KIM

Kimco Realty Q1 FFO Rises; Updates 2024 Guidance

(RTTNews) - Kimco Realty (KIM) reported FFO of $261.8 million, or $0.39 per share, for the first quarter of 2024 which included RPT-related merger charges of $25.2 million, or $0.04 per share. This is compared to FFO of $238.1 million, or $0.39 per share, for the first quarter of prior year.

The company posted a net loss available to shareholders of $18.9 million, or $0.03 per share, for the first quarter of 2024 compared to net income available to common shareholders of $283.5 million, or $0.46 per share, for the first quarter of 2023.

On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.18, for the quarter. Analysts' estimates typically exclude special items.

First quarter total revenues increased to $503.75 million from $442.89 million, last year. Analysts on average had estimated $477.31 million in revenue.

The company has updated 2024 guidance for net income and FFO per share. FFO per share is now projected in a range of $1.56 to $1.60, revised from prior guidance range of $1.54 to $1.58. Net income is now expected in a range of $0.40 to $0.44, revised from previous guidance of $0.47 to $0.51. Analysts polled by Thomson Reuters expect the company to report profit per share of $0.73.

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

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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