Strong Liquidity Position with Availability in Excess of $2 Billion
Solid First Quarter Operating Performance
Provides COVID-19 Update
JERICHO, New York (STL.News) Kimco Realty Corp. (NYSE: KIM), one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use properties, today reported results for the first quarter ended March 31, 2020. For the three months ended March 31, 2020 and 2019, Kimco’s net income available to the company’s common shareholders was $0.19 per diluted share and $0.24 per diluted share, respectively.
Kimco Realty Corp. First Quarter Highlights:
- Attained pro-rata anchor occupancy of 98.6%, an increase of 80 basis points from first quarter 2019.
- Generated new cash pro-rata leasing spreads of 13.3%.
- Grew same-property net operating income (NOI)* 1.5% compared to the same period in 2019.
- Obtained a new $2.0 billion revolving credit facility.
- Nearly $900 million of cash and cash equivalents on its balance sheet at the end of April.
- Secured a new $590 million unsecured term loan facility.
- Established Kimco Tenant Assistance Program (TAP) to help tenants apply for government-sponsored COVID19 aid programs.
- Launched the Kimco Curbside Pickup™ program designating dedicated parking spots for curbside pickup at its centers for use by all tenants and their customers.
“Our results this quarter continue to speak to the strength and quality of our portfolio,” stated Conor Flynn, Kimco’s Chief Executive Officer. “Given the significant transformation successfully executed over the last several years, we now own a predominantly grocery-anchored portfolio clustered in the nation’s top markets. We also have the strongest liquidity position and one of longest debt maturity profiles in our sector, to not only overcome the current challenges, but to potentially capitalize on emerging opportunities as we move ahead. I have been moved and humbled by our associates’ focus on tenant and community support during this time of crisis. Our commitment to servicing and engaging with all of our stakeholder groups will remain a hallmark of Kimco’s success
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