Financial Data and Key Metrics Changes - FFO for Q1 2024 was $261.8 million or $0.39 per diluted share, including merger charges of $25.2 million or $0.04 per diluted share, representing a 10.3% per share increase compared to $238.1 million or $0.39 per diluted share for Q1 2023 [18][19][23] - Pro rata NOI increased to $53.7 million, with $38 million generated by the RPT sites, benefiting from higher minimum rents and lower credit loss [18][19] - Credit loss for Q1 2024 was 62 basis points, down from 92 basis points in Q1 2023 [19] Business Line Data and Key Metrics Changes - Same-site NOI growth was 3.9%, driven by 2.8% growth from higher minimum rents and lower landlord expenses [9] - The portfolio generated over 4 million square feet in leasing activity, with 143 new leases signed at positive leasing spreads of 35.5% [10] - Pro rata occupancy was 96%, a decrease of 20 basis points from the previous quarter but an improvement of 20 basis points from a year ago [9] Market Data and Key Metrics Changes - The integration of the RPT acquisition was completed, with the new portfolio performing well and producing over 3% same-site NOI growth for the quarter [7] - The company anticipates reaching the high end of the stated range of $34 million in cost synergies for 2024 [8] Company Strategy and Development Direction - The company is focused on trimming non-critical expenses and strategically positioning its portfolio in high barrier to entry markets [11] - The management is optimistic about the transaction market despite macroeconomic challenges, with plans to focus on new investment activity throughout the year [13][16] - The company aims to maintain a disciplined approach to acquisitions, seeking opportunities that align with its return thresholds [16] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the leasing momentum, particularly in small shops, and noted that the integration of RPT has exceeded expectations [39][56] - The company raised its full-year guidance for FFO per diluted share from $1.54 - $1.58 to $1.56 - $1.60, reflecting strong first-quarter results and successful integration of the RPT acquisition [23][24] Other Important Information - The company ended Q1 2024 with a consolidated net debt to EBITDA ratio of 5.3x, the best level achieved to date [22] - The liquidity position remained strong with over $2 billion of immediate availability and no remaining debt maturities for the balance of the year [22] Q&A Session Summary Question: Credit loss guidance unchanged despite low Q1 - Management explained that the credit loss assumption remains prudent due to potential bankruptcies that could impact the portfolio [26] Question: Drivers of G&A synergies from RPT integration - Management highlighted the quick execution of asset sales and a rapid pace of integration as key factors driving G&A synergies [29][31] Question: NOI performance and operational synergies from RPT - Management noted that the RPT portfolio is performing better than expected, with quicker leasing and higher rents than originally anticipated [38] Question: Future capital deployment strategy - Management indicated a focus on grocery-anchored acquisitions while remaining open to lifestyle center opportunities, depending on market conditions [44][46] Question: Trends in the pharmacy and health and wellness sector - Management acknowledged disruptions in the pharmacy business but emphasized the growing importance of health and wellness trends in retail [50][52] Question: Small shop occupancy changes and leasing activity - Management expressed optimism about small shop leasing momentum, attributing current vacancies to ongoing anchor space developments [56][57]

For the quarter ended March 2024, Kimco Realty (KIM) reported revenue of $503.75 million, up 13.7% over the same period last year. EPS came in at $0.39, compared to $0.46 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $468.82 million, representing a surprise of +7.45%. The company delivered an EPS surprise of +2.63%, with the consensus EPS estimate being $0.38.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how ...

Kimco Realty (KIM) came out with quarterly funds from operations (FFO) of $0.39 per share, beating the Zacks Consensus Estimate of $0.38 per share. This compares to FFO of $0.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 2.63%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.39 per share when it actually produced FFO of $0.39, delivering no surprise.Over the last four quarters, the co ...

[Kimco Realty® Q1 2024 Earnings Release](index=1&type=section&id=Kimco%20Realty%C2%AE%20Announces%20First%20Quarter%202024%20Results) [Overview and Highlights](index=1&type=section&id=First%20Quarter%20Highlights) Kimco Realty reported strong Q1 2024 results, marked by the RPT Realty acquisition, strategic divestitures, and robust leasing activity, leading to an increased full-year outlook Q1 2024 Key Performance Indicators | Metric | Value | | :--- | :--- | | Funds From Operations (FFO) | $0.39 per diluted share | | Same Property NOI Growth (YoY) | 3.9% | | Pro-rata Portfolio Occupancy | 96.0% | | Total Leased Area | 4.0 million sq. ft. | | Blended Pro-rata Rent Spreads | 10.2% | | New Lease Pro-rata Rent Spreads | 35.5% | - Successfully completed the **$2.3 billion** acquisition of RPT Realty on January 2, 2024[3](index=3&type=chunk) - Disposed of ten former RPT properties for an aggregate price of **$248 million**, achieving the company's 2024 disposition target for these specific assets[3](index=3&type=chunk) [Financial and Operating Performance](index=2&type=section&id=Financial%20and%20Operating%20Performance) Despite a net loss due to non-recurring items and merger costs, core operations remained strong with stable FFO, robust leasing, and strategic capital management [Financial Results](index=2&type=section&id=Financial%20Results) Kimco reported a Q1 2024 net loss of **($0.03) per diluted share**, primarily due to non-recurring items and merger charges, while Funds from Operations (FFO) remained stable at **$0.39 per diluted share** Q1 Financial Results Comparison (per diluted share) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net (Loss)/Income | ($0.03) | $0.46 | | FFO | $0.39 | $0.39 | - The year-over-year decrease in net income was primarily driven by a **$194.1 million** one-time special dividend from Albertsons (ACI) in Q1 2023 that did not recur, **$25.2 million** in RPT merger charges, and **$40.4 million** less in gains on property sales[7](index=7&type=chunk) - Q1 2024 FFO of **$261.8 million**, or **$0.39 per diluted share**, includes **$25.2 million** (**$0.04 per share**) in RPT-related merger charges[4](index=4&type=chunk) [Operating Results](index=2&type=section&id=Operating%20Results) Strong Q1 operational performance was marked by significant leasing activity, a **10.2%** blended rent spread, **3.9%** Same Property NOI growth, and high portfolio occupancy Q1 2024 Leasing and Occupancy Metrics | Metric | Value | YoY Change | | :--- | :--- | :--- | | Pro-rata Portfolio Occupancy | 96.0% | +20 bps | | Pro-rata Small Shop Occupancy | 91.5% | +80 bps | | Blended Rent Spreads | 10.2% | N/A | | New Lease Rent Spreads | 35.5% | N/A | | Renewal/Option Rent Spreads | 7.8% | N/A | - Same Property NOI grew **3.9%** over Q1 2023, primarily driven by a **2.8%** increase in minimum rent[8](index=8&type=chunk) - The company reported a **330-basis-point** spread between leased and economic occupancy, representing approximately **$63 million** in future annual base rent[8](index=8&type=chunk) [Investment & Disposition Activities](index=2&type=section&id=Investment%20%26%20Disposition%20Activities) Following the RPT acquisition, the company strategically disposed of ten properties for **$248 million** while reinvesting **$67 million** into eight of them through its Structured Investment program - Disposed of ten former RPT properties for an aggregate price of **$248 million**, totaling **2.1 million square feet**[8](index=8&type=chunk) - Opportunistically invested approximately **$67 million** in eight of the disposed properties under its Structured Investment program, with an expected **10%** blended return[8](index=8&type=chunk) [Capital Market Activities](index=3&type=section&id=Capital%20Market%20Activities) Kimco enhanced its capital structure by repaying **$646.9 million** in unsecured notes and exiting its Albertsons investment, maintaining a strong **$2.0 billion** immediate liquidity position - Repaid two unsecured notes totaling **$646.9 million**, leaving no unsecured debt maturing for the remainder of 2024[9](index=9&type=chunk) - Sold the remaining **14.2 million** shares of ACI common stock, generating **$299.1 million** in net proceeds[9](index=9&type=chunk) - Ended the quarter with **$2.0 billion** of immediate liquidity, including over **$135 million** in cash and **$1.9 billion** available on its revolving credit facility[9](index=9&type=chunk) [Shareholder Returns and Outlook](index=3&type=section&id=Shareholder%20Returns%20and%20Outlook) Kimco's board declared a **$0.24 per common share** quarterly dividend and raised its full-year 2024 FFO and Same Property NOI growth guidance, reflecting strong performance and strategic confidence [Dividend Declarations](index=3&type=section&id=Dividend%20Declarations) The Board declared a **$0.24 per common share** quarterly cash dividend and also declared quarterly dividends for all series of preferred shares - A quarterly cash dividend of **$0.24 per common share** was declared, payable on June 20, 2024, to shareholders of record on June 6, 2024[9](index=9&type=chunk) - Quarterly dividends were also declared for the company's Class L, Class M, and Class N series of preferred shares[9](index=9&type=chunk) [2024 Full Year Outlook](index=3&type=section&id=2024%20Full%20Year%20Outlook) Kimco updated its 2024 full-year guidance, increasing FFO per diluted share to **$1.56-$1.60** and raising Same Property NOI growth and RPT-related cost synergy forecasts Updated 2024 Full Year Guidance (per diluted share) | Metric | Current Guidance | Previous Guidance | | :--- | :--- | :--- | | Net Income | $0.40 to $0.44 | $0.47 to $0.51 | | FFO | $1.56 to $1.60 | $1.54 to $1.58 | Key Updated 2024 Assumptions | Assumption | Current | Prior | | :--- | :--- | :--- | | Same Property NOI Growth | 2.25% to 3.0% | 1.5% to 2.5% | | RPT-related Cost Synergies | $34 million to $35 million | $30 million to $34 million | | Interest Income | $10 million to $12 million | $2 million to $4 million | [Financial Statements and Reconciliations](index=6&type=section&id=Financial%20Statements%20and%20Reconciliations) This section presents detailed unaudited financial statements and reconciliations of GAAP to non-GAAP measures, reflecting asset growth from the RPT acquisition and clarifying key performance indicators [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, Kimco's total assets increased to **$19.47 billion**, primarily due to the RPT acquisition, with corresponding changes in liabilities and equity Balance Sheet Summary (in billions) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Assets | $19.47 | $18.27 | | Total Liabilities | $8.63 | $8.55 | | Total Equity | $10.77 | $9.65 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2024 total revenues increased to **$503.8 million**, but the company reported a net loss of **($18.9) million**, primarily due to merger charges and non-recurring items from the prior year Statement of Operations Summary (in millions) | Account | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Total Revenues | $503.8 | $442.9 | | Operating Income | $130.7 | $172.5 | | Net (Loss)/Income Available to Common Shareholders | ($18.9) | $283.5 | [Reconciliation to FFO](index=8&type=section&id=Reconciliation%20of%20Net%20%28Loss%29%2FIncome%20to%20FFO) This section reconciles the GAAP net loss of **($18.9) million** to Funds From Operations (FFO) of **$261.8 million** for Q1 2024, primarily adjusting for depreciation and other non-cash items Q1 2024 FFO Reconciliation (in thousands) | Item | Amount | | :--- | :--- | | Net loss available to common shareholders | ($18,916) | | Depreciation and amortization (real estate related) | $175,060 | | Other adjustments (gains, impairments, etc.) | $105,685 | | **FFO available to common shareholders** | **$261,829** | - The Q1 2024 FFO includes **$25.2 million**, or **$0.04 per diluted share**, in merger-related charges[26](index=26&type=chunk) [Reconciliation to Same Property NOI](index=9&type=section&id=Reconciliation%20of%20Net%20%28Loss%29%2F%20Income%20to%20Same%20Property%20NOI) This reconciliation adjusts GAAP net loss to derive Same Property NOI, which increased by **3.9%** to **$381.3 million** in Q1 2024, reflecting operational performance for a consistent property pool Same Property NOI (in thousands) | Period | Same Property NOI | | :--- | :--- | | Q1 2024 | $381,273 | | Q1 2023 | $367,108 | [Reconciliation of Projected Guidance](index=10&type=section&id=Reconciliation%20of%20the%20Projected%20Range%20of%20Net%20Income%20to%20FFO) This section reconciles the projected full-year 2024 Net Income per share to FFO per share, with real estate-related depreciation and amortization being the primary adjustment Full Year 2024 Guidance Reconciliation (per diluted share) | Item | Low End | High End | | :--- | :--- | :--- | | Net income available | $0.40 | $0.44 | | Depreciation & amortization (real estate) | $1.00 | $1.04 | | Other adjustments | $0.16 | $0.12 | | **FFO available** | **$1.56** | **$1.60** | [Other Information](index=4&type=section&id=Other%20Information) This section provides standard corporate information, including the company profile and the required Safe Harbor statement regarding forward-looking statements [About Kimco Realty®](index=4&type=section&id=About%20Kimco%20Realty%C2%AE) Kimco Realty is a leading REIT specializing in grocery-anchored shopping centers and mixed-use assets across major U.S. metropolitan markets, with a portfolio of **569 properties** totaling **101 million square feet** as of March 31, 2024 - Kimco Realty is a REIT focused on owning and operating high-quality, open-air, grocery-anchored shopping centers in major U.S. metro markets[12](index=12&type=chunk) - As of March 31, 2024, the company's portfolio consisted of **569** U.S. shopping centers and mixed-use assets with **101 million square feet** of gross leasable space[12](index=12&type=chunk) [Safe Harbor Statement](index=4&type=section&id=Safe%20Harbor%20Statement) This statement cautions that the report contains forward-looking statements subject to various risks and uncertainties, including economic conditions, tenant insolvencies, and RPT Realty merger integration challenges - The press release contains forward-looking statements that are not guarantees of future performance and are subject to known and unknown risks[14](index=14&type=chunk) - Key risks include adverse economic conditions, tenant insolvencies, the impact of e-commerce, and challenges related to the successful integration of the RPT Realty merger[14](index=14&type=chunk)

Analysts on Wall Street project that Kimco Realty (KIM) will announce quarterly earnings of $0.38 per share in its forthcoming report, representing a decline of 2.6% year over year. Revenues are projected to reach $468.82 million, increasing 5.9% from the same quarter last year.Over the last 30 days, there has been an upward revision of 0.3% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts ...

hapabapa/iStock Editorial via Getty Images Introduction Earlier this year, Kimco Realty (NYSE:KIM) completed the acquisition of RPT Realty in an all-stock transaction, creating a much larger commercial REIT with a focus on grocery-related anchor tenants. One of the interesting elements was that the "busted" preferred share issue of RPT Realty is now backed by Kimco Realty. As part of the acquisition, Kimco issued 53 million common shares of Kimco to RPT shareholders while it issued just under 1 million ...

arcady_31/iStock Editorial via Getty ImagesKimco Realty Corporation (NYSE:KIM) is a well-managed real estate investment trust that is profiting from robust growth in rental rates in its metropolitan area-focused real estate portfolio. The REIT also has growing portfolio occupancy and in 4Q hiked its quarterly dividend pay-out to $0.24 per share. The shopping center trust’s yield, potential for dividend growth, a low pay-out ratio based on FFO and a compelling valuation all culminate in a Buy stock class ...

Core Insights - The article discusses the rising trend of passive investing and its potential impact on market dynamics, particularly the risk of breaking price discovery mechanisms as passive share approaches critical thresholds [2][6][17] Passive Share Overview - Passive share has reached over 50%, with $13.29 trillion in passive assets compared to $13.23 trillion in active assets, indicating a significant shift towards passive investment strategies [3][5] - Bloomberg estimates passive share at 53.8% of U.S. funds, highlighting the growing dominance of passive investment vehicles [3] Market Dynamics and Price Discovery - Price discovery is essential for market functioning, where stock prices reflect the collective views of traders [6][7] - Passive investment vehicles, such as ETFs, are inelastic and do not respond to price changes, which can disrupt the price discovery process when active investors are outnumbered [7][15] Sector-Specific Insights - The U.S. real estate sector exhibits the highest passive share, making it a critical area to monitor for signs of market breaking [8][10] - Kimco Realty Corporation (KIM) serves as a case study where its market price does not align with its strong fundamentals, suggesting that passive investment flows may be distorting its valuation [10][11][13] Investment Opportunities - The current market inefficiencies present opportunities for investors to capitalize on mispriced REITs, either by buying undervalued assets or selling overvalued ones [17][18] - The lack of responsiveness in the market allows investors to wait for fundamental developments before making investment decisions, potentially leading to favorable entry or exit points [18]

JERICHO, N.Y.--(BUSINESS WIRE)--Kimco Realty® (NYSE: KIM) announced today that its management will present at the Citi 2024 Global Property CEO Conference on Tuesday, March 5, 2024. Event: Kimco Realty® Management Presentation When: Tuesday, March 5, 2024, from 7:30 AM – 8:05 AM, ET Live Webcast: Kimco Realty Management to Present at Citi Conference A replay of the webcast will be available 12 hours after the conclusion of the live event until March 4, 2025, at the above link. About Kimco Realty® Kimc ...

alacatrShopping center fundamentals have improved materially, setting Kimco (NYSE:KIM) up for secular net operating income growth. As expenses normalize, it should translate into accelerating AFFO/share growth. Current valuation does not price in long-term growth which makes KIM opportunistic. I believe three aspects make KIM significantly more valuable than its price: Long-term undersupply of shopping centers Implied stabilized cap rate of KIM vs where its properties should trade Factors masking curre ...