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Kimco Realty Announces First Quarter 2019 Results
– Increases in Occupancy, Leasing Spreads and Same Property Net Operating Income –
– Company Updates 2019 Guidance –
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--May 2, 2019--Kimco Realty Corp. (NYSE:KIM) today reported results for the first quarter ended March 31, 2019. For the three months ended March 31, 2019 and 2018, net income available to the company’s common shareholders was $0.24 per diluted share and $0.30 per diluted share, respectively.
First Quarter Highlights:
- Increased pro-rata occupancy to 96.0%, representing a 20-basis-point improvement from the fourth quarter of 2018 and the highest first quarter sequential growth level in ten years.
- Generated new leasing spreads of 17.4%, representing the highest quarterly increase since the third quarter of 2017 and the 21st consecutive quarter in which spreads on new leases increased by more than 10%.
- Grew same-property net operating income (“NOI”) 3.7% over the same period in 2018.
- Sold seven properties totaling 691,000 square feet for a gross sales price of $101.7 million. Kimco’s share of the sales price was $84.9 million.
“We are highly encouraged by our strong start to 2019, driven by robust leasing volume, higher tenant retention, and outperformance in same-property NOI, all of which demonstrate the appeal of our well-located properties to growing retail concepts,” said Conor Flynn, Kimco’s Chief Executive Officer. “We continue to see healthy demand for space across our portfolio and remain confident in our ability to deliver additional growth and shareholder value in 2019, as reflected by the raising of our full-year net income available to the company’s common shareholders and same-property NOI guidance.”
Net income available to the company’s common shareholders for the first quarter of 2019 was $101.6 million, or $0.24 per diluted share, compared to $129.5 million, or $0.30 per diluted share, for the first quarter of 2018. The decrease was primarily due to $29.9 million of lower gains on the sales of properties, net of impairments, resulting from the sale of 76 assets totaling $913.9 million in 2018.
NAREIT Funds From Operations (“FFO”) was $158.4 million, or $0.38 per diluted share, for the first quarter of 2019 compared to $161.4 million, or $0.38 per diluted share, for the first quarter of 2018. NAREIT FFO for the first quarter of 2019 included $1.0 million of transactional income (net of transactional charges). This compares to $3.6 million of transactional income (net of transactional charges) in the first quarter of 2018.
FFO as adjusted available to common shareholders (“FFO as adjusted”), which excludes the effects of transactional income and charges, was $157.4 million, or $0.37 per diluted share, for the first quarter of 2019 compared to $157.8 million, or $0.37 per diluted share, for the first quarter of 2018.
A reconciliation of net income available to the company’s common shareholders to NAREIT FFO, FFO as adjusted and same-property NOI is provided in the tables accompanying this press release.
The following information was filed by Kimco Realty Corp (KIM) on Thursday, May 2, 2019 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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