Kimco Realty Boosts FY23 Outlook As Q3 Results Top Estimates
(RTTNews) - While reporting financial results for the third quarter on Thursday, REIT Kimco Realty Corp. (KIM, KIM-PG) raised its earnings outlook for the full year 2023.
For fiscal 2023, the company now projects net income available to common shareholders in a range of $0.96 to $0.98 per share and FFO in a range of $1.56 to $1.57 per share.
Previously, the company now projects net income available to common shareholders in a range of $0.92 to $0.95 per share and FFO in a range of $1.55 to $1.57 per share.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.94 per share for the year. Analysts' estimates typically exclude special items.
For the third quarter, the company reported Funds From Operations or FFO of $248.61 million or $0.40 per share for the third quarter, down from $254.47 million or $0.41 per share last year.
However, net income was $111.95 million, or $0.18 per share, up from $51.65 million or $0.08 per share in the year-ago quarter.
Revenue for the quarter increased to $446.07 million from $433.40 million in the previous year.
The Street was looking for earnings of $0.16 per share on revenues of $436.29 million for the quarter.
Kimco's board of directors also declared a 4.3 percent higher quarterly cash dividend on common shares of $0.24 per share, payable on December 21, 2023, to shareholders of record on December 7, 2023.
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