In This Article:
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FFO (Funds From Operations): $287.4 million or $0.43 per diluted share, representing a 7.5% growth per share compared to last year's third quarter.
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Total Pro Rata NOI: $394.1 million, an increase of $51.3 million or 15% over the same period in the prior year.
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Same Site NOI Growth: Positive 3.3% for the third quarter.
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Leased Occupancy: All-time high at 96.4%, up 20 basis points sequentially and 90 basis points year-over-year.
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Anchor Occupancy: 98.2%, up 10 basis points sequentially and 100 basis points year-over-year.
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Small Shop Occupancy: 91.8%, up 10 basis points sequentially and 70 basis points year-over-year.
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New Lease Volume: 119 deals totaling 543,000 square feet with a rent spread of 41.9%.
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Renewals and Options Volume: 332 deals totaling 1.9 million square feet with a spread of 6.8%.
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Combined Lease Volume: 451 deals totaling 2.4 million square feet with a combined spread of 12.3%.
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Net Debt to EBITDA: 5.3x consolidated; 5.6x including pro rata JV debt and perpetual preferred stock.
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Term Loan Increase: From $200 million to $550 million with a blended all-in rate of 4.61%.
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New Unsecured Bond: Issued with a maturity in 2035 at a coupon of 4.85%.
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FFO Per Diluted Share Guidance: Raised to $1.64 to $1.65 from the previous range of $1.60 to $1.62.
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Same Site NOI Growth Guidance: Updated to 3.25% plus from the previous range of 2.75% to 3.25%.
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Investment Guidance: Increased to a range of $565 million to $625 million.
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Disposition Outlook: Lowered by $50 million to $250 million to $300 million.
Release Date: October 31, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Kimco Realty Corp (NYSE:KIM) achieved a record high occupancy rate of 96.4%, matching its all-time high from Q4 2019.
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The company successfully integrated the RPT acquisition, exceeding expectations in operational synergies and NOI projections.
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Kimco Realty Corp (NYSE:KIM) secured 12,000 multifamily unit entitlements a year ahead of schedule, valued between $175 million to $325 million.
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The company reported a strong rent spread for new leases at 41.9%, marking the 12th consecutive quarter of double-digit rent spreads.
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Kimco Realty Corp (NYSE:KIM) raised its full-year FFO per diluted share guidance to $1.64 to $1.65, reflecting strong financial performance.
Negative Points
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Higher debt levels led to an increase in pro rata interest expense by $16.3 million.
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The company anticipates a decrease in interest income in 2025 due to maintaining approximately $100 million in cash.
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Kimco Realty Corp (NYSE:KIM) lowered its disposition outlook by $50 million, indicating potential challenges in asset sales.
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The company faces competition in the acquisition market, particularly for neighborhood grocery-anchored shopping centers.
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Inflation remains a concern, with potential impacts on real estate pricing and rent growth.