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As a reminder, statements made during the course of this call represent the company and management's hopes, intentions, beliefs, expectations or projections of the future which are forward-looking statements. It's important to note that the company's actual results could differ materially from those projected in such forward-looking statements. Information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained in the company's SEC filings. During this presentation, management may make reference to certain non-GAAP financial measures that we believe help investors to better understand Kimco’s operating results. Examples include, but are not limited to, funds from operations and net operating income. Reconciliations of these non-GAAP financial measures are available on our Web site.Finally, during the Q&A portion of the call, we request that you respect the limit of one question so that all of our callers have an opportunity to speak to management. Feel free to return to the queue, if you have additional questions and if we have time at the end of the call, we will address your questions. With that I will now turn the call over to Dave Henry. Dave Henry Good morning. I would like to begin by warmly congratulating both Glenn Cohen, our new Chief Financial Officer, and Barbara Pooley, our new Chief Administrative Officer. Both Glenn and Barb are key members of our senior management team and all of us at Kimco are proud to see them assume more responsibility under their new roles. Congratulations and well deserved Glenn and Barb. I do believe it's worth noting and hopefully comforting to our shareholders that almost all of the senior leaderships have been with the company for many years. Glenn Cohen, 15 years; Mike Pappagallo, 13 years; Rob Nadler, 12 years; Bruce Rubenstein, 12 years, Scott Onufrey, 11 years; me, almost 10; and of course Milton, for awhile. I believe this shows stability and a very good working relationship among the senior team, which has continued during and despite the challenging times the past two years.
With respect to the quarter, our portfolio produced solid financial and operating results, with strengthening metrics and vital signs. Our national retailers, in particular, are cautiously optimistic, and have selectively resumed their expansion strategies.In late May, at the ICSC convention, the environment was dramatically different than that of last year’s meeting. Many retailers were again seeking new store locations and beginning to be concerned about a decreasing supply of available location and virtually no new development projects. While still a tenant market, the position of retail landlords is improving which should be reflected over time in our leasing spreads, same-store NOI, renewals and occupancy. Mike Pappagallo will give some additional insight on portfolio performance, but I would note there are still geographic differences in leasing activity and occupancy. The New York metro area, our mid-Atlantic region, Puerto Rico and Canada continued to be very strong offsetting softness in Southern California, Florida, Arizona and Nevada. That said we've seen the pickup in activity even in these markets over the past few months. Overall, we feel very good about the signs of improvement in our portfolio and the underlying trends. We also had a busy quarter in terms of our institutional and joint ventures. We have now closed three separate transactions in two separate joint ventures with BIG Shopping Centres, an Israeli public company, which owns and develops shopping centers in Israel. As part of their diversification strategy, we are pleased that they have selected Kimco as a primary operating partner to source, manage and lease US shopping center properties. During the quarter, we also officially closed our joint venture with Canada Pension Plan Investment Board, with an initial portfolio of five properties. We plan to add one additional property to the venture in the third quarter. We also added one property earlier in the quarter to our existing joint venture with Cisterra, an opportunity fund based in California. Read the rest of this transcript for free on seekingalpha.com