Insights into Kimco Realty's forthcoming financial performance are offered in this earnings preview

2 min read | October 17, 2024 04:51 AM PDT | By Team Kalkine Media

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Insights into Kimco Realty's forthcoming financial performance are offered in this earnings preview — Image source: Shutterstock

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Highlights

Kimco Realty Corporation is scheduled to announce its fiscal Q3 earnings results on October 31, with analysts anticipating a funds from operations (FFO) of $0.41 per share, a 2.5% increase from the previous year.

Over the past year, Kimco Realty shares have surged 41.4%, outperforming the S&P 500 Index and the Real Estate Select Sector SPDR Fund.

They maintain a "Moderate Buy" consensus rating on Kimco Realty, with 10 "Strong Buys" and 13 "Holds" from 23 analysts covering the stock.

Kimco Realty Corporation, (NYSE:KIM) based in Jericho, New York, is a real estate investment trust (REIT) focused on open-air, grocery-anchored shopping centers and mixed-use properties. With a market capitalization of $16.2 billion, Kimco's portfolio is strategically located in major U.S. metropolitan areas and growing Sun Belt cities. The company is poised to announce its fiscal Q3 earnings results before the market opens on October 31.

Ahead of the earnings release, analysts project that Kimco will report a funds from operations (FFO) of $0.41 per share, representing a 2.5% increase from $0.40 per share in the same quarter last year. Kimco has consistently surpassed or met Wall Street's bottom-line estimates over the past four quarters, having reported FFO of $0.41 per share in the most recent quarter, exceeding the consensus estimate by 2.5%. For fiscal 2024, the anticipated FFO is $1.62 per share, reflecting a 3.2% increase from $1.57 per share in fiscal 2023, with further growth expected in fiscal 2025.

Over the past 52 weeks, Kimco Realty has demonstrated significant performance, with shares rising 41.4%, outpacing the S&P 500 Index's 33.6% increase and the Real Estate Select Sector SPDR Fund's gain of 28.9%. The company’s positive momentum continued after it raised its full-year FFO forecast, driven by strong leasing demand at its grocery-anchored centers, increased occupancy rates, and robust revenue of $500.2 million in Q2.

The consensus rating among analysts for Kimco Realty remains cautiously optimistic, with an overall rating of "Moderate Buy." As of now, Kimco Realty shares are trading slightly above the average analyst price target, reflecting a favorable outlook for the company's future.

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