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Kimco Realty Announces Second Quarter 2019 Results
Portfolio Occupancy Matches All-Time High Level
Updates 2019 Outlook
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--July 25, 2019--Kimco Realty Corp. (NYSE:KIM) today reported results for its second quarter ended June 30, 2019. For the three months ended June 30, 2019 and 2018, net income available to the company’s common shareholders was $0.20 per diluted share and $0.36 per diluted share, respectively.
Second Quarter Highlights:
- Increased pro-rata occupancy to a record-tying 96.2%.
- Generated new leasing spreads of 37.0%, representing the 22nd consecutive quarter in which spreads on new leases increased by double digits.
- Grew same-property net operating income (“NOI”) by 2.5% during the second quarter compared to the same period in 2018.
- Sold three properties and one land parcel totaling 875,000 square feet for $103.7 million. Kimco’s share was $65.8 million.
“With our pro-rata occupancy at an all-time high, impressive spreads on new leases and positive same-property NOI, our strong operating results continue to reflect the successful execution of our 2020 Vision strategy, along with the quality, strength and resiliency of our portfolio,” said Conor Flynn, Kimco’s Chief Executive Officer. “We also remain focused on our value-creation initiatives designed to drive long-term cash flow growth for our shareholders. An excellent example is the success we’re seeing at Phase One of Pentagon Centre, where in just one month, we’re seeing strong demand that has enabled us to lease over 45 percent of the residential units, well exceeding our expectations.”
Net income available to the company’s common shareholders for the second quarter of 2019 was $86.5 million, or $0.20 per diluted share, compared to $150.9 million, or $0.36 per diluted share, for the second quarter of 2018. The change was primarily due to the sale of over $1.0 billion of properties since 2018 through the first six months of 2019. The result of the sales was $70.4 million of lower gains on sale of properties, net of impairments, partially offset by $10.0 million of lower depreciation expense.
NAREIT Funds From Operations (“FFO”)* was $151.2 million, or $0.36 per diluted share, for the second quarter of 2019 compared to $158.6 million, or $0.38 per diluted share, for the second quarter of 2018. NAREIT FFO for the second quarter of 2019 included $1.0 million of transactional income (net of transactional charges) compared to $2.8 million in the second quarter of 2018.
FFO as adjusted available to common shareholders (“FFO as adjusted”)*, which excludes the effects of transactional income and charges, was $150.2 million, or $0.36 per diluted share, for the second quarter of 2019 compared to $155.7 million, or $0.37 per diluted share, for the second 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, July 25, 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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