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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.
Revenue by Segment
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%)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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