1 unchanged sentence
Forward-Looking Statements
−Removed: This Quarterly Report on Form 10-Q, together with other statements and information publicly disseminated by Kimco Realty Corporation (the “Company”) contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 
−Removed: The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. 
+Added: This Quarterly Report on Form 10-Q, together with other statements and information publicly disseminated by Kimco Realty Corporation (the “Company”) contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
+Added: The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions.
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,”
1 unchanged sentence
“intend,”
+Added: “commit,”
“anticipate,”
5 unchanged sentences
or similar expressions.
−Removed: 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. 
−Removed: 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 inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (iv) the Company’s ability to raise capital by selling its assets, (v) changes in governmental laws and regulations and management’s ability to estimate the impact of such changes, (vi) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (vii) pandemics or other health crises, such as coronavirus disease 2019 (“COVID-19”), (viii) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in accordance with our expectations, (ix) the Company’s failure to realize the expected benefits of the Merger (as defined below), (x) significant transaction costs and/or unknown or inestimable liabilities related to the Merger, (xi) the risk of shareholder litigation in connection with the Merger, including any resulting expense, (xii) 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 following the Merger, (xiii) the possibility that, if the Company does not achieve the perceived benefits of the Merger as rapidly or to the extent anticipated by financial analysts or investors, the market price of the Company’s common stock could decline, (xiv) valuation and risks related to the Company’s joint venture and preferred equity investments, (xv) valuation of marketable securities and other investments, including the shares of Albertsons Companies, Inc.
−Removed: common stock held by the Company, (xvi) increases in operating costs, (xvii) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xviii) 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, (xix) impairment charges, (xx) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity and (xxi) the other risks and uncertainties identified under Item 1A, “Risk Factors”
−Removed: in our Annual Report on Form 10-K for the year-ended December 31, 2020, as supplemented by the risks and uncertainties identified under Item 1A, “Risk Factors”
−Removed: in this Quarterly Report on Form 10-Q.
−Removed: Accordingly, there is no assurance that the Company’s expectations will be realized. 
−Removed: The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. 
−Removed: You are advised to refer to any further disclosures the Company makes in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that the Company files with the Securities and Exchange Commission (“SEC”).
−Removed: The following discussion should be read in conjunction with the accompanying Condensed Consolidated Financial Statements and Notes thereto.  These unaudited financial statements include all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature.
+Added: 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.
+Added: 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 inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) 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, (iv) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in accordance with our expectations, (v) the Company’s ability to raise capital by selling its assets, (vi) increases in operating costs due to inflation and supply chain issues, (vii) 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 following the merger between Kimco and Weingarten Realty Investors (the "Merger"), (viii) the possibility that, if the Company does not achieve the perceived benefits of the Merger as rapidly or to the extent anticipated by financial analysts or investors, the market price of the Company’s common stock could decline, (ix) changes in governmental laws and regulations and management’s ability to estimate the impact of such changes, (x) valuation and risks related to the Company’s joint venture and preferred equity investments, (xi) valuation of marketable securities and other investments, including the shares of Albertsons Companies, Inc.
+Added: common stock held by the Company, (xii) impairment charges, (xiii) pandemics or other health crises, such as coronavirus disease 2019 (“COVID-19”), (xiv) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xv) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (xvi) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xvii) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity, and (xviii) the other risks and uncertainties identified under Item 1A, “Risk Factors”
+Added: in our Annual Report on Form 10-K for the year-ended December 31, 2021.
+Added: Accordingly, there is no assurance that the Company’s expectations will be realized.
+Added: The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
+Added: You are advised to refer to any further disclosures the Company makes in the Current Reports on Form 8-K that the Company files with the Securities and Exchange Commission (“SEC”).
+Added: The following discussion should be read in conjunction with the accompanying Condensed Consolidated Financial Statements and Notes thereto. These unaudited financial statements include all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature.
Executive Overview
−Removed: Kimco Realty Corporation, a Maryland corporation, is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and mixed-use assets in the U.S.
+Added: Kimco Realty Corporation, a Maryland corporation, is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including mixed-use assets.
The terms “Kimco,”
4 unchanged sentences
each refers to Kimco Realty Corporation and our subsidiaries, unless the context indicates otherwise.
−Removed:  The Company’s mission is to create destinations for everyday living that inspire a sense of community and deliver value to our many stakeholders.
+Added: The Company’s mission is to create destinations for everyday living that inspire a sense of community and deliver value to our many stakeholders.
The Company is a self-administered real estate investment trust (“REIT”) and has owned and operated open-air shopping centers for over 60 years.
−Removed:  The Company has not engaged, nor does it expect to retain, any REIT advisors in connection with the operation of its properties.
−Removed: As of September 30, 2021, the Company had interests in 545 U.S.
+Added: The Company has not engaged, nor does it expect to retain, any REIT advisors in connection with the operation of its properties.
+Added: As of March 31, 2022, the Company had interests in 537 U.S.
shopping center properties, aggregating 92.7 million square feet of gross leasable area (“GLA”), located in 29 states.
1 unchanged sentence
The Company’s ownership interests in real estate consist of its consolidated portfolio and portfolios where the Company owns an economic interest, such as properties in the Company’s investment real estate management programs, where the Company partners with institutional investors and also retains management.
−Removed: The Company’s primary business objective is to be the premier owner and operator of open-air, grocery-anchored shopping centers and mixed-use assets in the U.S.
+Added: The Company’s primary business objective is to be the premier owner and operator of open-air, grocery-anchored shopping centers, including mixed-use assets, in the U.S.
The Company believes it can achieve this objective by:
increasing the value of its existing portfolio of properties and generating higher levels of portfolio growth;
−Removed: increasing cash flows for reinvestment and/or for distribution to shareholders;
−Removed: continuing growth in desirable demographic areas with successful retailers;
−Removed: increasing capital appreciation.
−Removed: The Company further concentrated its business objectives to three main areas:
−Removed: Sustainable Growth – Delivering consistent growth from a portfolio of well-located, essential-anchored shopping centers and mixed-use assets.
−Removed: Financial Strength – Maintaining a strong balance sheet that will sustain dividend growth, with liquidity to be an opportunistic investor during periods of disruption.
−Removed: Opportunistic Investment – Generating additional internal and external growth through accretive acquisitions, redevelopments and investments opportunities with retailers which have significant real estate holdings.
+Added: increasing cash flows for reinvestment and/or for distribution to shareholders while maintaining conservative payout ratios;
+Added: improving debt metrics and upgraded unsecured debt ratings
+Added: continuing growth in desirable demographic areas with successful retailers, primarily focused on grocery anchors;
+Added: increasing the number of entitlements for residential use.
Weingarten Merger
−Removed: On August 3, 2021, Weingarten Realty Investors (“Weingarten”) merged with and into the Company, with the Company continuing as the surviving public company (the “Merger”), pursuant to the definitive merger agreement (the “Merger Agreement”) between the Company and Weingarten which was entered into on April 15, 2021. 
−Removed: The Merger brought together two industry-leading retail real estate platforms with highly complementary portfolios and created the preeminent open-air shopping center and mixed-use real estate owner in the country. 
−Removed: As a result of the Merger, the Company acquired 149 properties, including 30 held through joint venture programs. 
−Removed: The increased scale in targeted growth markets, coupled with a broader pipeline of redevelopment opportunities, has positioned the combined company to create significant value for its shareholders. 
−Removed: Under the terms of the Merger Agreement, each Weingarten common share was entitled to 1.408 newly issued shares of the Company’s common stock plus $2.89 in cash, subject to certain adjustments specified in the Merger Agreement.   
−Removed: On July 15, 2021, Weingarten’s Board of Trust Managers declared a special cash distribution of $0.69 per Weingarten common share (the “Special Distribution”) payable on August 2, 2021 to shareholders of record on July 28, 2021. 
−Removed: The Special Distribution was paid in connection with the Merger and to satisfy REIT taxable income distribution requirements. 
−Removed: Under the terms of the Merger Agreement, Weingarten’s payment of the Special Distribution adjusted the cash consideration paid by the Company at the closing of the Merger from $2.89 per Weingarten common share to $2.20 per Weingarten common share and had no impact on the payment of the share consideration of 1.408 newly issued shares of Company common stock for each Weingarten common share owned immediately prior to the effective time of the Merger.
−Removed: In connection with the Merger the Company issued 179.9 million shares of common stock. 
+Added: On August 3, 2021, Weingarten Realty Investors ("Weingarten") merged with and into the Company, with the Company continuing as the surviving public company, pursuant to the definitive merger agreement (the “Merger Agreement”) between the Company and Weingarten which was entered into on April 15, 2021.
+Added: The Merger brought together two industry-leading retail real estate platforms with highly complementary portfolios and created the preeminent open-air shopping center and mixed-use real estate owner in the country.
+Added: As a result of the Merger, the Company acquired 149 properties, including 30 held through joint venture programs.
+Added: The increased scale in targeted growth markets, coupled with a broader pipeline of redevelopment opportunities, has positioned the combined company to create significant value for its shareholders.
COVID-19 Pandemic
1 unchanged sentence
The COVID-19 pandemic significantly impacted the retail sector in which the Company operates.
−Removed: The majority of the Company’s tenants and their operations have been, and may continue to be impacted. 
−Removed: Through the duration of the pandemic, a substantial number of tenants had to temporarily or permanently close their business, shortened their operating hours or offer reduced services for some period of time.
+Added: The majority of the Company’s tenants and their operations have been, and may continue to be impacted. Through the duration of the pandemic, a substantial number of tenants had to temporarily or permanently close their business, shortened their operating hours or offer reduced services for some period of time.
The development and distribution of COVID-19 vaccines has assisted in allowing many restrictions to be lifted, providing a path to recovery.
−Removed: economy continues to build upon the reopening trend as businesses reopen to full capacity and stimulus is flowing through to the consumer.
−Removed: The overall economy continues to recover but several issues including lack of qualified employees, inflation risk, supply chain bottlenecks and COVID-19 variants have impacted the pace of the recovery. 
−Removed: The extent to which the COVID-19 pandemic impacts the Company’s financial condition, results of operations and cash flows, in the near term, will continue to depend on future developments, which continue to be uncertain, including new information that may emerge concerning the severity of COVID-19, variants, the distribution and effectiveness as well as the willingness to take the vaccines, the impact of COVID-19 on economic activity, the effect of COVID-19 on the Company’s tenants and their businesses, the ability of tenants to make their rental payments and any additional closures of tenants’
−Removed: businesses. 
−Removed: The Company continues to monitor the impact of COVID-19 on the Company’s business, tenants and industry as a whole. 
−Removed: The magnitude and duration of the COVID-19 pandemic and its impact on the Company’s operations and liquidity remains uncertain as the pandemic continues to evolve globally and within the United States.
−Removed: The Company will continue to monitor the economic, financial, and social conditions resulting from the COVID-19 pandemic and will assess its asset portfolio for any impairment indicators.
−Removed: In addition, the Company will continue to monitor for any material or adverse effects resulting from the COVID-19 pandemic.
−Removed: If the Company determines that any of its assets are impaired, the Company would be required to take impairment charges, and such amounts could be material.
−Removed: Although the Company continues to see an increase in collections of rental payments, the effects COVID-19 have had on its tenants are still heavily considered when evaluating the adequacy of the collectability of the tenant’s total accounts receivable balance, including the corresponding straight-line rent receivable.
−Removed: As of September 30, 2021, the Company’s consolidated accounts receivable balance was 43% potentially uncollectible, including receivables from tenants that are being accounted for on a cash basis, and 13% of the Company’s straight-line rent receivables were potentially uncollectible, also inclusive of tenants that are being accounted for on a cash basis.
−Removed: These reserves are primarily attributable to the impact from the COVID-19 pandemic.
−Removed: Management’s estimate of the collectability of accrued rents and accounts receivable is based on the best information available to management at the time of evaluation.
−Removed: The Company will continue to monitor the economic, financial, and social conditions resulting from the COVID-19 pandemic and will continue to assess the collectability of its tenant accounts receivables.
−Removed: As such, the Company may determine that further adjustments to its accounts receivable may be required in the future, and such amounts may be material.
−Removed: Cybersecurity
−Removed: The Company’s Audit Committee receives quarterly briefings from the Company’s Chief Information Officer detailing any existing or emerging threats to the Company as well as the status of projects to strengthen the Company’s security systems and improve cyber readiness. 
−Removed: In addition, the Company has a Cyber Risk Committee (“Cyber Committee”) which reviews and reports on technology-based security issues. 
−Removed: The Cyber Committee is comprised of Senior Management from all business units within the Company and meets quarterly to review the controls and procedures in place to identify potential cyber security risks throughout the Company. 
−Removed: The Cyber Committee also develops strategies to mitigate risks and other potential breaches which could damage or harm the Company, its employees, data and systems. 
−Removed: The Company utilizes advanced endpoint protection, firewalls, intrusion detection and prevention, threat intelligence, security event logging and correlation, and 3rd party penetration testing, security monitoring and alerting to safeguard employees, data and systems.
−Removed: The Company has cybersecurity coverage incorporated in its insurance policies.
−Removed: The Company has not experienced any information security breaches over the last three years. 
−Removed: The Company requires all its employees to complete annual employee security awareness training and also conducts internal phishing exercises regularly to assess the effectiveness of the training and to identify where additional training is necessary. 
−Removed: Climate Change
−Removed: The Company recognizes that climate change is one of the most significant stakeholder issues of our times, threatening the viability of economic and environmental systems globally.
−Removed: The scientific community has studied climate change and a consensus exists that warming is occurring outside the boundaries of historical planetary trends due in significant part to human activity.
−Removed: As a real estate portfolio owner, the Company monitors physical and transition risks as well as opportunities posed to its business by climate change.
−Removed: The Company’s Board of Directors (the “Board”) sets the Company’s overall Environmental, Social and Governance (“ESG”) program objectives and oversees enterprise risk management.
−Removed: The Nominating and Corporate Governance Committee of the Board is responsible for ESG program oversight and performance evaluation.
−Removed: Climate risks and opportunities are evaluated at both the corporate and individual asset level.
−Removed: The following table summarizes relevant climate risks identified as a part of the Company’s ongoing risk assessment process.
−Removed: Increased frequency and intensity of windstorms, such as hurricanes, could lead to property damage, loss of property value and interruptions to business operations
−Removed: Sea Level Rise
−Removed: Rising sea levels could lead to storm surge and other potential impacts for low-lying coastal properties leading to damage, loss of property value and interruptions to business operations
−Removed: Change in rainfall conditions leading to increased frequency and severity of flooding could lead to property damage, loss of property value and interruptions to business operations
−Removed: Change in fire potential could lead to permanent loss of property, stress on human health (air quality) and stress on ecosystem services
−Removed: Heat and Water Stress
−Removed: Increases in temperature could lead to droughts and decreased available water supply could lead to higher utility usage, supply interruptions and reputational issues in local communities
−Removed: Regulations at the federal, state and local levels could impose additional operating and capital costs associated with utilities, energy efficiency, building materials and building design
−Removed: Increased interest among retail tenants in building efficiency, sustainable design criteria and "green leases", which incorporate provisions intended to promote sustainability at the property, could result in decreased demand for outdated space
−Removed: The Company’s approach in mitigating these risks include but are not limited to (i) carrying additional insurance coverage relating to flooding and windstorms, (ii) maintaining a geographically diversified portfolio which assists in limiting exposure to event driven risks and (iii) creating a form “green lease”
−Removed: for its tenants which incorporates varied criteria that align landlord and tenant sustainability priorities as well as establishing green construction criteria. 
+Added: The overall economy continues to recover but several issues including the lack of qualified employees, inflation risk, supply chain issues and new COVID-19 variants have impacted the pace of the recovery.
+Added: The Company continues to monitor the impact of COVID-19 on the Company’s business, its tenants' industries and the general economic, financial and social conditions. The magnitude and duration of the COVID-19 pandemic and its impact on the Company’s operations and liquidity remains uncertain as the pandemic continues to evolve globally and within the United States.
+Added: If the Company determines that any of its assets are impaired as a result of the COVID-19 pandemic, the Company would be required to take impairment charges, and such amounts could be material. The Company did not incur any impairment charges during the three months ended March 31, 2022 relating to COVID-19.
Results of Operations
−Removed: Comparison of the three and nine months ended September 30, 2021 and 2020
−Removed: Results from operations for the three and nine months ended September 30, 2021 reflect the results of the Company’s Merger with Weingarten on August 3, 2021.
−Removed: Accordingly, our results of operations will reflect the combined operations for the entire period for future quarters, unlike the results of operations for the three and nine months ended September 30, 2021, which only reflects the combined operations for two months. 
−Removed: Therefore, our historical financial statements may not be indicative of future operating results.
−Removed: The following table presents the comparative results from the Company’s Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021, as compared to the corresponding periods in 2020 (in thousands, except per share data):
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Comparison of the three months ended March 31, 2022 and 2021
+Added: The following table presents the comparative results from the Company’s Condensed Consolidated Statements of Income for the three months ended March 31, 2022, as compared to the corresponding period in 2021 (in thousands, except per share data):
+Added: Three Months Ended March 31,
Revenues from rental properties, net
5 unchanged sentences
Impairment charges
−Removed: Merger charges
Depreciation and amortization
1 unchanged sentence
Other income/(expense)
−Removed: Other income/(expense), net
−Removed: Gain/(loss) on marketable securities, net
−Removed: Gain on sale of cost method investment
+Added: Other income, net
+Added: Gain on marketable securities, net
Interest expense
Early extinguishment of debt charges
−Removed: Provision for income taxes, net
+Added: Benefit/(provision) for income taxes, net
Equity in income of joint ventures, net
Equity in income of other investments, net
−Removed: Net income attributable to noncontrolling interests
+Added: Net loss/(income) attributable to noncontrolling interests
Preferred dividends
−Removed: Net income/(loss) available to the Company's common shareholders
−Removed: Net income/(loss) available to the Company's common shareholders:
+Added: Net income available to the Company's common shareholders
+Added: Net income available to the Company's common shareholders:
Diluted per common share
2 unchanged sentences
General and administrative expense includes employee-related expenses (including salaries, bonuses, equity awards, benefits, severance costs and payroll taxes), professional fees, office rent, travel and entertainment costs and other company-specific expenses.
−Removed: Net income available to the Company’s common shareholders was $501.4 million for the three months ended September 30, 2021, as compared to net loss available to the Company’s common shareholders of $44.7 million for the comparable period in 2020.
−Removed: On a diluted per common share basis, net income available to the Company’s common shareholders for the three months ended September 30, 2021 was $0.91, as compared to net loss available to the Company’s common shareholders of $0.10 for the comparable period in 2020.
−Removed: Net income available to the Company’s common shareholders was $743.3 million for the nine months ended September 30, 2021, as compared to $780.5 million for the comparable period in 2020.
−Removed: On a diluted per common share basis, net income available to the Company’s common shareholders for the nine months ended September 30, 2021 was $1.56, as compared to $1.80 for the comparable period in 2020.
−Removed: The following describes the changes of certain line items included on the Company’s Condensed Consolidated Statements of Operations that the Company believes changed significantly and affected Net income available to the Company's common shareholders during the three and nine months ended September 30, 2021, as compared to the corresponding periods in 2020:
+Added: Net income available to the Company’s common shareholders was $230.9 million for the three months ended March 31, 2022, as compared to $131.6 million for the comparable period in 2021.
+Added: On a diluted per common share basis, net income available to the Company’s common shareholders for the three months ended March 31, 2022 was $0.37, as compared to $0.30 for the comparable period in 2021.
+Added: The following describes the changes of certain line items included on the Company’s Condensed Consolidated Statements of Income that the Company believes changed significantly and affected Net income available to the Company's common shareholders during the three months ended March 31, 2022, as compared to the corresponding period in 2021:
Revenues from rental properties, net –
−Removed: The increase in Revenues from rental properties, net of $108.1 million for the three months ended September 30, 2021, as compared to the corresponding period in 2020, is primarily from (i) an increase in revenues of $71.5 million due to properties acquired through the Merger, (ii) a net decrease in credit losses from tenants of $26.0 million primarily due to increased collections, (iii) an increase in net straight-line rental income of $14.5 million primarily due to leasing activity at recently completed development and redevelopment projects and (iv) an increase in lease termination fee income of $2.0 million, partially offset by (v) a net decrease in revenues from tenants of $5.9 million, primarily due to tenant vacancies for the three months ended September 30, 2021, as compared to the corresponding period in 2020.
−Removed: The increase in Revenues from rental properties, net of $150.7 million for the nine months ended September 30, 2021, as compared to the corresponding period in 2020, is primarily from (i) an increase in revenues of $74.1 million due to properties acquired, primarily resulting from the Merger, (ii) a net decrease in credit losses from tenants of $71.1 million primarily due to increased collections, (iii) an increase in net straight-line rental income of $22.1 million primarily due to leasing activity at recently completed development and redevelopment projects, and (iv) an increase in lease termination fee income of $9.5 million, partially offset by (vi) a net decrease in revenues from tenants of $26.1 million, primarily due to tenant vacancies for the nine months ended September 30, 2021, as compared to the corresponding period in 2020.
+Added: The increase in Revenues from rental properties, net of $143.8 million for the three months ended March 31, 2022, as compared to the corresponding period in 2021, is primarily from (i) an increase in revenues of $133.2 million due to properties acquired during 2022 and 2021, including the impact of the Merger, (ii) a net increase in revenues from tenants of $10.0 million primarily due to an increase in leasing activity and net growth in the current portfolio, (iii) an increase in net straight-line rental income of $5.2 million primarily due to an increase in leasing activity and a decrease in reserves and (iv) a net decrease in credit losses from tenants of $2.5 million primarily due to increased collections, partially offset by (v) a decrease in lease termination fee income of $5.1 million and (vi) a decrease in revenues of $2.0 million due to dispositions during 2022 and 2021.
Real estate taxes –
−Removed: The increase in Real estate taxes of $10.2 million and $10.4 million for the three and nine months ended September 30, 2021, respectively, as compared to the corresponding periods in 2020, is primarily due to an increase in properties acquired through the Merger.
+Added: The increase in Real estate taxes of $15.4 million for the three months ended March 31, 2022, as compared to the corresponding period in 2021, is primarily due to properties acquired during 2022 and 2021, including the impact of the Merger.
Operating and maintenance –
−Removed: The increase in Operating and maintenance expense of $9.2 million for the three months ended September 30, 2021, as compared to the corresponding period in 2020, is primarily due to (i) an increase in operating expenses of $7.5 million due to properties acquired through the Merger and (ii) an increase in overall spending on properties primarily due to the reopening of markets throughout the country.
−Removed: The increase in Operating and maintenance expense of $21.3 million for the nine months ended September 30, 2021, as compared to the corresponding period in 2020, is primarily due to (i) an increase in operating expenses of $7.5 million due to properties acquired through the Merger, (ii) an increase in snow removal costs of $5.3 million and (iii) an increase in overall spending on properties primarily due to the reopening of markets throughout the country.
−Removed: Impairment charges –
−Removed: During the nine months ended September 30, 2020, the Company recognized impairment charges related to adjustments to property carrying values of $3.5 million, for which the Company’s estimated fair values were primarily based upon signed contracts or letters of intent from third-party offers.
−Removed: These adjustments to property carrying values were recognized in connection with the Company’s efforts to market certain properties and management’s assessment as to the likelihood and timing of such potential transactions.
−Removed: Certain of the calculations to determine fair values utilized unobservable inputs and, as such, were classified as Level 3 of the FASB’s fair value hierarchy.
−Removed: Merger charges –
−Removed: During the nine months ended September 30, 2021, the Company incurred costs of $50.2 million associated with the Merger.
−Removed: These charges are primarily comprised of severance costs and professional and legal fees.
+Added: The increase in Operating and maintenance expense of $22.7 million for the three months ended March 31, 2022, as compared to the corresponding period in 2021 is primarily due to properties acquired during 2022 and 2021, including the impact of the Merger.
+Added: General and administrative –
+Added: The increase in General and administrative expense of $5.5 million is primarily due to an increase in employee-related expenses resulting from additional employees hired in connection with the Merger.
Depreciation and amortization –
−Removed: The increase in Depreciation and amortization of $42.5 million for the three months ended September 30, 2021, as compared to the corresponding period in 2020, is primarily due to (i) an increase of $42.1 million resulting from property acquisitions in connection with the Merger during 2021 and (ii) an increase of $2.1 million due to depreciation commencing on certain development and redevelopment projects that were placed into service during 2021 and 2020, partially offset by (iii) a decrease of $1.7 million due to write-offs of depreciable assets primarily due to tenant vacates during 2020 and 2021.
−Removed: The increase in Depreciation and amortization of $47.0 million for the nine months ended September 30, 2021, as compared to the corresponding period in 2020, is primarily due to (i) an increase of $43.2 million primarily resulting from property acquisitions in connection with the Merger during 2021 and (ii) an increase of $7.6 million due to depreciation commencing on certain development and redevelopment projects that were placed into service during 2021 and 2020, partially offset by (iii) a decrease of $3.8 million due to write-offs of depreciable assets primarily due to tenant vacates during 2020 and 2021.
+Added: The increase in Depreciation and amortization of $55.4 million for the three months ended March 31, 2022, as compared to the corresponding period in 2021, is primarily due to (i) an increase of $58.8 million resulting from properties acquired during 2022 and 2021, including the impact of the Merger, partially offset by (ii) a decrease of $3.4 million due to write-offs of depreciable assets primarily due to tenant vacates and property dispositions.
Gain on sale of properties –
−Removed: During the nine months ended September 30, 2021, the Company disposed of five operating properties and nine parcels, in separate transactions, for an aggregate sales price of $156.6 million, which resulted in aggregate gains of $30.8 million.
−Removed: During the nine months ended September 30, 2020, the Company disposed of three operating properties and a land parcel, in separate transactions, for an aggregate sales price of $22.6 million, which resulted in aggregate gains of $5.7 million.
−Removed: Other income/(expense), net –
−Removed: The increase in Other income/(expense), net of $7.6 million for the three months ended September 30, 2021, as compared to the corresponding period in 2020, is primarily due to (i) an increase in dividend income of $4.0 million primarily from the shares of Albertsons Companies, Inc.
−Removed: (“ACI”) common stock held by the Company, (ii) an increase in mortgage and other financing income of $1.4 million primarily due to new loans issued during 2020 and 2021 and (iii) an increase of $0.6 million related to net periodic benefit income from the Company’s defined benefit plan assumed during the Merger for the three months ended September 30, 2021.
−Removed: The increase in Other income/(expense), net of $11.4 million for the nine months ended September 30, 2021, as compared to the corresponding period in 2020, is primarily due to (i) an increase in dividend income of $12.0 million primarily from the shares of ACI common stock held by the Company, (ii) an increase in mortgage and other financing income of $2.8 million primarily due to new loans issued during 2020 and 2021 and (iii) an increase of $0.6 million related to net periodic benefit income from the Company’s defined benefit plan assumed during the Merger for the nine months ended September 30, 2021, partially offset by (iv) an increase of $2.9 million in costs associated with potential transactions for which the Company is no longer pursuing and (v) a decrease of $1.8 million related to insurance proceeds received during the nine months ended September 30, 2021 as compared to the corresponding period in 2020.
−Removed: Gain/(loss) on marketable securities, net –
−Removed: The increase in Gain/(loss) on marketable securities, net of $534.1 million and $97.9 million for the three and nine months ended September 30, 2021, respectively, as compared to the corresponding periods in 2020, is primarily the result of mark-to-market fluctuations of the shares of ACI common stock held by the Company, which were obtained during ACI’s initial public offering (“IPO”) in June 2020.
−Removed: This offering resulted in the Company changing the classification of its ACI investment from a cost method investment to a marketable security.
−Removed: Gain on sale of cost method investment –
−Removed: In June 2020, the Company recognized an aggregate gain of $190.8 million related to (i) a $131.6 million gain resulting from ACI’s partial repurchase of its common stock from existing shareholders in conjunction with its issuance of convertible preferred stock and (ii) a gain of $59.2 million in connection with the partial sale of the shares of ACI common stock held by the Company during ACI’s IPO.
+Added: During the three months ended March 31, 2022, the Company disposed of four land parcels, in separate transactions, for an aggregate sales price of $8.7 million, which resulted in aggregate gains of $4.2 million.
+Added: During the three months ended March 31, 2021, the Company disposed of an operating property and four land parcels, in separate transactions, for an aggregate sales price of $23.0 million, which resulted in aggregate gains of $10.0 million.
+Added: Gain on marketable securities, net –
+Added: The increase in Gain on marketable securities, net of $60.7 million for the three months ended March 31, 2022, as compared to the corresponding period in 2021, is primarily the result of mark-to-market fluctuations of the shares of Albertsons Companies, Inc.
+Added: “ACI”
+Added: common stock held by the Company.
Interest expense –
−Removed: The increase in Interest expense of $5.2 million and $5.6 million for the three and nine months ended September 30, 2021, respectively, as compared to the corresponding periods in 2020, is primarily due to increased levels of borrowings and assumptions of unsecured notes and mortgages in connection with the Merger.
+Added: The increase in Interest expense of $9.3 million for the three months ended March 31, 2022, as compared to the corresponding period in 2021, is primarily due (i) increased levels of borrowings resulting from the assumptions of unsecured notes and mortgages in connection with the Merger and public debt offerings, partially offset by (ii) the repayment of unsecured notes and mortgages during 2022 and 2021.
Early extinguishment of debt charges –
−Removed: During the three months ended September 30, 2020, the Company redeemed $484.9 million of its 3.20% senior unsecured notes outstanding, in separate transactions, which were scheduled to mature in May 2021.
−Removed: As a result, the Company incurred a prepayment charge of $7.5 million for the three months ended September 30, 2020.
+Added: During the three months ended March 31, 2022, the Company redeemed its $500.0 million 3.40% senior unsecured notes, which were scheduled to mature in November 2022.
+Added: As a result, the Company incurred a prepayment charge of $6.5 million and $0.7 million in write-off of deferred financing costs during the three months ended March 31, 2022.
Equity in income of joint ventures, net –
−Removed: The increase in Equity in income of joint ventures, net of $8.8 million for the three months ended September 30, 2021, as compared to the corresponding period in 2020, is primarily due to (i) an increase in equity in income of $8.2 million within various joint venture investments during 2021, as compared to the corresponding period in 2020, primarily resulting from a decrease in credit losses due to collections from tenants, including straight-line rental income, (ii) an increase in equity in income of $1.4 million resulting from ownership interests acquired in unconsolidated joint ventures in connection with the Merger, partially offset by (iii) an increase in impairment charges of $0.8 million recognized during the three months ended September 30, 2021, as compared to the corresponding period in 2020.
−Removed: The increase in Equity in income of joint ventures, net of $19.1 million for the nine months ended September 30, 2021, as compared to the corresponding period in 2020, is primarily due to (i) an increase in equity in income of $13.8 million within various joint venture investments during 2021, as compared to the corresponding period in 2020, primarily resulting from a decrease in credit losses due to collections from tenants, including straight-line rental income, (ii) an increase in net gains of $5.3 million resulting from the sale of properties within various joint venture investments during the nine months ending September 30, 2021, as compared to the corresponding period in 2020, and (iii) an increase in equity in income of $1.4 million resulting from ownership interests acquired in unconsolidated joint ventures in connection with the Merger, partially offset by (iv) an increase in impairment charges of $1.4 million recognized during the nine months ended September 30, 2021, as compared to the corresponding period in 2020.
−Removed: Equity in income of other investments, net –
−Removed: The decrease in Equity in income of other investments, net of $9.6 million and $16.5 million for the three and nine months ended September 30, 2021, respectively, as compared to the corresponding periods in 2020, is primarily due to a decrease in profit participation from the sale of properties within the Company’s Preferred Equity Program during 2021 as compared to the corresponding periods in 2020.
−Removed: Net income attributable to noncontrolling interests –
−Removed: The increase in Net income attributable to noncontrolling interests of $3.9 million for the nine months ended September 30, 2021, as compared to the corresponding period in 2020, is primarily due to (i) an increase in net gain on sale of properties, within consolidated joint ventures, during the nine months ended September 30, 2021, as compared to the corresponding period in 2020 and (ii) an increase in net income attributable to noncontrolling interests recognized in connection with the Merger.
+Added: The increase in Equity in income of joint ventures, net of $5.8 million for the three months ended March 31, 2022, as compared to the corresponding period in 2021, is primarily due to (i) an increase in equity in income of $5.3 million within various joint venture investments during 2022, as compared to the corresponding period in 2021, primarily resulting from a decrease in credit losses due to collections from tenants, including straight-line rental income, (ii) an increase in equity in income of $2.3 million from ownership interests acquired in unconsolidated joint ventures in connection with the Merger and (iii) a decrease in impairment charges of $0.5 million recognized during 2022, as compared to the corresponding period in 2021, partially offset by (iv) a decrease in net gains of $2.3 million resulting from the sale of properties within various joint venture investments during 2022, as compared to the corresponding period in 2021.
+Added: Net loss/(income) attributable to noncontrolling interests –
+Added: The change in Net loss/(income) attributable to noncontrolling interests of $4.8 million for the three months ended March 31, 2022, as compared to the corresponding period in 2021, is primarily due to (i) a decrease in net gain on sale of properties within consolidated joint ventures during 2022, as compared to the corresponding period in 2021, partially offset by (ii) an increase in net income attributable to noncontrolling interests recognized in connection with consolidated joint ventures acquired in the Merger.
Tenant Concentration
The Company seeks to reduce its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base.
−Removed: As of September 30, 2021, the Company had interests in 545 U.S.
+Added: As of March 31, 2022, the Company had interests in 537 U.S.
shopping center properties, aggregating 92.7 million square feet of gross leasable area (“GLA”), located in 29 states.
−Removed: At September 30, 2021, the Company’s five largest tenants were TJX Companies, The Home Depot, Albertsons, Amazon/Whole Foods and Ross Stores, which represented 3.7%, 2.2%, 2.0%, 1.9% and 1.9%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest.
+Added: At March 31, 2022, the Company’s five largest tenants were TJX Companies, The Home Depot, Albertsons, Ross Stores and Amazon/Whole Foods, which represented 3.7%, 2.2%, 1.9%, 1.9% and 1.9%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest.
Liquidity and Capital Resources
The Company’s capital resources include accessing the public debt and equity capital markets, unsecured term loans, mortgages and construction loan financing, and immediate access to the Company’s unsecured revolving credit facility (the “Credit Facility”) with bank commitments of $2.0 billion which can be increased to $2.75 billion through an accordion feature.
−Removed: In addition, the Company holds 39.8 million shares of ACI, which are subject to certain contractual lock-up provisions.
+Added: In addition, the Company holds 39.8 million shares of ACI, which are subject to certain contractual lock-up provisions that are scheduled to expire on June 25, 2022.
+Added: The Company anticipates that cash on hand, net cash flow provided by operating activities, borrowings under its Credit Facility and the issuance of equity, public debt, as well as other debt and equity alternatives, and the sale of marketable equity securities, will provide the necessary capital required by the Company.
+Added: The Company will continue to evaluate its capital requirements for both its short-term and long-term liquidity needs, which could be affected by various risks and uncertainties, including, but not limited to, the effects of the COVID-19 pandemic and other risks detailed in Part I, Item 1A.
+Added: Risk Factors of our 10-K.
The Company’s cash flow activities are summarized as follows (in thousands): 
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
Cash, cash equivalents and restricted cash, beginning of the period
Net cash flow provided by operating activities
−Removed: Net cash flow (used for)/provided by investing activities
−Removed: Net cash flow provided by/(used for) financing activities
−Removed: Net increase in cash, cash equivalents and restricted cash
+Added: Net cash flow used for investing activities
+Added: Net cash flow used for financing activities
+Added: Net change in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, end of the period
Operating Activities
−Removed: The Company anticipates that cash on hand, net cash flow provided by operating activities, borrowings under its Credit Facility and the issuance of equity and public debt, as well as other debt and equity alternatives, will provide the necessary capital required by the Company.
−Removed: The Company will continue to evaluate its capital requirements for both its short-term and long-term liquidity needs, all of which are highly uncertain and cannot be predicted, which could be affected by various risks and uncertainties, including, but not limited to, the effects of the COVID-19 pandemic.
−Removed: Net cash flow provided by operating activities for the nine months ended September 30, 2021 was $417.3 million, as compared to $465.9 million for the comparable period in 2020.
−Removed: The decrease of $48.6 million is primarily attributable to:
−Removed: a decrease in distributions from the Company’s joint ventures programs;
−Removed: nonrecurring costs incurred in connection with the Merger during 2021;
−Removed: rent relief provided to tenants as a result of the COVID-19 pandemic;
−Removed: the disposition of operating properties in 2021 and 2020;
−Removed: partially offset by
+Added: Net cash flow provided by operating activities for the three months ended March 31, 2022 was $194.6 million, as compared to $148.4 million for the comparable period in 2021.
+Added: The increase of $46.2 million is primarily attributable to:
+Added: the acquisition of operating properties during 2022 and 2021, including those acquired from the Merger;
new leasing, expansion and re-tenanting of core portfolio properties;
−Removed: changes in operating assets and liabilities due to timing of receipts and payments;
−Removed: the acquisition of operating properties during 2021 and 2020, including those acquired during the Merger.
+Added: an increase in distributions from the Company’s joint ventures programs, partially offset by
+Added: changes in assets and liabilities due to timing of receipts and payments;
+Added: the disposition of operating properties in 2022 and 2021.
Investing Activities
−Removed: Net cash flow used for investing activities was $357.8 million for the nine months ended September 30, 2021, as compared to net cash flow provided by investing activities of $43.4 million for the comparable period in 2020.
−Removed: Investing activities during the nine months ended September 30, 2021 primarily consisted of:
+Added: Net cash flow used for investing activities was $35.6 million for the three months ended March 31, 2022, as compared to $83.9 million for the comparable period in 2021.
+Added: Investing activities during the three months ended March 31, 2022 primarily consisted of:
Cash inflows:
−Removed: $154.0 million in proceeds from the sale of five consolidated properties and nine parcels;
$33.0 million in reimbursements of investments in and advances to real estate joint ventures and other investments;
−Removed: $3.7 million in collection of mortgage and other financing receivables.
+Added: $8.4 million in proceeds from the sale of four land parcels.
Cash outflows:
−Removed: $264.0 million net cash consideration paid in conjunction with the Merger;
−Removed: $112.8 million for improvements to operating real estate primarily related to the Company’s active redevelopment pipeline;
−Removed: $102.7 million for the acquisition of two consolidated operating properties;
−Removed: $67.1 million for investments in and advances to real estate joint ventures, primarily related to a redevelopment project within the Company’s joint venture portfolio, and investments in other investments, primarily related to the Company’s investment in a new preferred equity investment located in San Antonio, TX;
−Removed: $26.9 million for investment in other financing receivables.
−Removed: Investing activities during the nine months ended September 30, 2020 primarily consisted of:
+Added: $29.4 million for improvements to operating real estate primarily related to tenant improvements and the Company’s active redevelopment pipeline;
+Added: $21.6 million for investments in and advances to real estate joint ventures, primarily related to a redevelopment project within the Company’s joint venture portfolio and partner buyouts, and investments in other investments, primarily related to funding commitments for certain investments;
+Added: $18.7 million for the acquisition of two parcels;
+Added: $3.0 million for investment in other financing receivable;
+Added: $3.0 million for investment in cost method investment.
+Added: Investing activities during the three months ended March 31, 2021 primarily consisted of:
Cash inflows:
−Removed: $227.3 million in proceeds from the partial sale of the Company’s ACI cost method investment prior to its IPO and the sale of 4.7 million shares of ACI common stock in its IPO;
−Removed: $21.7 million in proceeds from the sale of properties;
−Removed: $4.4 million in proceeds from reimbursements of investments in and advances to real estate joint ventures;
−Removed: $2.5 million in proceeds from insurance casualty claims.
+Added: $22.2 million in proceeds from the sale of a consolidated operating property and four parcels.
Cash outflows:
−Removed: $186.7 million for improvements to operating real estate primarily related to the Company’s active redevelopment pipeline and improvements to real estate under development;
−Removed: $19.6 million for investments in and advances to real estate joint ventures, primarily related to a redevelopment project and the repayment of a mortgage within the Company’s joint venture portfolio, and investments in other investments, primarily related to repayment of mortgages within the Company’s Preferred Equity Program;
−Removed: $7.1 million for the acquisition of operating real estate.
+Added: $84.3 million for the acquisition of two consolidated operating properties;
+Added: $20.6 million for improvements to operating real estate primarily related to the Company’s active redevelopment pipeline;
+Added: $2.2 million for investments in and advances to real estate joint ventures, primarily related to a redevelopment project within the Company's joint venture portfolio, and investments in other real estate investments, primarily related to repayment of a mortgage within the Company's Preferred Equity Program.
Acquisition of Operating Real Estate –
−Removed: During the nine months ended September 30, 2021 and 2020, the Company expended $366.7 million and $7.1 million, respectively, towards the acquisition of operating real estate properties, including the Merger in 2021. 
+Added: During the three months ended March 31, 2022 and 2021, the Company expended $18.7 million and $84.3 million, respectively, towards the acquisition of operating real estate properties.
The Company anticipates spending approximately $100.0 million to $200.0 million towards the acquisition of operating properties for the remainder of 2022.
−Removed: The funding of these capital requirements will be provided by proceeds from property dispositions, net cash flow provided by operating activities, availability under the Company’s Credit Facility and the issuance of equity and public debt.
+Added: The Company intends to fund these acquisitions with cash on hand, cash flow from operating activities, proceeds from property dispositions and/or availability under its Credit Facility.
Improvements to Operating Real Estate –
−Removed: During the nine months ended September 30, 2021 and 2020, the Company expended $112.8 million and $164.4 million, respectively, towards improvements to operating real estate.
+Added: During the three months ended March 31, 2022 and 2021, the Company expended $29.4 million and $20.6 million, respectively, towards improvements to operating real estate.
These amounts consist of the following (in thousands):
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
Redevelopment and renovations
1 unchanged sentence
Total improvements (1)
−Removed: During the nine months ended September 30, 2021 and 2020, the Company capitalized payroll of $3.7 million and $6.8 million, respectively, and capitalized interest of $0.5 million and $7.3 million, respectively, in connection with the Company’s improvements to operating real estate.
+Added: During the three months ended March 31, 2022 and 2021, the Company capitalized payroll of $0.4 million and $1.5 million, respectively, and capitalized interest of $0.1 million and $0.3 million, respectively, in connection with the Company’s improvements to operating real estate.
The Company has an ongoing program to redevelop and re-tenant its properties to maintain or enhance its competitive position in the marketplace.
The Company is actively pursuing redevelopment opportunities within its operating portfolio which it believes will increase the overall value by bringing in new tenants and improving the assets’
−Removed: The Company has identified three categories of redevelopment:
−Removed: (i) large scale redevelopment, which involves demolishing and building new square footage;
−Removed: (ii) value creation redevelopment, which includes the subdivision of large anchor spaces into multiple tenant layouts;
−Removed: and (iii) creation of out-parcels and pads located in the front of the shopping center properties.
The Company anticipates its capital commitment toward these redevelopment projects and re-tenanting efforts for the remainder of 2022 will be approximately $125.0 million to $175.0 million.
−Removed: The funding of these capital requirements will be provided by proceeds from property dispositions, net cash flow provided by operating activities and availability under the Company’s Credit Facility.
+Added: The funding of these capital requirements will be provided by proceeds from property dispositions, net cash flow provided by operating activities and/or availability under the Company’s Credit Facility.
Financing Activities
−Removed: Net cash flow provided by financing activities was $130.8 million for the nine months ended September 30, 2021, as compared to net cash flow used for financing activities of $308.3 million for the comparable period in 2020.
−Removed: Financing activities during the nine months ended September 30, 2021 primarily consisted of:
+Added: Net cash flow used for financing activities was $123.3 million for the three months ended March 31, 2022, as compared to $103.8 million for the comparable period in 2021.
+Added: Financing activities during the three months ended March 31, 2022 primarily consisted of:
Cash inflows:
$600.0 million in proceeds from issuance of 3.20% senior unsecured notes due in 2032;
−Removed: $79.4 million in proceeds from issuance of common stock, primarily related to the Company’s at-the-market continuous offering program.
+Added: $19.0 million in proceeds from mortgage loan financing.
Cash outflows:
+Added: $500.0 million for repayment of its 3.40% senior unsecured notes;
$123.8 million of dividends paid;
1 unchanged sentence
$13.4 million in shares repurchased for employee tax withholding on equity awards;
+Added: $10.2 million in financing origination costs, in connection with the Company’s issuance of $600.0 million 3.20% senior unsecured notes;
+Added: $6.5 million for payment of early extinguishment of debt charges;
$4.7 million in redemption/distribution of noncontrolling interests.
−Removed: $7.0 million in financing origination costs, in connection with the Company’s issuance of $500.0 million of senior unsecured notes.
−Removed: Financing activities during the nine months ended September 30, 2020 primarily consisted of:
−Removed: Cash inflows:
−Removed: $590.0 million in proceeds from issuance of the Company’s unsecured term loan credit facility (the “Term Loan”);
−Removed: $900.0 million in proceeds from issuance of unsecured notes comprised of (i) $500.0 million from the Company’s unsecured 2.700% Notes due 2030, with an amount equal to the net proceeds from the offering allocated to finance or refinance Eligible Green Projects (the “Green Bond”) and (ii) $400.0 million from the Company's unsecured 1.900% Notes due 2028.
+Added: Financing activities during the three months ended March 31, 2021 primarily consisted of:
Cash outflows:
−Removed: $590.0 million in repayments of the Company’s Term Loan;
−Removed: $484.9 million in repayments of the Company’s 2021 unsecured notes;
$80.0 million of dividends paid;
−Removed: $200.0 million in repayments under the Company’s Credit Facility, net;
$14.9 million in principal payment on debt, including normal amortization of rental property debt;
−Removed: $22.5 million for the redemption/distribution of noncontrolling interests, primarily related to the redemption of certain partnership interests by consolidated subsidiaries;
−Removed: $17.9 million for financing origination costs, primarily related to the Credit Facility, Term Loan, Green Bond and unsecured notes;
−Removed: $7.5 million in payment of early extinguishment of debt charges;
−Removed: $5.7 million in other financing related costs.
+Added: $9.1 million in shares repurchased for employee tax withholding on equity awards.
The Company continually evaluates its debt maturities, and, based on management’s current assessment, believes it has viable financing and refinancing alternatives that will not materially adversely impact its expected financial results.
2 unchanged sentences
Debt maturities for the remainder of 2022 consist of:
−Removed: $9.1 million of debt included in the Company’s Preferred Equity Program, assuming the utilization of extension options where available.
−Removed: These 2021 debt maturities are anticipated to be repaid through operating cash flows, debt refinancing, proceeds from property sales and partner capital contributions, as deemed appropriate.
−Removed: The Company intends to maintain strong debt service coverage and fixed charge coverage ratios as part of its commitment to maintain or improve its unsecured debt ratings. 
−Removed: The Company may, from time to time, seek to obtain funds through additional common and preferred equity offerings, unsecured debt financings and/or mortgage/construction loan financings and other capital alternatives.
+Added: $333.5 million of consolidated debt and $101.2 million of unconsolidated joint venture debt, assuming the utilization of extension options where available.
+Added: The 2022 consolidated debt maturities are anticipated to be repaid with operating cash flows, borrowings from the Credit Facility and public debt offerings, as deemed appropriate.
+Added: The 2022 debt maturities on properties in the Company’s unconsolidated joint ventures are anticipated to be repaid through operating cash flows, debt refinancing, unsecured credit facilities, proceeds from sales of the respective entities and partner capital contributions, as deemed appropriate.
+Added: The Company intends to maintain strong debt service coverage and fixed charge coverage ratios as part of its commitment to maintain or improve its unsecured debt ratings. The Company may, from time to time, seek to obtain funds through additional common and preferred equity offerings, unsecured debt financings and/or mortgage/construction loan financings and other capital alternatives.
Since the completion of the Company’s IPO in 1991, the Company has utilized the public debt and equity markets as its principal source of capital for its expansion needs.
−Removed: Since the IPO, the Company has completed additional offerings of its public unsecured debt and equity, raising in the aggregate over $16.2 billion.  Proceeds from public capital market activities have been used for the purposes of, among other things, repaying indebtedness, acquiring interests in open-air, grocery-anchored shopping centers and mixed-use assets, funding real estate under development projects, expanding and improving properties in the portfolio and other investments.
+Added: Since the IPO, the Company has completed additional offerings of its public unsecured debt and equity, raising in the aggregate over $16.8 billion. Proceeds from public capital market activities have been used for the purposes of, among other things, repaying indebtedness, acquiring interests in open-air, grocery anchored shopping centers and mixed-use assets, expanding and improving properties in the portfolio and other investments.
During August 2021, the Company filed a shelf registration statement on Form S-3, which is effective for a term of three years, for the future unlimited offerings, from time to time, of debt securities, preferred stock, depositary shares, common stock and common stock warrants.
1 unchanged sentence
Common Stock –
−Removed: During February 2020, the Company extended its share repurchase program for a term of two years, which will expire in February 2022, pursuant to which the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $300.0 million.
−Removed: The Company did not repurchase any shares under the share repurchase program during the nine months ended September 30, 2021.
−Removed: As of September 30, 2021, the Company had $224.9 million available under this share repurchase program.
During August 2021, the Company established an at-the-market continuous offering program (the “ATM program”) pursuant to which the Company may offer and sell from time-to-time shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $500.0 million through a consortium of banks acting as sales agents.
2 unchanged sentences
transactions on the New York Stock Exchange or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent.
−Removed: In addition, the Company may from time to time enter into separate forward sale agreements with one or more banks. 
−Removed: During 2021, the Company issued 3,515,500 shares and received net proceeds after commissions of $76.9 million.
−Removed: As of September 30, 2021, the Company had $422.4 million available under this ATM program.
−Removed: In connection with the Merger, each Weingarten common share, issued and outstanding immediately prior to the effective time of the Merger, was converted into 1.408 shares of newly issued shares of Kimco common stock, resulting in approximately 179.9 million common shares issued to effect the Merger.
+Added: In addition, the Company may from time to time enter into separate forward sale agreements with one or more banks.
+Added: The Company did not issue any shares under the ATM program during the three months ended March 31, 2022.
+Added: As of March 31, 2022, the Company had $422.4 million available under this ATM program.
+Added: The Company has a share repurchase program, which is scheduled to expire on February 29, 2024.
+Added: Under this program, the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $300.0 million.
+Added: The Company did not repurchase any shares under the share repurchase program during the three months ended March 31, 2022.
+Added: As of March 31, 2022, the Company had $224.9 million available under this share repurchase program.
Senior Notes –
+Added: In February 2022, the Company issued $600.0 million of senior unsecured notes, which are scheduled to mature in April 2032 and accrue interest at a rate of 3.20% per annum.
+Added: Proceeds from this issuance were used for general corporate purposes, including the early redemption of the Company’s $500.0 million 3.40% senior unsecured notes outstanding, which were scheduled to mature in November 2022.
+Added: As a result of this redemption, the Company incurred a prepayment charge of $6.5 million and $0.7 million in write-off of deferred financing costs during the three months ended March 31, 2022.
The Company’s indenture governing its senior notes contains the following covenants, all of which the Company is compliant with:
−Removed: As of September 30, 2021
+Added: As of March 31, 2022
Consolidated Indebtedness to Total Assets
5 unchanged sentences
the Second Supplemental Indenture dated April 7, 1995;
−Removed: the Third Supplemental Indenture dated June  2, 2006;
+Added: the Third Supplemental Indenture dated June 2, 2006;
the Fourth Supplemental Indenture dated April 26, 2007;
1 unchanged sentence
the Sixth Supplemental Indenture dated as of May 23, 2013;
−Removed: and the Seventh Supplemental Indenture dated as of April 24, 2014, each as filed with the SEC. 
−Removed: See the Exhibits Index to our Annual Report on Form 10-K for the year ended December 31, 2020 for specific filing information. 
−Removed: In connection with the Merger, the Company assumed senior unsecured notes of $1.5 billion (including fair market value adjustment of $95.6 million), which have scheduled maturity dates ranging from October 2022 to August 2028 and accrue interest at rates ranging from 3.25% to 6.88% per annum. 
−Removed: The senior unsecured notes assumed during the Merger have covenants that are similar to the Company’s existing debt covenants for its senior unsecured notes.
−Removed: Please refer to the Indenture dated May 1, 1995 filed with Weingarten’s Form S-3 to the Registration Statement, with the Securities and Exchange Commission on May 1, 1995, First Supplemental Indenture, dated as of August 2, 2006 filed with Weingarten’s Current Report on Form 8-K dated August 2, 2006, Second Supplemental Indenture, dated as of October 9, 2012 filed with Weingarten’s Current Report on Form 8-K dated October 9, 2012.
−Removed: In September 2021, the Company issued $500.0 million of senior unsecured notes, which are scheduled to mature in December 2031 and accrue interest at a rate of 2.25% per annum.
+Added: and the Seventh Supplemental Indenture dated as of April 24, 2014, each as filed with the SEC.
+Added: In connection with the Merger, the Company assumed senior unsecured notes which have covenants that are similar to the Company’s existing debt covenants for its senior unsecured notes.
+Added: Please refer to the Indenture dated May 1, 1995 filed with Weingarten’s Form S-3 to the Registration Statement, with the Securities and Exchange Commission on May 1, 1995, the First Supplemental Indenture, dated as of August 2, 2006 filed with Weingarten’s Current Report on Form 8-K dated August 2, 2006, and the Second Supplemental Indenture, dated as of October 9, 2012 filed with Weingarten’s Current Report on Form 8-K dated October 9, 2012.
+Added: See the Exhibits Index to our Annual Report on Form 10-K for the year ended December 31, 2021 for specific filing information.
Credit Facility –
3 unchanged sentences
The Company achieved such targets, which effectively reduced the rate on the Credit Facility by one basis point.
−Removed: The Credit Facility, which accrues interest at a rate of LIBOR plus 76.5 basis points (0.85% as of September 30, 2021), can be increased to $2.75 billion through an accordion feature.
+Added: The Credit Facility, which accrues interest at a rate of LIBOR plus 76.5 basis points (1.22% as of March 31, 2022), can be increased to $2.75 billion through an accordion feature.
Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum indebtedness ratios and (ii) minimum interest and fixed charge coverage ratios.
−Removed: As of September 30, 2021, the Credit Facility had no outstanding balance and appropriations for letters of credit of $1.9 million.
+Added: As of March 31, 2022, the Credit Facility had no outstanding balance and appropriations for letters of credit of $1.9 million.
Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to maintenance of various covenants.
1 unchanged sentence
The financial covenants for the Credit Facility are as follows:
−Removed: As of September 30, 2021
+Added: As of March 31, 2022
Total Indebtedness to Gross Asset Value (“GAV”)
4 unchanged sentences
Mortgages Payable –
−Removed: During the nine months ended September 30, 2021, the Company repaid $137.2 million of mortgage debt (including fair market value adjustment of $1.0 million) that encumbered 16 operating properties.
−Removed: In connection with the Merger, the Company assumed mortgage debt of $317.7 million (including fair market value adjustment of $11.0 million) that encumber 16 operating properties, which have scheduled maturity dates ranging from April 2022 to August 2038 and accrue interest at rates ranging from 3.50% to 6.95% per annum.
−Removed: In addition to the public equity and debt markets as capital sources, the Company may, from time to time, obtain mortgage financing on selected properties and construction loan financing to partially fund the capital needs of its real estate development projects.
−Removed: As of September 30, 2021, the Company had over 480 unencumbered property interests in its portfolio.
−Removed: Commitments and Contingencies –
−Removed: In connection with the Merger, the Company now provides a guaranty for the payment of any debt service shortfalls on the Sheridan Redevelopment Agency issued Series A bonds which are tax increment revenue bonds issued in connection with a development project in Sheridan, Colorado.
−Removed: These tax increment revenue bonds have a balance of $53.7 million outstanding at September 30, 2021.
+Added: During the three months ended March 31, 2022, the Company (i) issued $19.0 million in mortgage debt relating to a consolidated joint venture operating property and (ii) repaid $85.9 million of mortgage debt (including fair market value adjustment of $0.2 million) that encumbered four operating properties.
+Added: In addition to the public equity and debt markets as capital sources, the Company may, from time to time, obtain mortgage financing on selected properties to partially fund the capital needs of its real estate re-development and re-tenanting projects.
+Added: As of March 31, 2022, the Company had over 480 unencumbered property interests in its portfolio.
+Added: Other –
+Added: In connection with the construction of its development and redevelopment projects and related infrastructure, certain public agencies require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. 
+Added: These bonds expire upon the completion of the improvements and infrastructure. 
+Added: As of March 31, 2022, there were $12.3 million in performance and surety bonds outstanding.
+Added: In connection with the Merger, the Company now provides a guaranty for the payment of any debt service shortfalls on the Sheridan Redevelopment Agency issued Series A bonds which are tax increment revenue bonds issued in connection with a development project in Sheridan, Colorado.
+Added: These tax increment revenue bonds have a balance of $49.7 million outstanding at March 31, 2022.
The bonds are to be repaid with incremental sales and property taxes and a public improvement fee ("PIF") to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty.
4 unchanged sentences
As a result, the Company has focused on creating a strong liquidity position, including, but not limited to, maintaining availability under its Credit Facility, cash and cash equivalents on hand and having access to unencumbered property interests.
−Removed: The Company continues to monitor the impact of COVID-19 on the Company’s business, tenants and industry as a whole. The magnitude and duration of the COVID-19 pandemic and its impact on the Company’s operations and liquidity is uncertain as of the filing date of this Quarterly Report on Form 10-Q as this pandemic continues to evolve globally and within the United States.
+Added: The Company continues to monitor the impact of COVID-19 on the Company’s business, tenants and industry as a whole.
+Added: The magnitude and duration of the COVID-19 pandemic and its impact on the Company’s operations and liquidity remains uncertain as this pandemic continues to evolve globally and within the United States.
However, if the COVID-19 pandemic continues, such impacts could grow, become material and materially disrupt the Company’s business operations and materially adversely affect the Company’s liquidity.
Dividends –
+Added: In connection with its intention to continue to qualify as a REIT for U.S.
+Added: federal income tax purposes, the Company expects to continue paying regular dividends to its stockholders.
+Added: These dividends will be paid from operating cash flows.
The Company’s Board of Directors will continue to evaluate the Company’s dividend policy on a quarterly basis as they monitor sources of capital and evaluate the impact of the economy and capital markets availability on operating fundamentals.
−Removed:  Since cash used to pay dividends reduces amounts available for capital investment, the Company generally intends to maintain a dividend payout ratio that reserves such amounts as it considers necessary for the expansion and renovation of shopping centers in its portfolio, debt reduction, the acquisition of interests in new properties and other investments as suitable opportunities arise and such other factors as the Board of Directors considers appropriate.
−Removed:  Cash dividends paid for common and preferred issuances of stock for the nine months ended September 30, 2021 and 2020 were $271.0 million and $304.3 million, respectively.
+Added: Since cash used to pay dividends reduces amounts available for capital investment, the Company generally intends to maintain a dividend payout ratio that reserves such amounts as it considers necessary for the expansion and renovation of shopping centers in its portfolio, debt reduction, the acquisition of interests in new properties and other investments as suitable opportunities arise and such other factors as the Board of Directors considers appropriate.
+Added: Cash dividends paid for common and preferred issuances of stock for the three months ended March 31, 2022 and 2021 were $123.8 million and $80.0 million, respectively.
Although the Company receives substantially all of its rental payments on a monthly basis, it generally intends to continue paying dividends quarterly.
Amounts accumulated in advance of each quarterly distribution will be invested by the Company in short-term money market or other suitable instruments.
−Removed: The Company’s Board of Directors will continue to monitor the impact the COVID-19 pandemic has on the Company's financial performance and economic outlook.
The Company’s objective is to establish a dividend level that maintains compliance with the Company’s REIT taxable income distribution requirements.
−Removed: On August 13, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.17 per common share payable to shareholders of record on September 9, 2021, which was paid on September 23, 2021.
−Removed: Also, on July 27, 2021, the Company’s Board of Directors also declared quarterly dividends with respect to the Company’s classes of cumulative redeemable preferred shares (Classes L and M), which were paid on October 15, 2021, to shareholders of record on October 1, 2021.
−Removed: On October 26, 2021, the Company’s Board of Directors declared quarterly dividends with respect to the Company’s classes of cumulative redeemable preferred shares (Classes L and M), which are scheduled to be paid on January 17, 2022, to shareholders of record on January 3, 2022. 
−Removed:  Additionally, on October 26, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.17 per common share, payable on December 23, 2021 to shareholders of record on December 9, 2021.
+Added: On February 1, 2022, the Company’s Board of Directors declared a quarterly dividend with respect to the Company’s classes of cumulative redeemable preferred shares (Classes L and M) which were paid on April 15, 2022 to shareholders of record on April 1, 2022.
+Added: In addition, the Company’s Board of Directors declared a quarterly cash dividend of $0.19 per common share, payable to shareholders of record on March 10, 2022, which was paid on March 24, 2022.
+Added: On April 26, 2022, the Company’s Board of Directors declared quarterly dividends with respect to the Company’s classes of cumulative redeemable preferred shares (Classes L and M), which are scheduled to be paid on July 15, 2022, to shareholders of record on July 1, 2022.
+Added: Additionally, on April 26, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per common share, representing a 5.3% increase from the prior quarterly dividend of $0.19, payable on June 23, 2022 to shareholders of record on June 9, 2022.
Funds From Operations
3 unchanged sentences
As such, the Company does not include gains/impairments on land parcels, gains/losses (realized or unrealized) from marketable securities, allowance for credit losses on mortgage receivables or gains/impairments on preferred equity participations in NAREIT defined FFO.
−Removed: As a result of this election, the Company will no longer disclose FFO available to the Company’s common shareholders as adjusted (“FFO as adjusted”) as an additional supplemental measure.
−Removed: The incidental adjustments noted above which were previously excluded from NAREIT FFO and used to determine FFO as adjusted are now included in NAREIT FFO and therefore the Company believes FFO as adjusted is no longer necessary.
The Company presents FFO available to the Company’s common shareholders as it considers it an important supplemental measure of our operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO available to the Company’s common shareholders when reporting results.
1 unchanged sentence
FFO is a supplemental non-GAAP financial measure of real estate companies’
−Removed: operating performances, which does not represent cash generated from operating activities in accordance with GAAP and therefore, should not be considered an alternative for net income or cash flows from operations as a measure of liquidity.  Our method of calculating FFO available to the Company’s common shareholders may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.
−Removed: The Company’s reconciliation of net income/(loss) available to the Company’s common shareholders to FFO available to the Company’s common shareholders is reflected in the table below (in thousands, except per share data).
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
−Removed: Net income/(loss) available to the Company ’
+Added: operating performances, which does not represent cash generated from operating activities in accordance with GAAP and therefore, should not be considered an alternative for net income or cash flows from operations as a measure of liquidity. 
+Added: The Company’s reconciliation of Net income available to the Company’s common shareholders to FFO available to the Company’s common shareholders is reflected in the table below (in thousands, except per share data).
+Added: Three Months Ended March 31,
+Added: Net income available to the Company ’
s common shareholders
3 unchanged sentences
Depreciation and amortization - real estate joint ventures
−Removed: Impairment charges of depreciable real estate properties
−Removed: Gain on sale of cost method investment
+Added: Impairment charges
Profit participation from other investments, net
−Removed: (Gain)/loss on marketable securities, net
−Removed: Provision for income taxes (1)
+Added: Gain on marketable securities, net
+Added: (Benefit)/provision for income taxes (1)
Noncontrolling interests (1)
5 unchanged sentences
FFO per common share –
−Removed: diluted (2) (3)
Related to gains, impairments, and depreciation on properties, where applicable.
Reflects the potential impact if certain units were converted to common stock at the beginning of the period, which would have a dilutive effect on FFO available to the Company’s common shareholders.
−Removed: FFO available to the Company’s common shareholders would be increased by $435 and $57 for the three months ended September 30, 2021 and 2020, respectively, and $630 and $218 for the nine months ended September 30, 2021 and 2020, respectively.
+Added: FFO available to the Company’s common shareholders would be increased by $473 and $97 for the three months ended March 31, 2022 and 2021, respectively.
The effect of other certain convertible units would have an anti-dilutive effect upon the calculation of FFO available to the Company’s common shareholders per share.
−Removed: Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations.
−Removed: Includes Merger charges of $47.0 million and $50.2 million recognized during the three and nine months ended September 30, 2021, respectively, in connection with the Merger.
−Removed: Same Property Net Operating Income (“Same property NOI”)
+Added: Accordingly, the impact of such conversion has not been included in the determination of diluted FFO per share calculations.
+Added: Includes Early extinguishment of debt charges $7.2 million recognized during the three months ended March 31, 2022.
+Added: Same Property Net Operating Income ( “
+Added: Same property NOI ”
Same property NOI is a supplemental non-GAAP financial measure of real estate companies’
4 unchanged sentences
Same property NOI assists in eliminating disparities in net income due to the development, acquisition or disposition of properties during the particular period presented, and thus provides a more consistent performance measure for the comparison of the Company's properties.
+Added: For the three months ended March 31, 2022, and 2021, the Company included Same property NOI from the Weingarten properties acquired through the Merger, as the Company owned these properties for the full three months ended March 31, 2022.
+Added: The amount of the adjustment relating to Weingarten Same property NOI for the three months ended March 31, 2021, included in the table below, represents the Same property NOI from Weingarten properties prior to the Merger, which is not included in the Company's Net income available to the Company’s common shareholders for the corresponding period.
Same property NOI is calculated using revenues from rental properties (excluding straight-line rent adjustments, lease termination fees, TIFs and amortization of above/below market rents) less charges for bad debt, operating and maintenance expense, real estate taxes and rent expense plus the Company’s proportionate share of Same property NOI from unconsolidated real estate joint ventures, calculated on the same basis.
The Company’s method of calculating Same property NOI available to the Company’s common shareholders may differ from methods used by other REITs and, accordingly, may not be comparable to such other REITs.
−Removed: The following is a reconciliation of net income/(loss) available to the Company’s common shareholders to Same property NOI (in thousands):
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
−Removed: Net income/(loss) available to the Company ’
+Added: The following is a reconciliation of net income available to the Company’s common shareholders to Same property NOI (in thousands):
+Added: Three Months Ended March 31,
+Added: Net income available to the Company ’
s common shareholders
2 unchanged sentences
Impairment charges
−Removed: Merger charges
Depreciation and amortization
1 unchanged sentence
Interest and other expense, net
−Removed: (Gain)/loss on marketable securities, net
−Removed: Gain on sale of cost method investment
−Removed: Provision for income taxes, net
+Added: Gain on marketable securities, net
+Added: (Benefit)/provision for income taxes, net
Equity in income of other investments, net
−Removed: Net income attributable to noncontrolling interests
+Added: Net (loss)/income attributable to noncontrolling interests
Preferred dividends
+Added: Weingarten same property NOI (1)
Non same property net operating income
1 unchanged sentence
Same property NOI
−Removed: The Company has excluded Weingarten activity from the calculation of same-property NOI since it was not owned for the full period.
−Removed: Same property NOI increased by $23.9 million or 12.1% for the three months ended September 30, 2021, as compared to the corresponding period in 2020.
−Removed: This increase is primarily the result of (i) a decrease in credit losses of $28.7 million due to increased collections, partially offset by (ii) a decrease in revenues from rental properties of $3.7 million primarily related to tenant rent abatements and lower occupancy levels as a result of the COVID-19 pandemic and (iii) an increase in non-recoverable operating expenses of $1.1 million.
−Removed: Same property NOI increased by $42.5 million or 7.1% for the nine months ended September 30, 2021, as compared to the corresponding period in 2020.
−Removed: This increase is primarily the result of (i) a decrease in credit losses of $76.2 million due to increased collections, partially offset by (ii) a decrease in revenues from rental properties of $31.1 million primarily related to tenant rent abatements and lower occupancy levels as a result of the COVID-19 pandemic and (iii) an increase in non-recoverable operating expenses of $2.6 million.
+Added: Amounts for the three months ended March 31, 2021, represent the Same property NOIs from Weingarten properties, not included in the Company's Net income available to the Company's common shareholders for the same period.
+Added: Same property NOI increased by $26.2 million or 8.9% for the three months ended March 31, 2022, as compared to the corresponding period in 2021.
+Added: This increase is primarily the result of (i) an increase in net operating income of $21.6 million primarily related to an increase in leasing activity and a decrease in tenant rent abatements and vacancies as a result of the COVID-19 pandemic and (ii) a decrease in credit losses of $5.0 million due to increased collections, partially offset by (iii) an increase in non-recoverable operating expenses of $0.4 million.
+Added: Effects of Inflation
+Added: Many of the Company's long-term leases contain provisions designed to mitigate the adverse impact of inflation.
+Added: Such provisions include clauses enabling the Company to receive payment of additional rent calculated as a percentage of tenants' gross sales above pre-determined thresholds, which generally increase as prices rise, and/or as a result of escalation clauses, which generally increase rental rates during the terms of the leases.
+Added: Such escalation clauses often include increases based upon changes in the consumer price index or similar inflation indices.
+Added:  In addition, many of the Company's leases are for terms of less than 10 years, which permits the Company to seek to increase rents to market rates upon renewal. To assist in mitigating the Company's exposure to increases in costs and operating expenses, including common area maintenance costs, real estate taxes and insurance, resulting from inflation the Company’s leases include provisions that either (i) require the tenant to pay an allocable share of these operating expenses or (ii) contain fixed contractual amounts, which include escalation clauses, to reimburse these operating expenses.
Leasing Activity
−Removed: During the nine months ended September 30, 2021, the Company executed 817 leases totaling over 5.7 million square feet in the Company’s consolidated operating portfolio comprised of 305 new leases and 512 renewals and options.
+Added: During the three months ended March 31, 2022, the Company executed 532 leases totaling over 4.3 million square feet in the Company’s consolidated operating portfolio comprised of 147 new leases and 385 renewals and options.
The leasing costs associated with these new leases are estimated to aggregate $37.3 million or $51.30 per square foot.
−Removed: These costs include $53.1 million of tenant improvements and $15.0 million of external leasing commissions.
+Added: These costs include $30.7 million of tenant improvements and $6.6 million of external leasing commissions.
The average rent per square foot for (i) new leases was $22.62 and (ii) renewals and options was $15.92.
Tenant Lease Expirations
−Removed: At September 30, 2021, the Company has a total of 8,161 leases in its consolidated operating portfolio.
+Added: At March 31, 2022, the Company has a total of 8,226 leases in its consolidated operating portfolio.
The following table sets forth the aggregate lease expirations for each of the next ten years, assuming no renewal options are exercised.
3 unchanged sentences
Number of Leases
−Removed: Total Annual Base
−Removed: Rent Expiring
+Added: Base Rent Expiring
Leases currently under month-to-month lease or in process of renewal.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.