Research Desk Line-up: Alexander's Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 16, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Kimco Realty Corp. (NYSE: KIM), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=KIM, following the Company's announcement of its third quarter fiscal 2017 operating results on October 25, 2017. The New Hyde Park, New York-based real estate investment trust (REIT) topped funds from operations (FFO) expectations and narrowed its NAREIT FFO and adjusted FFO guidance for FY17. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the REIT - Retail industry. Pro-TD has currently selected Alexander's, Inc. (NYSE: ALX) for due-diligence and potential coverage as the Company reported on October 30, 2017, its financial results for Q3 which ended on September 30, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on Alexander's when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on KIM; also brushing on ALX. With the links below you can directly download the report of your stock of interest free of charge at:

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Earnings Reviewed

For the quarter ended September 30, 2017, Kimco reported net revenues of $294.85 million, up 3.4% compared to revenue of $285.08 million in Q3 2016. The Company's revenue from rental properties totaled $290.92 million versus $279.29 million in the year ago same period. Kimco's rental revenue fell short of analysts' estimates of $294.8 million.

For Q3 2017, net income available to Kimco's common shareholders was $102.0 million, or $0.24 per diluted share, compared to net loss available of $55.1 million, or $0.13 per diluted share, for Q3 2016. The increase in earnings was attributed to $43.9 million of lower charges related to the early extinguishment of debt and $29.1 million of higher gains on sales of operating properties, $63.5 million non-cash charge for the merger of the Company's taxable REIT subsidiary (TRS) in Q3 2016 and a $10.0 million net cumulative foreign currency translation gain related to the Company's strategic exit from Canada.

Kimco reported NAREIT FFO of $165.3 million, or $0.39 per diluted share, for Q3 2017 compared to $76.4 million, or $0.18 per diluted share, for Q3 2016. The Company's NAREIT FFO for the reported quarter included transactional income of $3.9 million compared to $84.2 million of transactional charges for Q3 2016.

For Q3 2017, Kimco's FFO as adjusted available to the Company's common shareholders, excluding the effects of transactional income and charges, was $161.3 million, or $0.38 per diluted share, compared to $160.6 million, or $0.38 per diluted share, during Q3 2016. Kimco's adjusted earnings beat Wall Street's estimates of $0.37 per share.

Operating Results

At the end of Q3 2017, Kimco's pro-rata occupancy increased to 95.8%, up 70 basis points y-o-y. The Company increased anchor and small shop occupancy by 90 basis points and 30 basis points, respectively, over Q3 2016. At September 30, 2017, Kimco's anchor and small shop occupancy were 97.9% and 89.5%, respectively.

Kimco expanded pro-rata leasing spreads by 16.0%, with rental rates for new leases up 52.0% and renewals/options increasing 8.1%. The Company recorded a 3.1% growth in same-property net operating income (NOI), which includes the impact from redevelopments.

Investment Activity

During Q3 2017, Kimco acquired Jantzen Beach Center, a 96%-occupied, 752,000-square-foot, open-air shopping center on 67 acres in Portland, Oregon for $131.8 million. Jantzen Beach is the Company's eighth property in the Portland-Vancouver-Hillsboro MSA. The Company also acquired an 83,000-square-foot parcel adjacent to the Company's Del Monte Plaza, in Reno, Nevada for $24.1 million. Also during the reported quarter, Kimco acquired parcels adjacent to its Jantzen Beach, Gateway Station, and Webster Square shopping centers for a total of $26.4 million.

For Q3 2017 Kimco's dispositions totaled $62.5 million, including four wholly-owned shopping centers and a parcel, totaling 579,000 square feet.

Capital Market Activity

During Q3 2017, Kimco issued a $500 million unsecured bond due 2025 with a coupon of 3.30% and a $350 million, unsecured bond due 2047 with a coupon of 4.45%. The Company completed a tender offer for $211 million of the $300 million in outstanding 4.30% Series E Medium-Term Notes due in 2018.

Kimco also issued $225 million of 5.125% Series L cumulative redeemable preferred stock callable in August 2022. The proceeds from this transaction were used to partially redeem $225 million of the Company's $400 million 6.00% Series I cumulative redeemable preferred shares.

Kimco's Board increased quarterly common stock cash dividend approximately 4% to $0.28 per share, equivalent to $1.12 on an annualized basis.

At the end of the reported quarter, Kimco had over $2 billion of immediate liquidity with less than $100 million of debt maturing in 2018.

Outlook

For FY17, Kimco narrowed its guidance range for NAREIT FFO to $1.55 to $1.56 per diluted share from the previous range of $1.53 to $1.57 per share. The Company also narrowed its FFO as adjusted per diluted share guidance range to $1.51 to $1.52 from the previous range of $1.50 to $1.54.

Stock Performance

Kimco Realty's share price finished yesterday's trading session at $19.10, slightly advancing 0.95%. A total volume of 2.19 million shares have exchanged hands. The Company's stock price advanced 4.89% in the past six months. Shares of the Company have a PE ratio of 27.88 and have a dividend yield of 5.86%. The stock currently has a market cap of $8.10 billion.

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