Kimco Realty Q2 FFO Down; Raises Annual FFO Outlook

(RTTNews) - Kimco Realty Corp. (KIM), a real estate investment trust on Thursday reported Funds From Operations or FFO of $243.9 million, or $0.39 per share for the second quarter, down from $246.4 million, or $0.40 per share last year.

Revenue for the quarter increased to $442.84 million from $427.2 million in the previous year, helped by higher revenue from rental properties.

However, it reported a net income of $100.43 million, or $0.16 per share, for the second quarter, compared with net loss of $125.75 million, or $0.21 per share, mainly reflecting a gain on sale of properties of $13.17 million versus $2.94 million last year

Kimco's Board declared a dividend of $0.23 per share, an increase of 4.5% from the prior year, to be paid on September 21, to shareholders of record on September 7.

Looking forward, the company has raised the lower end of its full-year FFO per share outlook. The company now sees FFO per share in the range of $1.55 to $1.57 for the full year, compared with $1.54 to $1.57 provided earlier.