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Kimco Realty Reports A 12.9 Percent Increase In FFO As Adjusted Per Diluted Share For The Second Quarter Of 2013; Portfolio Operating Metrics Strong

Stocks in this article: KIM

Kimco Realty Corp. (NYSE: KIM) today reported results for the second quarter ended June 30, 2013.

Highlights for the Second Quarter 2013 and Subsequent Activity

  • FFO as adjusted was $0.35 per diluted share for the second quarter of 2013 compared to $0.31 per diluted share for the same period in 2012, representing a 12.9 percent increase;
  • Reported funds from operations (FFO) of $0.35 per diluted share for the second quarter of 2013, compared to $0.34 per diluted share for the same period in 2012;
  • U.S. same-property net operating income (NOI) increased 4.2 percent from the second quarter of 2012, representing the highest year-over-year increase in six years;
  • Recognized 16.7 percent positive spread on U.S. leases signed during the quarter;
  • Pro-rata occupancy increased in the combined and U.S. shopping center portfolios to 93.7 percent and 93.9 percent, respectively, at June 30, 2013 compared to 93.3 percent at June 30, 2012;
  • Closed on the sale of a nine-property Mexican shopping center portfolio for approximately $274 million;
  • Completed the sale of InTown Suites and several other non-retail assets during the quarter bringing the non-retail investment portfolio to less than 2 percent of gross assets; and
  • Issued $350 million of 10-year senior unsecured notes priced at 3.125 percent and subsequently completed an offering in July for $200 million 7-year unsecured Canadian-denominated notes priced at 3.855 percent. The net proceeds from both of these transactions are directed toward paying off maturing debt with a weighted average rate of 5.38 percent.

Financial Results

Net income available to common shareholders for the second quarter of 2013 was $36.6 million, or $0.09 per diluted share, compared to $48.3 million, or $0.12 per diluted share, for the second quarter of 2012. The decrease in net income available to common shareholders during the second quarter of 2013 was primarily due to a $31.3 million increase in impairments that were partially offset by a $12.0 million increase in gains on sales of operating properties; Both operating property impairments and gains on sales are excluded from the calculation of FFO.

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