Kimco Q1 2023 Earnings Report
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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Kimco Revenue by Segment
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.