Kimco Realty (KIM) closed out an eventful 2018 by announcing strong progress on their disposition, redevelopment, leasing, and deleveraging programs. However, as a result of their portfolio downsizing and minimal share repurchases, FFO per share continued to decline. KIM also did not hike its dividend for the first quarter of 2019 either and guided for flat AFFO/share in 2019. With no growth on the immediate horizon, at what price is KIM a buy?
The Bad
In short: when will growth return? KIM posted a fairly steep 7.9% year-over-year decline in NAREIT FFO