provision)/benefit for income taxes, net: Federal: Current .............................................................................. Deferred ............................................................................ Federal tax (provision)/benefit .............................................. State and local: Current .............................................................................. Deferred ............................................................................ State and local tax provision ................................................. Total tax (provision)/benefit – U.S............................................ Net income from U.S. TRSs...................................................... $ (2,656) 312 (2,344) (456) 48 (408) (2,752) 23,669 $ (482) 539 57 (48) 34 (14) 43 1,094 $ Loss before taxes – Non-U.S..................................................... $ (63) $ (64) $ (Provision)/benefit for Non-U.S. income taxes: Current .............................................................................. $ Deferred ............................................................................ Non-U.S. tax (provision)/benefit............................................... $ $ - (529) (529) $ 479 - 479 $ $ 3,362 (349) 3,013 (26) (19) (45) 2,968 1,286 (599) (69) 418 349 In addition, the Company’s Provision for income taxes, net includes $0.1 million and $1.5 million of estimated state and local tax provision related to the REIT operations during the years ended December 31, 2021 and 2020, respectively. (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) ..................... $ State and local provision, net of federal benefit (2)..................... Total tax (provision)/benefit – U.S.......................................... $ (5,548) $ 2,796 (2,752) $ (221) $ (1,236) (1,457) $ 3,010 (42) 2,968 2021 2020 2019 (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, 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, 2021 and 2020, were as follows (in thousands): Deferred tax assets: Tax/GAAP basis differences ............................................................................. $ Net operating losses (1)..................................................................................... Tax credit carryforwards (2).............................................................................. Related party deferred losses............................................................................. Charitable contribution carryforwards............................................................... Valuation allowance.......................................................................................... Total deferred tax assets........................................................................................ 103 2021 2020 $ 3,286 4,580 2,340 - - (4,067) 6,139 29,105 17,885 2,340 619 23 (36,957) 13,015 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued Deferred tax liabilities........................................................................................... Net deferred tax (liabilities)/assets ........................................................................ $ (8,058) (1,919) $ (12,765) 250 (1) Net operating losses expire in 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, 2021 and 2020. 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 “TRS Merger”) and KRSI was dissolved. As a result of the TRS 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 TRS 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 TRS Merger date (the recognition period) which expired August 1, 2021. The maximum taxable amount with respect to all merged assets disposed within 60 months of the TRS Merger is limited to the aggregate net built-in gain at the TRS 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 TRS 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. As of August 1, 2021, the recognition period, as described above, terminated. As a result of the termination of the recognition period the Company wrote off deferred tax assets and deferred tax liabilities resulting from the TRS Merger. The Company recorded a full valuation allowance against these net deferred tax assets there was no income or loss recognized on the write off. The deferred tax assets that relate to net operating losses and tax credit carryforwards that can still be utilized by the Company remain on the books with a full valuation allowance against them. 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 $1.4 million and $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 at December 31, 2021 and 2020, 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, 2021, will significantly increase or decrease within the next 12 months. 104 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued In August 2016, the Mexican Tax Authority issued 36 tax assessments against 32 entities, which includes certain joint ventures, that had previously held interests in operating properties in Mexico. These assessments are for certain income taxes, interest expense and withholding taxes subject to the controlling provisions of United States-Mexico Income Tax Convention (the “Treaty”). The assessments are for the 2010 tax year with 4 of the 32 entities also assessed for tax years 2007 and/or 2008. The assessments included 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 was $52.6 million. The Company believes it has operated in accordance with the Treaty provisions and has therefore concluded that no amounts are payable with respect to this matter. The Company sought the assistance of the U.S. Competent Authority (Department of Treasury) (the “Authority”), responsible for administering U.S. tax treaties. The Authority acknowledged its agreement with the Company’s position and represented the Company regarding this matter with the Mexican Competent Authority, though no agreement resulted from their discussions. Accordingly, the Company filed annulment lawsuits in the Mexican Tax Court in September 2018 challenging these assessments. During April 2019, the appeals were argued at a hearing in the Superior Chamber of the Tax Court, and beginning in the fourth quarter of 2019, the court issued rulings on the 36 lawsuits, which found that $16.1 million ($12.8 million representing the Company’s share) of the total assessments were improperly assessed (the “Flat Tax Assessments”) but ruled in favor of the Mexican Tax Authority with respect to the balance of the assessments. Maintaining its position of compliance with the Treaty, the Company filed appeals in the Mexican Circuit (Appeals) Court with respect to the adverse rulings. The appeals were assigned to 18 separate Circuit Courts, all of which have ruled, and only one of which ruled in favor of the Company. The Company appealed the 35 unfavorable rulings to the Mexican Supreme Court and, during the fourth quarter of 2021, the court issued its rulings in favor of the Mexican Tax Authority for $45.5 million, however it did affirm and dismiss the improper Flat Tax Assessments, as noted above. The Company’s share of the estimated revised assessments is $41 million. Under Mexican tax law, interest and penalties are capped at 5 years and will no longer accrue on the final assessments, however, a statutory inflation factor will continue to increase unpaid liabilities. The Company believes it has operated in accordance with the Treaty provisions. In addition, based on legal opinions obtained by the Company, the assessed entities are the only entities liable and such entities have no assets. Therefore, given that the collection of these assessments by the Mexican tax authority is remote, the Company has not accrued any liability relating to this matter. 25. Captive Insurance Company: 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 December 31, 2021, 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 $11.5 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 February 1, 2023. These amounts do not erode the Company’s per occurrence or aggregate limits. In connection with the Merger, the Company acquired U.S. Fire & Indemnity Company (“US Fire”), a capitve insurance company which was wholly owned by Weingarten. US Fire began providing direct coverage to Weingarten with limits of $100,000 per occurrence for all other perils except for flood, named windstorm and earthquake, which had a $5,000,000 annual aggregate. The coverage was cancelled upon the effective date of the Merger. In addition, US Fire assumed general liability coverage from a third-party reinsurer, with limits of $250,000 per occurrence with a $2,000,000 105 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued annual aggregate. The reinsurance arrangement was terminated effective as of the Merger date and all risks were assumed by KIC’s reinsurance provider. Effective December 15, 2021, US Fire merged into KIC, with KIC continuing as the surviving company. As of December 31, 2021, the Company maintained letters of credit in the amount of $28.0 million issued in favor of the reinsurance provider to provide security for the Company’s obligations under its agreements with the reinsurance providers. Activity in the liability for unpaid losses and loss adjustment expenses for the years ended December 31, 2021 and 2020, is summarized as follows (in thousands): Balance at the beginning of the year ..................................................................... $ Incurred related to: Current year....................................................................................................... Prior years (1).................................................................................................... Total incurred........................................................................................................ Paid related to: Current year....................................................................................................... Prior years ......................................................................................................... Total paid .............................................................................................................. Balance at the end of the year ............................................................................... $ 2021 2020 13,742 $ 5,375 5,281 10,656 (759) (3,984) (4,743) 19,655 $ 15,664 3,693 (179) 3,514 (450) (4,986) (5,436) 13,742 (1) During 2021, the changes in estimates in insured events in the prior years, incurred losses and loss adjustment expenses resulted in an increase of $5.3 million primarily due to the liability incurred as a result of the Merger. During 2020, 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 primarily due to continued regular favorable loss development on the general liability coverage assumed. 26. Accumulated Other Comprehensive Income (“AOCI”): The following table displays the change in the components of AOCI for the year ended December 31, 2021: Unrealized Gains Related to Defined Benefit Plan Balance as of January 1, 2021 ........................................................................................................................ $ Other comprehensive income before reclassifications ............................................................................... Amounts reclassified from AOCI............................................................................................................... Net current-period other comprehensive income............................................................................................ Balance as of December 31, 2021 .................................................................................................................. $ - 2,216 - 2,216 2,216 27. 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): For the Year Ended December 31, 2020 2019 2021 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............................................................. 818,643 $ 975,417 $ 339,988 2,304 (5,346) 815,601 3,087 2,160 (6,347) 971,230 161 - (2,599) 337,389 30 106 KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued Net income available to the Company’s common shareholders for diluted earnings per share..................................................................................... $ 818,688 $ 971,391 $ 337,419 Weighted average common shares outstanding – basic................................ Effect of dilutive securities (1): Equity awards........................................................................................... Assumed conversion of convertible units................................................. Weighted average common shares outstanding – diluted ............................. 506,248 2,422 2,715 511,385 429,950 1,475 208 431,633 420,370 1,365 64 421,799 Net income available to the Company's common shareholders: Basic earnings per share ........................................................................... $ Diluted earnings per share ........................................................................ $ 1.61 $ 1.60 $ 2.26 $ 2.25 $ 0.80 0.80 (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 0, 1.2 million and 0.5 million stock options that were not dilutive as of December 31, 2021, 2020 and 2019, 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. 107 KIMCO REALTY CORPORATION AND SUBSIDIARIES SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS For Years Ended December 31, 2021, 2020 and 2019 (in thousands) Balance at beginning of period Charged to expenses Adjustments to valuation accounts Deductions Balance at end of period Year Ended December 31, 2021 Allowance for uncollectable accounts (1) ............ $ Allowance for deferred tax asset .......................... $ Year Ended December 31, 2020 Allowance for uncollectable accounts (1) ............ $ Allowance for deferred tax asset .......................... $ Year Ended December 31, 2019 Allowance for deferred tax asset .......................... $ 22,377 $ 36,957 $ - $ - $ - $ (32,890) $ (14,038) $ - $ 8,339 4,067 - $ 42,703 $ 22,377 $ - $ - $ (5,746) $ - $ - $ 22,377 36,957 45,413 $ - $ (2,710) $ - $ 42,703 (1) Includes allowances on accounts receivable and straight-line rents. 108 F O E T A D ) ( A N O I T I S I U Q C A ) ( C N O I T C U R T S N O C ) 2 ( S E C N A R B M U C N E , T S O C L A T O T F O T E N D E T A L U M U C C A N O I T A I C E R P E D D E T A L U M U C C A N O I T A I C E R P E D L A T O T D N A G N I D L I U B S T N E M E V O R P M I D N A L D E Z I L A T I P A C T S O C T N E U Q E S B U S O T N O I T I S I U Q C A ) 1 ( D N A G N I D L I U B S T N E M E V O R P M I T S O C L A I T I N I D N A L E T A T S N O I T P I R C S E D S E I R A I D I S B U S D N A N O I T A R O P R O C Y T L A E R O C M I K N O I T A I C E R P E D D E T A L U M U C C A D N A E T A T S E L A E R - I I I E L U D E H C S 1 2 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( ) A ( 1 2 0 2 ) A ( 2 1 0 2 ) A ( 9 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 5 1 0 2 ) A ( 1 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) C ( 5 0 0 2 ) A ( 8 9 9 1 ) A ( 1 2 0 2 ) A ( 1 1 0 2 ) A ( 7 9 9 1 ) A ( 8 9 9 1 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 1 0 2 ) A ( 5 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 7 0 0 2 ) A ( 6 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 8 0 0 2 ) A ( 1 2 0 2 ) A ( 2 1 0 2 ) A ( 8 9 9 1 ) A ( 8 9 9 1 ) A ( 6 1 0 2 ) A ( 5 1 0 2 ) A ( 6 0 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 5 0 0 2 ) A ( 5 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 8 9 9 1 ) A ( 0 1 0 2 ) A ( 8 9 9 1 ) A ( 4 1 0 2 - - - - - - - - - - - - - - - - - - - 7 1 6 , 2 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 8 9 2 , 4 2 $ 6 0 0 , 2 2 4 2 , 7 8 7 2 , 5 7 8 4 , 3 1 2 3 0 , 5 3 5 5 6 , 2 1 5 5 2 , 2 2 1 9 6 8 , 8 6 2 8 , 7 2 6 7 3 , 6 1 8 9 7 , 4 2 0 4 8 , 1 1 5 2 0 , 2 2 7 2 3 , 5 8 3 3 8 , 1 1 4 0 2 , 2 1 1 8 2 , 2 3 1 4 9 , 6 5 9 3 , 7 1 8 0 1 , 4 3 1 1 8 , 7 3 5 4 5 , 4 1 2 2 0 , 4 4 1 3 2 , 5 4 4 6 1 , 6 1 8 0 , 9 1 5 3 1 , 4 2 7 5 6 , 0 6 6 5 8 , 5 1 1 5 0 1 , 6 2 1 8 1 7 , 4 8 8 8 , 6 0 1 9 2 0 , 3 1 2 7 3 , 0 4 9 0 5 , 3 3 8 1 4 , 2 4 3 8 3 , 1 2 0 8 5 , 3 2 4 7 4 , 8 8 4 2 7 , 2 3 2 5 3 , 8 3 7 6 9 , 2 1 9 2 2 , 4 1 6 1 2 , 7 2 0 5 6 , 8 6 4 8 2 , 4 4 7 0 1 , 7 2 8 4 8 , 0 2 7 5 2 , 4 2 8 4 7 , 2 8 6 1 8 , 7 3 6 6 2 , 2 1 1 8 6 , 1 1 6 2 5 , 6 9 4 3 , 2 2 1 5 5 , 7 3 0 0 4 4 3 3 9 5 8 3 8 3 0 8 5 , 2 6 9 3 , 7 1 2 8 6 1 0 4 9 6 3 5 1 2 2 8 3 , 3 5 1 5 7 5 6 , 1 7 0 7 0 , 1 1 8 0 2 3 8 2 , 7 5 5 7 , 7 6 6 9 , 0 1 8 2 7 3 6 6 3 6 4 3 5 9 3 5 7 5 5 1 5 5 4 0 3 7 , 7 2 6 8 , 7 1 4 9 8 1 0 8 , 2 7 5 6 6 3 , 1 8 2 6 , 5 8 5 7 , 5 6 2 3 4 1 3 , 1 7 8 2 0 3 6 , 1 1 1 2 8 , 1 8 8 7 , 5 0 5 9 , 9 3 5 0 6 , 2 1 7 3 7 , 1 7 9 2 , 5 3 8 0 , 5 2 1 4 7 5 5 5 1 7 6 , 5 7 3 9 , 2 5 7 4 , 1 1 8 8 2 5 2 0 1 4 , 4 6 5 2 , 1 1 0 1 2 , 7 2 3 4 , 1 2 $ 6 5 $ 2 6 0 , 2 2 2 8 , 9 8 7 6 , 5 1 2 8 , 3 1 1 9 8 , 5 3 8 3 0 , 3 1 1 5 6 , 9 3 1 1 5 2 , 2 1 8 0 5 , 8 2 7 7 7 , 6 1 7 6 1 , 5 2 5 5 0 , 2 1 0 4 5 , 2 2 4 8 9 , 6 5 1 3 0 9 , 2 2 2 1 4 , 2 1 4 6 5 , 9 3 6 9 6 , 4 1 1 6 3 , 8 2 6 3 8 , 4 3 4 7 4 , 8 3 8 0 0 , 5 1 5 7 9 , 4 4 4 8 9 , 5 4 9 1 3 , 6 6 3 5 , 9 1 5 6 8 , 1 3 1 5 5 , 1 6 8 1 7 , 3 3 1 6 0 9 , 8 2 1 5 7 7 , 4 4 5 2 , 8 0 1 7 5 6 , 8 1 0 3 1 , 6 4 5 3 8 , 3 3 2 3 7 , 3 4 0 7 6 , 1 2 0 1 2 , 5 3 5 9 2 , 0 9 2 1 5 , 8 3 2 0 3 , 8 7 2 7 5 , 5 2 6 6 9 , 5 1 3 1 5 , 2 3 3 3 7 , 3 9 5 2 0 , 5 4 2 6 6 , 7 2 9 1 5 , 6 2 4 9 1 , 7 2 3 2 2 , 4 8 7 9 6 , 8 3 8 1 5 , 2 1 7 3 9 , 2 2 6 3 9 , 0 1 1 8 7 , 3 4 1 6 7 , 4 4 $ 2 1 2 , 1 5 9 3 , 7 4 7 5 , 4 3 0 3 , 0 1 4 5 6 , 9 2 8 3 0 , 3 1 2 1 0 , 3 6 4 7 9 , 8 3 4 0 , 2 2 7 7 0 , 1 1 3 7 3 , 0 2 5 7 0 , 8 0 5 4 , 8 1 6 7 6 , 6 5 1 8 4 3 , 8 2 0 8 , 8 1 8 6 7 , 4 3 6 4 2 , 2 1 3 8 7 , 3 2 2 0 1 , 7 2 4 5 7 , 0 3 5 5 3 , 0 1 4 8 7 , 6 3 2 1 1 , 0 3 4 7 8 , 2 1 2 0 , 7 1 2 0 2 , 6 2 3 8 9 , 4 9 2 8 7 , 8 4 4 9 8 , 5 8 4 1 1 , 3 6 2 0 , 4 7 9 7 9 , 3 1 0 3 8 , 3 2 5 8 7 , 9 1 4 7 4 , 2 9 8 6 , 0 1 5 0 3 , 7 2 3 9 5 , 2 7 3 0 6 , 4 2 1 4 9 , 4 6 6 7 5 , 0 2 2 1 8 , 0 1 7 8 9 , 4 2 7 4 8 , 3 7 3 5 6 , 7 3 9 2 7 , 8 1 9 3 2 , 0 2 5 3 4 , 8 1 1 5 8 , 5 6 1 2 7 , 7 2 2 7 1 , 7 5 4 3 , 8 1 6 3 9 , 0 1 2 9 8 , 6 3 9 9 3 , 8 2 $ - 0 5 8 7 2 4 , 2 4 0 1 , 1 8 1 5 , 3 7 3 2 , 6 9 3 6 , 6 7 7 7 2 , 3 5 6 4 , 6 0 0 7 , 5 4 9 7 , 4 0 8 9 , 3 8 0 3 0 9 0 , 4 1 0 1 , 4 4 6 0 , 4 6 9 7 , 4 0 5 4 , 2 8 7 5 , 4 4 3 7 , 7 0 2 7 , 7 3 5 6 , 4 1 9 1 , 8 5 4 4 , 3 5 1 5 , 2 3 6 6 , 5 2 7 8 , 5 1 5 3 7 , 8 3 9 6 7 , 2 1 2 1 0 , 3 4 1 6 6 , 1 8 2 2 , 4 3 8 7 6 , 4 0 0 3 , 2 2 0 5 0 , 4 1 8 5 2 , 1 4 1 8 9 , 0 1 5 0 9 , 7 2 0 7 , 7 1 9 0 9 , 3 1 1 6 3 , 3 1 6 9 9 , 4 4 5 1 , 5 6 2 5 , 7 6 8 8 , 9 1 2 7 3 , 7 3 3 9 , 8 0 8 2 , 6 9 5 7 , 8 2 7 3 , 8 1 6 7 9 , 0 1 6 4 3 , 5 2 9 5 , 4 - 9 8 8 , 6 2 6 3 , 6 1 $ - 6 5 9 - 1 - 5 2 4 8 1 3 3 - ) 5 3 ( 6 1 8 , 4 1 3 3 2 , 1 7 0 1 1 9 3 , 2 4 8 9 , 1 4 1 4 4 4 4 , 2 6 6 7 , 1 1 0 5 , 4 1 9 3 1 1 ) 5 5 ( 6 5 - - - 0 8 4 1 9 7 7 1 2 2 , 1 - 1 6 2 6 6 0 , 2 9 7 2 , 4 4 1 9 5 4 ) 3 1 ( 4 6 ) 0 0 5 ( ) 1 0 3 , 5 ( 8 6 5 , 1 1 3 9 5 2 3 5 9 0 1 1 6 7 0 1 2 1 3 , 7 2 2 3 6 , 6 1 9 5 3 , 4 1 - - - ) 6 1 ( ) 0 4 8 ( ) 6 9 2 ( 1 9 4 , 2 1 $ 2 1 2 , 1 9 3 4 , 6 4 7 5 , 4 3 0 3 , 0 1 0 3 2 , 9 2 8 3 0 , 3 1 4 0 0 , 1 9 1 4 7 , 7 5 2 0 , 2 2 4 4 0 , 1 1 3 7 3 , 0 2 0 1 1 , 8 - 3 4 3 , 8 1 4 4 3 , 8 1 1 4 , 6 1 2 0 8 , 9 1 0 2 , 8 1 0 7 2 , 1 2 3 6 0 , 7 2 3 4 7 , 0 3 0 1 4 , 0 1 8 2 7 , 6 3 2 1 1 , 0 3 4 7 8 , 2 1 2 0 , 7 1 1 8 9 , 4 2 3 0 9 , 4 9 8 6 7 , 8 4 5 1 1 , 5 8 4 1 1 , 3 5 6 7 , 3 7 3 1 9 , 1 1 8 5 3 , 1 3 1 7 7 , 9 1 5 1 0 , 2 2 0 7 , 0 1 5 3 5 , 0 3 9 2 5 , 2 7 5 2 3 , 8 2 3 7 3 , 3 5 3 8 9 , 9 1 3 6 5 , 1 1 8 7 8 , 4 2 5 3 5 , 6 4 2 9 5 , 7 3 2 2 6 , 8 1 1 2 9 , 6 9 1 3 , 8 1 5 8 , 5 6 1 2 7 , 7 2 8 8 1 , 7 5 4 3 , 8 1 1 6 6 , 7 0 6 2 , 5 3 6 5 8 , 3 2 $ - 0 5 8 7 2 4 , 2 4 0 1 , 1 7 1 5 , 3 6 3 2 , 6 1 3 8 , 3 3 7 7 2 , 3 5 6 4 , 6 0 0 7 , 5 4 9 7 , 4 0 8 9 , 3 0 9 0 , 4 0 0 0 , 5 1 1 0 1 , 4 4 6 0 , 4 2 6 8 , 6 0 5 4 , 2 5 2 3 , 5 4 3 7 , 7 0 2 7 , 7 3 5 6 , 4 1 9 1 , 8 5 4 4 , 3 5 1 5 , 2 3 6 6 , 5 2 7 8 , 5 1 5 3 7 , 8 3 9 6 7 , 2 1 2 1 0 , 3 4 1 6 6 , 1 8 2 2 , 4 3 8 7 6 , 4 3 9 4 , 0 1 0 5 0 , 4 1 8 5 2 , 1 4 1 8 9 , 0 1 6 7 9 , 9 2 0 7 , 7 1 7 8 6 , 0 1 1 6 3 , 3 1 6 9 9 , 4 1 7 8 , 3 6 2 5 , 7 6 8 8 , 9 1 2 7 3 , 7 3 3 9 , 8 6 6 9 , 2 6 1 5 , 4 2 7 3 , 8 1 6 7 9 , 0 1 6 4 3 , 5 2 9 5 , 4 5 1 1 , 4 7 1 8 , 8 4 1 4 , 8 $ Z A Z A Z A Z A Z A Z A Z A Z A Z A Z A Z A Z A Z A Z A Z A Z A Z A Z A Z A Z A Z A Z A Z A Z A Z A Z A Z A A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C L E C R A P Y A W E F A S - O N M A C L L E B I E R A U Q S E G A L L I V K C A B L E M A C E C A L P T E K R A M Y A W D A O R B A Z A L P R E L L I M K C A B L E M A C A Z A L P E R O M T L I B A D A C R A I R E T N E C O N M A C L L E B I G N I P P O H S K R A P E G E L L O C M U R T C E P S N W O T S I R H C A Z A L P O R O E D A D A R T N E E G A L L I V T R E S E D R E T N E C S R E T N E C G N I P P O H S R E T N E C E G A L L I V A T S I V E T N O M I E D I S N A T N U O M T A A Z A L P Y E L L A V H T R O N R E T N E C H C N A R E E R T N A R I I Y A W E T A G N A T N U O M D E R N O Z I R O H E L A D S T T O C S T N O R F R E T A W E L A D S T T O C S H T A P S R A E B T A S E P P O H S A R I Z O N A O L B E U P L O S L E D A Z A L P S D A O R S S O R C E G A L L I V A Z A L P K A E P W A U Q S R E T N E C O R T E M 0 8 2 E C A L P T E K R A M 0 8 5 E G A L L I V A R E D A M E G A L L I V N O S I D A M A Z A L P N A T N U O F I W E I V R E V R A S E M I E R A U Q S O R T E M E C A L P T E K R A M 109 R E T N E C G N I P P O H S E L A V K O O R B I E G A L L I V N A T N U O M K C A L B R E T N E C T S R U H K O O R B E C A L P T E K R A M S L L I H O N H C I A Z A L P K R A P N A R B M A C I A Z A L P D O O W R E T N E C S D A O R S S O R C O C H C I S N E V E T S T A G N D L I U B A A A I A Z A L P M I E H A N A K E E R C S S A P R E N N O D T A Y A W E T A G E C A L P T E K R A M N O T L U F E D A N E M O R P O N M A C L E I E R T N E C M O D E E R F A Z A L P Y A W E T A G I I E C A L P T E K R A M E S U O H N E E R G E C A L P T E K R A M E S U O H N E E R G R E T N E C E R T A E H T A D A R M A L I R E T N E C N W O T E N R E V A L A Z A L P N H A H H T E N N E K A Z A L P T O P E D E M O H A Z A L P S L L I H A N O R O C 1 4 5 - A Z A L P O C T S O C R E T N E C E D I S K E E R C H C N A R R E K C O R C E G A L L I V O N I T R E P U C S T H G I E H Y T I C . . C S P I R T S T E S N U S 0 0 0 8 F O E T A D ) ( A N O I T I S I U Q C A ) ( C N O I T C U R T S N O C ) 2 ( S E C N A R B M U C N E , T S O C L A T O T F O T E N D E T A L U M U C C A N O I T A I C E R P E D D E T A L U M U C C A N O I T A I C E R P E D L A T O T D N A G N I D L I U B S T N E M E V O R P M I D N A L D E Z I L A T I P A C T S O C T N E U Q E S B U S O T N O I T I S I U Q C A ) 1 ( D N A G N I D L I U B S T N E M E V O R P M I T S O C L A I T I N I D N A L E T A T S N O I T P I R C S E D S E I R A I D I S B U S D N A N O I T A R O P R O C Y T L A E R O C M I K N O I T A I C E R P E D D E T A L U M U C C A D N A E T A T S E L A E R - I I I E L U D E H C S 1 2 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( ) A ( 8 0 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 5 1 0 2 ) A ( 4 1 0 2 ) A ( 8 9 9 1 ) A ( 4 1 0 2 ) A ( 9 0 0 2 ) A ( 1 2 0 2 ) A ( 5 0 0 2 ) A ( 5 0 0 2 ) A ( 5 1 0 2 ) A ( 5 1 0 2 ) A ( 9 1 0 2 ) A ( 1 2 0 2 ) A ( 9 0 0 2 ) A ( 9 0 0 2 ) A ( 1 2 0 2 ) A ( 5 1 0 2 ) A ( 1 2 0 2 ) A ( 6 0 0 2 ) A ( 1 2 0 2 ) A ( 4 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 6 0 0 2 ) A ( 2 0 0 2 ) A ( 1 2 0 2 ) A ( 7 1 0 2 ) A ( 1 2 0 2 ) A ( 8 9 9 1 ) A ( 8 9 9 1 ) A ( 1 2 0 2 ) A ( 8 9 9 1 ) A ( 2 1 0 2 ) A ( 8 9 9 1 ) A ( 3 1 0 2 ) A ( 1 1 0 2 ) A ( 1 2 0 2 ) A ( 1 1 0 2 ) A ( 3 1 0 2 ) A ( 8 9 9 1 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 4 1 0 2 ) A ( 1 1 0 2 ) A ( 8 9 9 1 ) A ( 2 1 0 2 ) A ( 6 1 0 2 ) A ( 8 9 9 1 ) A ( 4 1 0 2 ) A ( 8 9 9 1 ) A ( 3 1 0 2 ) A ( 2 1 0 2 - - - - - - - - - - - - - - - - - - - - - - - - 2 5 8 , 0 2 - 9 3 8 2 2 0 , 0 5 - - - - - - - - - - - - - - - - - - - - - - - - - 5 0 7 , 7 1 2 2 6 7 3 1 , 1 1 3 2 4 , 6 2 8 7 1 , 8 2 4 0 1 , 8 4 7 1 5 , 9 1 5 4 2 , 4 3 2 7 2 , 9 1 0 2 3 , 6 2 5 5 , 7 3 2 3 1 , 8 1 3 4 3 , 1 3 8 0 6 , 9 2 9 1 3 , 1 1 2 2 9 , 7 3 4 4 7 , 1 1 4 9 7 , 9 2 3 4 , 4 1 8 7 6 , 2 8 8 0 5 , 5 8 2 5 1 , 1 3 4 0 1 , 3 7 9 0 5 , 6 3 2 4 5 , 6 8 9 3 4 , 7 4 0 9 6 , 5 6 6 2 , 0 2 1 3 1 9 , 1 2 1 9 8 2 , 5 4 1 7 2 3 , 4 4 5 6 6 5 8 9 , 7 5 3 0 , 0 4 4 0 6 , 2 8 4 2 , 9 1 3 0 4 , 5 3 3 5 , 2 1 4 2 5 , 4 2 8 6 3 , 5 3 2 1 8 , 8 2 0 5 3 , 0 2 4 4 9 , 3 8 2 9 , 2 4 2 9 3 , 5 5 7 4 , 3 9 0 8 , 8 2 2 4 , 4 0 0 1 , 3 2 3 4 0 , 0 5 6 3 7 , 2 2 4 4 8 , 2 1 2 3 2 , 8 2 0 0 7 , 4 3 4 4 1 , 8 2 6 2 9 6 2 7 , 6 0 6 9 , 5 6 9 6 , 6 1 5 1 , 1 1 4 9 6 , 4 1 8 0 9 , 4 3 5 5 , 7 6 4 1 0 3 9 , 6 1 0 8 6 , 0 1 9 0 6 , 4 6 5 4 , 4 5 4 7 6 1 6 4 8 9 , 2 7 4 4 , 2 7 0 3 4 8 1 , 0 2 5 8 1 , 1 3 1 5 , 3 1 9 8 3 , 1 4 6 9 , 6 8 8 1 , 1 5 4 9 1 3 2 , 6 5 8 9 , 8 6 7 5 5 , 3 9 6 4 , 1 2 0 3 7 8 9 5 8 4 5 7 3 6 , 4 6 2 4 , 2 1 3 0 , 6 0 1 8 , 4 9 4 9 , 3 8 3 3 , 6 4 0 7 4 9 6 , 6 8 1 9 , 3 2 5 3 , 4 5 8 3 , 1 4 9 9 0 6 4 0 2 , 2 4 7 8 , 7 4 8 4 , 1 3 5 8 , 0 1 0 7 5 , 9 1 1 1 2 , 3 3 4 5 , 0 2 0 2 2 , 0 1 9 2 1 , 7 8 4 5 , 1 3 6 8 , 7 1 3 8 3 , 2 3 4 7 8 , 4 3 5 5 2 , 9 5 1 1 2 , 4 3 3 5 1 , 9 3 5 2 8 , 6 2 6 6 4 , 6 2 8 4 , 4 5 2 1 8 , 8 2 2 5 9 , 5 3 4 6 0 , 4 3 4 6 0 , 2 1 8 3 5 , 8 3 8 2 7 , 4 1 1 4 2 , 2 1 9 3 7 , 4 1 2 6 8 , 2 0 1 3 9 6 , 6 8 5 6 6 , 4 4 3 9 4 , 4 7 3 7 4 , 3 4 0 3 7 , 7 8 4 8 3 , 8 4 1 2 9 , 1 1 1 5 2 , 9 8 1 0 7 4 , 5 2 1 8 5 7 , 6 6 1 3 6 2 , 1 7 5 0 , 5 4 2 2 6 , 2 1 3 8 5 , 0 4 0 3 0 , 5 9 7 2 , 5 2 3 1 2 , 0 1 2 8 4 , 6 1 2 6 8 , 0 3 2 7 0 , 6 3 6 0 5 , 5 3 8 6 2 , 4 2 6 9 2 , 8 3 1 3 , 4 4 6 8 4 , 5 4 8 0 , 4 3 1 0 , 1 1 4 7 9 , 0 3 6 0 9 , 5 6 9 8 , 0 6 6 0 3 , 2 4 5 5 0 , 6 1 5 7 7 , 8 4 0 2 9 , 4 4 3 7 2 , 5 3 8 4 5 , 1 6 5 2 , 2 1 0 0 7 , 0 2 5 4 6 , 6 2 6 0 7 , 2 4 7 3 3 , 8 2 8 5 2 , 8 1 5 6 5 , 7 1 1 4 6 , 4 2 8 5 , 1 4 4 6 5 , 1 2 0 0 1 , 1 2 9 1 1 , 1 2 6 4 1 , 9 8 8 4 , 9 2 6 7 1 , 2 1 8 1 9 , 6 6 5 8 , 2 1 3 5 6 , 2 6 2 5 1 , 3 5 6 4 5 , 1 2 4 0 2 , 4 6 0 9 4 , 3 3 2 1 9 , 5 4 3 2 0 , 8 3 1 8 7 , 9 7 7 0 , 3 7 1 2 4 0 , 5 6 9 1 6 , 9 0 1 2 0 1 , 1 8 4 1 , 3 3 1 2 1 , 1 1 6 7 7 , 2 3 4 2 2 , 4 6 6 9 , 1 2 6 8 6 , 8 7 6 9 , 2 1 5 2 5 , 5 2 1 0 8 , 2 3 3 2 7 , 5 2 4 3 3 , 5 1 8 4 1 , 7 0 9 0 , 1 3 1 3 2 , 4 4 4 9 , 2 2 0 0 , 9 4 9 6 , 4 6 5 9 , 7 2 0 7 6 , 6 4 1 0 6 , 4 3 5 5 0 , 6 1 0 9 1 , 1 4 1 5 7 , 4 3 8 1 1 , 8 2 - 7 0 6 , 5 9 2 2 , 8 3 8 6 , 1 1 4 7 8 , 5 9 4 5 , 6 1 0 6 2 , 9 5 9 8 , 0 2 5 2 8 , 1 8 4 2 , 7 0 0 9 , 2 1 2 5 8 , 4 1 5 4 9 , 2 1 8 1 9 , 2 0 5 0 , 9 2 5 5 , 2 3 2 3 , 5 3 8 8 , 1 9 0 2 , 0 4 1 4 5 , 3 3 9 1 1 , 3 2 9 8 2 , 0 1 3 8 9 , 9 8 1 8 , 1 4 1 6 3 , 0 1 0 4 1 , 2 4 7 1 , 6 1 8 2 4 , 0 6 9 3 1 , 7 5 9 0 9 , 1 1 1 6 1 1 0 5 , 1 7 0 8 , 7 6 0 8 3 1 3 , 3 7 2 5 , 1 5 1 5 , 3 7 3 3 , 5 1 7 2 , 3 3 8 7 , 9 4 3 9 , 8 8 4 1 , 1 5 5 2 , 1 3 2 2 , 3 1 0 4 1 , 1 1 1 0 , 2 8 1 0 , 3 2 1 2 , 1 5 0 7 , 7 6 2 2 , 4 1 - 5 8 5 , 7 9 6 1 , 0 1 5 5 1 , 7 ) 6 2 0 , 1 ( ) 5 1 4 , 3 ( ) 9 8 5 ( 8 1 5 5 8 1 , 5 1 6 8 , 4 4 1 5 6 9 , 1 - 7 0 0 , 1 5 6 1 , 9 8 5 7 5 9 7 - 1 3 1 1 6 9 , 5 ) 6 5 9 , 1 ( 2 1 8 ) 4 2 ( ) 1 1 3 ( 8 0 1 2 8 8 , 2 6 0 4 , 1 2 6 2 ) 1 3 ( ) 4 4 5 , 8 1 ( 8 5 2 , 8 0 1 9 6 7 0 8 , 3 7 3 5 5 4 1 4 9 , 4 0 7 1 9 9 6 9 8 , 1 2 6 5 , 2 1 1 2 , 1 7 4 1 , 1 6 1 1 3 4 9 , 4 9 3 8 , 2 0 4 5 , 2 6 4 6 - 4 8 2 1 4 6 3 8 8 3 3 , 6 3 0 8 , 3 0 2 4 4 9 8 , 9 1 8 5 8 , 2 1 2 6 , 9 1 9 0 6 9 6 6 , 3 9 8 2 , 3 1 5 7 3 , 4 2 7 2 1 , 6 2 1 2 5 , 7 3 6 7 4 , 3 2 4 3 9 , 8 2 0 0 6 , 5 1 1 4 6 , 4 5 7 5 , 0 4 2 9 7 , 3 1 2 4 3 , 0 2 4 2 3 , 0 2 6 4 1 , 9 7 5 3 , 9 2 5 1 2 , 6 4 7 8 , 8 4 4 0 , 2 1 4 6 9 , 2 6 6 7 1 , 3 5 9 5 1 , 2 2 6 9 0 , 4 6 7 0 0 , 0 3 6 8 8 , 5 4 4 5 0 , 8 3 5 2 3 , 8 2 9 1 8 , 4 6 3 7 9 , 4 6 1 1 1 , 3 3 5 1 8 , 5 0 1 7 4 6 0 8 1 , 6 6 0 7 , 2 3 3 3 2 , 3 0 7 0 , 0 2 4 2 1 , 6 6 5 7 , 1 1 0 8 5 , 1 2 5 8 6 , 2 3 0 8 7 , 0 2 6 9 4 , 6 1 8 0 6 , 4 4 4 4 , 0 3 1 3 2 , 4 0 6 6 , 2 1 6 3 , 8 6 8 8 , 8 1 1 6 , 4 0 9 8 , 0 4 8 9 7 , 0 3 5 3 6 , 5 1 8 4 3 , 3 2 3 9 8 , 1 3 9 0 5 , 7 2 0 0 6 , 5 4 9 2 , 1 7 9 5 , 8 9 2 2 , 8 4 7 8 , 5 9 4 5 , 6 1 5 0 2 , 0 1 0 6 2 , 9 5 2 8 , 1 5 5 8 , 5 0 0 9 , 2 1 2 5 8 , 4 1 5 4 9 , 2 1 8 1 9 , 2 0 5 0 , 9 2 5 5 , 2 3 2 3 , 5 3 8 8 , 1 9 0 2 , 0 4 1 4 5 , 3 3 0 0 1 , 1 9 8 2 , 0 1 4 8 5 , 0 1 8 1 8 , 1 4 1 6 3 , 0 1 0 4 1 , 2 4 7 1 , 6 1 8 2 4 , 0 6 6 3 1 , 7 5 9 0 9 , 1 1 1 6 1 1 0 5 , 1 7 0 8 , 7 6 0 8 3 1 3 , 3 7 2 5 , 1 5 1 5 , 3 5 3 1 , 8 1 7 2 , 3 3 8 7 , 9 3 3 9 , 4 8 4 1 , 1 5 5 2 , 1 3 2 2 , 3 1 0 4 1 , 1 1 1 0 , 2 4 9 1 , 2 2 1 2 , 1 5 0 7 , 7 8 6 6 , 3 1 - 6 0 8 , 5 9 6 1 , 0 1 5 5 1 , 7 A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C O C O C O C O C O C O C O C O C O C O C O C O C O C O C O C O C O C O C T C T C T C T C T C T C T C G N I P P O H S E G A L L I V D N A B A L E G A L L I V D O O W E K A L A Z A L P D O O W E K A L R E T N E C R E T N E C N W O T S L L I H N L O C N I L R E T N E C G N I P P O H S R A M A D N I L A Z A L P Y T N U O C H T R O N A Z A L P N O S I D A M . . I C S R A F O T A V O N S N E V E T S T A R E N R O C E H T N O I E G D R H T R O N I D A Z A L P E R T N E C Y T I C Y A W O P K E E R C E N W O T S O T I U Q S A N E P O H C N A R I R T C R T C N W T S O T I U Q S A N E P O H C N A R E G A L L I V S O C R A M N A S O H C N A R I N A T N U O M L E M R A C O G E I D N A S A Z A L P Y T I C D O O W D E R E C A L P T E K R A M A P A N H T U O S E R A U Q S Y E L L O R T E E T N A S A Z A L P K E E R C R E V L I S A Z A L P S O C R A M N A S R E T N E C N O T P M A H T U O S H C N A R D R O F N A T S S N O V - S O T I U Q S A N E P O H C N A R . P O R P I I 110 . . C S L A R T N E C K E E R C S N E V E T S R E T N E C G N I P P O H S E K A L T S E W R E T N E C N W O T D O O W T T I H W T E E R T S H T 8 3 T S E W R E V N E D E T A G E N O T S T A G N I S S O R C R E T N E C R E T S N M T S E W I S D A O R S S O R C E E K C U R T I A Z A L P T N O P Y N O T S . . C S E G A L L I V H C N A R S D N A L H G H I I I H C N A R S D N A L H G H I R E T N E C G N I P P O H S E G D R H T R O N I K R A P H T U O S T A T E K R A M R E T N E C N W O T Y R W O L D N A L H G H I - R E T N E C E G A L L I V T S E W R E T N E C E G A L L I V K R A P E H T N O E G A L L I V A Z A L P T O P E D E M O H S N O Z I R O H T H G R B I T R A M N E D M A H H C N A R I I I N A D R E H S T A T N O P R E V R I I I N A D R E H S T A T N O P R E V R I I . . C S N W O T W E N R E T N E C G N I P P O H S M R A F T S E W G N I P P O H S K R A P R E V R N O T L I W I S U P M A C N O T L I W R T C . . C S E C A L P Y C N U Q I E C A L P T E K R A M R E T A W E G D E A Z A L P D O O W E L G N E S N O M M O C Y E L E E R G . . C S T S E W E G A T I R E H . . C S K N A B T S A E F O E T A D ) ( A N O I T I S I U Q C A ) ( C N O I T C U R T S N O C ) 2 ( S E C N A R B M U C N E , T S O C L A T O T F O T E N D E T A L U M U C C A N O I T A I C E R P E D D E T A L U M U C C A N O I T A I C E R P E D L A T O T D N A G N I D L I U B S T N E M E V O R P M I D N A L D E Z I L A T I P A C T S O C T N E U Q E S B U S O T N O I T I S I U Q C A ) 1 ( D N A G N I D L I U B S T N E M E V O R P M I T S O C L A I T I N I D N A L E T A T S N O I T P I R C S E D S E I R A I D I S B U S D N A N O I T A R O P R O C Y T L A E R O C M I K N O I T A I C E R P E D D E T A L U M U C C A D N A E T A T S E L A E R - I I I E L U D E H C S 1 2 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( ) A ( 4 1 0 2 ) A ( 3 0 0 2 ) C ( 4 1 0 2 ) A ( 1 2 0 2 ) A ( 4 1 0 2 ) A ( 1 2 0 2 ) A ( 2 9 9 1 ) A ( 7 9 9 1 ) C ( 8 6 9 1 ) A ( 0 1 0 2 ) A ( 1 2 0 2 ) A ( 5 1 0 2 ) A ( 4 9 9 1 ) A ( 5 1 0 2 ) A ( 1 2 0 2 ) A ( 5 0 0 2 ) C ( 6 1 0 2 ) C ( 6 1 0 2 ) A ( 1 2 0 2 ) A ( 7 0 0 2 ) C ( 4 7 9 1 ) A ( 9 0 0 2 ) A ( 1 1 0 2 ) C ( 8 6 9 1 ) A ( 5 8 9 1 ) A ( 9 0 0 2 ) A ( 1 2 0 2 ) A ( 7 9 9 1 ) A ( 3 1 0 2 ) A ( 1 0 0 2 ) A ( 9 0 0 2 ) A ( 6 8 9 1 ) A ( 5 1 0 2 ) A ( 4 0 0 2 ) C ( 8 6 9 1 ) C ( 8 6 9 1 ) A ( 9 0 0 2 ) A ( 6 1 0 2 ) A ( 6 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 1 0 2 ) A ( 1 2 0 2 ) A ( 7 1 0 2 ) A ( 2 1 0 2 ) A ( 8 9 9 1 ) A ( 0 1 0 2 ) A ( 5 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 5 1 0 2 ) A ( 5 1 0 2 ) A ( 5 1 0 2 ) A ( 8 0 0 2 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6 6 0 , 7 2 8 3 6 , 4 4 6 8 , 9 1 0 6 0 , 1 4 4 3 0 , 9 7 5 4 , 2 9 0 3 , 0 5 1 0 1 , 4 1 2 4 9 , 5 1 4 3 , 1 4 4 9 , 1 8 3 7 9 , 8 1 9 4 0 , 3 6 6 7 , 5 1 2 7 5 , 1 5 5 4 4 , 3 1 5 4 6 , 2 3 1 3 0 2 , 4 5 2 2 1 3 , 4 2 3 2 0 , 3 8 0 5 5 , 8 0 5 5 3 0 7 , 3 3 0 1 3 , 1 2 5 2 6 , 5 6 4 8 , 5 3 2 4 3 , 5 8 7 6 1 , 5 6 9 4 , 9 0 3 9 , 1 1 5 0 1 , 3 2 8 2 0 , 4 2 7 2 , 5 1 8 5 1 , 7 1 5 5 0 , 2 3 2 7 6 5 6 , 0 2 8 3 6 , 2 5 1 2 1 0 , 4 4 8 1 6 , 2 2 1 0 0 5 , 6 1 1 9 3 5 , 5 2 3 7 4 , 2 5 2 4 7 , 1 1 1 9 0 , 3 2 5 7 9 , 5 3 8 0 6 , 8 2 8 9 2 , 5 1 3 9 0 , 4 2 1 3 7 , 6 8 3 5 0 , 7 5 4 1 , 5 2 8 2 , 2 8 2 2 , 2 5 1 8 , 9 4 4 8 2 4 2 6 2 7 9 5 5 0 , 8 - 1 5 7 8 3 7 , 1 6 5 5 , 2 3 7 8 , 1 1 3 4 4 8 3 9 , 1 9 2 5 , 4 0 4 6 , 4 8 0 5 , 2 7 4 4 , 1 4 0 4 , 7 4 6 2 , 7 6 0 4 , 7 7 5 3 6 2 3 , 0 3 8 6 7 , 1 1 3 3 7 , 2 1 7 1 7 , 5 8 5 6 , 1 1 7 6 , 0 1 6 5 3 , 0 1 7 1 9 , 1 1 9 9 , 4 0 2 6 , 2 4 9 5 , 1 1 3 0 3 , 0 1 4 4 3 , 6 7 2 4 , 2 8 6 4 , 8 1 8 3 , 4 7 2 7 , 2 8 7 3 , 8 2 5 5 , 7 5 9 1 , 2 8 7 6 , 3 2 1 3 2 , 2 3 0 7 , 5 4 1 1 , 1 0 5 7 , 1 0 1 4 , 2 6 4 1 , 4 2 3 7 0 , 2 1 8 0 1 , 3 2 1 5 3 2 1 3 4 8 , 1 5 1 2 , 1 5 8 5 0 1 5 7 5 0 , 4 2 1 2 1 , 5 3 2 2 9 , 4 8 8 4 , 0 2 2 3 0 , 2 4 2 7 7 , 0 1 0 6 0 , 1 5 7 5 4 , 2 4 7 9 , 5 2 8 9 4 , 8 4 8 7 , 1 2 8 8 , 3 8 2 0 5 , 3 2 9 8 6 , 7 4 7 2 , 8 1 9 1 0 , 3 5 9 4 8 , 0 2 9 0 9 , 9 3 1 9 0 6 , 1 6 2 9 6 6 , 4 2 9 4 3 , 3 1 1 8 1 3 , 0 2 6 3 4 , 6 4 7 2 0 , 7 2 8 0 2 , 2 6 9 2 , 6 1 2 0 2 , 6 4 9 5 2 , 7 8 8 5 1 , 0 1 6 1 1 , 2 1 4 2 5 , 3 2 8 0 4 , 3 3 2 7 3 , 0 1 9 9 6 , 7 1 6 2 6 , 5 2 6 3 4 , 6 0 5 4 , 3 4 3 0 , 9 2 6 1 3 , 6 7 1 4 6 5 , 1 5 3 1 8 , 4 2 1 1 3 7 , 8 1 1 2 4 2 , 1 3 7 8 5 , 3 5 2 9 4 , 3 1 1 0 5 , 5 2 1 2 1 , 0 6 1 8 6 , 0 4 6 0 4 , 8 1 5 0 6 , 4 2 4 7 5 , 8 8 6 7 1 , 7 0 6 3 , 6 7 6 8 , 2 8 3 7 , 2 2 7 8 , 3 7 1 2 1 , 5 3 8 9 8 , 1 8 4 1 , 2 1 4 0 8 , 6 3 6 1 1 , 9 3 2 7 , 1 0 8 7 , 7 3 4 5 7 , 0 2 4 0 2 , 8 3 5 2 , 1 6 6 3 , 8 5 0 9 0 , 1 2 9 7 9 , 6 9 4 0 , 1 1 3 0 9 , 1 4 3 3 5 , 5 1 5 1 8 , 3 1 1 9 5 0 , 5 3 2 4 0 1 , 8 1 4 2 6 , 6 8 4 4 5 , 8 1 7 7 1 , 2 3 1 8 1 , 1 2 2 4 8 , 1 5 7 5 , 5 1 0 4 8 , 0 3 8 8 6 , 3 6 9 0 5 , 8 1 0 6 , 0 1 3 4 9 , 0 2 0 1 7 , 5 2 4 3 2 , 9 3 7 9 , 0 1 9 5 5 , 0 2 6 3 4 , 6 0 5 4 , 3 1 4 2 , 2 2 5 1 0 , 1 4 1 7 3 4 , 0 4 6 7 6 , 4 9 4 3 1 , 2 9 8 7 4 , 0 2 7 8 5 , 3 5 0 1 7 , 0 1 4 8 9 , 4 1 8 9 9 , 0 5 1 8 4 , 3 3 4 9 8 , 4 1 7 0 3 , 1 2 5 0 5 , 9 6 8 8 3 , 6 7 1 6 , 5 5 3 5 , 2 8 0 4 , 2 0 3 7 , 3 7 - 4 2 0 , 3 0 4 3 , 8 8 2 2 , 5 6 5 6 , 1 4 3 7 0 2 2 , 5 0 8 2 , 3 1 4 9 2 1 3 5 0 1 7 2 1 4 , 2 6 1 5 , 5 2 5 2 2 , 7 6 1 1 , 1 1 6 1 3 , 5 4 9 0 , 6 2 0 5 5 , 6 2 5 6 5 , 6 5 2 7 , 6 2 4 7 7 , 1 6 6 3 1 2 7 6 4 8 , 5 9 5 2 , 4 1 2 6 3 , 5 1 1 7 5 , 3 2 9 4 6 , 1 5 1 5 , 1 1 8 5 , 2 8 9 6 , 7 8 3 1 , 1 6 2 7 , 6 7 6 0 , 5 - - 3 9 7 , 6 1 0 3 , 5 3 7 2 1 , 1 1 7 3 1 , 0 3 - 7 9 5 , 6 2 4 6 7 , 0 1 2 8 7 , 2 7 1 5 , 0 1 3 2 1 , 9 0 0 2 , 7 2 1 5 , 3 8 9 2 , 3 8 8 7 9 6 0 , 9 1 3 4 7 2 3 3 0 3 3 2 4 1 ) 6 3 9 ( 2 3 7 , 4 6 1 1 , 6 ) 0 1 ( 2 2 7 , 5 9 2 ) 3 1 4 ( 0 7 8 , 3 2 1 4 , 7 - 2 6 7 , 3 2 8 5 6 3 1 , 4 2 9 2 2 2 3 4 0 0 , 3 6 9 7 , 4 3 9 0 6 , 1 6 2 - 9 4 4 , 6 3 1 7 , 6 1 ) 6 3 ( 3 9 7 5 3 1 , 4 3 8 4 , 1 1 4 8 ) 5 8 7 ( 3 8 8 , 1 4 3 6 , 1 7 7 5 , 0 1 4 9 9 , 4 2 8 6 , 4 2 1 3 7 2 7 , 8 2 8 6 , 4 3 3 5 , 2 8 7 5 , 3 ) 6 1 7 ( ) 5 5 1 ( 2 6 4 1 5 4 1 2 , 1 8 2 6 3 3 6 , 2 7 6 1 , 2 6 7 4 , 4 1 4 5 4 8 4 0 2 - 3 4 2 6 4 9 4 3 3 7 , 5 7 5 0 , 6 3 - 7 6 4 9 3 , 3 4 1 8 , 6 3 6 9 2 , 2 1 5 7 , 7 3 4 8 8 , 6 1 2 9 7 3 5 2 , 1 4 0 6 , 4 5 8 0 5 , 0 2 3 4 8 , 2 7 5 7 , 0 1 1 8 5 , 1 4 9 2 5 , 2 1 - - 4 0 1 , 8 1 7 3 7 , 0 8 2 0 6 , 2 2 4 0 , 8 2 4 5 6 , 9 1 9 4 0 , 1 0 8 0 , 4 6 9 4 , 8 2 4 0 6 , 3 6 6 2 6 , 6 9 6 0 , 8 6 6 3 , 0 1 3 0 7 , 0 2 2 5 5 , 4 1 6 6 , 0 1 3 4 8 , 1 1 4 5 7 , 1 7 1 9 3 6 6 , 8 1 1 3 7 , 1 4 1 2 9 5 , 0 4 4 7 6 , 4 9 8 8 0 , 2 9 4 6 2 , 9 1 6 3 5 , 3 5 7 7 0 , 8 6 5 3 , 4 1 1 4 5 , 6 3 1 1 0 , 1 3 0 4 4 , 4 1 9 5 2 , 1 2 5 8 4 , 9 6 8 8 3 , 6 4 7 3 , 5 9 8 4 , 2 9 5 3 , 2 9 3 1 , 8 6 - 3 2 1 2 7 3 , 4 1 8 2 2 , 5 6 5 6 , 1 4 7 5 0 2 2 , 5 0 8 2 , 3 1 4 9 2 1 3 5 0 1 7 2 1 4 , 2 6 1 5 , 5 2 5 2 2 , 7 6 1 1 , 1 1 6 1 3 , 5 3 1 1 , 5 0 1 - 5 6 5 , 6 3 6 1 , 6 2 3 0 0 , 1 6 6 3 3 3 7 9 0 4 , 7 9 5 2 , 4 1 1 9 4 , 8 1 1 7 5 , 3 2 9 4 6 , 1 3 1 4 , 2 1 8 5 , 2 1 1 7 , 7 8 3 1 , 1 6 2 7 , 6 6 5 0 , 5 - - 3 9 7 , 6 1 0 3 , 5 3 7 2 1 , 1 1 7 3 1 , 0 3 - 7 9 5 , 6 2 4 6 7 , 0 1 2 8 7 , 2 7 1 5 , 0 1 4 0 1 , 9 3 0 5 , 7 2 1 5 , 3 8 9 2 , 3 8 8 7 9 6 0 , 9 1 3 4 7 2 3 3 - 0 3 3 E D E D E D A N A I T S I R H C T A E D A N E M O R P S N O M M O C E N W Y D N A R B I E R A U Q S N E D M A C L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F E U N E V A I R U O S S I M T A R E T N E C S N O M M O C D O O W L L O R R A C L E C R A P T U O N O R V E H C A Z A L P L A N O L O C I A Z A L P S N O Y L A C O B E R A U Q S O N M A C I E G A L L I V E L Y G R A A Z A L P T R A M L E B E D A N E M O R P E R A U Q S L A R O C . . I C S E T N O P L A R O C . . C S E R A U Q S A C I S R O C G N I P P O H S G N I S S O R C W E L R U C E R T N E C E D I S Y R T N U O C R T C I E T N O P A N A D I ) 3 ( I I E S A H P - E T N O P A N A D I I / S S E R P Y C E L A D R E D U A L . T F L F , 1 # E L A D R E D U A L T F E G A L L I V S K A O D N A R G K E E R C S E K A L Y S S A B M E K R A P R E L G A L F . . C S E T A G E V O R G R E T N E C G N I P P O H S N O H T A R A M I I E S A H P A Z A L P A N E L L I M I K L A W S T N A H C R E M A Z A L P S E K A L E L A D N E K G N I S S O R C Y R A D S E V I I A Z A L P D O O W E L P A M A Z A L P O G R A L 111 R E T N E C G N I P P O H S L L E B N O I S S I M A Z A L P T S E W R E L L I M A Z A L P E E R T K A O A Z A L P A S A N - 1 G D L B R T C S S E N I S U B D O O W K A O Y R T N U O C & N W O T T A S M L A P Y R T N U O C & N W O T T A S M L A P H T R O N A Z A L P D O O W K A O H T U O S A Z A L P D O O W K A O G N I S S O R C N O I T A T N A L P G N I S S O R C S P I L L I H P A Z A L P L L I H K R A P E L Y T S E F I L . . C S D A O R R E L L I M . R T C G N I P P O H S E C A L P R E V R I R E T N E C E C N A S S I A N E R A R A B R A B A T N A S T A S P O H S I I D L E I F R E E D T A S E P P O H S D L E I F R E E D T A S E P P O H S E R T N E C H C N A R A E S 1 E S A H P A R A B R A B A T N A S T A S P O H S 2 E S A H P A R A B R A B A T N A S T A S P O H S 3 E S A H P . . C S O D O S . . I C S S G N D N A L E D I S R E V R I . . I C S E T N O P O N A P M O P F O E T A D ) ( A N O I T I S I U Q C A ) ( C N O I T C U R T S N O C ) 2 ( S E C N A R B M U C N E , T S O C L A T O T F O T E N D E T A L U M U C C A N O I T A I C E R P E D D E T A L U M U C C A N O I T A I C E R P E D L A T O T D N A G N I D L I U B S T N E M E V O R P M I D N A L D E Z I L A T I P A C T S O C T N E U Q E S B U S O T N O I T I S I U Q C A ) 1 ( D N A G N I D L I U B S T N E M E V O R P M I T S O C L A I T I N I D N A L E T A T S N O I T P I R C S E D S E I R A I D I S B U S D N A N O I T A R O P R O C Y T L A E R O C M I K N O I T A I C E R P E D D E T A L U M U C C A D N A E T A T S E L A E R - I I I E L U D E H C S 1 2 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( ) A ( 5 9 9 1 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 2 9 9 1 ) A ( 8 0 0 2 ) A ( 1 1 0 2 ) A ( 3 1 0 2 ) A ( 8 9 9 1 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 3 1 0 2 ) A ( 1 2 0 2 ) A ( 4 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 8 0 0 2 ) A ( 8 0 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 3 1 0 2 ) A ( 8 0 0 2 ) A ( 6 1 0 2 ) A ( 1 2 0 2 ) A ( 5 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 3 9 9 1 ) A ( 1 2 0 2 ) A ( 6 9 9 1 ) A ( 2 1 0 2 ) A ( 7 1 0 2 ) A ( 7 9 9 1 ) C ( 0 7 9 1 ) A ( 9 1 0 2 ) A ( 1 2 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 1 1 0 2 ) A ( 1 1 0 2 ) A ( 1 1 0 2 - - - - - - - - - 3 5 7 , 7 1 6 6 0 , 6 1 - - - - - - - - - - - - 1 1 0 , 3 7 5 7 , 7 2 - - - - - - - - - - 5 0 8 , 4 - - - - - - - - - - - - - - - - - - - - 9 2 0 , 4 - 4 5 7 8 2 5 , 5 6 7 3 , 6 6 5 5 1 , 8 4 9 3 0 , 0 3 2 9 2 , 1 4 7 0 , 7 6 5 6 , 4 1 5 5 7 , 8 0 8 4 , 4 2 3 2 2 , 6 2 3 2 3 , 1 5 4 5 5 , 6 3 7 5 , 0 1 3 0 0 , 7 4 7 8 0 , 2 2 9 3 9 , 5 2 3 8 , 1 4 2 6 4 , 5 3 4 5 1 , 1 3 4 8 3 , 5 1 4 6 2 , 0 3 3 5 8 , 0 3 6 5 9 , 8 1 7 6 8 , 2 5 9 0 4 , 1 7 7 8 0 , 9 1 5 2 6 , 0 5 9 1 6 , 0 5 2 1 1 , 7 1 7 9 , 1 3 7 1 , 1 5 9 3 , 1 3 3 3 4 , 4 3 8 5 0 , 7 2 5 9 , 7 1 1 7 2 , 2 1 5 1 8 , 1 3 1 7 6 , 4 4 3 6 , 6 7 0 0 , 4 1 5 3 0 , 5 1 2 7 7 , 6 4 6 2 3 , 0 1 8 0 2 , 7 3 4 0 , 2 1 1 2 , 9 3 5 2 3 , 9 3 9 9 , 8 0 6 9 , 1 5 5 9 , 9 1 1 6 4 , 4 1 2 2 2 , 2 2 8 4 , 7 1 4 3 6 , 2 2 7 1 7 , 6 1 8 3 1 , 4 6 1 9 , 2 1 4 6 1 , 6 3 0 1 , 7 0 5 5 , 5 8 3 4 , 1 8 1 9 3 9 7 , 7 9 6 2 , 2 3 8 5 , 4 4 1 1 , 2 1 2 7 , 7 1 9 3 5 1 5 6 2 7 4 8 9 2 7 5 7 7 , 1 2 4 1 8 9 3 , 5 5 0 2 , 1 0 2 0 , 5 1 5 2 4 , 4 2 4 7 5 2 0 7 0 0 8 , 8 0 3 1 , 9 7 8 6 , 8 1 3 5 , 1 6 3 4 , 3 5 6 9 9 8 9 9 1 1 1 7 , 8 0 3 3 , 1 1 8 6 , 1 1 4 0 1 , 6 1 3 9 , 4 1 3 9 , 4 5 1 7 7 2 8 4 2 8 4 9 1 9 3 2 , 3 2 8 4 , 2 7 6 7 , 0 1 7 0 9 , 1 2 6 5 , 1 9 1 6 2 6 7 , 5 4 4 5 , 1 2 4 4 1 3 4 7 5 0 , 4 2 3 7 , 3 7 7 3 3 4 7 , 4 8 9 8 , 3 7 4 7 , 2 1 2 0 , 1 5 3 8 , 3 3 4 4 , 1 3 0 0 , 2 8 7 0 , 1 1 4 1 8 , 7 6 3 7 0 , 9 4 2 3 8 , 7 3 1 6 5 , 3 8 8 1 , 9 9 3 2 , 9 1 6 7 4 , 6 1 1 7 8 , 4 2 8 3 7 , 6 2 9 4 0 , 2 5 8 3 6 , 6 8 4 3 , 2 1 2 3 7 , 7 4 5 8 4 , 7 2 1 8 0 , 6 7 3 0 , 3 4 2 8 4 , 0 5 9 7 5 , 5 5 8 5 9 , 5 1 6 6 9 , 0 3 3 5 6 , 9 3 6 8 0 , 8 2 4 5 5 , 1 6 0 4 9 , 2 7 3 2 5 , 2 2 0 9 5 , 1 5 8 0 6 , 1 5 3 2 8 , 5 1 0 9 9 , 1 3 0 5 , 2 6 7 0 , 3 4 7 3 5 , 0 4 9 8 9 , 1 1 3 8 8 , 2 2 6 8 9 , 2 1 2 4 6 , 2 3 5 9 4 , 5 8 2 8 , 6 6 4 2 , 7 1 7 1 5 , 7 1 9 3 5 , 7 5 3 3 2 , 2 1 0 7 7 , 8 2 6 6 , 2 3 7 9 , 4 4 9 6 8 , 0 1 5 3 4 , 9 1 9 3 , 2 2 1 0 , 4 2 3 9 1 , 8 1 9 9 5 , 2 5 2 2 , 2 2 2 3 5 , 6 2 4 6 4 , 9 1 9 5 1 , 5 1 5 7 , 6 1 7 0 6 , 7 6 0 1 , 9 8 9 7 , 9 4 5 3 , 5 5 2 3 7 , 8 3 0 0 0 , 5 3 6 0 3 , 3 2 6 1 , 7 4 2 7 , 3 1 4 8 2 , 4 1 6 6 4 , 3 1 5 6 9 , 0 2 1 2 5 , 2 3 4 8 7 , 2 4 0 8 , 8 1 4 5 , 2 4 4 5 7 , 3 2 8 8 4 , 5 6 9 5 , 8 3 9 7 0 , 7 3 8 1 4 , 7 3 8 5 3 , 3 1 8 2 7 , 8 2 3 9 5 , 0 3 6 9 1 , 3 2 2 1 4 , 5 4 2 2 5 , 7 6 1 1 0 , 9 1 4 5 0 , 7 4 8 3 3 , 5 4 1 7 7 , 3 1 6 7 5 , 1 2 0 0 , 2 2 9 2 , 6 3 3 3 3 , 0 3 1 6 3 , 9 2 4 2 , 1 2 5 7 5 , 9 5 1 0 , 7 2 6 0 4 , 3 3 4 3 5 8 8 , 4 1 7 1 2 , 2 1 1 0 5 , 2 4 4 3 5 , 7 2 4 1 , 4 9 3 1 , 2 4 7 6 , 6 8 3 3 , 5 7 2 2 , 1 2 6 5 , 8 2 8 1 1 , 0 2 0 1 0 , 4 1 7 1 0 , 2 0 8 6 , 6 1 4 7 5 , 3 1 3 8 0 , 2 1 6 5 9 , 3 7 9 8 , 2 1 8 2 3 , 5 1 7 0 , 8 0 8 2 , 1 0 6 4 , 2 1 1 4 3 , 0 1 2 3 8 , 2 5 5 2 5 1 5 , 5 6 2 0 , 2 2 9 1 , 2 3 7 7 , 5 5 0 4 , 1 1 8 2 5 , 9 1 4 5 8 , 3 4 4 5 , 3 1 9 1 , 5 1 3 7 , 3 3 9 5 1 4 4 , 4 3 0 4 , 3 1 1 6 1 , 8 1 0 0 6 , 2 8 3 2 , 2 0 6 0 , 9 0 9 8 , 4 2 4 1 , 6 1 8 1 4 , 5 2 1 5 , 3 6 3 5 , 4 0 7 2 , 6 2 5 0 , 2 4 1 4 1 0 5 4 8 7 , 6 4 0 2 , 0 1 8 2 6 , 2 1 4 6 , 1 1 1 4 , 3 7 2 6 , 5 9 8 0 , 2 5 8 4 , 6 1 6 3 , 2 0 0 3 , 5 9 9 6 , 4 8 2 6 , 4 3 2 5 8 3 0 , 5 1 1 1 4 , 6 1 5 9 1 , 4 7 9 0 , 4 4 6 1 , 1 4 9 8 , 3 3 8 1 , 4 2 8 5 5 4 5 , 5 8 5 9 , 2 1 1 8 3 , 7 3 0 2 , 1 4 5 8 , 3 9 7 2 , 2 5 3 0 , 1 - 2 7 4 6 6 , 4 8 7 4 , 2 1 7 6 , 3 2 3 8 6 6 5 0 , 2 0 1 5 , 5 - - - ) 2 5 ( 1 1 ) 9 6 5 ( 7 0 0 , 1 - - - 6 7 9 , 1 2 2 4 , 4 9 4 1 4 8 0 , 1 6 5 6 , 1 9 8 4 , 2 - 8 4 1 - - 8 3 5 , 5 - - 8 5 2 , 3 3 2 9 , 1 3 1 7 , 9 7 7 5 , 0 2 - 8 8 8 5 2 2 9 7 1 9 1 8 , 1 3 0 2 , 1 8 1 8 , 1 3 9 3 7 0 6 ) 3 3 ( 2 3 1 7 4 8 0 0 , 1 7 8 5 , 1 ) 5 7 2 ( 5 1 8 , 1 ) 8 7 ( 6 5 3 2 7 8 , 9 6 9 0 , 2 1 2 3 7 2 1 3 4 5 8 2 4 3 1 , 5 4 5 3 , 5 5 0 6 6 , 8 3 9 2 3 , 1 1 8 2 8 6 0 1 , 5 1 4 0 , 3 1 4 7 7 , 8 6 6 4 , 3 1 5 6 9 , 0 2 1 2 5 , 2 3 7 7 7 , 1 0 1 4 , 9 0 3 5 , 2 4 9 3 7 , 0 2 8 8 4 , 5 6 9 5 , 8 3 6 1 1 , 5 3 0 1 0 , 3 3 8 5 3 , 3 1 9 7 5 , 8 2 1 9 6 , 9 2 9 4 5 , 1 2 5 9 2 , 4 4 2 2 5 , 7 6 3 6 8 , 8 1 4 5 0 , 7 4 8 3 3 , 5 4 3 3 2 , 8 6 7 5 , 1 2 0 0 , 2 4 3 0 , 3 3 0 1 4 , 8 2 6 7 2 , 2 3 8 8 , 1 7 8 6 , 8 3 4 3 7 2 2 , 3 0 9 7 , 6 2 6 6 0 , 3 1 4 1 0 , 1 1 3 8 6 , 0 4 1 4 1 , 7 5 3 5 , 3 9 3 1 , 2 4 5 5 , 7 2 3 0 2 , 6 1 5 7 , 3 5 9 1 , 1 4 5 9 , 7 1 5 9 1 , 2 1 5 9 0 , 2 4 2 3 , 6 1 2 5 6 , 5 7 8 9 , 9 3 2 6 , 3 0 7 7 , 2 1 5 8 2 , 5 6 8 7 , 7 0 8 2 , 1 0 6 4 , 2 1 1 4 3 , 0 1 2 3 8 , 2 5 5 2 5 1 5 , 5 6 2 0 , 2 2 9 1 , 2 3 7 7 , 5 5 0 4 , 1 1 8 2 5 , 9 1 4 5 8 , 3 0 9 9 , 2 1 9 1 , 5 5 1 3 , 7 3 9 5 1 4 4 , 4 0 9 3 , 3 1 7 4 1 , 8 1 0 0 6 , 2 8 3 2 , 2 8 7 8 , 8 1 8 8 , 4 0 7 7 , 4 1 8 1 4 , 5 2 1 5 , 3 6 3 5 , 4 0 7 2 , 6 2 5 0 , 2 4 1 4 1 0 5 4 8 7 , 6 4 0 2 , 0 1 - 3 2 4 1 1 4 , 3 7 2 6 , 5 9 8 0 , 2 5 8 4 , 6 1 6 3 , 2 0 0 3 , 5 9 9 6 , 4 8 2 6 , 4 6 5 5 8 3 0 , 5 1 1 1 4 , 6 1 5 9 1 , 4 7 9 0 , 4 4 6 1 , 1 3 3 3 , 6 3 8 1 , 4 2 8 5 5 4 5 , 5 8 0 0 , 1 1 1 8 3 , 7 5 1 2 , 1 4 5 8 , 3 9 7 2 , 2 5 3 0 , 1 L F L F L F L F L F L F L F L F L F L F L F L F L F L F A G A G A G A G A G A G A G A G A G A G A G A G A G A G A G A G A I L I L I L I N I N I Y K A M A M A M A M A M A M A M A M A M A M A M A M A M A M A M A M A M A M A M D M D M D M R E T N E C N W O T Y T I S R E V N U I A Z A L P E E B E L T T U T . . C S S N O M M O C E G A L L I V G N I P P O H S S N O M M O C E G A L L I V R E T N E C S N O M M O C N E E R G N O T G N I L L E W S E T I S D A P N E E R G N O T G N I L L E W R E T N E C N E E R G E G A L L I V E R A U Q S A Y A C Z I V I I M A M - E I X D N N W I I I I E C A L P T E K R A M K E E R C P M A C S N O M M O C E L L I V S N W O R B S R E N R O C K R A P R E T N W I E G A L L I V N N I L E A R B I E G D R B S E N Y A H T A T E K R A M Y T R E P O R P O P X E R E T E M R E P I E C A L P T E K R A M K L A W R E V R I E G A L L I V R E T E M R E P I E C A L P T E K R A M E D I S E K A L T E K R A M E L L I V E C N E R W A L S N O M M O C N O S Y A R G A Z A L P M A H T A H C E G A L L I V Y R B M E S R E N R O C L L E W S O R G N I S S O R C L L E W S O R R E T N E C H A N N A V A S S N O M M O C E G D R B N O S P M O H T I E R A U Q S S L L I H N R O H T W A H A Z A L P E V I L C O D A R P L E D A Z A L P I E T N O P E I K O K S 112 T R U O C N O S R E F F E J N O L A V I T S E F E R A U Q S D O O W N I L A Z A L P Y A W D A O R B A Z A L P H T U O M L A F A Z A L P Y A W S L L E F A Z A L P S M A D A . . C S D O O W N E E R G E R A U Q S E L A D N E L G A Z A L P L A R O M E M I A Z A L P . T S L L I M A Z A L P Y E S S I R R O M A Z A L P . E V A H T R O N A Z A L P . T S N A M I A Z A L P N E D N I L A Z A L P Y C N U Q H T R O N I A Z A L P E S I D A R A P E N I L - N I E R A U Q S N N N V I I A Z A L P E R A U Q S N N N V I I A Z A L P . T S N O T G N H S A W I . C S . . T S N O T G N H S A W I / K N A B L I A T E R - T R U O C E R T N E C I T N A G - T R U O C E R T N E C D L O - T R U O C E R T N E C D Y T R U O C T R U O C / A Z A L P Y L R E V A W . . C S S I N N A Y H F O L A V I T S E F A Z A L P X X A M J T . . C S 9 1 T E S N U S A Z A L P Y T I C - I R T . . C S I I M A M H T U O S F O E T A D ) ( A N O I T I S I U Q C A ) ( C N O I T C U R T S N O C ) 2 ( S E C N A R B M U C N E , T S O C L A T O T F O T E N D E T A L U M U C C A N O I T A I C E R P E D D E T A L U M U C C A N O I T A I C E R P E D L A T O T D N A G N I D L I U B S T N E M E V O R P M I D N A L D E Z I L A T I P A C T S O C T N E U Q E S B U S O T N O I T I S I U Q C A ) 1 ( D N A G N I D L I U B S T N E M E V O R P M I T S O C L A I T I N I D N A L E T A T S N O I T P I R C S E D S E I R A I D I S B U S D N A N O I T A R O P R O C Y T L A E R O C M I K N O I T A I C E R P E D D E T A L U M U C C A D N A E T A T S E L A E R - I I I E L U D E H C S 1 2 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( ) A ( 5 1 0 2 ) A ( 3 1 0 2 ) A ( 1 1 0 2 ) A ( 5 1 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 9 9 9 1 ) A ( 4 1 0 2 ) A ( 5 1 0 2 ) A ( 5 1 0 2 ) A ( 5 1 0 2 ) A ( 4 1 0 2 ) A ( 6 1 0 2 ) A ( 4 1 0 2 ) A ( 5 9 9 1 ) C ( 2 7 9 1 ) C ( 5 1 0 2 ) C ( 6 1 0 2 ) A ( 1 2 0 2 ) A ( 3 1 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 8 0 0 2 ) A ( 4 1 0 2 ) A ( 5 1 0 2 ) A ( 2 1 0 2 ) A ( 4 1 0 2 ) A ( 3 0 0 2 ) A ( 2 1 0 2 ) A ( 3 0 0 2 ) A ( 2 0 0 2 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) C ( 8 6 9 1 ) A ( 6 0 0 2 ) A ( 8 9 9 1 ) A ( 1 1 0 2 ) A ( 1 1 0 2 ) A ( 1 2 0 2 ) C ( 9 6 9 1 ) A ( 0 0 0 2 ) A ( 4 1 0 2 ) A ( 2 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 1 0 2 ) A ( 1 2 0 2 ) A ( 7 0 0 2 ) A ( 1 2 0 2 ) A ( 8 0 0 2 ) A ( 3 9 9 1 ) A ( 4 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 6 8 9 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3 2 0 , 4 1 6 6 9 , 2 3 8 9 6 , 2 2 2 6 4 , 2 3 5 1 7 , 9 2 7 1 4 , 7 4 4 6 4 , 8 2 0 1 3 , 4 8 4 5 , 3 3 0 6 3 , 4 2 9 5 0 , 0 3 5 7 1 , 2 4 2 3 , 4 2 2 9 4 , 5 2 8 5 , 4 3 2 6 8 , 8 0 1 8 0 3 7 3 3 , 1 8 3 5 3 , 9 1 7 1 4 , 0 6 9 9 2 , 2 1 7 9 9 , 7 2 2 7 4 , 4 3 8 2 3 , 1 1 2 9 5 , 6 1 4 8 0 , 5 2 4 6 2 , 9 7 8 9 , 4 1 9 4 3 , 5 2 9 1 8 , 9 1 9 2 9 , 1 2 5 4 1 , 9 2 0 6 5 , 4 3 5 2 1 , 1 7 8 3 , 2 2 1 9 0 3 , 4 7 - 5 8 3 , 1 2 1 5 6 , 1 6 8 2 , 5 1 1 2 4 , 4 6 7 6 , 2 3 3 2 , 0 8 4 0 7 , 2 1 9 1 9 , 0 3 5 5 2 , 4 1 0 9 1 , 0 2 8 5 3 , 1 1 2 7 9 , 1 4 3 7 2 , 9 2 5 1 8 , 1 1 7 2 3 , 7 1 8 4 8 , 4 2 0 3 8 , 9 2 3 3 5 , 6 7 4 2 1 , 1 4 0 0 1 , 3 1 1 7 , 6 9 6 8 , 4 7 6 0 , 5 6 6 2 , 5 4 2 8 , 7 7 9 0 , 3 1 5 7 , 4 2 5 5 , 6 2 4 1 , 4 4 7 1 , 5 0 9 4 2 9 4 , 4 5 5 2 , 4 1 7 3 8 , 7 3 6 8 , 2 2 4 2 , 1 6 2 7 , 2 8 2 4 , 1 1 8 9 0 0 8 , 3 6 0 1 , 5 6 4 1 , 6 8 7 1 , 3 1 7 3 6 , 3 7 7 6 , 3 8 7 3 , 2 3 5 2 , 3 9 1 1 , 9 1 3 3 7 , 8 2 5 6 5 , 3 4 5 0 , 2 1 3 2 0 , 5 9 3 3 , 7 0 1 0 , 1 0 5 5 1 5 1 , 7 0 3 6 , 5 3 5 5 4 1 0 4 0 2 5 , 4 4 2 4 , 2 1 8 5 , 3 0 1 9 , 9 1 5 4 5 5 8 3 1 6 3 6 6 6 1 3 4 , 3 5 4 8 , 3 1 8 7 2 1 9 1 , 9 3 7 1 , 4 2 9 8 9 , 5 7 5 8 , 1 4 2 6 7 4 5 , 0 1 7 7 6 , 9 3 7 6 5 , 7 2 9 2 5 , 7 3 1 8 9 , 4 3 1 4 2 , 5 5 1 6 5 , 1 3 1 6 0 , 9 0 0 1 , 0 4 2 0 5 , 8 2 3 3 2 , 5 3 5 6 6 , 2 6 1 8 , 8 2 9 1 4 , 2 4 7 1 1 , 3 2 1 5 5 3 , 8 0 5 5 , 1 3 6 0 , 4 8 1 8 7 , 0 2 8 9 3 , 1 6 9 9 0 , 6 1 3 0 1 , 3 3 8 1 6 , 0 4 6 0 5 , 4 2 9 2 2 , 0 2 1 6 7 , 8 2 2 4 6 , 1 1 0 4 2 , 8 1 8 6 4 , 4 4 4 8 3 , 3 2 3 8 9 , 3 3 8 6 1 , 4 3 9 9 8 , 1 4 5 3 1 , 2 0 2 1 , 1 5 1 9 3 9 , 9 0 1 0 5 5 6 3 5 , 8 2 6 0 1 , 2 7 8 6 , 5 1 1 4 9 , 8 0 0 1 , 5 3 4 1 , 0 0 1 5 8 2 , 6 1 4 6 4 , 1 3 0 4 6 , 4 1 1 5 5 , 0 2 9 8 7 , 4 1 8 3 6 , 2 4 8 1 1 , 3 4 3 9 0 , 2 1 8 1 5 , 6 2 1 2 0 , 9 4 9 1 8 , 5 3 0 9 3 , 8 7 8 4 7 , 1 4 7 4 6 , 3 1 4 6 0 , 6 3 9 2 4 , 4 2 9 4 5 , 7 2 9 5 6 , 8 2 7 1 1 , 5 3 3 2 3 , 7 1 6 1 8 , 8 9 0 2 , 1 3 3 7 0 , 0 2 9 4 0 , 8 2 2 2 1 , 2 9 9 3 , 8 1 1 1 1 , 3 3 0 5 9 , 2 0 1 4 8 7 , 6 5 7 2 , 1 7 8 9 , 7 6 3 4 0 , 6 8 9 3 , 1 6 7 0 9 , 1 1 0 6 0 , 1 2 3 9 7 , 3 2 0 4 0 , 0 2 9 9 5 , 4 1 3 6 4 , 1 2 6 1 3 , 8 5 1 7 , 5 1 7 5 1 , 7 3 5 5 5 , 8 1 6 0 4 , 1 3 0 2 2 , 4 2 2 2 6 , 7 3 9 3 0 , 2 9 4 8 , 7 0 1 4 5 4 , 0 8 0 5 5 4 1 2 , 2 2 6 5 6 , 1 9 5 1 , 2 1 0 0 4 , 8 2 3 3 , 4 7 3 7 , 6 8 6 0 3 , 3 1 5 1 4 , 7 2 6 3 0 , 1 1 8 0 8 , 6 1 5 4 6 , 2 1 5 4 9 , 6 3 2 9 4 , 1 3 7 9 3 , 9 8 4 0 , 1 2 2 1 8 , 3 4 1 0 5 , 8 2 0 9 3 , 8 7 0 0 9 , 7 3 7 4 6 , 3 1 3 1 6 , 3 8 3 1 , 3 0 8 9 , 9 2 2 3 , 6 4 2 1 , 0 2 8 3 2 , 4 1 5 4 2 1 9 8 , 8 9 2 4 , 8 4 8 1 , 7 3 4 5 7 1 4 , 0 1 7 6 1 , 0 2 8 0 3 , 9 1 7 5 , 1 5 7 2 6 7 0 , 6 1 8 3 7 , 4 1 - 2 9 1 , 4 3 4 0 , 2 1 5 2 8 , 6 1 6 6 4 , 4 0 3 6 , 5 8 9 2 , 7 6 2 3 , 3 5 2 5 , 2 1 1 3 , 7 9 2 8 , 4 7 7 5 , 2 8 4 9 , 9 7 7 2 , 4 6 9 1 7 2 , 3 4 5 8 4 , 9 2 - 2 2 3 , 6 0 5 4 8 2 5 , 3 1 4 5 8 6 7 6 0 4 , 3 1 9 7 9 , 2 9 4 0 , 4 4 0 6 , 3 3 4 7 , 3 4 4 1 , 2 3 9 6 , 5 6 2 6 , 1 1 6 9 6 , 2 0 7 4 , 5 9 0 2 , 5 8 1 3 , 7 - 8 4 8 , 3 - 9 1 7 , 1 1 6 5 , 4 9 7 3 , 3 3 3 6 6 2 7 7 8 2 0 , 2 9 7 5 , 0 1 4 0 9 9 9 6 , 1 1 0 1 , 1 - 0 1 5 1 5 3 , 1 7 0 6 , 6 4 7 1 5 3 3 , 8 1 2 4 7 , 2 6 ) 8 8 6 , 3 ( 9 5 9 7 ) 8 2 1 ( 1 1 5 ) 2 8 1 ( ) 7 9 6 , 2 ( ) 6 7 3 , 1 ( 5 5 1 , 5 2 5 8 5 8 1 , 4 1 8 6 4 , 5 8 8 1 , 0 2 5 4 6 , 6 2 4 9 0 , 2 6 1 4 0 3 0 , 1 5 5 6 , 4 1 - - 9 2 2 ) 8 8 1 ( 0 8 6 , 7 3 3 2 , 1 1 8 2 6 4 4 - 6 8 - - 2 2 6 ) 8 0 1 ( 0 0 5 4 9 8 , 4 5 2 8 , 1 6 2 9 , 2 2 - 4 2 1 1 9 , 8 5 4 3 , 4 3 8 6 8 , 9 1 1 7 8 , 2 6 9 9 , 7 2 5 4 3 , 4 3 4 4 7 , 6 8 8 7 , 6 5 0 3 , 0 3 4 7 3 , 8 1 8 4 9 , 6 2 2 2 1 , 2 9 8 8 , 7 1 5 1 6 , 4 8 0 6 7 , 1 3 8 9 3 , 1 1 0 1 , 1 - 0 9 0 , 1 9 8 3 , 1 6 2 1 1 , 1 1 8 8 1 , 1 2 2 8 2 , 3 2 2 2 2 , 0 2 2 0 4 , 6 1 1 7 9 , 1 2 8 5 5 , 4 3 6 8 , 4 1 3 8 2 , 4 2 6 6 2 9 0 7 8 , 5 6 2 1 , 2 2 6 0 2 , 7 3 5 6 7 , 1 0 1 9 9 6 , 6 6 0 5 5 7 5 5 , 0 2 6 6 6 , 1 9 5 1 , 2 1 0 2 7 9 9 0 , 3 6 5 4 , 6 8 0 6 8 , 2 1 5 1 4 , 7 2 0 5 9 , 0 1 8 0 8 , 6 1 2 9 2 , 0 1 3 5 0 , 7 3 4 0 6 , 0 3 7 9 3 , 9 3 6 1 , 6 1 6 8 8 , 0 2 6 7 6 , 6 2 6 6 3 , 8 7 0 0 9 , 7 3 6 3 7 , 4 3 1 6 , 3 8 3 1 , 3 9 7 2 , 1 2 2 3 , 6 4 2 1 , 0 2 8 3 2 , 4 1 5 4 2 1 9 8 , 8 9 2 4 , 8 4 8 1 , 7 3 4 5 0 5 3 5 7 2 7 1 4 , 0 1 7 6 1 , 0 2 8 0 3 , 9 1 2 3 , 1 2 9 7 3 , 3 2 - 2 9 1 , 4 3 4 0 , 2 1 5 2 8 , 6 1 6 6 4 , 4 4 2 5 , 6 6 6 1 , 8 9 2 9 , 1 5 2 5 , 2 0 0 0 , 6 0 9 1 , 3 8 6 4 , 1 8 4 9 , 9 7 7 2 , 4 9 7 1 7 8 8 , 3 4 5 8 5 , 8 2 - 0 5 7 , 7 8 2 6 8 2 5 , 3 1 4 5 8 6 7 6 0 4 , 3 1 9 7 9 , 2 9 4 0 , 4 4 0 6 , 3 3 4 7 , 3 5 7 8 , 3 3 9 6 , 5 4 1 0 , 2 1 6 9 6 , 2 1 6 4 , 5 9 0 2 , 5 8 1 3 , 7 - 8 4 8 , 3 - D M D M D M D M D M D M D M D M D M D M D M D M D M D M D M D M D M D M D M D M D M D M D M D M D M D M D M D M D M D M D M D M D M I M N M O M C N C N C N C N C N C N C N C N C N C N C N C N C N C N C N C N C N C N C N C N E G A L L I V H C R A E S S Y E S R O D ' G N I S S O R C A B M U L O C I S L E C R A P T U O R E T N E C . . C S T S E R O F D E T N A H C N E A Z A L P N O T R E L L U F ) O C O N U S ( E G D R Y R O K C H I I I E C O H C S R E P R A H ' I E G D R Y R O K C H I . . C S R E I R B N E E R G . . C S G R U B S R E H T I A G I I G N I S S O R C A B M U L O C I G N I S S O R C A B M U L O C I . . R T C P O H S . . C S E D I S E L G N I E R A U Q S T E K R A M S D N A L T N E K I E C N A V R T N O C S G N K I T N E M P O L E V E D N O I T A T S L L I M A Z A L P L E R U A L A Z A L P L E R U A L R E T N E C E G A L L I V L L I H R E V R I I S T H G I E H T C R T S I D T A S P O H S N O T S A E T A S E P P O H S A Z A L P N A W A H S / S T N R T S R R E T A E H T N O I T A T S L L I M R E T N E C E K I P A Z A L P L L I H Y T T U P R E T N E C E F F I L C D A R 113 A Z A L P Y A W T L E B S N E K L I W A Z A L P D A O R K R O Y A Z A L P Y R U T N E C R O B R A T A S N A T N U O F E H T I S E K A L G N I S S O R C M U N O M I T I E R A U Q S M U N O M I T I E C A L P N O S W O T A N A B R U T A S E G A L L I V E K A L E D L I W . . I C S T N O P R E T N E C L E C R A P T U O N O I T A T S N A N N E R B N O I T A T S N A N N E R B S E P P O H S E G A L L I V N O T T E J S N O M M O C Y E L L A V E P O H E R T N E C E N W O T E L L I V S E E L G N I S S O R C E L L I V S E R O O M G N I S S O R C E S U O H H G H I A Z A L P E L A D R E V O L C A Z A L P S D A O R S S O R C A Z A L P S D A O R S S O R C S N O M M O C N O S D V A D I E R A U Q S L A T I P A C I E T N O P S L L A F . . C S E R A U Q S N E D W O N S E D A N E M O R P Y E L L A V T N A S A E L P S R E N R O C L I A U Q C S E C A L P K R A P T E K R A M E G N E H E N O T S E R A U Q S A L O V Y T . . C S S K R O F X I S . . C S S D O O W H T R O N F O E T A D ) ( A N O I T I S I U Q C A ) ( C N O I T C U R T S N O C ) 2 ( S E C N A R B M U C N E , T S O C L A T O T F O T E N D E T A L U M U C C A N O I T A I C E R P E D D E T A L U M U C C A N O I T A I C E R P E D L A T O T D N A G N I D L I U B S T N E M E V O R P M I D N A L D E Z I L A T I P A C T S O C T N E U Q E S B U S O T N O I T I S I U Q C A ) 1 ( D N A G N I D L I U B S T N E M E V O R P M I T S O C L A I T I N I D N A L E T A T S N O I T P I R C S E D S E I R A I D I S B U S D N A N O I T A R O P R O C Y T L A E R O C M I K N O I T A I C E R P E D D E T A L U M U C C A D N A E T A T S E L A E R - I I I E L U D E H C S 1 2 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( ) A ( 8 0 0 2 ) A ( 2 1 0 2 ) A ( 8 0 0 2 ) A ( 4 1 0 2 ) A ( 7 1 0 2 ) A ( 6 1 0 2 ) A ( 3 1 0 2 ) A ( 3 1 0 2 ) A ( 3 1 0 2 ) A ( 3 1 0 2 ) A ( 4 0 0 2 ) A ( 8 0 0 2 ) A ( 1 1 0 2 ) A ( 4 1 0 2 ) A ( 2 0 0 2 ) A ( 9 0 0 2 ) A ( 6 9 9 1 ) A ( 4 9 9 1 ) A ( 8 9 9 1 ) A ( 4 1 0 2 ) A ( 4 1 0 2 ) A ( 3 9 9 1 ) C ( 5 8 9 1 ) A ( 7 0 0 2 ) A ( 4 9 9 1 ) A ( 9 0 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 7 0 0 2 ) A ( 6 0 0 2 ) A ( 7 1 0 2 ) A ( 1 2 0 2 ) A ( 5 1 0 2 ) A ( 5 1 0 2 ) A ( 1 2 0 2 ) A ( 5 1 0 2 ) A ( 5 1 0 2 ) A ( 7 0 0 2 ) A ( 5 1 0 2 ) A ( 4 0 0 2 ) A ( 7 0 0 2 ) C ( 2 7 9 1 ) A ( 2 1 0 2 ) A ( 4 0 0 2 ) A ( 3 1 0 2 ) A ( 3 1 0 2 ) A ( 2 1 0 2 ) A ( 5 0 0 2 ) A ( 4 0 0 2 ) A ( 7 9 9 1 ) A ( 9 8 9 1 ) A ( 4 0 0 2 ) A ( 4 1 0 2 ) A ( 7 0 0 2 ) A ( 2 1 0 2 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 3 9 - 7 6 5 , 3 0 1 0 , 3 3 7 6 , 7 3 3 0 , 1 2 0 0 3 , 9 4 3 8 3 , 4 8 7 2 , 7 4 3 3 , 2 1 5 5 6 , 7 8 2 5 , 1 6 5 8 , 4 1 1 6 8 , 3 4 0 8 8 , 4 2 2 6 3 , 9 2 4 4 5 , 3 4 3 3 0 , 8 3 6 6 3 , 8 1 3 6 , 1 2 2 4 , 1 2 3 6 6 , 0 1 0 8 8 , 3 1 4 3 6 , 8 2 1 2 7 , 1 3 3 9 , 3 9 4 1 , 8 1 8 1 , 9 1 1 5 0 , 6 5 7 1 0 , 6 3 8 3 7 , 2 5 2 9 8 , 9 1 7 5 2 , 0 3 4 2 8 , 4 6 3 5 , 1 2 2 5 5 , 1 1 9 1 6 , 2 2 5 0 9 , 9 1 8 2 7 , 0 2 3 9 0 , 7 2 1 0 0 , 9 1 5 1 6 4 6 6 , 3 6 4 3 , 7 6 6 3 , 0 1 1 5 6 3 , 2 0 0 1 , 0 2 1 3 0 , 5 8 7 3 , 2 1 9 0 0 , 6 1 3 6 7 , 2 1 8 3 , 3 1 9 1 8 , 4 5 2 7 , 1 1 2 9 4 , 2 3 4 6 , 9 8 5 9 , 7 3 5 2 7 , 4 3 3 5 1 , 3 4 5 6 , 4 8 2 3 , 2 8 9 2 , 6 1 1 7 2 , 0 1 3 3 7 8 2 5 , 1 0 9 4 , 3 7 9 6 9 0 3 0 3 3 , 1 7 2 9 , 8 8 7 0 , 0 2 4 9 5 , 0 1 1 4 9 , 6 5 3 5 , 7 2 3 9 8 , 3 1 4 8 , 2 1 8 8 , 3 2 6 3 2 , 0 1 1 7 3 , 2 9 0 1 , 3 9 3 1 , 2 9 3 5 , 7 4 8 7 , 8 1 9 6 , 0 2 0 7 9 , 0 1 2 7 9 8 1 3 , 1 1 2 6 3 0 5 , 3 3 3 3 , 1 1 0 7 3 3 3 7 , 2 1 9 7 , 4 9 4 9 , 6 1 2 4 1 0 5 9 0 7 , 4 4 6 2 , 0 1 4 0 5 , 2 7 1 4 , 2 7 0 8 , 5 2 3 4 2 6 9 2 8 5 9 , 4 4 8 7 , 4 3 8 1 , 5 2 4 5 6 3 0 7 , 4 5 6 3 , 2 9 2 5 , 0 1 1 2 4 , 8 7 3 7 , 4 0 8 9 , 8 3 7 4 1 0 3 , 4 1 4 6 6 , 7 1 0 0 , 0 1 1 3 3 , 7 3 1 7 5 , 9 5 6 1 1 , 5 6 0 8 , 8 4 2 8 , 5 1 2 5 3 , 8 7 3 8 , 1 6 8 1 , 6 1 9 3 9 , 3 6 7 0 8 , 3 3 6 5 9 , 9 3 5 8 4 , 0 5 8 6 5 , 5 6 9 5 2 , 2 1 2 7 4 , 4 3 0 3 , 5 4 9 9 8 , 0 2 1 5 2 , 6 1 3 4 7 , 1 3 0 6 8 , 3 2 7 4 , 1 1 2 7 8 , 9 3 3 3 9 , 6 1 1 2 0 , 7 6 9 8 9 , 6 3 6 5 0 , 4 5 3 1 5 , 0 2 0 9 5 , 1 4 7 2 3 , 8 9 6 2 , 4 2 2 2 9 , 1 1 0 1 4 , 7 2 4 5 8 , 6 2 9 4 1 , 1 2 7 5 3 , 7 3 0 1 7 , 3 2 6 1 1 , 1 8 6 1 , 6 3 6 7 , 9 3 7 1 , 6 3 1 8 0 6 , 2 3 8 2 , 5 4 7 2 3 , 5 6 3 3 , 7 1 3 9 7 , 0 2 7 1 4 , 3 4 8 0 , 8 1 4 8 1 , 7 4 5 2 , 2 2 3 1 9 , 0 1 0 8 3 , 4 1 8 3 9 , 6 4 6 2 0 , 9 4 6 2 6 , 3 5 4 7 , 6 0 9 9 , 7 2 8 1 , 4 3 8 8 8 , 7 4 0 7 7 , 3 3 4 6 , 6 9 7 6 , 0 1 6 2 2 , 2 7 1 1 , 1 3 4 0 , 1 1 0 4 , 7 4 2 7 4 , 4 2 2 5 7 , 7 2 7 7 4 , 4 3 3 4 7 , 4 5 9 5 2 , 2 1 2 7 4 , 4 8 9 0 , 2 4 7 4 0 , 7 1 9 4 6 , 8 8 8 5 , 1 1 0 1 4 , 3 4 5 0 , 9 5 7 1 , 1 3 1 3 3 , 6 1 1 0 7 , 1 5 1 9 3 , 3 3 2 5 3 , 4 2 3 1 4 , 8 1 4 3 0 , 0 3 7 1 1 , 6 9 4 7 , 7 1 2 2 1 , 0 1 9 7 4 , 8 1 7 3 8 , 1 2 4 6 3 , 3 1 2 4 9 , 2 3 8 8 4 , 7 1 6 1 1 , 1 6 9 8 , 4 3 3 1 , 6 2 6 4 , 3 1 1 7 6 3 5 2 4 , 3 4 3 9 1 , 1 4 2 3 , 4 1 8 4 5 , 6 1 0 6 3 , 2 5 2 5 , 3 1 5 0 1 , 6 6 0 1 , 9 1 8 1 4 , 9 7 3 8 , 0 1 6 0 8 , 0 3 8 5 6 , 6 3 7 5 9 , 1 9 1 9 1 1 0 , 2 9 4 1 , 3 6 4 3 , 1 3 6 1 , 2 5 4 1 , 5 3 8 6 , 1 1 4 9 7 5 3 2 , 7 0 6 9 , 3 1 5 3 3 , 9 8 3 5 , 6 1 4 0 2 , 2 1 8 0 0 , 6 1 5 2 8 , 0 1 - - 5 0 2 , 3 2 5 8 , 3 2 0 6 , 7 5 5 1 , 0 2 0 5 4 8 1 4 , 2 7 9 6 , 8 2 0 6 0 2 3 , 5 1 8 9 5 , 3 4 0 7 , 9 2 0 0 1 , 2 6 5 5 , 1 1 0 1 2 , 2 0 2 5 , 6 0 0 8 , 1 1 3 9 , 8 7 1 0 , 5 5 8 7 , 7 5 1 4 , 4 2 2 2 , 6 - 2 7 2 , 1 0 3 6 , 3 1 1 7 , 2 2 8 5 8 , 1 1 4 2 , 2 2 1 0 , 3 4 3 1 , 4 5 4 2 , 4 7 5 0 , 1 9 5 5 , 4 9 7 0 , 1 8 4 1 , 3 5 9 4 , 1 3 4 5 , 3 2 3 1 , 6 1 8 6 3 , 2 1 9 6 6 , 1 4 7 1 , 3 6 5 1 , 2 0 8 1 , 6 6 2 0 , 4 2 2 3 1 2 3 1 1 5 0 , 2 5 9 9 1 6 1 3 5 7 , 1 1 4 6 , 8 4 9 6 0 7 8 , 1 3 2 6 , 1 2 1 0 3 , 2 2 4 4 , 1 1 3 5 1 8 7 2 , 9 2 6 3 6 , 1 5 5 6 , 1 6 2 5 3 0 3 , 1 0 9 6 , 2 6 6 9 , 8 2 6 2 9 , 3 1 4 0 7 , 0 1 4 6 5 8 - 9 9 5 8 4 2 7 3 6 5 1 6 7 9 - 7 0 9 9 1 4 ) 0 6 ( 8 5 0 , 1 0 5 4 , 6 2 1 7 , 1 8 5 3 , 1 ) 5 2 ( 8 1 7 , 6 4 6 3 , 0 4 - 8 1 1 , 1 8 5 2 4 8 0 , 3 8 8 5 , 3 2 0 5 , 7 9 3 4 , 3 1 7 5 , 2 ) 5 5 1 ( 7 8 5 , 3 ) 5 6 1 ( 1 7 5 , 3 4 3 8 , 5 4 4 6 , 0 1 8 0 7 , 1 4 8 3 6 , 3 1 1 5 , 6 3 0 6 , 0 1 0 8 0 , 5 0 9 2 , 1 4 9 6 , 1 1 0 6 7 , 8 3 8 7 7 , 3 2 2 0 8 , 0 1 7 0 6 , 2 3 1 0 3 , 3 4 8 5 9 , 9 9 1 3 , 4 0 2 8 , 2 1 1 1 4 , 5 1 4 9 9 , 6 2 6 0 , 1 1 7 0 1 , 2 4 6 3 , 6 1 1 0 , 3 5 0 4 , 2 7 9 9 , 0 4 7 2 3 , 3 3 7 6 2 , 4 2 3 1 4 , 8 1 5 3 4 , 9 2 0 9 5 , 5 0 0 6 , 7 1 5 8 0 , 0 1 3 0 5 , 7 1 9 7 7 , 0 2 4 6 3 , 3 1 5 3 0 , 2 3 9 6 0 , 7 1 6 7 1 , 1 4 8 1 , 3 5 7 7 , 4 2 1 0 , 7 0 1 7 0 1 , 3 5 7 8 , 1 6 0 6 , 7 3 9 1 , 1 9 9 5 , 5 1 0 5 2 , 2 1 4 4 , 0 1 7 1 5 , 2 2 1 8 , 1 1 9 7 9 , 5 6 6 2 , 8 4 1 8 , 4 3 1 7 0 , 3 3 0 0 7 , 2 9 1 9 1 1 0 , 2 1 6 6 , 2 6 4 3 , 1 3 6 1 , 2 0 7 1 , 3 3 8 6 , 1 1 7 9 4 , 3 9 1 5 , 1 6 8 3 5 3 3 , 9 1 3 5 , 7 8 3 5 , 6 1 8 0 0 , 6 1 5 2 8 , 0 1 - - 5 0 2 , 3 2 5 8 , 3 2 0 6 , 7 5 5 1 , 0 2 0 5 4 8 1 4 , 2 5 9 8 , 7 2 0 6 0 2 3 , 5 1 8 9 5 , 3 4 0 7 , 9 2 0 0 1 , 2 6 5 5 , 1 1 9 8 4 , 2 3 1 5 , 6 0 0 8 , 1 1 3 9 , 8 7 1 0 , 5 5 8 7 , 7 5 1 4 , 4 2 2 2 , 6 - 2 7 2 , 1 0 3 6 , 3 1 1 7 , 2 2 8 5 7 2 1 8 , 1 2 1 0 , 3 4 3 1 , 4 6 7 0 , 4 9 0 9 9 5 5 , 4 9 7 0 , 1 0 4 9 , 2 5 9 4 , 1 3 4 5 , 3 9 7 2 , 2 1 8 6 3 , 2 1 1 9 0 , 1 C N C N H N H N H N H N J N J N J N J N J N J N J N J N J N J N J N J N J N J N J N J N J N J N J N J N M N V N V N V N V N V N V N V N V N V N V N V N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N R E T N E C G N I P P O H S N W A L D O O W E C A L P T E K R A M N W A L D O O W H T R O N E R A U Q S R E T S B E W W S D - E R A U Q S R E T S B E W A Z A L P L A R T N E C A Z A L P M A H G N K C O R I E R A U Q S R E T S B E W L A R T N E C 0 7 E T I R P O H S K R A L C T S A E R E T N E C E C R E M M O C T S E W R E T N E C E C R E M M O C L E D M L O H T A S N O M M O C E G A L L I V R O S D N W T S A E I R E T N E C G N I P P O H S W E I V L L I H S N O I L I V A P E T A T S N E D R A G R E T N E C E N W O T L E D M L O H R E T N E C N W O T Y A W A T A C S I P I A Z A L P K C W S N U R B H T R O N S L L I H T R O H S T A A Z A L P E L A D S L L I H T A A Z A L P A Z A L P N O T L R A M E D A H S E L P A M E V A . . C S D O O W E G D R I A Z A L P K O O R B W O L L I W - A Z A L P E N W O T H T R O N E U Q R E U Q U B L A S N O M M O C N O T S E L R A H C I I I T N E C S E R C N O N U I A Z A L P T N O M T S E W A Z A L P E T I R P O H S 114 S A G E V S A L N - . . C S K R A P E G E L L O C R O H C N A A Z A L P E T N O M L E D E C A L P T E K R A M A E R D N A D ' A Z A L P E T N O M L E D S G N I S S O R C N E E U Q C M R E T N E C O C S I C N A R F N O I T C N U J A N E L A G L E C R A P Y R T N U O C & E N W O T O H C N A R E D A N E M O R P D L E I F D E R Y A W D A O R B H T R O N 1 0 5 E L I T N A C R E M S K R A P S A Z A L P T R O P R A I . . C S E R O M L L E B K C A M M O C A Z A L P D O O W H C R B I - S N O M M O C N O T P M A H E G D R B I E D I S E & W T E K R A M R E P U S D O O F N O I P M A H C I N O N U R A L L O D Y L I M A F 1 R E T N E C D R O F S M L E 2 R E T N E C D R O F S M L E A Z A L P E U N E V A T S E R O F E K I P N R U T . . C S E R A U Q S N I L K N A R F H T U O S S N O M M O C O H C R E J I T E E R T S T S 1 2 - D O O F Y E K A Z A L P S Y A B N O T P M A H A Z A L P E G D R N E E R G I A Z A L P E C N E D N E P E D N I A Z A L P E L L I V S K C H I . . C S T N O M L E F O E T A D ) ( A N O I T I S I U Q C A ) ( C N O I T C U R T S N O C ) 2 ( S E C N A R B M U C N E , T S O C L A T O T F O T E N D E T A L U M U C C A N O I T A I C E R P E D D E T A L U M U C C A N O I T A I C E R P E D L A T O T D N A G N I D L I U B S T N E M E V O R P M I D N A L D E Z I L A T I P A C T S O C T N E U Q E S B U S O T N O I T I S I U Q C A ) 1 ( D N A G N I D L I U B S T N E M E V O R P M I T S O C L A I T I N I D N A L E T A T S N O I T P I R C S E D S E I R A I D I S B U S D N A N O I T A R O P R O C Y T L A E R O C M I K N O I T A I C E R P E D D E T A L U M U C C A D N A E T A T S E L A E R - I I I E L U D E H C S 1 2 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( ) A ( 2 1 0 2 ) A ( 2 1 0 2 ) A ( 4 0 0 2 ) A ( 7 0 0 2 ) A ( 3 0 0 2 ) C ( 9 6 9 1 ) A ( 9 9 9 1 ) A ( 6 0 0 2 ) A ( 4 0 0 2 ) A ( 5 1 0 2 ) A ( 7 0 0 2 ) A ( 4 0 0 2 ) A ( 3 0 0 2 ) A ( 4 0 0 2 ) A ( 9 8 9 1 ) A ( 5 0 0 2 ) A ( 8 9 9 1 ) A ( 9 0 0 2 ) C ( 0 9 9 1 ) A ( 6 0 0 2 ) A ( 1 1 0 2 ) A ( 8 9 9 1 ) A ( 4 0 0 2 ) A ( 7 1 0 2 ) A ( 9 0 0 2 ) A ( 6 9 9 1 ) A ( 6 1 0 2 ) A ( 6 8 9 1 ) A ( 2 1 0 2 ) A ( 6 9 9 1 ) A ( 2 0 0 2 ) A ( 5 1 0 2 ) A ( 5 1 0 2 ) C ( 7 1 0 2 ) A ( 4 8 9 1 ) C ( 3 7 9 1 ) C ( 5 1 0 2 ) A ( 4 1 0 2 ) A ( 3 8 9 1 ) A ( 7 0 0 2 ) A ( 6 9 9 1 ) A ( 8 0 0 2 ) A ( 0 1 0 2 ) A ( 6 9 9 1 ) A ( 6 9 9 1 ) C ( 4 1 0 2 ) A ( 6 0 0 2 ) A ( 6 0 0 2 ) A ( 6 0 0 2 ) A ( 6 0 0 2 ) A ( 6 0 0 2 ) A ( 6 0 0 2 ) A ( 6 0 0 2 ) A ( 6 0 0 2 ) A ( 6 0 0 2 ) A ( 6 0 0 2 - - - - - - - 9 7 9 , 1 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6 4 3 , 7 6 0 6 , 7 3 1 5 , 7 4 5 8 , 4 1 0 9 9 , 2 1 5 7 1 , 9 4 7 1 , 6 2 4 2 2 , 3 3 6 6 3 6 2 , 5 5 7 8 , 7 7 0 2 , 9 7 5 7 , 1 2 8 2 , 3 1 0 7 8 , 5 1 3 6 1 , 2 0 6 7 , 1 6 5 7 , 7 4 9 0 , 1 4 9 9 , 6 4 3 2 , 6 4 5 1 , 1 3 9 3 0 , 0 8 2 4 1 9 , 2 1 2 8 7 , 1 4 1 0 7 8 , 1 3 0 4 , 6 3 5 5 6 , 6 1 5 4 , 2 2 8 5 7 , 1 3 8 5 , 9 5 2 8 , 7 1 3 6 6 , 8 1 6 9 3 , 5 5 1 4 2 3 , 2 1 1 2 , 9 1 2 3 6 , 0 1 6 1 1 , 9 1 4 3 3 , 7 5 3 7 , 2 5 2 8 5 7 , 1 4 5 3 , 6 1 2 6 6 , 0 2 1 2 8 , 1 0 7 7 , 1 6 5 4 , 5 2 0 2 1 , 5 2 8 1 , 5 8 4 0 , 6 2 3 6 2 , 0 3 7 4 7 , 5 6 4 6 , 8 2 1 1 , 3 5 7 7 1 , 5 1 4 2 7 , 7 6 4 4 , 7 2 1 6 0 , 1 6 8 6 , 1 8 0 3 , 4 7 9 2 , 1 9 9 5 , 9 3 1 6 , 7 2 4 9 , 0 3 4 6 5 , 6 1 4 7 4 , 2 8 5 1 4 8 , 2 7 1 3 , 4 5 9 0 , 1 9 0 5 , 6 6 7 9 , 6 1 9 3 0 , 1 0 0 6 , 2 7 9 6 , 3 6 5 3 , 1 3 6 3 , 2 2 3 1 , 0 2 7 7 8 , 8 1 2 9 8 , 2 2 5 1 , 6 1 3 1 , 9 1 4 5 0 , 3 6 3 5 , 6 2 7 2 , 1 1 5 6 8 , 7 2 0 9 , 1 5 8 1 , 9 0 7 0 , 5 4 3 4 , 3 9 9 2 , 0 1 9 6 3 , 5 6 1 2 , 2 3 2 5 9 3 8 , 3 1 1 1 , 2 1 0 1 4 , 6 6 2 0 9 , 1 0 3 1 , 6 1 8 4 , 6 5 7 3 , 3 9 4 9 , 1 1 7 3 , 1 5 7 3 , 8 6 0 4 , 8 3 4 4 , 3 1 7 3 3 , 6 1 1 0 5 , 4 9 7 2 , 5 3 2 0 , 8 2 1 3 6 , 7 4 7 9 , 7 1 4 7 6 , 0 2 7 0 4 , 8 2 9 2 , 9 1 2 8 , 1 1 1 5 1 , 6 1 9 8 5 , 2 2 8 8 7 , 6 1 6 1 1 , 7 5 8 8 7 , 9 4 7 3 7 , 7 3 3 9 , 7 3 8 3 , 4 2 5 8 , 2 8 4 0 , 2 1 1 9 7 , 9 1 6 4 8 , 2 3 2 0 2 , 3 0 6 3 , 4 0 5 4 , 2 3 5 4 , 1 1 7 5 3 , 9 6 2 1 , 9 1 3 0 , 0 5 1 7 1 , 0 0 3 6 6 0 , 9 1 3 1 9 , 0 6 1 4 2 9 , 4 9 3 9 , 2 4 7 2 9 , 7 1 6 1 3 , 0 3 0 6 6 , 3 8 6 7 , 8 1 5 9 8 , 2 2 7 9 0 , 2 2 5 9 6 , 5 6 1 3 9 6 , 7 7 2 4 , 1 2 5 5 1 , 1 1 5 5 9 , 2 2 5 4 4 , 9 1 5 4 1 , 9 1 3 0 6 6 , 3 4 8 4 , 2 2 3 4 1 , 7 2 6 9 1 , 5 9 1 7 , 3 7 2 8 , 6 2 5 9 4 , 3 1 8 8 5 , 3 1 1 9 4 , 9 3 0 0 6 , 6 4 8 4 2 , 0 1 5 2 9 , 3 1 5 3 1 , 1 8 8 0 8 , 2 2 8 9 6 , 5 2 0 2 1 , 8 4 8 9 5 , 3 9 8 6 , 6 7 7 0 , 9 1 4 5 , 4 2 1 3 , 9 1 4 2 5 , 6 1 4 4 6 , 3 5 8 2 4 , 7 3 5 6 8 , 5 3 3 4 8 9 8 , 7 3 8 3 , 4 8 8 2 , 2 7 7 3 , 5 1 6 6 5 , 0 3 0 2 4 , 2 8 8 4 , 3 6 1 0 , 8 3 4 3 , 2 5 8 8 , 6 8 4 3 , 7 1 5 0 , 4 4 7 4 4 , 1 7 2 4 6 2 , 3 1 5 2 3 , 3 0 1 3 3 2 , 4 9 6 8 , 6 3 1 5 9 , 6 1 0 6 4 , 5 2 8 2 9 , 2 5 6 7 , 5 1 7 9 7 , 6 1 4 8 2 , 8 1 2 6 1 , 5 5 1 9 1 9 , 6 7 7 3 , 0 2 6 7 6 , 3 3 8 7 , 6 1 5 2 5 , 8 1 5 6 8 , 7 4 2 8 2 9 , 2 8 4 3 , 6 1 4 4 8 , 0 2 6 9 1 , 5 7 8 9 , 2 5 5 0 , 3 1 4 3 0 , 9 6 8 1 , 9 8 7 8 , 5 2 8 5 4 , 1 3 1 4 6 , 7 9 5 0 , 0 1 7 2 7 , 1 6 2 8 7 , 6 1 8 7 1 , 9 1 7 1 2 , 3 3 9 0 8 , 4 3 0 6 , 2 4 4 7 , 2 4 6 2 7 7 2 , 3 0 1 6 , 1 1 2 7 4 , 3 0 6 3 , 2 1 2 7 8 , 1 0 0 5 , 7 0 5 1 , 4 - 4 6 5 4 1 4 , 4 0 8 2 , 2 2 8 7 2 7 8 7 0 1 7 3 4 , 3 4 2 7 , 8 2 2 7 4 , 2 0 8 9 , 5 8 7 7 , 1 2 0 8 , 5 8 8 5 , 7 5 1 9 6 0 7 0 , 6 6 7 9 6 5 8 , 4 2 3 7 3 0 0 , 3 8 9 0 , 6 3 1 8 , 3 3 3 5 , 0 1 4 7 7 0 5 0 , 1 9 7 4 , 7 2 7 1 , 6 0 2 9 0 8 2 , 1 7 2 3 7 6 3 1 , 6 9 9 2 , 6 - 2 3 7 2 7 7 , 3 1 1 6 4 , 4 2 0 4 , 4 3 1 6 , 3 1 2 4 1 , 5 1 7 0 6 , 2 6 6 8 , 3 8 0 4 , 9 1 6 2 0 , 6 0 2 5 , 6 3 0 9 , 4 1 9 0 5 ) 5 9 3 ( 6 6 2 , 2 8 0 6 , 1 1 5 1 , 6 0 4 9 , 5 1 3 8 3 , 3 3 0 2 7 , 6 7 3 0 , 1 ) 8 4 ( 7 7 3 ) 7 8 8 , 1 ( 9 1 7 3 0 , 4 8 3 5 , 1 2 - 4 9 5 1 6 5 7 6 2 , 2 4 9 4 1 4 6 6 4 0 , 1 4 9 8 , 2 0 2 8 , 0 2 5 1 2 , 3 3 2 4 6 2 , 1 - ) 7 8 3 ( 8 9 8 , 1 3 8 9 , 3 1 ) 6 4 8 , 4 ( 0 5 6 , 1 1 5 9 6 1 2 , 5 7 2 4 3 , 4 4 0 0 , 8 1 6 7 6 , 3 ) 9 0 1 , 2 ( 3 4 5 , 3 1 4 1 1 , 2 8 - 1 5 7 4 5 9 , 0 1 - 9 5 5 8 7 , 1 1 ) 8 3 5 ( ) 7 2 1 , 1 ( 3 5 5 5 2 0 , 1 4 9 7 , 1 ) 5 5 4 ( 3 4 5 , 2 2 6 3 ) 0 7 1 , 1 ( 8 3 2 , 5 5 2 6 , 5 9 9 8 , 6 1 1 8 , 6 4 8 5 3 3 9 , 2 1 6 1 , 3 1 6 6 1 , 9 1 8 0 7 , 0 3 8 2 8 , 4 1 8 4 1 2 5 , 7 9 8 3 , 4 9 6 2 , 2 0 4 3 , 1 1 8 2 0 , 9 6 2 8 , 1 8 8 4 , 3 4 6 3 , 7 6 7 9 3 8 , 5 2 3 2 , 8 3 3 4 2 , 3 2 4 5 4 , 4 3 2 6 , 2 1 4 4 8 , 2 0 1 8 2 9 , 2 0 7 7 , 0 3 5 5 1 , 3 7 4 8 , 5 2 8 2 9 , 2 - 5 6 6 , 6 4 1 0 , 0 2 9 8 1 , 8 1 - 5 6 6 , 2 3 7 3 , 2 2 8 9 , 4 8 9 9 , 6 1 1 5 3 , 6 6 1 8 2 9 , 2 5 0 6 , 5 1 - 5 7 7 , 9 6 9 1 , 5 8 2 9 , 2 8 2 6 , 9 0 2 1 , 0 1 7 4 0 , 6 2 1 8 6 , 0 3 3 7 6 , 5 2 5 7 , 0 1 9 1 7 , 8 5 0 1 5 , 6 1 5 2 2 , 0 2 9 4 4 , 8 2 3 7 2 , 2 8 8 7 , 2 4 4 7 , 2 4 6 2 7 7 2 , 3 0 1 6 , 1 1 7 6 5 , 4 0 6 3 , 2 1 2 7 8 , 1 0 0 5 , 7 0 5 1 , 4 1 8 8 , 1 4 6 5 4 1 4 , 4 0 8 2 , 2 2 8 7 2 7 8 7 0 1 8 2 5 , 3 4 2 7 , 8 2 2 7 4 , 2 8 6 9 , 5 8 7 7 , 1 2 0 8 , 5 5 7 5 , 7 5 2 3 7 9 8 7 6 5 8 , 4 2 3 7 1 7 2 , 0 1 3 5 4 7 2 7 , 7 3 1 8 , 3 9 7 4 , 0 9 6 8 6 0 5 0 , 1 9 7 4 , 7 6 6 0 , 8 0 2 9 0 8 6 , 0 7 2 3 7 8 2 1 , 6 4 1 4 , 6 - 2 3 7 2 4 0 , 5 1 5 0 4 , 4 5 9 5 , 4 1 9 8 , 2 1 4 9 8 , 4 1 1 8 7 , 2 8 2 6 , 3 3 7 8 , 9 1 6 3 9 , 5 3 4 6 , 6 3 3 4 , 4 1 Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N R O R O A P A P A P A P A P A P A P A P A P A P A P A P A P A P A P A P A P A P A P A P A P R P R P R P R P R P R P R P R P R P R P G N I P P O H S D R A V E L U O B A N E S S I K A Z A L P L L I H O T T E N A M R E T N E C T E S S A H N A M A Z A L P K C E N E L T T I L E R O H S Y A B T A T E K R A M R T C E D A E R E N A U D - S N E E U Q H T E P S A M S G N I S S O R C A L O E N M I N N I I E G D R E L L I M E V A C I T N A L T A . E V A L A R T N E C - - D O O F Y E K D O O F Y E K I Y A W H G H S G N K I . . C S A U Q E P A S S A M H T R O N A Z A L P E U N E V A H P L A R A Z A L P N A E C O . . C S D N O M H C R I I A Z A L P L A R O M E M S N A R E T E V D R A V E L U O B E H T A Z A L P E K I P N R U T . . I C S S N A L P E T I H W L E C R A P - P I H S N W O T Y R R E B N A R C R E T N E C G N I P P O H S E R A U Q S R E T N E C R E T N E C H C A E B N E Z T N A J R E T N E C L I A R T N O G E R O 115 A Z A L P S D A O R S S O R C E G A L L I V N O V E D 2 & 1 A Z A L P N W O T H T I M S A Z A L P E N A M O R I . . C S E T I R P O H S . . C S T E S S O Y S G N I P P O H S T S A E G R U B S I R R A H D O O W E N N Y W T A S E P P O H S R E T N E C Y A D I L O H E R A U Q S N L O C N I L I T N O P M A H S R O H E R A U Q S N O T I R R O N A Z A L P O N O C O P . R T C . . C S E U N E V A D R O F K N A R F D O O W E N N Y W T A S D O O F E L O H W R E T N E C N W O T D N A L E T I H W S R E D L I U B - S O B O L O C S O L T R A M K - S O B O L O C S O L E R A U Q S I S O B O L O C S O L I I S O B O L O C S O L I C S A R A M A L L I V I T A N A M O C T S O C L I A T E R L L A M - - - O R T N E C A Z A L P O R T N E C A Z A L P O R T N E C A Z A L P B U L C S M A S - ' O R T N E C A Z A L P R E T N E C E N W O T E C N O P L L A M L L A H E T I H W A Z A L P D R O F X E W A Z A L P E N Y A W E R A U Q S N A B R U B U S . . C S D L E I F G N R P S I . . C S E N I L P I H S N W O T . . C S E R A U Q S Y R U B S W E R H S F O E T A D ) ( A N O I T I S I U Q C A ) ( C N O I T C U R T S N O C ) 2 ( S E C N A R B M U C N E , T S O C L A T O T F O T E N D E T A L U M U C C A N O I T A I C E R P E D D E T A L U M U C C A N O I T A I C E R P E D L A T O T D N A G N I D L I U B S T N E M E V O R P M I D N A L D E Z I L A T I P A C T S O C T N E U Q E S B U S O T N O I T I S I U Q C A ) 1 ( D N A G N I D L I U B S T N E M E V O R P M I T S O C L A I T I N I D N A L E T A T S N O I T P I R C S E D S E I R A I D I S B U S D N A N O I T A R O P R O C Y T L A E R O C M I K N O I T A I C E R P E D D E T A L U M U C C A D N A E T A T S E L A E R - I I I E L U D E H C S 1 2 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( ) A ( 6 0 0 2 ) A ( 6 0 0 2 ) A ( 6 0 0 2 ) A ( 6 0 0 2 ) A ( 2 1 0 2 ) C ( 8 7 9 1 ) A ( 5 9 9 1 ) A ( 0 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) C ( 8 7 9 1 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 6 9 9 1 ) A ( 1 2 0 2 ) A ( 3 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 8 9 9 1 ) A ( 8 0 0 2 ) A ( 1 2 0 2 ) A ( 5 1 0 2 ) A ( 5 1 0 2 ) A ( 5 1 0 2 ) C ( 3 0 0 2 ) A ( 6 1 0 2 ) A ( 6 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 1 0 2 ) A ( 7 1 0 2 ) C ( 5 1 0 2 ) C ( 4 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 5 9 9 1 ) C ( 6 0 0 2 ) C ( 5 0 0 2 ) A ( 5 1 0 2 ) A ( 1 2 0 2 - - - - - - - - - - - - - 5 1 0 , 6 - - - - - - - - - - - - - - - - - - - - - - - - - - 8 2 2 , 9 - - 6 3 1 , 1 1 5 8 2 , 1 1 - - - - - 7 7 9 , 4 2 7 9 7 , 6 4 0 0 9 , 4 2 7 5 6 , 3 1 5 7 3 , 9 8 0 6 , 2 2 9 3 9 , 2 1 2 2 3 , 7 1 0 3 7 , 4 1 4 1 4 , 3 2 3 4 , 5 1 7 4 1 , 2 7 7 4 , 5 1 0 1 2 , 9 1 7 7 , 8 1 3 1 4 , 5 0 6 9 , 1 3 7 1 , 2 8 0 5 , 1 4 1 2 , 5 2 0 1 3 , 8 5 0 0 2 , 2 5 4 7 3 , 8 3 5 7 , 6 1 1 9 6 , 5 2 2 4 9 , 0 1 6 4 7 , 6 1 2 8 2 , 6 5 8 6 6 , 5 3 8 2 2 , 1 8 9 2 2 , 6 4 1 7 , 2 4 2 3 1 , 5 3 5 2 , 5 4 1 3 3 9 , 3 1 2 4 2 , 7 4 0 2 7 , 9 2 4 8 9 , 5 2 3 9 2 , 5 1 5 9 7 , 8 4 6 5 2 , 6 8 5 6 6 , 4 2 6 2 3 , 6 2 8 1 , 5 1 5 0 0 , 9 2 3 2 4 , 7 5 8 2 2 , 3 2 2 6 9 , 1 8 3 9 , 8 2 5 3 6 , 7 2 3 9 0 , 9 5 4 7 4 , 3 1 1 4 , 4 3 9 0 5 , 6 1 8 4 2 , 0 1 5 7 5 , 2 8 3 2 , 7 1 5 3 7 , 2 1 2 2 5 , 6 8 3 2 , 5 8 1 6 6 6 6 2 7 9 8 5 , 6 1 3 2 2 9 4 5 0 1 3 3 7 2 6 4 7 8 2 8 , 1 1 0 4 , 1 7 2 4 , 2 1 8 2 1 5 4 5 6 5 1 1 7 6 , 7 0 4 9 , 0 2 9 6 4 , 1 1 6 1 8 , 7 1 1 1 , 8 1 5 1 7 , 1 0 3 5 , 7 6 2 7 , 1 7 5 3 , 1 5 0 2 6 0 6 1 2 0 , 1 6 9 5 , 7 1 2 8 , 1 0 3 0 , 4 6 5 5 6 3 3 , 7 4 7 1 8 3 7 1 8 1 0 0 , 1 2 7 6 1 1 2 , 2 8 6 5 , 8 5 3 8 , 8 7 5 8 2 9 , 4 1 8 0 2 , 1 8 9 0 4 , 1 4 5 0 9 , 3 2 6 4 8 , 9 3 0 5 9 , 1 1 4 7 6 , 5 2 4 4 8 , 3 2 8 6 9 , 9 1 2 3 4 , 3 8 9 0 , 6 1 6 3 7 , 8 3 0 2 , 6 1 1 4 4 , 9 3 6 2 , 9 1 8 1 5 , 5 3 9 9 , 1 0 0 2 , 2 6 3 3 , 3 0 6 9 , 5 2 7 3 7 , 0 7 1 0 6 , 3 5 2 0 5 , 8 8 9 2 , 7 1 1 3 6 , 6 4 3 1 6 , 8 1 2 0 9 , 6 1 1 5 7 , 7 6 4 8 4 , 3 4 9 3 3 , 9 9 4 4 9 , 7 4 4 2 , 0 5 8 5 8 , 6 0 1 6 , 6 4 1 8 3 1 , 4 1 3 6 2 , 8 4 6 2 3 , 0 3 0 8 5 , 3 3 4 1 1 , 7 1 5 2 8 , 2 5 2 9 5 , 3 9 1 2 2 , 5 2 0 0 4 , 6 3 6 5 , 5 1 2 2 8 , 9 2 4 2 4 , 8 5 0 0 9 , 3 2 3 7 1 , 4 6 0 5 , 7 3 0 7 4 , 6 3 1 2 0 , 4 7 1 3 5 , 3 0 3 5 , 5 5 0 2 1 , 9 2 3 6 6 , 2 1 3 7 9 , 2 2 0 3 0 , 0 1 4 4 9 , 4 2 7 1 1 , 2 2 3 0 5 , 6 1 0 3 1 , 2 6 2 8 , 4 1 6 3 7 , 8 9 4 6 , 4 1 4 7 8 , 8 6 8 9 , 5 1 3 1 8 , 4 4 2 7 , 1 3 0 7 , 1 6 3 8 , 2 0 7 3 , 1 2 6 9 0 , 5 5 0 6 1 , 4 4 8 6 1 , 7 8 9 2 , 7 1 3 0 7 , 9 3 9 8 6 , 5 1 6 5 8 , 2 1 9 0 9 , 6 5 6 5 6 , 5 3 1 9 4 , 5 8 2 9 6 , 5 0 0 6 , 1 4 8 8 5 , 6 6 6 3 , 5 4 1 2 7 3 , 7 8 7 0 , 3 3 5 6 6 , 8 2 5 0 2 , 2 3 1 7 9 , 2 1 7 2 5 , 0 4 5 5 6 , 1 7 5 7 1 , 3 2 4 2 3 , 5 0 4 1 , 0 1 8 7 8 , 5 2 8 8 5 , 3 5 8 1 4 , 1 2 3 5 6 , 3 3 2 7 , 0 3 6 2 5 , 8 2 2 8 2 , 3 6 1 8 3 , 3 8 7 6 , 5 2 9 8 2 , 2 1 2 4 2 , 1 1 0 2 9 , 1 3 7 8 , 6 1 0 3 7 7 2 7 , 1 5 6 4 , 3 2 0 3 , 1 2 7 2 , 1 - 4 5 5 , 1 7 6 5 7 7 2 , 3 5 0 7 9 6 2 7 9 4 0 0 5 0 9 5 , 4 1 4 4 , 9 4 3 3 , 1 1 4 6 , 5 1 - 8 2 9 , 6 4 2 9 , 2 6 4 0 , 4 2 4 8 , 0 1 8 2 8 , 7 8 4 8 , 3 1 2 5 2 , 2 4 4 6 , 8 0 7 2 4 4 2 , 1 6 6 7 , 6 1 6 6 , 1 5 7 3 , 1 3 4 1 , 4 5 8 1 , 5 1 8 9 2 , 2 1 6 4 0 , 2 7 3 9 , 1 2 6 7 0 , 1 3 2 4 , 5 4 4 9 , 3 6 3 8 , 4 2 8 4 , 2 0 2 5 3 8 7 , 6 4 4 9 , 7 0 5 1 9 3 7 , 0 1 7 4 6 , 7 9 0 9 , 4 4 9 7 5 8 4 1 6 0 , 3 2 1 8 , 1 2 4 1 1 , 5 1 7 5 3 , 1 - - 2 0 6 , 4 - - - ) 7 ( ) 8 1 ( - 5 2 - 2 5 1 ) 3 7 1 ( 2 3 3 8 9 , 3 3 6 9 , 1 1 ) 5 7 8 , 1 ( 2 9 7 7 0 3 , 1 0 1 9 , 1 9 7 0 , 1 ) 1 6 3 , 1 ( - 8 3 1 8 1 7 7 3 4 5 9 1 6 0 , 4 9 8 3 , 9 3 8 2 2 , 8 6 - - - - 4 2 - 0 3 7 1 2 2 7 5 , 1 9 0 6 , 9 2 2 9 7 , 7 2 8 8 6 , 8 4 6 4 4 , 4 2 3 5 2 , 2 1 5 4 5 , 9 2 3 1 , 3 6 8 9 , 6 1 1 9 , 9 1 0 3 1 , 2 1 0 5 , 5 1 6 2 8 , 4 1 4 3 1 , 4 9 4 6 , 4 1 4 7 8 , 8 6 8 9 , 5 1 1 3 8 , 4 1 3 7 , 1 3 0 7 , 1 1 3 8 , 2 8 6 3 , 1 2 7 8 5 , 4 5 0 6 1 , 4 4 6 6 1 , 7 3 8 2 , 7 1 7 2 7 , 7 2 6 0 7 , 1 1 4 2 8 , 2 1 7 5 7 , 0 5 4 6 8 , 4 3 4 8 1 , 4 8 - 6 3 8 , 6 3 8 5 1 , 6 6 6 3 , 5 4 1 4 3 3 , 7 7 9 8 , 2 3 8 8 2 , 8 2 5 4 1 , 8 2 0 2 0 , 2 1 - - 5 7 1 , 3 2 4 2 3 , 5 0 4 1 , 0 1 8 7 8 , 5 2 4 6 5 , 3 5 1 8 0 , 2 8 1 4 , 1 2 - - 1 5 3 , 3 5 6 0 , 3 6 3 7 8 , 4 2 4 5 0 , 2 1 8 5 8 , 0 1 0 2 9 , 1 4 7 8 , 6 1 - 0 3 7 4 4 7 , 1 0 1 1 , 3 2 0 3 , 1 2 7 2 , 1 4 5 5 , 1 7 6 5 7 7 2 , 3 5 0 7 9 6 2 7 9 4 0 0 5 0 9 5 , 4 1 4 4 , 9 4 3 3 , 1 3 2 3 , 6 1 - 1 4 9 , 6 4 2 9 , 2 6 4 0 , 4 9 6 8 , 8 1 8 2 8 , 7 8 4 8 , 3 1 4 3 0 , 6 9 2 3 , 2 1 1 6 0 , 2 4 4 2 , 1 6 6 7 , 6 1 6 6 , 1 4 7 3 , 1 0 4 1 , 4 5 8 1 , 5 1 6 3 4 , 3 1 6 4 0 , 2 4 6 3 , 5 2 6 7 0 , 1 3 2 4 , 5 4 4 9 , 3 6 3 8 , 4 2 8 4 , 2 0 2 5 7 9 8 , 7 8 7 6 , 8 0 5 1 9 3 7 , 0 1 R P R P R P R P C S C S C S C S N T N T N T N T N T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T Z E U G A Y A M - A Z A L P N R E T S E W R E T N E C N W O T E L L I V X E R A Z A L P O T L A O L L I J U R T Z E U G A Y A M - A Z A L P N R E T S E W E N O R E T N E C S W E R D N A . T S A Z A L P D O O W T S E W K R A P T S E R O F O W T R E T N E C G N I P P O H S F F U R D O O W S N O M M O C L L A H N E D N E M E G A L L I V E N W O T D L O E R A U Q S D N A L H G H I E K A L R E T X E D T A S N O M M O C E H T E K A L R E T X E D T A S N O M M O C E H T I I . . C S L A R E D E F - 0 1 G D L B K N A B E S A H C T E E R T S D R 3 4 A Z A L P T N E C C A Y A R G T S E W 4 3 9 1 Y A R G T S E W 9 3 9 1 . . C S D R E H P E H S A M A B A L A S N O M M O C A T I C O C S A T A . . R T C P O H S E S A H P ( R E T N E C E N W O T S S E R P Y C R E T N E C E N W O T S S E R P Y C R E T N E C E N W O T S S E R P Y C E G A L L I V D O O W R E P P O C I S E R - S K A O R E V R T A L L O C S I R D I ) I I I I E S A H P N O I T A T S Y A W E T A G T E K R A M Y A W K R A P D N A R G & D R O F H S A Y R A D I - B E H A Z A L P G R U B S I R R A H . D R E N O H P E L E T / 5 4 I A Z A L P S T H G I E H I L A R O M E M Y A W K R A P D N A R G E C A L P T E K R A M I I E C A L P E C A L P N O T S E V L A G N O I T A T S Y A W E T A G T E G R A T A T S E I F S L I A R T A T S E I F O D E R A L - A Z A L P E C N E D N E P E D N I - I I A Z A L P E C N E D N E P E D N I G N I S S O R C N W O T E I R A R P E K A L I A Z A L P Y R E M O G T N O M L E C R A P T U O R E L L E U M A Z A L P S A D N E I T S A L A Z A L P R E G O R K O D E R A L K O O R B Y A B T A R E T N E C S L L I H E H T F O R E T N E C I G N D L I U B L E D A T I C E C A L P T E K R A M E O R N O C E G A L L I V D L E I F R E P P O C T E K R A M K C O L A L B . . R T C P O H S Y A W E T A G K O O R B Y A B . . C S D V L B E R A L L E B I 116 F O E T A D ) ( A N O I T I S I U Q C A ) ( C N O I T C U R T S N O C ) 2 ( S E C N A R B M U C N E , T S O C L A T O T F O T E N D E T A L U M U C C A N O I T A I C E R P E D D E T A L U M U C C A N O I T A I C E R P E D L A T O T D N A G N I D L I U B S T N E M E V O R P M I D N A L D E Z I L A T I P A C T S O C T N E U Q E S B U S O T N O I T I S I U Q C A ) 1 ( D N A G N I D L I U B S T N E M E V O R P M I T S O C L A I T I N I D N A L E T A T S N O I T P I R C S E D S E I R A I D I S B U S D N A N O I T A R O P R O C Y T L A E R O C M I K N O I T A I C E R P E D D E T A L U M U C C A D N A E T A T S E L A E R - I I I E L U D E H C S 1 2 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) C ( 6 0 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 5 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 3 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 2 1 0 2 ) A ( 4 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 6 1 0 2 ) A ( 6 1 0 2 ) A ( 5 1 0 2 ) A ( 7 1 0 2 ) A ( 1 2 0 2 ) A ( 7 0 0 2 ) A ( 8 0 0 2 ) A ( 5 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 7 0 0 2 ) A ( 1 2 0 2 ) A ( 5 1 0 2 ) A ( 2 1 0 2 ) A ( 6 1 0 2 ) A ( 2 1 0 2 ) A ( 2 1 0 2 ) A ( 3 1 0 2 ) A ( 1 2 0 2 ) C ( 4 0 0 2 - - - - - - - - - - - - - - - - - - 3 7 1 , 6 7 6 2 , 1 1 - - - 1 1 7 , 1 7 5 5 4 , 4 1 - - - - - - - - - - - - - - - - - - - - - - - - - 7 9 3 , 1 5 0 8 9 , 0 9 7 8 6 , 8 3 9 9 1 , 8 3 1 1 0 , 6 3 2 5 4 , 1 3 8 6 5 , 4 2 8 3 5 , 2 2 2 1 3 , 9 1 0 1 9 , 7 9 1 2 , 0 5 1 0 4 7 , 0 4 4 1 8 , 9 2 4 0 9 , 5 3 3 3 , 5 6 5 7 9 , 4 2 2 1 4 , 4 2 4 3 1 , 4 2 3 3 0 , 1 1 1 0 7 6 , 2 1 8 7 9 , 9 2 8 8 1 , 1 3 2 2 1 , 5 3 4 6 9 , 4 3 9 9 5 , 0 5 2 0 1 3 , 2 4 5 9 6 , 7 3 9 9 4 , 7 1 6 2 , 9 2 6 7 8 , 8 3 7 4 0 , 4 6 7 8 , 3 1 0 6 1 , 0 7 1 3 1 9 , 1 3 1 6 0 8 , 2 2 4 7 , 5 1 1 3 3 3 , 3 2 5 5 4 , 1 6 6 1 2 , 9 9 7 6 8 , 0 6 2 3 8 , 1 1 1 8 0 , 0 8 6 9 2 , 7 2 3 6 2 , 3 5 9 4 3 , 1 2 1 9 2 , 8 4 6 2 5 , 4 2 3 4 0 , 1 5 0 5 , 8 2 5 7 8 , 8 3 2 6 6 , 8 3 1 5 1 3 , 2 6 9 0 , 1 9 8 4 8 6 8 8 9 1 , 0 1 2 1 5 9 0 2 9 3 3 6 3 1 3 9 6 , 2 8 5 8 6 9 4 6 9 1 9 3 3 4 1 0 3 2 , 1 3 8 6 , 5 6 7 2 , 2 1 0 1 2 8 5 1 5 9 9 2 7 , 6 3 4 0 , 1 0 4 9 , 3 0 9 8 2 3 7 4 8 3 , 2 3 0 3 , 8 4 6 1 0 2 5 8 6 8 6 9 9 , 1 9 6 8 , 5 2 0 3 5 4 7 3 , 1 1 7 8 , 7 3 5 9 , 7 1 4 6 0 , 8 1 0 1 6 5 0 1 5 9 0 , 1 9 7 7 , 9 1 5 6 5 5 0 , 4 2 7 9 , 9 2 2 0 , 3 7 1 2 8 5 7 , 8 2 3 4 4 2 4 , 6 2 5 9 2 , 3 9 3 8 7 , 9 3 8 8 6 , 8 3 9 7 8 , 6 3 0 5 6 , 1 4 0 8 0 , 5 2 7 4 7 , 2 2 1 5 6 , 9 1 6 4 0 , 8 2 1 9 , 2 5 1 8 9 5 , 1 4 0 1 3 , 0 3 0 0 0 , 6 3 6 5 , 6 6 6 6 3 , 5 2 5 5 5 , 4 2 7 1 8 , 9 2 9 0 3 , 3 1 1 1 7 7 , 2 1 0 6 5 , 0 3 7 1 9 , 7 3 3 7 0 , 6 3 7 0 0 , 6 3 9 3 5 , 4 5 2 0 0 2 , 3 4 7 2 4 , 8 3 3 8 8 , 9 4 6 5 , 7 3 0 4 0 , 9 3 5 1 9 , 4 2 7 8 , 5 1 0 8 6 , 0 7 1 2 8 7 , 7 5 1 6 3 3 , 3 6 1 1 , 7 1 1 4 0 2 , 1 3 8 0 4 , 9 7 0 8 2 , 7 1 1 7 7 4 , 1 6 7 3 9 , 1 1 6 7 1 , 1 8 5 7 0 , 7 3 4 1 9 , 3 5 4 0 4 , 5 2 3 6 2 , 8 5 8 4 5 , 7 2 0 6 2 , 1 3 6 2 , 7 3 7 0 3 , 9 3 6 8 0 , 5 6 1 3 4 9 , 5 8 9 3 7 , 4 3 3 9 2 , 5 2 4 5 5 , 4 3 6 8 4 , 9 2 3 6 3 , 1 2 9 7 1 , 5 1 5 8 8 , 3 1 6 4 0 , 8 7 2 7 , 8 3 1 8 9 5 , 1 4 4 0 1 , 9 1 1 3 0 , 5 9 6 4 , 9 5 1 5 0 , 0 2 2 1 4 , 6 4 9 0 , 3 2 7 6 6 , 0 0 1 4 6 9 , 8 6 7 1 , 6 2 2 5 9 , 9 2 3 9 7 , 1 3 8 2 7 , 9 2 9 1 2 , 3 3 2 3 5 6 , 5 3 9 7 4 , 6 2 4 1 3 , 7 4 6 5 , 7 3 3 0 1 , 5 3 7 4 7 , 3 8 6 9 , 1 1 8 6 6 , 5 5 1 7 9 4 , 4 0 1 6 3 3 , 3 7 0 7 , 3 9 1 5 1 , 8 2 8 3 0 , 2 5 7 8 3 , 0 9 4 3 4 , 5 5 8 5 4 , 0 1 4 8 2 , 5 6 9 8 2 , 9 2 5 0 9 , 7 4 5 8 9 , 9 1 2 1 5 , 7 4 0 1 6 , 0 2 0 0 9 7 0 5 , 3 3 8 0 5 , 3 2 4 8 5 , 4 0 1 2 5 3 , 7 4 4 0 , 5 5 2 3 , 2 5 9 3 , 3 1 4 6 1 , 2 1 7 1 7 , 3 8 6 5 , 7 6 6 7 , 5 5 8 1 , 4 1 - - 6 0 2 , 1 1 9 6 9 4 9 0 , 7 5 1 3 , 5 3 4 1 , 8 1 3 2 7 , 6 2 4 6 , 2 1 7 0 8 , 3 4 8 3 , 4 5 6 9 , 7 0 8 2 , 4 9 7 2 , 6 7 4 5 , 7 0 2 3 , 1 2 9 6 5 , 2 8 4 9 , 1 1 - 7 3 9 , 3 2 1 0 , 5 1 4 0 9 , 3 8 6 1 , 1 5 8 2 , 3 5 - 9 0 4 , 3 2 3 5 0 , 3 0 7 3 , 7 2 3 9 8 , 6 2 3 4 0 , 6 9 7 4 , 1 2 9 8 , 5 1 6 8 7 , 7 9 0 0 , 6 9 1 4 , 5 8 3 9 , 6 1 5 7 , 0 1 0 6 3 6 5 7 , 3 2 0 5 , 0 6 9 9 7 , 5 1 ) 7 1 ( 8 3 1 8 1 0 6 8 9 0 , 8 2 - ) 3 5 2 ( 3 2 4 5 0 7 - 2 1 5 0 1 ) 6 2 3 ( 5 6 2 9 9 6 5 ) 2 5 5 ( - - 6 1 9 2 4 3 3 1 - - 0 0 5 ) 6 7 6 , 5 ( - 9 2 5 6 5 ) 8 2 8 ( 1 2 3 5 4 3 7 8 5 , 3 7 3 9 , 3 ) 6 6 8 , 4 1 ( - - 2 ) 6 3 ( 6 9 9 , 7 1 3 1 , 1 1 1 5 6 , 2 0 4 3 , 9 0 0 1 9 7 2 - 8 8 8 , 1 1 - 5 0 8 , 5 8 6 5 7 , 4 3 5 7 2 , 5 2 4 9 4 , 4 3 3 6 3 , 1 2 2 3 4 , 5 1 2 8 8 , 3 1 4 0 0 , 8 2 2 0 , 8 3 1 3 9 4 , 1 4 2 9 0 , 9 1 1 3 0 , 5 5 9 7 , 9 5 5 2 0 , 0 2 7 0 4 , 6 5 2 5 , 2 2 8 5 6 , 0 0 1 4 6 9 , 8 6 7 1 , 6 2 4 8 4 , 8 2 3 9 7 , 1 3 6 8 6 , 9 2 6 8 0 , 3 3 2 3 5 6 , 5 3 9 7 4 , 6 2 4 1 8 , 6 0 4 2 , 3 4 3 0 1 , 5 3 8 1 3 , 4 8 6 4 , 1 1 9 3 6 , 5 5 1 6 7 1 , 4 0 1 1 3 3 , 3 3 7 6 , 3 9 0 7 5 , 1 4 1 5 4 , 8 4 0 5 4 , 6 8 4 3 4 , 5 5 8 5 4 , 0 1 2 8 2 , 5 6 8 5 1 , 8 1 1 4 9 , 7 4 9 8 9 , 1 1 1 6 8 , 4 4 0 7 2 , 1 1 0 0 8 9 0 1 , 3 3 6 9 6 , 2 9 8 0 5 , 3 2 2 5 3 , 7 4 4 0 , 5 5 2 3 , 2 5 9 3 , 3 1 2 5 5 , 3 1 7 1 7 , 3 8 6 5 , 7 6 6 7 , 5 5 8 1 , 4 1 - - 6 0 2 , 1 1 9 6 9 4 9 0 , 7 5 1 3 , 5 3 4 1 , 8 1 3 2 7 , 6 2 4 6 , 2 1 9 5 3 , 4 4 8 3 , 4 7 1 5 , 8 0 8 2 , 4 9 7 2 , 6 7 4 5 , 7 0 2 3 , 1 2 9 6 5 , 2 8 4 9 , 1 1 - 7 3 9 , 3 2 1 0 , 5 1 9 3 8 , 3 5 2 4 , 1 5 8 2 , 3 5 - 9 0 4 , 3 2 0 0 5 , 4 0 7 3 , 7 2 3 9 8 , 6 2 3 4 0 , 6 9 7 4 , 1 2 9 8 , 5 1 6 8 7 , 7 9 0 0 , 6 9 1 4 , 5 8 3 9 , 6 1 5 7 , 0 1 0 6 3 5 7 8 , 3 2 0 5 , 0 6 9 9 7 , 5 1 9 3 0 , 1 1 - 9 3 0 , 1 1 - 9 3 0 , 1 1 ) 0 7 0 , 1 ( 6 0 4 , 3 3 0 7 , 8 X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T A V A V A V A V A V A V A V A V A V A V A V A V A V A V A W A W A W A W A W A W A W A W A W Z A I L I A T E R L A N O G E R R E L L E U M A Z A L P K E E R C H T R O N E R T N E C N O I T A T N A L P T S E R O F K A O R E T N E C G N I S S O R C N O N A B E L N O T S E R P / I S G N K R E T N E C S L L A D N A R E R A U Q S D N O M H C R I G N I S S O R C T S A E T S E W . . C S S K A O R E V R I . . C S S K A O R E V R I E C A L P T E K R A M E I R A R P K C O R I I L A R O M E M T A S E P P O H S I E G A L L I V E R H S L I H T A S P O H S S E G A L L I V S R E N R O C E E R H T T A S P O H S I I E V R D Y B R K T A S P O H S . . C S E T A G H T U O S D L E I F R E P P O C T A E R T N E C E H T S S E N R E D L I W @ S E P P O H S E H T K A O T S O P T A E R T N E C E H T H C N A R S N E V E T S S K A O . . C S S K A O D N A S U O H T L L I H R E K N U B T A A Z A L P E G A L L I V N E L L A C M H T R O N - G N I S S O R C N O T N E R T E C A L P T E K R A M L L A B M O T S G N I S S O R C L L A B M O T 117 R E T N E C G N I P P O H S E G D R B D O O W I E G A L L I V L L I H T S E W - I S E R N O T G N I L R A O R T N E C S E L P A T S - P / O E N O T S C O D G N I S S O R C N W O T S E L L U D S N O M M O C E N O T S C O D A Z A L P N O D R O G R E T N E C E G A L L I V P O T L L I H E C A L P T E K R A M D R O F F A T S A Z A L P N U R C A M O T O P A Z A L P N W O T D L O A Z A L P N W O T E K R U B N O T G N I L R A O R T N E C L I A T E R - X E L A T S E W E C - I F F O X E L A T S E W - I S E R X E L A T S E W H T R O N N R U B U A G N I P P O H S E G A L L I V R E I T N O R F S N O M M O C K R A P N I L K N A R F E D A N A L P S E N O T G N V O C I R E T N E C G N I P P O H S Y A W E T A G L E C R A P T U O T S E W A I P M Y L O . R T C T A E C A L P T E K R A M E H T A Z A L P E L A D R E V L I S R E K A T T I H W E H T I A R O T C A F R E T N E C L I A T E R E T N A S A S T S E R E T N I Y T R E P O R P R E H T O . . C S E S A H C T S E W F O E T A D ) ( A N O I T I S I U Q C A ) ( C N O I T C U R T S N O C ) 2 ( S E C N A R B M U C N E , T S O C L A T O T F O T E N D E T A L U M U C C A N O I T A I C E R P E D D E T A L U M U C C A N O I T A I C E R P E D L A T O T D N A G N I D L I U B S T N E M E V O R P M I D N A L D E Z I L A T I P A C T S O C T N E U Q E S B U S O T N O I T I S I U Q C A ) 1 ( D N A G N I D L I U B S T N E M E V O R P M I T S O C L A I T I N I D N A L E T A T S N O I T P I R C S E D S E I R A I D I S B U S D N A N O I T A R O P R O C Y T L A E R O C M I K N O I T A I C E R P E D D E T A L U M U C C A D N A E T A T S E L A E R - I I I E L U D E H C S 1 2 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 3 1 0 2 ) A ( 1 2 0 2 ) A ( 9 0 0 2 ) C ( 5 0 0 2 ) A ( 1 9 9 1 ) A ( 2 1 0 2 ) A ( 6 8 9 1 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) C ( 1 0 0 2 ) C ( 1 0 0 2 ) C ( 1 0 0 2 ) A ( 6 1 0 2 ) A ( 6 0 0 2 ) A ( 2 1 0 2 ) A ( 7 0 0 2 ) A ( 2 1 0 2 ) C ( 6 0 0 2 ) A ( 5 1 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 1 2 0 2 ) A ( 5 0 0 2 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 0 6 8 0 5 1 0 1 0 , 4 0 6 4 , 1 1 0 6 0 2 5 1 3 1 9 9 4 8 0 6 2 , 5 0 7 4 , 5 0 2 5 1 3 8 7 3 1 8 5 1 , 5 2 9 7 , 8 2 7 2 3 , 2 1 0 5 9 8 8 6 8 8 , 2 7 8 3 , 4 7 8 0 , 8 1 0 8 7 9 1 1 , 2 0 9 5 , 1 7 1 5 , 1 0 2 2 0 7 5 0 0 0 , 1 0 2 5 , 1 0 1 9 0 9 0 , 1 1 2 9 1 , 1 3 - - - - - - - 1 6 4 0 1 0 , 2 - - - - 7 9 8 7 2 6 3 6 , 6 6 4 6 , 1 2 - - 8 - - 3 8 8 6 1 - - - - - - - 8 4 8 , 3 6 3 0 , 0 2 0 6 8 0 5 1 0 1 0 , 4 0 6 4 , 1 1 0 6 1 8 9 1 3 1 9 9 5 8 , 2 0 6 2 , 5 0 7 4 , 5 0 2 5 7 3 1 9 0 1 , 1 5 5 2 , 5 8 2 4 , 5 3 3 7 9 , 3 3 0 5 9 6 9 6 8 8 , 2 7 8 3 , 4 0 7 1 , 8 1 0 8 7 7 8 2 , 2 0 9 5 , 1 7 1 5 , 1 0 2 2 0 7 5 0 0 0 , 1 0 2 5 , 1 0 1 9 6 2 1 , 1 3 0 4 0 , 5 3 - - - - - - - 1 6 4 8 5 3 , 2 - - - - 2 2 3 9 4 2 4 0 8 , 4 2 4 0 3 , 3 3 - 6 9 5 2 3 0 0 4 , 1 5 7 3 , 1 - 7 8 2 , 2 - - - - - - - 9 8 5 , 7 2 0 4 0 , 5 3 0 6 8 0 5 1 0 1 0 , 4 0 6 4 , 1 1 0 6 0 2 5 1 3 1 9 1 0 5 0 6 2 , 5 0 7 4 , 5 0 2 5 7 8 7 7 3 1 9 6 6 0 5 9 6 0 0 , 5 4 2 6 , 0 1 - 6 8 4 , 1 2 6 0 , 4 5 9 7 , 6 1 - 0 8 7 0 9 5 , 1 7 1 5 , 1 0 2 2 0 7 5 0 0 0 , 1 0 2 5 , 1 - 0 1 9 7 3 5 , 3 - - - - - - ) 0 1 ( 9 9 4 ) 0 2 5 , 5 ( - - - ) 7 9 3 , 5 ( ) 7 7 2 , 3 ( ) 2 3 6 , 6 ( 9 3 7 , 4 ) 4 1 0 , 8 ( - 2 8 5 2 3 8 9 3 , 1 4 4 2 , 6 1 - - - - - - - - - - - - - - - - - - - - - - - 9 5 8 , 1 5 6 0 , 0 2 7 8 4 , 0 4 - 2 - 4 1 8 4 3 , 1 - 7 8 2 , 2 - - - - - - - ) 1 5 7 , 2 5 ( ) 4 9 9 , 1 3 ( 0 3 5 , 1 7 7 2 1 , 5 6 0 6 8 0 5 1 0 1 0 , 4 0 6 4 , 1 1 0 6 1 0 5 , 6 1 3 1 0 1 1 0 5 0 6 2 , 5 0 7 4 , 5 0 2 5 6 0 5 , 6 4 1 4 , 3 7 8 8 , 1 1 4 2 6 , 0 1 0 0 5 , 1 0 5 9 - 6 8 4 , 1 2 6 0 , 4 - 8 7 5 0 8 7 0 9 5 , 1 7 1 5 , 1 0 2 2 0 7 5 0 0 0 , 1 0 2 5 , 1 0 1 9 7 0 9 , 1 7 4 3 , 2 1 Z A L F L F L F L F D I N I I M C N C N C N C N C N C N J N Y N Y N Y N Y N Y N R O A P X T X T X T X T X T X T X T X T X T s u o i r a V s u o i r a V D N A L L E T H C A W D A E T S E M O H - I G N D N A L T S A O C M L A P S L E C R A P T U O E S A E L S M R A F N E D D A L G E G A L L I V C I P E . . C S S E L A W E K A L S S E N T I F & S T R O P S E T T O L R A H C S I L O P A N A D N I I - D O O W N I L D N A L T N A C A V - T N I L F Y E L L A V E R U S A E R T S S E N E V A C T A S E P P O H S E H T G N I S S O R C Y T I C F R U S S M R A F - I I G N I S S O R C T S E R O F E K A W Y L N O D N A L E D A N E M O R P H G U O R O B S L L I H I I I S N O M M O C D L E I F E K A W S G N I S S O R C D L E I F E K A W R T C I M U R T A O H C R E J I M E R O T S A E D N A . D V L B N E L L U C Y A R G T S E W 5 3 9 1 C L L , E U C C M 3 0 5 2 I ) T O L G N K R A P ( E N A L Y R R E M L E C R A P D N A L T R O P H T R O N L E C R A P . E V A R E T L U O C A Z A L P E L L I V N N M C M I 118 I G N D L I U B K N A B Y E K R E T N E C T E S S A H N A M ) L A I T N E D I S E R ( R E N S S E G T A Y A W E E R F W N D A P - E R A U Q S D N O M H C R I - A Z A L P E N W O T H T R O N E L L I V S N W O R B E R A U Q S R E V O T S E W D N A L Y T I C S A X E T D N A L - R E T N E C D O O W T S E W . R D ) 4 ( O I L O F T R O P F O E C N A L A B I E G D R E U L B Y L N O 2 5 6 , 8 4 4 $ 2 7 5 , 1 4 0 , 5 1 $ 9 9 6 , 0 1 0 , 3 $ 1 7 2 , 2 5 0 , 8 1 $ 4 2 8 , 7 6 0 , 4 1 $ 7 4 4 , 4 8 9 , 3 $ 7 3 8 , 6 1 4 , 2 $ 8 0 4 , 1 8 5 , 1 1 $ 6 2 0 , 4 5 0 , 4 $ S L A T O T s e s s o l r o f n o i s i v o r p , e l a s - r o f - d l e h s t e s s a , d l o s s l e c r a p - t u o / s l e c r a p e d u l c n i d l u o c n o i t i s i u q c a o t t n e u q e s b u s d e z i l a t i p a c s t s o c r o f e c n a l a b e v i t a g e n e h T . t e n , s t s o c g n i c n a n i f d e r r e f e d d n a t e n , s t n e m t s u j d a t b e d f o e u l a v t e k r a m r i a f s e d u l c n I . t n e m p o l e v e d e r r o f y t r e p o r p a f o t r a p f o n o i t i l o m e d r o / d n a . d e z i l a t i p a c s t s o c r e h t o d n a s t n e m e v o r p m i d l o h e s a e l , s e r u t x i f s e d u l c n I . t n e m p o l e v e d r o f d l e h d n a l s e d u l c n i r e t n e c g n i p p o h S ) 1 ( ) 2 ( ) 3 ( ) 4 ( 9 1 0 2 0 2 0 2 1 2 0 2 0 9 1 , 7 7 8 , 1 1 $ 6 7 2 , 9 2 9 , 1 1 $ 7 2 8 , 8 6 0 , 2 1 $ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . d o i r e p f o g n i n n i g e b , e c n a l a B - 1 7 9 , 3 4 1 1 2 , 4 0 4 ) 6 2 5 , 8 ( ) 8 0 6 , 7 0 3 ( - ) 1 8 0 , 3 4 ( ) 1 8 8 , 6 3 ( - 9 4 4 , 0 1 0 9 3 , 0 1 2 ) 4 6 7 , 0 3 ( - - ) 2 8 4 , 5 ( ) 2 4 0 , 5 4 ( 8 9 6 , 3 5 1 4 3 3 , 5 8 7 3 6 3 , 5 6 7 , 5 - ) 7 5 0 , 5 0 2 ( - ) 5 6 0 , 2 8 ( ) 9 2 8 , 3 3 4 ( 6 7 2 , 9 2 9 , 1 1 $ 7 2 8 , 8 6 0 , 2 1 $ 1 7 2 , 2 5 0 , 8 1 $ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . s n o i t i s i u q c A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . s t n e m e v o r p m I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . s e r u t n e v t n i o j d e t a d i l o s n o c n u m o r f s r e f s n a r T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . e l a s - r o f - d l e h s t e s s a d n a s e l a S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . t e n , s t e s s a e s u - f o - t h g i r e s a e l g n i t a r e p o . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . s e r u t n e v t n i o j d e t a d i l o s n o c n u o t o t s r e f s n a r T s r e f s n a r T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . s t e s s a d e t a i c e r p e d y l l u f r o f t n e m t s u j d A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . s e u l a v g n i y r r a c y t r e p o r p f o t n e m t s u j d A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . d o i r e p f o d n e , e c n a l a B : d o i r e p g n i r u d s n o i t c u d e D 119 : d o i r e p g n i r u d s n o i t i d d A 4 3 5 , 0 6 2 ) 2 4 3 , 1 ( ) 0 8 0 , 8 8 ( ) 7 4 3 , 6 5 ( 3 5 0 , 0 0 5 , 2 4 4 1 , 5 6 2 - ) 1 4 0 , 3 ( ) 2 4 0 , 5 4 ( 6 1 4 , 8 7 3 - ) 6 6 7 , 2 ( ) 5 6 0 , 2 8 ( $ 4 1 1 , 7 1 7 , 2 $ 9 9 6 , 0 1 0 , 3 8 8 2 , 5 8 3 , 2 $ 3 5 0 , 0 0 5 , 2 $ 4 1 1 , 7 1 7 , 2 9 1 0 2 0 2 0 2 1 2 0 2 $ $ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . d o i r e p f o g n i n n i g e b , e c n a l a B : d o i r e p g n i r u d s n o i t i d d A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . r a e y r o f n o i t a i c e r p e D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . e l a s - r o f - d l e h s t e s s a d n a s e l a S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . t e n , s t e s s a e s u - f o - t h g i r e s a e l g n i t a r e p o o t s r e f s n a r T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . r e h t o / s t e s s a d e t a i c e r p e d y l l u f r o f t n e m t s u j d A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . d o i r e p f o d n e , e c n a l a B : d o i r e p g n i r u d s n o i t c u d e D : s w o l l o f s a e r a 9 1 0 2 d n a 0 2 0 2 , 1 2 0 2 , 1 3 r e b m e c e D d e d n e s r a e y e h t r o f n o i t a i c e r p e d d e t a l u m u c c a n i s e g n a h c e h T . n o i t a t n e s e r p s d o i r e p ' t n e r r u c e h t h t i w m r o f n o c o t r e d r o n i d e i f i s s a l c e r n e e b e v a h d o i r e p r o i r p e h t n i s t n u o m a n i a t r e C : s n o i t a c i f i s s a l c e R S E I R A I D I S B U S D N A N O I T A R O P R O C Y T L A E R O C M I K N O I T A I C E R P E D D E T A L U M U C C A D N A E T A T S E L A E R - I I I E L U D E H C S 1 2 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( r e t r o h s s i r e v e h c i h w , s e v i l l u f e s u r o s e s a e l f o s m r e T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ) s t e s s a 0 5 o t 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ) s r a e y n i ( s t n e m e v o r p m i g n i d l i u b d n a s g n i d l i u B e l b i g n a t n i d e i f i t n e d i n i a t r e c g n i d u l c n i ( s t n e m e v o r p m i d l o h e s a e l d n a g n i d l i u b , s e r u t x i F : s w o l l o f s a s t e s s a e h t f o s e v i l l u f e s u d e t a m i t s e e h t r e v o d o h t e m e n i l - t h g i a r t s e h t n o d e d i v o r p e r a n o i t a z i t r o m a d n a n o i t a i c e r p e D . 1 2 0 2 , 1 3 r e b m e c e D t a n o i l l i b 4 . 6 1 $ y l e t a m i x o r p p a s a w s e s o p r u p x a t e m o c n i l a r e d e F r o f t s o c e t a g e r g g a e h T : s w o l l o f s a e r a 9 1 0 2 d n a 0 2 0 2 , 1 2 0 2 , 1 3 r e b m e c e D d e d n e s r a e y e h t r o f s t e s s a e t a t s e l a e r l a t o t n i s e g n a h c e h T KIMCO REALTY CORPORATION AND SUBSIDIARIES SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE As of December 31, 2021 (in thousands) Final Maturity Date Periodic Payment Terms (a) Prior Liens Original Face Amount of Mortgages Carrying Amount of Mortgages (b) Interest Rate Principal Amount of Loans Subject to Delinquent Principal or Interest Description Mortgage Loans: Retail Mesa, AZ............................. Pompano, FL....................... Jacksonville, FL .................. San Antonio, TX ................. Las Vegas, NV .................... Las Vegas, NV .................... 12.00% Aug-21 12.00% Dec-22 10.00% Nov-26 12.50% Sep-27 12.00% May-33 7.00% Oct-53 I I I I I I Nonretail Commack, NY .................... Melbourne, FL .................... 7.41% Oct-26 6.88% Dec-30 P&I P&I Other Financing Loans: Nonretail Borrower A .......................... Borrower B........................... Borrower C........................... Allowance for Credit losses: 5.00% Apr-22 7.00% Mar-31 8.00% Jun-22 P&I P&I I $ $ - - - - - - - - - - - - $ $ 500 25,000 15,000 21,500 3,075 3,410 $ 500 25,000 15,000 21,500 3,075 3,410 1,354 500 175 397 5,000 211 226 105 375 5,000 (1,300) 500 - - - - - - - - - - $ 75,911 $ 73,102 $ 500 (a) I = Interest only; P&I = Principal & Interest. (b) The aggregate cost for Federal income tax purposes was approximately $73.1 million as of December 31, 2021. For a reconciliation of mortgage and other financing receivables from January 1, 2019 to December 31, 2021, see Footnote 13 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. 120 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Exhibit 23.1 We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-258872) and Form S-8 (Nos. 333-238131, 333-61323, 333-85659, 333-62626, 333-135087, 333-167265, and 333-184776) of Kimco Realty Corporation of our report dated February 28, 2022 relating to the financial statements and financial statement schedules and the effectiveness of internal control over financial reporting, which appears in this Form 10-K. /s/ PricewaterhouseCoopers LLP New York, New York February 28, 2022 CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 Exhibit 31.1 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 28, 2022 /s/ Conor C. Flynn Conor C. Flynn Chief Executive Officer CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 Exhibit 31.2 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 28, 2022 /s/ Glenn G. Cohen Glenn G. Cohen Chief Financial Officer 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, 2021 (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 28, 2022 Date: February 28, 2022 /s/ Conor C. Flynn Conor C. Flynn Chief Executive Officer /s/ Glenn G. Cohen Glenn G. Cohen Chief Financial Officer 1 . 9 9 i t i b h x E R E C O R G S E S A E L R O J A M 0 0 0 , 0 6 T E K R A M S D O O F E L O H W A L G E M A N T N A N E T A L G E M A N T N A N E T A L G 3 3 5 , 5 1 E M A N T N A N E T T N E C R E P ) 1 ( D E S A E L ' T E S O L C S R E T S I S Y M 0 . 0 0 1 T R A M L A W ) 4 ( T E G R A T 9 8 5 , 2 0 1 0 0 0 , 0 1 R A E W T O O F S U O M A F 1 8 7 , 9 2 0 0 0 , 0 1 D N O Y E B & H T A B D E B 8 . 3 9 A Z Z I P R E P I P R E T E P 2 . 1 9 T O P E D E M O H 0 0 0 , 0 7 1 D L R O W R O O D T U O S P O H S O R P S S A B 3 . 1 9 S T N U O C S I D S D D ' 9 5 6 , 1 4 1 S L E A H C M I N N A O J 4 8 9 , 3 5 4 5 0 , 8 9 6 6 6 , 5 2 N O T G N I L R U B 0 . 0 0 1 I R A N A B R U 2 . 8 9 O C T S O C 7 . 5 8 S L E A H C M 2 . 7 9 I 5 . 6 9 1 . 5 9 S E R T A E H T S N K R A H I 9 0 6 , 9 4 1 E S U O H E R A W E R U T I N R U F N A C R E M A 1 . 5 9 I 3 0 4 , 2 2 E N O Z Y K S 9 . 6 9 0 0 0 , 8 0 2 7 2 5 , 5 2 1 7 5 4 , 1 5 1 3 6 1 , 5 4 9 0 9 , 3 0 1 3 7 5 , 2 6 7 2 6 , 0 1 1 1 6 3 , 1 5 2 8 3 8 , 2 8 5 2 7 , 2 3 4 6 3 , 9 4 5 0 8 , 3 6 5 5 2 , 5 5 1 8 3 , 6 2 0 0 5 , 8 2 0 0 5 , 4 6 1 2 1 , 5 4 6 0 3 , 2 3 3 4 1 , 1 6 3 2 7 , 0 4 9 1 0 , 7 5 1 7 8 0 , 4 5 0 0 0 , 5 4 0 4 4 , 7 3 0 0 8 , 0 3 0 0 0 , 0 6 7 5 2 , 4 4 0 1 1 , 6 3 9 3 2 , 4 5 2 6 0 , 2 1 1 0 4 4 , 3 4 5 3 2 , 3 4 6 1 6 , 7 4 0 3 6 , 2 4 8 0 5 , 7 1 7 5 6 , 9 2 7 1 8 , 7 5 0 8 1 , 7 3 5 3 4 , 6 5 0 0 0 , 0 4 1 3 2 , 9 5 D O O H R O B H G I E N T R A M L A W ) 4 ( T E G R A T T E K R A M ) 4 ( T E K R A M H C N A R Y A W E F A S T R A M L A W T R A M L A W G U R D & D O O F S Y R F ' S R E M R A F S T U O R P S E R O T S G U R D & D O O F S Y R F ' D O O F E N I F S ’ J A Y A W E F A S E R O T S Y A W E F A S T E K R A M S R E M R A F S T U O R P S Y A W E F A S Y A W E F A S T E K R A M T E K R A M S D O O F E L O H W ) 2 ( G U R D & D O O F S Y R F ' 4 3 7 , 0 4 0 9 1 , 3 2 6 0 4 , 1 2 2 2 3 , 2 6 4 1 1 , 2 1 4 4 1 , 1 1 3 3 0 , 8 2 3 1 8 , 3 1 S R E H T O R B R E T A T S S R E C O R G R O R E P U S I ' S Y E L A R D O O H R O B H G I E N T R A M L A W X X A M D O O F ) 4 ( T E G R A T Y A W E F A S T E K R A M S R E H T O R B R E T A T S ) 4 ( S N O S T R E B L A L A N I F & T R A M S Y A W E F A S R E P U S L E O C T S O C ' S H P L A R ) 4 ( T E K R A M H C N A R 9 9 T E K R A M H C N A R 9 9 I D L A Y A W E F A S T R A M H T E K R A M R A L E B I ' S Y E L A R S N O V 8 5 2 , 6 2 0 1 3 , 6 1 7 9 7 , 0 1 0 1 6 , 6 1 0 9 8 , 1 2 2 0 0 , 5 2 0 3 7 , 0 3 5 2 2 , 4 2 0 3 8 , 3 2 9 0 8 , 0 3 0 0 0 , 0 0 1 8 0 6 , 5 2 0 0 0 , 5 5 0 6 0 , 1 3 0 0 0 , 4 2 0 9 1 , 4 2 9 2 7 , 4 2 S S E N T I F K N I L B E E R T R A L L O D N O T G N I L R U B E E R T R A L L O D 0 0 8 , 0 1 2 7 4 , 3 1 0 0 2 , 7 2 5 3 2 , 8 1 9 5 4 , 7 1 5 2 0 , 9 2 0 0 0 , 0 1 3 2 9 , 3 1 0 0 0 , 7 2 S S E L R O F S S E R D S S O R 1 6 8 , 0 1 1 D N O Y E B & H T A B D E B S S E L R O F S S E R D S S O R T R A M S T E P E R O T S E M O H Y E L H S A I D A E T I R T O P E D E M O H E N O Z Y K S 5 3 3 , 4 1 0 5 2 , 8 3 5 6 4 , 4 0 1 0 6 0 , 5 2 0 0 0 , 5 3 0 0 0 , 2 3 2 1 1 , 4 1 1 8 4 3 , 1 1 1 S S E L R O F S S E R D S S O R S S E L R O F S S E R D S S O R S S E L R O F S S E R D S S O R N O T G N I L R U B 0 0 0 , 2 3 2 4 6 , 7 2 0 0 0 , 2 2 3 4 9 , 6 2 0 0 0 , 0 4 0 0 4 , 8 1 N O T G N I L R U B 0 0 0 , 9 0 1 E R O T S 4 2 5 , 1 1 E E R T R A L L O D 0 0 0 , 5 1 5 3 2 , 6 1 E R A W D R A H E C A S L U A P ' 1 3 3 , 9 2 ' T E S O L C S R E T S I S Y M S R E T T I F T U O N A B R U T R A M S T E P S V C 0 0 0 , 2 1 3 5 8 , 6 1 6 5 8 , 6 1 8 3 2 , 5 1 5 5 2 , 4 3 7 4 1 , 5 1 9 1 5 , 4 2 C I L B U P E R T I F E H T 0 . 0 0 1 E E R T R A L L O D 8 . 6 9 S V C 7 . 2 9 S V C 4 . 4 9 9 . 5 9 0 . 0 0 1 X A M E C I F F O 0 . 0 0 1 X X A M J T 0 . 6 9 S V C 5 . 3 9 X A M E C I F F O 0 . 0 0 1 6 . 3 9 E E R T R A L L O D 2 . 8 7 O C T E P 4 . 6 9 2 . 3 7 S L O O T T H G I E R F R O B R A H 9 . 3 9 S S E L R O F S S E R D S S O R 5 . 8 9 I D A E T I R 9 . 6 9 N N A O J 0 . 0 0 1 S S E N T I F T E N A L P 3 . 2 3 E E R T R A L L O D 0 . 0 0 1 E R A W D R A H E C A 9 . 6 9 S L L A H S R A M 6 . 6 8 S E I R E L L A G E R U T I N R U F S N A V E 6 . 5 9 S S E N T I F R U O H 4 2 6 . 8 9 T O P E D E M O H 0 . 0 0 1 R E T N E C E M O H S E W O L 1 . 6 9 ' S S E N T I F R U O H 4 2 9 . 4 9 S L L A H S R A M 0 . 0 8 O C T S O C 3 . 7 9 E E R T R A L L O D 5 . 0 9 O A C A R U C 9 . 9 5 0 . 7 9 S S E N T I F R U O H 4 2 3 . 8 9 S S E N T I F T E N A L P 0 . 1 9 S S E N T I F A L 9 . 1 9 X X A M J T 3 . 7 8 T O P E D E M O H 4 . 5 9 S L L A H S R A M 6 . 9 9 I D A E T I R 4 . 0 9 6 . 7 7 8 2 1 , 5 7 1 5 7 , 5 4 2 2 8 , 9 2 1 2 1 9 , 4 0 1 , 1 5 6 6 , 8 8 8 7 0 , 7 7 1 8 0 6 , 8 1 2 7 2 7 , 6 2 2 1 2 6 , 1 3 1 2 9 2 , 4 8 1 8 4 8 , 7 4 7 1 3 7 , 2 3 1 2 0 1 , 1 6 4 6 2 , 0 9 5 5 0 , 2 1 1 9 3 7 , 3 5 1 5 8 6 , 1 0 1 4 3 3 , 3 9 1 1 4 , 0 5 1 3 9 4 , 0 9 1 0 8 6 , 7 0 1 5 8 2 , 2 6 7 0 5 , 2 8 8 3 8 , 3 4 7 9 6 , 6 9 1 4 4 , 6 5 1 3 7 6 , 7 8 1 8 7 4 , 8 8 2 3 4 0 , 4 5 1 8 3 3 , 5 0 1 3 3 2 , 3 1 1 6 8 4 , 5 7 6 2 0 , 2 6 1 0 2 4 , 7 4 1 4 5 7 , 2 1 2 7 9 0 , 0 0 1 0 5 9 , 4 4 2 1 0 0 , 9 3 3 4 6 2 , 8 6 1 2 5 3 , 3 7 2 1 6 , 0 1 3 9 2 8 , 7 2 2 1 5 1 , 9 8 4 2 8 7 , 7 7 2 6 2 8 , 8 2 1 1 3 7 , 4 8 5 1 2 4 , 6 5 1 6 1 3 , 8 9 5 3 0 , 7 3 1 0 4 7 , 8 2 1 3 0 2 , 3 2 2 5 2 6 , 8 9 1 2 0 2 5 0 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 1 0 2 8 9 9 1 8 9 9 1 7 9 9 1 1 1 0 2 5 1 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 2 1 0 2 1 1 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 8 9 9 1 1 2 0 2 6 1 0 2 6 0 0 2 4 1 0 2 1 2 0 2 1 2 0 2 4 1 0 2 8 9 9 1 1 2 0 2 8 0 0 2 6 0 0 2 6 0 0 2 8 0 0 2 1 2 0 2 5 1 0 2 8 9 9 1 0 0 0 2 6 0 0 2 2 0 0 2 6 0 0 2 0 1 0 2 6 0 0 2 1 2 0 2 6 0 0 2 6 0 0 2 P I O U R P U R P U R P I R K U R P P P C U R P U R P U R P E L B A S A E L R O D E P O L E V E D R A E Y ) . . T F Q S ( A E R A D E R I U Q C A O I L O F T R O P N O I T A C O L A N O Z I R A R E L D N A H C A S E M A S E M A S E M Y E L L A V O R O ) 3 ( I X N E O H P I X N E O H P I X N E O H P ) 3 ( I X N E O H P I X N E O H P I A R O E P I X N E O H P I X N E O H P I X N E O H P E L A D S T T O C S E L A D S T T O C S E L A D S T T O C S E L A D S T T O C S E L A D S T T O C S E L A D S T T O C S Y T I C N U S E P M E T E P M E T N O S C U T N O S C U T E P M E T ) 3 ( A R B M A H L A ) 3 ( M I E H A N A I A N R O F I L A C R E W O L F L L E B R E W O L F L L E B M I E H A N A M I E H A N A I I A C N E B Y E L L A V O R T S A C L E A H C M R A C I ) 3 ( D A B S L R A C S L L I H O N H C I S L L I H O N H C I A N O R O C I A N V O C A M L O C ) 3 ( O N I T R E P U C ) 3 ( Y T I C Y L A D E V O R G K L E S A T I N C N E I I O D D N O C S E S K A O R A F I N O J A C L E N I L B U D O C H C I O N H C I O N H C I 7 4 7 , 5 5 1 4 7 , 4 5 0 0 0 , 8 4 8 1 4 , 2 6 0 0 0 , 2 2 4 3 3 , 3 2 0 0 8 , 0 4 9 9 1 , 7 4 2 3 7 , 4 1 1 9 3 7 , 2 1 1 2 4 3 , 5 5 0 5 9 , 8 3 0 2 4 , 4 3 0 6 8 , 3 1 0 9 8 , 0 6 8 4 3 , 9 3 9 9 1 , 1 5 1 8 8 , 2 1 2 9 8 , 5 4 7 6 0 , 2 3 1 1 4 0 , 6 3 6 4 1 , 5 5 9 5 3 , 8 3 5 9 0 , 3 5 1 7 8 0 , 3 3 1 5 2 2 , 9 1 9 3 4 , 0 1 1 8 9 , 9 3 4 8 2 , 6 6 1 7 9 , 8 4 9 3 1 , 9 5 0 3 1 , 0 3 2 9 6 , 4 4 7 8 6 , 1 2 6 9 2 , 4 4 3 1 9 , 0 6 7 9 8 , 7 5 7 8 5 , 6 2 1 0 4 6 , 2 5 7 4 6 , 5 2 4 0 0 , 0 1 2 7 5 , 9 2 0 0 3 , 0 4 0 3 4 , 1 4 0 0 4 , 6 3 0 5 5 , 0 6 9 7 5 , 5 4 9 1 8 , 6 4 5 4 4 , 9 6 0 0 0 , 0 5 T E K R A M H C N A R 9 9 S A N A T N O M S A L T E K R A M R E P U S ) 4 ( S N O S T R E B L A S N O V ) 4 ( T E G R A T Y A W E F A S T E G R A T S S E L 4 D O O F / S H P L A R ' S R E C O R G R O R E P U S I ' S E O J R E D A R T 9 0 6 , 6 1 7 7 5 , 6 2 1 6 6 , 5 1 1 6 0 , 2 1 0 6 1 , 8 1 7 8 4 , 5 2 3 9 6 , 4 2 0 7 2 , 6 4 ' S Y E L A R 8 3 2 , 0 0 1 T E K R A M G N K R E P U S I Y A W E F A S S R E M R A F S T U O R P S ) 4 ( O C T S O C ' S E O J R E D A R T Y A W E F A S S R E M R A F S T U O R P S Y A W E F A S T E K R A M T R A M H O C T S O C ) 4 ( O C T S O C 3 4 2 , 0 2 8 0 7 , 5 1 0 0 0 , 0 3 5 8 0 , 9 1 0 3 8 , 1 2 1 7 4 , 7 2 I E C V R E S L A T S O P . . S U S S E N T I F H C N U R C S E L P A T S I S A M E N C E C N A D N U S E E R T R A L L O D I D A E T I R S V C S S E L R O F S S E R D S S O R S S E L R O F S S E R D S S O R I D A E T I R 2 0 9 , 8 3 0 0 0 , 1 1 6 4 2 , 4 2 0 1 2 , 6 2 9 0 5 , 2 4 S S E L R O F S S E R D S S O R 7 7 3 , 5 5 S S E N T I F K N I L B E E R T R A L L O D T O P E D E M O H S T O L G B I 0 0 0 , 5 0 1 0 0 0 , 6 1 1 0 0 4 , 2 3 9 6 7 , 4 2 9 6 1 , 4 3 8 2 0 , 0 3 7 3 4 , 4 2 0 5 5 , 6 2 0 0 3 , 9 1 0 0 3 , 9 2 0 2 1 , 0 2 8 8 3 , 5 4 4 6 7 , 7 2 7 7 0 , 3 2 0 0 0 , 4 2 1 4 0 , 2 2 6 5 3 , 9 2 9 2 3 , 3 3 S S E N T I F R U O H 4 2 7 . 5 9 N A P A J O S I A D 0 . 8 9 S L L A H S R A M 4 . 8 7 S T O L G B 1 . 8 9 I S V C 0 . 0 0 1 Y L N O S T N E C 9 9 7 . 0 9 S L L A H S R A M 8 . 4 9 M Y G C F U 2 . 6 9 S V C 3 . 9 9 S V C 0 . 0 0 1 S S E L R O F S S E R D S S O R 6 . 1 9 S S E L R O F S S E R D S S O R 9 . 6 9 S S E N T I F H C N U R C 3 . 7 9 S T N U O C S I D S D D 2 . 8 9 ' D E M A T L A 8 . 7 9 T E G R A T 0 . 0 0 1 E C N A I L P P A - T H G I E R F N A C R E M A I E S U O H E R A W E O H S W S D 3 . 3 8 I D A E T I R 1 . 5 9 E R A W D R A H Y L P P U S R O O D T U O 0 . 0 0 1 S S E R T T A M E R U T I N R U F 4 . 4 9 S S E L R O F S S E R D S S O R 1 . 4 9 S D O O G E M O H 7 . 1 6 S U L P S P M A L 0 . 5 8 S D O O G G N I T R O P S S K C D 4 . 7 9 I ' A Z A L P E T S A M A N T E K R A M R E P U S S N O S T R E B L A S N O V ) 4 ( X X A M D O O F S R E M R A F S T U O R P S Y A W E F A S T E K R A M ) 4 ( S N O S T R E B L A ) 4 ( Y A W E F A S I D L A S R E M R A F S T U O R P S X X A M D O O F ) 4 ( T E G R A T S S E L 4 D O O F ' S Y E L A R ) 4 ( T R A M E V A S ' S E O J R E D A R T T E K R A M ) 2 ( N E G G A H Y A W E F A S ' S H P L A R T E K R A M S D O O F E L O H W S N O S T R E B L A ' S H P L A R 0 0 0 , 0 3 0 0 0 , 8 1 3 5 6 , 5 2 0 2 0 , 9 1 0 0 7 , 3 2 0 0 0 , 0 1 5 9 8 , 7 2 0 0 0 , 0 3 0 5 6 , 9 2 8 2 7 , 8 8 5 7 5 , 2 4 0 2 5 , 6 1 0 5 5 , 1 1 9 5 1 , 8 6 8 4 7 , 3 6 4 4 0 , 9 1 S N O I L I V A P S N O S T R E B L A 0 0 0 , 5 3 . C N I , E R O M & S E G A R E V E B ! O M V E B K R A P E N I L O P M A R T E D U T I T L A E R O M & E N W L A T O T I S E I R T S U D N I L L I W D O O G D N O Y E B & H T A B D E B I S A M E N C U K E M E T Y L N O S T N E C 9 9 S L E A H C M I O C T E P 9 1 9 , 5 2 2 7 6 4 , 5 3 0 0 0 , 0 3 9 3 1 , 6 3 0 0 0 , 6 1 6 0 7 , 6 2 0 0 0 , 5 2 0 0 1 , 4 2 0 0 4 , 4 3 1 9 0 7 , 0 1 0 0 1 , 2 1 6 0 1 , 8 2 0 0 0 , 6 3 9 7 4 , 6 8 S S E N T I F H C N U R C O C T E P 2 7 0 , 9 1 4 6 3 , 2 2 S E R T A E H T C M A 9 3 6 , 4 3 1 Y B B O L Y B B O H S S E N T I F T E N A L P 4 6 0 , 8 9 0 0 5 , 5 2 4 5 1 , 2 2 7 1 0 , 7 5 2 6 9 , 7 1 S E R T A E H T Y C N E G E R 0 2 2 , 2 0 1 M Y G C F U ' S L H O K 9 3 6 , 1 2 2 5 9 5 , 3 4 B U L C S T R O P S Y T I C 7 . 0 7 M O R T S D R O N 0 . 0 0 1 E E R T R A L L O D 0 . 6 5 S L L A H S R A M 0 . 0 0 1 S S E L R O F S S E R D S S O R 2 . 0 9 S N E E R G L A W 2 . 8 9 S S E N T I F T E N A L P 9 . 7 9 N N A O J 0 . 8 9 S S E L R O F S S E R D S S O R 0 . 0 0 1 S S E N T I F R U O H 4 2 5 . 4 9 E R A W D R A H E C A 1 . 0 9 T O P E D E M O H 0 . 0 0 1 E M O H T A 2 . 6 8 A T L U 7 . 4 9 0 . 0 0 1 6 . 7 9 5 . 6 9 5 . 4 9 S E C N A I L P P A S D R A W O H 7 . 5 9 ' S E R T A E H T Y R U T N E C 4 . 8 9 T O P E D E M O H 1 . 8 9 N O T G N I L R U B 5 . 8 9 T R A M L A W 3 . 9 9 6 . 6 8 8 . 8 9 T O P E D E M O H 8 . 6 9 I D A E T I R 1 . 4 9 S L E A H C M 0 . 0 0 1 I T E G R A T 1 . 5 9 S V C 9 . 5 8 S V C 9 . 2 9 T E K R A M 9 1 6 , 0 3 S D O O G E M O H 2 5 1 , 1 3 X X A M J T 4 . 3 9 0 0 0 , 0 5 E C I I F F O L A N O G E R O C T S O C 2 6 9 , 0 2 1 1 5 8 , 6 6 0 0 6 , 0 1 E G A R O T S F L E S E C R P 0 . 0 0 1 I S S E N T I F R U O H 4 2 0 . 0 0 1 O C T S O C 0 . 0 0 1 0 . 0 0 1 5 6 8 , 0 5 1 6 6 6 , 4 0 5 6 1 9 , 9 2 1 3 2 7 , 2 9 1 7 8 9 , 5 6 1 1 9 , 0 8 5 0 8 , 8 4 1 3 1 5 , 4 6 2 2 7 8 , 6 2 2 9 0 4 , 6 1 1 5 6 1 , 4 0 1 2 8 4 , 0 5 1 0 0 9 , 1 6 1 5 7 7 , 9 6 1 9 8 4 , 1 5 2 0 3 5 , 9 4 3 1 4 9 , 3 6 1 5 8 4 , 3 3 1 0 1 8 , 3 9 4 0 0 , 3 5 3 1 3 2 , 8 6 1 5 3 4 , 1 2 1 0 7 8 , 5 4 1 7 1 , 1 8 3 9 4 , 8 8 1 0 1 4 , 7 1 1 4 7 6 , 2 1 4 0 0 0 , 5 3 3 5 8 , 5 0 2 9 6 1 , 8 4 5 7 7 , 6 5 1 1 4 7 , 8 0 1 9 1 9 , 5 2 2 4 0 2 , 8 7 1 9 2 0 , 1 7 1 6 6 6 , 0 1 2 5 5 2 , 5 9 1 2 8 , 1 3 1 8 9 5 , 2 4 1 6 8 2 , 2 9 0 8 8 , 4 3 7 4 1 , 6 4 0 0 4 , 4 3 1 8 7 4 , 2 0 1 9 6 5 , 4 9 1 4 5 7 , 2 1 3 0 0 0 , 2 4 3 8 1 0 , 9 1 5 9 4 7 , 0 7 2 3 5 5 , 6 2 9 4 4 , 1 8 5 1 4 , 3 9 1 7 8 2 , 7 3 1 3 8 6 , 7 8 6 9 4 1 , 3 7 2 0 7 0 , 3 4 1 3 6 5 , 2 2 1 7 2 6 , 4 1 1 9 4 4 , 0 0 2 7 6 5 , 7 1 4 1 2 0 2 7 0 0 2 1 2 0 2 1 2 0 2 6 0 0 2 6 1 0 2 6 0 0 2 8 9 9 1 4 1 0 2 5 1 0 2 6 0 0 2 0 1 0 2 6 0 0 2 1 2 0 2 0 0 0 2 6 0 0 2 5 0 0 2 9 0 0 2 6 0 0 2 6 0 0 2 4 1 0 2 5 0 0 2 9 0 0 2 4 1 0 2 5 1 0 2 0 0 0 2 0 1 0 2 9 0 0 2 6 0 0 2 7 0 0 2 5 1 0 2 2 1 0 2 7 0 0 2 6 0 0 2 1 2 0 2 1 2 0 2 1 2 0 2 6 0 0 2 1 2 0 2 1 2 0 2 1 2 0 2 9 9 9 1 8 9 9 1 5 0 0 2 1 2 0 2 5 1 0 2 9 9 9 1 0 1 0 2 0 0 0 2 6 0 0 2 5 1 0 2 6 0 0 2 6 0 0 2 8 1 0 2 6 0 0 2 6 0 0 2 6 0 0 2 6 0 0 2 6 0 0 2 1 2 0 2 U R P U R P U R P U R P U R P I R K U R P U R P I R K P P C U R P V J O U R P U R P I R K I R K P P C I R K U R P U R P V J O U R P U R P U R P U R P U R P T R A M E V A S ' S Y E L A R Y A W E F A S Y A W E F A S 0 4 4 , 1 2 0 0 0 , 0 3 5 4 1 , 4 2 8 8 9 , 5 2 7 T N O M E R F E G N U O L E N C I S S E L R O F S S E R D S S O R S S E N T I F T E N A L P I D A E T I R R E C O R G S E S A E L R O J A M A L G E M A N T N A N E T A L G E M A N T N A N E T A L G E M A N T N A N E T T N E C R E P ) 1 ( D E S A E L E L B A S A E L R O D E P O L E V E D R A E Y ) . . T F Q S ( A E R A D E R I U Q C A O I L O F T R O P H C A E B N O T G N I T N U H D R A W Y A H N O I T A C O L M O D E E R F T N O M E R F T N O M E R F T N O M E R F A N E D R A G A D A R M A L I E N R E V A L N L O C N I L S E L E G N A S O L S E L E G N A S O L S E L E G N A S O L O L L E B E T N O M E R O M R E V I L I E G D R H T R O N O T A V O N A P A N Y T I C D O O W D E R E D I S N A E C O E D I S N A E C O A C I F I C A P Y A W O P E L L I V E S O R E L L I V E S O R O G E I D N A S O G E I D N A S O G E I D N A S O G E I D N A S O G E I D N A S O G E I D N A S O G E I D N A S O G E I D N A S E S O J N A S E S O J N A S E S O J N A S ) 3 ( S O C R A M N A S O R D N A E L N A S O R D N A E L N A S E S O J N A S S O C R A M N A S N O M A R N A S A N A A T N A S A S O R A T N A S A S O R A T N A S A L U C E M E T E E T N A S A L U C E M E T E C N A R R O T E E K C U R T E E K C U R T I A C N E L A V D N A L P U A T S I V N I T S U T N I T S U T N I T S U T ) 3 ( I R E T S N M T S E W K E E R C T U N L A W I R E T S N M T S E W 5 9 2 , 5 1 0 0 0 , 0 3 1 3 8 , 9 1 0 0 0 , 0 1 5 9 1 , 1 5 6 0 1 , 5 2 7 4 3 , 0 2 5 6 8 , 9 4 7 0 1 , 0 3 0 3 3 , 3 3 0 0 0 , 6 2 6 2 1 , 1 1 0 0 0 , 5 1 0 4 2 , 4 6 8 6 3 , 2 3 9 7 4 , 8 4 1 5 2 , 0 2 1 8 2 9 , 0 0 1 0 0 5 , 3 2 0 0 2 , 5 2 5 4 9 , 8 4 1 2 0 , 8 1 0 0 0 , 5 1 6 4 8 , 0 3 1 2 1 , 5 2 2 0 3 , 0 3 4 2 2 , 9 2 A L G 1 1 0 , 1 5 0 1 6 , 2 5 0 0 0 , 8 2 1 9 5 9 , 6 5 5 0 4 , 8 1 0 5 2 , 0 5 0 6 5 , 6 7 6 3 2 , 1 2 6 9 6 , 7 7 8 8 7 , 9 4 2 3 5 , 4 6 2 7 9 , 5 6 0 0 0 , 2 5 1 5 5 2 , 5 0 1 9 6 6 , 6 4 0 2 9 , 9 0 1 4 6 7 , 6 4 7 2 9 , 9 1 6 3 2 , 8 5 5 4 6 , 9 2 2 1 1 , 2 4 0 5 9 , 4 2 2 1 1 , 2 4 7 7 0 , 6 5 7 7 0 , 6 5 5 6 2 , 6 0 2 5 6 2 , 6 0 2 0 2 4 , 1 5 5 5 5 , 8 4 0 0 8 , 0 2 2 1 1 , 2 4 6 3 8 , 2 8 2 7 7 , 2 2 0 0 4 , 8 3 7 4 9 , 0 1 E M A N T N A N E T A L G E M A N T N A N E T S N O V 5 8 9 , 7 3 1 S R A E S R E C O R G S E S A E L R O J A M 0 4 1 , 8 2 X X A M J T ) 4 ( S R E P O O S G N K I S R E P O O S G N K I ) 4 ( Y A W E F A S E R O V A C O L S R E M R A F S T U O R P S ) 4 ( S R E P O O S G N K I T E K R A M S R E P O O S G N K I S R E P O O S G N K I Y A W E F A S Y A W E F A S ) 4 ( T E G R A T B U L C E L A S E L O H W S J B ' P O H S & P O T S I D L A 4 3 8 , 5 3 3 3 1 , 9 4 5 6 2 , 8 4 ) 4 ( O C T S O C 5 8 4 , 2 4 T R A M L A W Y G B I 4 8 2 , 0 1 S D O O G G N I T R O P S S K C D I ' K C A R M O R T S D R O N ) 2 ( S E R O T S S B O B ' W O L E B E V I F 0 3 8 , 6 8 4 5 9 , 0 3 0 0 0 , 8 8 0 4 2 , 1 5 0 5 7 , 9 8 0 0 5 , 1 1 1 I G N N R O M Y A D S E U T 7 6 2 , 5 2 ' S N N O C 5 5 4 , 5 5 X X A M J T O C T E P A L G 0 0 9 , 1 4 1 0 5 9 , 9 1 4 7 6 , 6 5 7 8 1 , 0 3 0 0 8 , 8 1 0 9 6 , 0 5 3 2 3 , 1 2 0 5 4 , 3 3 S S E L R O F S S E R D S S O R 5 . 6 8 ) 2 ( I D A E T I R 8 . 3 8 E M A N T N A N E T T E G R A T 5 . 8 9 S V C 2 . 6 9 T N E C R E P ) 1 ( D E S A E L E R A W D R A H E C A 0 . 0 0 1 Y B B O L Y B B O H 1 . 6 8 E R A W D R A H E C A 5 . 9 8 S L E A H C M 7 . 3 7 I S S E N T I F T E N A L P 8 . 3 9 8 . 2 9 I S A M E N C L A G E R 5 . 7 9 4 . 8 9 S L L A H S R A M 0 . 0 0 1 ' S L H O K 8 . 8 6 N O T G N I L R U B 1 . 7 9 T R A M L A W 0 . 4 9 T O P E D E M O H 0 . 0 0 1 ' S L H O K 6 . 6 9 9 . 0 7 N O T G N I L R U B 0 . 0 0 1 0 . 6 8 1 . 5 3 0 . 8 9 0 . 0 0 1 E T I R P O H S 0 0 0 , 6 3 I E R U T I N R U F N A G N A L F & R U O M Y A R 3 4 4 , 2 4 0 0 0 , 0 4 T E K R A M S D O O F E L O H W 0 9 9 , 3 2 E S U O H E R A W E O H S W S D 2 9 2 , 8 3 E R O T S R E P U S R U O T A G P 7 . 2 9 0 1 2 , 4 1 T E K R A M A M O R A 8 4 6 , 7 0 1 4 8 6 , 4 4 ) 4 ( T E G R A T X I L B U P 8 9 9 , 1 3 S R E M R A F S T U O R P S T E K R A M 8 2 3 , 6 4 T E K R A M R E P U S O V A R B S R E M R A F S T U O R P S T E K R A M X I L B U P T E K R A M T S O C T E N ) 4 ( X I L B U P X I L B U P X I L B U P ) 4 ( T R A M L A W ) 4 ( T R A M L A W X I L B U P X I L B U P ) 4 ( X I L B U P L A V I T S E F X I L B U P I D L A T E K R A M S M A L I M ' 5 2 5 , 5 1 - I E I X D N N W I T E K R A M R E P U S 0 0 5 , 3 2 S S E L R O F S S E R D S S O R S E L P A T S E E R T R A L L O D N O T G N I L R U B 9 7 4 , 3 0 1 5 7 5 , 3 3 0 0 0 , 0 4 5 6 2 , 2 3 X X A M J T N N A O J 0 0 2 , 0 0 1 3 6 5 , 4 5 S S E L R O F S S E R D S S O R 4 . 6 9 S S E L R O F S S E R D S S O R 4 . 8 9 D N O Y E B & H T A B D E B 0 . 0 0 1 S L L A E B 0 . 0 0 1 T O P E D E M O H 5 . 8 9 0 . 0 0 1 S D O O G G N I T R O P S S K C D 0 . 8 9 I ' . I O C G N H T O L C Y R E V O C S I D D N O Y E B & H T A B D E B E E R T R A L L O D X X A M J T I S A M E N C D L E I F R E E D I S A M E N C L A G E R S S E N T I F A L B U L C E L A S E L O H W S J B ' . M O C Y W E H C X A M E C I F F O S B U L C H T L A E H T I F U O Y S S E L R O F S S E R D S S O R I S A M E N C L A G E R N O T G N I L R U B S N E E R G L A W S E L P A T S S D O O G E M O H O C T E P X X A M J T N N A O J 0 0 0 , 5 5 7 8 1 , 0 3 5 4 6 , 8 1 7 1 5 , 3 3 0 0 5 , 9 2 7 4 3 , 1 9 3 2 8 , 8 7 6 3 9 , 2 5 0 8 2 , 2 4 1 4 5 4 , 9 1 1 5 7 5 , 9 2 0 2 0 , 8 2 0 0 0 , 0 5 0 0 0 , 8 2 7 8 1 , 0 3 5 6 4 , 2 0 1 1 7 2 , 3 5 4 7 3 , 8 5 0 9 4 , 3 3 0 5 5 , 5 3 0 5 4 , 4 4 1 7 5 , 2 5 0 0 9 , 9 6 4 5 1 , 5 0 1 E C N A I L P P A - T H G I E R F N A C R E M A I S S E R T T A M E R U T I N R U F 5 . 7 9 S S E L R O F S S E R D S S O R 0 . 0 0 1 Y R E T T O P E M I T D L O 0 . 0 0 1 Y B B O L Y B B O H 0 . 6 9 ) 2 ( x i l b u P 4 . 4 9 I E S D M E C V R E S 0 . 0 0 1 X X A M J T 2 . 8 9 S S E N T I F A L 0 . 0 0 1 S L L A E B 1 . 5 9 N O T G N I L R U B 3 . 9 7 T R A M K 5 . 9 8 I L A D A R 1 . 1 9 T O P E D E M O H 0 . 0 0 1 S S E L R O F S S E R D S S O R 4 . 8 9 I G N N R O M Y A D S E U T 4 . 1 9 Y B B O L Y B B O H 4 . 9 9 S T O L G B 0 . 0 0 1 I X X A M J T 6 . 1 9 A S U T R A M S D N A R B 1 . 2 8 I S A M E N C L A G E R 1 . 7 9 T O P E D E M O H 1 . 8 9 X X A M J T 0 . 4 9 S L L A H S R A M 0 . 0 0 1 T E G R A T 0 . 0 0 1 0 . 0 0 1 0 2 4 , 1 8 6 2 0 3 , 6 2 1 5 1 3 , 4 4 1 0 5 2 , 8 5 1 7 7 9 , 2 4 3 4 7 , 5 4 1 5 0 4 , 8 1 2 2 9 , 0 6 0 3 3 , 0 8 3 5 5 , 4 4 1 8 1 8 , 8 3 1 2 3 1 , 8 0 2 1 8 5 , 2 8 7 2 4 , 8 8 1 2 0 5 , 0 2 1 8 6 3 , 3 3 3 8 3 7 , 0 9 1 9 0 2 , 6 3 1 7 1 5 , 8 4 1 2 7 3 , 0 1 2 9 7 6 , 5 4 3 6 6 6 , 8 3 3 9 2 3 , 4 3 1 2 9 7 , 5 6 1 0 9 0 , 2 9 1 - 7 9 5 , 7 1 1 6 8 7 , 5 9 1 5 8 7 , 3 4 1 8 0 1 , 5 2 1 0 3 0 , 2 4 8 8 3 , 2 1 2 8 4 3 , 8 4 2 9 1 8 , 7 6 2 1 0 3 , 8 7 1 1 5 7 , 1 3 1 9 8 0 , 5 5 2 4 3 , 6 8 1 0 9 , 2 3 7 0 3 5 , 9 0 4 4 3 0 , 9 2 2 8 8 8 , 2 0 9 3 4 5 , 7 7 3 4 1 6 , 5 0 2 0 0 6 , 3 6 6 5 , 1 2 2 6 0 5 , 6 0 3 8 6 2 , 2 9 8 5 1 , 5 8 8 8 9 , 0 0 2 2 2 5 , 6 3 2 7 6 0 , 1 3 1 9 2 4 , 1 2 2 9 1 0 , 7 7 3 6 7 5 , 1 8 1 8 9 3 , 6 0 1 7 3 7 , 8 6 1 0 0 0 , 7 0 1 7 1 0 2 4 1 0 2 3 1 0 2 8 9 9 1 8 9 9 1 8 9 9 1 8 9 9 1 1 2 0 2 1 2 0 2 8 9 9 1 2 1 0 2 1 1 0 2 8 9 9 1 1 1 0 2 1 2 0 2 1 2 0 2 0 0 0 2 4 1 0 2 0 0 0 2 8 9 9 1 6 1 0 2 8 9 9 1 2 1 0 2 4 1 0 2 8 9 9 1 7 6 9 1 1 2 0 2 9 9 9 1 1 0 0 2 5 1 0 2 5 1 0 2 5 0 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 4 9 9 1 7 9 9 1 6 1 0 2 1 2 0 2 9 0 0 2 6 1 0 2 1 2 0 2 2 7 9 1 2 7 9 1 0 1 0 2 1 2 0 2 1 2 0 2 1 2 0 2 0 0 0 2 1 0 0 2 8 6 9 1 2 9 9 1 1 2 0 2 4 7 9 1 3 1 0 2 8 6 9 1 8 6 9 1 I R K I R K I R K I R K V J O P I O V J O V J O V J O I R K E L B A S A E L R O D E P O L E V E D R A E Y ) . . T F Q S ( A E R A D E R I U Q C A O I L O F T R O P N O I T A C O L R E I T T I H W R O S D N W I O D A R O L O C A D A V R A A R O R U A A R O R U A A R O R U A R E V N E D R E V N E D R E T A W E G D E D O O W E L G N E H C N A R S D N A L H G H I Y E L E E R G ) 3 ( N O T E L T T I L D O O W E K A L I N A D R E H S R E K R A P T U C I T C E N N O C D R O F N A R B Y R U B N A D D L E I F N E N O T G N M R A F I N E D M A H N E V A H H T R O N N O T G N M L I W I I A D R O L F E R A W A L E D N O T L I W I S G N R P S E T N O M A T L A ) 3 ( N O T A R A C O B N O T A R A C O B H C A E B N O T N Y O B L A R O C E P A C L A R O C E P A C N O D N A R B R E T A W R A E L C R E T A W R A E L C R E T A W R A E L C Y T I C R E P O O C T N O M R E L C I S G N R P S L A R O C I S G N R P S L A R O C E L A D R E D U A L T R O F H C A E B D L E I F R E E D ) 3 ( D O O W Y L L O H H C A E B A N A D I D O O W Y L L O H D A E T S E M O H D A E T S E M O H ) 3 ( E L L I V N O S K C A J E L L I V N O S K C A J E L L I V N O S K C A J E L L I V N O S K C A J O G R A L Y E K D N A L E K A L L L I H R E D U A L E N R U O B L E M N O H T A R A M O G R A L O G R A L O G R A L I M A M I A L G E M A N T N A N E T A L G E M A N T N A N E T R E C O R G S E S A E L R O J A M 7 5 7 , 4 2 S B U L C H T L A E H T I F U O Y 1 1 6 , 5 1 0 0 0 , 0 4 Y T I C Y T R A P Y B B O L Y B B O H 0 0 0 , 4 1 1 4 4 9 , 5 5 4 4 9 , 5 5 4 4 9 , 5 5 0 1 8 , 6 4 1 7 2 , 4 4 0 0 6 , 5 4 0 0 0 , 6 5 0 9 8 , 4 3 7 3 8 , 1 6 4 3 4 , 6 3 5 9 7 , 9 3 2 1 1 , 2 4 0 2 4 , 1 5 3 2 1 , 4 4 2 8 7 , 4 8 1 6 6 1 , 7 8 1 6 5 5 , 6 2 0 0 4 , 8 1 9 4 5 , 2 5 0 0 0 , 3 2 0 5 8 , 4 6 0 7 2 , 4 4 7 3 5 , 5 6 0 0 0 , 5 5 9 8 3 , 1 6 0 4 4 , 1 4 7 0 3 , 4 5 0 0 1 , 0 4 6 0 6 , 8 2 0 0 0 , 7 2 9 7 9 , 9 4 0 0 5 , 2 1 0 0 8 , 8 2 0 0 8 , 8 2 8 4 3 , 0 3 0 2 1 , 9 6 1 0 0 0 , 2 6 7 7 8 , 2 0 1 0 0 5 , 3 8 1 0 0 0 , 3 2 1 0 0 6 , 5 4 7 9 0 , 5 3 5 2 1 , 0 7 7 2 3 , 0 7 1 8 5 , 6 4 0 0 4 , 6 1 1 7 2 1 , 8 0 1 6 6 1 , 4 5 3 2 9 , 3 2 6 0 6 , 1 1 ) 4 ( S A M Y O C S E R F S A M Y O C S E R F ) 4 ( S A M Y O C S E R F X I L B U P S A M Y O C S E R F X I L B U P X I L B U P X I L B U P - I E I X D N N W I T E K R A M S D O O F E L O H W X I L B U P T E K R A M N O S N E T E K R A M X I L B U P X I L B U P X I L B U P X I L B U P X I L B U P - I E I X D N N W I S R E M R A F S T U O R P S ) 4 ( T E G R A T ) 4 ( T E G R A T T E K R A M S A M Y O C S E R F X I L B U P X I L B U P X I L B U P X I L B U P 0 0 0 , 0 1 7 7 8 , 0 5 6 5 3 , 0 1 2 5 7 , 8 2 9 3 2 , 0 5 3 4 8 , 6 2 1 9 9 , 4 2 S R E M R A F S T U O R P S T E K R A M H S E R F E H T T E K R A M S D O O F E L O H W 5 7 3 , 6 1 0 8 7 , 2 4 6 8 1 , 3 2 0 5 8 , 9 3 4 2 2 , 1 1 0 0 0 , 2 2 0 0 8 , 3 2 0 0 0 , 0 1 7 8 1 , 0 3 6 9 2 , 2 2 5 6 9 , 5 4 0 0 3 , 2 2 T E K R A M H S E R F E H T S R E M R A F S T U O R P S T E K R A M S D O O F E L O H W S R E M R A F S T U O R P S T E K R A M ' S E O J R E D A R T ) 4 ( X I L B U P X I L B U P T E K R A M 0 5 2 , 6 2 S S E L R O F S S E R D S S O R T E K R A M S D O O F E L O H W T E K R A M S D O O F E L O H W ) 4 ( R E G O R K R E G O R K X I L B U P ) 4 ( T E G R A T 5 8 4 , 6 4 I R A N A B R U 4 6 8 , 5 6 T E K R A M H S E R F E H T ' S E O J R E D A R T ) 4 ( R E G O R K R E G O R K 0 0 5 , 3 2 7 6 0 , 3 3 X A M E C I F F O X X A M J T 0 0 0 , 0 3 6 1 1 , 5 4 5 0 0 , 5 3 ) 4 ( T E G R A T 2 4 4 , 5 6 S E R T A E H T C M A 0 0 4 , 7 6 R E G O R K R E G O R K T R A M L A W 4 4 1 , 2 3 0 7 8 , 4 1 8 9 5 , 6 3 0 2 9 , 9 1 0 0 0 , 5 4 S R E G R U B & S D R A I L L I B S E U C ' . R M S S E L R O F S S E R D S S O R E S U O H E R A W E O H S W S D S L L A H S R A M S S E N T I F A L 7 8 7 , 0 4 8 3 8 , 9 1 1 5 8 , 3 5 0 0 0 , 0 4 4 3 1 , 0 5 S S E N T I F A T N A L T A E F I L E N O 2 . 9 9 E R U T A N G I S N A C R E M A 0 . 0 0 1 I Y B B O L Y B B O H 9 . 6 9 Y B B O L Y B B O H 1 . 1 9 0 . 0 0 1 S S E N T I F T E N A L P 8 . 3 9 Y B A B Y U B Y U B 0 . 0 0 1 2 . 4 9 S E I R E S R U N Y L I M A F E K I P 8 . 6 9 D N O Y E B & H T A B D E B 0 . 0 0 1 Y B B O L Y B B O H 1 . 9 9 X X A M J T 4 . 2 9 9 . 8 9 2 . 9 8 8 . 8 9 0 . 0 0 1 0 . 0 0 1 5 . 8 9 ) 4 ( T E G R A T 1 2 9 , 3 2 S L E A H C M I 2 2 2 , 0 3 S S E L R O F S S E R D S S O R 1 . 7 9 S B U L C H T L A E H T I F U O Y E R O T S R E P U S R U O T A G P S D O O G E M O H X X A M J T E E R T R A L L O D S L L A H S R A M S V C Y X A L A G F L O G 2 1 0 , 1 2 T O P E D E C I F F O ' S N N O C 5 6 0 , 3 5 2 1 5 , 5 2 S S E N T I F A L 0 0 0 , 0 4 S B U L C H T L A E H T I F U O Y S S E L R O F S S E R D S S O R N O I T A T S E O H S N N A O J E E R T R A L L O D X A M E C I F F O A T L U A L G 0 0 0 , 0 3 1 1 1 , 9 2 8 6 4 , 4 1 8 1 4 , 2 2 3 5 9 , 9 2 0 0 0 , 0 1 0 0 8 , 2 3 9 0 7 , 8 8 4 3 2 , 1 1 0 3 9 , 5 1 1 6 5 , 9 2 0 0 0 , 6 5 5 7 8 , 9 4 7 2 0 , 0 3 0 8 2 , 0 2 1 7 8 , 5 4 5 2 8 , 9 2 3 7 2 , 4 1 0 0 0 , 5 9 1 7 4 , 4 2 1 2 1 , 6 4 0 0 0 , 7 6 1 6 0 1 , 9 4 I R E T N E C G N N R A E L E G A L L I V E L T T I L 4 . 6 9 Y B A B Y U B Y U B 7 . 7 9 S S E L R O F S S E R D S S O R 6 . 6 9 H T L A E H O N A C 0 . 0 0 1 S N E E R G L A W 0 . 0 0 1 X X A M J T 2 . 7 9 ' S L H O K 0 . 2 9 0 . 0 0 1 S N E E R G L A W 0 . 0 0 1 0 . 0 0 1 T R A M K 6 . 9 9 O C T E P 6 . 8 9 5 . 6 9 1 . 5 9 E R A W D R A H Y L P P U S D R A H C R O 0 . 0 0 1 S B U L C H T L A E H T I F U O Y 4 . 9 9 E M A N T N A N E T T N E C R E P ) 1 ( D E S A E L S L L A H S R A M 6 . 3 9 S S E N T I F A L 5 . 6 9 F C S S E N T I F 0 . 0 0 1 S L E A H C M 0 . 0 0 1 I 0 . 0 0 1 Y B B O L Y B B O H 2 . 8 9 S D O O G E M O H 6 . 7 8 S L L A H S R A M 6 . 9 9 9 . 7 9 S D O O G E M O H 0 . 0 0 1 1 . 7 9 7 . 4 9 0 . 7 9 7 . 5 9 I T E L T U O N A G R A B S E I L L O 9 . 8 7 ' E R U T A N G I S N A C R E M A 0 . 0 0 1 I R E T N E C E M O H S E W O L 0 . 0 0 1 ' E R U T I N R U F Y T I C 7 . 7 9 S D O O G E M O H 3 . 3 8 Y U B T S E B 5 . 0 9 X X A M J T 3 . 7 9 S V C 3 . 0 9 0 . 0 0 1 0 . 0 0 1 0 . 9 8 0 . 0 0 1 0 0 5 , 0 1 I A D R O L F , Y T N U O C E G N A R O 9 . 8 9 E L B A S A E L R O D E P O L E V E D R A E Y ) . . T F Q S ( A E R A D E R I U Q C A O I L O F T R O P N O I T A C O L 8 4 1 , 4 7 5 0 3 , 7 8 5 1 6 , 1 9 6 0 , 7 8 7 0 0 , 4 6 1 0 0 , 3 9 2 3 6 5 , 3 6 0 8 2 , 0 6 1 5 0 , 5 5 3 3 2 4 , 2 1 1 7 3 8 , 1 6 9 2 4 , 1 6 1 8 3 1 , 0 6 6 2 5 9 , 0 1 1 5 9 7 , 8 0 1 9 9 1 , 4 3 2 8 4 1 , 9 8 1 4 7 0 , 9 7 1 2 5 0 , 6 5 1 9 6 2 , 6 8 4 4 6 , 5 4 1 5 7 0 , 2 9 4 9 2 7 , 6 2 3 3 9 0 , 8 7 7 2 1 , 3 0 3 4 6 6 , 1 3 1 7 7 3 , 1 0 1 4 1 4 , 0 6 2 5 3 , 7 7 1 8 0 , 0 1 1 4 7 5 , 8 1 1 7 3 2 , 0 0 1 6 5 9 , 0 9 2 7 5 , 5 5 2 1 1 8 , 0 9 1 0 0 0 , 0 4 3 4 6 5 , 6 0 2 1 8 1 , 7 9 1 6 5 0 , 4 1 1 0 4 2 , 0 7 0 4 4 , 6 6 7 8 7 , 3 1 1 2 , 5 9 8 9 4 , 7 3 1 0 9 3 , 0 3 1 1 3 9 , 2 0 1 0 7 5 , 6 0 2 5 3 8 , 5 7 1 1 2 6 , 3 7 3 3 8 2 , 6 9 1 7 0 4 , 8 6 2 0 5 , 9 3 5 9 7 7 , 8 8 5 2 0 , 8 7 0 0 0 , 3 1 8 5 , 6 7 6 5 6 , 5 8 2 6 2 5 , 9 7 1 7 4 7 , 7 2 6 9 4 , 5 4 1 0 7 1 , 1 9 1 4 1 5 , 6 8 1 5 6 9 1 3 0 0 2 6 1 0 2 6 8 9 1 5 9 9 1 9 0 0 2 5 1 0 2 5 1 0 2 7 0 0 2 1 1 0 2 3 1 0 2 1 2 0 2 1 2 0 2 1 2 0 2 5 8 9 1 1 2 0 2 0 0 0 2 8 0 0 2 9 0 0 2 1 1 0 2 1 2 0 2 1 2 0 2 1 2 0 2 5 1 0 2 1 2 0 2 1 2 0 2 1 1 0 2 7 1 0 2 1 2 0 2 2 1 0 2 8 6 9 1 8 0 0 2 1 2 0 2 1 2 0 2 8 9 9 1 1 0 0 2 7 9 9 1 4 0 0 2 1 2 0 2 1 2 0 2 4 1 0 2 7 9 9 1 1 2 0 2 1 2 0 2 8 0 0 2 1 2 0 2 8 0 0 2 6 1 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 0 0 2 1 2 0 2 5 1 0 2 1 2 0 2 1 2 0 2 3 1 0 2 4 1 0 2 1 2 0 2 1 2 0 2 1 2 0 2 3 9 9 1 V J O V J O V J O P I O P I O I R K P I O P I O P I O P I O I R K P I O P I O I R K P I O H C A E B I I M A M H T R O N K R A P D N A L K A O O D N A L R O O D N A L R O O D N A L R O O D N A L R O O D N A L R O O D N A L R O O D N A L R O O D E I V O S E N I P E K O R B M E P S E N I P E K O R B M E P N O I T A T N A L P N O I T A T N A L P A L O C A S N E P G R U B S R E T E P T N A S I H C A E B O N A P M O P S E K A L H C N A R A E S A T O S A R A S E E S S A H A L L A T T R A U T S A P M A T H C A E B M L A P T S E W H C A E B M L A P T S E W N O T G N I L L E W N O T G N I L L E W A P M A T A P M A T K R A P R E T N W I A T T E R A H P L A A T T E R A H P L A H T R O W C A I A G R O E G A T N A L T A A T N A L T A A T N A L T A A T N A L T A A T N A L T A A T S U G U A R U T A C E D H T U L U D ) 3 ( Y T I C E E R T H C A E P E L L I V E C N E R W A L I S G N R P S R E D W O P E L L I V S E N A G I N O S Y A R G H A N N A V A S L L E W S O R L L E W S O R I M A M I I M A M I I M A M I I M A M I I M A M I I M A M I I M A M I I M A M I I M A M I I M A M I I M A M I I M A M I I M A M I I M A M I 0 3 3 , 7 1 1 7 1 , 9 5 0 3 6 , 0 7 9 7 9 , 9 2 8 6 4 , 3 6 6 7 9 , 9 5 0 5 3 , 0 2 5 6 0 , 1 1 2 1 7 , 4 5 2 5 9 , 1 2 7 8 0 , 5 5 5 1 6 , 9 0 2 5 , 7 6 0 0 2 , 4 5 8 0 1 , 5 5 2 9 8 , 6 5 6 3 1 , 3 4 2 3 0 , 5 5 3 4 9 , 2 6 4 8 3 , 9 0 1 4 9 9 , 7 5 5 0 9 , 6 5 4 6 1 , 5 5 4 0 6 , 0 3 1 9 7 0 , 5 1 3 3 3 , 4 6 5 8 8 , 4 6 0 0 0 , 5 5 3 9 0 , 0 5 4 6 1 , 5 5 6 6 1 , 6 5 8 6 8 , 5 3 0 3 3 , 5 5 0 5 4 , 6 6 9 2 5 , 3 6 A L G E M A N T N A N E T ) 4 ( O C S O L E W E J O C S O L E W E J I D L A A L G 7 8 1 , 0 3 6 1 4 , 8 5 4 1 2 , 1 5 7 4 2 , 0 3 9 4 0 , 8 2 8 1 5 , 7 2 T E K R A M S D O O F E L O H W ' S E O J R E D A R T S R E M R A F E M Y H T H S E R F T E K R A M R E G O R K 0 0 0 , 2 4 0 0 8 , 2 1 R E G O R K 0 2 4 , 4 1 E M A N T N A N E T S S E L R O F S S E R D S S O R K L E B S S E L R O F S S E R D S S O R Y B B O L Y B B O H Y V A N D L O T R A M S T E P S D O O G E M O H / S L L A H S R A M S V C A L G 6 2 0 , 2 3 4 8 5 , 6 8 0 0 0 , 0 9 4 8 5 , 6 8 0 5 3 , 5 4 6 0 4 , 0 3 7 9 9 , 4 5 0 0 0 , 7 4 0 7 6 , 1 2 R E C O R G S E S A E L R O J A M 1 2 5 , 1 2 T E K R A M R E P U S N A I S A 0 5 2 , 0 1 0 7 4 , 0 1 1 4 5 , 0 1 D O O F T N A G I D O O F T N A G I D O O F T N A G I S T E K R A M S I E W Y A W E F A S 0 0 0 , 0 1 E E R T R A L L O D E E R T R A L L O D E E R T R A L L O D O C T E P T E K R A M R E P U S A R B A E S J A T E K R A M H C N A R 9 9 I D L A T E K R A M R E P U S S W A H S ' 4 0 9 , 4 2 S D O O G E M O H 8 6 3 , 2 1 S S E N T I F T E N A L P 4 2 7 , 1 4 2 3 4 , 4 2 0 7 4 , 4 8 7 0 7 , 4 1 2 5 6 , 4 2 2 3 9 , 6 4 8 7 4 , 2 2 7 4 2 , 4 1 7 0 6 , 2 1 2 7 2 , 5 1 1 0 0 , 7 1 0 6 0 , 1 1 4 8 9 , 5 1 0 5 6 , 3 1 5 0 7 , 3 9 9 5 8 , 8 1 0 0 0 , 4 3 8 6 8 , 1 1 . P R O C T N A R U A T S E R D O O F A E S G N M 0 . 0 0 1 I S L O O T T H G I E R F R O B R A H 6 . 5 8 S N E E R G L A W 0 . 0 0 1 S N E E R G L A W 0 . 0 0 1 S E L P A T S 0 . 0 0 1 S S E N T I F G M 0 . 0 0 1 S V C 3 . 5 9 ' S L H O K 4 . 1 9 O C T E P 0 . 0 0 1 T O L B O J E T A T S N A E C O 0 . 0 0 1 R E T N E C O R C M 0 . 0 0 1 I R O C E D & R O O L F 0 . 0 0 1 S N E E R G L A W 0 . 0 0 1 S E L P A T S 6 . 6 8 0 . 0 0 1 Y B B O L Y B B O H 2 . 7 9 ' T E L T U O S E W O L 0 . 0 0 1 0 . 0 0 1 S S E N T I F A L 1 . 2 9 I D A E T I R 0 . 0 0 1 S V C 4 . 3 9 4 . 6 9 3 . 5 9 3 . 8 9 9 . 3 9 S D O O G G N I T R O P S S K C D 0 . 2 9 I ' S L L A H S R A M 0 . 0 0 1 Y U B T S E B 0 . 0 0 1 ' S L H O K 6 . 2 7 9 . 7 9 S S E L R O F S S E R D S S O R 2 . 4 9 S T O L G B 0 . 0 0 1 I Y T I C Y T R A P 0 0 2 , 9 1 Y L P P U S Y T U A E B A D A N 1 . 9 9 I B U L C E L A S E L O H W S J B ' D O O F T N A G I Y A W E F A S 0 0 0 , 0 1 E E R T R A L L O D 5 2 1 , 0 1 L A R U T A N S D V A D I ' R E T E E T S I R R A H D O O F T N A G I Y A W E F A S T E K R A M S D O O F E L O H W D O O F T N A G I D O O F T N A G I D O O F T N A G I D O O F T N A G I D O O F T N A G I D O O F T N A G I ) 4 ( T E G R A T T E K R A M Y A W E F A S Y A W E F A S D O O F T N A G I 8 1 2 , 5 4 N N A O J 9 8 8 , 6 0 1 6 2 0 , 0 1 6 9 2 , 3 2 8 3 2 , 1 1 1 0 0 0 , 1 2 T R A M E R U T I N R U F & S S E R T T A M S L E A H C M I R E T N E C E M O H S ’ E W O L S S E N T I F T E N A L P ' S L H O K 5 2 2 , 3 1 2 6 0 , 3 6 0 0 0 , 0 1 3 7 7 , 6 4 1 0 0 4 , 2 1 2 0 1 , 0 6 2 5 0 , 4 3 0 0 0 , 8 4 1 0 5 5 , 1 8 6 9 4 , 0 1 9 4 8 , 4 1 D L R O W E R U T I N R U F Y E L H S A 2 . 7 9 E E R T R A L L O D 3 . 7 8 9 . 6 9 O C T E P 2 . 2 9 T E G R A T 0 . 0 0 1 4 . 2 9 2 . 8 9 R O C E D & R O O L F 5 . 5 9 S V C 8 . 6 8 1 . 9 9 4 . 7 9 8 . 4 9 I S A M E N C Y R U X U L S I L O P E N C 1 . 7 9 I S E R O T S E U L A V E V A D N 2 0 . 0 0 1 6 . 5 9 O C T S O C 1 . 8 9 A T I V A D 0 . 0 0 1 6 . 4 9 6 . 6 6 I Y G O L O D A R N A C R E M A 6 . 0 9 I ) 4 ( 0 0 0 , 5 2 T R A M S T E P 6 0 7 , 6 2 S L E A H C M 0 . 0 0 1 I 2 8 2 , 4 7 2 0 2 7 , 1 1 1 1 2 7 , 1 4 1 5 5 4 , 8 5 4 2 6 , 2 9 1 6 7 8 , 7 1 2 4 9 0 , 5 6 1 3 8 7 , 9 6 1 0 5 5 , 7 2 5 5 5 , 2 6 2 3 4 , 4 2 0 7 4 , 4 8 8 7 2 , 1 4 4 4 5 , 5 8 2 8 4 , 6 2 3 8 8 , 1 3 2 5 1 2 , 6 5 0 1 5 , 0 8 9 6 4 , 4 2 2 7 2 , 5 1 7 8 5 , 8 4 5 7 9 , 3 6 4 8 9 , 5 1 4 8 2 , 4 2 1 8 2 , 6 6 8 7 8 , 3 2 1 2 7 0 , 7 6 1 5 4 0 , 4 1 1 9 9 2 , 0 9 3 0 9 , 0 9 0 3 8 , 0 9 3 9 1 , 0 3 1 7 0 9 , 5 0 1 0 0 0 , 5 7 6 9 3 , 3 9 9 9 3 , 8 9 5 6 1 , 1 9 7 1 6 , 9 6 9 2 9 , 0 9 8 1 4 , 3 4 3 6 5 4 , 6 8 0 3 3 , 3 1 1 8 9 8 , 9 3 1 7 6 4 , 3 3 4 3 3 0 , 1 1 1 7 7 2 , 8 8 3 5 6 , 4 9 5 0 6 , 8 3 2 4 4 1 , 2 6 1 9 2 2 , 6 9 5 6 6 7 , 8 3 3 2 2 , 5 0 1 9 6 8 , 0 8 4 1 9 , 3 5 A E R A D E R I U Q C A O I L O F T R O P 8 0 0 2 1 0 0 2 6 9 9 1 2 0 0 2 1 0 0 2 7 1 0 2 7 9 9 1 2 1 0 2 0 7 9 1 4 6 9 1 1 2 0 2 4 1 0 2 4 1 0 2 4 1 0 2 4 1 0 2 4 1 0 2 4 1 0 2 4 1 0 2 4 1 0 2 4 1 0 2 4 1 0 2 4 1 0 2 4 1 0 2 4 1 0 2 4 1 0 2 4 1 0 2 4 1 0 2 4 1 0 2 4 1 0 2 4 1 0 2 4 1 0 2 4 1 0 2 4 1 0 2 3 1 0 2 4 1 0 2 4 1 0 2 2 1 0 2 5 1 0 2 4 1 0 2 5 1 0 2 2 0 0 2 1 1 0 2 5 1 0 2 4 1 0 2 5 1 0 2 4 1 0 2 7 0 0 2 3 0 0 2 9 9 9 1 6 1 0 2 8 0 0 2 4 6 9 1 5 1 0 2 3 0 0 2 1 1 0 2 1 2 0 2 4 1 0 2 I R K I R K I R K U R P V J O H A N N A V A S E L L I V L L E N S N O I T A C O L I A V A T A B S I O N I L L I E V I L C A W O I I N G A P M A H C W E I V N E L G E I K O K S S L L I H N O N R E V A N A D N I I S I L O P A N A D N I I D O O W N E E R G E L L I V S I U O L Y K C U T N E K S T T E S U H C A S S A M I E G D R B M A C M A H T A H C N O T H G R B I R E T S E H C R O D H T U O M L A F T T E R E V E M A H G N M A R F I D R O F D E M S I N N A Y H Y C N U Q I Y C N U Q I E R E V E R M E L A S T T O C S P M A W S D L E I F E K A W M A H T L A W N R U B O W R E T S E C R O W D N A L Y R A M E R O M I T L A B E R O M I T L A B E R O M I T L A B E R O M I T L A B E R O M I T L A B I R A L E B E L L I V S K R A L C ) 3 ( I A B M U L O C I A B M U L O C I A B M U L O C I A B M U L O C S T H G I E H T C R T S I D I I A B M U L O C I A B M U L O C Y T I C T T O C I L L E Y T I C T T O C I L L E Y T I C T T O C I L L E I K C R E D E R F G R U B S R E H T I A G G R U B S R E H T I A G Y E L L A V T N U H S L L I M S G N W O I L E R U A L N O T S A E A N E D A S A P E L L I V S E K I P E L L I V K C O R I M U N O M I T E R O T S E M O H E R U T I N R U F Y E L H S A 9 . 0 8 ' S L H O K 6 . 9 9 5 0 6 , 7 9 1 3 9 0 , 1 1 3 T R A M K 0 . 0 0 1 0 0 0 , 0 9 E M A N T N A N E T T N E C R E P ) 1 ( D E S A E L ) . . T F Q S ( E L B A S A E L R O D E P O L E V E D R A E Y 6 9 0 , 5 5 0 0 8 , 6 3 2 9 7 , 6 1 1 S ’ H T I M S S N O V T R A M L A W 2 4 4 , 9 2 N O T G N I L R U B 3 6 0 , 5 8 P L E G A R O T S E F I L A L G 1 4 9 , 1 6 0 8 1 , 9 5 2 5 4 , 5 5 2 6 2 , 9 3 1 3 4 0 , 5 5 0 8 6 , 9 3 3 4 5 , 6 2 6 8 4 , 1 5 0 6 2 , 7 5 0 0 0 , 8 4 9 2 9 , 9 4 1 5 0 5 , 8 4 7 2 4 , 6 3 4 1 3 , 4 5 1 0 3 , 9 3 9 7 4 , 6 4 3 1 2 , 4 4 0 0 0 , 8 5 9 7 2 , 0 6 0 0 8 , 3 1 0 2 8 , 2 1 2 3 5 , 2 6 5 1 9 , 0 3 1 6 7 6 , 1 7 0 0 0 , 5 8 2 1 8 , 2 5 0 1 3 , 2 2 6 6 9 , 3 6 1 1 8 , 0 3 R E T E E T S I R R A H R E T E E T S I R R A H R E T E E T S I R R A H R E T E E T S I R R A H T R A M L A W 2 7 7 , 1 3 R E T E E T S I R R A H N O I L D O O F 0 0 0 , 8 2 0 0 0 , 6 3 7 8 1 , 0 3 1 8 0 , 1 2 R E T E E T S I R R A H N O I L D O O F 9 4 8 , 3 1 1 R E T E E T S I R R A H R E T E E T S I R R A H S ’ E O J R E D A R T S ’ E O J R E D A R T G N O U V G N U H T E K R A M R E P U S ) 4 ( T E G R A T E T I R P O H S E T I R P O H S R O M X R B I T E K R A M R E P U S S G N K I S R E H T O R B L E T A P E M C A 0 0 3 , 4 2 7 0 5 , 1 5 2 6 5 , 9 3 6 6 3 , 0 1 0 2 3 , 2 2 5 7 6 , 4 4 0 1 6 , 9 3 7 3 5 , 3 1 7 5 2 , 0 3 0 0 0 , 5 3 3 3 8 , 8 4 2 8 4 , 5 2 8 5 1 , 0 1 3 7 1 , 2 4 0 4 4 , 2 5 4 2 0 , 0 4 T E K R A M R E P U S S G N K I 8 4 6 , 4 8 1 0 0 1 , 4 5 0 8 2 , 4 2 0 0 0 , 0 6 2 4 1 , 8 4 T E K R A M S D O O F E L O H W T E K R A M S D O O F E L O H W T R A M L A W E T I R P O H S T E G R A T 0 2 0 , 4 3 T E K R A M S D O O F E L O H W N O I L D O O F 4 9 6 , 4 1 O R T E M N O H S A F S ’ T I I E R U T I N R U F T N U O C S I D S ’ B O B S L E A H C M I 9 4 8 , 4 1 9 1 2 , 5 2 2 8 2 , 1 9 T E G R A T 4 2 4 , 7 1 1 D N O Y E B & H T A B D E B S S E N T I F 2 O S S E L R O F S S E R D S S O R S S E N T I F 2 O N O T G N I L R U B 0 0 0 , 5 4 0 0 0 , 0 3 4 2 1 , 0 6 9 1 7 , 9 5 1 9 3 , 2 2 0 0 3 , 4 3 1 1 7 , 2 1 T E K R A M D O O F G N O U V G N U H S S E N T I F T E N A L P Y B B O L Y B B O H S ’ E B A G S U L P S E I L P P U S T E P ) 2 ( E N O Z Y K S S L L A H S R A M S N E E R G L A W X X A M J T S ’ L H O K S L L A H S R A M S L E A H C M I S L L A H S R A M 5 1 4 , 0 4 D N O Y E B & H T A B D E B 0 . 0 0 1 7 2 4 , 4 3 9 2 6 , 6 9 0 7 7 , 6 8 0 0 5 , 0 7 0 0 2 , 6 2 1 6 5 1 , 3 1 1 0 0 0 , 8 2 2 3 3 , 6 1 1 2 0 , 6 5 9 0 1 , 0 3 9 3 1 , 7 1 8 9 1 , 5 3 1 6 7 6 , 4 6 5 2 2 , 0 3 4 0 7 , 3 9 0 0 0 , 2 1 4 1 5 , 2 2 0 5 3 , 9 1 9 4 8 , 9 2 T E K R A M D O O F G N O U V G N U H 8 . 8 9 N O T G N I L R U B 7 . 1 9 S ’ L H O K 6 . 5 9 S ’ L H O K 7 . 7 9 L A T I P S O H S H A 0 . 0 0 1 T E G R A T 2 . 6 9 T E G R A T 0 . 9 9 Y B B O L Y B B O H 1 . 8 9 S N E E R G L A W 0 . 0 0 1 Y U B T S E B 6 . 9 8 D M Y T I C 0 . 0 0 1 0 . 0 0 1 0 . 0 0 1 R E T N E C E M O H S ’ E W O L 0 . 0 0 1 N O T G N I L R U B 0 . 0 0 1 R O C É D & R O O L F 0 . 0 0 1 E E R T R A L L O D 8 . 9 6 Y U B T S E B 0 . 0 0 1 S T N U O C S I D S ’ D D 5 . 7 9 Y L N O S T N E C 9 9 3 . 9 9 9 . 6 9 S D O O G E M O H 4 . 5 9 8 . 8 9 0 . 0 0 1 S D O O G G N I T R O P S S ’ K C D 8 . 2 9 I S ’ L H O K 0 . 0 0 1 S C I T S A N M Y G H P M U R T 9 . 6 9 I S S E L R O F S S E R D S S O R 2 . 8 8 T O P E D E M O H 5 . 8 8 9 . 6 9 Y U B T S E B 3 . 8 9 Y U B T S E B 3 . 9 9 5 . 8 9 0 . 3 9 0 . 0 0 1 1 . 7 9 E R O T S A G E M H S A M A S 0 . 0 0 1 I E R A C Y R A M R P E K U D 1 . 7 9 T O P E D E M O H 7 . 9 9 E E R T R A L L O D 3 . 5 9 3 . 7 7 Y X A L A G F L O G 1 . 1 8 T O P E D E C I F F O 7 . 8 9 7 . 6 9 X X A M J T 8 . 2 8 S ’ L H O K 3 . 9 9 I S A M E N C E K M R A C 0 . 0 0 1 I 2 3 5 , 8 0 1 B U L C E L A S E L O H W S ’ J B D O O H R O B H G I E N T R A M L A W T E K R A M L D I L ) 4 ( O C T S O C S ’ Y L R E Y B 0 4 9 , 5 4 2 8 1 , 1 5 5 7 7 , 5 2 0 4 0 , 6 2 9 5 2 , 1 5 S D O O G G N I T R O P S S ’ K C D I E R O M & E N W L A T O T I N N A O J T R A M S T E P Y U B T S E B 0 0 0 , 8 4 9 0 1 , 8 2 E R O T S R E P U S N O H S A F G & K I N O T G N I L R U B 3 3 9 , 7 3 1 3 5 9 , 5 4 4 0 2 , 2 6 0 6 4 , 4 8 4 8 5 , 6 8 0 0 0 , 5 5 8 4 7 , 5 1 0 0 6 , 5 8 3 0 0 , 2 3 R E C O R G S T E K R A M S I E W D O O F T N A G I Y A W E F A S 8 0 6 , 2 3 1 5 2 1 , 0 1 E M A N T N A N E T A L G E M A N T N A N E T S E S A E L R O J A M T E G R A T 8 2 8 , 4 5 1 S V C A L G 0 0 0 , 5 1 0 0 5 , 1 1 E M A N T N A N E T T N E C R E P ) 1 ( D E S A E L ) . . T F Q S ( R E T N E C E M O H S ’ E W O L 2 . 6 9 Y B B O L Y B B O H 4 . 7 9 Y U B T S E B 1 . 8 9 S T R A P L E E H W 4 0 . 0 0 1 T R A M L A W 1 . 5 9 S E L P A T S 1 . 4 9 8 . 9 8 5 0 4 , 8 8 1 6 5 , 1 9 1 4 7 0 , 0 8 6 4 8 5 , 9 1 3 0 5 , 3 5 4 2 3 0 , 1 8 4 6 6 0 , 1 2 1 S ’ L H O K 0 . 0 0 1 0 6 4 , 4 8 E L B A S A E L R O D E P O L E V E D R A E Y 7 7 9 , 5 1 3 8 6 6 , 1 8 5 2 0 8 , 7 7 6 6 5 , 2 8 2 3 4 , 1 4 2 8 3 5 , 8 2 2 9 7 1 , 4 1 1 0 0 6 , 0 8 8 3 9 , 3 8 5 6 0 , 8 0 4 7 2 5 , 2 8 8 9 7 , 5 6 1 1 0 9 , 9 6 1 2 0 9 , 5 5 3 0 7 6 , 6 3 1 3 9 3 , 3 1 1 3 6 0 , 3 4 1 6 0 1 , 7 2 1 6 0 7 , 4 6 4 3 2 6 , 8 8 1 0 9 5 , 2 3 1 5 4 4 , 9 1 2 1 5 4 , 0 5 3 4 8 8 , 1 4 2 0 5 7 , 4 2 1 2 6 5 , 2 3 1 9 1 2 , 6 1 2 9 0 4 , 1 8 3 0 0 0 , 5 8 2 1 8 , 2 5 7 3 5 , 1 4 7 2 7 , 8 4 2 6 1 3 , 3 2 4 2 3 4 , 0 6 3 2 7 , 9 9 2 7 5 6 , 5 3 2 1 2 3 , 9 8 1 5 3 , 1 0 2 9 7 3 , 9 2 4 8 4 3 , 7 9 0 8 2 , 4 2 3 9 1 , 8 9 4 7 5 , 1 5 3 9 5 2 , 3 7 1 1 2 7 , 8 1 1 1 1 7 , 4 8 6 5 7 , 6 1 1 5 1 8 , 0 3 3 A E R A D E R I U Q C A O I L O F T R O P 3 0 0 2 4 1 0 2 2 1 0 2 8 6 9 1 1 0 0 2 6 0 0 2 8 9 9 1 8 9 9 1 1 0 0 2 0 0 0 2 1 2 0 2 1 2 0 2 8 6 9 1 6 8 9 1 4 1 0 2 1 1 0 2 2 1 0 2 2 0 0 2 1 2 0 2 7 0 0 2 8 0 0 2 3 9 9 1 1 1 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 9 6 9 1 4 1 0 2 4 9 9 1 1 0 0 2 5 8 9 1 6 9 9 1 4 1 0 2 1 1 0 2 3 1 0 2 3 1 0 2 3 1 0 2 8 0 0 2 7 0 0 2 4 1 0 2 7 0 0 2 7 0 0 2 4 1 0 2 9 0 0 2 4 9 9 1 8 9 9 1 4 9 9 1 7 0 0 2 9 0 0 2 4 9 9 1 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 I R K I R K I R K I R K I R K U R P E V O R G E L P A M E V O R G E L P A M A K N O T E N N M I I R U O S S I M A T O S E N N M I I A N O V I L A N I L O R A C H T R O N S E L R A H C T N A S I E T T O L R A H C E T T O L R A H C E T T O L R A H C S U I L E N R O C N O S D V A D I M A H R U D M A H R U D E L L I V S E R O O M E L L I V S I R R O M H G I E L A R H G I E L A R H G I E L A R H G I E L A R H G I E L A R H G I E L A R H G I E L A R Y R A C Y R A C Y R A C Y R A C M E L A S - N O T S N W I I E R H S P M A H W E N R E T A W E G D R B I Y E S R E J W E N A U H S A N M E L A S ) 3 ( L L I H Y R R E H C L L I H Y R R E H C L L I H Y R R E H C L L I H Y R R E H C I R O S D N W T S A E R E T A W E G D E E L A D S L L I H L E D M L O H L E D M L O H N R U B L L I M K R A L C K R A L C K R A L C I K C W S N U R B H T R O N N W O T S E R O O M Y A W A T A C S I P D O O W E G D R I E N Y A W N O N U I E U Q R E U Q U B L A T N O M T S E W I O C X E M W E N S A G E V S A L S A G E V S A L S A G E V S A L A D A V E N I M U N O M I T N O I T A C O L N O S W O T N O S W O T I N A G H C M I 0 0 7 , 0 3 4 0 3 , 8 3 0 5 7 , 8 1 2 6 , 5 0 7 5 , 7 3 0 0 0 , 2 2 8 7 4 , 1 3 0 0 0 , 0 1 0 0 0 , 0 2 5 7 4 , 2 2 1 0 5 2 , 2 5 9 3 8 , 9 3 1 8 6 8 , 7 6 3 6 0 , 6 4 4 2 9 , 7 2 0 6 5 , 3 4 0 0 5 , 7 3 8 9 , 6 3 8 5 7 , 1 5 8 8 7 , 8 2 9 1 5 , 5 6 0 7 5 , 1 6 1 6 0 , 6 5 6 7 4 , 3 6 5 3 6 , 8 1 2 9 8 , 1 6 0 8 6 , 1 5 A L G E M A N T N A N E T T E K R A M S D O O F E L O H W ) 2 ( S T E K R A M S T A O D L I W R E P U S L E S ’ Y E L A R S ’ Y E L A R Y A W E F A S S ’ Y E L A R N E L L U K G N K I R A A Z A B D O O F 0 0 8 , 3 3 9 1 1 , 8 1 0 5 0 , 1 1 0 0 3 , 0 1 4 2 4 , 3 1 I D L A 3 2 1 , 3 4 7 1 4 , 0 3 1 ) 4 ( T E G R A T 0 0 2 , 7 D O O F Y E K 0 0 0 , 5 4 T E K R A M S D O O F E L O H W 1 7 4 , 0 4 0 0 0 , 0 6 ' S D R A N O E L W E T S 0 0 3 , 7 1 E C U D O R P Y E L L A V T I U R F 3 5 7 , 6 4 T E G R A T 8 3 8 , 8 5 1 2 8 , 4 3 0 4 5 , 7 2 2 8 4 , 3 1 0 9 8 , 1 1 1 8 4 , 0 1 T E K R A M S D O O F E L O H W 6 6 4 , 0 2 L D I L T E K R A M S D O O F E L O H W S M R A F E R O H S H T R O N Y R E C O R G K C E N E L T T I L D O O F Y E K D O O F Y E K N E L L U K G N K I 7 5 2 , 4 3 L D I L 8 3 0 , 5 1 L A N O I T A N R E T N I N W O T C K R A M H S E R F E T I R P O H S T E G R A T T E G R A T E T I R P O H S T E G R A T D O O F Y E K 3 7 6 , 4 1 0 0 0 , 4 3 5 7 3 , 6 2 7 0 4 , 3 2 S D O O G E M O H S S E N T I F A L I D A E T I R T R A M S T E P ) 4 ( O C T S O C 2 5 0 , 7 2 E R U T I N R U F T N U O C S I D S B O B ' 3 2 9 , 5 2 1 ) 4 ( T E G R A T 5 5 2 , 4 6 0 0 0 , 3 5 0 0 7 , 8 3 1 ) 4 ( S D O O F O C N W I Y A W E F A S T E G R A T 2 2 8 , 2 2 T E K R A M S N O S A E S W E N 6 6 7 , 7 2 2 3 8 , 6 2 6 0 7 , 6 2 9 4 9 , 9 1 5 7 7 , 3 1 1 0 5 , 0 7 S S E L R O F S S E R D S S O R K C A R M O R T S D R O N T O P E D E C I F F O E S U O H E R A W E O H S W S D N O T G N I L R U B N N A O J S S E N T I F K N I L B S N E E R G L A W X X A M J T S T O L G B I E D A E R E N A U D Y T I C Y T R A P N O T G N I L R U B N O I T A N O T U A I S E C V R E S T I D E R C E S I R N U S 0 9 7 , 6 1 1 S L L A H S R A M T R A M S T E P O C T E P E E R T R A L L O D I E G D R E L L I M 7 5 8 , 1 1 8 2 3 , 7 3 0 8 8 , 4 2 0 0 0 , 0 5 9 1 9 , 2 1 0 1 0 , 1 1 0 0 6 , 3 3 K C A R M O R T S D R O N 4 1 1 , 0 4 S S E N T I F T E N A L P 6 3 8 , 4 2 R E C O R G S E S A E L R O J A M A L G 4 2 9 , 4 1 2 4 5 , 0 1 0 0 0 , 1 3 E M A N T N A N E T K C A R M O R T S D R O N W O L E B E V I F S S W A L G 0 0 1 , 4 2 0 0 0 , 1 3 5 8 1 , 5 3 0 0 0 , 0 1 0 9 9 , 8 1 9 9 4 , 5 4 2 5 0 , 2 1 5 3 9 , 9 8 0 6 8 , 8 5 0 0 2 , 8 5 0 0 0 , 0 1 1 7 3 , 9 1 8 3 6 , 5 1 0 7 9 , 2 4 7 3 1 , 4 1 0 0 0 , 2 1 1 8 7 1 , 1 2 0 5 4 , 4 8 3 9 3 , 1 4 6 1 9 , 8 2 0 2 2 , 2 0 1 9 5 1 , 9 1 8 9 7 , 4 3 6 1 2 , 9 2 0 8 1 , 3 3 3 8 5 , 7 3 4 6 6 , 6 1 0 5 4 , 4 1 9 2 3 , 0 1 1 6 4 , 5 4 0 2 1 , 5 5 0 0 5 , 7 2 4 0 4 , 5 2 5 6 4 , 7 2 2 7 4 , 1 3 0 0 5 , 6 0 1 0 2 1 , 5 1 H T L A E H D E I L L A R O F R E T N E C S T N E M E S U M A L A N O I T A N 5 . 7 9 T O P E D E M O H 3 . 7 9 I D A E T I R 0 . 0 0 1 T S U R T Y T L A E R O D A N R O V 0 . 0 0 1 S E T I U S N O L A S X N E H P 0 . 0 0 1 I E D A E R E N A U D 0 . 0 0 1 N O I T A C U D E 0 . 0 0 1 0 . 0 0 1 Y B B O L Y B B O H 0 . 0 0 1 E E R T R A L L O D 0 . 0 0 1 T O P E D E M O H 0 . 0 0 1 0 . 0 0 1 9 1 1 D R O F S M L E 0 . 0 0 1 T O P E D E M O H 8 . 8 9 X X A M J T 0 . 0 0 1 0 . 0 0 1 L I O L L E H S 7 . 5 9 0 . 0 0 1 S V C 7 . 6 9 7 . 8 9 T R A M S T E P 0 . 0 0 1 Y U B T S E B 0 . 0 0 1 T R A M K 6 . 8 9 ) 2 ( D N O Y E B & H T A B D E B 0 . 0 0 1 T R A M S T E P 0 . 0 0 1 8 . 2 5 S D O O G E M O H X X A M / J T 2 . 4 9 E R U T I N R U F Y C N E G E R 0 . 9 9 S S E N T I F T E N A L P 1 . 3 9 T O P E D E M O H 7 . 5 9 S S E N T I F T E N A L P 0 . 0 0 1 E E R T R A L L O D 0 . 0 0 1 0 . 0 0 1 S S E N T I F A L 3 . 9 8 S S E N T I F A L 1 . 5 8 0 . 0 0 1 S T R A P O T U A E C N A V D A 0 . 0 0 1 L L U M U T A W A N O R D A M 9 . 7 7 Y B B O L Y B B O H 1 . 8 9 0 . 0 0 1 0 . 0 0 1 S L L A H S R A M 3 . 3 8 X X A M J T 3 . 1 9 I D A E T I R 1 . 7 9 I D A E T I R 5 . 4 7 T O P E D E M O H 8 . 7 8 S N E E R G L A W 0 . 0 0 1 S L L A H S R A M 2 . 8 9 S E L P A T S 0 . 0 0 1 ' S Y C A M 0 . 0 0 1 ) 2 ( O C T E P 0 . 0 0 1 I D A E T I R 3 . 5 9 0 . 0 0 1 0 . 0 0 1 0 . 0 0 1 S D O O G E M O H 9 . 7 8 S L L A H S R A M 0 . 0 0 1 0 . 0 0 1 1 . 7 7 I T S O P G N D A R T A R R E I S 5 . 6 9 D N O Y E B & H T A B D E B 0 . 0 0 1 E M A N T N A N E T S V C 3 . 8 9 T N E C R E P ) 1 ( D E S A E L 0 6 1 , 7 6 1 7 7 3 , 9 1 1 1 0 6 , 2 5 1 9 1 3 , 4 0 1 2 1 0 , 8 1 1 5 4 0 , 0 2 1 9 5 7 , 3 1 1 5 4 4 , 5 1 1 3 8 , 6 7 1 3 9 4 , 7 8 2 9 5 9 , 4 2 2 8 0 7 , 0 8 0 0 0 , 0 1 1 7 6 , 9 2 3 7 3 , 0 4 0 0 2 , 7 7 1 6 , 4 2 4 5 2 , 1 5 2 6 3 4 , 5 3 1 7 2 8 , 3 8 7 0 , 7 2 8 8 2 , 3 4 1 3 7 9 , 4 3 4 6 1 4 , 2 2 9 8 7 , 7 1 2 0 4 , 8 7 1 2 1 2 , 9 4 0 9 9 , 0 7 6 3 7 , 5 3 3 7 9 , 2 5 0 9 7 , 0 1 5 7 2 , 8 4 5 6 0 , 6 0 8 1 , 1 7 1 0 0 5 , 2 2 1 2 3 , 5 5 1 3 9 3 , 8 0 1 7 4 7 , 6 2 8 4 7 , 2 7 8 6 9 , 5 5 9 9 5 , 9 2 1 8 1 , 8 8 0 3 1 , 6 3 2 2 0 3 , 0 9 1 2 6 3 , 8 6 2 7 7 9 , 0 0 1 8 9 3 , 2 5 3 3 6 0 , 6 4 4 2 1 , 2 3 4 2 9 , 7 2 9 4 6 , 7 1 0 0 5 , 7 0 6 5 , 3 4 9 2 3 , 0 1 6 1 1 , 5 3 2 6 8 6 , 3 6 2 6 7 2 , 8 0 2 1 5 9 , 3 7 1 9 6 , 6 0 2 0 6 7 , 5 8 1 7 2 2 , 1 4 7 0 2 5 , 9 3 1 2 0 2 6 0 0 2 5 1 0 2 5 1 0 2 5 1 0 2 7 0 0 2 5 1 0 2 6 0 0 2 4 0 0 2 9 0 0 2 3 1 0 2 0 0 0 2 3 0 0 2 4 0 0 2 4 0 0 2 2 1 0 2 8 9 9 1 7 0 0 2 8 9 9 1 2 1 0 2 4 0 0 2 3 1 0 2 5 1 0 2 7 0 0 2 4 0 0 2 0 0 0 2 0 0 0 2 9 8 9 1 4 0 0 2 1 1 0 2 7 0 0 2 2 1 0 2 3 0 0 2 2 1 0 2 9 9 9 1 4 0 0 2 0 0 0 2 7 0 0 2 0 0 0 2 9 0 0 2 4 0 0 2 9 6 9 1 4 1 0 2 0 0 0 2 9 8 9 1 7 9 9 1 6 0 0 2 5 0 0 2 7 6 9 1 2 1 0 2 4 0 0 2 2 1 0 2 5 9 9 1 5 0 0 2 7 0 0 2 6 0 0 2 9 0 0 2 1 2 0 2 8 0 0 2 7 0 0 2 7 1 0 2 1 2 0 2 V J O I R K I R K I R K I R K I R K I R K I R K U R P U R P P I O U R P U R P P I O E L B A S A E L R O D E P O L E V E D R A E Y ) . . T F Q S ( A E R A D E R I U Q C A O I L O F T R O P S A G E V S A L H T R O N N O I T A C O L N O T P M A H E G D R B I E R O H S Y A B E R O M L L E B K R O Y W E N N Y L K O O R B N Y L K O O R B X N O R B N Y L K O O R B N Y L K O O R B O N E R O N E R O N E R O N E R S K R A P S S K R A P S S T H G I E H N Y L K O O R B T R O P H T R O N T S A E E L A D G N M R A F I I G N H S U L F D R O F S M L E T N O M L E E R A U Q S N I L K N A R F S Y A B N O T P M A H E L L I V S K C H I E V O C N E L G T R O P E E R F K C A M M O C K C A M M O C E U G A I P O C N O I T A T S N O T G N I T N U H S L L I H S N E D R A G W E K Y T I C D N A L S I G N O L K C E N E L T T I L O H C R E J I A U Q E P A S S A M H T R O N T E S S A H N A M H T E P S A M I K C R R E M A L O E N M I K R A P Y E S N U M T E S N O C S E N D N A L S I N E T A T S D N A L S I N E T A T S D N A L S I N E T A T S D N A L S I N E T A T S D N A L S I N E T A T S T E S S O Y S M A E R T S Y E L L A V I S N A L P E T I H W W E I V N A L P I N E D L E S Y E L L A V Y P P A H S A M A K C A L C M A H S E R G M A H S E R G O R O B S L L I H E I K U A W L I M D N A L T R O P D N A L T R O P I A N A V L Y S N N E P E D I S D O O W S R E K N O Y S R E K N O Y N O G E R O 2 4 8 , 8 8 1 2 5 , 7 6 4 0 5 , 3 3 6 0 5 , 6 6 9 7 4 , 6 6 1 5 2 , 2 7 0 2 8 , 8 4 9 7 1 , 7 6 3 0 7 , 6 6 0 0 0 , 2 3 3 1 6 , 8 3 6 9 2 , 1 3 7 3 5 , 5 5 5 8 7 , 8 5 5 2 8 , 6 6 T E K R A M S D O O F E L O H W E T I R P O H S D O O F T N A G I ) 4 ( T E K R A M 7 6 7 , 6 2 S D O O G E M O H T E K R A M S D O O F E L O H W S R E M R A F E M Y H T H S E R F S R E M R A F S T U O R P S T E K R A M 0 6 3 , 5 1 D O O F T N A G I D O O F T N A G I E M C A 2 1 3 , 5 2 2 9 8 , 8 2 0 0 0 , 3 3 0 0 8 , 0 2 I E R U T I N R U F N A G N A L F & R U O M Y A R D N O Y E B & H T A B D E B ' S E B A G S Y O B P E P T R A M S T E P D O O F T N A G I 8 8 3 , 1 1 E P P O H S S T I R I P S & E N W I D O O F T N A G I 7 6 1 , 1 3 I G N R O O L F R O L O C F O H C U O T 4 4 4 , 3 9 9 0 3 , 1 1 4 9 3 , 0 1 0 5 2 , 2 1 0 0 5 , 2 2 4 8 1 , 5 8 4 8 8 , 8 4 8 3 9 , 0 8 0 5 6 , 9 2 7 3 0 , 2 3 3 2 7 , 0 7 0 0 0 , 7 3 1 5 4 3 , 2 8 5 1 2 , 6 3 9 5 0 , 6 1 T E K R A M 4 8 8 , 3 2 S E L P A T S 0 0 0 , 0 3 D O O F T N A G I D O O F T N A G I E M C A 2 7 4 , 1 1 L O O H C S Y T U A E B E R I P M E 3 5 4 , 5 4 T E K R A M S D O O F E L O H W 2 2 6 , 8 3 1 2 7 3 , 6 5 8 8 5 , 5 3 8 0 4 , 0 0 1 1 5 6 , 5 3 9 6 8 , 6 2 4 3 3 , 2 5 0 0 0 , 3 5 6 3 8 , 2 1 0 5 5 , 0 2 0 0 3 , 9 6 7 8 6 , 9 3 5 8 6 , 4 7 T E K R A M R E P U S O G M A I B U L C S ’ M A S I L A R O N O C E T E K R A M R E P U S O L B E U P S O D A C R E M R E P U S B U L C S ’ M A S I O M X A M T E K R A M H S E R F E H T R E T E E T S I R R A H R E T E E T S I R R A H S ’ E O J R E D A R T 0 0 6 , 3 1 8 4 3 , 8 9 0 0 8 , 9 0 1 5 2 5 , 1 1 6 2 1 , 5 4 9 7 2 , 3 1 5 9 8 , 1 1 4 1 3 , 5 1 0 4 2 , 5 2 D O O H R O B H G I E N T E K R A M R E G O R K T R A M L A W R E G O R K 0 0 0 , 4 2 0 1 3 , 4 6 Y R E C O R G B E H 6 7 0 , 4 3 ) 2 ( S ’ L L A D N A R 0 8 6 , 4 9 0 9 6 , 6 4 0 5 3 , 2 1 6 2 3 , 4 1 0 3 7 , 8 2 4 0 4 , 9 2 0 6 4 , 8 2 E S E E H C E K C U H C T O P E D E M O H Y E N N E P C J I A V A S S A C A M R A F I I A M E N C N A E B B R A C I I A V A S S A C A M R A F I T R A M S T E P X X A M J T O C T E P 5 3 5 , 6 2 4 2 5 , 4 8 1 8 8 , 4 3 1 2 4 2 , 8 1 1 0 0 8 , 9 0 1 0 5 3 , 0 2 0 0 1 , 8 1 0 0 0 , 0 6 0 0 1 , 0 8 1 8 3 , 6 3 9 8 3 , 5 2 0 1 5 , 9 8 I S E T A C O S S A S E C R U O S E R C I F I C A P Y B A B Y U B Y U B E E R T R A L L O D O C T E P 8 0 1 , 3 1 2 5 4 , 1 6 5 8 6 , 4 2 4 9 0 , 1 3 8 9 0 , 2 4 Y U B T S E B 1 4 3 , 3 1 1 X X A M J T 4 7 2 , 0 8 S ’ L H O K 0 0 8 , 9 0 1 0 0 4 , 9 9 0 9 4 , 4 1 E P P O H S S T I R I P S & E N W 8 . 8 8 I E P P O H S S T I R I P S & E N W 7 . 7 8 I ' S L H O K 0 . 0 0 1 S D O O G E M O H 7 . 0 9 N N A O J 7 . 2 8 ' S L H O K 0 . 0 0 1 E R U T I N R U F Y T I C E U L A V 0 . 0 0 1 D N O Y E B & H T A B D E B 4 . 8 7 N O T G N I L R U B 0 . 0 0 1 T E G R A T 5 . 7 9 ' S L H O K 0 . 0 0 1 T R A M S T E P 0 . 2 9 ' S L H O K 0 . 0 0 1 1 . 6 8 P O H S E L I T E H T 7 . 4 8 T E G R A T 0 . 0 0 1 S S E N T I F T E N A L P 8 . 8 8 O C T S O C 8 . 3 9 S S E N T I F T E N A L P 7 . 4 7 I A V A S D N A R G 9 . 8 8 T O P E D E M O H 0 . 0 0 1 . P R O C A M E N C 0 0 0 2 6 . 3 9 I ) 2 ( T R A M K 0 . 0 0 1 E L B O N & S E N R A B 0 . 0 0 1 N O T G N I L R U B 7 . 3 9 X X A M J T 4 . 6 9 6 . 6 9 5 . 3 9 S E L P A T S 8 . 3 9 S ’ L H O K 0 . 0 0 1 0 . 0 0 1 S R O O D T U O & S T R O P S Y M E D A C A 7 . 7 9 0 . 5 9 S R O O D T U O & S T R O P S Y M E D A C A 0 . 0 0 1 I T N E M N A T - R E T A E D N A L I T T A G 4 . 5 7 E L B O N & S E N R A B 4 . 9 8 Y R E T T O P E M I T D L O 9 . 7 9 ) 2 ( S N E E R G L A W 0 . 0 0 1 0 . 0 0 1 T O P E D E M O H 5 . 8 9 O C T E P 0 . 9 8 D N O Y E B & H T A B D E B 0 . 0 0 1 T O P E D E M O H 8 . 7 9 N O T G N I L R U B 0 . 0 0 1 0 . 0 0 1 S ’ L H O K 6 . 5 9 5 . 4 7 - 0 4 3 , 4 5 ) 4 ( S N O S T R E B L A 7 8 1 , 0 3 S S E L R O F S S E R D S S O R 4 8 5 , 6 8 5 1 7 , 0 3 1 0 9 8 , 3 7 1 0 3 1 , 5 1 3 4 0 , 6 2 E G A T T O C N M A T I V I D O O F L A R U T A N ) 4 ( T E G R A T ) 4 ( T E G R A T S R E M R A F S T U O R P S 0 0 0 , 2 3 0 0 5 , 3 2 0 0 8 , 0 1 9 7 0 , 0 3 S S E L R O F S S E R D S S O R A T L U X A M E C I F F O X X A M J T 0 0 0 , 8 4 0 6 1 , 8 2 9 9 7 , 6 1 2 3 0 , 8 3 E R O T S E M O H E R U T I N R U F Y E L H S A 6 . 8 9 S S E L R O F S S E R D S S O R 6 . 2 9 S D O O G E M O H / S L L A H S R A M 4 . 5 9 S V C 2 . 4 9 T E K R A M 0 0 0 , 0 5 S E R E H P S I M E H 2 9 3 , 1 8 S L E D R A M / Y B B O L Y B B O H 8 . 0 9 S D O O G E M O H 0 0 0 , 0 3 S L L A H S R A M 3 . 2 8 R E C O R G S E S A E L R O J A M A L G 8 4 5 , 2 1 E M A N T N A N E T A L G ' S E O J R E D A R T 3 4 5 , 0 1 D O O F S Y E R F F A C C M E M A N T N A N E T A L G E M A N T N A N E T T N E C R E P ) 1 ( D E S A E L M L E T S E W 3 6 3 , 8 7 S S E N T I F E M I T E F I L 2 . 7 8 5 8 7 , 4 1 3 1 1 2 , 0 2 1 3 2 6 , 1 3 1 5 3 9 , 8 6 4 9 7 , 1 3 1 0 9 7 , 3 4 1 4 8 1 , 5 8 8 7 0 , 2 9 1 8 3 9 , 0 8 7 3 7 , 1 7 0 0 2 , 3 4 1 2 3 4 , 4 5 2 7 9 0 , 4 8 1 2 1 8 , 2 3 3 5 4 3 , 2 8 6 2 2 , 1 0 1 1 4 5 , 9 4 1 5 7 0 , 6 6 1 2 8 9 , 1 1 1 6 0 7 , 4 9 7 7 2 , 1 7 1 4 2 5 , 4 8 1 1 9 , 5 5 9 8 6 , 5 8 1 9 0 5 , 9 9 5 1 2 6 , 0 7 5 0 4 6 , 9 6 5 7 6 , 4 5 3 0 8 6 , 1 9 1 6 3 2 , 6 9 1 5 3 9 , 8 8 1 5 4 8 , 0 8 1 2 5 4 , 8 1 1 3 0 1 , 1 5 6 9 7 , 8 2 2 8 0 1 , 8 8 0 9 4 , 4 1 3 9 5 , 5 7 1 2 2 0 , 8 8 4 7 3 3 , 5 4 1 4 1 6 , 7 0 2 4 2 8 , 8 8 9 3 0 , 1 3 1 2 5 3 , 3 1 2 7 8 0 , 7 5 3 9 9 6 , 7 3 3 8 6 , 8 3 2 6 4 8 , 7 2 2 5 5 , 7 6 3 3 0 6 , 1 3 2 2 3 , 9 8 2 8 6 8 , 3 8 3 4 1 , 1 7 1 7 3 7 , 6 8 2 7 4 6 , 0 4 2 7 0 0 2 6 9 9 1 8 0 0 2 2 1 0 2 4 8 9 1 3 7 9 1 6 9 9 1 2 7 9 1 6 9 9 1 5 1 0 2 5 1 0 2 2 0 0 2 3 8 9 1 5 9 9 1 6 9 9 1 7 1 0 2 0 1 0 2 6 1 0 2 6 8 9 1 4 1 0 2 3 8 9 1 6 9 9 1 4 1 0 2 6 0 0 2 6 0 0 2 6 0 0 2 6 0 0 2 6 0 0 2 6 0 0 2 6 0 0 2 8 7 9 1 5 9 9 1 0 1 0 2 2 1 0 2 1 2 0 2 8 7 9 1 1 2 0 2 1 2 0 2 7 9 9 1 8 9 9 1 1 1 0 2 1 1 0 2 1 1 0 2 7 0 0 2 1 2 0 2 1 2 0 2 5 0 0 2 1 2 0 2 1 1 0 2 1 2 0 2 5 1 0 2 8 9 9 1 7 0 0 2 5 1 0 2 6 0 0 2 I R K V J O V J O I R K V J O V J O V J O U R P I R K U R P E L B A S A E L R O D E P O L E V E D R A E Y ) . . T F Q S ( A E R A D E R I U Q C A O I L O F T R O P G R U B S D U O R T S T S A E N O T I R R O N T S A E G R U B S R E B M A H C L L E B E U L B N O V E D G R U B S I R R A H N W O T R E V A H M A H S R O H E L L I V E O R N O M N O T X E E L L I V Y R E M O G T N O M I A H P L E D A L I H P I A H P L E D A L I H P I A H P L E D A L I H P I A H P L E D A L I H P ) 3 ( H G R U B S T T I P ) 3 ( E R O M D R A N O I T A C O L H G R U B S T T I P O R O B H C R I Y R U B S W E R H S D L E I F G N R P S I D O O W E N N Y W L L A H E T I H W I O C R O T R E U P N O M A Y A B A N I L O R A C S A U G A C I T A N A M Z E U G A Y A M A N I L O R A C H T U O S O T L A O L L I J U R T E C N O P N O T S E L R A H C N O T S E L R A H C E L L I V N E E R G E L L I V N E E R G E E S S E N N E T A V O D R O C N O S I D A M S I H P M E M S I H P M E M O L L I R A M A S A X E T N I T S U A N I T S U A N I T S U A N I T S U A N I T S U A N I T S U A N O I T A T S E G E L L O C E L L I V S N W O R B E L L I V S N W O R B N O S E L R U B I E R A L L E B E O R N O C S A L L A D H T R O W T R O F S A L L A D O C S I R F E M A N T N A N E T A L G E M A N T N A N E T S R E H T O R B S R E L L E S T E K R A M H C N A R 9 9 S R E M R A F S T U O R P S S ’ E O J R E D A R T ) 4 ( N W O T D O O F T E K R A M S ’ L L A D N A R ) 4 ( T E G R A T Y R E C O R G B E H R E G O R K 3 1 8 , 9 2 1 3 9 , 9 2 0 0 6 , 4 1 8 1 2 , 6 1 8 0 6 , 3 2 5 3 5 , 6 2 0 0 0 , 0 1 . O C N O I S I V O R P H T R A E E L O H W S L O O T T H G I E R F R O B R A H S S E L R O F S S E R D S S O R T O P E D E C I F F O ) 2 ( D N O Y E B & H T A B D E B E R O M & E N W L A T O T I S T R A P O T U A H & M S R E H T O R B S R E L L E S 0 0 0 , 8 1 S L O O T T H G I E R F R O B R A H R E C O R G S E S A E L R O J A M A L G 0 9 8 , 3 7 1 0 5 5 , 2 5 4 2 6 , 3 3 6 6 5 , 4 1 1 9 7 , 3 8 2 8 5 , 9 2 9 3 5 , 7 5 4 7 8 , 6 3 0 9 3 , 2 3 3 3 2 , 5 3 3 7 3 , 3 6 0 0 0 , 6 2 6 7 6 , 0 8 0 7 9 , 3 4 0 0 4 , 5 2 1 0 7 6 , 5 5 6 0 2 , 5 6 0 0 0 , 0 8 1 0 4 8 , 9 5 6 4 8 , 5 8 4 2 3 , 7 4 1 3 1 1 , 5 0 2 0 0 0 , 6 8 1 0 7 2 , 8 4 1 0 0 0 , 1 5 1 2 1 , 9 0 1 0 0 0 , 0 0 1 1 8 6 , 5 6 0 0 0 , 8 7 4 4 8 , 6 2 1 2 4 8 , 4 6 7 5 3 , 8 2 1 6 1 8 , 1 6 8 1 5 , 1 5 5 9 4 , 3 5 8 5 6 , 9 3 1 6 8 2 , 1 7 1 0 0 5 , 1 6 5 9 9 , 7 6 4 0 2 , 5 2 1 3 8 9 , 7 2 1 Y R E C O R G B E H 9 8 4 , 5 4 T E K R A M S D O O F E L O H W S R E M R A F S T U O R P S R E G O R K A M A R A D O O F ) 4 ( T E K R A M A T S E I F ) 4 ( T E G R A T R E G O R K R E G O R K ) 4 ( Y R E C O R G B E H 0 0 0 , 0 4 ) 4 ( T E G R A T 5 3 0 , 0 5 Y R E C O R G B E H Y R E C O R G B E H ) 4 ( T R A M L A W Y R E C O R G B E H ) 4 ( T R A M L A W R E G O R K ) 4 ( Y R E C O R G B E H Y R E C O R G B E H ) 4 ( Y R E C O R G B E H Y R E C O R G B E H ) 4 ( T E G R A T R E G O R K R E T E E T S I R R A H R E T E E T S I R R A H S N A M G E W Y A W E F A S O C T S O C D O O F S R E P P O H S ) 4 ( T E G R A T D O O F T N A G I O C T S O C 7 8 1 , 0 3 6 1 8 , 2 3 1 3 6 , 8 4 4 6 1 , 0 3 0 0 0 , 0 1 0 0 0 , 8 2 7 8 1 , 0 3 6 1 4 , 0 3 0 0 0 , 5 5 0 0 0 , 5 2 0 0 0 , 2 3 2 4 8 , 8 5 7 3 8 , 2 4 0 3 2 , 5 1 8 5 9 , 6 3 2 3 5 , 6 3 0 0 0 , 2 1 9 7 1 , 0 3 3 3 3 , 5 3 0 5 0 , 2 2 8 0 9 , 0 1 0 2 6 , 1 3 7 1 0 , 0 3 2 2 2 , 9 1 0 0 0 , 0 4 0 0 0 , 0 3 1 6 0 , 4 2 7 8 1 , 0 3 8 3 5 , 2 1 0 2 1 , 5 1 I C N I L C D L O B Y E S Y E S L E K S S E L R O F S S E R D S S O R S S E L R O F S S E R D S S O R Y L N O S T N E C 9 9 E E R T R A L L O D K C A R M O R T S D R O N S D O O G E M O H N O T G N I L R U B Y V A N D L O S T O L G B I S V C S S E L R O F S S E R D S S O R S S E L R O F S S E R D S S O R B U L C C I T E L H T A T I F U R T S L L A H S R A M X X A M J T S S E L R O F S S E R D S S O R S S E L R O F S S E R D S S O R E E R T R A L L O D X X A M J T E L B O N & S E N R A B S L L A H S R A M Y B B O L Y B B O H S L L A H S R A M A L G 5 4 8 , 9 2 0 0 0 , 0 3 6 4 1 , 3 2 3 8 2 , 2 2 0 0 0 , 6 2 2 8 3 , 0 3 0 8 4 , 5 2 1 4 8 , 4 2 3 6 0 , 2 4 8 5 6 , 2 8 0 2 1 , 5 1 7 8 1 , 0 3 0 0 0 , 0 2 7 1 3 , 5 3 0 0 0 , 0 4 6 7 1 , 0 3 0 2 1 , 6 8 0 0 4 , 0 3 5 8 6 , 7 2 0 0 0 , 2 3 9 7 1 , 3 3 5 5 9 , 7 2 1 2 3 , 8 5 7 2 8 , 8 8 9 9 1 , 9 2 9 9 6 , 5 4 0 0 0 , 5 5 0 0 1 , 6 7 0 0 0 , 5 5 4 6 8 , 4 2 0 0 0 , 5 1 0 0 0 , 5 5 2 1 9 , 9 8 8 9 7 , 9 2 6 9 8 , 6 3 8 9 7 , 7 9 0 0 0 , 4 2 3 4 1 , 5 1 0 0 0 , 6 9 2 8 1 , 3 6 0 0 0 , 5 2 0 0 0 , 5 4 S S E L R O F S S E R D S S O R 7 . 2 9 S S E N T I F R U O H 4 2 6 . 1 9 R O U Q I L S ’ C E P S 2 . 8 9 T R A M S T E P 0 . 0 0 1 0 . 0 0 1 I Y R A N R E T E V T S A O C F L U G 3 . 3 9 S N E E R G L A W 4 . 7 9 S E I R T S U D N I L L I W D O O G 0 . 0 0 1 A S M A F 8 . 7 9 S S E L R O F S S E R D S S O R 4 . 5 9 S T N U O C S I D S ’ D D 3 . 6 9 S L L A H S R A M 5 . 7 7 0 . 0 0 1 S S E L R O F S S E R D S S O R 2 . 7 9 S T N U O C S I D S ’ D D 3 . 6 9 S L L A H S R A M 3 . 5 9 Y U B T S E B 0 . 0 0 1 0 . 0 0 1 S R O O D T U O & S T R O P S Y M E D A C A 9 . 3 9 S S E L R O F S S E R D S S O R 4 . 6 8 R E T N E C F L O G H T I M S F L O G 4 . 7 7 S S E L R O F S S E R D S S O R 8 . 3 9 S S E L R O F S S E R D S S O R 2 . 6 9 E L B O N & S E N R A B 5 . 1 9 X X A M J T 1 . 9 9 E R A W D R A H E C A 0 . 8 9 Y U B T S E B 3 . 2 9 Y U B T S E B 9 . 2 6 S ’ L H O K 0 . 0 9 Y B B O L Y B B O H 6 . 9 9 3 . 9 9 E M A N T N A N E T T N E C R E P ) 1 ( D E S A E L S R O O D T U O & S T R O P S Y M E D A C A 7 . 5 9 E R U T I N R U F S L L I M B O B 3 . 6 6 I G N N R O M Y A D S E U T 2 . 1 8 3 . 8 9 E R O T S E M O H E R U T I N R U F Y E L H S A 0 . 9 9 S S E L R O F S S E R D S S O R 9 . 7 8 E L B O N & S E N R A B 5 . 5 9 P M U J E M E R T X 0 . 0 0 1 Y B B O L Y B B O H 1 . 6 8 Y V A N D L O 0 . 0 0 1 8 . 1 9 ' S L H O K 4 . 5 9 0 . 0 0 1 S S E L R O F S S E R D S S O R 2 . 5 9 O P X E T O P E D E M O H 2 . 7 9 S L L A H S R A M 8 . 6 8 Y U B T S E B 0 . 1 9 5 . 8 5 5 . 2 7 S D O O G G N I T R O P S S K C D 3 . 7 8 I ' S S E L R O F S S E R D S S O R S L E A H C M I S T O L G B I Y U B T S E B O C T E P S S E N T I F R U O H 4 2 S N E E R G L A W 0 0 0 , 5 3 0 9 2 , 6 2 1 8 8 8 , 7 2 0 8 3 , 2 1 9 4 1 , 3 4 2 4 1 , 2 4 2 4 9 , 3 2 5 4 5 , 0 3 0 1 2 , 5 4 S D O O G G N I T R O P S S K C D 9 . 3 8 I ' E R U T I N R U F Y C N E G E R 4 . 6 9 S L L A H S R A M 5 . 8 9 X X A M J T 7 . 8 9 S E L P A T S 0 . 0 0 1 S S E N T I F A L 0 . 0 0 1 S V C 0 . 8 9 2 . 1 9 0 . 8 9 T O P E D E M O H 0 . 0 0 1 X X A M J T 0 . 0 0 1 3 . 6 8 E R U T I N R U F L E B 6 8 0 , 0 0 1 Y B B O L Y B B O H 0 . 8 8 2 5 1 , 9 0 2 0 0 9 , 3 4 2 3 6 9 , 0 3 1 0 2 1 , 9 5 7 7 2 , 7 9 8 6 2 , 5 6 1 7 8 7 , 0 5 3 2 2 6 , 3 9 4 7 8 , 6 3 7 7 2 , 1 7 0 4 5 , 2 7 1 7 7 7 , 6 6 1 9 0 0 , 9 1 1 0 0 0 , 0 1 2 7 9 , 1 5 2 4 5 4 , 4 2 1 5 5 0 , 4 4 1 0 4 9 , 3 8 1 5 6 0 , 9 4 1 6 8 6 , 1 9 4 6 5 7 , 8 1 2 1 5 8 , 0 3 1 0 1 2 , 9 7 2 5 6 9 , 6 1 3 2 2 0 , 8 5 1 7 5 6 , 2 9 6 9 2 , 7 8 4 7 5 , 6 1 3 5 6 0 , 2 4 2 7 8 4 , 6 3 1 9 3 3 , 7 4 3 2 5 9 , 7 8 2 8 3 1 , 1 4 1 3 6 , 3 0 1 5 6 7 , 4 7 0 0 0 , 5 1 0 5 5 , 9 7 6 6 5 , 5 6 2 2 1 9 , 7 0 1 9 8 8 , 0 6 3 1 7 0 , 0 1 4 8 9 5 , 0 0 1 3 9 6 , 6 7 1 6 2 7 , 2 3 0 3 1 , 0 2 0 5 8 , 1 6 1 0 2 5 , 9 1 4 9 9 6 , 3 8 5 3 2 6 , 6 9 4 2 7 , 8 6 1 9 4 1 , 1 4 2 0 3 8 , 3 6 3 1 5 0 , 8 9 7 6 3 , 2 7 1 1 8 , 0 5 2 8 4 1 , 4 2 1 7 2 7 , 1 4 3 2 6 8 , 6 9 6 4 9 , 2 5 0 0 4 , 7 1 3 8 8 7 , 7 3 3 2 4 0 , 1 0 1 9 4 7 , 0 3 3 0 1 1 , 1 6 3 1 2 0 2 6 0 0 2 1 2 0 2 1 2 0 2 1 2 0 2 5 1 0 2 5 1 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 5 1 0 2 1 2 0 2 3 1 0 2 1 2 0 2 1 2 0 2 1 2 0 2 5 0 0 2 1 2 0 2 1 2 0 2 1 2 0 2 3 1 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 4 7 9 1 1 2 0 2 1 2 0 2 9 9 9 1 6 9 9 1 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 4 1 0 2 2 1 0 2 1 2 0 2 1 2 0 2 6 0 0 2 1 2 0 2 1 2 0 2 1 2 0 2 4 1 0 2 8 9 9 1 7 0 0 2 7 0 0 2 7 0 0 2 0 1 0 2 6 1 0 2 5 1 0 2 8 0 0 2 V J O V J O V J O V J O V J O V J O V J O I R K V J O I R K U R P U R P P P C E L B A S A E L R O D E P O L E V E D R A E Y ) . . T F Q S ( A E R A D E R I U Q C A O I L O F T R O P I E I R A R P D N A R G N O T S E V L A G N O I T A C O L N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H N O T S U O H E L B M U H ) 3 ( D O O W G N K I N E L L A C M N E L L A C M N E L L A C M N E L L A C M N E L L A C M N E L L A C M E T I U Q S E M N O I S S I M N O I S S I M A N E D A S A P O N A L P O D E R A L O D E R A L O D E R A L Y T I C E D N A R G O R I I O N O T N A N A S I O N O T N A N A S I O N O T N A N A S I O N O T N A N A S D N A L R A G U S I G N R P S L L A B M O T R E T S B E W R E T S B E W I I A N G R V I I A R D N A X E L A I A R D N A X E L A N O T G N I L R A X A F R A F I X A F R A F I X A F R A F I E K R U B Y T I C N O G A T N E P G R U B S E E L D R O F F A T S D R O F F A T S G N I L R E T S A L G 3 9 1 , 5 3 1 0 3 5 , 6 1 0 0 9 , 4 2 0 7 0 , 7 6 0 0 9 , 5 1 1 9 6 0 , 5 5 0 0 0 , 1 6 2 4 9 , 9 2 3 9 5 , 2 1 1 9 6 , 5 6 6 5 5 , 9 3 0 0 0 , 1 4 0 5 3 , 8 4 6 8 1 , 4 6 7 6 3 , 7 4 0 0 0 , 5 5 2 5 0 , 2 1 6 3 1 , 8 2 R E C O R G S E S A E L R O J A M E M A N T N A N E T A L G B U L C S M A S ' 7 9 1 , 5 3 1 E M A N T N A N E T A L G R E T N E C E M O H S E W O L ' 3 1 6 , 9 0 2 T E K R A M S D O O F E L O H W N A T I L O P O R T E M Y A W E F A S Y A W E F A S T E K R A M T E K R A M S D O O F E L O H W S R E M R A F S T U O R P S ' ) 4 ( S E O J R E D A R T ) 4 ( Y A W E F A S T E K R A M ) 4 ( T E G R A T Y A W E F A S T R A M H H S E R F N O Z A M A Y A W E F A S I D L A 0 7 0 , 7 1 7 3 4 , 7 5 0 7 0 , 3 2 7 0 2 , 6 7 5 3 7 , 5 3 7 8 9 , 4 2 0 0 5 , 2 1 4 5 3 , 2 2 9 4 8 , 0 2 0 2 9 , 2 3 S D O O G G N I T R O P S S K C D I ' Y M R A N O I T A V L A S E H T S E I R T S U D N I L L I W D O O G T O P E D E C I F F O T R A M L A W S S E L R O F S S E R D S S O R E L B O N & S E N R A B Y V A N D L O D N O Y E B & H T A B D E B I G N N R O M Y A D S E U T D O O F A E S S M A L ' ' S E O J R E D A R T Y A W E F A S 0 7 4 , 3 2 0 0 0 , 5 2 S S E L R O F S S E R D S S O R I D A E T I R 2 8 8 , 3 7 1 7 9 , 3 6 5 9 4 , 1 0 1 0 5 9 , 3 0 1 8 4 9 , 0 3 1 0 0 5 , 4 3 6 0 5 , 3 4 0 0 2 , 7 2 9 8 3 , 2 2 3 3 3 , 5 2 3 2 0 , 5 3 5 6 3 , 5 4 7 2 3 , 3 1 9 6 5 , 9 1 2 9 6 , 5 2 3 0 9 , 9 2 2 9 6 , 6 3 T E K R A M 0 7 6 , 8 4 E R U T I N R U F S Y C A M ' 5 4 5 , 3 5 E R U T I N R U F Y C N E G E R 3 . 8 9 Y B B O L Y B B O H 7 . 7 9 T R A M L A W 1 . 9 9 E M A N T N A N E T T N E C R E P ) 1 ( D E S A E L S S E L R O F S S E R D S S O R 6 . 5 9 S L E A H C M 0 . 0 0 1 I S S E N T I F A L 3 . 2 9 E M O H T A 7 . 1 9 T E G R A T 7 . 2 9 T O P E D E M O H 5 . 6 9 N N A O J 0 . 0 0 1 S S E N T I F T E N A L P 0 . 0 0 1 Y U B T S E B 0 . 0 0 1 N N A O J 0 . 0 0 1 0 . 0 0 1 S G U R D L L E T R A B 0 . 7 9 0 . 0 0 1 S S E L R O F S S E R D S S O R 0 . 7 9 S G U R D L L E T R A B 0 . 0 0 1 D N O Y E B & H T A B D E B 6 . 7 9 N N A O J 1 . 3 9 4 . 5 9 S D O O G G N I T R O P S S K C D 3 . 4 9 I ' 2 4 4 , 8 0 8 3 3 1 , 3 4 1 8 8 7 , 3 0 5 5 5 8 , 4 7 1 5 6 9 , 9 9 4 1 2 6 , 8 7 3 8 8 3 , 7 8 1 2 2 3 , 2 0 2 9 0 9 , 6 8 9 5 2 , 8 8 1 3 4 2 , 6 1 7 6 , 6 9 6 6 6 , 7 7 0 6 0 , 6 8 3 6 6 , 3 6 0 1 0 , 4 3 1 8 8 4 , 0 8 4 1 0 , 7 8 3 0 8 , 0 1 1 3 0 4 , 0 7 1 8 8 2 , 3 2 1 7 5 8 , 8 6 4 2 8 2 , 9 9 4 , 5 9 5 1 0 2 7 1 0 2 8 9 9 1 7 0 0 2 3 1 0 2 7 0 0 2 1 2 0 2 0 0 0 2 6 0 0 2 2 1 0 2 6 1 0 2 2 1 0 2 1 2 0 2 1 2 0 2 6 0 0 2 1 2 0 2 1 2 0 2 1 2 0 2 1 2 0 2 2 1 0 2 5 1 0 2 3 0 0 2 I R K U R P I R K U R P P I O P I O U R P P I O P I O P I O I R K E L B A S A E L R O D E P O L E V E D R A E Y ) . . T F Q S ( A E R A D E R I U Q C A O I L O F T R O P I ) 3 ( E G D R B D O O W I E G D R B D O O W N O T G N H S A W I N O I T A C O L G N I L R E T S M A H G N I L L E B N O T G N V O C I Y A W L A R E D E F E U V E L L E B N R U B U A T N E K S N E V E T S E K A L K E E R C L L I M P U L L A Y U P P U L L A Y U P A I P M Y L O E L T T A E S E L T T A E S E L A D R E V L I S E N A K O P S E L T T A E S E L T T A E S E L T T A E S A L I W K U T ) 5 ( S T S E R E T N I Y T R E P O R P R E T N E C G N I P P O H S 8 4 5 L A T O T l i a t e r - n o n d n a s t n e m t s e v n i e t a t s e l a e r r e h t o , s t n e m t s e v n i y t i u q e d e r r e f e r p s ’ y n a p m o C e h t h g u o r h t y l i r a m i r p , s e i t r e p o r p 3 4 e d u l c n i t o n s e o D . t n e m p o l e v e d e r r o f d l e h g n i e b s t i n u f o A L G e d u l c x e h c i h w s t c e j o r p s e t o n e D . s r o h c n A w o d a h S e r a o h w s t n a n e t s e t o n e D . 1 2 0 2 , 1 3 r e b m e c e D f o s a n o i t a m r o f n i d e s a e l t n e c r e P . g n i y a P & k r a D e r a o h w s t n a n e t s e t o n e D . A L G f o t e e f e r a u q s n o i l l i m 1 . 4 y l e t a m i x o r p p a g n i l l a t o t , s e i t r e p o r p . m a r g o r P t n e m t s e v n I l a i t n e d u r P n i t s e r e t n i y t r e p o r p s e t o n e D . s m a r g o r P l a n o i t u t i t s n I r e h t O n i t s e r e t n i y t r e p o r p s e t o n e D . s e r u t n e V t n i o J S U r e h t O n i t s e r e t n i y t r e p o r p s e t o n e D . n a l P n o i s n e P a d a n a C n i t s e r e t n i y t r e p o r p s e t o n e D . T I E R e m o c n I o c m K n i i t s e r e t n i y t r e p o r p s e t o n e D ) 1 ( ) 2 ( ) 3 ( ) 4 ( ) 5 ( P P C I R K P I O V J O U R P This page intentionally left blank. This page intentionally left blank. This page intentionally left blank. Kimco Realty Corporation and Subsidiaries Stockholder 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 Annual Meeting of Stockholders Annual Report to Stockholders All stockholders are cordially invited to attend the 2022 annual meeting which will be conducted via a live broadcast on April 26, 2022. 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. You may also submit questions in advance of the 2022 annual meeting by visiting www.virtualshareholdermeeting.com/ KIM2022. The company will respond to as many inquiries at the 2022 annual meeting as time allows. If you plan to attend the 2022 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 2022 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 Report and forms our annual report 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 2,863 as of March 1, 2022. Offices Executive Offices 500 North Broadway Suite 201 Jericho, NY 11753 516-869-9000 www.kimcorealty.com Regional Offices Phoenix, AZ 602-249-0670 Hollywood, FL 954-923-8444 Charlotte, NC 704-367-0131 Woodbridge, VA 703-583-0071 Daly City, CA 650-301-3000 Orlando, FL 407-302-4400 Ardmore, PA 610-896-7560 Bellevue, WA 425-373-3500 Vista, CA 760-727-1002 Timonium, MD 410-684-2000 Fort Worth, TX 214-720-0559 Tustin, CA 949-252-3880 Newton, MA 617-933-2820 Houston, TX 833-800-4343 Wilton, CT 203-761-8951 New York, NY 212-972-7456 Arlington, VA 703-415-7612 Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) headquar- tered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco Realty is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of December 31, 2021, the company owned interests in 541 U.S. shopping centers and mixed-use assets comprising 93 million square feet of gross leasable space. For further information, please visit www.kimcorealty.com 2021 Operating Review ...............1 Form 10-K .................................... 10 Stockholder Information ......... 140 Corporate Directory ...............IBC 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 Meta 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 Leah Landro Executive Vice President & Chief Human Resources Officer Thomas Taddeo Executive Vice President & Chief Information Officer David F. Bujnicki Senior Vice President Investor Relations & Strategy Geoffrey Glazer Senior Vice President National Development William Teichman Senior Vice President Business Operations Kathleen Thayer Senior Vice President & Assistant Treasurer Corporate Accounting 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 & Data Analytics 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 Jennifer Maisch Vice President Marketing & Corporate Communications Julio Ramon Vice President Property Finance Jonathon Siswick Vice President Lease Administration Harvey G. Weinreb Vice President Tax Paul Westbrook Vice President & Chief Accounting Officer F i r s t i n L a s t M i l e R e t a i l – 2 0 2 1 A n n u a l R e p o r t i K m c o R e a l t y 500 North Broadway, Suite 201, Jericho, NY 11753 | (516) 869-9000 kimcorealty.com First in Last Mile Retail ™ 20 21 Annual R eport kimcorealty.com 

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