Q1 2024 Kimco Realty Corp Earnings Call Transcript
Key Points
- Successful integration of RPT acquisition, exceeding underwriting expectations in terms of timing, performance, and monetization of assets.
- Achieved significant cost synergies early in the year, anticipating reaching the high end of the projected $34 million range for 2024.
- Reported strong first quarter leasing results with same-site NOI growth of 3.9%, driven by higher minimum rents and lower credit loss.
- Raised full-year guidance for both FFO and same-site NOI based on robust quarterly results and successful RPT integration.
- Maintained a strong liquidity position with over $2 billion of immediate availability and no significant debt maturities for the remainder of the year.
- Pro rata occupancy slightly decreased by 20 basis points from the previous quarter due to the RPT merger and vacating of four Rite Aid locations.
- Inflation remains high, impacting the transaction market and dampening the prospect of interest rate cuts.
- Small shop occupancy decreased by 20 basis points from last quarter due to the RPT merger.
- Encountered greater pro rata interest expense of $14.6 million, resulting from higher interest rates on refinanced bonds and floating rate debt in joint ventures.
- Challenges in finding accretive acquisition opportunities due to tight asset pricing and strong market competition.
Good day, and welcome to the Kimco Realty First Quarter 2021 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.
I would like now to turn the conference over to David Bujnicki, Senior Vice President of Investor Relations. Please go ahead.
Good morning, and thank you for joining Kimco's quarterly earnings call. The Kimco management team participating on the call today include Conor Flynn, Kimco's CEO; Ross Cooper, President and Chief Investment Officer; Glenn Cohen, our CFO; Dave Jamieson, Kimco's Chief Operating Officer; as well as other members of our executive team that are also available to answer questions during the call.
As a reminder, statements made during the course of this call may be deemed forward-looking, and it is important to note that the company's actual results could differ materially from those projected in such forward-looking statements. due to a variety of risks, uncertainties and other factors. Please refer to
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