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Kimco Realty Reports Third Quarter 2017 Results
Solid Operating Performance Leads Board to Approve Increase in Common Stock Dividend;
Company Adds a New Signature Series Asset with the Acquisition of Whittwood Town Center
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--October 25, 2017--Kimco Realty Corp. (NYSE:KIM) today reported results for the third quarter ended September 30, 2017.
- Net income available to the company’s common shareholders increased to $102.0 million during the third quarter of 2017 compared to a net loss available to the company’s common shareholders of $(55.1) million during the same period in 2016.
- Pro-rata occupancy increased to 95.8%, up 30 basis points sequentially and 70 basis points year over year.
- Leasing spreads increased 16.0%, with new leases and renewals/options up 52.0% and 8.1%, respectively.
- Same property net operating income (NOI) for the third quarter grew 3.1% over the same period in 2016.
- Completed $1.1 billion in capital market transactions: i) a $500 million unsecured bond due 2025 at 3.30%; ii) a $350 million unsecured bond due 2047 at 4.45%; and iii) $225 million of perpetual preferred stock at 5.125%.
- Board increased quarterly common stock cash dividend approximately 4% to $0.28 per share (equivalent to $1.12 per annum).
- Subsequent to the quarter, acquired Whittwood Town Center, a 783,000-square-foot, 98% occupied grocery-anchored open-air shopping center in the densely populated Los Angeles suburb of Whittier, California.
Net Income available to the company’s common shareholders was $102.0 million, or $0.24 per diluted share, compared to a net loss available to the company’s common shareholders of $(55.1) million, or $(0.13) per diluted share, for the third quarter of 2016. The increase was due to:
- $43.9 million of lower charges related to the early extinguishment of debt and $29.1 million* of higher gains on sales of operating properties, net of impairments in the third quarter of 2017 compared to the same period in 2016.
- $63.5 million non-cash charge for the merger of the company’s taxable REIT subsidiary (TRS) in the third quarter 2016.
- $10.0 million net cumulative foreign currency translation gain related to the company’s strategic exit from Canada, offset by a $7.0 million charge for the partial redemption of the 6.000% Series I Cumulative Redeemable Preferred Stock (Series I Preferred Stock) in the third quarter of 2017.
The following information was filed by Kimco Realty Corp (KIM) on Wednesday, October 25, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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