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Kimco Realty Corp KIM

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Morningstar’s Analysis

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Kimco Reports Strong Q3 Results in Line With Expectations, Completes Weingarten Merger

Kevin Brown Equity Analyst

Analyst Note

| Kevin Brown |

Third-quarter results for no-moat Kimco Realty were relatively in line with our expectations, leading us to reaffirm our $21 fair value estimate. Same-store occupancy sequentially improved 20 basis points to 94.3%, slightly better than our estimate of flat occupancy. Re-leasing spreads remained positive but were up just 4.9%, below our 7.8% estimate and the lowest figure the company has reported in at least five years. Still, same-store revenue increased 8.1% year over year as the company went from taking a $20 million charge on uncollected rent in the third quarter of 2020 to receiving $8 million in previously owed rent in the third quarter of 2021. Same-store operating expenses fell 1.2%, leading to same-store net operating income growth of 12.1% in the quarter, in line with our estimate of 11.6% growth. Kimco reported funds from operations of $0.32 per share for the third quarter, in line with our estimate and $0.07 ahead of the $0.25 it reported in the third quarter of 2020.

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Company Profile

Business Description

One of the oldest real estate investment trusts in the United States, Kimco Realty owns interests in 399 shopping centers throughout major markets in the U.S., representing roughly 56 million square feet.

Contact
500 North Broadway, Suite 201
Jericho, NY, 11753
T +1 516 869-9000
Sector Real Estate
Industry REIT - Retail
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 484

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