Kimco Realty Shoots 8.5% Higher on Q1 Beat, but Dividend Suspended
Kimco Realty (NYSE: KIM) ended the week on a high note, with investors snapping up its shares following the release of Q1 of fiscal 2020 earnings on Friday.
The economic slowdown stemming from the SARS-CoV-2 coronavirus outbreak affected the results for the retail real estate investment trust (REIT) for the quarter. Its revenue slumped by almost 2% on a year-over-year basis to $289.7 million, while its net income fell by nearly 18% to $83.7 million ($0.19 per share).
On the other hand, funds from operations (FFO) -- considered to be the most relevant profitability metric for REITs -- inched up by 1% to $160.5 million ($0.37) for the period.
Source Fool.com
