Kimco raises annual FFO forecast on strong leasing demand

Kimco Realty

02/05/2024 13:02

May 2 (Reuters) - Real estate investment trust Kimco
Realty  KIM.N  raised its forecast for 2024 funds from
operations on Thursday, banking on robust leasing demand at its
open-air grocery-anchored shopping centers.
    Commercial real estate investment trusts such as Kimco have
benefited from a shrinking supply of rental spaces, giving them
room to raise rental rates.
    The New York-based company also topped market expectations
for first-quarter funds from operations and revenue, with its
portfolio occupancy up 20 basis points year-over-year at 96%.
    Kimco forecast full-year funds from operations between $1.56
and $1.60 per share, up from its earlier expectation in the
range of $1.54 to $1.58.
    Total revenue of $503.8 million beat analysts' average
estimates of $477.3 million.
    Net revenue from rental properties rose 13.8% over the prior
year to $498.9 million in the quarter.
    The company reported first-quarter funds from operation of
39 cents per share, edging past market expectations of 37 cents
per share.

 (Reporting by Juveria Tabassum; Editing by Vijay Kishore)
 ((Juveria.Tabassum@thomsonreuters.com;))