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Kimco Realty (KIM) Q2 FFO Beats Estimates, Revenues Lag
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Have you been eager to see how Kimco Realty Corp. (KIM - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this New Hyde Park, NY–based retail real estate investment trust’s (REIT) earnings release this morning:
A FFO Beat
Kimco came out with adjusted funds from operations (FFO) per share of 37 cents, beating the Zacks Consensus Estimate of 36 cents.
Results reflect high occupancy level and decent new leasing spreads.
How Was the Earnings Surprise Trend?
Before posting a FFO beat in Q2, the company delivered positive surprise in two quarters and in-line results in the other two occasions. Overall, the company surpassed the Zacks Consensus Estimate by an average of 1.37% in the trailing four quarters. The graph below depicts this surprise history:
Kimco posted adjusted revenues of $289.4 million, which marginally missed the Zacks Consensus Estimate of $290.3 million. It also compared unfavorably with the year-ago number of $292.8 million.
Key Developments to Note:
At the end of the second quarter, pro-rata occupancy came in at 96.0%, denoting an expansion of 50 basis points (bps) from the prior year quarter.
The company repurchased 3.5 million shares of common stock for $50.8 million (at an average price of $14.53) during the quarter under its $300 million share repurchase program.
Kimco raised its full-year 2018 guidance. The company projects FFO per share in the range of $1.43-$1.46, compared with the prior guidance of $1.42-$1.46. This is based on same-property NOI (excluding redevelopments) growth projections of 2-2.5% against the prior projections of 1.5-2%, net dispositions estimation of $700-$900 million (unchanged) and total redevelopment and development investment of $425-$525 million (unchanged).
What Zacks Rank Says
Kimco currently has a Zacks Rank #3 (Hold). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Check back later for our full write up on this KIM earnings report!
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
Image: Bigstock
Kimco Realty (KIM) Q2 FFO Beats Estimates, Revenues Lag
Have you been eager to see how Kimco Realty Corp. (KIM - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this New Hyde Park, NY–based retail real estate investment trust’s (REIT) earnings release this morning:
A FFO Beat
Kimco came out with adjusted funds from operations (FFO) per share of 37 cents, beating the Zacks Consensus Estimate of 36 cents.
Results reflect high occupancy level and decent new leasing spreads.
How Was the Earnings Surprise Trend?
Before posting a FFO beat in Q2, the company delivered positive surprise in two quarters and in-line results in the other two occasions. Overall, the company surpassed the Zacks Consensus Estimate by an average of 1.37% in the trailing four quarters. The graph below depicts this surprise history:
Kimco Realty Corporation Price and EPS Surprise
Kimco Realty Corporation Price and EPS Surprise | Kimco Realty Corporation Quote
Revenue Came In Lower Than Expected
Kimco posted adjusted revenues of $289.4 million, which marginally missed the Zacks Consensus Estimate of $290.3 million. It also compared unfavorably with the year-ago number of $292.8 million.
Key Developments to Note:
At the end of the second quarter, pro-rata occupancy came in at 96.0%, denoting an expansion of 50 basis points (bps) from the prior year quarter.
The company repurchased 3.5 million shares of common stock for $50.8 million (at an average price of $14.53) during the quarter under its $300 million share repurchase program.
Kimco raised its full-year 2018 guidance. The company projects FFO per share in the range of $1.43-$1.46, compared with the prior guidance of $1.42-$1.46. This is based on same-property NOI (excluding redevelopments) growth projections of 2-2.5% against the prior projections of 1.5-2%, net dispositions estimation of $700-$900 million (unchanged) and total redevelopment and development investment of $425-$525 million (unchanged).
What Zacks Rank Says
Kimco currently has a Zacks Rank #3 (Hold). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Check back later for our full write up on this KIM earnings report!
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>