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Kimco Realty Q1 FFO Down; Lifts FY Outlook

Kimco Realty Corp. (KIM,KIM-PG) reported that its first-quarter funds from operations declined to $144.3 million or $0.33 per share, from $160.5 million or $0.37 per share last year.

Net income available to the company's common shareholders for the first quarter of 2021 was $131.6 million or $0.30 per share, compared to $83.7 million, or $0.19 per diluted share, for the first quarter of 2020.

Total revenues for the quarter declined to $282.31 million from $289.74 million in the previous year.

Kimco's board declared a quarterly cash dividend of $0.17 per common share, payable on June 23, 2021, to shareholders of record on June 9, 2021.

The company raised its net income per share outlook for fiscal year 2021 to a range of $0.66 to $0.70 from the prior estimation of $0.46 to $0.52.

The company raised its annual funds from operations guidance to a range of $1.22 - $1.26 from the previous outlook of $1.18 - $1.24.

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