Kimco Realty Corp. offered 2017 full-year guidance alongside its 2016 fourth-quarter and full-year results.
Fourth-quarter 2016 FFO totaled $163.0 million, or 38 cents per share, compared to $143.2 million, or 35 cents per share, in the year-ago period. The 2016 quarter's results include $2.6 million of transactional income, net of transactional charges. In the 2015 fourth quarter, transactional charges, net of transactional income, totaled $9.9 million.
FFO as adjusted totaled $160.4 million, or 38 cents per share, in the fourth quarter, up from $153.1 million, or 37 cents per share, in the prior-year period. FFO as adjusted excludes the effects of nonoperating impairments and transactional income and expenses.
For the full year, FFO totaled $555.7 million, or $1.32 per share, compared to $643.2 million, or $1.56 per share, in 2015. FFO for 2016 included $73.7 million of transactional charges, net of transactional income, related primarily to charges incurred for the prepayment of debt and the company's merger with its taxable REIT subsidiary, Kimco Realty Services Inc. In 2015, transactional income, net of transactional charges, was $39.8 million.
FFO as adjusted for 2016 totaled $629.4 million, or $1.50 per share, compared to $603.4 million, or $1.46 per share, in 2015.
U.S. same-property NOI ticked up 2.7% year over year in the fourth quarter, factoring in a 110-basis-point hit as a result of the bankruptcy of Sports Authority, the company said. For the full year, the metric increased 2.8% relative to 2015, factoring in a 70-basis-point hit from the Sports Authority bankruptcy.
The S&P Capital IQ consensus FFO-per-share estimates for the fourth quarter and full year were, respectively, 38 cents and $1.50.
Looking ahead, the company offered guidance for FFO per share and FFO as adjusted per share for 2017 in a range of $1.50 to $1.54.
The S&P Capital IQ consensus FFO-per-share estimate for 2017 is $1.58.