Q2 2024 Kimco Realty Corp Earnings Call Transcript
Key Points
- Kimco Realty Corp (KIM) reported strong operating results with a high-quality grocery-anchored and mixed-use portfolio.
- Leasing activity is robust, with 144 new leases signed in Q2 totaling 669,000 square feet and rent spreads at 26.3%.
- Pro rata occupancy increased to 96.2%, with anchor occupancy at 98.1% and small-shop occupancy at 91.7%.
- The company raised its FFO per diluted share guidance to a new range of $1.60 to $1.62, reflecting strong performance.
- Kimco Realty Corp (KIM) has a solid balance sheet and enhanced liquidity, with net debt to EBITDA at 5.5 times.
- The economic environment presents mixed signals, with declining consumer savings and tempered spending.
- Higher interest expenses due to increased debt and higher interest rates impacted financial results.
- The company faces challenges in leasing small-shop spaces, particularly in the former RPT portfolio.
- There is a tougher comp in Q3 due to one-time factors from the previous year, potentially impacting same-site NOI growth.
- The transaction environment remains volatile, with tempered acquisition and disposition activities.
(Operator instructions) Please note this event is being recorded. I would now like to turn the conference over to David Bujnicki, Senior Vice President and Investor Relations 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'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 the Company's SEC filings that address such factors during this presentation, management may make
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