Kimco Realty reports Q3 FFO 40c, consensus 39c

Reports Q3 revenue $446.07M, consensus $436.29M. “With virtually no new supply and strong demand from a multitude of tenants, buoyed by a resilient consumer, we continue to produce strong operating results capped off by the 2.1 million square feet leased during the quarter with positive double-digit leasing spreads highlighting our portfolio’s pricing power,” stated CEO Conor Flynn. “We also continue to prioritize the de-risking of our balance sheet by partially prefunding our upcoming 2024 debt maturities with the issuance of $500M of senior unsecured notes due in 2034. Our significant $2.4B liquidity position, including over $400M of cash on the balance sheet, as well as shares of Albertsons valued at over $300M at quarter end, we expect will enable us to effectively navigate the macroeconomic headwinds and further reinforces our position as the country’s premier owner and operator of open-air, grocery-anchored shopping centers and mixed-use assets.”