Core Viewpoint - Kimco Realty (KIM) has experienced a stock price increase of 17.2% over the past three months, outperforming its industry average of 13.3% [1] Group 1: Financial Performance - In Q2 2024, Kimco reported funds from operations (FFO) per share of 41 cents, exceeding the Zacks Consensus Estimate of 40 cents, and reflecting a 5.1% increase from the previous year [1] - The company has maintained 54 consecutive quarters of positive leasing spreads, indicating strong pricing power across its portfolio [3] Group 2: Portfolio and Market Position - Kimco's properties are strategically located in drivable first-ring suburbs of major metropolitan areas, with 82% of its annual base rent (ABR) coming from these key markets [2] - The company has a diverse tenant base, with 81% of its pro rata ABR derived from national and regional tenants, which supports stable cash flows [2] - The grocery-anchored segment of Kimco's portfolio has increased its ABR from 81% in 2022 to 83% as of June 30, 2024, with a target to reach 85% [3] Group 3: Growth Strategy - Kimco is focused on mixed-use assets in strong economic areas, benefiting from the recovery in both the apartment and retail sectors [4] - The company has disposed of 11 operating properties and six land parcels for a total of $254.1 million in the first half of 2024, using proceeds to enhance its portfolio [5] - Kimco aims for acquisitions in the range of $300 million to $350 million for 2024, including structured investments [5] Group 4: Financial Health - As of Q2 2024, Kimco has $1.9 billion in immediate liquidity and a consolidated weighted average debt maturity profile of 8.7 years [6] - The company holds investment-grade ratings of BBB+ from S&P and Baa1 from Moody's, facilitating favorable access to the debt market [6]
Kimco Realty (KIM) Stock Rises 17.2% in 3 Months: Here's How