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Kimco Consolidates Ownership of Greeley Commons

REIT Pays $23.4 Million for Remaining 89% Ownership Share
November 1, 2012
Kimco Realty, a retail REIT that owns and operates the largest portfolio of neighborhood and community shopping centers in North America, got a littler bigger last month when it acquired the remaining 89-percent interest in Greeley Commons it didn't already own.

Kimco said it paid $23.4 million to consolidate its ownership of the 139,000-square-foot unencumbered shopping center located in Greeley, CO.

The partial interest purchase was reported by the REIT in its third quarter 2012 operating results. The REIT reported quarterly declines in both net income and Funds from Operations (FFO). Net income available to common shareholders for the third quarter of 2012 was $27.1 million, or $0.07 per diluted share, compared to $40.1 million, or $0.10 per diluted share, for the third quarter of 2011. Year to date, net income available to common shareholders was $113.4 million, or $0.28 per diluted share, compared to $78.1 million, or $0.19 per diluted share, through September 30, 2011.

Funds from operations was $119 million, or $0.29 per diluted share, for the third quarter of 2012 compared to $134.3 million, or $0.33 per diluted share, for the third quarter of 2011.

Other major highlights for the past quarter include:
•A 10.5% increase in the quarterly common cash dividend to $0.21 per share;
• Increase in gross occupancy to 93.7% in both the combined and U.S. shopping center portfolios representing increases of 70 basis points and 80 basis points, respectively, from the third quarter of 2011 and the highest level since December 2008;
•Executed a purchase and sale agreement for the disposition of InTown Suites for $735 million.

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