WASHINGTON (dpa-AFX) - Kimco Realty Corp. (KIM) reported that its second-quarter funds from operations were $118.0 million, or $0.29 per share, up from $105.6 million, or $0.26 per share, in the same period a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of $0.30 per share for the quarter. Analysts' estimates typically exclude special items.
Recurring FFO, which excludes the effects of non-cash impairments and non-recurring income, were $121.4 million or $0.30 per share, compared to $115.7 million or $0.28 per share, in the same quarter of the prior year.
Net income available to common shareholders was $23.9 million or $0.06 per share, compared to $12.8 million or $0.03 per share in the year ago quarter.
Revenues from Rental Properties for the quarter rose to $219.24 million from $208.32 million in the prior year quarter. Eleven analysts had consensus revenue estimate of $219.71 million for the quarter.
In addition, Kimco's Board declared a quarterly cash dividend of $0.18 per common share, payable on October 17, 2011 to shareholders of record on October 5, 2011, representing an ex-dividend date of October 3, 2011.
The company reaffirmed its 2011 full year recurring FFO guidance range, which does not include any estimate for non-recurring income or impairments, of $1.17 - $1.21 per share. Analysts expect the company to report earnings of $1.20 per share for fiscal 2011.
Copyright RTT News/dpa-AFX