Kimco Realty Corp. (KIM) reported second-quarter 2024 funds from operations (FFO) per share of 41 cents, which beat the Zacks Consensus Estimate of 40 cents. The reported figure grew 5.1% from the year-ago quarter’s tally.Though Kimco reported growth in revenues, a rise in interest expenses acted as a dampener.This retail REIT clocked in revenues of $500.2 million, which topped the consensus mark of $496.9 million. Moreover, the figure improved 13% year over year.According to Conor Flynn, CEO of Kimco, "Our ...

Financial Data and Key Metrics Changes - FFO for Q2 2024 was $276 million, or $0.41 per diluted share, compared to $243.9 million, or $0.39 per diluted share in Q2 2023, representing a 5.1% increase per share [17][18] - Total pro rata NOI for Q2 2024 was $387.9 million, an increase of $45.8 million year-over-year [18] - Same-site NOI growth was positive 3% for Q2 2024, driven by higher minimum rents [20] Business Line Data and Key Metrics Changes - The company signed 144 new leases totaling 669,000 square feet with rent spreads of 26.3%, marking the 11th consecutive quarter of double-digit new leasing spreads [10] - Renewals and options totaled 338 with a spread of 9%, contributing to an overall deal volume of 2.3 million square feet and combined rent spreads of 11.7% [10] - Pro-rata occupancy increased to 96.2%, with anchored occupancy at 98.1% and small shop occupancy at 91.7%, matching an all-time high [10] Market Data and Key Metrics Changes - The retail sector is experiencing a positive dynamic with store openings outpacing closures, leading to record-low vacancies [8] - The development of new shopping centers remains low at approximately 0.2% of existing inventory, providing a tailwind for the retail sector [8] - The company noted that rents would need to increase by 35% to 55% to stimulate new development investments in top markets [9] Company Strategy and Development Direction - The company focuses on grocery-anchored, necessity-based retail, which has proven resilient in various economic conditions [9] - The management is optimistic about the performance of the RPT portfolio, which has shown significant outperformance [11] - The company aims to achieve $300 million to $350 million in acquisitions for 2024, with a focus on larger format open-air centers [15] Management's Comments on Operating Environment and Future Outlook - Management highlighted mixed signals in the economy, with strong labor market conditions supporting consumer resilience [7] - The company raised its FFO per diluted share guidance for 2024 to a range of $1.60 to $1.62, reflecting strong first-half results and expectations for the remainder of the year [23] - Management expressed confidence in achieving same-site NOI growth of 2.75% to 3.25% for the full year [23] Other Important Information - The company has increased its cost-saving synergies from the RPT acquisition to $35 million to $36 million for the year [23] - The balance sheet metrics showed consolidated net debt to EBITDA at 5.5 times, indicating a strong liquidity position [21][22] - The company achieved sustainability goals, resulting in reduced borrowing spreads on its credit facilities [22] Q&A Session Summary Question: Contribution of FFO guidance from same property NOI - Management indicated that the primary driver of the FFO guidance increase is the operating portfolio, with quicker rent commencements contributing significantly [26][27] Question: Factors driving deceleration in same property NOI growth - Management acknowledged tougher comparisons in Q3 but remains comfortable with the revised guidance range [29] Question: Ability to close the gap in small shop occupancy - Management sees the vacancy as an opportunity and anticipates that small shop leasing will strengthen as anchors come online [33][34] Question: Interest in the retail sector compared to six months ago - Management noted increased capital formation for open-air shopping centers and a growing interest from private equity [37][38] Question: Incremental deal flow expectations - Management expects more core acquisitions in the second half of the year as structured investments have been completed [42] Question: Retention of anchor leases - Management is actively resolving expiring leases and focusing on backfilling space at higher rents [82] Question: Year-over-year rent growth expectations - Management anticipates continued same-site NOI growth above historical averages, driven by high retention rates and new leasing [86]

For the quarter ended June 2024, Kimco Realty (KIM) reported revenue of $500.23 million, up 13% over the same period last year. EPS came in at $0.41, compared to $0.16 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $496.9 million, representing a surprise of +0.67%. The company delivered an EPS surprise of +2.50%, with the consensus EPS estimate being $0.40.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how the ...

Kimco Realty (KIM) came out with quarterly funds from operations (FFO) of $0.41 per share, beating the Zacks Consensus Estimate of $0.40 per share. This compares to FFO of $0.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 2.50%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.38 per share when it actually produced FFO of $0.39, delivering a surprise of 2.63%.Over the last four quarters ...

Exhibit 99.1 Kimco Realty® Announces Second Quarter 2024 Results – Strong Operating Performance Drives Growth in Net Income and FFO – JERICHO, New York, August 1, 2024 - Kimco Realty ® (NYSE: KIM), a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, today reported results for the second quarter ended June 30, 2024. For the three months ended June 30, 2024 and 2023, Kimco Realty's net ...

– Strong Operating Performance Drives Growth in Net Income and FFO – – Small Shop Occupancy Matches Record High – – Raises 2024 Outlook – JERICHO, N.Y., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE: KIM), a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, today reported results for the second quarter ended June 30, 2024. For the three months ended June 30, 2024 and 2023, Kim ...

Wall Street analysts forecast that Kimco Realty (KIM) will report quarterly earnings of $0.40 per share in its upcoming release, pointing to a year-over-year increase of 2.6%. It is anticipated that revenues will amount to $496.9 million, exhibiting an increase of 12.2% compared to the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Prior ...

After reaching an important support level, Kimco Realty Corporation (KIM) could be a good stock pick from a technical perspective. KIM recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average.Considered an important signifier for a bullish breakout, a golden cross is a technical chart pattern that's formed when a stock's short-term moving average breaks above a longer-term moving average; the most common crossover involves t ...

buzbuzzer Kimco Realty Corporation (NYSE:KIM) is a North American Real Estate Investment Trust (REIT) worth watching. Although its market value has remained flat since the turn of the year, the vehicle has been the subject of numerous material events, including an acquisition, a changing REITs market, and a recent earnings beat. As such, I decided to dial in on Kimco Realty Corporation's prospects. Without further ado, herewith are my key findings. Data by YCharts Overview Although it has mixed-use inve ...

Shares of Kimco Realty (KIM) have gained 18.5% in the past three months compared with its industry’s rally of 10.4%.This Jericho, NY-based retail real estate investment trust (REIT) is well-poised to benefit from its portfolio of premium shopping centers, which are predominantly grocery-anchored, in the drivable first-ring suburbs of its top major metropolitan Sunbelt and coastal markets. Its focus on developing mixed-use assets and a solid balance sheet position bode well for long-term growth.The company, ...