Kimco Q2 2021 Earnings Report
Key Takeaways
Kimco Realty Corp. reported second quarter results with net income available to common shareholders of $110.3 million, or $0.25 per diluted share. Pro-rata portfolio occupancy increased sequentially, and same-property NOI grew 16.7% year-over-year. The company raised its 2021 guidance, reflecting confidence in the upcoming merger with Weingarten Realty.
Pro-rata portfolio occupancy grew 40 basis points sequentially to 93.9%.
Pro-rata anchor occupancy increased 70 basis points sequentially to 96.9%.
New cash pro-rata leasing spreads were 9.2% on comparable spaces.
Same property NOI, including redevelopments, grew 16.7% year-over-year.
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Kimco Revenue by Segment
Forward Guidance
Kimco raised its 2021 guidance ranges, expecting net income available to common shareholders to be between $0.83 and $0.87 per diluted share and NAREIT FFO to be between $1.29 and $1.33 per diluted share.