Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,516.27 98.74 0.68%
TOPIX 1,173.37 6.78 0.58%
HANG SENG 22,760.24 64.23 0.28%

Kimco Realty Announces Fourth Quarter and Full Year 2012 Operating Results; Reports a 10 Percent Increase in FFO as Adjusted of



  Kimco Realty Announces Fourth Quarter and Full Year 2012 Operating Results;
  Reports a 10 Percent Increase in FFO as Adjusted of $0.33 per Diluted Share
  for the Fourth Quarter 2012

Business Wire

NEW HYDE PARK, N.Y. -- February 5, 2013

Kimco Realty Corp. (NYSE: KIM) today reported results for the fourth quarter
and year ended December 31, 2012.

Highlights for the Fourth Quarter and Full Year 2012 and Subsequent Activity:

  * Reported funds from operations as adjusted of $0.33 per diluted share for
    the fourth quarter and $1.26 for the full year 2012, representing
    increases of ten percent and five percent, respectively, over the same
    periods in the prior year;
  * Pro-rata occupancy increased to 93.8 percent and 93.9 percent in the
    combined and U.S. shopping center portfolios, respectively, and represents
    the highest occupancy levels since the third quarter of 2008;
  * Recognized positive U.S. cash-basis leasing spreads of 11.8 percent; new
    leases increased 25.5 percent and renewals/options increased 6.1 percent
    during the fourth quarter;
  * Combined same-property net operating income (NOI) increased 3.4 percent
    from the fourth quarter 2011, representing the eleventh consecutive
    quarter with a positive increase;
  * U.S. transaction volume exceeded $1.2 billion in 2012 as the company
    acquired interests in 27 properties for a gross price of $653.6 million
    while disposing of 68 shopping centers for a gross amount of $631.8
    million;
  * Issued $800 million of preferred stock in 2012 to replace $635 million of
    existing preferred stock and $198.9 million in senior unsecured notes
    providing the company with an annual cost savings of approximately $13
    million, or $0.03 per diluted share annually, offsetting one-time non-cash
    redemption charges of $21.7 million, or $0.05 per diluted share; and
  * Subsequently in January 2013, the company announced its participation in
    the consortium to acquire five grocery banners totaling 877 locations from
    SUPERVALU INC. (NYSE: SVU) as well as the tender offer for up to 30
    percent of the outstanding SUPERVALU shares;

Financial Results

Net income available to common shareholders for the fourth quarter of 2012 was
$59.2 million, or $0.14 per diluted share, compared to $31.6 million, or $0.08
per diluted share, for the fourth quarter of 2011. For the full year 2012, net
income available to common shareholders was $172.7 million, or $0.42 per
diluted share, compared to $109.7 million, or $0.27 per diluted share, for the
full year 2011.

Funds from operations (FFO), a widely accepted supplemental measure of REIT
performance, was $127.2 million, or $0.31 per diluted share, for the fourth
quarter of 2012 compared to $135.4 million, or $0.33 per diluted share, for
the fourth quarter of 2011. The decrease in FFO in the fourth quarter of 2012
was due to a $19.5 million reduction in transaction income as a result of a
$15.5 million non-cash charge in connection with the redemption of the
company’s Class G $460 million 7.75 percent cumulative redeemable preferred
shares in October 2012. The decrease in transaction income was partially
offset by a $10.4 million increase in net operating income for the fourth
quarter of 2012 compared to the same period in 2011.

For the full year 2012, FFO was $510.4 million, or $1.25 per diluted share,
compared to $517.8 million, or $1.27 per diluted share, for the same period
last year. The decrease in FFO for the full year 2012 was attributable to
non-cash redemption charges of $21.7 million, or $0.05 per diluted share in
connection with the redemption of two existing classes of preferred stock
during 2012.

FFO as adjusted, which excludes the effects of non-operating impairments and
transactional income and expenses, was $134.8 million, or $0.33 per diluted
share, for the fourth quarter of 2012 compared to $123.5 million, or $0.30 per
diluted share, for the fourth quarter of 2011.

For the full year 2012, FFO as adjusted was $514.2 million, or $1.26 per
diluted share, compared to $489.8 million, or $1.20 per diluted share, for the
same period in 2011.

A reconciliation of net income to FFO and FFO as adjusted is provided in the
tables accompanying this press release.

Shopping Center Operating Results

Fourth quarter 2012 shopping center portfolio operating results:

Combined Shopping Center Portfolio (includes U.S., Canada and Latin America)

  * Pro-rata occupancy was 93.8 percent, an increase of 40 basis points
    sequentially and 70 basis points over the fourth quarter of 2011;
  * Combined same-property NOI increased 3.4 percent over the fourth quarter
    of 2011; and
  * Total leases executed in the combined portfolio: 605 new leases, renewals
    and options totaling 1.9 million square feet.

The combined same-property NOI for the fourth quarter of 2012 represents the
highest quarterly increase in same-property NOI since the fourth quarter of
2007. For the full year 2012, the combined same-property NOI increased 2.3
percent which was negatively impacted by 60 basis points due to foreign
currency changes. Excluding the effects of foreign currency, the combined
same-property NOI increased 2.9 percent for the full year 2012. Kimco reports
same-property NOI on a cash-basis, excluding lease termination fees and
including charges for bad debts. For the full year 2012, the company signed
2,678 new leases, renewals and options totaling 10.0 million square feet
representing approximately a 25 percent increase in pro-rata square footage
over the same period in 2011.

U.S. Shopping Center Portfolio

  * Pro-rata occupancy was 93.9 percent, an increase of 50 basis points
    sequentially and 80 basis points over the fourth quarter of 2011;
  * U.S. same-property NOI increased 3.1 percent during the fourth quarter of
    2012 compared to the same period in 2011; and
  * Pro-rata U.S. cash-basis leasing spreads increased 11.8 percent; new
    leases increased 25.5 percent, and renewals/options increased 6.1 percent.

In addition, the U.S. shopping center portfolio’s pro-rata occupancy for small
shop space (defined as space of less than 10,000 square feet) was 84.2
percent, an increase of 30 basis points sequentially and 170 basis points from
the fourth quarter of 2011.

Shopping Center Investment Activity

Acquisitions:

As previously announced, during the fourth quarter, Kimco acquired seven
properties in core markets for its consolidated portfolio, comprising 329,000
square feet, for a total price of $96.2 million, including $20 million of
mortgage debt. In addition, the company purchased the remaining ownership
interest in two unencumbered shopping centers from its joint venture partners,
comprising 189,000 square feet, for a gross price of $29.6 million.

During 2012, the company acquired for its U.S. portfolio, the full interest in
24 shopping centers, comprising 2.7 million square feet, for a gross price of
$540 million, including $179.2 million of mortgage debt. These properties have
an average pro-rata occupancy of 97.2 percent and are supported by excellent
demographics, including an average population and household income of 102,000
and $100,000, respectively, within a three-mile radius.

Also during 2012, the company, as part of separate joint ventures, acquired
interests in three Canadian shopping centers, comprising 377,000 square feet
for a gross price of USD $113.6 million, including $47.9 million of mortgage
debt.

SUPERVALU:

As previously announced, the company will participate in the consortium to
acquire five grocery banners totaling 877 locations from SUPERVALU INC. (SVU)
that includes Albertsons, Shaw’s, Jewel-Osco, Acme and Star Market chains. In
addition, this investment group has initiated a tender offer for up to 30
percent of the outstanding shares of SVU. Kimco will contribute up to $76.5
million as its investment and hold approximately a 15 percent interest in the
consortium.

Dispositions:

As previously announced in the fourth quarter of 2012, Kimco sold 34 retail
properties, totaling 3.9 million square feet with an average pro-rata
occupancy of 90.4 percent, for approximately $246.1 million, including $35.4
million of mortgage debt. Kimco’s share of the proceeds from these sales was
$180.2 million. Key dispositions included the sales of two shopping center
portfolios located primarily in Ohio and Indiana totaling 22 properties for
$131.1 million.

For the full year 2012, Kimco sold 68 shopping center properties in the U.S.,
comprising nearly 7.7 million square feet, for $631.8 million, including
$153.8 million of mortgage debt. The company’s share of proceeds from these
sales was $385.8 million. These properties had an average pro-rata occupancy
of 87.8 percent with an average population and household income of 76,000 and
$63,000, respectively, within a three-mile radius.

Capital Structure

Kimco’s board of directors declared a quarterly cash dividend of $0.21 per
common share, payable on April 15, 2013 to shareholders of record on April 3,
2013, representing an ex-dividend date of April 1, 2013.

The board of directors also declared quarterly dividends for the company’s
preferred shares as follows:

  * For the Class H depositary shares, each representing 1/100 of a share of
    6.90 percent Class H cumulative redeemable preferred shares, a quarterly
    dividend of $0.43125 per preferred depositary share will be paid on April
    15, 2013 to shareholders of record on April 2, 2013, representing an
    ex-dividend date of March 28, 2013;
  * For the Class I depositary shares, each representing 1/1000 of a share of
    6.00 percent Class I cumulative redeemable preferred shares, a quarterly
    dividend of $0.37500 per preferred depositary share will be paid on April
    15, 2013 to shareholders of record on April 2, 2013, representing an
    ex-dividend date of March 28, 2013.
  * For the Class J depositary shares, each representing 1/1000 of a share of
    5.50 percent Class J cumulative redeemable preferred shares, a quarterly
    dividend of $0.34375 per preferred depositary share will be paid on April
    15, 2013 to shareholders of record on April 2, 2013, representing an
    ex-dividend date of March 28, 2013.

In addition, the board of directors has declared the initial dividend for the
company’s Class K depositary shares, each representing 1/1000 of a share of
5.625 percent Class K cumulative redeemable preferred shares. This dividend of
$0.50000 per preferred depositary share will be paid on April 15, 2013 to
shareholders of record on April 2, 2013, representing an ex-dividend date of
March 28, 2013 and represents the period from December 7, 2012 through and
including April 14, 2013.

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.

The company refers you to the documents filed by the company from time to time
with the Securities and Exchange Commission, specifically the section titled
"Risk Factors" in the company's Annual Report on Form 10-K for the year ended
December 31, 2011, as may be updated or supplemented in the company’s Form
10-Q filings, which discuss these and other factors that could adversely
affect the company's results.

                                                 
Condensed Consolidated Statements of Income
(unaudited)
(in thousands, except share information)
                     
                      Three Months Ended              Year Ended
                      December 31,                    December 31,
                        2012            2011            2012             2011      
Revenues
Revenues from         $ 229,073       $ 212,463       $ 884,782        $ 825,737
rental properties
Management and          10,469          8,494           37,522           35,320    
other fee income
                                                                                     
Total revenues          239,542         220,957         922,304          861,057   
                                                                                     
Operating expenses
Rent                    3,304           3,318           12,761           13,863
Real estate taxes       29,594          26,695          115,282          108,782
Operating and           37,943          31,499          118,787          114,101
maintenance
General and
administrative          29,166          28,689          124,480          118,873
expenses
Provision for           80              3,234           6,880            7,723
doubtful accounts
Impairment charges      18,463          5,320           37,111           13,077
Depreciation and        64,070          58,307          249,493          231,712   
amortization
Total operating         182,620         157,062         664,794          608,131   
expenses
                                                                                     
Operating income        56,922          63,895          257,510          252,926
                                                                                     
Other
income/(expense)
Mortgage financing      1,421           1,546           7,504            7,273
income
Interest, dividends
and other               1,060           2,394           2,170            16,567
investment income
Other expense, net      (1,802  )       (2,583  )       (7,971   )       (4,680   )
Interest expense        (56,043 )       (57,076 )       (227,595 )       (223,526 )
Income from other
real estate             763             762             2,451            3,824
investments
Gain on sale of
development             -               12,074          -                12,074
properties
                                                                                     
Income from
continuing
operations before
income taxes,
equity in income of
joint ventures,
gains on change in
control of                                                              
interests, and
equity in income
from other real         2,321           21,012          34,069           64,458
estate investments
                                                                                     
Benefit/(provision)
for income taxes,       802             (6,968  )       (3,939   )       (21,330  )
net
Equity in income of     23,308          14,227          112,896          63,467
joint ventures, net
Gains on change in
control of              1,399           -               15,555           569
interests
Equity in income of
other real estate       18,057          16,690          53,397           51,813
investments, net
                                                                        
Income from
continuing              45,887        44,961            211,978          158,977   
operations
                                                                                     
Discontinued
operations
Income from
discontinued
operating               112             4,909           3,084            23,021
properties, net of
tax
Impairment/loss on
operating               (3,366  )       (8,424  )       (22,339  )       (17,343  )
properties sold,
net of tax
Gain on disposition
of operating            48,783          8,605           83,253           17,327    
properties
Income from
discontinued            45,529          5,090           63,998           23,005    
operations
Gain on sale of
operating               239             108             4,299            108       
properties, net of
tax (1)
Net income              91,655          50,159          280,275          182,090
                                                                                     
Net income
attributable to         (3,274  )       (3,762  )       (14,202  )       (13,039  )
noncontrolling
interests (3)
                                                                        
Net income
attributable to the     88,381          46,397          266,073          169,051
Company
                                                                                     
Preferred stock         (15,490 )       -               (21,703  )       -
redemption costs
Preferred stock         (13,660 )       (14,841 )       (71,697  )       (59,363  )
dividends
                                                                                     
Net income
available to the      $ 59,231        $ 31,556        $ 172,673        $ 109,688   
Company's common
shareholders
Per common share:
Income from
continuing
operations: (3)
Basic                 $ 0.03          $ 0.07          $ 0.27           $ 0.22      
Diluted               $ 0.03      (2) $ 0.07      (2) $ 0.27       (2) $ 0.21       (2)
Net income: (4)
Basic                 $ 0.14          $ 0.08          $ 0.42           $ 0.27      
Diluted               $ 0.14      (2) $ 0.08      (2) $ 0.42       (2) $ 0.27       (2)
                                                                                     
Weighted average
shares:
Basic                   406,345         406,554         405,997          406,530   
Diluted                 406,837         407,341         406,689          407,669   
                                                                                     

(1)   Included in the calculation of income from continuing operations per
      common share in accordance with SEC guidelines.
      Reflects the potential impact if certain units were converted to common
(2)   stock at the beginning of the period. The impact of the conversion would
      have an anti-dilutive effect on net income and therefore have not been
      included.
      Includes the net income attributable to noncontrolling interests related
      to continued operations of ($2,961) and ($2,568) for the quarters ended
(3)   December 31, 2012 and 2011, respectively. Additionally, the net income
      attributable to noncontrolling interests related to continued operations
      of ($12,470) and ($11,661) for the years ended December 31, 2012 and
      2011, respectively.
      Includes earnings attributable to unvested restricted shares of $329 and
      $158 for the quarters ended December 31, 2012 and 2011, respectively.
(4)   Additionally the earnings attributable to unvested restricted shares of
      $1,221 and $608 for the year ended December 31, 2012 and 2011,
      respectively.
       

 
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands, except share information)
                                                                
                                                 December 31,    December 31,
                                                 2012            2011
Assets:
Operating real estate, net of accumulated
depreciation of $1,745,462 and $1,693,090,       $ 7,104,562     $ 6,898,445
respectively
Investments and advances in real estate joint      1,428,155       1,404,214
ventures
Real estate under development                      97,263          179,722
Other real estate investments                      317,557         344,131
Mortgages and other financing receivables          70,704          102,972
Cash and cash equivalents                          141,875         112,882
Marketable securities                              36,541          33,540
Accounts and notes receivable                      161,113         164,053
Other assets                                       383,037         388,803    
Total assets                                     $ 9,740,807     $ 9,628,762  
                                                                  
Liabilities:
Notes payable                                    $ 3,192,127     $ 2,983,886
Mortgages payable                                  1,003,190       1,085,371
Construction loans payable                         -               45,128
Dividends payable                                  96,518          92,159
Other liabilities                                  435,416         447,001    
Total liabilities                                  4,727,251       4,653,545  
Redeemable noncontrolling interests                81,076          95,074     
                                                                  
Stockholders' equity:
Preferred stock, $1.00 par value, authorized
5,961,200 and 5,146,000 shares, respectively
102,000 and 984,000 shares issued (in series),
respectively,
104,400 and 954,000 shares outstanding (in
series), respectively
Aggregate liquidation preference $975,000 and      102             954
$810,000, respectively
Common stock, $.01 par value, authorized
750,000,000 shares issued and outstanding          4,078           4,069
407,782,102 and 406,937,830 shares,
respectively
Paid-in capital                                    5,651,170       5,492,022
Cumulative distributions in excess of net          (824,008  )     (702,999  )
income
                                                   4,831,342       4,794,046
Accumulated other comprehensive income             (66,182   )     (107,660  )
Total stockholders' equity                         4,765,160       4,686,386
Noncontrolling interests                           167,320         193,757    
Total equity                                       4,932,480       4,880,143  
Total liabilities and equity                     $ 9,740,807     $ 9,628,762  
                                                                              

 
Reconciliation of Net Income Available to Common Shareholders
To Funds From Operations - "FFO"
(unaudited)
(in thousands, except per share data)
                
                 Three Months Ended              Year Ended
                 December 31,                    December 31,
                   2012            2011            2012            2011     
Net income
available to     $ 59,231        $ 31,556        $ 172,673       $ 109,688
common
shareholders
Gain on
disposition of
operating
property, net      (49,023 )       (11,398 )       (84,828 )       (19,444 )
of
noncontrolling
interests
Gain on
disposition of
joint venture      (4,914  )       (819    )       (27,927 )       (4,050  )
operating
properties
Depreciation
and
amortization -     63,246          60,561          257,278         246,746
real estate
related
Depr. and
amort. - real
estate jv's,       32,228          34,529          133,734         138,482
net of
noncontrolling
interests
Remeasurement
of derivative      -               -               -               4,287
instrument
Impairments of
operating
properties,        26,440          21,014          59,510          42,043   
net of tax and
noncontrolling
interests
Funds from         127,208         135,443         510,440         517,752
operations
Transactional
charges /          7,560           (11,932 )       3,761           (27,972 )
(income), net
Funds from
operations as    $ 134,768       $ 123,511       $ 514,201       $ 489,780  
adjusted
                                                                              
Weighted
average shares
outstanding
for FFO
calculations:
Basic              406,345         406,554         405,997         406,530  
Units              1,522           1,532           1,455           1,528
Dilutive
effect of          1,829           787             2,106           1,140    
equity awards
Diluted            409,696   (1)   408,873   (1)   409,558   (1)   409,198   (1)
                                                                              
FFO per common   $ 0.31          $ 0.33          $ 1.26          $ 1.27     
share - basic
FFO per common
share -          $ 0.31      (1) $ 0.33      (1) $ 1.25      (1) $ 1.27      (1)
diluted
FFO as
adjusted per     $ 0.33      (1) $ 0.30      (1) $ 1.26      (1) $ 1.20      (1)
common share -
diluted
                                                                              

(1) Reflects the potential impact if certain units were converted to common
stock at the beginning of the period. The impact of the conversion would have
an anti-dilutive effect on funds from operations and therefore have not been
included. Funds from operations would be increased by $572 and $264 for the
three months ended December 31, 2012 and 2011, respectively and $2,127 and
$1,017 for the year ended December 31, 2012 and 2011, respectively.
 
FFO is a widely accepted supplemental measure of REIT performance with the
standards established by the National Association of Real Estate Investment
Trusts (NAREIT). Given the company’s business as a real estate owner and
operator, Kimco believes that FFO and FFO as adjusted is helpful to investors
as a measure of its operating performance. NAREIT defines FFO as net
income/(loss) attributable to common shareholders computed in accordance with
generally accepted accounting principles, excluding (i) gains or losses from
sales of operating real estate assets and (ii) extraordinary items, plus (iii)
depreciation and amortization of operating properties and (iv) impairment of
depreciable real estate and in substance real estate equity investments.
Included in these items are also the company’s share of unconsolidated real
estate joint ventures and partnerships. FFO as adjusted excludes the effects
of non-operating impairments, transactional income and expenses.
 

 
Reconciliation of Projected Diluted Net Income Per Common Share
to Projected Diluted Funds From Operations Per Common Share
(unaudited)
                                                                    
                                           Actual        Projected Range
                                           2012          Full Year 2013
                                                         Low         High
Projected diluted net income available     $ 0.42        $ 0.37      $ 0.41
to common shareholder per share
                                                                      
Projected depreciation & amortization        0.63          0.62        0.64
                                                                      
Projected depreciation & amortization
real estate joint ventures, net of           0.33          0.31        0.33
noncontrolling interests
                                                                      
Gain on disposition of operating             (0.21 )       (0.01 )     (0.03 )
properties
                                                                      
Gain on disposition of joint venture
operating properties, net of                 (0.07 )       (0.01 )     (0.02 )
noncontrolling interests
                                                                      
Impairments of operating properties, net     0.15          -           -
of tax and noncontrolling interests
                                                                      
Projected FFO per diluted common share     $ 1.25        $ 1.28      $ 1.33
                                                                      
Transactional income, net                    (0.04 )       -           -
                                                                      
Preferred stock redemption charge            0.05          -           -
                                                                      
Non-operating impairments recognized,        -
net of tax
                                                                      
Projected FFO, as adjusted per diluted     $ 1.26        $ 1.28      $ 1.33   
common share
                                                                              

Projections involve numerous assumptions such as rental income (including
assumptions on percentage rent), interest rates, tenant defaults, occupancy
rates, foreign currency exchange rates (such as the US-Canadian rate), selling
prices of properties held for disposition, expenses (including salaries and
employee costs), insurance costs and numerous other factors. Not all of these
factors are determinable at this time and actual results may vary from the
projected results, and may be above or below the range indicated. The above
range represents management’s estimate of results based upon these assumptions
as of the date of this press release.
 

Contact:

Kimco Realty Corporation
David F. Bujnicki, 1-866-831-4297
Vice President, Investor Relations and Corporate Communications
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement