During 2012, Kimco issued three new classes of cumulative redeemable preferred stock totaling $800 million with a blended rate of 5.78 percent. The proceeds of these transactions were used for general corporate purposes, including the redemption of two existing classes of preferred stock, totaling $635 million with a blended rate of 7.45 percent, and the repayment of a $198.9 million 6.0 percent senior unsecured notes that matured in November 2012. These capital market activities will result in an annual cost savings of approximately $13 million, or $0.03 per diluted share. In connection with the redemption of the two existing classes of preferred stock during 2012, Kimco incurred non-cash redemption charges of $21.7 million, or $0.05 per diluted share.

At December 31, 2012, Kimco’s consolidated net debt to EBITDA as adjusted was 5.7x compared to 6.2x from the prior year. In addition, the company maintains access to approximately $1.7 billion of immediate liquidity.

2013 Guidance

The company’s 2013 full-year guidance range for FFO as adjusted, which does not include any estimate for transactional activities or non-operating impairments, remains $1.28 - $1.33 per diluted share.

Estimated 2013 shopping center portfolio metrics are as follows:
  • Combined portfolio occupancy: +50 to +75 basis points
  • Combined same-property NOI: +2.5 to +3.5 percent

Conference Call and Supplemental Materials

Kimco will hold its quarterly conference call on Wednesday, February 6, 2013 at 10:00 a.m. Eastern Standard Time (EST). The call will include a review of the company’s fourth quarter and full year 2012 results as well as a discussion of the company’s strategy and expectations for the future. To participate, dial 1-877-883-0383 (Passcode: 3311960).

A replay will be available through 9:00 a.m. EST on March 7, 2013 by dialing 1-877-344-7529 (Passcode: 10021794). Access to the live call and replay will be available through the company's website at investors.kimcorealty.com.

About Kimco

Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that owns and operates North America’s largest portfolio of neighborhood and community shopping centers. As of December 31, 2012, the company owned interests in 896 shopping centers comprising 131 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years. For further information, please visit www.kimcorealty.com , the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.

Safe Harbor Statement

The statements in this news release state the company's and management's intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the company's actual results could differ materially from those projected in such forward-looking statements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to (i) general adverse economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms, (iv) the company’s ability to raise capital by selling its assets, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates and foreign currency exchange rates, (vii) risks related to our international operations, (viii) the availability of suitable acquisition and disposition opportunities, (ix) valuation and risks related to our joint venture and preferred equity investments, (x) valuation of marketable securities and other investments, (xi) increases in operating costs, (xii) changes in the dividend policy for the company’s common stock, (xiii) the reduction in the company’s income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiv) impairment charges and (xv) unanticipated changes in the company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company's Securities and Exchange Commission filings, including but not limited to the company's Annual Report on Form 10-K for the year ended December 31, 2011. Copies of each filing may be obtained from the company or the Securities and Exchange Commission.

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