Kimco Q1 2022 Earnings Report
Key Takeaways
Kimco Realty reported a strong first quarter in 2022, marked by an 18.2% increase in Funds From Operations (FFO) per diluted share and an 8.9% increase in Same-property Net Operating Income (NOI). The company leased a total of 4.7 million square feet and achieved significant occupancy gains. Net income available to common shareholders was $230.9 million, or $0.37 per diluted share.
Produced Funds From Operations (FFO) of $0.39 per diluted share, representing an 18.2% increase over the comparable period in 2021
Leased a total of 4.7 million square feet including 3.9 million square feet of renewals and option exercises
Grew pro-rata portfolio occupancy by 30 basis points sequentially to 94.7%, representing the highest sequential occupancy increase in a first quarter in over 10 years
Increased pro-rata anchor occupancy by 20 basis points sequentially to 97.3% with small shop occupancy improving by 70 basis points to 88.4%
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Kimco Revenue by Segment
Forward Guidance
Kimco Realty raised its full-year guidance ranges based on better-than-expected actual results for the first quarter and the impact of the ($0.01) per share charge for the early extinguishment of debt.