New Hyde Park, NY-based Kimco Realty Corp. recently reported results for the first quarter ended March 31, 2018, and according to analysts, it was another solid quarter for the REIT, as “portfolio transformation continues.”
The company reported that it increased net income available to the company’s common shareholders to $0.30 per diluted share, compared to $0.15 per diluted share during the same period in 2017.
In addition, it achieved 5.4% growth in Funds from operations available to the company’s common shareholders to $0.39 per diluted share, compared to $0.37 per diluted share during the same period in 2017.
The company also grew same-property net operating income 2.6% over the same period in 2017 and increased pro-rata occupancy to 96.1%, representing year-over-year and sequential improvement of 80 and 10 basis points, respectively.
Lastly, the REIT reported that it generated new leasing spreads of 15.6%, representing the sixteenth consecutive quarter that the rental rate for new leases increased by more than 10% over the prior rent for the comparable space and disposed of 21 shopping centers totaling 2.3 million square feet for a gross sales price of $219.5 million.
“We continue to expect development projects coming on line and improving fundamentals to drive growth in 2019,” explained analyst Michael Gorman of BTIG. He added that his company, maintains its “buy” rating at the time for the REIT.