Workflow
Kimco Realty® Announces First Quarter 2024 Results
ACIAlbertsons Companies(ACI) Newsfilter·2024-05-02 11:05

Core Insights - Kimco Realty reported a net loss of 18.9million,or18.9 million, or 0.03 per diluted share, for Q1 2024, compared to a net income of 283.5million,or283.5 million, or 0.46 per diluted share, in Q1 2023, primarily due to a one-time special dividend received in the previous year [1][4][21] Financial Performance - Funds From Operations (FFO) for Q1 2024 was 261.8million,or261.8 million, or 0.39 per diluted share, including 25.2millioninmerger−relatedcharges[5][24]−SamePropertyNetOperatingIncome(NOI)grewby3.925.2 million in merger-related charges [5][24] - Same Property Net Operating Income (NOI) grew by 3.9% year-over-year, driven by a 2.8% increase in minimum rent [2][7] - The company achieved a pro-rata portfolio occupancy of 96.0%, with anchor and small shop occupancy rates at 97.8% and 91.5%, respectively [2][7] Acquisition and Disposition Activities - Kimco completed the 2.3 billion acquisition of RPT Realty on January 2, 2024, and disposed of ten former RPT properties for 248million,achievingits2024dispositiontarget[2][3][8]−TheacquisitionofRPTresultedina248 million, achieving its 2024 disposition target [2][3][8] - The acquisition of RPT resulted in a 60.6 million increase in consolidated revenues from rental properties [4] Capital Market Activities - The company repaid unsecured notes totaling 646.9millionduringQ12024andhasnoremainingunsecureddebt[9]−Kimcosold14.2millionsharesofACIcommonstock,generating646.9 million during Q1 2024 and has no remaining unsecured debt [9] - Kimco sold 14.2 million shares of ACI common stock, generating 299.1 million in net proceeds [9] Dividend Declarations - The board declared a quarterly cash dividend of 0.24pershare,payableonJune20,2024[10]2024FullYearOutlook−Thecompanyupdateditsguidancefor2024,projectingnetincomeof0.24 per share, payable on June 20, 2024 [10] 2024 Full Year Outlook - The company updated its guidance for 2024, projecting net income of 0.40 to 0.44perdilutedshareandFFOof0.44 per diluted share and FFO of 1.56 to $1.60 per diluted share [11][12]