Kimco's improving portfolio should pay dividends, but there's more work to be done.
The key takeaway from no-moat Kimco Realty’s third-quarter results was a downward revision to estimated full-year same-property net operating income to 1.5%-2.0% from 2%-3%. The company realized a negative impact on its seven properties in Puerto Rico as a result of Hurricane Maria, and delays in redevelopment projects also contributed to lower growth assumptions. While it’s important to note that insurance will cover most of the rent loss and damage related to the storm, we are left uneasy with...
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