Just 4 days into 2018 and I've made my first purchase for the year. I increased my relatively small position in KIM by 40 shares. Further details of the company and the purchase can be seen below.
Purchased: 40 shares x $17.709 = $708.36 (+$4.95 commission)
Dividend Income: $44.80 ($1.12/sh annually; paid quarterly in Jan, Apr, Jul, and Oct)
Price to FFO multiple*: 11.7 (vs. S&P P/E @ 22.7)
Debt to capital : 51.49%
Price to Net Asset Value (NAV) multiple: 1.4
S&P and/or Moody's credit rating of BBB+/Baa1 or better: Yes, BBB+/Baa1
Current dividend yield: 6.3%
Annual FFO coverage (FFO / Dividend): 135%
Comments: It was back in June of 2017 when I initiated a position in KIM after volatility appeared to have simmered down and the stock appeared to have bottomed out. It is now back down near those levels after only hovering 10-20% above my initial purchase price and without any news to suggest I do otherwise, I've decided to add to the position; bringing the total share count to 154 after this latest purchase. I believe the market's panic concerning what has come to be known as "the Amazon[.com] effect" leading to the unkown number of retail B&M stores closings and the expectation that the treasury will continue to raise interest rates at least 3 times in 2018 continue to weigh on the stock.
*Price to FFO multiple was calculated using the purchase price divided by the latest FFO guidance from management that was provided along with Q3 2017 results: $1.51-1.52.
Company Profile
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America's largest publicly traded owners and operators of open-air shopping centers. As of September 30, 2017, the company owned interests in 507 U.S. shopping centers comprising 84 million square feet of leasable space primarily concentrated in the top major metropolitan markets; located in 32 states, Puerto Rico and Canada. The Company's open-air shopping center properties had various national and regional companies as competitors, such as TJX Companies, The Home Depot, Ahold Delhaize, Bed Bath & Beyond, Albertsons, Ross Stores, Petsmart, Kohl's, Wal-Mart and Whole Foods. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years.
Purchased: 40 shares x $17.709 = $708.36 (+$4.95 commission)
Dividend Income: $44.80 ($1.12/sh annually; paid quarterly in Jan, Apr, Jul, and Oct)
Price to FFO multiple*: 11.7 (vs. S&P P/E @ 22.7)
Debt to capital : 51.49%
Price to Net Asset Value (NAV) multiple: 1.4
S&P and/or Moody's credit rating of BBB+/Baa1 or better: Yes, BBB+/Baa1
Current dividend yield: 6.3%
Annual FFO coverage (FFO / Dividend): 135%
Comments: It was back in June of 2017 when I initiated a position in KIM after volatility appeared to have simmered down and the stock appeared to have bottomed out. It is now back down near those levels after only hovering 10-20% above my initial purchase price and without any news to suggest I do otherwise, I've decided to add to the position; bringing the total share count to 154 after this latest purchase. I believe the market's panic concerning what has come to be known as "the Amazon[.com] effect" leading to the unkown number of retail B&M stores closings and the expectation that the treasury will continue to raise interest rates at least 3 times in 2018 continue to weigh on the stock.
*Price to FFO multiple was calculated using the purchase price divided by the latest FFO guidance from management that was provided along with Q3 2017 results: $1.51-1.52.
Company Profile
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America's largest publicly traded owners and operators of open-air shopping centers. As of September 30, 2017, the company owned interests in 507 U.S. shopping centers comprising 84 million square feet of leasable space primarily concentrated in the top major metropolitan markets; located in 32 states, Puerto Rico and Canada. The Company's open-air shopping center properties had various national and regional companies as competitors, such as TJX Companies, The Home Depot, Ahold Delhaize, Bed Bath & Beyond, Albertsons, Ross Stores, Petsmart, Kohl's, Wal-Mart and Whole Foods. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years.
No comments:
Post a Comment