Kimco Realty Q1 FFO Rises; Updates 2024 Guidance

(RTTNews) - Kimco Realty (KIM) reported FFO of $261.8 million, or $0.39 per share, for the first quarter of 2024 which included RPT-related merger charges of $25.2 million, or $0.04 per share. This is compared to FFO of $238.1 million, or $0.39 per share, for the first quarter of prior year.

The company posted a net loss available to shareholders of $18.9 million, or $0.03 per share, for the first quarter of 2024 compared to net income available to common shareholders of $283.5 million, or $0.46 per share, for the first quarter of 2023.

On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.18, for the quarter. Analysts' estimates typically exclude special items.

First quarter total revenues increased to $503.75 million from $442.89 million, last year. Analysts on average had estimated $477.31 million in revenue.

The company has updated 2024 guidance for net income and FFO per share. FFO per share is now projected in a range of $1.56 to $1.60, revised from prior guidance range of $1.54 to $1.58. Net income is now expected in a range of $0.40 to $0.44, revised from previous guidance of $0.47 to $0.51. Analysts polled by Thomson Reuters expect the company to report profit per share of $0.73.

Kimco Realty's board declared a quarterly cash dividend on common shares of $0.24 per share, payable on June 20, 2024, to shareholders of record on June 6, 2024.

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