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Kimco Realty Announces Fourth Quarter And Full Year 2012 Operating Results; Reports A 10 Percent Increase In FFO As Adjusted Of $0.33 Per Diluted Share For The Fourth Quarter 2012

Stocks in this article: KIM

Kimco Realty Corp. (NYSE: KIM) today reported results for the fourth quarter and year ended December 31, 2012.

Highlights for the Fourth Quarter and Full Year 2012 and Subsequent Activity:

  • Reported funds from operations as adjusted of $0.33 per diluted share for the fourth quarter and $1.26 for the full year 2012, representing increases of ten percent and five percent, respectively, over the same periods in the prior year;
  • Pro-rata occupancy increased to 93.8 percent and 93.9 percent in the combined and U.S. shopping center portfolios, respectively, and represents the highest occupancy levels since the third quarter of 2008;
  • Recognized positive U.S. cash-basis leasing spreads of 11.8 percent; new leases increased 25.5 percent and renewals/options increased 6.1 percent during the fourth quarter;
  • Combined same-property net operating income (NOI) increased 3.4 percent from the fourth quarter 2011, representing the eleventh consecutive quarter with a positive increase;
  • U.S. transaction volume exceeded $1.2 billion in 2012 as the company acquired interests in 27 properties for a gross price of $653.6 million while disposing of 68 shopping centers for a gross amount of $631.8 million;
  • Issued $800 million of preferred stock in 2012 to replace $635 million of existing preferred stock and $198.9 million in senior unsecured notes providing the company with an annual cost savings of approximately $13 million, or $0.03 per diluted share annually, offsetting one-time non-cash redemption charges of $21.7 million, or $0.05 per diluted share; and
  • Subsequently in January 2013, the company announced its participation in the consortium to acquire five grocery banners totaling 877 locations from SUPERVALU INC. (NYSE: SVU) as well as the tender offer for up to 30 percent of the outstanding SUPERVALU shares;

Financial Results

Net income available to common shareholders for the fourth quarter of 2012 was $59.2 million, or $0.14 per diluted share, compared to $31.6 million, or $0.08 per diluted share, for the fourth quarter of 2011. For the full year 2012, net income available to common shareholders was $172.7 million, or $0.42 per diluted share, compared to $109.7 million, or $0.27 per diluted share, for the full year 2011.

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