Kimco Realty® Announces First Quarter 2024 Results

Core Insights - Kimco Realty reported a net loss of $18.9 million, or $0.03 per diluted share, for Q1 2024, compared to a net income of $283.5 million, or $0.46 per diluted share, in Q1 2023, primarily due to a one-time special dividend received in the previous year [1][4][21] Financial Performance - Funds From Operations (FFO) for Q1 2024 was $261.8 million, or $0.39 per diluted share, including $25.2 million in merger-related charges [5][24] - Same Property Net Operating Income (NOI) grew by 3.9% year-over-year, driven by a 2.8% increase in minimum rent [2][7] - The company achieved a pro-rata portfolio occupancy of 96.0%, with anchor and small shop occupancy rates at 97.8% and 91.5%, respectively [2][7] Acquisition and Disposition Activities - Kimco completed the $2.3 billion acquisition of RPT Realty on January 2, 2024, and disposed of ten former RPT properties for $248 million, achieving its 2024 disposition target [2][3][8] - The acquisition of RPT resulted in a $60.6 million increase in consolidated revenues from rental properties [4] Capital Market Activities - The company repaid unsecured notes totaling $646.9 million during Q1 2024 and has no remaining unsecured debt [9] - Kimco sold 14.2 million shares of ACI common stock, generating $299.1 million in net proceeds [9] Dividend Declarations - The board declared a quarterly cash dividend of $0.24 per share, payable on June 20, 2024 [10] 2024 Full Year Outlook - The company updated its guidance for 2024, projecting net income of $0.40 to $0.44 per diluted share and FFO of $1.56 to $1.60 per diluted share [11][12]