Kimco Realty (KIM) Tops Q2 EPS by 20c, Slight Beat on Revenues; Boosts FY EPS Outlook

Kimco Realty (NYSE: KIM) reported Q2 EPS of $0.36, $0.20 better than the analyst estimate of $0.16. Revenue for the quarter came in at $293.4 million versus the consensus estimate of $293.08 million.

Highlights:

• Increased net income available to the company’s common shareholders by 16.1% to $0.36 per diluted share, compared to $0.31 per diluted share during the same period in 2017.
• Grew same-property net operating income by 3.8% (3.9% including redevelopments) over the same period in 2017.
• Increased pro-rata occupancy to 96.0%, a 50-basis-point increase year over year.
• Achieved pro-rata small shop occupancy of 90.2%, representing the highest level since the company began reporting this metric in 2010.
• Generated new leasing spreads of 11.5%, representing the seventeenth consecutive quarter that the rental rate for new leases increased by more than 10% over the prior rent for the comparable space.
• Disposed of 17 shopping centers totaling 2.7 million square feet for a gross sales price of $334.0 million. Kimco’s share of the sales price was $319.3 million.

GUIDANCE:

Kimco Realty sees FY2018 EPS of $0.92-$1.00 versus 0.73 consensus.

For earnings history and earnings-related data on Kimco Realty (KIM) click here.

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