Kimco Realty Q1 Profit Rises; Reaffirms FY14 EPS View - Quick Facts

(RTTNews) - Kimco Realty Corp. (KIM) reported first-quarter net income available to common shareholders of $72.4 million or $0.18 per share, higher than the $53.2 million or $0.13 per share in the prior year.

FFO, a widely accepted supplemental measure of REIT performance, was $138.4 million or $0.34 per share, marginally higher than the prior year's $134.9 million or $0.33 per share.

FFO as adjusted, which excludes the effects of non-operating impairments and transactional income and expenses, was $140.8 million or $0.34 per share, compared to $132.2 million or $0.32 per share a year ago.

On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.34 for the quarter. Analysts' estimates typically exclude special items.

Total revenues were $237.84 million, up from $218.62 million a year earlier. Analysts expected revenue of $237.42 million for the quarter.

Kimco's board of directors declared a quarterly cash dividend of $0.225 per common share, which is payable on July 15 to shareholders of record on July 3, 2014, with an ex-dividend date of July 1, 2014. This dividend represents a 7.1% increase over the previous dividend paid for the comparable period in 2013. The board of directors also declared quarterly dividends for the company's Class H, I, J and K depositary shares.

The company affirmed its 2014 full-year guidance range for FFO as adjusted, which does not include any estimate for transactional activities or non-operating impairments, of $1.36 - $1.40 per share. Analysts expect the company to report fiscal 2014 earnings per share of $1.39.