Kimco Realty announces 2024 tax treatment of dividend distributions for common and preferred stock. Details provided in press release.
Quiver AI Summary
Kimco Realty® announced the 2024 tax treatment for its common and preferred stock dividend distributions, detailing allocations for various dividend dates throughout the year. For common shares, dividends total $0.970 per share, with a majority classified as ordinary income. Preferred Series L, M, and N also have specific dividend distributions, totaling $1.281240, $1.312500, and $2.859720 per share, respectively, with similar income classifications. Additionally, Kimco reported approximately $325 million in undistributed long-term capital gains in 2024, primarily from selling shares of Albertsons Companies, which will be communicated to shareholders through Form 2439. The company also emphasizes its commitment to delivering dependable income through its extensive portfolio of grocery-anchored shopping centers across major U.S. markets.
Potential Positives
- Kimco Realty announced the distribution of dividends for both common and preferred stock, indicating ongoing shareholder returns and reinforcing its commitment to delivering value to investors.
- The company recognized approximately $325 million in long-term capital gains from the sale of its remaining shares in Albertsons Companies, Inc., highlighting effective asset management and strategic positioning.
- Shareholders will benefit from a federal tax credit due to the undistributed capital gains reported, which may enhance investor sentiment and confidence in the company's financial practices.
Potential Negatives
- The press release highlights a significant undistributed long-term capital gain of approximately $325 million, which may raise concerns among investors about the company's current liquidity and operational cash flow.
- The need to report undistributed gains on tax forms signifies potential tax implications for shareholders, which could lead to dissatisfaction or confusion among them.
- References to various risks and uncertainties, including the ability to maintain REIT status and reliance on major tenants, may indicate underlying vulnerabilities in the company’s financial health and operational stability.
FAQ
What is the 2024 tax treatment for Kimco Realty's common stock dividends?
The 2024 tax treatment for Kimco Realty's common stock dividends includes details on ordinary income and capital gains on Form 1099-DIV.
When will the dividend payments be made for Kimco Realty's common stock?
The dividend payments for Kimco Realty's common stock will be made on March 21, June 20, September 19, and December 19, 2024.
What are the tax implications of the preferred stock dividends?
Preferred stock dividends will be reported on Form 1099-DIV, including details on ordinary income, capital gains, and qualified dividends.
How can shareholders obtain details on undistributed capital gains?
Shareholders can obtain details on undistributed capital gains from Form 2439, which will report their proportionate share of undistributed long-term capital gains.
Where can I find more information about Kimco Realty's dividends?
Additional information about Kimco Realty's dividends is available on the company's investor relations website and social media channels.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$KIM Insider Trading Activity
$KIM insiders have traded $KIM stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $KIM stock by insiders over the last 6 months:
- DAVID JAMIESON (Chief Operating Officer) sold 50,000 shares for an estimated $1,096,040
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$KIM Hedge Fund Activity
We have seen 246 institutional investors add shares of $KIM stock to their portfolio, and 244 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- JPMORGAN CHASE & CO removed 12,621,576 shares (-42.3%) from their portfolio in Q3 2024, for an estimated $293,072,994
- RESOLUTION CAPITAL LTD added 9,686,894 shares (+197.7%) to their portfolio in Q3 2024, for an estimated $224,929,678
- NUVEEN ASSET MANAGEMENT, LLC added 6,292,946 shares (+62.6%) to their portfolio in Q3 2024, for an estimated $146,122,206
- INVESCO LTD. added 3,780,743 shares (+34.7%) to their portfolio in Q3 2024, for an estimated $87,788,852
- FEDERATED HERMES, INC. added 3,724,970 shares (+3877.1%) to their portfolio in Q3 2024, for an estimated $86,493,803
- JANUS HENDERSON GROUP PLC removed 2,746,676 shares (-97.5%) from their portfolio in Q3 2024, for an estimated $63,777,816
- MARSHALL WACE, LLP removed 2,562,578 shares (-99.2%) from their portfolio in Q3 2024, for an estimated $59,503,061
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
JERICHO, N.Y., Jan. 27, 2025 (GLOBE NEWSWIRE) -- Kimco Realty ® (NYSE: KIM), a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, announced today the 2024 tax treatment of its common stock and preferred stock dividend distributions. The allocations as they will be reported on Form 1099-DIV are as follows:
Common Shares (CUSIP # 49446R-10-9) | ||||||||||||
Ex- | Ordinary Income | Capital Gains | ||||||||||
Dividend | Record | Payable | Distribution | Non- | Unrecaptured | Return of | Sec 199A | |||||
Date | Date | Date | per Share | Total | Qualified | Qualified | Total | Sec 1250 | Capital | Dividends | ||
03/07/2024 | 03/07/2024 | 03/21/2024 | $0.240000 | $0.162408 | $0.160128 | $0.002280 | $0.077592 | $0.000000 | $0.000000 | $0.160128 | ||
06/06/2024 | 06/06/2024 | 06/20/2024 | $0.240000 | $0.162408 | $0.160128 | $0.002280 | $0.077592 | $0.000000 | $0.000000 | $0.160128 | ||
09/05/2024 | 09/05/2024 | 09/19/2024 | $0.240000 | $0.162408 | $0.160128 | $0.002280 | $0.077592 | $0.000000 | $0.000000 | $0.160128 | ||
12/05/2024 | 12/05/2024 | 12/19/2024 | $0.250000 | $0.169176 | $0.166801 | $0.002375 | $0.080824 | $0.000000 | $0.000000 | $0.166801 | ||
Totals | $0.970000 | $0.656400 | $0.647185 | $0.009215 | $0.313600 | $0.000000 | $0.000000 | $0.647185 | ||||
100 % | 66.720% | 0.950% | 32.330% | 0.000% | 0.000% | |||||||
Preferred Series L (CUSIP # 49446R-73-7) | ||||||||||||
Ex- | Ordinary Income | Capital Gains | ||||||||||
Dividend | Record | Payable | Distribution | Non- | Unrecaptured | Sec 199A | ||||||
Date | Date | Date | per Share | Total | Qualified | Qualified | Total | Sec 1250 | Dividends | |||
1/2/2024 | 01/02/2024 | 01/16/2024 | $0.320310 | $0.216755 | $0.213711 | $0.003044 | $0.103555 | $0.000000 | $0.213711 | |||
4/1/2024 | 04/01/2024 | 04/15/2024 | $0.320310 | $0.216755 | $0.213711 | $0.003044 | $0.103555 | $0.000000 | $0.213711 | |||
7/1/2024 | 07/01/2024 | 07/15/2024 | $0.320310 | $0.216755 | $0.213711 | $0.003044 | $0.103555 | $0.000000 | $0.213711 | |||
10/1/2024 | 10/01/2024 | 10/15/2024 | $0.320310 | $0.216755 | $0.213711 | $0.003044 | $0.103555 | $0.000000 | $0.213711 | |||
Totals | $1.281240 | $0.867020 | $0.854844 | $0.012176 | $0.414220 | $0.000000 | $0.854844 | |||||
100 % | 66.720% | 0.950% | 32.330% | |||||||||
Preferred Series M (CUSIP # 49446R-71-1) | ||||||||||||
Ex- | Ordinary Income | Capital Gains | ||||||||||
Dividend | Record | Payable | Distribution | Non- | Unrecaptured | Sec 199A | ||||||
Date | Date | Date | per Share | Total | Qualified | Qualified | Total | Sec 1250 | Dividends | |||
1/2/2024 | 01/02/2024 | 01/16/2024 | $0.328125 | $0.222043 | $0.218925 | $0.003118 | $0.106082 | $0.000000 | $0.218925 | |||
4/1/2024 | 04/01/2024 | 04/15/2024 | $0.328125 | $0.222043 | $0.218925 | $0.003118 | $0.106082 | $0.000000 | $0.218925 | |||
7/1/2024 | 07/01/2024 | 07/15/2024 | $0.328125 | $0.222043 | $0.218925 | $0.003118 | $0.106082 | $0.000000 | $0.218925 | |||
10/1/2024 | 10/01/2024 | 10/15/2024 | $0.328125 | $0.222043 | $0.218925 | $0.003118 | $0.106082 | $0.000000 | $0.218925 | |||
Totals | $1.312500 | $0.888172 | $0.875700 | $0.012472 | $0.424328 | $0.000000 | $0.875700 | |||||
100 % | 66.720% | 0.950% | 32.330% | |||||||||
Preferred Series N (CUSIP # 49446R-67-9 ) | ||||||||||||
Ex- | Ordinary Income | Capital Gains | ||||||||||
Dividend | Record | Payable | Distribution | Non- | Unrecaptured | Sec 199A | ||||||
Date | Date | Date | per Share | Total | Qualified | Qualified | Total | Sec 1250 | Dividends | |||
1/5/2024 | 01/05/2024 | 01/16/2024 | $0.140970 | $0.095395 | $0.094055 | $0.001340 | $0.045575 | $0.000000 | $0.094055 | |||
4/1/2024 | 04/01/2024 | 04/15/2024 | $0.906250 | $0.613263 | $0.604652 | $0.008611 | $0.292987 | $0.000000 | $0.604652 | |||
7/1/2024 | 07/01/2024 | 07/15/2024 | $0.906250 | $0.613263 | $0.604652 | $0.008611 | $0.292987 | $0.000000 | $0.604652 | |||
10/1/2024 | 10/01/2024 | 10/15/2024 | $0.906250 | $0.613263 | $0.604652 | $0.008611 | $0.292987 | $0.000000 | $0.604652 | |||
Totals | $2.859720 | $1.935184 | $1.908011 | $0.027173 | $0.924536 | $0.000000 | $1.908011 | |||||
100 % | 66.720% | 0.950% | 32.330% | |||||||||
Preferred Series N (CUSIP # 49446R-67-9 )- Additional dividend for tendered units only | ||||||||||||
Ex- | Ordinary Income | Capital Gains | ||||||||||
Dividend | Record | Payable | Distribution | Non- | Unrecaptured | Sec 199A | ||||||
Date | Date | Date | per Share | Total | Qualified | Qualified | Total | Sec 1250 | Dividends | |||
12/13/2024 | $0.614056 | $0.415534 | $0.409699 | $0.005835 | $0.198522 | $0.000000 | $0.409699 | |||||
100 % | 66.720% | 0.950% | 32.330% | |||||||||
Form 2439, Notice to Shareholder of Undistributed Long-Term Capital Gains
During 2024, Kimco recognized long-term capital gains of approximately $325 million, which included the gain on the sale of its remaining shares of the Albertsons Companies, Inc. (NYSE: ACI). The company elected to retain the capital gain proceeds for general corporate purposes and will pay federal and state corporate income tax on the taxable gains in excess of available deductions. This taxable portion, representing undistributed long-term capital gains, is treated as a distribution to shareholders of record on December 31, 2024, and each shareholder’s proportionate share of the undistributed capital gains will be reported on Form 2439, Notice to Shareholder of Undistributed Long-Term Capital Gains .
Correspondingly, each shareholder is entitled to a federal tax credit for its share of the federal income tax paid by the company. Form 2439 is in addition to the information reported on Form 1099-DIV . Additional details can be found in a set of FAQs available on the company’s website at: https://investors.kimcorealty.com/2024_Undistributed_Cap_Gain_FAQ .
About Kimco Realty ®
Kimco Realty® (NYSE: KIM) is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The Company’s portfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high- barrier-to-entry coastal markets and rapidly expanding Sun Belt cities. Its tenant mix is focused on essential, necessity-based goods and services that drive multiple shopping trips per week. 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. With a proven commitment to corporate responsibility, Kimco Realty is a recognized industry leader in this area. As of December 31, 2024, the Company owned interests in 568 U.S. shopping centers and mixed-use assets comprising 101 million square feet of gross leasable space.
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 ) 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 press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 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,” “plan,” “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 impact of competition, including the availability of acquisition or development opportunities and the costs associated with purchasing and maintaining assets, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iv) 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, (v) the potential impact of e-commerce and other changes in consumer buying practices, and changing trends in the retail industry and perceptions by retailers or shoppers, including safety and convenience, (vi) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and the costs associated with purchasing and maintaining assets and risks related to acquisitions not performing in accordance with our expectations, (vii) the Company’s ability to raise capital by selling its assets, (viii) disruptions and increases in operating costs due to inflation and supply chain disruptions, (ix) risks associated with the development of mixed-use commercial properties, including risks associated with the development, and ownership of non-retail real estate, (x) changes in governmental laws and regulations, including, but not limited to, changes in data privacy, environmental (including climate change), safety and health laws, and management’s ability to estimate the impact of such changes, (xi) the Company’s failure to realize the expected benefits of the merger with RPT Realty (the “RPT Merger”), (xii) the risk of litigation, including shareholder litigation, in connection with the RPT Merger, including any resulting expense, (xiii) 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, (xiv) the possibility that, if the Company does not achieve the perceived benefits of the RPT Merger as rapidly or to the extent anticipated by financial analysts or investors, the market price of the Company’s common stock could decline, (xv) valuation and risks related to the Company’s joint venture and preferred equity investments and other investments, (xvi) collectability of mortgage and other financing receivables, (xvii) impairment charges, (xviii) criminal cybersecurity attacks, disruption, data loss or other security incidents and breaches, (xix) risks related to artificial intelligence, (xx) impact of natural disasters and weather and climate-related events, (xxi) pandemics or other health crises, (xxii) our ability to attract, retain and motivate key personnel, (xxiii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xxiv) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (xxv) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xxvi) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity, (xxvii) the Company’s ability to continue to maintain its status as a REIT for U.S. federal income tax purposes and potential risks and uncertainties in connection with its UPREIT structure, and (xxviii) other risks and uncertainties identified under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023. 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 other filings with the SEC.
CONTACT:
David F. Bujnicki
Senior Vice President, Investor Relations and Strategy
Kimco Realty Corporation
(833) 800-4343
[email protected]