Kimco Realty (KIM) FY2023 results: revenue $1.8 billion, up 3.2% on the year

Kimco Realty Corp. (KIM) reported revenue of $1.8 billion for fiscal 2023, the year ended 31 December 2023, up 3.2% on the year before. Net income was $654 million, up 419.4%, and diluted earnings per share $1.02. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.

Revenue

$1.8 billion

+3.2% on the year

FY2016FY2023

Operating margin

35.8%

32.7% a year earlier

FY2016FY2023

Net income

$654 million

+419.4% on the year

FY2016FY2023

Diluted EPS

$1.02

+537.5% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,783	1,728	1,365	+3.2%
Operating income	639	565	424	+13.0%
Operating margin	35.8%	32.7%	31.1%
Interest expense	250	227	204	+10.3%
Pre-tax income	644	44.3	745	+1,353.4%
Income tax	61.0	56.7	3.4	+7.6%
Effective tax rate	9.5%	127.9%	0.5%
Net income	654	126	844	+419.4%
Net margin	36.7%	7.3%	61.9%
Diluted EPS	$1.02	$0.16	$1.60	+537.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	1,072	861	619	+24.4%
Capital expenditure	n/a	0.0	0.0
Free cash flow	n/a	861	619
Free cash flow margin	n/a	49.8%	45.4%
Cash from investing	-137	-63.2	-476
Cash from financing	-301	-983	-101
Depreciation and amortisation	507	505	395	+0.4%
Share-based compensation	33.1	26.6	23.1	+24.1%
Buybacks	0.0	n/a	n/a
Dividends paid	657	545	382	+20.7%
Dividend per share	$1.02	$0.84	$0.68	+21.4%
Diluted shares, weighted	618m	618m	511m	+0.1%
Shares outstanding at period end	620m	618m	617m	+0.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	9,525	9,516	9,899	+0.1%
Non-controlling interest	128	131	211	-2.6%
Redeemable equity	72.3	92.9	13.5	-22.2%
Debt	7,617	7,158	7,476	+6.4%
Other liabilities	931	928	860	+0.3%
Total liabilities and equity	18,274	17,826	18,459	+2.5%
Cash and equivalents	781	147	326	+431.1%
Other assets	17,494	17,679	18,134	-1.1%
Total assets	18,274	17,826	18,459	+2.5%

10-K for the year ended 31 December 2023, filed 26 February 2024: the filing.