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.

Financial Results

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.

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