Kimco Realty (NYSE: KIM) has recently released its 10-K report, providing insights into its financial performance and operations. The company is a real estate investment trust (REIT) and a prominent owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. As of December 31, 2024, Kimco Realty owned interests in 568 U.S. shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space.
In the 10-K report, Kimco Realty's management delves into the critical accounting estimates that impact the company's financial statements. The report highlights that the company's trade accounts receivable are reviewed for collectability, with a specific focus on customer creditworthiness, tenant risk assessment, and current economic trends. Additionally, the report emphasizes that the company's investments in real estate properties are stated at cost, less accumulated depreciation and amortization. It also details the methods and assumptions used in valuing joint venture investments and other investments.
The executive overview in the report provides insights into the corporate UPREIT reorganization that Kimco Realty underwent in January 2023. The report also includes financial highlights for the year ended December 31, 2024, including net income available to the company’s common shareholders, funds from operations (FFO), same property net operating income, and leasing activity.
Financial and portfolio information outlined in the report includes the net income available to the company’s common shareholders, FFO, same property net operating income, and leasing activity. The report also details the acquisitions, dispositions, and other activities undertaken by Kimco Realty during the year, such as the acquisition of open-air shopping centers, the disposal of operating properties and parcels, and the monetization of shares in Albertsons Companies Inc.
The capital activity section of the report outlines the financial undertakings of Kimco Realty, including the issuance of unsecured notes, obtaining a term loan credit facility, and assuming unsecured notes and term loans in conjunction with the RPT Merger. This provides a comprehensive overview of the company's financial and operational performance for the year. Following these announcements, the company's shares moved -1.1%, and are now trading at a price of $21.39. For the full picture, make sure to review Kimco Realty's 10-K report.
