Kimco Realty lifts annual profit forecast, beats quarterly revenue estimates on strong leasing demand

• The company now expects full-year net income per share in the range of $1.00 to $1.03, compared with its prior forecast of 83 cents to 87 cents.
• It also raised the lower end of its annual FFO target by 2 cents to $1.83 per share, while maintaining its upper end at $1.84 per share.

• "The combination of limited new shopping center supply, continued consumer demand for the everyday essentials, and strong shopper traffic across our open-air portfolio supported robust leasing activity," said CEO Conor Flynn.
• The company's second-quarter funds from operations (FFO), a key REIT metric, grew 4.5% from a year earlier to 46 cents per share, narrowly beating analysts' estimates of 45 cents per share, according to data compiled by LSEG.
• Its total quarterly revenue of $550.8 million beat estimates of $541.7 million.

Aug. 4 (Reuters) - Kimco Realty KIM.N on Tuesday raised its annual net income forecast after beating Wall Street estimates for second-quarter revenue, helped by steady leasing activity at its grocery-anchored shopping centers.

The real estate investment trust has been gaining from resilient demand for open-air retail properties amid limited availability of rental spaces.