Kimco Realty Q1 Net Income Rises; Updates 2023 Outlook

(RTTNews) - Kimco Realty Corp. (KIM-PG, KIM) reported first quarter net income available to common shareholders of $283.5 million, or $0.46 per share, compared to $230.9 million, or $0.37 per share, last year. The company said the year-over-year growth is primarily attributable to a $194.1 million ACI special dividend. FFO was $238.1 million, or $0.39 per share, compared to $240.6 million, or $0.39 per share, previous year.

On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.20, for the quarter. Analysts' estimates typically exclude special items.

First quarter total revenues increased to $442.89 million from $427.25 million, previous year. Analysts on average had estimated $435.83 million in revenue.

For 2023, the company now expects net income available to shareholders per share in a range of $0.92 to $0.96, revised from prior guidance of $0.93 to $0.97. FFO per share is estimated in a range of $1.54 to $1.57, revised from previous guidance of $1.53 to $1.57.

Kimco's board declared a cash dividend of $0.23 per common share, representing a 15% increase over the quarterly dividend in the corresponding period of the prior year. The quarterly cash dividend is payable on June 22, 2023 to shareholders of record on June 8, 2023.

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