Kimco Realty Q3 Profit Beats View; Hikes Dividend - Quick Facts

(RTTNews) - Kimco Realty Corp. (KIM) reported that its third-quarter net income available to common shareholders surged to $180.1 million or $0.44 per share from $41.2 million or $0.10 per share in the prior year.

FFO, a widely accepted supplemental measure of REIT performance, was $159.9 million or $0.39 per share, up from $141.4 million or $0.34 per share in the previous year.

FFO as adjusted, which excludes the effects of non-operating impairments as well as transactional income and expenses, was $148.2 million or $0.36 per share, compared to $134.6 million or $0.33 per share in the year-ago period.

On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.35 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter were $262.05 million, up from $221.46 million a year earlier. Analysts expected revenue of $251.05 million for the quarter.

Kimco's board of directors declared and increased the company's quarterly cash dividend 6.7 percent to $0.24 per common share payable on January 15, 2015, to shareholders of record on January 2, 2015, representing an ex-dividend date of December 30, 2014.

The board of directors also declared quarterly dividends with respect to the company's various series of cumulative redeemable preferred shares - Class H, Class I, Class J and Class K. All dividends on the preferred shares will be paid on January 15, 2015, to shareholders of record on January 2, 2015, with an ex-dividend date of December 30, 2014.

The company raised the lower end of its 2014 full-year guidance range for FFO as adjusted, which does not include any estimate for transactional activities or non-operating impairments.

The company now forecasts adjusted FFO in a range of $1.38 to $1.40 per share, compared to the prior range of $1.36 to $1.40 per share. Analysts expect the company to report fiscal 2014 earnings per share of $1.38.