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Kimco Realty Announces Fourth Quarter and Full Year 2014 Operating Results; Reports Strong Increases in Operating Fundamentals - Company’s Occupancy Rate at Highest Level Since 2008
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--February 5, 2015--Kimco Realty Corp. (NYSE:KIM) today reported results for the fourth quarter and year ended December 31, 2014.
Highlights - Fourth Quarter and Full Year 2014
- FFO increased 15.2% for the fourth quarter and 7.4% for the full year 2014 over the comparable 2013 periods; FFO as adjusted increased 6.1% and 5.3%, respectively, during these same periods;
- U.S. same-property net operating income (NOI) increased 4.3% for the fourth quarter compared to the same period in 2013 representing the nineteenth consecutive positive quarterly increase;
- U.S. and combined portfolio occupancy increased to 95.7% and 95.8%, respectively, representing the highest levels since the first quarter of 2008;
- U.S. transaction volume (pro-rata) surpassed $1.8 billion in 2014; acquired interests in 60 properties totaling $1.1 billion and sold 91 properties for $717.1 million;
- Strategic exit from Latin America substantially complete with the sale of 25 properties, totaling $205.2 million, during the fourth quarter;
- Subsequently closed on a new $650 million unsecured term loan; and
- On February 2, 2015, purchased the remaining 66.7% interest in the 39-property Kimstone portfolio for $925 million.
Net income available to common shareholders for the fourth quarter of 2014 was $38.2 million, or $0.09 per diluted share, compared to $47.0 million, or $0.11 per diluted share, for the fourth quarter of 2013. Net income available to common shareholders during the fourth quarter of 2014 included $127.4 million of gains on sales of operating properties and $153.9 million of impairments, which were primarily attributable to a $134.3 million loss on foreign currency translation related to the company’s strategic exit from Mexico. This compares to $22.0 million of gains on the sales of operating properties and $20.7 million of impairments during the fourth quarter of 2013. Both operating property impairments and gains on sales are excluded from the calculation of funds from operations (FFO).
For the full year 2014, net income available to common shareholders was $365.7 million, or $0.89 per diluted share, compared to $178.0 million, or $0.43 per diluted share, for the full year 2013. Net income available to common shareholders for the full year 2014 included $383.4 million of gains on sales of operating properties and $257.7 million of impairments. The impairments recognized were attributable to the sale or pending disposition of operating properties, including a $134.3 million loss on foreign currency related to the company’s strategic exit from Mexico. This compares to $159.3 million of gains on the sales of operating properties and $165.8 million of impairments for the full year of 2013.
The following information was filed by Kimco Realty Corp (KIM) on Thursday, February 5, 2015 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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