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Exhibit 99.1
Kimco Realty Reports Third Quarter 2018 Results
- Operating Fundamentals Solid; Small Shop Occupancy Reaches All-Time High -
- Company Raises 2018 Guidance Ranges -
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--October 25, 2018--Kimco Realty Corp. (NYSE:KIM) today reported results for the third quarter and year-to-date period ended September 30, 2018.
Highlights:
Financial Results
Net Income for the third quarter of 2018 was $85.6 million, or $0.19 per diluted share, compared to $102.0 million, or $0.24 per diluted share, for the third quarter of 2017. The change was primarily due to $11.0 million of higher early extinguishment of debt charges related to the redemption of the company’s $300 million 6.875% unsecured bond during the third quarter of 2018, as well as $4.4 million of lower gains on the sales of operating properties, net of impairments, on a year-over-year basis.
For the nine months ended September 30, 2018, Net Income was $366.0 million, or $0.85 per diluted share, compared to $299.0 million, or $0.70 per diluted share, for the nine months ended September 30, 2017. The increase was primarily due to:
Offset by:
Funds From Operations available to the company’s common shareholders (“NAREIT FFO”) was $144.4 million, or $0.34 per diluted share, for the third quarter 2018 compared to $165.3 million, or $0.39 per diluted share, for the third quarter 2017. NAREIT FFO for the third quarter of 2018 included $7.7 million of transactional charges (net of transactional income), compared to $3.9 million of transactional income (net of transactional charges) for the third quarter 2017. NAREIT FFO for the third quarter 2018 was additionally impacted by lower NOI compared to the same period in 2017 as a result of the company’s proactive disposition plan completed during the nine months ended September 30, 2018. Gains on sales, property impairments, and depreciation related to operating properties are excluded from the calculation of NAREIT FFO.
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