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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
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--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;
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.
The following information was filed by Kimco Realty Corp (KIM) on Tuesday, February 5, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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