Kimco Q3 net income $0.91/diluted; raises 2021 FFO guidance to $1.36-$1.37; completed Weingarten merger

KIMCO REALTY CORP

Net income $501.4M ($0.91/diluted) vs ($0.10) loss in Q3 2020; NAREIT FFO $0.32/diluted includes $0.08 merger costs.
Pro-rata portfolio occupancy 94.1% (+20 bps QoQ); same-property NOI grew 12.1% YoY (excl Weingarten).
Completed strategic merger with Weingarten Realty on Aug 3, 2021; achieved upper end of $35-38M cost synergy range.
Raised 2021 guidance: net income $1.70-$1.72 (prev $0.83-$0.87) and NAREIT FFO $1.36-$1.37 (prev $1.29-$1.33).
Post-quarter, acquired remaining 70% of 6 Publix centers for $425.8M, formed 50/50 JV with Blackstone REIT.

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