Q3 2024 Kimco Realty Corp Earnings Call Transcript
Key Points
- Kimco Realty Corp (KIM) achieved a record high occupancy rate of 96.4%, matching its all-time high from Q4 2019.
- The company successfully integrated the RPT acquisition, exceeding expectations in operational synergies and NOI projections.
- Kimco Realty Corp (KIM) secured 12,000 multifamily unit entitlements a year ahead of schedule, valued between $175 million to $325 million.
- The company reported a strong rent spread for new leases at 41.9%, marking the 12th consecutive quarter of double-digit rent spreads.
- Kimco Realty Corp (KIM) raised its full-year FFO per diluted share guidance to $1.64 to $1.65, reflecting strong financial performance.
- Higher debt levels led to an increase in pro rata interest expense by $16.3 million.
- The company anticipates a decrease in interest income in 2025 due to maintaining approximately $100 million in cash.
- Kimco Realty Corp (KIM) lowered its disposition outlook by $50 million, indicating potential challenges in asset sales.
- The company faces competition in the acquisition market, particularly for neighborhood grocery-anchored shopping centers.
- Inflation remains a concern, with potential impacts on real estate pricing and rent growth.
Hello and welcome to the Kimco Realty Third Quarter 2024 Earnings Conference Call. All participants will be in listen only mode.(Operator Instructions) As a reminder this conference is being recorded.
I would now like to hand the call over to David Bujnicki, Senior Vice President of Investor Relations and Strategy. 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 CEO, Ross Cooper, President and Chief Investment Officer, Glenn Cohen, our CFO David Jamieson, 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 the
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
