KIMCO REALTY CORP 10-Q

Item 3. Quantitative and Qualitative Disclosures About Market Risk.   The Company’s primary market risk exposure is interest rate risk. The Company periodically evaluates its exposure to short-term interest rates and will, from time-to-time, enter into interest rate protection agreements which mitigate, but do not eliminate, the effect of changes in interest rates on its floating-rate debt. The Company has not entered, and does not plan to enter, into any derivative financial instruments for trading or speculative purposes. The following table presents the Company’s aggregate fixed rate and variable rate debt obligations outstanding, including fair market value adjustments and unamortized deferred financing costs, as of March 31, 2022, with corresponding weighted-average interest rates sorted by maturity date. The table does not include extension options where available (amounts in millions).       2022     2023     2024     2025     2026     Thereafter     Total     Fair Value   Secured Debt                                                                 Fixed Rate   $ 29.5     $ 55.5     $ 5.5     $ 54.4     $ -     $ 214.8     $ 359.7     $ 343.2   Average Interest Rate     3.95 %     3.95 %     6.74 %     3.50 %     -       4.28 %     4.12 %                                                                           Variable Rate   $ -     $ -     $ -     $ 18.9     $ -     $ -     $ 18.9     $ 18.5   Average Interest Rate     -       -       -       1.49 %     -       -       1.49 %                                                                           Unsecured Debt                                                                 Fixed Rate   $ 304.0     $ 657.8     $ 660.0     $ 756.6     $ 787.9     $ 3,944.5     $ 7,110.8     $ 6,875.7   Average Interest Rate     3.38       3.30 %     3.37 %     3.48 %     3.06 %     3.35 %     3.33 %           Based on the Company’s variable-rate debt balances, interest expense would have increased by $0.1 million for the three months ended March 31, 2022 if short-term interest rates were 1.0% higher.   Item 4.   Controls and Procedures.   The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective.   There have not been any changes in the Company’s internal control over financial reporting during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.   29 Table of Contents   PART II OTHER INFORMATION   Item 1.   Legal Proceedings.   The following information supplements and amends our discussion set forth under Part I, Item 3 "Legal Proceedings" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021.   The Company is not presently involved in any litigation nor, to its knowledge, is any litigation threatened against the Company or its subsidiaries that, in management's opinion, would result in any material adverse effect on the Company's ownership, management or operation of its properties taken as a whole, or which is not covered by the Company's liability insurance.     Item 1A.   Risk Factors.   There are no material changes to our risk factors as previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021.