– Strong Operating Performance Generates Solid Growth –
Net Income Increases 23%
Funds From Operations* Increases 18%
– Board Raises Quarterly Cash Dividend on Common Shares by 5.3% –
– Raises 2022 Outlook –
JERICHO, N.Y.--(BUSINESS WIRE)--Kimco Realty® (NYSE: KIM), North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including mixed-use assets, today reported results for the first quarter ended March 31, 2022. For the three months ended March 31, 2022 and 2021, Kimco Realty’s net income available to the company’s common shareholders was $0.37 per diluted share and $0.30 per diluted share, respectively.
First Quarter Highlights:
“Our ongoing commitment to leasing, leasing, and leasing resulted in our team signing 4.7 million square feet which drove both sequential and year-over-year occupancy gains as well as strong NOI and FFO growth to start 2022,” commented Kimco Realty CEO Conor Flynn. “With tenant demand robust for stores that serve their respective communities as last-mile fulfillment and distribution locations, Kimco Realty remains well positioned to outperform in the coming years, as we remain committed to building additional long-term shareholder value.”
Financial Results:
Net income available to the company’s common shareholders for the first quarter of 2022 was $230.9 million, or $0.37 per diluted share, compared to $131.6 million, or $0.30 per diluted share, for the first quarter of 2021. The year-over-year change is primarily attributable to an increase in consolidated revenues from rental properties of $143.8 million, partially offset by an increase in real estate taxes of $15.4 million and operating and maintenance costs of $22.7 million, primarily stemming from the merger with Weingarten Realty Investors (Weingarten) in August of 2021. In addition, there was a $60.7 million benefit from mark-to-market gains on marketable securities, primarily from change in the value of Albertsons Companies, Inc. (NYSE: ACI) common stock held by the company. Also impacting the change in net income were increases in depreciation and amortization of $55.4 million, interest expense of $9.3 million and general and administrative expenses of $5.5 million, all of which were primarily due to the aforementioned merger with Weingarten. The company also recognized a $7.2 million early extinguishment of debt charge in the first quarter of 2022 related to the prepayment of $500 million, 3.400% unsecured notes that were scheduled to mature in November 2022.
*Reconciliations of net income available to the company’s common shareholders to non-GAAP measures Nareit FFO, Same-property NOI and Net Debt to EBITDA are provided in the tables accompanying this press release.
Nareit FFO was $240.6 million, or $0.39 per diluted share, for the first quarter 2022 compared to $144.3 million, or $0.33 per diluted share, for the first quarter 2021.
Operating Results:
Transaction Activities:
Capital Market Activities:
Dividend Declarations:
As previously announced:
2022 Full Year Outlook:
There were no changes to the company’s guidance assumptions that were previously provided other than the better-than-expected actual results for the first quarter and the impact of the ($0.01) per share charge for the early extinguishment of debt. Based on these results and outlook for the remainder of 2022, the company has raised its full-year guidance ranges as follows:
Current* |
Previous |
|
Net Income available to common shareholders (per diluted share): |
$0.79 to $0.82 |
$0.51 to $0.55 |
Nareit FFO (per diluted share)*: |
$1.50 to $1.53 |
$1.46 to $1.50 |
*The tables accompanying this press release provide a reconciliation for this forward-looking non-GAAP measure.
Conference Call Information
When: |
8:30 AM ET, April 28, 2022 |
|
Live Webcast: |
1Q22 Kimco Realty Earnings Conference Call or on Kimco Realty’s website investors.kimcorealty.com (replay available through July 27, 2022) |
|
Dial #: |
1-877-407-0784 (International: 1-201-689-8560) |
About Kimco Realty®
Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco Realty is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of March 31, 2022, the company owned interests in 537 U.S. shopping centers and mixed-use assets comprising 93 million square feet of gross leasable space. For further information, please visit www.kimcorealty.com.
The company announces material information to its investors using the company’s investor relations website (investors.kimcorealty.com), SEC filings, press releases, public conference calls, and webcasts. The company also uses social media to communicate with its investors and the public, and the information the company posts on social media may be deemed material information. Therefore, the company encourages investors, the media, and others interested in the company to review the information that it posts on the social media channels, including Facebook (www.facebook.com/kimcorealty), Twitter (www.twitter.com/kimcorealty), YouTube (www.youtube.com/kimcorealty) and LinkedIn (www.linkedin.com/company/kimco-realty-corporation). The list of social media channels that the company uses may be updated on its investor relations website from time to time.
Safe Harbor Statement
This communication contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “commit,” “anticipate,” “estimate,” “project,” “will,” “target,” “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which, in some cases, are beyond the Company’s control and could materially affect actual results, performances or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) general adverse economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center, (iv) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in accordance with our expectations, (v) the Company’s ability to raise capital by selling its assets, (vi) increases in operating costs due to inflation and supply chain issues, (vii) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company following the merger between Kimco and Weingarten Realty Investors (the “Merger”), (viii) the possibility that, if the Company does not achieve the perceived benefits of the Merger as rapidly or to the extent anticipated by financial analysts or investors, the market price of the Company’s common stock could decline, (ix) changes in governmental laws and regulations and management’s ability to estimate the impact of such changes, (x) valuation and risks related to the Company’s joint venture and preferred equity investments, (xi) valuation of marketable securities and other investments, including the shares of Albertsons Companies, Inc. common stock held by the Company, (xii) impairment charges, (xiii) pandemics or other health crises, such as coronavirus disease 2019 (“COVID-19”), (xiv) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xv) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (xvi) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xvii) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity, and (xviii) the other risks and uncertainties identified under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year-ended December 31, 2021. Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that the Company files with the Securities and Exchange Commission (“SEC”).
Condensed Consolidated Balance Sheets | ||||||||
(in thousands, except share data) | ||||||||
(unaudited) | ||||||||
March 31, 2022 |
December 31, 2021 |
|||||||
Assets: | ||||||||
Real estate, net of accumulated depreciation and amortization | ||||||||
of $3,128,182 and $3,010,699 respectively | $ |
14,950,391 |
$ |
15,035,900 |
||||
Real estate under development |
|
5,672 |
|
5,672 |
||||
Investments in and advances to real estate joint ventures |
|
1,013,940 |
|
1,006,899 |
||||
Other investments |
|
104,195 |
|
122,015 |
||||
Cash and cash equivalents |
|
370,318 |
|
334,663 |
||||
Marketable securities |
|
1,334,873 |
|
1,211,739 |
||||
Accounts and notes receivable, net |
|
253,687 |
|
254,677 |
||||
Operating lease right-of-use assets, net |
|
145,784 |
|
147,458 |
||||
Other assets |
|
364,721 |
|
340,176 |
||||
Total assets | $ |
18,543,581 |
$ |
18,459,199 |
||||
Liabilities: | ||||||||
Notes payable, net | $ |
7,110,804 |
$ |
7,027,050 |
||||
Mortgages payable, net |
|
378,644 |
|
448,652 |
||||
Dividends payable |
|
5,366 |
|
5,366 |
||||
Operating lease liabilities |
|
122,615 |
|
123,779 |
||||
Other liabilities |
|
697,510 |
|
730,690 |
||||
Total liabilities |
|
8,314,939 |
|
8,335,537 |
||||
Redeemable noncontrolling interests |
|
13,480 |
|
13,480 |
||||
Stockholders' equity: | ||||||||
Preferred stock, $1.00 par value, authorized 7,054,000 shares; | ||||||||
Issued and outstanding (in series) 19,580 shares; | ||||||||
Aggregate liquidation preference $489,500 |
|
20 |
|
20 |
||||
Common stock, $.01 par value, authorized 750,000,000 shares; issued and | ||||||||
outstanding 618,002,532 and 616,658,593 shares, respectively |
|
6,180 |
|
6,167 |
||||
Paid-in capital |
|
9,589,955 |
|
9,591,871 |
||||
Retained earnings |
|
412,659 |
|
299,115 |
||||
Accumulated other comprehensive income |
|
2,216 |
|
2,216 |
||||
Total stockholders' equity |
|
10,011,030 |
|
9,899,389 |
||||
Noncontrolling interests |
|
204,132 |
|
210,793 |
||||
Total equity |
|
10,215,162 |
|
10,110,182 |
||||
Total liabilities and equity | $ |
18,543,581 |
$ |
18,459,199 |
||||
Condensed Consolidated Statements of Income | ||||||||||
(in thousands, except share data) | ||||||||||
(unaudited) | ||||||||||
Three Months Ended March 31, |
||||||||||
2022 |
2021 |
|||||||||
Revenues | ||||||||||
Revenues from rental properties, net | $ |
422,654 |
|
$ |
278,871 |
|
||||
Management and other fee income |
|
4,595 |
|
|
3,437 |
|
||||
Total revenues |
|
427,249 |
|
|
282,308 |
|
||||
Operating expenses | ||||||||||
Rent |
|
(4,081 |
) |
|
(3,035 |
) |
||||
Real estate taxes |
|
(54,314 |
) |
|
(38,936 |
) |
||||
Operating and maintenance |
|
(69,225 |
) |
|
(46,520 |
) |
||||
General and administrative |
|
(29,948 |
) |
|
(24,478 |
) |
||||
Impairment charges |
|
(272 |
) |
|
- |
|
||||
Depreciation and amortization |
|
(130,294 |
) |
|
(74,876 |
) |
||||
Total operating expenses |
|
(288,134 |
) |
|
(187,845 |
) |
||||
Gain on sale of properties |
|
4,193 |
|
|
10,005 |
|
||||
Operating income |
|
143,308 |
|
|
104,468 |
|
||||
Other income/(expense) | ||||||||||
Other income, net |
|
5,983 |
|
|
3,357 |
|
||||
Gain on marketable securities, net |
|
121,764 |
|
|
61,085 |
|
||||
Interest expense |
|
(57,019 |
) |
|
(47,716 |
) |
||||
Early extinguishment of debt charges |
|
(7,173 |
) |
|
- |
|
||||
Income before income taxes, net, equity in income of joint ventures, net, | ||||||||||
and equity in income from other investments, net |
|
206,863 |
|
|
121,194 |
|
||||
Benefit/(provision) for income taxes, net |
|
153 |
|
|
(1,308 |
) |
||||
Equity in income of joint ventures, net |
|
23,570 |
|
|
17,752 |
|
||||
Equity in income of other investments, net |
|
5,373 |
|
|
3,787 |
|
||||
Net income |
|
235,959 |
|
|
141,425 |
|
||||
Net loss/(income) attributable to noncontrolling interests |
|
1,343 |
|
|
(3,483 |
) |
||||
Net income attributable to the company |
|
237,302 |
|
|
137,942 |
|
||||
Preferred dividends |
|
(6,354 |
) |
|
(6,354 |
) |
||||
Net income available to the company's common shareholders | $ |
230,948 |
|
$ |
131,588 |
|
||||
Per common share: | ||||||||||
Net income available to the company's common shareholders: (1) | ||||||||||
Basic | $ |
0.37 |
|
$ |
0.30 |
|
||||
Diluted (2) | $ |
0.37 |
|
$ |
0.30 |
|
||||
Weighted average shares: | ||||||||||
Basic |
|
614,767 |
|
|
430,524 |
|
||||
Diluted |
|
616,758 |
|
|
432,264 |
|
(1) |
Adjusted for earnings attributable from participating securities of ($1,360) and ($792) for the three months ended March 31, 2022 and 2021, respectively. |
|||||
(2) |
Reflects the potential impact if certain units were converted to common stock at the beginning of the period. The impact of the conversion would have an antidilutive effect on net income and therefore have not been included. Adjusted for distributions on convertible units of $11 and $9 for the three months ended March 31, 2022 and 2021, respectively. |
|||||
Reconciliation of Net Income Available to the Company's Common Shareholders to | |||||||||
FFO Available to the Company's Common Shareholders (1) | |||||||||
(in thousands, except share data) | |||||||||
(unaudited) | |||||||||
Three Months Ended March 31, |
|||||||||
2022 |
2021 |
||||||||
Net income available to the company's common shareholders | $ |
230,948 |
|
$ |
131,588 |
|
|||
Gain on sale of properties |
|
(4,193 |
) |
|
(10,005 |
) |
|||
Gain on sale of joint venture properties |
|
(2,986 |
) |
|
(5,283 |
) |
|||
Depreciation and amortization - real estate related |
|
129,461 |
|
|
74,113 |
|
|||
Depreciation and amortization - real estate joint ventures |
|
16,885 |
|
|
10,007 |
|
|||
Impairment charges (including real estate joint ventures) |
|
700 |
|
|
1,068 |
|
|||
Profit participation from other investments, net |
|
(3,663 |
) |
|
195 |
|
|||
Gain on marketable securities, net |
|
(121,764 |
) |
|
(61,085 |
) |
|||
(Benefit)/provision for income taxes, net (2) |
|
(11 |
) |
|
1,046 |
|
|||
Noncontrolling interests (2) |
|
(4,730 |
) |
|
2,626 |
|
|||
FFO available to the company's common shareholders | $ |
240,647 |
|
(4) |
$ |
144,270 |
|
||
Weighted average shares outstanding for FFO calculations: | |||||||||
Basic |
|
614,767 |
|
|
430,524 |
|
|||
Units |
|
2,546 |
|
|
654 |
|
|||
Dilutive effect of equity awards |
|
1,874 |
|
|
1,606 |
|
|||
Diluted (3) |
|
619,187 |
|
|
432,784 |
|
|||
FFO per common share - basic | $ |
0.39 |
|
$ |
0.34 |
|
|||
FFO per common share - diluted (3) | $ |
0.39 |
|
$ |
0.33 |
|
(1) |
The company considers FFO to be an important supplemental measure of its operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting results. Comparison of the company's presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the Nareit definition used by such REITs. |
||||
(2) |
Related to gains, impairments and depreciation on properties, where applicable. |
||||
(3) |
Reflects the potential impact if certain units were converted to common stock at the beginning of the period. FFO available to the company’s common shareholders would be increased by $473 and $97 for the three months ended March 31, 2022 and 2021, respectively. |
||||
(4) |
Includes Early extinguishment of debt charges of $7.2 million recognized during the three months ended March 31, 2022. |
||||
Reconciliation of Net Income Available to the Company's Common Shareholders | ||||||||||
to Same Property NOI (1)(2) | ||||||||||
(in thousands) | ||||||||||
(unaudited) | ||||||||||
Three Months Ended March 31, |
||||||||||
2022 |
2021 |
|||||||||
Net income available to the Company's common shareholders | $ |
230,948 |
|
$ |
131,588 |
|
||||
Adjustments: | ||||||||||
Management and other fee income |
|
(4,595 |
) |
|
(3,437 |
) |
||||
General and administrative |
|
29,948 |
|
|
24,478 |
|
||||
Impairment charges |
|
272 |
|
|
- |
|
||||
Depreciation and amortization |
|
130,294 |
|
|
74,876 |
|
||||
Gain on sale of properties |
|
(4,193 |
) |
|
(10,005 |
) |
||||
Interest and other expense, net |
|
58,209 |
|
|
44,359 |
|
||||
Gain on marketable securities, net |
|
(121,764 |
) |
|
(61,085 |
) |
||||
(Benefit)/provision for income taxes, net |
|
(153 |
) |
|
1,308 |
|
||||
Equity in income of other investments, net |
|
(5,373 |
) |
|
(3,787 |
) |
||||
Net (loss)/income attributable to noncontrolling interests |
|
(1,343 |
) |
|
3,483 |
|
||||
Preferred dividends |
|
6,354 |
|
|
6,354 |
|
||||
WRI Same Property NOI (3) |
|
- |
|
|
91,950 |
|
||||
Non same property net operating income |
|
(17,419 |
) |
|
(17,422 |
) |
||||
Non-operational expense from joint ventures, net |
|
19,684 |
|
|
11,963 |
|
||||
Same Property NOI | $ |
320,869 |
|
$ |
294,623 |
|
(1) |
The company considers Same Property NOI as an important operating performance measure because it is frequently used by securities analysts and investors to measure only the net operating income of properties that have been owned by the company for the entire current and prior year reporting periods. It excludes properties under redevelopment, development and pending stabilization; properties are deemed stabilized at the earlier of (i) reaching 90% leased or (ii) one year following a project’s inclusion in operating real estate. Same Property NOI assists in eliminating disparities in net income due to the development, acquisition or disposition of properties during the particular period presented, and thus provides a more consistent performance measure for the comparison of the company's properties. The company’s method of calculating Same Property NOI may differ from methods used by other REITs and, accordingly, may not be comparable to such other REITs. |
|||||
(2) |
Amounts represent Kimco Realty's pro-rata share. |
|||||
(3) |
Amounts for the three months ended March 31, 2021, represent the Same Property NOIs from WRI properties, not included in the Company's reported NOI. |
|||||
Reconciliation of Diluted Net Income Available to Common Shareholders Per Common Share | |||||||||
to Diluted Funds From Operations Available to Common Shareholders Per Common Share | |||||||||
(unaudited) | |||||||||
Current Projected Range |
|||||||||
Full Year 2022 |
|||||||||
Low |
High |
||||||||
Diluted net income available to company's common shareholder | |||||||||
per common share | $ |
0.79 |
|
$ |
0.82 |
|
|||
Gain on sale of properties |
|
(0.01 |
) |
|
(0.03 |
) |
|||
Gain on sale of joint venture properties |
|
(0.01 |
) |
|
(0.02 |
) |
|||
Depreciation & amortization - real estate related |
|
0.83 |
|
|
0.86 |
|
|||
Depreciation & amortization - real estate joint ventures |
|
0.11 |
|
|
0.12 |
|
|||
Impairment charges (including real estate joint ventures) |
|
- |
|
|
- |
|
|||
Profit participation from other investments, net |
|
(0.01 |
) |
|
(0.02 |
) |
|||
Gain on marketable securities, net |
|
(0.19 |
) |
|
(0.19 |
) |
|||
Noncontrolling interests (1) |
|
(0.01 |
) |
|
(0.01 |
) |
|||
FFO per diluted common share (2) | $ |
1.50 |
|
$ |
1.53 |
|
(1) |
Related to gains, impairments and depreciation on properties, where applicable. |
||||
(2) |
Includes $7.2 million of prepayment charges and write-offs of deferred financing costs related to the redemption of $500 million 3.400% notes due 11/1/2022. |
Projections involve numerous assumptions such as rental income (including assumptions on percentage rent), interest rates, tenant defaults, occupancy rates, selling prices of properties held for disposition, expenses (including salaries and employee costs), insurance costs and numerous other factors. Not all of these factors are determinable at this time and actual results may vary from the projected results, and may be above or below the range indicated. The above range represents management’s estimate of results based upon these assumptions as of the date of this press release.
Reconciliation of Net Income to EBITDA |
||||||||
(in thousands) |
||||||||
(unaudited) |
||||||||
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Net income | $ |
235,959 |
|
$ |
141,425 |
|
||
Interest |
|
57,019 |
|
|
47,716 |
|
||
Early extinguishment of debt charges |
|
7,173 |
|
|
- |
|
||
Depreciation and amortization |
|
130,294 |
|
|
74,876 |
|
||
Gain on sale of properties |
|
(4,193 |
) |
|
(10,005 |
) |
||
Gain on sale of joint venture properties |
|
(2,986 |
) |
|
(5,283 |
) |
||
Impairment charges (including real estate joint ventures) |
|
700 |
|
|
1,068 |
|
||
Pension valuation adjustment |
|
250 |
|
|
- |
|
||
Profit participation from other investments, net |
|
(3,663 |
) |
|
195 |
|
||
Gain on marketable securities |
|
(121,764 |
) |
|
(61,085 |
) |
||
(Provision)/benefit for income taxes, net |
|
(153 |
) |
|
1,308 |
|
||
Consolidated EBITDA | $ |
298,636 |
|
$ |
190,215 |
|
||
Consolidated EBITDA | $ |
298,636 |
|
$ |
190,215 |
|
||
Pro-rata share of interest expense - real estate joint ventures |
|
4,769 |
|
|
4,957 |
|
||
Pro-rata share of depreciation and amortization - real estate joint ventures |
|
16,885 |
|
|
10,007 |
|
||
EBITDA including pro-rata share - joint ventures | $ |
320,290 |
|
$ |
205,179 |
|
||
Consolidated debt | $ |
7,489,448 |
|
$ |
5,341,481 |
|
||
Consolidated cash |
|
(370,318 |
) |
|
(253,852 |
) |
||
Consolidated net debt | $ |
7,119,130 |
|
$ |
5,087,629 |
|
||
Consolidated net debt | $ |
7,119,130 |
|
$ |
5,087,629 |
|
||
Pro-rata share of debt |
|
671,413 |
|
|
579,610 |
|
||
Liquidation preference for preferred stock |
|
489,500 |
|
|
489,500 |
|
||
Pro-rata share of cash |
|
(50,680 |
) |
|
(43,823 |
) |
||
Net Debt including pro-rata share - joint ventures | $ |
8,229,363 |
|
$ |
6,112,916 |
|
||
Annualized Consolidated EBITDA |
|
1,194,544 |
|
|
760,860 |
|
||
Net Debt to Consolidated EBITDA | 6.0x | 6.7x | ||||||
Annualized EBITDA including pro-rata share - joint ventures |
|
1,281,160 |
|
|
820,716 |
|
||
Net Debt to EBITDA on a look-through basis (1) | 6.4x | 7.4x |
(1) |
Net Debt to EBITDA on a look-through basis includes outstanding preferred stock and company's pro-rata share of joint venture debt. |
– Высокие Операционные Показатели Обеспечивают Устойчивый Рост –
Чистый Доход Увеличивается На 23%
Средства От Операций* Увеличивается на 18%
– Совет Директоров увеличивает Ежеквартальные Денежные дивиденды по Обыкновенным акциям на 5,3% –
– Повышает Прогноз на 2022 Год –
ДЖЕРИКО, Нью-Йорк--(BUSINESS WIRE)--Kimco Realty® (NYSE: KIM), крупнейший в Северной Америке публично торгуемый владелец и оператор торговых центров под открытым небом, привязанных к продуктовым магазинам, включая многофункциональные активы, сегодня отчитался о результатах за первый квартал, закончившийся 31 марта 2022 года. За три месяца, закончившихся 31 марта 2022 и 2021 годов, чистая прибыль Kimco Realty, доступная простым акционерам компании, составила 0,37 доллара на разводненную акцию и 0,30 доллара на разводненную акцию соответственно.
Основные моменты Первого квартала:
“Наша постоянная приверженность лизингу, лизингу и лизингу привела к тому, что наша команда подписала контракт на 4,7 миллиона квадратных футов, что привело как к последовательному, так и к годовому росту заполняемости, а также к значительному росту NOI и FFO к началу 2022 года”, - прокомментировал генеральный директор Kimco Realty Конор Флинн. “Благодаря высокому спросу арендаторов на магазины, которые обслуживают свои соответствующие сообщества в качестве мест доставки и распространения товаров на последней миле, Kimco Realty сохраняет хорошие позиции для достижения высоких результатов в ближайшие годы, поскольку мы по-прежнему стремимся к созданию дополнительной долгосрочной акционерной стоимости”.
Финансовые результаты:
Чистая прибыль, доступная простым акционерам компании за первый квартал 2022 года, составила 230,9 млн долларов, или 0,37 доллара на разводненную акцию, по сравнению с 131,6 млн долларов, или 0,30 доллара на разводненную акцию, за первый квартал 2021 года. Изменение по сравнению с прошлым годом в основном связано с увеличением консолидированных доходов от сдачи в аренду недвижимости на 143,8 млн долларов, частично компенсированных увеличением налогов на недвижимость на 15,4 млн долларов и эксплуатационных и эксплуатационных расходов на 22,7 млн долларов, в основном в результате слияния с Weingarten Realty Investors (Weingarten) в Август 2021 года. Кроме того, была получена выгода в размере 60,7 млн. долл. США от увеличения рыночной стоимости ценных бумаг, обращающихся на рынке, в основном за счет изменения стоимости обыкновенных акций Albertsons Companies, Inc. (NYSE: ACI), принадлежащих компании. Также на изменение чистой прибыли повлияло увеличение износа и амортизации на 55,4 миллиона долларов, процентных расходов на 9,3 миллиона долларов и общих и административных расходов на 5,5 миллиона долларов, все из которых были в основном связаны с вышеупомянутым слиянием с Weingarten. Компания также признала досрочное погашение долга в размере 7,2 млн долларов США в первом квартале 2022 года, связанное с предоплатой в размере 500 млн долларов США, 3,400% необеспеченных облигаций, срок погашения которых был запланирован на ноябрь 2022 года.
*Сверка чистой прибыли, доступной простым акционерам компании, с показателями, не относящимися к GAAP, Nareit FFO, NOI той же собственности и отношение чистого долга к EBITDA представлены в таблицах, прилагаемых к настоящему пресс-релизу.
Финансовый результат Nareit за первый квартал 2022 года составил 240,6 млн долларов, или 0,39 доллара на разводненную акцию, по сравнению с 144,3 млн долларов, или 0,33 доллара на разводненную акцию, за первый квартал 2021 года.
Операционные результаты:
Транзакционная деятельность:
Деятельность на рынке Капитала:
Объявления о дивидендах:
Как было объявлено ранее:
Прогноз на Весь 2022 Год:
Не было никаких изменений в руководящих допущениях компании, которые были представлены ранее, за исключением более высоких, чем ожидалось, фактических результатов за первый квартал и влияния платы (0,01 доллара США) за акцию за досрочное погашение долга. Основываясь на этих результатах и прогнозах на оставшуюся часть 2022 года, компания повысила свои прогнозные диапазоны на весь год следующим образом:
Current* |
Previous |
|
Net Income available to common shareholders (per diluted share): |
$0.79 to $0.82 |
$0.51 to $0.55 |
Nareit FFO (per diluted share)*: |
$1.50 to $1.53 |
$1.46 to $1.50 |
* В таблицах, прилагаемых к настоящему пресс-релизу, представлена сверка для этого прогнозного показателя, не относящегося к GAAP.
Информация о конференц-звонке
When: |
8:30 AM ET, April 28, 2022 |
|
Live Webcast: |
1Q22 Kimco Realty Earnings Conference Call or on Kimco Realty’s website investors.kimcorealty.com (replay available through July 27, 2022) |
|
Dial #: |
1-877-407-0784 (International: 1-201-689-8560) |
О Kimco Realty®
Kimco Realty® (NYSE:KIM) - инвестиционный фонд недвижимости (REIT) со штаб-квартирой в Иерихоне, штат Нью-Йорк, который является крупнейшим в Северной Америке публичным владельцем и оператором торговых центров под открытым небом, привязанных к продуктовым магазинам, включая многофункциональные активы. Портфель компании в основном сосредоточен в пригородах первого кольца крупнейших столичных рынков, в том числе на прибрежных рынках с высоким барьером для входа и в быстрорастущих городах Солнечного пояса, при этом ассортимент арендаторов сосредоточен на товарах и услугах первой необходимости, которые позволяют совершать несколько походов за покупками в неделю. Kimco Realty также стремится к лидерству в экологических, социальных и управленческих вопросах (ESG) и является признанным лидером отрасли в этих областях. Публично торгуемая на NYSE с 1991 года и включенная в индекс S&P 500, компания более 60 лет специализируется на владении, управлении, приобретениях и реконструкции торговых центров, повышающих их стоимость. По состоянию на 31 марта 2022 года компания владела долями в 537 торговых центрах США и многофункциональных активах общей площадью 93 миллиона квадратных футов, пригодных для аренды. Для получения дополнительной информации, пожалуйста, посетите www.kimcorealty.com .
Компания сообщает существенную информацию своим инвесторам, используя веб-сайт компании по связям с инвесторами (investors.kimcorealty.com ), заявки SEC, пресс-релизы, публичные телефонные конференции и веб-трансляции. Компания также использует социальные сети для общения со своими инвесторами и общественностью, и информация, которую компания размещает в социальных сетях, может считаться существенной информацией. Поэтому компания призывает инвесторов, средства массовой информации и других лиц, заинтересованных в компании, просматривать информацию, которую она размещает на каналах социальных сетей, включая Facebook (www.facebook.com/kimcorealty ), Твиттер (www.twitter.com/kimcorealty ), YouTube (www.youtube.com/kimcorealty ) и LinkedIn (www.linkedin.com/company/kimco-realty-corporation ). Список каналов социальных сетей, которые использует компания, может время от времени обновляться на ее веб-сайте по связям с инвесторами.
Заявление о безопасной гавани
Это сообщение содержит определенные прогнозные заявления по смыслу Раздела 27A Закона о ценных бумагах 1933 года с внесенными в него поправками и Раздела 21E Закона о ценных бумагах и биржах 1934 года с внесенными в него поправками. Компания намерена, чтобы такие прогнозные заявления подпадали под действие положений о безопасной гавани для прогнозных заявлений, содержащихся в Законе о реформе судебных разбирательств по частным ценным бумагам 1995 года, и включает это заявление в целях соблюдения положений о безопасной гавани. Прогнозные заявления, которые основаны на определенных предположениях и описывают планы, стратегии и ожидания Компании на будущее, обычно идентифицируются с помощью слов “полагать”, “ожидать”, “намереваться”, “совершать”, “предвидеть”, “оценивать”, “проектировать”, “воля”, ”цель“, "прогноз” или аналогичные выражения. Вы не должны полагаться на прогнозные заявления, поскольку они связаны с известными и неизвестными рисками, неопределенностями и другими факторами, которые в некоторых случаях находятся вне контроля Компании и могут существенно повлиять на фактические результаты, показатели или достижения. Факторы, которые могут вызвать фактические результаты будут существенно отличаться от текущих ожиданий, включают, но не ограничиваясь, (I) общие неблагоприятные экономические и местную недвижимость условий, и (II) отсутствие крупных арендаторов продолжать платить арендную плату обязательств, вследствие банкротства, неплатежеспособности или общий спад в своей деятельности, (III) и снижения доходов компании в случае многократного расторжения договоров аренды со стороны арендаторов или отказом нескольких жильцов, чтобы занять их помещение в торговом центре, также (IV) наличие удобных приобретения, отчуждения, развития, реконструкции и возможности, и риски, связанные с приобретениями, не выполняющих в соответствии с нашими ожиданиями, (в) способность предприятия привлекать капитал путем продажи своих активов, (ви) увеличение операционных расходов в связи с инфляцией и цепи поставок вопросов, (VII) и риски, связанные с будущей возможности и планы объединенной компании, в том числе неопределенность будущих финансовых показателей, а также результаты объединенной компании после слияния Kimco и Вайнгартен недвижимости инвесторов (“слиянии”), (VIII) о возможности того, что, если компания не получит выгоду от слияния, как быстро и насколько ожидаемых финансовых аналитиков или инвесторов, рыночная цена обыкновенных акций может снизиться, (іх) изменения государственных законов и постановлений и управления способность оценить последствия таких изменений (х) оценка и рисков, связанных с совместное предприятие и крупный капитал инвестиций (Си) оценка стоимости ценных бумаг и прочих инвестиций, в том числе акции компаний "Альбертсонс", Инк. обыкновенные акции, проводимые компанией, (ХІІ) обесценений, (XIII), и пандемий, ни во время других эпидемий, таких как коронавирус болезнь, 2019 (“COVID-19”), (XIV в) финансовые риски, такие как невозможность получения капитала, заемных средств или других источников финансирования или рефинансирования на выгодных условиях в компании (XV в) уровень и волатильность процентных ставок и управления способность оценить влияние оного (XVI в.) изменения в дивидендную политику компании по обыкновенным и привилегированным акциям и способность компании выплачивать дивиденды на текущих уровнях, (XVII в) непредвиденных изменений в компанию намерение или возможность досрочно погасить некоторые задолженности до наступления срока погашения и/или занимать определенные ценные бумаги до наступления срока погашения, и (XVIII в.) и другие риски и неопределенности, выявленные в соответствии с пунктом 1А, “факторы риска” в годовом отчете по форме 10-K за год, закончившийся 31 декабря 2021. Соответственно, нет никакой гарантии, что ожидания Компании оправдаются. Компания отказывается от каких-либо намерений или обязательств обновлять прогнозные заявления, будь то в результате новой информации, будущих событий или иным образом. Вам рекомендуется ознакомиться с любым дальнейшим раскрытием информации, которое Компания делает в Ежеквартальных отчетах Компании по Форме 10-Q и Текущих Отчетах по Форме 8-K, которые Компания подает в Комиссию по ценным бумагам и биржам (“SEC”).
Condensed Consolidated Balance Sheets | ||||||||
(in thousands, except share data) | ||||||||
(unaudited) | ||||||||
March 31, 2022 |
December 31, 2021 |
|||||||
Assets: | ||||||||
Real estate, net of accumulated depreciation and amortization | ||||||||
of $3,128,182 and $3,010,699 respectively | $ |
14,950,391 |
$ |
15,035,900 |
||||
Real estate under development |
|
5,672 |
|
5,672 |
||||
Investments in and advances to real estate joint ventures |
|
1,013,940 |
|
1,006,899 |
||||
Other investments |
|
104,195 |
|
122,015 |
||||
Cash and cash equivalents |
|
370,318 |
|
334,663 |
||||
Marketable securities |
|
1,334,873 |
|
1,211,739 |
||||
Accounts and notes receivable, net |
|
253,687 |
|
254,677 |
||||
Operating lease right-of-use assets, net |
|
145,784 |
|
147,458 |
||||
Other assets |
|
364,721 |
|
340,176 |
||||
Total assets | $ |
18,543,581 |
$ |
18,459,199 |
||||
Liabilities: | ||||||||
Notes payable, net | $ |
7,110,804 |
$ |
7,027,050 |
||||
Mortgages payable, net |
|
378,644 |
|
448,652 |
||||
Dividends payable |
|
5,366 |
|
5,366 |
||||
Operating lease liabilities |
|
122,615 |
|
123,779 |
||||
Other liabilities |
|
697,510 |
|
730,690 |
||||
Total liabilities |
|
8,314,939 |
|
8,335,537 |
||||
Redeemable noncontrolling interests |
|
13,480 |
|
13,480 |
||||
Stockholders' equity: | ||||||||
Preferred stock, $1.00 par value, authorized 7,054,000 shares; | ||||||||
Issued and outstanding (in series) 19,580 shares; | ||||||||
Aggregate liquidation preference $489,500 |
|
20 |
|
20 |
||||
Common stock, $.01 par value, authorized 750,000,000 shares; issued and | ||||||||
outstanding 618,002,532 and 616,658,593 shares, respectively |
|
6,180 |
|
6,167 |
||||
Paid-in capital |
|
9,589,955 |
|
9,591,871 |
||||
Retained earnings |
|
412,659 |
|
299,115 |
||||
Accumulated other comprehensive income |
|
2,216 |
|
2,216 |
||||
Total stockholders' equity |
|
10,011,030 |
|
9,899,389 |
||||
Noncontrolling interests |
|
204,132 |
|
210,793 |
||||
Total equity |
|
10,215,162 |
|
10,110,182 |
||||
Total liabilities and equity | $ |
18,543,581 |
$ |
18,459,199 |
||||
Condensed Consolidated Statements of Income | ||||||||||
(in thousands, except share data) | ||||||||||
(unaudited) | ||||||||||
Three Months Ended March 31, |
||||||||||
2022 |
2021 |
|||||||||
Revenues | ||||||||||
Revenues from rental properties, net | $ |
422,654 |
|
$ |
278,871 |
|
||||
Management and other fee income |
|
4,595 |
|
|
3,437 |
|
||||
Total revenues |
|
427,249 |
|
|
282,308 |
|
||||
Operating expenses | ||||||||||
Rent |
|
(4,081 |
) |
|
(3,035 |
) |
||||
Real estate taxes |
|
(54,314 |
) |
|
(38,936 |
) |
||||
Operating and maintenance |
|
(69,225 |
) |
|
(46,520 |
) |
||||
General and administrative |
|
(29,948 |
) |
|
(24,478 |
) |
||||
Impairment charges |
|
(272 |
) |
|
- |
|
||||
Depreciation and amortization |
|
(130,294 |
) |
|
(74,876 |
) |
||||
Total operating expenses |
|
(288,134 |
) |
|
(187,845 |
) |
||||
Gain on sale of properties |
|
4,193 |
|
|
10,005 |
|
||||
Operating income |
|
143,308 |
|
|
104,468 |
|
||||
Other income/(expense) | ||||||||||
Other income, net |
|
5,983 |
|
|
3,357 |
|
||||
Gain on marketable securities, net |
|
121,764 |
|
|
61,085 |
|
||||
Interest expense |
|
(57,019 |
) |
|
(47,716 |
) |
||||
Early extinguishment of debt charges |
|
(7,173 |
) |
|
- |
|
||||
Income before income taxes, net, equity in income of joint ventures, net, | ||||||||||
and equity in income from other investments, net |
|
206,863 |
|
|
121,194 |
|
||||
Benefit/(provision) for income taxes, net |
|
153 |
|
|
(1,308 |
) |
||||
Equity in income of joint ventures, net |
|
23,570 |
|
|
17,752 |
|
||||
Equity in income of other investments, net |
|
5,373 |
|
|
3,787 |
|
||||
Net income |
|
235,959 |
|
|
141,425 |
|
||||
Net loss/(income) attributable to noncontrolling interests |
|
1,343 |
|
|
(3,483 |
) |
||||
Net income attributable to the company |
|
237,302 |
|
|
137,942 |
|
||||
Preferred dividends |
|
(6,354 |
) |
|
(6,354 |
) |
||||
Net income available to the company's common shareholders | $ |
230,948 |
|
$ |
131,588 |
|
||||
Per common share: | ||||||||||
Net income available to the company's common shareholders: (1) | ||||||||||
Basic | $ |
0.37 |
|
$ |
0.30 |
|
||||
Diluted (2) | $ |
0.37 |
|
$ |
0.30 |
|
||||
Weighted average shares: | ||||||||||
Basic |
|
614,767 |
|
|
430,524 |
|
||||
Diluted |
|
616,758 |
|
|
432,264 |
|
(1) |
Adjusted for earnings attributable from participating securities of ($1,360) and ($792) for the three months ended March 31, 2022 and 2021, respectively. |
|||||
(2) |
Reflects the potential impact if certain units were converted to common stock at the beginning of the period. The impact of the conversion would have an antidilutive effect on net income and therefore have not been included. Adjusted for distributions on convertible units of $11 and $9 for the three months ended March 31, 2022 and 2021, respectively. |
|||||
Reconciliation of Net Income Available to the Company's Common Shareholders to | |||||||||
FFO Available to the Company's Common Shareholders (1) | |||||||||
(in thousands, except share data) | |||||||||
(unaudited) | |||||||||
Three Months Ended March 31, |
|||||||||
2022 |
2021 |
||||||||
Net income available to the company's common shareholders | $ |
230,948 |
|
$ |
131,588 |
|
|||
Gain on sale of properties |
|
(4,193 |
) |
|
(10,005 |
) |
|||
Gain on sale of joint venture properties |
|
(2,986 |
) |
|
(5,283 |
) |
|||
Depreciation and amortization - real estate related |
|
129,461 |
|
|
74,113 |
|
|||
Depreciation and amortization - real estate joint ventures |
|
16,885 |
|
|
10,007 |
|
|||
Impairment charges (including real estate joint ventures) |
|
700 |
|
|
1,068 |
|
|||
Profit participation from other investments, net |
|
(3,663 |
) |
|
195 |
|
|||
Gain on marketable securities, net |
|
(121,764 |
) |
|
(61,085 |
) |
|||
(Benefit)/provision for income taxes, net (2) |
|
(11 |
) |
|
1,046 |
|
|||
Noncontrolling interests (2) |
|
(4,730 |
) |
|
2,626 |
|
|||
FFO available to the company's common shareholders | $ |
240,647 |
|
(4) |
$ |
144,270 |
|
||
Weighted average shares outstanding for FFO calculations: | |||||||||
Basic |
|
614,767 |
|
|
430,524 |
|
|||
Units |
|
2,546 |
|
|
654 |
|
|||
Dilutive effect of equity awards |
|
1,874 |
|
|
1,606 |
|
|||
Diluted (3) |
|
619,187 |
|
|
432,784 |
|
|||
FFO per common share - basic | $ |
0.39 |
|
$ |
0.34 |
|
|||
FFO per common share - diluted (3) | $ |
0.39 |
|
$ |
0.33 |
|
(1) |
The company considers FFO to be an important supplemental measure of its operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting results. Comparison of the company's presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the Nareit definition used by such REITs. |
||||
(2) |
Related to gains, impairments and depreciation on properties, where applicable. |
||||
(3) |
Reflects the potential impact if certain units were converted to common stock at the beginning of the period. FFO available to the company’s common shareholders would be increased by $473 and $97 for the three months ended March 31, 2022 and 2021, respectively. |
||||
(4) |
Includes Early extinguishment of debt charges of $7.2 million recognized during the three months ended March 31, 2022. |
||||
Reconciliation of Net Income Available to the Company's Common Shareholders | ||||||||||
to Same Property NOI (1)(2) | ||||||||||
(in thousands) | ||||||||||
(unaudited) | ||||||||||
Three Months Ended March 31, |
||||||||||
2022 |
2021 |
|||||||||
Net income available to the Company's common shareholders | $ |
230,948 |
|
$ |
131,588 |
|
||||
Adjustments: | ||||||||||
Management and other fee income |
|
(4,595 |
) |
|
(3,437 |
) |
||||
General and administrative |
|
29,948 |
|
|
24,478 |
|
||||
Impairment charges |
|
272 |
|
|
- |
|
||||
Depreciation and amortization |
|
130,294 |
|
|
74,876 |
|
||||
Gain on sale of properties |
|
(4,193 |
) |
|
(10,005 |
) |
||||
Interest and other expense, net |
|
58,209 |
|
|
44,359 |
|
||||
Gain on marketable securities, net |
|
(121,764 |
) |
|
(61,085 |
) |
||||
(Benefit)/provision for income taxes, net |
|
(153 |
) |
|
1,308 |
|
||||
Equity in income of other investments, net |
|
(5,373 |
) |
|
(3,787 |
) |
||||
Net (loss)/income attributable to noncontrolling interests |
|
(1,343 |
) |
|
3,483 |
|
||||
Preferred dividends |
|
6,354 |
|
|
6,354 |
|
||||
WRI Same Property NOI (3) |
|
- |
|
|
91,950 |
|
||||
Non same property net operating income |
|
(17,419 |
) |
|
(17,422 |
) |
||||
Non-operational expense from joint ventures, net |
|
19,684 |
|
|
11,963 |
|
||||
Same Property NOI | $ |
320,869 |
|
$ |
294,623 |
|
(1) |
The company considers Same Property NOI as an important operating performance measure because it is frequently used by securities analysts and investors to measure only the net operating income of properties that have been owned by the company for the entire current and prior year reporting periods. It excludes properties under redevelopment, development and pending stabilization; properties are deemed stabilized at the earlier of (i) reaching 90% leased or (ii) one year following a project’s inclusion in operating real estate. Same Property NOI assists in eliminating disparities in net income due to the development, acquisition or disposition of properties during the particular period presented, and thus provides a more consistent performance measure for the comparison of the company's properties. The company’s method of calculating Same Property NOI may differ from methods used by other REITs and, accordingly, may not be comparable to such other REITs. |
|||||
(2) |
Amounts represent Kimco Realty's pro-rata share. |
|||||
(3) |
Amounts for the three months ended March 31, 2021, represent the Same Property NOIs from WRI properties, not included in the Company's reported NOI. |
|||||
Reconciliation of Diluted Net Income Available to Common Shareholders Per Common Share | |||||||||
to Diluted Funds From Operations Available to Common Shareholders Per Common Share | |||||||||
(unaudited) | |||||||||
Current Projected Range |
|||||||||
Full Year 2022 |
|||||||||
Low |
High |
||||||||
Diluted net income available to company's common shareholder | |||||||||
per common share | $ |
0.79 |
|
$ |
0.82 |
|
|||
Gain on sale of properties |
|
(0.01 |
) |
|
(0.03 |
) |
|||
Gain on sale of joint venture properties |
|
(0.01 |
) |
|
(0.02 |
) |
|||
Depreciation & amortization - real estate related |
|
0.83 |
|
|
0.86 |
|
|||
Depreciation & amortization - real estate joint ventures |
|
0.11 |
|
|
0.12 |
|
|||
Impairment charges (including real estate joint ventures) |
|
- |
|
|
- |
|
|||
Profit participation from other investments, net |
|
(0.01 |
) |
|
(0.02 |
) |
|||
Gain on marketable securities, net |
|
(0.19 |
) |
|
(0.19 |
) |
|||
Noncontrolling interests (1) |
|
(0.01 |
) |
|
(0.01 |
) |
|||
FFO per diluted common share (2) | $ |
1.50 |
|
$ |
1.53 |
|
(1) |
Related to gains, impairments and depreciation on properties, where applicable. |
||||
(2) |
Includes $7.2 million of prepayment charges and write-offs of deferred financing costs related to the redemption of $500 million 3.400% notes due 11/1/2022. |
Прогнозы предполагают множество допущений, таких как доход от аренды (включая допущения о процентной арендной плате), процентные ставки, неплатежи арендаторов, уровень заполняемости, цены продажи недвижимости, предназначенной для продажи, расходы (включая заработную плату и расходы на персонал), расходы на страхование и множество других факторов. Не все из этих факторов поддаются определению в настоящее время, и фактические результаты могут отличаться от прогнозируемых результатов и могут быть выше или ниже указанного диапазона. Приведенный выше диапазон представляет собой оценку руководством результатов, основанную на этих допущениях на дату настоящего пресс-релиза.
Reconciliation of Net Income to EBITDA |
||||||||
(in thousands) |
||||||||
(unaudited) |
||||||||
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Net income | $ |
235,959 |
|
$ |
141,425 |
|
||
Interest |
|
57,019 |
|
|
47,716 |
|
||
Early extinguishment of debt charges |
|
7,173 |
|
|
- |
|
||
Depreciation and amortization |
|
130,294 |
|
|
74,876 |
|
||
Gain on sale of properties |
|
(4,193 |
) |
|
(10,005 |
) |
||
Gain on sale of joint venture properties |
|
(2,986 |
) |
|
(5,283 |
) |
||
Impairment charges (including real estate joint ventures) |
|
700 |
|
|
1,068 |
|
||
Pension valuation adjustment |
|
250 |
|
|
- |
|
||
Profit participation from other investments, net |
|
(3,663 |
) |
|
195 |
|
||
Gain on marketable securities |
|
(121,764 |
) |
|
(61,085 |
) |
||
(Provision)/benefit for income taxes, net |
|
(153 |
) |
|
1,308 |
|
||
Consolidated EBITDA | $ |
298,636 |
|
$ |
190,215 |
|
||
Consolidated EBITDA | $ |
298,636 |
|
$ |
190,215 |
|
||
Pro-rata share of interest expense - real estate joint ventures |
|
4,769 |
|
|
4,957 |
|
||
Pro-rata share of depreciation and amortization - real estate joint ventures |
|
16,885 |
|
|
10,007 |
|
||
EBITDA including pro-rata share - joint ventures | $ |
320,290 |
|
$ |
205,179 |
|
||
Consolidated debt | $ |
7,489,448 |
|
$ |
5,341,481 |
|
||
Consolidated cash |
|
(370,318 |
) |
|
(253,852 |
) |
||
Consolidated net debt | $ |
7,119,130 |
|
$ |
5,087,629 |
|
||
Consolidated net debt | $ |
7,119,130 |
|
$ |
5,087,629 |
|
||
Pro-rata share of debt |
|
671,413 |
|
|
579,610 |
|
||
Liquidation preference for preferred stock |
|
489,500 |
|
|
489,500 |
|
||
Pro-rata share of cash |
|
(50,680 |
) |
|
(43,823 |
) |
||
Net Debt including pro-rata share - joint ventures | $ |
8,229,363 |
|
$ |
6,112,916 |
|
||
Annualized Consolidated EBITDA |
|
1,194,544 |
|
|
760,860 |
|
||
Net Debt to Consolidated EBITDA | 6.0x | 6.7x | ||||||
Annualized EBITDA including pro-rata share - joint ventures |
|
1,281,160 |
|
|
820,716 |
|
||
Net Debt to EBITDA on a look-through basis (1) | 6.4x | 7.4x |
(1) |
Net Debt to EBITDA on a look-through basis includes outstanding preferred stock and company's pro-rata share of joint venture debt. |