Kimco Realty Q4 Results Top Estimates; Guides FY24 Below Estimates
(RTTNews) - REIT Kimco Realty Corp. (KIM, KIM-PG) reported Thursday net income available to the company's common shareholders for the fourth quarter of $133.36 million or $0.22 per share, compared to a net loss of $56.09 million or $0.09 per share in the year-ago quarter.
Funds from Operations or FFO, for the quarter were $239.44 million or $0.39 per share, up from $234.86 million or $0.38 per share last year.
Total revenues for the quarter increased to $451.60 million from $439.83 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 $447.43 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 $0.47 to $0.51 per share, FFO in a range of $1.54 to $1.58 per share and FFO, excluding merger cost, in a range of $1.58 to $1.62 per share. The Street is looking for earnings of $0.67 per share for the year.
Kimco's board of directors also declared a quarterly cash dividend on common shares of $0.24 per share, payable on March 21, 2024, to shareholders of record on March 7, 2024.
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