FX.co ★ Kimco Realty Q3 FFO Rises; Ups Full-year Outlook

Kimco Realty Corporation (KIM), a leading real estate investment trust, announced an increase in its funds from operations (FFO) for the third quarter, reaching $287.39 million or $0.43 per share. This marks an improvement from last year's $248.61 million or $0.40 per share for the same period. Additionally, the company has revised its full-year FFO per share forecast upwards.

The company reported a net income of $128.02 million, translating to $0.19 per share, compared to $111.95 million or $0.18 per share in the previous year.

Operating income saw a substantial increase to $171.29 million, up from $140.53 million the prior year.

Quarterly revenue experienced growth, totaling $507.63 million, compared to $446.07 million in the same period last year.

Analysts had anticipated the company to post earnings of $0.17 per share with revenue projections at $497.61 million for the quarter. It's worth noting that analysts' projections typically exclude any special items.

The Board of Kimco has approved a dividend of $0.25 per share, marking a 4.2 percent increase from the previous year. This dividend is scheduled for disbursement on December 19, to shareholders recorded by December 5.

For the full fiscal year, Kimco now forecasts its FFO per share to be within the range of $1.64 to $1.65, an increase from the previous estimate of $1.60 to $1.62.

The expected net income per share for the year is revised to between $0.50 and $0.51, compared to the earlier guidance range of $0.44 to $0.46.

The consensus estimate for net income per share stands at $0.47.