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Kimco Realty Reports Strong Third Quarter 2012 Operating Results; Company’s Board Approves A 10.5 Percent Dividend Increase On Common Shares

Stocks in this article: KIM

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

Highlights for the Third Quarter and Subsequent Activity:

  • Reported funds from operations as adjusted of $0.31 per diluted share, an increase from $0.30 for the third quarter of 2011;
  • Announced a 10.5 percent increase in the quarterly common cash dividend to $0.21 per share;
  • Gross occupancy was 93.7 percent in both the combined and U.S. shopping center portfolios representing increases of 70 basis points and 80 basis points, respectively, from the third quarter of 2011 and the highest level since December 2008;
  • Recognized U.S. cash-basis leasing spreads of 13 percent; new leases increased 40.2 percent and renewals/options increased 4.3 percent;
  • Combined same-property net operating income (NOI) increased 2.6 percent before the impact of foreign currency changes from the third quarter 2011 representing the tenth consecutive quarter with a positive increase; and
  • Executed a purchase and sale agreement for the disposition of InTown Suites for $735 million.

Financial Results

Net income available to common shareholders for the third quarter of 2012 was $27.1 million, or $0.07 per diluted share, compared to $40.1 million, or $0.10 per diluted share, for the third quarter of 2011. Year to date, net income available to common shareholders was $113.4 million, or $0.28 per diluted share, compared to $78.1 million, or $0.19 per diluted share, through September 30, 2011.

Funds from operations (FFO), a widely accepted supplemental measure of REIT performance, was $119 million, or $0.29 per diluted share, for the third quarter of 2012 compared to $134.3 million, or $0.33 per diluted share, for the third quarter of 2011. The decrease in FFO in the third quarter of 2012 was the result of $8.3 million in transactional expenses incurred mainly from a $6.2 million non-cash redemption charge in connection with the company’s $175 million 6.65 percent Class F Cumulative Redeemable Preferred Stock that was redeemed in August 2012. This compares to $10.6 million of transactional income earned in the third quarter of 2011 primarily from the monetization of several non-retail investments.

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