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INVESTOR PRESENTATION SECOND QUARTER
The statements in this presentation, including targets and assumptions, state
the Company’s and management’s hopes, intentions, beliefs, expectations or
projections of the future and are forward-looking statements. It is important to
note that the Company’s actual results could differ materially from those
projected in such forward-looking statements. Factors that could cause actual
results to differ materially from current expectations include the key
assumptions contained within this presentation, general economic conditions,
local real estate conditions, increases in interest rates, foreign currency
exchange rates, increases in operating costs and real estate taxes. Additional
information concerning factors that could cause actual results to differ
materially from those forward-looking statements is contained from time to
time in the Company’s SEC filings, including but not limited to the Company’s
Annual Report on Form 10-K. Copies of each filing may be obtained from
http://investors.kimcorealty.com/ or the SEC.
SAFE HARBOR
Cover: Lincoln Square, Philadelphia, PA Suburban Square, Ardmore, PA
High-quality assets, tightly clustered in major metro markets
that provide multiple growth leversPORTFOLIO QUALITY
FINANCIAL STRENGTH
3
KIMCO’S 2020 VISION STRATEGY
Maintain a strong balance sheet and financial flexibility
High-quality assets, tightly clustered in the top 20 major
metro markets that provide multiple growth levers
NAV CREATIONIncrease net asset value (NAV) through a curated
collection of mixed-use projects, redevelopments and
active investment management
7%9%
8%
76%
Portfolio Profile
GLA is defined as Gross Leasable AreaABR is defined as Annual Base RentAs of 6/30/2020
12%
19%
11%
58%
Anchors (> 10K SQFT)
Mid Tier Stores (5K – 10K SQFT)
National/Franchise-Based Small Shops (< 5K SQFT)
Local Small Shops(< 5K SQFT)
Pro-rataABR
GLA
Did You Know…• 10% of pro-rata ABR comes from Ground Leases primarily to high quality
institutional tenants• 88% of pro-rata ABR comes from Anchors, Mid Tier Stores, and
National/Franchise-Based tenants which typically have stronger credit profiles and greater access to capital
COVID-19: BUSINESS UPDATE
4
Full Service,
5.4%
QSR, 8.5%
5
COVID-19: BUSINESS UPDATE
5.2% Home Office/ Appliance
4.0% Home Improvement
3.5% Banking/ Finance
3.5% Other Essential
3.4% Pet Stores/ Veterinary
3.3% Medical/ Medical Supply
1.2% Auto Repair & Supply/ Gas Stations
Grocery/Warehouse Clubs/
Pharmacy 19.0%
Sporting Goods/ Hobby Retail Stores 5.3%
Personal Service 4.3%
Health Club/ Fitness 4.1%
Other Non-Essential 3.2%
Professional Service 1.6%
Entertainment/ Gathering Place 1.6%
Soft Goods 22.8%
Essential Retail 43%
Other Retail Services 43%
Restaurants 14%
Essential Retail Breakdown by Pro-rata ABR
% of
Pro-rata
ABR1
ABR is defined as Annual Base Rent as of 6/30/2020
99% 98% 97% 93%
89%
77% 75%73%
57%
50%
32%
25%20%
12% 11%5%
100% 100% 100% 100%95% 96%
100% 99% 98%
89%
99% 99%
62%
98%
88% 86%
0%
20%
40%
60%
80%
100%
6
COVID-19: BUSINESS UPDATE
Essential Retail
Other Retail Services
Restaurants
Openings by Category
97% Sept. 11
Shown at pro-rata shareAll percentages represent approximate amounts
89%
16%
77%
99%
95%
96%
Apr.30 Sept.11
56% Apr.30
7
COVID-19: BUSINESS UPDATERent Collections by Category
Shown at pro-rata shareData as of September 14, 2020, all percentages represent approximate amounts
Essential Retail
Other Retail Services
Restaurants
95%
51%
62%
98%
74%
74%
Q2 July August
98%
78%
75%
Q2 July August
Banking/ Finance 100% 99% 99%
Grocery/ Warehouse Clubs/ Pharmacy 99% 98% 99%
Home Improvement 97% 99% 99%
Pet Stores/ Veterinary 97% 98% 100%
Home Office/ Appliance 95% 98% 97%
Auto Repair & Supply/ Gas Stations 94% 96% 96%
Other Essential 84% 94% 92%
Medical/ Medical Supply 72% 94% 93%
Professional Service 70% 81% 80%
Sporting Goods/ Hobby Retail Stores 66% 91% 92%
Other Non-Essential 63% 90% 88%
Restaurants 62% 74% 75%
Soft Goods (including Off-Price) 52% 75% 84%
Personal Service 47% 72% 68%
Entertainment/ Gathering Place 29% 36% 42%
Health Club/ Fitness 19% 49% 46%
Total 71% 84% 86%
Revolving Credit Facility, $2.0B
Cash, $0.3B
2020 Debt Maturities, $0.1BSpend on (Re)development, $0.1BCapex, Tis, Landlord Costs, $0.1B
$0.0
$0.3
$0.5
$0.8
$1.0
$1.3
$1.5
$1.8
$2.0
$2.3
Sources Uses
8
Liquidity to Withstand COVID-19 Uncertainty
1. Every 6 months Kimco can monetize another 25% of it’s shares held pre-IPO, as of 6/30/20202. Includes repayments of $200M in July 2020 and $285M in August 2020.As of 8/15/2020, shown at pro-rata share
COVID-19: BUSINESS UPDATEB
illio
ns
2021 Debt Maturities
~$220M2
Unencumbered Properties
~80% of our properties (~320)
~80% of our Total NOI
Albertsons (NYSE:ACI) Marketable Securities Valuation:
$628M1
Additional Sources:
Additional Uses:
Total $2.3B Total $0.3B
Full $2.0B available on unsecured revolving credit facility (+$750M
accordion feature) priced at LIBOR + 76.5bps
9
Bond Covenant Overview
COVID-19: BUSINESS UPDATE
Consolidated Indebtedness Ratio
Consolidated Secured Indebtedness Ratio
Maximum Annual Service Charge
Ratio of Unencumbered Total Asset Value to Total Unsecured Debt
Threshold
<65%
<40%
>1.50
>1.50
As of 6/30/2020See 2020 Second Quarter Supplemental Information – Bond Indebtedness Covenant Disclosure for additional details and sourcing
1. Pro-rata includes JV’s and preferred stock
Additional $3.6B debt capacity
available or reduction of $1.3B of
Consolidated Income Available for Debt
Service before covenant violation
Covenants are calculated on a
trailing 12-month basis and
are based on GAAP, not cash,
revenue
June 30, 2020
39%
3%
8.2
2.5
Committed to...
Strong investment grade ratings
• BBB+ S&P
• Baa1 Moody’s
Lower Net Debt / EBITDA
• 8.6x (6.5x*) Consolidated
• 9.4x (7.3x*) Pro-rata1
Increase Fixed Charge Coverage
• 2.6x (5.6x*)
*includes gain on sale of cost method investment
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2020 2021 2022 2023 2024 2025 2026 2027 2028 Thereafter
Deb
t in
Mill
ion
s
Fixed Rate 4.07%*
Floating Rate 1.66%*
WAVG Term 4.1 Yrs
Secured Debt 89%
Unsecured Debt 11%
Fixed Rate 3.28%*
Floating Rate N/A
WAVG Term 11.3 Yrs
Secured Debt 7%
Unsecured Debt 93%
Data as of 8/15/2020;
Percentages are annual maturities of total pro-rata debt stack
*Weighted average
Well-Staggered Debt Maturities
One of the longest debt maturity profiles in the REIT industry
Consolidated Debt Joint Venture Debt
10
Consolidated and Pro-rata Joint Venture Debt
COVID-19: BUSINESS UPDATE
1%4%
13%
8% 8%8%9%
6% 7%
36%
Decades of Experience Unlocking Real Estate Value for Retailers
COVID-19: BUSINESS UPDATE
(Designation Rights, 2001)
(Designation Rights, 2003)
(Acquire/Real Estate Financing, 2002)
(Bond Purchase, 2002)
(Real Estate Financing/ Designation Rights,
2002)
(Acquire/Sale Leasebacks, 1998)
(Acquire/Release to tenants, 1997)
(Acquire/Release to tenants, 1998)
(Consortium acquires 5 grocery banners, 2013)
(Real Estate Financing, 2008)
(Real Estate Financing, 2007)
(Real Estate Financing, 2007)
(Real Estate Financing, 2008)
(Albertsons Consortium acquires Safeway, 2015)
(Acquire/Release to tenants, 2013)
(Take-private acquisition,
2006)
(Acquisition, 2002)
Retail property experience and
financial acumen
History of successful retail real estate monetizations during past crises
Financial Crisis
Dot Com Bust
COVID-19Savings and Loan Crisis
11
(Acquire 60 leases, 1995)
1. 6/30/2020 valuation of 39.8 million shares of NYSE:ACI, Every 6 months Kimco can monetize another 25% of it’s shares held pre-IPOData is approximate
1995 2000 2005 2010 2015 Today
Working with real estate rich retailers
Announced intent to invest $50-$100M in
a separate investment vehicle
$207M Invested
Since 2006
$569M of Proceeds
through 2Q20
$628M1
Remaining ownership
interest
Investment in Albertsons
12
Supporting our Tenants, Communities and Employees
Our Tenants Our Communities Our Employees
• Tenant Assistance Program (TAP) assistance applying for small
business loans
• Curbside Pickup™ Program
• Selectively offering rent deferrals
• Communicating critical information to tenants early and often through
our automated email tool
• Continuing to provide the public with critical goods and services1
• Increased janitorial services
• Offering the use of our centers for drive-thru testing, blood drives,
school lunch pick-ups etc.
1. All of our centers are operational
• Our workforce is home, with new laptops, cellular capability
and daily webinar training
• Paid time off for impacted employees
COVID-19: BUSINESS UPDATE
13
Innovating to Help Our Tenants Thrive
COVID-19: BUSINESS UPDATE
• Designated curbside pickup spots for use by all tenants and customers
• Helping businesses adapt while allowing customers to shop while feeling safe and comfortable.
• Providing small businesses owners new opportunities
• The number of BOPIS orders surged 208% between April 1 and April 20 compared with a year ago1
• 59% said they are more likely to use curbside pickup following COVID-192
“We are just thrilled about Kimco’s Curbside Pickup program. We’ve already been offering curbside pickup to our customers since the COVID-19 crisis began, but now with designated parking spots the process will be much more organized, and our customers willfeel more comfortable knowing that this is a “normal” part of the shopping experience.”
Deborah DeShazo, Owner, Shannon Jewelers @ Grand Parkway Marketplace, Spring, TX
1. CNBC.com April 27, 2020, Adobe Analytics2. CommerceHub Consumer Survey, April 2020Photo: Grand Parkway Marketplace, Spring, TX
300+centers
75%+ of Q2 online sales were fulfilled by stores, the hub of our
omnichannel experience,
significantly improving eCommerce gross
margin2
Stores were
instrumental in
fulfilling nearly 50% of
Q2 digital sales and
supporting very strong
digital demand6
Retailers Use Stores as Hubs in Response to COVID-19
14
Free expedited shippingDelivery from Store Same Day DeliveryCurbside Pickup Order Pickup
1. Best Buy 1Q21 Earnings Call transcript; May 2020
2. Dicks 2Q21 Earnings Call transcript; August 2020
3. Target 2Q20 Earnings Call transcript; August 2020
Stores enabled 75%+ of digital sales3
Growth of store enabled3:l Same day services 270%+
l Drive-up 734%l Shipt fulfillment 350%+
l BOPIS 60%+
Express Delivery,
offers 160,000+ items
delivered in less than
2 hours expanding to
nearly 2,000 stores in
the coming weeks4
COVID-19: BUSINESS UPDATE
65% of April online
sales were picked up
curbside or shipped
from a store…this
asset of the store base
is very real.1
Using stores to fulfill last mile logistic strategies
60%+ of onlineorders are picked
up in store5
4. Walmart Press Release April 30, 2020
5. Home Depot 2Q20 Earnings Call transcript; August 2020
6. Kohl’s 2Q20 Earnings Call transcript; August 2020
In-store
Online
15
Kimco Tenants Successfully Implement Omni-channel Retailing / BOPIS
1. Duluth Trading 4Q19 Earning Call; March 2020
2. Chipotle 1Q20 Earnings Call transcript; April 2020
3. At Home Press Release April 30, 2020
Mobile payments for in store pick up have
grown to 44% of total tender in the U.S.6
4. Dick’s Sporting Goods 4Q19 Earnings Call transcript; March 2020
5. Best Buy 4Q FY20 Earnings Call; Feb. 2020
6. Starbucks.com Supplemental Data: Mobile Dashboard; April 2020
Restaurants experienced digitalsales growth in March of 101% year over year through delivery, order ahead and catering2
Offering BOPIS from over 80% of the store base, 180+ stores3
42% of online sales are picked up in store5
33% of BOPIS customersmade an additional purchase in store1
BOPIS grew more than twice the rate of the 16% sales growth we saw in e-
commerce overall4
COVID-19: BUSINESS UPDATE
PORTFOLIO QUALITYat LINCOLN SQUARE, Philadelphia, PALive,Work,&Play
17
Portfolio Transformation
Data as of 12/31/2010 and 6/30/2020
PORTFOLIO QUALITY
400 U.S. Properties
329 Sites | 85% ABR
In 20 Top Core Markets71 sites | 15% ABR in Other Markets
2010 Top Markets 2020 Refocused Core Markets
816 U.S. Properties507 Sites | 63% ABRIn 20 Top Core Markets309 sites | 37% ABR in Other Markets
63 Canadal43 Mexico/South America
Major Metro Markets
85% of Annual Base Rent comes from our top Major Metro Markets*
*Markets noted on the map are Kimco’s top major metropolitan markets by percentage of pro-rata ABR as of 6/30/2020
Other Major Metro Markets
Coastal and Sun Belt Markets
Major Metro Markets
ABR Contribution
San FranciscoSacramentoSan Jose
Seattle
Portland
Los AngelesOrange CountySan Diego
Phoenix
Denver Chicago
DallasAustin Houston TampaAtlanta
MiamiFort Lauderdale
Orlando
Charlotte
Boston
New York
Philadelphia
Raleigh-Durham
82%
85%
3%
Population growth of 6.3 million
projected within the next 5 years
BaltimoreWashington D.C.
18
PORTFOLIO QUALITY
SIGNED
Maintained Strong Fundamentals
All figures are at Kimco’s share, for the second quarter
*During the trailing twelve months
U.S. OCCUPANCY
ANCHOR OCCUPANCY
RENTAL RATES FOR NEW LEASES
INCREASED
98.2%95.6%
22.9%6.5M SFLEASES TOTALING OVER
1,113*
19
PORTFOLIO QUALITY
3.9%
2.5%
2.1% 2.0%1.8% 1.7%
1.5% 1.4%1.2% 1.1%
Tenant Diversity
PORTFOLIO QUALITY
Data as of 6/30/2020, Percentages noted reflect pro-rata annual base rent (ABR) 20
Only 14 tenants with ABR exposure greater than 1.0%• Scale: 7,500 leases with 3,400 tenants• Stability: Fixed, contractual rents with bumps• Security: Average lease term of 10 years for anchors and 5 years for small shops
21
62.4%
70.3% 70.9%71.8%
73.9%
76.6%77.4%
60%
65%
70%
75%
80%
2Q14 2Q15 2Q16 2Q17 2Q18 2Q19 2Q20
Percent of KIM ABR from Grocery Anchored Centers
PSF is defined as Per Square Foot
Strength of our Grocers Equates to Strength in our Portfolio
Average Grocer Sales PSF
at Kimco Centers
$679 (up ~20% from 2Q 2014)
Average Portfolio Pro-rata RPSF of
$18.14 in 2Q 2020
(up 32% since 2Q 2014)
PORTFOLIO QUALITY
22
$14.12
$15.41 $15.74
$10.14
$11.73 $12.00
$9
$11
$13
$15
$17
2013-2015A 2016-2019A 2016-2020E
Growth through Leasing & Value Creation
Anchor Lease Spreads/Mark To Market
Mark to Market Spread on Anchor Leases: ~55%
Total Average RPSF up 38% since 2013
38% of Anchor Leases are “Legacy Leases” (20 years or
older); 68% mark to market
10% of Kimco’s Pro Rata ABR are ground leases; 119%mark to market
New Rent Expiring Rent Projected Rent
$A
BR
/SF +31.1%
+39.3%
+31.4%
PORTFOLIO QUALITY
NAV CREATIONat DANIA POINTE, Dania Beach, FLLive,Work,&Play
0
100
200
300
400
2015A 2016A 2017A 2018A 2019A 2020E
$102 $87
$136
$227 $208$130 -$150
$41
$125
$160
$191
$126
$35 -$50
$143
$212
Development and Redevelopment Investment
All figures are at Kimco’s share
1. As of 6/30/2020
Total Investment ($M)
NAV CREATION
DevelopmentRedevelopment
$296
$418
$334
24
$165 to $200
Remaining 2020E spend:
~$100M1
Mixed-Use Redevelopment: Pentagon Centre
NAV CREATION
Pentagon Centre
Headquarters
Head-
quarters
Pentagon
Centre
25
Pentagon CentreArlington, VA (across from Amazon’s HQ2)
Phase I Completed Q4 2019 Residential: 440 units, ‘The Witmer’ (open, 93% leased)Interior renovation and parking structure
Phase II Residential: 253 units, ‘The Milton’ Retail: ~16K SQFT
Commencement: 2020
‘The Milton’
The Milton
The
Witmer
Completed Mixed-Use Development: Dania Pointe
NAV CREATION
Dania BeachDania Beach, FL
Phase I Completed Q4 18 Retail: 330K SQFT
Anchors: TJMaxx, Ulta, BrandsMart, Hobby Lobby, YouFit Health Club
Phase II & III Completed Q2 20Retail: 417K SQFT (62% Leased)
Anchors: Urban Outfitters, Anthropologie, Regal Cinema, Bowlero, Tommy Bahama
Residential (GL): 850 unitsMeyers Group (600 units)
Residents moving in Q2 20Spirit Airlines (250 Units)
Hotel (GL): 350 roomsMarriott AC by Marriott
26
RetailResidential (GL)Office (NAP)Hotel (GL)Multi-level ParkingPublic Space
GL: Ground Lease
Redevelopment: The Boulevard
NAV CREATION
27
The BoulevardStaten Island, NY
Retail: ~400K SQFT (~90% pre-leased)Anchors: ShopRite, Ulta, Marshalls, Alamo Drafthouse
Est. costs/completion: $213.5/2020
Opening Fall 2020
Other retailers will begin opening in
2021
96PROPERTIES W/ PROJECTS
$706.1MGROSS INVESTMENT
9.1%
Redevelopment Activity Since 2015
BLENDED ROI
Completed Projects: Value Creation Realized
NAV CREATION
COMPLETED
5
REDEVELOPMENT
PROJECTS
WITH
A BLENDED RETURN
OF
15.9%
2020 Highlights
28
27 POTENTIAL PROJECTS
1.7M SFRETAIL GLA IN SCOPE*
>7,000RESIDENTIAL UNITS*
*Excludes Retail GLA in Scope and Residential Units for 6 projects in Master Planning
Future Opportunities
NAV CREATION
29
COMMUNICATE Openly with Our Shareholders
KIMCO TODAY
30
Environmental, Social and Governance (ESG): Responsible Practices
Maintain regular engagement with key stakeholder audiences, reporting accurate information on issues of relevance to those audiences
JOINED THE FTSE4Good Index Series for the first time
Our Priorities
Cultivate high levels of employee satisfaction and ensure diversity at all levels of the organization
Foster a sense of place at our shopping centers, creating people-centered properties that are more convenient and accessible
Help our tenants succeed and be a positive presence in the communities where we operate and live
Maximize efficiency of operations and protect our assets from disruption
Our Results
LAUNCHED a national call center to improve stakeholder responsiveness
AWARDED Nareit’s 2019 Retail Leader in the Light
REACHED 4,500 residential units entitled or constructed
SIGNED the CEO Action for Diversity & Inclusion Pledge
ACHIEVED our GHG goal, reducing Scope 1 and 2 emissions >10% since 2015
DONATED over $279,000 in cash, in-kind and employee matching
INSTALLED Curbside PickupTM infrastructure at over 300 properties
ISSUED an innovative $2.0 billion green credit facility tied to climate action
CERTIFIED as a Great Place to WorkTM
FOSTER an Engaged, Inclusive & Ethical Team
EMBRACE the Future of Retail
ENGAGE Our Local Communities
LEAD in Operations & Resiliency
During 2019 Kimco also formed an ESG Steering Committee and created creating an innovative Tenant Assistance Program (TAP) to assist tenants during the COVID-19 crisis.Our full 2019 Corporate Sustainability Report is available at kimcorealty.com
Our Pillars
at SUBURBAN SQUARE, Ardmore, PALive,Work,&Play APPENDIX
RECONCILIATION OF NON GAAP MEASURESNet Income to EBITDA & Net Debt/EBITDA Calculations
32
Net income/(loss) 748,118$ Net Debt / EBITDA Calculation
Interest of $2,398,588, $2,345,766 and $2,115,320, respectively48,015
Other interest - Net Debt 5,148,691$
Depreciation and amortization 73,559 Annualized Consolidated EBITDA 599,081$
Gain on sale of properties (1,850) Net Debt to Consolidated EBITDA 8.6x
Gain on sale of JV properties -
Impairment charges 138 Gain on sale of cost method investment 190,832$
Impairment of JV properties - Net Debt to Consolidated EBITDA (incl. Gain on sale of cost
method investment)
6.5x
Gain on monetization of Albertsons (190,832)
Profit participation from other real estate investments, net (1,186) Net Debt / EBITDA Calculation Pro-Rata (Including Preferreds)
Loss/(gain) on marketable securities (526,243)
Provision/(benefit) for income taxes 51 Net Debt (Pro-rata Share with JV) 5,729,948$
Consolidated EBITDA 149,770$ Preferred Stock 489,500
Debt 6,219,448$
Consolidated EBITDA 149,770$ Pro-rata EBITDA 155,710$
Prorata share of interest expense - real estate JV's 5,940 JV Depreciation 10,178
Prorata share of depreciation and amortization - real estate JV's 10,178 EBITDA 165,888$
EBITDA including prorata share - JV's 165,888$ Annualized EBITDA 663,551$
Net Debt and Preferred to Pro-rata EBITDA
Debt 5,350,378$ (including preferreds) 9.4x
Cash 201,687
Net Debt 5,148,691$ Gain on sale of cost method investment 190,832$
Net Debt and Preferred to Pro-rata EBITDA (incl. preferreds
Annualized Consolidated EBITDA 599,081 and gain on sale of cost method investment) 6.7x
KIMCO NOTES
33