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Mar 31, 2023
Kimco Q1 2023 Earnings Report
Kimco Realty's first quarter results for 2023 were announced, showcasing strong leasing volume, growth in occupancy and leasing spreads, and lowered leverage.
Key Takeaways
Kimco Realty reported solid first-quarter results, driven by strong leasing performance and the monetization of its Albertsons investment. Pro-rata portfolio occupancy increased, and the company generated significant cash rent spreads. Net income was $283.5 million, or $0.46 per diluted share, and FFO was $238.1 million, or $0.39 per diluted share.
Reported FFO of $0.39 per diluted share.
Leased a total of 4.5 million square feet, including 3.7 million square feet of renewals and option exercises.
Increased pro-rata portfolio occupancy 110 basis points year-over-year to 95.8%.
Generated pro-rata cash rent spreads of 44.0% for new leases on comparable spaces.
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CapyFin.comManagement Fee Income Revenue
CapyFin.com Forward Guidance
Kimco Realty revised its assumption for lease termination income for the full year 2023, updating the full-year guidance ranges for net income and FFO.