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Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

As of December 31, 2024

(in thousands)

 

Description

 

Interest Rate

 

 

Final
Maturity Date

 

Periodic
Payment
Terms (a)

 

Prior Liens

 

 

Original Face
Amount
of Mortgages

 

 

Carrying
Amount of
Mortgages (b)

 

 

Principal Amount of Loans Subject to Delinquent Principal or Interest

 

Mortgage Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail 1st Mortgage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

San Antonio, TX

 

 

9.00

%

 

Jun-25

 

I

 

$

-

 

 

$

146,158

 

 

$

146,158

 

 

$

-

 

Individually < 3% (c) (d)

 

(e)

 

 

(f)

 

I

 

 

-

 

 

 

42,589

 

 

 

38,888

 

 

 

-

 

Retail 2nd Mortgage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

San Antonio, TX

 

 

12.00

%

 

Jun-34

 

I

 

 

-

 

 

 

50,219

 

 

 

50,219

 

 

 

-

 

San Antonio, TX

 

 

11.00

%

 

Sep-27

 

I

 

 

-

 

 

 

21,500

 

 

 

19,758

 

 

 

-

 

Euless, TX

 

 

10.00

%

 

Jun-29

 

I

 

 

-

 

 

 

19,600

 

 

 

19,600

 

 

 

-

 

Lynwood, CA

 

 

9.00

%

 

Jul-25

 

I

 

 

-

 

 

 

16,462

 

 

 

16,462

 

 

 

-

 

Jacksonville, FL

 

 

10.00

%

 

Nov-26

 

I

 

 

-

 

 

 

15,000

 

 

 

15,000

 

 

 

-

 

Fairfax, VA

 

 

8.00

%

 

May-29

 

I

 

 

-

 

 

 

14,000

 

 

 

14,000

 

 

 

-

 

Individually < 3% (g)

 

(h)

 

 

(i)

 

I

 

 

-

 

 

 

132,901

 

 

 

129,164

 

 

 

-

 

Nonretail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually < 3% (j)

 

(k)

 

 

(l)

 

P&I; PIK

 

 

-

 

 

 

3,854

 

 

 

2,238

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financing Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonretail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrower A

 

 

7.00

%

 

Mar-31

 

P&I

 

 

-

 

 

 

397

 

 

 

279

 

 

 

-

 

Allowance for Credit losses:

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

(6,800

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

-

 

 

$

462,680

 

 

$

444,966

 

 

$

-

 

 

(a)
I = Interest only; P&I = Principal & Interest; PIK = Paid in Kind at Maturity.
(b)
The aggregate cost for Federal income tax purposes was approximately $445.0 million as of December 31, 2024.
(c)
Comprised of four separate loans with original loan amounts ranging from $5.3 million to $13.0 million.
(d)
There was an outstanding undrawn mortgage loan balance of $3.7 million as of December 31, 2024, for which the Company earns interest at a rate of 1.0% annum.
(e)
Interest rates range from 6.35% to 11.00%.
(f)
Maturity dates range from August 2028 to March 2034.
(g)
Comprised of 16 separate loans with original loan amounts ranging from $3.1 million to $12.5 million.
(h)
Interest rates range from 7.00% to 14.00%.
(i)
Maturity dates range from June 2025 to October 2053.
(j)
Comprised of three separate loans with original loan amounts ranging from $0.5 million to $2.0 million.
(k)
Interest rates range from 6.88% to 12.00%.
(l)
Maturity dates range from October 2026 to December 2030.

The Company reviews payment status to identify performing versus non-performing loans. As of December 31, 2024, the Company had a total of 31 loans, all of which are performing. The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the personal guarantees of the borrower and the prospects of the borrower.

The following table reconciles mortgage loans and other financing receivables from January 1, 2022 to December 31, 2024 (in thousands):

 

 

 

2024

 

 

2023

 

 

2022

 

Balance at January 1,

$

 

130,745

 

$

 

87,359

 

$

 

73,102

 

Additions:

 

 

 

 

 

 

 

 

 

New mortgage and other loans

 

 

428,121

 

 

 

43,519

 

 

 

75,063

 

Deductions:

 

 

 

 

 

 

 

 

 

Loan repayments

 

 

(108,297

)

 

 

(35

)

 

 

(60,211

)

Collections of principal

 

 

(103

)

 

 

(98

)

 

 

(95

)

Allowance for credit losses

 

 

(5,500

)

 

-

 

 

 

(500

)

Other adjustments

 

-

 

 

-

 

 

-

 

Balance at December 31,

$

 

444,966

 

$

 

130,745

 

$

 

87,359