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Kimco Realty Q2 Results Top Estimates; Boosts FY24 Outlook
(RTTNews) - REIT Kimco Realty Corp. (KIM) reported Thursday that net income available to the company's common shareholders for the second quarter grew to $111.86 million or $0.17 per share from $100.4 million or $0.16 per share in the year-ago quarter.
Funds from Operations or FFO, for the quarter were $276.0 million or $0.41 per share, up from $243.9 million or $0.39 per share last year.
Total revenues for the quarter increased to $500.23 million from $442.84 million in the previous year.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.16 per share on revenues of $497.79 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2024, the company now projects net income in a range of $0.44 to $0.46 per share, FFO in a range of $1.60 to $1.62 per share and FFO, excluding merger cost, in a range of $1.64 to $1.66 per share. The Street is looking for earnings of $0.44 per share for the year.
Previously, the company expected net income in a range of $0.40 to $0.44 per share and FFO in a range of $1.56 to $1.60 per share.
Kimco's board of directors also declared a quarterly cash dividend on common shares of $0.24 per share, payable on September 19, 2024, to shareholders of record on September 5, 2024.
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