KIMKimco Realty

In arriving at FFO and FFO as adjusted, you start with Net income available to common shareholders. In future filings, please characterize FFO and FFO as adjusted as FFO available to common shareholders and FFO available to common shareholders as adjusted, respectively.

In response to the Staff's comment, in our future filings we will characterize FFO and FFO as adjusted as FFO available to common shareholders and FFO available to common shareholders as adjusted, respectively. Read in the reply ↗

Please tell us and revise future filings to provide qualitative information about the relationships between the assets and associated liabilities of your variable interest entities (VIE). For example, if the VIE’s assets can be used only to settle specific obligations of the VIE, you should disclose qualitative information about the nature of the restrictions on those assets.

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In addition, please clarify if creditors of your consolidated VIE have recourse or no recourse to you as the primary beneficiary. Reference is made to paragraph 810-10-50-14(a) and (b) of the Financial Accounting Standards Codification (ASC). To the extent restrictions exist on VIE assets and VIE liabilities are non-recourse, please revise future filings to conform to the presentation outlined within paragraph 810-10-45-25 of the ASC.

The Company has 23 consolidated VIEs, for which it is the primary beneficiary. All liabilities of these VIEs are non-recourse to the Company. Two of these VIEs were established to develop, and are currently developing, real estate properties to hold as long-term investments. The remaining 21 VIEs own and operate real estate property. Of the 23 VIEs, 19 are unencumbered by mortgage debt. In addition, assets of these 19 VIEs are not restricted for use to settle only the obligations of the VIEs. The remaining four VIEs are encumbered by third party non-recourse mortgage debt.

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The assets associated with these four VIEs are collateral under the mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE.

In future filings, the Company will provide qualitative disclosure about such relationships between the assets and liabilities of its VIEs. Additionally, in future filings, the Company will, to the extent restrictions exist on VIE assets and VIE liabilities are non-recourse, include the required disclosure in accordance with paragraph 810-10-45-25 of the ASC on the Company’s Consolidated Balance Sheets for the amounts of restricted assets and non-recourse liabilities, when deemed material.

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