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Kimco Realty Corp - Stock Quote KIM

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Morningstar's Kimco Realty Corp Stock Analysis

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First-Quarter Occupancy Gain Helps Drive Solid NOI Growth That Matches Our Estimates for Kimco

Kevin Brown, CFA Equity Analyst

Analyst Note

| Kevin Brown, CFA |

First-quarter results for Kimco Realty were in line with our expectations, giving us confidence in our $26.50 fair value estimate for the no-moat company. Portfolio occupancy sequentially improved another 30 basis points to 94.6% and is now 120 basis points higher than it was a year ago. The occupancy increase is particularly strong given that occupancy typically falls in the first quarter and this quarter’s increase is the largest sequential increase seen in a first quarter in over 10 years. Re-leasing spreads in the first quarter came in at 7.1%, in line with our estimate of 6.7% and in line with the company’s trailing four-quarter figure of 6.9%. Same-store revenue was up 5.9% in the first quarter driven by 3.6% minimum rent growth but further helped by significantly reduced rent abatements needed for tenants. Same-store expenses fell 1.4%, leading to same-store net operating income growth of 8.9% that was in line with our estimate of 8.2% growth. The strong portfolio growth drove Kimco Realty’s funds from operations, which was up 16.6% year over year to $0.39 per share and beat our estimate by a penny.

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Kimco Realty Corp's Company Profile

Business Description

One of the oldest real estate investment trusts in the United States, Kimco Realty owns interests in 541 shopping centers throughout major markets in the U.S., representing roughly 77 million square feet.

500 North Broadway, Suite 201
Jericho, NY, 11753
T +1 516 869-9000
Sector Real Estate
Industry REIT - Retail
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 606

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