- Kimco Realty press release ( NYSE: KIM ): Q3 FFO of $0.41 beats by $0.02 .
- Revenue of $433.4M (+17.6% Y/Y) beats by $15.98M .
- Grew pro-rata portfolio occupancy 20 basis points sequentially to 95.3%, representing an increase of 120 basis points year over year.
- Increased pro-rata anchor and small shop occupancy 90 and 190 basis points, respectively, over the third quarter of 2021.
- Generated pro-rata rent spreads of 16.5% for new leases on comparable spaces.
- Produced a 3.1% increase in Same-Property Net Operating Income* (NOI) over the same period a year ago.
- Achieved a Net Debt to EBITDA* ratio of 6.3x on a look-through basis (which includes company’s outstanding preferred stock and pro-rata share of joint venture debt), marking the lowest leverage level since the company began reporting this metric.
- Subsequent to quarter end, generated net proceeds of approximately $301.1 million through the monetization of 11.5 million of its 39.8 million shares in Albertsons Companies,. Kimco ( KIM ) still retains 28.3 million shares of Albertsons.
- The company sees 2022 FFO of $1.57-1.59 per diluted share vs consensus of $1.56, compared with $1.54-1.57 in the previous view.
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Kimco Realty FFO of $0.41 beats by $0.02, revenue of $433.4M beats by $15.98M, raises FY FFO guidance