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kimco realty corp (KIM) Key Developments

Kimco Realty Corporation Approves Amendment to the Company's Charter

Kimco Realty Corporation approved the amendment to the Company's charter to eliminate supermajority voting requirements as described in 2014 proxy statement, at the company's AGM to be held on May 6, 2014.

Kimco Realty Corporation Announces Unaudited Consolidated Earnings Results for First Quarter Ended Mar. 31, 2014 ; Affirms Earnings Guidance for the Year 2014

Kimco Realty Corporation announced unaudited consolidated earnings results for first quarter ended Mar. 31, 2014. For the quarter, the company reported total revenues of $246,878,000, operating income of $78,595,000, income from continuing operations of $80,118,000, net income available to the company's common shareholders of $72,427,000 or $0.15 per basic and diluted share, funds from operations of $138,393,000 or $0.34 per basic and diluted share, funds from operations as adjusted of $140,820,000 or $0.34 per diluted share compared to the total revenues of $227,015,000, operating income of $74,345,000, income from continuing operations of $64,344,000, net income available to the company's common shareholders of $53,197,000 or $0.12 per basic and diluted share, funds from operations of $134,879,000 or $0.33 per basic and diluted share, funds from operations as adjusted of $132,180,000 or $0.32 per diluted share for the same quarter a year ago. The company affirmed its 2014 full-year guidance range for FFO as adjusted, which does not include any estimate for transactional activities or non-operating impairments, of $1.36 - $1.40 per diluted share. Estimated 2014 shopping center operating combined portfolio occupancy of +50 to +75 basis points For the year 2014, the company projected diluted net income available to common shareholder per share was $0.57 to $0.61, projected depreciation & amortization was $0.65 to $0.67. In addition, company previous guidance of same-site NOI growth of 2.5% to 3.5% remains unchanged.

Kimco Realty Corporation Declares Dividend on its Common and Preferred Shares, Payable on July 15, 2014

Kimco Realty Corporation board of directors declared a quarterly cash dividend of $0.225 per common share, payable on July 15, 2014, to shareholders of record on July 3, 2014, with an ex-dividend date of July 1, 2014. This dividend represents a 7.1% increase over the previous dividend paid for the comparable period in 2013. The board of directors also declared quarterly dividends for the company's preferred shares. For the Class H depositary shares, each representing 1/100 of a share of 6.90% Class H cumulative redeemable preferred shares, a quarterly dividend of $0.43125 per preferred depositary share will be paid on July 15, 2014, to shareholders of record on July 2, 2014, with an ex-dividend date of June 30, 2014; For the Class I depositary shares, each representing 1/1,000 of a share of 6.00% Class I cumulative redeemable preferred shares, a quarterly dividend of $0.37500 per preferred depositary share will be paid on July 15, 2014, to shareholders of record on July 2, 2014, with an ex-dividend date of June 30, 2014; For the Class J depositary shares, each representing 1/1,000 of a share of 5.50% Class J cumulative redeemable preferred shares, a quarterly dividend of $0.34375 per preferred depositary share will be paid on July 15, 2014, to shareholders of record on July 2, 2014, with an ex-dividend date of June 30, 2014; For the Class K depositary shares, each representing 1/1,000 of a share of 5.625% Class K cumulative redeemable preferred shares, a quarterly dividend of $0.35156 per preferred depositary share will be paid on July 15, 2014, to shareholders of record on July 2, 2014, with an ex-dividend date of June 30, 2014.

Kimco Realty Corporation Presents at REITWeek: NAREIT's Investor Forum, Jun-03-2014 02:15 PM

Kimco Realty Corporation Presents at REITWeek: NAREIT's Investor Forum, Jun-03-2014 02:15 PM. Venue: Waldorf Astoria New York, 301 Park Avenue, New York, NY 10022, United States. Speakers: David B. Henry, Vice Chairman, Chief Executive Officer, President, Chief Investment Officer and Member of Executive Committee.

Kimco Realty Corp. Acquires Balance of KIF I Portfolio

Kimco Realty Corp. announced that it has acquired the remaining 60.9% interest in the 12-property Kimco Income Fund I portfolio (KIF I) from its joint venture partners for a gross price of $408.0 million, including the assumption of $38.2 million in mortgage debt. As part of this transaction, the company will repay $118.9 million of mortgage debt encumbering nine of the properties. In addition, Kimco earned a cash promote of approximately $18.8 million, which was used to reduce the company's overall cash payment to $251.4 million. With the KIF I acquisition, Kimco continues to advance its simplification goals that include reducing the number of institutional joint ventures and partners, streamlining property ownership and management, and adding high-quality retail assets to its wholly owned portfolio. The addition of these properties, totaling 1.5 million square feet, also strengthens Kimco's footprint in key retail territories. KIF I properties are primarily located in the Mid-Atlantic, Northeast and Northern California regions of the U.S., in mature markets with high barriers to entry and strong surrounding trade demographics. This transaction furthers Kimco's portfolio transformation goals with these 12 grocery-anchored and necessity-based shopping centers that feature strong portfolio metrics and above-average occupancy, rent and household income levels. The high-quality nature of these assets is demonstrated by a three-mile, average household income level of $98,000, and an average base rent per square foot of $17.59, both of which exceed Kimco's current portfolio averages by 17% and 35%, respectively. The KIF portfolio is 98% occupied and supported by such notable national retailers as Royal Ahold, Safeway, Dick's Sporting Goods and TJX-Companies' businesses. In addition, 10 of the 12 properties are anchored by the top one or two grocers in each respective market.

 

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