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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

Funds from operations (FFO), a widely accepted supplemental measure of REIT performance, was $127.2 million, or $0.31 per diluted share, for the fourth quarter of 2012 compared to $135.4 million, or $0.33 per diluted share, for the fourth quarter of 2011. The decrease in FFO in the fourth quarter of 2012 was due to a $19.5 million reduction in transaction income as a result of a $15.5 million non-cash charge in connection with the redemption of the company’s Class G $460 million 7.75 percent cumulative redeemable preferred shares in October 2012. The decrease in transaction income was partially offset by a $10.4 million increase in net operating income for the fourth quarter of 2012 compared to the same period in 2011.

For the full year 2012, FFO was $510.4 million, or $1.25 per diluted share, compared to $517.8 million, or $1.27 per diluted share, for the same period last year. The decrease in FFO for the full year 2012 was attributable to non-cash redemption charges of $21.7 million, or $0.05 per diluted share in connection with the redemption of two existing classes of preferred stock during 2012.

FFO as adjusted, which excludes the effects of non-operating impairments and transactional income and expenses, was $134.8 million, or $0.33 per diluted share, for the fourth quarter of 2012 compared to $123.5 million, or $0.30 per diluted share, for the fourth quarter of 2011.

For the full year 2012, FFO as adjusted was $514.2 million, or $1.26 per diluted share, compared to $489.8 million, or $1.20 per diluted share, for the same period in 2011.

A reconciliation of net income to FFO and FFO as adjusted is provided in the tables accompanying this press release.

Shopping Center Operating Results

Fourth quarter 2012 shopping center portfolio operating results:

Combined Shopping Center Portfolio (includes U.S., Canada and Latin America)

  • Pro-rata occupancy was 93.8 percent, an increase of 40 basis points sequentially and 70 basis points over the fourth quarter of 2011;
  • Combined same-property NOI increased 3.4 percent over the fourth quarter of 2011; and
  • Total leases executed in the combined portfolio: 605 new leases, renewals and options totaling 1.9 million square feet.

The combined same-property NOI for the fourth quarter of 2012 represents the highest quarterly increase in same-property NOI since the fourth quarter of 2007. For the full year 2012, the combined same-property NOI increased 2.3 percent which was negatively impacted by 60 basis points due to foreign currency changes. Excluding the effects of foreign currency, the combined same-property NOI increased 2.9 percent for the full year 2012. Kimco reports same-property NOI on a cash-basis, excluding lease termination fees and including charges for bad debts. For the full year 2012, the company signed 2,678 new leases, renewals and options totaling 10.0 million square feet representing approximately a 25 percent increase in pro-rata square footage over the same period in 2011.

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