Kimco Realty Q2 Profit Climbs; FFO In-line With View, Affirms FY14 FFO Outlook

(RTTNews) - Kimco Realty Corp. (KIM) reported that its second-quarter net income available to common shareholders surged to $74.9 million or $0.18 per share from $36.6 million or $0.09 per share in the prior year.

FFO, a widely accepted supplemental measure of REIT performance, was $141.2 million or $0.34 per diluted share, compared to $141.6 million or $0.35 per share in the previous year.

FFO as adjusted, which excludes the effects of non-operating impairments as well as transactional income and expenses rose to $143.2 million or $0.35 per share from $142.1 million or $0.35 per share a year ago.

On average,19 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 $260.25 million, up from $227.12 million a year earlier. Analysts expected revenue of $240.85 million for the quarter.

Kimco's board of directors declared a quarterly cash dividend of $0.225 per common share, payable on October 15, to shareholders of record on October 3, 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 with respect to the company's various series of cumulative redeemable preferred shares (Class H, Class I, Class J and Class K). All dividends on the preferred shares will be paid on October 15, to shareholders of record on October 2, 2014.

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 $1.38.