BUZZ-Kimco Realty rises on steady quarterly FFO growth

Grocery-anchored REIT Kimco Realty's KIM.N shares rise 2.5% to $22.9 premarket

Co posts fourth-quarter funds from operations (FFO) growth of 7.7% to 42 cents per share, meeting analysts' expectations

High labor and material costs have deterred new construction of retail spaces while demand for locations on the back of strong consumer spending has raised lease rates and rents, helping Kimco

The retail real estate space operator forecasts annual FFO between $1.70 per share and $1.72 per share, the mid-point of which met analysts' estimates of $1.71 per share

KIM stock rose nearly 10% in 2024