Kimco Realty Corp ( (KIM) ) has released its Q3 earnings. Here is a breakdown of the information Kimco Realty Corp presented to its investors.
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Kimco Realty Corp, a prominent real estate investment trust (REIT), specializes in owning and managing high-quality, open-air, grocery-anchored shopping centers and mixed-use properties across the United States. In its third-quarter 2024 earnings report, Kimco Realty announced significant financial and operational achievements, including a notable increase in net income and funds from operations (FFO), alongside record occupancy rates.
Key financial indicators showed strong growth, with the company’s net income per diluted share rising to $0.19, a 5.6% increase from the prior year, and FFO growing by 7.5% to $0.43 per diluted share. Kimco saw an impressive 3.3% growth in same-property net operating income and achieved an all-time high portfolio occupancy rate of 96.4%, driven by strategic acquisitions and a robust leasing performance. The company’s strategic acquisition of Waterford Lakes Town Center in Orlando for $322 million further enhanced its portfolio.
Kimco’s capital market activities included issuing $500 million in senior unsecured notes and amending its unsecured term loan, contributing to $2.8 billion in liquidity. The board also declared a 4.2% increase in the quarterly cash dividend on common shares, reflecting confidence in its financial health.
Looking ahead, Kimco has raised its 2024 financial outlook, anticipating further growth in net income and FFO per diluted share. The company remains optimistic about its ability to capitalize on favorable market conditions, supported by a diverse and resilient portfolio, strategic investments, and a solid balance sheet.
