Kimco Realty Q1 Profit Matches Estimates; Increases 2015 Guidance - Quick Facts

(RTTNews) - Kimco Realty Corp. (KIM) reported first quarter net income available to shareholders of $295.8 million, or $0.71 per share, compared to $72.4 million, or $0.18 per share, for the first quarter of 2014. Net income available to common shareholders during the first quarter of 2015 included $237.8 million of gains on the sales of operating properties and $5.6 million of impairments attributable to the sale or pending disposition of operating properties.

FFO was $153.5 million, or $0.37 per share, compared to $138.4 million, or $0.34 per share, prior year. FFO as adjusted, which excludes the effects of non-operating impairments and transactional income and expenses, was $147.2 million, or $0.36 per share, for the first quarter of 2015.

On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $0.36 for the quarter. Analysts' estimates typically exclude special items.

Total revenues were $283.46 million, compared to $228.19 million, a year ago. Analysts expected revenue of $261.95 million for the quarter.

For the full year 2015, the company now expects FFO, as adjusted, per share to be in the range of $1.42 to $1.45. Analysts expect the company to report fiscal year earnings per share of $1.49.

Kimco's board declared a quarterly cash dividend of $0.24 per common share, payable on July 15, 2015, to shareholders of record on July 6, 2015.