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Kimco Realty Corporation (KIM)

- NYSE
  • Wed, May 6, 4:09 PM
    • Adjusted FFO of $147.2M or $0.36 per share vs. $140.8M and $0.34 one year ago.
    • Pro-rate occupancy in the U.S. and combined portfolios of 95.7%, up 100 and 120 bps, respectively, from a year ago.
    • U.S. same-property NOI up 3.2% Y/Y. U.S. pro-rate rental-rate leasing spreads up 10.1%. Rental rates on new leases up 19.1%, on renewals/options up 81%.
    • 6.4M shares of Supervalu common stock sold in Q2 for $58.6M in net proceeds. A gain on sale of about $32.4M or $0.08 per share will be included in Q2 FFO, but not AFFO. Kimco (NYSE:KIM) still holds 1.8M shares.
    • Full-year adjusted FFO per share guidance is boosted to $1.42-$1.45 from $1.40-$1.44. Same-property NOI growth of 3-3.5%.
    • Conference call tomorrow at 10 ET
    • Previously: Kimco Realty beats by $0.01, beats on revenue (May 6)
    • Shares flat after hours
    | Comment!
  • Wed, May 6, 4:03 PM
    • Kimco Realty (NYSE:KIM): Q1 FFO of $0.37 beats by $0.01.
    • Revenue of $283.46M (+24.2% Y/Y) beats by $21.51M.
    • Press Release
    | Comment!
  • Thu, Apr. 9, 3:24 PM
    • A weak 30-year bond auction has long-term Treasury yields on the move higher, with the 10-year up five basis points to 1.96%. One also can't help but notice a recent uptick in capital raising among the equity REITs.
    • Realty Income (O -2.2%), Agree Realty (ADC -2.2%), Omega Healthcare (OHI -4%), Medical Properties Trust (MPW -2.5%), W.P. Carey (WPC -2.2%), Duke Realty (DRE -2.5%), Essex Property (ESS -2.9%), Aimco (AIV -3%), Simon Property (SPG -2.4%), Kimco (KIM -2.9%), Inland Real Estate (IRC -3%), DDR Corp (DDR -2.3%), Sovran Self Storage (SSS -2.2%), Washington Real Estate (WRE -4%), Digital Realty Trust (DLR -2%), Hospitality Properties (HPT -2.6%), Ashford Hospitality (AHT -2.4%), Stag Industrial (STAG -4.6%), American Campus (ACC -2.3%).
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
    • Previously: Treasury yields on the rise after weak 30-year auction (April 9)
    | 37 Comments
  • Mon, Apr. 6, 4:10 PM
    • Acquisitions in Q1 totaled more than $1.7B for Kimco (NYSE:KIM), and include buying the remaining 66% ownership interest in the 39-property Kimstone portfolio for $1.4B. Dispositions totaled $302.4M and included the sale of six U.S. shopping centers, three Canadian properties, and 37 net-leased restaurants.
    • Source: Press Release
    | Comment!
  • Tue, Mar. 24, 10:21 AM
    • Started at Outperform are Agree Realty (ADC +0.4%), DDR (DDR -0.7%), Excel Trust (EXL +0.1%), Kite Realty (KRG), Retail Opportunity Investments (ROIC -0.3%), and Store Capital (STOR +0.9%).
    • Initiated at Neutral are Kimco (KIM -0.3%), National Retail Properties (NNN -0.3%), Ramco-Gershenshon (RPT -0.3%), Realty Income (O -0.5%), Regency Centers (REG -0.2%), and Spirit Realty (SRC -0.7%).
    | Comment!
  • Wed, Mar. 18, 3:28 PM
    • The Fed earlier cuts its forecasts for GDP growth, inflation, and the pace of rate hikes. Alongside, it also lowered NAIRU - the level at which unemployment threatens accelerating inflation.
    • The 10-year Treasury yield is lower by 13 basis points to 1.92% following the news, sending the board averages to near-1.5% gains, but the strongest names are the equity REITs.
    • IYR +2.3%
    • National Retail Properties (NNN +3%), Spirit Realty (SRC +3.1%), Senior Housing Properties (SNH +2.1%), Healthcare Trust of America (HTA +2.9%), Equity Commonwealth (EQC +2.7%), Gramercy Property (GPT +3.2%), Post Properties (PPS +3.9%), Aimco (AIV +2.6%), Kimco (KIM +2.8%), DDR Corp (DDR +2.4%), Public Storage (PSA +2%), Government Properties (GOV +1.9%), First Potomac Realty (FPO +3%), Digital Realty Trust (DLR +1.5%), Sunstone Hotel (SHO +2%), Liberty Property (LPT +2.4%), American Campus (ACC +2.5%)
    • Previously: Day's biggest news: Fed sharply cuts "normal" unemployment rate (March 18)
    • Previously: FOMC drops "patient," but sends dovish signal (March 18)
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
    | Comment!
  • Mon, Mar. 16, 9:56 AM
    • The 10-year Treasury yield is lower by five basis points to 2.07% in early action as crude oil takes out new multi-year lows, industrial production falls for the third straight month, and capacity utilization declines to its lowest level in a year.
    • Outperforming the averages is the iShares U.S. Real Estate ETF (IYR +1.2%).
    • Among some individual players: Kimco (KIM +1.6%), Federal Realty (FRT +1.5%), Realty Income (O +1.3%), Omega Healthcare (OHI +1.3%), HCP (HCP +1.4%), Equity Residential (EQR +1.6%), General Growth Properties (GGP +1.4%), Public Storage (PSA +1%), Boston Properties (BXP +1.5%), Hospitality Properties (HPT +1.2%), Liberty Property Trust (LPT +0.8%), American Campus Communities (ACC +1.2%).
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
    | 11 Comments
  • Fri, Mar. 6, 10:31 AM
    • Equity REITs are facing some competition as the 10-year Treasury yield has popped all the way to 2.24% (up 11 bps on the session) following the strong jobs report which saw 295K jobs added in February and the unemployment rate dropping to 5.5%.
    • Checking short-term interest rate futures, they're falling (meaning higher rates), but still not pricing in a rate hike until late summer.
    • The iShares U.S. Real Estate ETF (IYR -2.3%).
    • Realty Income (O -3.7%), National Retail Properties (NNN -3.9%), Agree Realty (ADC -3.1%), Omega Heathcare (OHI -4.5%), Health Care REIT (HCN -3.5%), Ventas(VTR -3.7%), HCP (HCP -3.6%), Medical Properties (MPW -4%), Healthcare Trust (HTA -4%), AvalonBay (AVB -2.7%), Essex Property (ESS -2.3%), Simon Property (SPG -2.3%), General Growth (GGP -2.2%), Kimco (KIM -2.9%), Inland Real Estate (IRC -2.9%), DDR (DDR -2.7%), Federal Realty Investment (FRT -2.6%), Public Storage (PSA -2%), Sovran Self Storage (SSS -2.7%), Boston Properties (BXP -2.8%), First Potomac (FPO -3.2%), Digital Realty Trust (DLR -1.9%), Hospitality Properties (HT -2.1%), Ashford (AHT -2.7%), STAG Industrial (STAG -3%), American Campus (ACC -2.9%).
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
    • Previously: Dollar and Treasury yields spike after strong jobs print (March 6)
    | 62 Comments
  • Wed, Feb. 25, 4:23 PM
    • Set to turn 66 this year, David Henry will retire as Vice Chairman and CEO at Kimco (NYSE:KIM), effective Jan. 1, 2016. He'll be replaced by President and COO Conor Flynn. Flynn joined Kimco in 2003 as an asset manager, and was appointed COO in 2013 and President in 2014.
    • Source: Press Release
    | Comment!
  • Tue, Feb. 24, 3:32 PM
    • The 10-year Treasury yield has tumbled back beneath 2% amid Janet Yellen's congressional testimony and some weak economic data, but there's no bid for income favorites like equity REITs.
    • The iShares DJ U.S. Real Estate ETF (IYR -1.9%).
    • Realty Income (O -2.9%), National Retail Properties (NNN -2.7%), Senior Housing Properties (SNH -2.2%), Ventas (VTR -3.8%), HCP (HCP -3.6%), Equity Commonwealth (EQC -2.3%), Vornado (VNO -1.9%), Equity Residential (EQR -2.5%), AvalonBay (AVB -2.7%), Simon Property (SPG -1.8%), General Growth (GGP -2.1%), Kimco (KIM -3%), Sovran Self Storage (SSS -2%), Boston Properties (BXP -2%), Hospitality Properties (HPT -2.7%), LaSalle Hotel (LHO -2.8%), Liberty Property Trust (LPT -2.7%), American Campus Communities (ACC -1.7%).
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI
    | 40 Comments
  • Thu, Feb. 5, 4:31 PM
    • Q4 FFO of $156.7M or $0.38 per share vs. $134.7M and $0.33 one year ago.
    • Pro-rate occupancy in the U.S. and combined portfolio (incl. Canada and LatAm) of 95.7% and 95.8%, respectively, up 80 bps and 130 bps from a year ago. U.S. shopping center portfolio pro-rata occupancy for anchor space of 98.3% up 40 points. Small shop occupancy of 88% up 280 bps
    • U.S. pro-rata leasing spreads up 9.4%, with rental rates for new leases up 11.9% and renewals/options up 8.6%.
    • U.S. same-property NOI up 4.3%. Combined same-property NOI up 4%.
    • Full-year 2015 adjusted FFO guidance of $1.40-$1.44 per share (was $1.45 in 2014).
    • Conference call tomorrow at 10 ET
    • Previously: Kimco Realty EPS in-line, beats on revenue (Feb. 5)
    • KIM flat after hours
    | Comment!
  • Thu, Feb. 5, 4:16 PM
    • Kimco Realty (NYSE:KIM): Q4 EPS of $0.35 in-line.
    • Revenue of $264.5M (+16.6% Y/Y) beats by $8.6M.
    • Press Release
    | Comment!
  • Wed, Feb. 4, 5:35 PM
  • Mon, Feb. 2, 5:23 PM
    • A portion of the new $650M unsecured term loan maturing in 2 years (with three additional one-year options) will be used to repay outstanding amounts on Kimco's (NYSE:KIM) $400M credit agreement from 2012. The new loan bears an interest rate of Libor plus 95 basis points.
    • Source: Press Release
    | Comment!
  • Wed, Jan. 21, 10:08 AM
    • Upgraded to Outperform from Neutral: Ashford Trust (AHT +1.1%), Camden Property Trust (CPT +0.1%), DDR (DDR +0.4%), Eastgroup Properties (EGP +0.3%), Host Hotels (HST -0.1%), Strategic Hotels (BEE +0.3%).
    • Upgraded to Neutral from Underperform: Kilroy Realty (KRC +0.4%).
    • Downgraded to Underperform from Neutral: Equity One (EQY -0.4%), Macerich (MAC -0.3%), Vornado Realty (VNO -0.7%).
    • Downgraded to Neutral from Outperform: Kimco Realty (KIM -0.5%).
    | Comment!
  • Thu, Jan. 15, 9:39 AM
    • Now an Overweight from Neutral are shopping-center operator Kimco (KIM +0.7%) and DCT Industrial Trust (DCT +0.8%), and boosted to Neutral from Underweight is D.C.-area property owner Washington Real Estate (WRE +1.1%).
    • Downgraded to Neutral from Overweight after nice runs higher are DDR (DDR -0.2%) and STAG Industrial (STAG -1.5%).
    | Comment!
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Company Description
Kimco Realty Corp is a real estate investment trust, that owns and operates the portfolio of neighborhood and community shopping centers in North America.
Sector: Financial
Industry: REIT - Retail
Country: United States