Kimco Q3 2021 Earnings Report
Key Takeaways
Kimco Realty Corp. reported strong third-quarter results, marked by the completion of a strategic merger with Weingarten Realty Investors, portfolio occupancy growth, and a notable increase in same-property NOI. The company raised its 2021 outlook, driven by leasing success and the integration of the Weingarten portfolio.
Completed strategic merger with Weingarten Realty Investors on August 3, 2021.
Pro-rata portfolio occupancy grew 20 basis points sequentially to 94.1%.
Same property Net Operating Income (NOI) grew 12.1% over the prior year.
Ended the quarter with Kimco’s investment in Albertsons Companies Inc. (NYSE: ACI) common stock valued at over $1.2 billion.
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Kimco Revenue by Segment
Forward Guidance
Kimco updated its 2021 guidance to include the Weingarten merger impact, raising net income per share to $1.70-$1.72 and NAREIT FFO per share to $1.36-$1.37, which includes $0.10 per share of merger-related charges.