FX.co ★ Kimco Realty Q1 FFO Rises; Updates 2024 Guidance

Kimco Realty recently reported its Funds from Operations (FFO) for the first quarter of 2024 as $261.8 million or $0.39 per share. This included merger charges related to RPT of $25.2 million or $0.04 per share. The figure for the same period in 2023 was $238.1 million or $0.39 per share.

The company posted a net loss available to shareholders for Q1 2024 of $18.9 million or $0.03 per share. This contrasts with the net income available to common shareholders in the first quarter of 2023, which was $283.5 million or $0.46 per share.

Analysts, on average, had predicted the company would report a profit per share of $0.18 for the quarter. They typically exclude any special items from their estimates.

Kimco Realty saw an increase in total revenues for the first quarter, rising from $442.89 million the previous year to $503.75 million. This easily surpassed average estimates from analysts, who had anticipated revenues of around $477.31 million.

The company has also updated its 2024 guidance for net income and FFO per share. The revised projections for FFO per share range from $1.56 to $1.60, up from an earlier estimated range of $1.54 to $1.58. Its net income is now expected to fall within the range of $0.40 to $0.44, a revision from the previous guidance of $0.47 to $0.51.

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