Kimco Q3 2022 Earnings Report
Key Takeaways
Kimco Realty reported positive results for Q3 2022, driven by strong tenant demand. The company's pro-rata portfolio occupancy grew sequentially, and same-property NOI increased. Kimco also raised its full-year guidance and increased its quarterly common dividend.
FFO of $0.41 per diluted share, representing a 28.1% increase over the comparable period in 2021.
Pro-rata portfolio occupancy grew 20 basis points sequentially to 95.3%, representing an increase of 120 basis points year over year.
Pro-rata anchor and small shop occupancy increased 90 and 190 basis points, respectively, over the third quarter of 2021.
Pro-rata rent spreads of 16.5% were generated for new leases on comparable spaces.
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Kimco Revenue by Segment
Forward Guidance
Based on these results and the outlook for the remainder of 2022, the company has revised its full-year guidance ranges as follows: Net Income available to common shareholders (per diluted share): $0.64 to $0.66 and FFO (per diluted share): $1.57 to $1.59