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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
Kimco
Kimco
Kimco Revenue by Segment
Revenue by Segment
Rental Property Income Revenue
CapyFin.comManagement Fee Income Revenue
CapyFin.com 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
- Kimco Realty anticipates it will monetize a portion of its ACI investment during 2022 but prefers not to make any assumption as to the timing or amount in order to maintain maximum optionality.