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Kimco Realty Announces Fourth Quarter and Full Year 2017 Results
- 10-Year Record High Leasing Volume Drives Strong Operating Results -
- Occupancy Nearing All-Time High -
- Board Authorizes $300 Million Share Repurchase Program -
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--February 15, 2018--Kimco Realty Corp. (NYSE:KIM) today reported results for the fourth quarter and year ended December 31, 2017.
Highlights - Fourth Quarter and Full Year 2017:
- A 10.1% increase in net income available to the company’s common shareholders during the fourth quarter of 2017 to $73.5 million, compared to $66.7 million during the same period in 2016.
- Improved pro-rata occupancy to 96.0%, compared to the company’s historic record 96.2%, representing an increase of 20 basis points sequentially and 60 basis points from the fourth quarter 2016.
- Generated new leasing spreads of 13.2% in the fourth quarter with overall rent spreads expanding 9.2% during the same period.
- Leased over 10.0 million square feet in 2017 representing the highest leasing volume in the past 10 years.
- Issued $230 million of 5.25% Class M cumulative redeemable preferred stock during the fourth quarter with an additional $34.5 million subsequently issued after the underwriters exercised their 30-day over-allotment option in January of 2018.
- In February 2018, the company’s board approved a $300 million share repurchase program.
“We are pleased with the solid leasing spreads and positive operating results our team achieved in 2017. The strongest leasing activity in ten years raised our year-end occupancy to just shy of our all-time high, positioning us for continued success in 2018,” stated Conor Flynn, Chief Executive Officer of Kimco. “As we move forward, we will continue to build on these results while also taking steps to strengthen our portfolio in the rapidly changing retail environment.” Mr. Flynn continued, “Accelerating the divestiture of assets outside our core markets will allow us to concentrate our presence in target coastal markets, complete development projects underway and continue to invest in redevelopment, ultimately producing a stronger portfolio primed for sustained long-term growth.”
Net income available to common shareholders for the fourth quarter of 2017 was $73.5 million, or $0.17 per diluted share, compared to $66.7 million, or $0.16 per diluted share, for the fourth quarter 2016.
For the full year 2017, net income available to common shareholders was $372.5 million, or $0.87 per diluted share, compared to $332.6 million, or $0.79 per diluted share, for the full year 2016. The increase was due to:
- $43.9 million of lower charges associated with the early extinguishment of debt.
- $23.7 million cash distribution in 2017 from the company’s investment in Albertsons LLC.
- $63.5 million charge in 2016 for the merger of the company’s taxable REIT subsidiary (TRS).
- $10.0 million net gain on foreign currency translation in 2017 related to the company’s strategic exit from Canada.
- $102.0 million of lower gains on sales of operating properties, net of impairments in 2017.
- $7.0 million charge related to the partial preferred stock redemption in 2017.
The following information was filed by Kimco Realty Corp (KIM) on Thursday, February 15, 2018 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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