Kimco Realty (KIM) Tops Q3 EPS by 6c; Raises FY18 EPS Guidance Above Consensus

Kimco Realty (NYSE: KIM) reported Q3 EPS of $0.19, $0.06 better than the analyst estimate of $0.13. Revenue for the quarter came in at $283.08 million versus the consensus estimate of $285.53 million.

• 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.

GUIDANCE:

Kimco Realty sees FY2018 EPS of $1.00-$1.06, versus the consensus of $0.98.

For earnings history and earnings-related data on Kimco Realty (KIM) click here.

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