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Kimco Realty Corporation

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Kimco Realty’s fourth-quarter 2018 funds from operations (FFO) as adjusted came in line with the Zacks Consensus Estimate and the company registered new leasing spreads of 12.2%. Its small-shop occupancy reached a record high in the quarter. But, bankruptcies of Toys R Us and Sears affected its performance. Notably, Kimco is on track with the 2020 Vision strategy that envisages the ownership of high-quality assets concentrated in major metro markets, which offer several growth levers. However, shrinking footfall at malls amid shift of consumers toward online channels, store closures and bankruptcy of retailers is expected to dampen its performance in the near term. Moreover, though its disposition efforts are encouraging for the long term, it will likely have a dilutive impact on near-term earnings. Further, its shares have underperformed its industry, in the past three months.

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