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Kimco Realty: Q2 Earnings Snapshot
By AP News - Aug 01, 2024, 10:17 AM ET
Last Updated - Aug 01, 2024, 10:17 AM EDT
JERICHO, N.Y. (AP) — JERICHO, N.Y. (AP) — Kimco Realty Corp. (KIM) on Thursday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Jericho, New York-based real estate investment trust said it had funds from operations of $276 million, or 41 cents per share, in the period.
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The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 40 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $111.8 million, or 17 cents per share.
The real estate investment trust, based in Jericho, New York, posted revenue of $500.2 million in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $496.9 million.
Kimco Realty expects full-year funds from operations in the range of $1.60 to $1.62 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KIM at https://www.zacks.com/ap/KIM
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