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.
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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV