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Kimco Realty Corp KIM

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Stock XNYS Rating as of
$19.36 +0.51 (2.71%)
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As of Delayed Price Post-Trading: $19.16 −0.19
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Company Report

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Kimco Realty Earnings: Strong Re-Leasing Spreads Drive Growth of Minimum Rents and NOI

Kevin Brown

Kimco Realty's first-quarter results were slightly better than we anticipated, leading us to reaffirm our $25.50 fair value estimate for the no-moat company. Same-store occupancy improved 20 basis points year over year to 96.0%, slightly better than our 95.8% estimate. Re-leasing spreads remained in the double digits at 10.2% in the first quarter, matching our assumption. As a result, minimum rent for the same-store portfolio increased 2.8% and same-store revenue was up 2.3%. Meanwhile, operating expenses fell 1.4%, leading to same-store net operating income growth of 3.9%, above our 2.9% estimate for the first quarter. Kimco reported funds from operations of $0.39 per share, $0.03 better than our $0.36 estimate.

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Price vs Fair Value

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KIM is trading at a 345% premium.
Price
$18.85
Fair Value
$58.10
Uncertainty
Medium
1-Star Price
$48.34
5-Star Price
$67.87
Economic Moat
Dywk
Capital Allocation
Cynkrxhph

Bulls Say, Bears Say

Bulls

Many of Kimco’s in-place leases are significantly below current market rents, providing a potential and notable source of organic growth well into the future.

Bears

Many of Kimco’s in-place leases are subject to renewal options that allow tenants to extend the leases without full renegotiation of rent, preventing the company from realizing often higher current market rents.

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Trading Information

Previous Close Price
$18.85
Day Range
$18.91–19.40
52-Week Range
$16.34–22.84
Bid/Ask
$19.16 / $19.50
Market Cap
$13.05 Bil
Volume/Avg
5.6 Mil / 4.6 Mil

Key Statistics

Price/Earnings (Normalized)
39.78
Price/Sales
6.45
Dividend Yield (Trailing)
5.14%
Dividend Yield (Forward)
5.25%
Total Yield
5.14%

Company Profile

One of the oldest real estate investment trusts in the United States, Kimco Realty owns interests in 523 shopping centers throughout major markets in the US, representing roughly 77 million square feet.
Sector
Real Estate
Industry
REIT - Retail
Stock Style Box
Mid Growth
Total Number of Employees
660
Website
https://www.kimcorealty.com

Competitors

Valuation

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Metric
KIM
O
FRT
Price/Earnings (Normalized)
 39.7837.6036.98
Price/Book Value
 1.201.162.97
Price/Sales
 6.458.677.02
Price/Cash Flow
 13.8813.0614.47
Price/Earnings
KIM
O
FRT

Financial Strength

Metric
KIM
O
FRT
Quick Ratio
 1.801.491.01
Current Ratio
 1.821.551.01
Interest Coverage
 2.471.962.40
Quick Ratio
KIM
O
FRT

Profitability

Metric
KIM
O
FRT
Return on Assets (Normalized)
 2.26%1.94%3.13%
Return on Equity (Normalized)
 4.23%3.39%9.43%
Return on Invested Capital (Normalized)
 3.48%3.39%5.04%
Return on Assets
KIM
O
FRT
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