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Mar 31, 2024
Kimco Q1 2024 Earnings Report
Kimco's first quarter results showcased robust demand and successful execution on the RPT Realty acquisition.
Key Takeaways
Kimco Realty reported a net loss of ($0.03) per diluted share, but produced FFO of $0.39 per diluted share and 3.9% growth in Same Property Net Operating Income. The company completed the acquisition of RPT Realty and disposed of ten former RPT properties.
Generated 3.9% growth in Same Property Net Operating Income.
Achieved pro-rata portfolio occupancy of 96.0%.
Leased 4.0 million square feet, generating blended pro-rata rent spreads on comparable spaces of 10.2%.
Completed the $2.3 billion acquisition of RPT Realty on January 2, 2024.
Kimco
Kimco
Kimco Revenue by Segment
Revenue by Segment
Rental Property Income Revenue
CapyFin.comManagement Fee Income Revenue
CapyFin.com Forward Guidance
Kimco has updated 2024 guidance for Net income to $0.40 - $0.44 and FFO per diluted share to $1.56 - $1.60.
Positive Outlook
- Same Property NOI growth (inclusive of RPT) 2.25% to 3.0%
- RPT-related cost saving synergies included in G&A $34 to $35
- Lease termination income $1 to $3
- Interest income – Other income (attributable to cash on balance sheet) $10 to $12
- Cap rate (blended) Total acquisitions & structured investments combined: 7.0% to 8.0%
Challenges Ahead
- Net income: $0.40 to $0.44
- FFO: $1.56 to $1.60
- RPT-related non-cash GAAP income (above & below market rents and straight-line rents ) $4 to $5
- Credit loss as a % of total pro-rata rental revenues (0.75%) to (1.00%)
- Capital expenditures (tenant improvements, landlord work and leasing commissions) $225 to $275