10:00 AM EDT, 05/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We trim our target price by $1 to $20, using a forward P/FFO of 12.7x our 2023 FFO estimate, a slight premium to retail REIT peers (12.2x) due to KIM's focus on in favor grocery-anchored shopping centers. We keep our 2024 FFO estimate at $1.58 and 2025 at $1.66. KIM posted Q1 2024 FFO of $0.39 vs. $0.39, a $0.02 consensus beat. KIM completed the RPT Realty acquisition in Q1 and has disposed of 10 properties for $248M, in line with original guidance from the acquisition. Same-property NOI rose 3.9% Y/Y as leasing activity within the open-air retail industry remained robust. Occupancy remained healthy at 96.0%, up 20 bps Y/Y, with anchor occupancy of 97.8% (flat Y/Y) and small-shop occupancy of 91.5%, +80 bps Y/Y. Pricing power also remains strong for KIM, with new and renewal leasing spreads rising 10.2%. KIM sold its remaining stake of Albertson's common stock in Q1, resulting in $299M of net proceeds that KIM has utilized to reduce debt and close the RPT transaction. Leverage improved to 5.3x vs. 5.6x Q/Q.