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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.
- Reported net income available to the company’s common shareholders (“Net Income”) of $85.6 million or $0.19 per diluted share for the third quarter of 2018.
- Increased same-property net operating income (“NOI”) by 2.2% (2.3% including redevelopments) during the third quarter compared to the same period in 2017.
- Expanded pro-rata small shop occupancy to a record high of 90.8%.
- Generated new leasing spreads of 12.1%, representing the nineteenth consecutive quarter that the rental rate for new leases over the prior rent for the comparable space increased by more than 10%.
- Disposed of 10 shopping centers and two land parcels totaling 1.3 million square feet for a gross sales price of $156.8 million during the third quarter of 2018. Kimco’s share of the sales price was $153.7 million.
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:
- $51.5 million of higher gains on the sales of operating properties, net of impairments; and
- $37.9 million of lower depreciation expense on operating properties
- $11.0 million of higher early extinguishment of debt charges; and
- $5.2 million of lower NOI compared to the same period in 2017 as a result of the net dispositions completed during the nine months ended September 30, 2018.
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.
The following information was filed by Kimco Realty Corp (KIM) on Thursday, October 25, 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.
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