KIM - Kimco Realty FFO of $0.39 in-line revenue of $451.6M beats by $4.05M; initiates FY24 outlook
2024-02-08 06:53:52 ET
- Kimco Realty press release ( NYSE: KIM ): Q4 FFO of $0.39 in-line.
- Revenue of $451.6M (+2.7% Y/Y) beats by $4.05M .
- For the three months ended December 31, 2023, Kimco’s Net income/(loss) available to the company’s common shareholders per diluted share was $0.22.
- Achieved pro-rata portfolio occupancy of 96.2%, representing a 70-basis-point sequential increase, the largest in over 15 years.
- Increased pro-rata occupancy for anchors to 98.0% and small shop to an all-time company record of 91.7%.
- Signed 1.0 million square feet of new leases, which is the highest quarterly level in over 10 years.
- Generated pro-rata cash rent spreads for new leases of 24.0% on comparable spaces, including four former Bed Bath & Beyond spaces with a blended, pro-rata rent increase of 57%.
- Produced 3.2% growth in Same-Property Net Operating Income (NOI) over the same period a year ago.
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2024 Full Year Outlook ...
2024 Outlook
2023 Actual
Net Income
FFO
Low
High
Low
High
Net Income
FFO
Baseline
$ 0.51
$ 0.55
$ 1.58
$1.62 vs. $1.62 consensus
$1.02
$1.57
Merger-Related expenses, net 2
($0.04)
($0.04)
($0.04)
($0.04)
$ -
$ -
2024 Outlook/2023 Actual
$ 0.47
$0.51
$ 1.54
$ 1.58
$1.02
$1.57