Kimco Realty Q3 FFO Rises; Ups Full-year Outlook

Kimco Realty

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Kaufen / Verkaufen

(RTTNews) - Kimco Realty Corporation (KIM), a real estate investment trust, Thursday reported funds from operations or FFO of $287.39 million, or $0.43 per share for the third quarter, higher than $248.61 million, or $0.40 per share in the same quarter a year ago. The company also raised its full-year FFO per share outlook.

Net income was $128.02 million, or $0.19 per share, compared with $111.95 million, or $0.18 per share a year ago.

Operating income was $171.29 million, up from $140.53 million last year.

Revenue for the quarter grew to $507.63 million from $446.07 million in the previous year.

Analysts on average expected the company to report earnings of $0.17 per share on revenue of $497.61 million for the quarter. Analysts' estimates typically exclude special items.

Kimco's Board has declared a dividend of $0.25 per share, 4.2 percent up from last year, payable on December 19, to shareholders of record on December 5.

For the full year, the company now expects FFO per share to be in the range of $1.64 to $1.65, up from the previous outlook of $1.60 to $1.62.

Net income per share for the year is expected between $0.50 and $0.51, compared with $0.44 to $0.46 guided earlier.

The consensus estimate stands at $0.47 per share.