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Solid Results for America's Largest Shopping Center Landlord

Kimco is a Buy

Kimco is currently trading at $21.55 per share with a current dividend yield of 3.90%. The company increased its dividend by 5.6% in 2012 and I expect to see further growth in 2013. Based upon my NAV pricing , Kimco appears to be trading at a discount of around 7%.

For those looking for a better margin-of-safety, Kimco has four Preferred issues, two done in 2012 with the lowest coupon ever issued: (1) Preferred Issue K 5.625% Perpetual Preferred and (2) Preferred Issue J 5.5%.

The Kimco fundamentals are becoming more attractive, and let's turn to the company's CEO, David Henry (on the recent earnings call), for the value proposition:

"In the future, we expect to focus our energies on North America and as mentioned before, concentrate on certain key primary core markets which in general are highlighted by strong demographics, limited retail per capita, barriers to entry, larger sized properties and higher population densities. We are determined to achieve over time a consensus among our shareholders and analysts that Kimco truly owns and operates great products."

At the time of publication the author had no position in any of the stocks mentioned.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

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