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Kimco Realty Corp KIM

Morningstar Rating
$19.11 +0.23 (1.22%)
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Company Report

Kimco Realty Earnings: 2024 FFO Guidance Below 2023 Due to One-Time Charges and Disposition Timing

Kimco Realty reported fourth-quarter results that were relatively in line with our estimates, giving us confidence in our $25.50 fair value estimate for the no-moat company. Same-store occupancy improved 70 basis points sequentially to 96.2%, slightly better than our 96.0% estimate. Re-leasing spreads remain strong at 11.3%, which was better than our estimate of new rent terms being 8.8% higher than expiring rent. As a result, average base rent per square foot increased 3.4% year over year and same-store revenue increased 2.1%. Operating expenses fell 0.6% in the fourth quarter, leading to same-store net operating income growth of 3.2% that beat our 2.0% growth estimate. The company reported funds from operations, or FFO, of $0.39 per share for the fourth quarter, which was a penny below our $0.40 estimate for the quarter.

Price vs Fair Value

KIM is trading at a 25% discount.
Price
$19.11
Fair Value
$67.50
Uncertainty
Medium
1-Star Price
$75.12
5-Star Price
$79.75
Economic Moat
Wttyb
Capital Allocation
Mdyjpyk

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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News

Trading Information

Previous Close Price
$18.88
Day Range
$18.8319.18
52-Week Range
$16.3422.84
Bid/Ask
$19.10 / $19.33
Market Cap
$12.86 Bil
Volume/Avg
5.1 Mil / 6.0 Mil

Key Statistics

Price/Earnings (Normalized)
31.43
Price/Sales
6.62
Dividend Yield (Trailing)
4.92%
Dividend Yield (Forward)
5.02%
Total Yield
4.92%

Company Profile

One of the oldest real estate investment trusts in the United States, Kimco Realty owns interests in 5,282 shopping centers throughout major markets in the U.S., representing roughly 77 million square feet.
Sector
Real Estate
Industry
REIT - Retail
Stock Style Box
Mid Growth
Total Number of Employees
660

Competitors

Valuation

Metric
KIM
O
FRT
Price/Earnings (Normalized)
31.4337.9437.86
Price/Book Value
1.241.192.95
Price/Sales
6.628.877.17
Price/Cash Flow
11.0712.9914.67
Price/Earnings
KIM
O
FRT

Financial Strength

Metric
KIM
O
FRT
Quick Ratio
6.401.491.55
Current Ratio
6.421.531.55
Interest Coverage
3.572.102.45
Quick Ratio
KIM
O
FRT

Profitability

Metric
KIM
O
FRT
Return on Assets (Normalized)
3.92%2.07%3.11%
Return on Equity (Normalized)
7.37%3.61%9.35%
Return on Invested Capital (Normalized)
4.41%3.47%4.99%
Return on Assets
KIM
O
FRT
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REIT - Retail Industry Comparables

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Name
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Economic Moat
Market Cap
SPG
Simon Property Group IncMhqd$49.5 Bil
O
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LKREF
Link Real Estate Investment TrustVwrb$11.8 Bil
STGPF
Scentre GroupLsldv$11.2 Bil
REG
Regency Centers CorpCsq$11.0 Bil
UNBLF
Unibail-Rodamco-Westfield Act. SIIC ET STES FONC.EUROP.Qbrx$10.7 Bil
UNIRF
Unibail-Rodamco-Westfield ADRCdmg$10.7 Bil
FRT
Federal Realty Investment TrustQxj$8.3 Bil
MAC
Macerich CoVqv$3.5 Bil

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