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Kimco Realty Reports A 6.5 Percent Increase In Funds From Operations As Adjusted Per Diluted Share For The Third Quarter Of 2013; Board Approves A 7.1 Percent Dividend Increase Per Common Share

Stocks in this article: KIM

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

Highlights for the Third Quarter 2013 and Subsequent Activity

  • Reported funds from operations (FFO) of $0.34 per diluted share for the third quarter of 2013, compared to $0.29 per diluted share for the same period in 2012, representing a 17.2 percent increase;
  • FFO as adjusted (recurring) was $0.33 per diluted share for the third quarter of 2013, compared to $0.31 per diluted share for the same period in 2012, representing a 6.5 percent increase;
  • Announced a 7.1 percent increase in the quarterly dividend to $0.225 per common share;
  • Pro-rata occupancy increased 100 basis points and 60 basis points for the U.S. and combined shopping center portfolios, respectively, to 94.4 percent and 94.0 percent, compared to September 30, 2012;
  • U.S. same-property net operating income (NOI) increased 2.7 percent, which includes a negative 40 basis point impact from the inclusion of redevelopments, from the third quarter of 2012, representing the fourteenth consecutive positive increase;
  • Recognized a 7.3 percent positive spread on U.S. leases signed during the quarter;
  • Completed the sale of 98 properties in Latin America totaling approximately $779 million; and
  • Executed a contract to acquire a 24-property portfolio concentrated in the greater Boston metropolitan area for $270 million.

Financial Results

Net income available to common shareholders for the third quarter of 2013 was $41.2 million, or $0.10 per diluted share, compared to $27.1 million, or $0.07 per diluted share, for the third quarter of 2012. Net income available to common shareholders during the third quarter of 2013 included $81.6 million of gains on sales of operating properties and $91.0 million of impairments attributable to the sale or pending disposition of operating properties. This compares to $11.7 million of gains on sales of operating properties and $4.3 million of impairments during the third quarter of 2012. Both operating property impairments and gains on sales are excluded from the calculation of FFO.

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