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Kimco Realty Declares Pricing of $400 Million 3.8% Notes
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Kimco Realty Corporation (KIM - Free Report) has announced the pricing of $400 million aggregate principal amount of notes. This move is likely to add to the financial strength of this NY-based retail real estate investment trust (REIT).
Kimco is one of the major owners and operators of neighborhood and community shopping centers in the U.S. In early February, the company reported fourth-quarter 2016 adjusted funds from operations (FFO) of 38 cents per share, in line with the Zacks Consensus Estimate and up by a penny from the prior-year quarter.
Nevertheless, the notes, due in 2027, bear a rate of 3.8% per annum. Subject to the satisfaction of certain customary closing conditions, this offering is scheduled to be settled on Mar 30, 2017. The company plans to utilize the net proceeds of around $395.5 million for general corporate purposes. This includes pre-funding of debts and partly lowering its borrowing.
Shares of Kimco underperformed the Zacks categorized REIT and Equity Trust – Retail industry over the past three months. During this time, Kimco declined 11.6% while the industry lost 2.3%. Its FFO per share estimates for 2017 remained unchanged at $1.53, in the last 30 days.
In the last 30 days, Global Net Lease’s FFO per share for first-quarter 2017 escalated 11.1% to 60 cents.
In the last seven days, CoreSite Realty’s FFO per share for first-quarter 2017 increased 0.9% to $1.06.
CorEnergy Infrastructure Trust’s first-quarter 2017 FFO per share estimates moved up 6.5% to $1.14, in the last 30 days.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
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Kimco Realty Declares Pricing of $400 Million 3.8% Notes
Kimco Realty Corporation (KIM - Free Report) has announced the pricing of $400 million aggregate principal amount of notes. This move is likely to add to the financial strength of this NY-based retail real estate investment trust (REIT).
Kimco is one of the major owners and operators of neighborhood and community shopping centers in the U.S. In early February, the company reported fourth-quarter 2016 adjusted funds from operations (FFO) of 38 cents per share, in line with the Zacks Consensus Estimate and up by a penny from the prior-year quarter.
Nevertheless, the notes, due in 2027, bear a rate of 3.8% per annum. Subject to the satisfaction of certain customary closing conditions, this offering is scheduled to be settled on Mar 30, 2017. The company plans to utilize the net proceeds of around $395.5 million for general corporate purposes. This includes pre-funding of debts and partly lowering its borrowing.
Shares of Kimco underperformed the Zacks categorized REIT and Equity Trust – Retail industry over the past three months. During this time, Kimco declined 11.6% while the industry lost 2.3%. Its FFO per share estimates for 2017 remained unchanged at $1.53, in the last 30 days.
Currently, Kimco carries a Zacks Rank #3 (Hold).
Investors interested in the REIT space, may consider stocks like Global Net Lease, Inc. (GNL - Free Report) , CoreSite Realty Corporation (COR - Free Report) and CorEnergy Infrastructure Trust, Inc. , all carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the last 30 days, Global Net Lease’s FFO per share for first-quarter 2017 escalated 11.1% to 60 cents.
In the last seven days, CoreSite Realty’s FFO per share for first-quarter 2017 increased 0.9% to $1.06.
CorEnergy Infrastructure Trust’s first-quarter 2017 FFO per share estimates moved up 6.5% to $1.14, in the last 30 days.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>