Please wait while we load the requested 10-Q report or click the link below:
Kimco Realty Reports Second Quarter 2018 Results
- Solid Operating Results Reflect Strengthened Portfolio -
- Company Raises 2018 Guidance -
- Small Shop Occupancy Reaches All-Time High -
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--July 26, 2018--Kimco Realty Corp. (NYSE:KIM) today reported results for the second quarter and year-to-date period ended June 30, 2018.
- 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.
Net income available to the company’s common shareholders for the second quarter of 2018 was $150.9 million, or $0.36 per diluted share, compared to $131.9 million, or $0.31 per diluted share, for the second quarter 2017. The increase was primarily due to $14.3 million of higher gains on the sales of operating properties, net of impairments.
For the six months ended June 30, 2018, net income available to the company’s common shareholders was $280.4 million, or $0.66 per diluted share, compared to $197.0 million, or $0.46 per diluted share, for the six months ended June 30, 2017. The increase was primarily due to $55.9 million of higher gains on the sales of operating properties, net of impairments and $27.7 million of lower depreciation expense on operating properties, as compared to the same period in 2017. Gains on sales, property impairments, and depreciation related to operating properties are excluded from the calculation of NAREIT Funds from Operations (FFO).
NAREIT FFO was $165.3 million, or $0.39 per diluted share, for the second quarter 2018 compared to $175.0 million, or $0.41 per diluted share, for the second quarter 2017. NAREIT FFO for the second quarter of 2018 included $9.5 million of transactional income (net of transactional charges). This compares to $14.3 million of transactional income (net of transactional charges) for the second quarter 2017.
The following information was filed by Kimco Realty Corp (KIM) on Thursday, July 26, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Kimco Realty Corp's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Kimco Realty Corp.