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Real estate investment trust Kimco Realty (KIM.N), opens new tab topped market expectations for second-quarter revenue and lifted forecast for annual funds from operations on Thursday, helped by steady leasing demand at its grocery-anchored shopping centers.
A shrink in supply of rental spaces has allowed commercial real estate firms such as Kimco to raise rental rates despite some weakness in consumer spending affecting retailers.
"We see these positive trends continuing, and with $63 million of future cash flow from signed leases that have yet to commence paying rent, we are comfortable raising our full-year outlook," Chief Operating Officer Conor Flynn said in a statement.