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 the three months ended March 31, 2024, compared to a net income of $293.8 million for the same period in 2023. This significant shift is primarily due to the absence of a special dividend income from Albertsons Companies Inc. and merger-related charges.
Revenues from rental properties increased by $60.6 million year-over-year, largely due to the RPT Realty merger. However, operating expenses also increased significantly, driven by higher real estate taxes, operating and maintenance costs, and depreciation and amortization, impacting overall profitability.
Despite the net loss, FFO available to common shareholders increased to $261.8 million, compared to $238.1 million in the prior year. This suggests improvements in core operational performance, excluding non-cash items and merger-related expenses, are driving value creation.