Kimco Realty Corp ( (KIM) ) has released its Q4 earnings. Here is a breakdown of the information Kimco Realty Corp presented to its investors.
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Kimco Realty Corp is a real estate investment trust focusing on owning and operating high-quality, open-air, grocery-anchored shopping centers and mixed-use properties across the United States. The company is known for its strategic positioning in major metropolitan areas and its commitment to corporate responsibility.
In its latest earnings report for the fourth quarter and full year 2024, Kimco Realty Corp announced it achieved strong financial results, reaching the high end of its 2024 outlook. The company reported significant growth in net income and Funds From Operations (FFO), along with successful leasing activities and strategic acquisitions.
Key financial highlights include a 7.7% increase in FFO per diluted share, reaching $0.42 in the fourth quarter, and a pro-rata portfolio occupancy rate of 96.3%. Kimco also completed significant acquisitions, notably the Waterford Lakes Town Center in Orlando, Florida, and raised over $136 million in equity offerings. The acquisition of RPT Realty contributed to consolidated revenue growth, albeit with increased operating expenses.
For the full year 2024, Kimco reported a net income of $375.7 million, a decrease from 2023 due to a special dividend received in the prior year. However, FFO grew by 5.1% year-over-year, reflecting the company’s robust operational performance. The company also maintained strong leasing momentum, signing 429 leases totaling 2.4 million square feet in the fourth quarter alone.
Looking ahead, Kimco Realty Corp has provided an optimistic outlook for 2025, anticipating further growth in net income and FFO. The company remains focused on its strategy of maintaining high occupancy rates, strategic acquisitions, and disciplined capital allocation to drive continued value creation for its shareholders.
