Kimco Realty Announces Fourth Quarter And Full Year 2013 Operating Results; Reports A 5.6% Increase In FFO As Adjusted In 2013; Portfolio Metrics Strong With Occupancy Reaching A Five-Year High
Kimco Realty Corp. (NYSE:KIM) today reported results for the fourth quarter and year ended December 31, 2013.
Highlights for the Fourth Quarter and Full Year 2013:
- Reported funds from operations (FFO) of $0.33 per diluted share for the fourth quarter of 2013 and $1.35 per diluted share for the full year 2013, representing increases of 6.5% and 8.0%, respectively, over the same periods in 2012;
- U.S. same-property net operating income (NOI) increased 4.1% for the fourth quarter and 3.8% for the full year 2013;
- Pro-rata occupancy increased 100 basis points in the U.S. shopping center portfolio to 94.9%, and 70 basis points in the combined shopping center portfolio to 94.5%, compared to the fourth quarter of 2012, representing the highest occupancy levels since the third quarter of 2008;
- Continued to transform consolidated U.S. retail portfolio during 2013: Acquired 18 high-quality retail properties, primarily in the company’s key territories, for a gross price of $348.9 million, while disposing of 23 non-core, wholly owned properties for a gross price of $152.2 million;
- Continued to simplify the business model in 2013 by reducing exposure to Latin America and reducing the number of joint venture properties: Monetized 112 Latin American properties for a gross amount of $1.1 billion; disposed of 12 U.S. retail joint venture properties for a gross sales price of $197.5 million; and purchased five joint venture properties for a total price of $291.4 million; and
- Significantly expanded the redevelopment pipeline in 2013: Increased the overall redevelopment pipeline to a total of 262 projects with a gross cost of approximately $778 million.
Net income available to common shareholders for the fourth quarter of 2013 was $47.0 million, or $0.11 per diluted share, compared to $59.2 million, or $0.14 per diluted share, for the fourth quarter of 2012. Net income available to common shareholders during the fourth quarter of 2013 included $22.0 million of gains on sales of operating properties and $20.7 million of impairments attributable to the sale or pending disposition of operating properties. This compares to $53.9 million of gains on the sales of operating properties and $26.4 million of impairments during the fourth quarter of 2012. 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