Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Text Block]

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

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

As of December 31, 2023

(in thousands)

Description	Interest Rate			Final Maturity Date	Periodic Payment Terms (a)	Prior Liens		Original Face Amount of Mortgages		Carrying Amount of Mortgages (b)
Mortgage Loans:
Retail
Gresham, OR		8.00	%	Apr-24	I	$	-	$	25,000	$	25,000
Apopka, FL		14.00	%	Dec-24	I		-		11,211		11,211
Lynwood, CA		9.00	%	Jun-25	I		-		16,463		16,463
Crystal Lake, IL (i)		10.50	%	Nov-26	I		-		7,308		7,308
Jacksonville, FL		10.00	%	Nov-26	I		-		15,000		15,000
San Antonio, TX		12.50	%	Sep-27	I		-		21,500		16,359
Fairfax, VA		8.00	%	May-29	I		-		14,000		14,000
Euless, TX		10.00	%	Jun-29	I		-		19,600		19,600
Individually < 3% (c)	(d)			(e)	I		-		6,485		6,485
Nonretail
Individually < 3% (f)	(g)			(h)	P&I		-		1,854		305
Other Financing Loans:
Nonretail
Borrower A		7.00	%	Mar-31	P&I		-		397		314
Allowance for Credit losses:							-		-		(1,300	)
						$	-	$	138,818	$	130,745

(a)  I = Interest only; P&I = Principal & Interest.

(b)  The aggregate cost for Federal income tax purposes was approximately $130.7 million as of December 31, 2023.

(c)  Comprised of two separate loans with original loan amounts ranging from $3.1 million to $3.4 million.

(d)  Interest rates range from 7.00% to 12.00%.

(e)  Maturity dates range from May 2033 to October 2053.

(f)  Comprised of two separate loans with original loan amounts ranging from $0.5 million to $1.9 million.

(g)  Interest rates range from 6.88% to 7.41%.

(h)  Maturity dates range from October 2026 to December 2030.

(i) There was an outstanding undrawn mortgage loan balance of $7.0 million as of December 31, 2023, for which the Company, as a lender, accrues interest at a rate of 0.5% per annum.

For a reconciliation of mortgage and other financing receivables from January 1, 2021 to December 31, 2023, see Footnote 11 of the 

Notes to the Consolidated Financial Statements included in this Form 10-K.

The Company reviews payment status to identify performing versus non-performing loans. As of December 31, 2023, the Company had a total of 13 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, 2021 to December 31, 2023 (in thousands):

	2023			2022			2021
Balance at January 1,	$	87,359		$	73,102		$	32,246
Additions:
New mortgage and other loans (1)		43,519			75,063			55,307
Deductions:
Loan repayments (2)		(35	)		(60,211	)		(13,646	)
Collections of principal		(98	)		(95	)		(130	)
Allowance for credit losses		-			(500	)		(370	)
Other adjustments		-			-			(305	)
Balance at December 31,	$	130,745		$	87,359		$	73,102

(1) During 2021, the Company acquired $13.4 million of mortgage loan receivables in connection with the merger with Weingarten.

(2) During 2022, the Company recognized $4.0 million of profit participation related to the repayment of a mortgage loan, which is included in Other income, net on the Company’s Consolidated Statements of Income.