Sector: Real Estate|Industry: REIT - Retail|Market Cap: $15.53B|Employees: 660
Kimco Realty Corporation is North America's largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and a growing portfolio of mixed-use assets. The company's mission is to create destinations for everyday living that inspire a sense of community and deliver value to its many stakeholders. Kimco's competitive advantage lies in its strong relationships with major national and regional retailers, and its focus on high-quality locations in major metropolitan sun belt and coastal markets.
Revenues from rental properties increased to $496.2 million for the three months ended June 30, 2024, compared to $439.0 million for the same period in 2023. This increase is attributed to acquisitions, increased leasing activity, and net growth in the current portfolio.
Net income available to the Company's common shareholders decreased to $92.9 million for the six months ended June 30, 2024, compared to $383.9 million for the same period in 2023. This decrease is primarily due to the absence of a special dividend income and the recognition of merger-related charges.
FFO available to the Company's common shareholders increased to $275.9 million for the three months ended June 30, 2024, compared to $243.9 million for the same period in 2023. The increase is primarily due to the factors affecting net income, adjusted for depreciation, amortization, and gains/losses on sales of real estate.