Kimco Realty Corporation (KIM), a real estate investment trust, on Thursday posted a rise in Funds From Operations or FFO for the second quarter.
In addition, for the fiscal 2022, the company has raised its FFO outlook, whereas it revised down earnings guidance.
Separately, Kimco has increased its quarterly cash dividend by 29.4 percent to $0.22 per share.
For the second quarter ended in June, the Group posted its FFO at $246.38 million or $0.40 per share, compared with $148.78 million or $0.34 per share, posted a year ago.
For the three-month period, the New York-based REIT registered a net loss of $125.75 million or $0.21 per share, compared with a profit of $110.34 million or $0.25 per share in 2021.
Seven analysts, on average, polled by Thomson-Reuters were estimating the firm to report its earnings per share at $0.15. Analysts’ estimates typically exclude one-time items.
Operating income was at $133.20 million, higher than $117.76 million, during the corresponding period of previous fiscal.
The company’s total revenues for the period surged to $ 427.19 million, from last year’s $289.01 million.
The company has declared a quarterly cash dividend of $0.22 per share, representing a 29.4 percent increase from the corresponding period of the prior year. The dividend is payable on September 23, to shareholders of record on September 9.
Looking ahead, for the fiscal 2022, the company now expects its FFO to be in the range of $1.54 – $1.57 per share, compared with the previous guidance of $1.50 to $1.53 per share.
Kimco now also projects its net income per share to be in the range of $0.48 to $0.52, less than previous outlook of $0.79 to $0.82. Analysts, on average, expect the firm to post EPS of $0.84.
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