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.
The company reported a net loss of $9.0 million for Q1 2024, a sharp contrast to the net income of $293.8 million reported in Q1 2023. This shift is primarily attributed to the absence of special dividend income and losses on marketable securities.
Total revenue increased to $503.8 million, compared to $442.9 million in the prior year. The increase is mainly due to the acquisition of RPT Realty's properties.
Operating income decreased to $130.7 million, compared to $172.5 million in the prior year. This is primarily due to the increase in operating expenses.