KIM Making Slow Progress On Non-Core Assets, Goldman Sachs Reports

Shopping center REIT Kimco Realty Corporation KIM posted FFO per share of $0.29 vs. $0.31a year earlier, Goldman Sachs reports. “Our estimate was $0.28,” Goldman Sachs writes. “The upside came from a preferred equity gain (+$2.5 mn), which was not in our estimate. Otherwise, at first glance, it appeared to be an in-line quarter as pro-rata occupancy was flat at 92.7% vs. 3Q2010, and leasing spreads were down 2.8%. “KIM is making slow progress on remaining non-core assets, with sales of around $43 mn in 4Q, reducing the total to around $799 mn.” Kimco Realty Corporation closed Wednesday at $18.84.