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Dec 31, 2022
Kimco Q4 2022 Earnings Report
Kimco Realty experienced a net loss but achieved significant occupancy gains, driven by strong leasing execution and strategic asset monetization.
Key Takeaways
Kimco Realty reported a net loss of ($56.1) million for Q4 2022, impacted by a mark-to-market reduction on marketable securities and an increase in income tax provision. However, the company achieved strong occupancy gains, leasing 2.5 million square feet during the quarter, and realized proceeds of $301.1 million from the sale of Albertsons shares.
Pro-rata portfolio occupancy increased by 130 basis points year-over-year to 95.7%.
Pro-rata anchor occupancy increased sequentially by 20 basis points to 98.0%, and small shop occupancy increased by 80 basis points to 90.0%.
Cash rent spreads for new leases on comparable spaces grew by 30.4%.
Same-Property Net Operating Income grew by 1.9% compared to the same period last year.
Revenue by Segment
Forward Guidance
Kimco Realty provided its initial full year 2023 outlook, projecting net income per diluted share between $0.93 and $0.97 and FFO per diluted share between $1.53 and $1.57.
Positive Outlook
- Same Property NOI growth: 1.0% to 2.0%
- Lease termination income: $14 million to $16 million
- Total property acquisitions (including structured investments), net of dispositions: $100 million
- Liquidity of $2.1 billion
- Strong leasing execution
Challenges Ahead
- Credit loss: (0.75%) to (1.25%) of total pro-rata rental revenues
- No income attributable to collection of prior period accounts receivables from cash basis tenants
- General adverse economic and local real estate conditions
- Inability of major tenants to continue paying their rent obligations
Historical Earnings Impact
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Avg. Return Before/After Earnings
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