Kimco Q2 2023 Earnings Report
Key Takeaways
Kimco Realty reported a net income of $100.4 million, or $0.16 per diluted share, for Q2 2023, compared to a net loss of ($125.8) million, or ($0.21) per diluted share, for Q2 2022. The company's pro-rata portfolio occupancy increased by 70 basis points year-over-year to 95.8%, and same-property NOI grew by 2.3%. Kimco generated $144.9 million from the sale of 7.0 million shares of Albertsons Companies, Inc.
FFO was $0.39 per diluted share.
Pro-rata portfolio occupancy increased 70 basis points year-over-year to 95.8%.
Pro-rata small shop occupancy grew 30 basis points sequentially to 91.0%, representing an increase of 180 basis points year-over-year.
Same-Property Net Operating Income grew by 2.3%.
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Kimco Revenue by Segment
Forward Guidance
Kimco updated its full-year guidance ranges based on actual results of the second quarter and outlook for the remainder of 2023.