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Dec 31, 2019
Kimco Q4 2019 Earnings Report
Kimco's fourth quarter results for 2019 showed increased net income and same-property NOI growth, with record-high portfolio and anchor occupancy rates.
Key Takeaways
Kimco Realty Corp. reported a net income available to common shareholders of $92.8 million, or $0.22 per diluted share, for Q4 2019, compared to $73.6 million, or $0.17 per diluted share, for the same period in 2018. Same-property NOI grew by 2.7%. The company achieved record-high pro-rata anchor occupancy rate of 98.9% and maintained a record-high pro-rata portfolio occupancy rate of 96.4%.
Net income available to common shareholders was $92.8 million, or $0.22 per diluted share.
Same-property NOI increased by 2.7%.
Pro-rata portfolio occupancy rate was maintained at a record-high of 96.4%.
Pro-rata anchor occupancy rate reached a record-high of 98.9%.
Kimco
Kimco
Kimco Revenue by Segment
Revenue by Segment
Rental Property Income Revenue
CapyFin.comManagement Fee Income Revenue
CapyFin.com Forward Guidance
Kimco provided its full year 2020 outlook, including net income per share between $0.80 and $0.84 and NAREIT FFO per share between $1.46 and $1.50.
Positive Outlook
- Net Income available to common shareholders (per diluted share): $0.80 to $0.84
- NAREIT FFO (per diluted share): $1.46 to $1.50
- Same-property NOI: 1.50% to 2.00%
- Dispositions (Blended cap rates: 7.0% to 7.5%): $200 million to $300 million
- Acquisitions (Blended cap rates: 5.0% to 6.0%): $100 million to $200 million
Challenges Ahead
- Projections involve numerous assumptions such as rental income (including assumptions on percentage rent).
- Projections involve interest rates.
- Projections involve tenant defaults.
- Projections involve occupancy rates.
- Projections involve selling prices of properties held for disposition, expenses (including salaries and employee costs), insurance costs and numerous other factors.
Revenue & Expenses
Visualization of income flow from segment revenue to net income