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Dec 31, 2021
Kimco Q4 2021 Earnings Report
Kimco Realty outperformed expectations with an expanded portfolio concentrated in high-growth markets.
Key Takeaways
Kimco Realty reported Q4 2021 results, featuring a net income of $75.3 million, or $0.13 per diluted share. The company grew pro-rata portfolio occupancy and anchor occupancy sequentially. Same-property NOI increased by 12.9%.
Produced Funds From Operations (FFO) of $0.39 per diluted share
Grew pro-rata portfolio occupancy 30 basis points sequentially to 94.4%
Sequentially grew pro-rata anchor occupancy 20 basis points to 97.1% and small shop occupancy 40 basis points to 87.7%
Reported a 12.9% increase in Same-property Net Operating Income (NOI), including redevelopments and the former Weingarten Realty (WRI) portfolio, during the fourth quarter over the same period a year ago
Revenue by Segment
Forward Guidance
Kimco Realty provided its full year 2022 outlook, projecting net income per diluted share between $0.51 and $0.55 and Nareit FFO per diluted share between $1.46 and $1.50.
Positive Outlook
- Same-property NOI growth will be positive
- Total property acquisitions (including structured investments), net of dispositions, of $100 million
- No redemption of preferred stock outstanding that becomes callable or early prepayment charges of maturing debt
- No monetization of ACI shares
- No issuance of common equity
Challenges Ahead
- Net Income available to common shareholders (per diluted share): $0.51 to $0.55
- Nareit FFO (per diluted share): $1.46 to $1.50
- Credit loss on rental revenue of 100 basis points at the midpoint
- No income attributable to cash basis tenants from collection of prior period accounts receivables or the reinstatement of straight-line rent receivables
Historical Earnings Impact
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Avg. Return Before/After Earnings
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