Kimco Realty (KIM) 10-K Summary — Year Ended Dec 31, 2023
Kimco Realty reported continued revenue growth for fiscal 2023, with operating income and cash flow staying strong. The company faces risks from marketable securities and joint venture partnerships.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Kimco Realty reported continued revenue growth for fiscal 2023, with operating income and cash flow staying strong. The company faces risks from marketable securities and joint venture partnerships.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$1.8B
Revenue reported for the fiscal year.
Operating income
$638.8M
Income from operations reported for the year.
Net income
$654.3M
Net income reported for the year.
Operating cash flow
$1.1B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $1.4B | n/a |
| Dec 31, 2022 | $1.7B | +26.6% |
| Dec 31, 2023 | $1.8B | +3.2% |
Business overview
The company is a real estate investment trust that primarily owns and operates open-air shopping centers. It also invests in joint ventures and preferred equity interests in real estate properties, as well as marketable securities. Its business is subject to risks typical of owning and operating real estate.
Financial performance
Revenue increased for the third consecutive year, though the growth rate slowed compared to the prior year. Operating income and net income remained robust, and cash flow from operations was strong, supporting ongoing activities.
Material risks
The company faces risks from its joint venture partners, whose actions or financial conditions could negatively affect its investments. Investments in marketable securities are subject to liquidity, price volatility, and issuer credit risks, which could lead to significant losses.
Liquidity and capital
Operating cash flow provided ample liquidity for capital allocation needs, though specific allocation themes were not detailed in the filing.
What to watch
Monitor the company's exposure to marketable securities and any changes in the financial health of its joint venture partners.