Kimco Realty Corp. Announces Second Quarter 2012 Results; Gross Combined Portfolio Occupancy Increases To 93.5 Percent. Company Delivers Ninth Consecutive Quarter Of Positive Same-property Net Operating Income Growth.

Kimco Realty Corp. (NYSE: KIM) today reported results for the quarter ended June 30, 2012.

Highlights for the Second Quarter and Subsequent Activity

• Funds from operations (FFO) increased 9.7 percent to $0.34 per diluted share compared to the second quarter of 2011; FFO as adjusted increased to $0.31 per diluted share compared to $0.30 for the second quarter of 2011;
• Gross occupancy in the combined and U.S. shopping center portfolios increased 40 basis points to 93.5 percent and 93.4 percent, respectively, from the first quarter of 2012;
• Reported U.S. cash-basis leasing spreads of 4.5 percent; new leases increased 5.4 percent and renewals/options increased 4.2 percent;
• Combined same-property net operating income (NOI) increased 2.6 percent before the impact of foreign currency changes from the second quarter 2011;
• Improved consolidated net debt to EBITDA as adjusted to 5.6x at June 30, 2012 compared to 6.0x at the same time in the prior year; and
• Issued $225 million of 5.50 percent Series J Cumulative Redeemable Preferred Stock, which is believed to be the lowest coupon for a perpetual preferred stock ever, and announced the redemption of the $175 million 6.65 percent Series F Cumulative Redeemable Preferred Stock.

Financial Results

Net income available to common shareholders for the second quarter of 2012 was $48.3 million, or $0.12 per diluted share, compared to $23.9 million, or $0.06 per diluted share, for the second quarter of 2011. Year to date, net income available to common shareholders was $86.3 million, or $0.21 per diluted share, compared to $38.0 million, or $0.09 per diluted share, through June 30, 2011.

FFO, a widely accepted supplemental measure of REIT performance, was $138.0 million, or $0.34 per diluted share, for the second quarter of 2012 compared to $126.0 million, or $0.31 per diluted share, for the second quarter of 2011. For the six months ended June 30, 2012, FFO was $264.2 million, or $0.65 per diluted share, compared to $248.0 million, or $0.61 per diluted share, for the same period last year.

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