Kimco Q4 2019 Earnings Report
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
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Kimco Revenue by Segment
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