Kimco Realty Corp. (KIM, Financial) filed Quarterly Report for the period ended 2010-06-30.
Kimco Realty Corp. has a market cap of $6.11 billion; its shares were traded at around $15.06 with a P/E ratio of 12.55 and P/S ratio of 7.76. The dividend yield of Kimco Realty Corp. stocks is 4.25%. Kimco Realty Corp. had an annual average earning growth of 0.4% over the past 10 years.KIM is in the portfolios of Jim Simons of Renaissance Technologies LLC, Pioneer Investments, David Dreman of Dreman Value Management, Jeremy Grantham of GMO LLC, First Pacific Advisors of First Pacific Advisors, LLC.
Benefit for income taxes increased approximately $3.4 million and $4.7 million for the three and six months ended June 30, 2010, respectively, as compared to the corresponding periods in 2009. These increases are primarily due to (i) an increase in the tax benefit of approximately $1.9 million and $2.5 million resulting from impairment charges during the three and six months ended June 30, 2010, respectively, as compared to the corresponding periods in 2009, (ii) a decrease in income tax provision of approximately $0.7 million and $1.5 million related to a decrease in interest income during the three and six months ended June 30, 2010, respectively, as compared to the corresponding periods in 2009 and (iii) a decrease in income tax provision of approximately $0.8 million and $1.0 million primarily related to gains on sale of land during the three and six months ended June 30, 2010, respectively, as compared to the corresponding periods in 2009.
Equity in (loss)/income of real estate joint ventures, net changed $14.9 million to a loss of approximately $(0.4) million for the three months ended June 30, 2010 as compared to a loss of approximately $(15.3) million for the corresponding period in 2009. This change is primarily the result of a (i) decrease in impairment charges of approximately $12.1 million resulting from fewer impairment charges recognized against certain joint venture properties during 2010 as compared to the corresponding period in 2009 and (ii) an increase in equity in income of approximately $1.6 million from the Companys joint venture investments in Mexico primarily resulting from lease-up activities at properties that were placed into service. Equity in (loss)/income of real estate joint ventures, net changed $26.2 million to income of approximately $20.6 million for the six months ended June 30, 2010 as compared to a loss of approximately $(5.6) million for the corresponding period in 2009. This change is primarily the result of a (i) decrease in impairment charges of approximately $9.3 million resulting from fewer impairment charges recognized against certain joint venture properties during 2010 as compared to the corresponding period in 2009, (ii) an increase in income related to the recognition of approximately $8.0 million in income resulting from cash distributions received in excess of the Companys carrying value of its investment in an unconsolidated limited liability partnership for the six months ended June 30, 2010, (iii) an increase in equity in income of approximately $1.8 million from the Companys joint venture investments in Mexico primarily resulting from lease-up activities at properties that were placed into service and (iv) the recognition of approximately $6.0 million of equity in income from the Albertsons joint venture during the six months ended June 30, 2010, as compared to $2.0 million of equity in income recognized during the six months ended June 30, 2009 primarily resulting from the sale of a distribution center in the joint venture.
Net income attributable to the Company for the three and six months ended June 30, 2010 was $27.5 million and $78.3 million, respectively. Net loss attributable to the Company for the three and six months ended June 30, 2009 was $(134.7) million and $(96.2) million, respectively. On a diluted per share basis, net income attributable to the Company was $0.04 and $0.13 for the three and six month period ended June 30, 2010, respectively, as compared to net loss of $(0.40) and $(0.37) for the three and six month period ended June 30, 2009, respectively. These changes are primarily attributable to (i) a decrease of approximately $142.6 million and $137.4 million in impairment charges recognized during the three and six months ended June 30, 2010 as compared to the corresponding periods in 2009, (ii) additional incremental earnings due to the acquisitions of operating properties during 2010 and 2009 and (iii) an overall net increase in equity in (loss)/income of joint ventures primarily due to a decrease in impairments of $12.1 million and $9.3 million during the three and six months ended June 30, 2010 as compared to the corresponding periods in 2009, partially offset by (v) an increase in interest expense primarily due to higher outstanding levels of secured debt at higher interest rates during the three and six months ended June 30, 2010, as compared to the corresponding periods in 2009.
Cash flows used for financing activities for the six months ended June 30, 2010, were approximately $321.5 million, as compared to approximately $22.0 million for the comparable period in 2009. This change of approximately $299.5 million resulted primarily from (i) a decrease in proceeds from the issuance of stock of approximately $717.5 million, (ii) a decrease in proceeds from mortgage/construction loan financing of approximately $382.3 million, (iii) an increase in the repayment of unsecured term loan/notes of approximately $31.0 million, (iv) decreases in proceeds from issuance of unsecured term loans/notes of approximately $70.3 million and (v) an increase in the redemption of noncontrolling interests of approximately $49.3 million, partially offset by (vi) a decrease of approximately $708.4 million in net borrowings/repayments under the Companys unsecured revolving credit facilities, (vii) a decrease in principal payments of approximately $125.2 million and (viii) a decrease in dividends paid of approximately $108.8 million.
Debt maturities for the remainder of 2010 consist of: $52.2 million of consolidated debt; $425.2 million of unconsolidated joint venture debt and $227.5 million of debt on properties included in the Companys preferred equity program, assuming the utilization of extension options where available. The 2010 consolidated debt maturities are anticipated to be repaid with operating cash flows, borrowings from the Companys credit facilities (which at June 30, 2010 had approximately $1.6 billion available) and debt refinancing. The 2010 unconsolidated joint venture and preferred equity debt maturities are anticipated to be repaid through debt refinancing and partner capital contributions, as deemed appropriate. Included in the $425.2 million of unconsolidated joint venture debt is $287.5 million related to the KimPru term loan facility which bore interest at a rate of LIBOR plus 1.25% and was scheduled to mature in August 2010. During July 2010, KimPru fully repaid the $287.5 million outstanding balance on this facility primarily from capital contributions provided by the partners, at their respective ownership percentages of 85% from PREI and 15% from the Company.
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Kimco Realty Corp. has a market cap of $6.11 billion; its shares were traded at around $15.06 with a P/E ratio of 12.55 and P/S ratio of 7.76. The dividend yield of Kimco Realty Corp. stocks is 4.25%. Kimco Realty Corp. had an annual average earning growth of 0.4% over the past 10 years.KIM is in the portfolios of Jim Simons of Renaissance Technologies LLC, Pioneer Investments, David Dreman of Dreman Value Management, Jeremy Grantham of GMO LLC, First Pacific Advisors of First Pacific Advisors, LLC.
Highlight of Business Operations:
Other (expense)/income, net changed approximately $5.4 million to $5.1 million of expense for the three months ended June 30, 2010, as compared to $0.3 million of income for the three months ended June 30, 2009. This change is primarily due to (i) a decrease in the fair value of an embedded derivative instrument of approximately $3.4 million relating to the convertible option of the Valad notes and (ii) an increase in foreign withholding tax of approximately $1.7 million. Other (expense)/income, net changed approximately $4.5 million to $8.4 million of expense for the six months ended June 30, 2010, as compared to $3.9 million of expense for the six months ended June 30, 2009. This change is primarily due to a decrease in the fair value of an embedded derivative instrument of approximately $1.3 million relating to the convertible option of the Valad notes and (i) an increase in foreign withholding tax of approximately $4.7 million, partially offset by (ii) a decrease in foreign conversion adjustments of approximately $1.5 million relating to various foreign investments which have US dollar functional currency.Benefit for income taxes increased approximately $3.4 million and $4.7 million for the three and six months ended June 30, 2010, respectively, as compared to the corresponding periods in 2009. These increases are primarily due to (i) an increase in the tax benefit of approximately $1.9 million and $2.5 million resulting from impairment charges during the three and six months ended June 30, 2010, respectively, as compared to the corresponding periods in 2009, (ii) a decrease in income tax provision of approximately $0.7 million and $1.5 million related to a decrease in interest income during the three and six months ended June 30, 2010, respectively, as compared to the corresponding periods in 2009 and (iii) a decrease in income tax provision of approximately $0.8 million and $1.0 million primarily related to gains on sale of land during the three and six months ended June 30, 2010, respectively, as compared to the corresponding periods in 2009.
Equity in (loss)/income of real estate joint ventures, net changed $14.9 million to a loss of approximately $(0.4) million for the three months ended June 30, 2010 as compared to a loss of approximately $(15.3) million for the corresponding period in 2009. This change is primarily the result of a (i) decrease in impairment charges of approximately $12.1 million resulting from fewer impairment charges recognized against certain joint venture properties during 2010 as compared to the corresponding period in 2009 and (ii) an increase in equity in income of approximately $1.6 million from the Companys joint venture investments in Mexico primarily resulting from lease-up activities at properties that were placed into service. Equity in (loss)/income of real estate joint ventures, net changed $26.2 million to income of approximately $20.6 million for the six months ended June 30, 2010 as compared to a loss of approximately $(5.6) million for the corresponding period in 2009. This change is primarily the result of a (i) decrease in impairment charges of approximately $9.3 million resulting from fewer impairment charges recognized against certain joint venture properties during 2010 as compared to the corresponding period in 2009, (ii) an increase in income related to the recognition of approximately $8.0 million in income resulting from cash distributions received in excess of the Companys carrying value of its investment in an unconsolidated limited liability partnership for the six months ended June 30, 2010, (iii) an increase in equity in income of approximately $1.8 million from the Companys joint venture investments in Mexico primarily resulting from lease-up activities at properties that were placed into service and (iv) the recognition of approximately $6.0 million of equity in income from the Albertsons joint venture during the six months ended June 30, 2010, as compared to $2.0 million of equity in income recognized during the six months ended June 30, 2009 primarily resulting from the sale of a distribution center in the joint venture.
Net income attributable to the Company for the three and six months ended June 30, 2010 was $27.5 million and $78.3 million, respectively. Net loss attributable to the Company for the three and six months ended June 30, 2009 was $(134.7) million and $(96.2) million, respectively. On a diluted per share basis, net income attributable to the Company was $0.04 and $0.13 for the three and six month period ended June 30, 2010, respectively, as compared to net loss of $(0.40) and $(0.37) for the three and six month period ended June 30, 2009, respectively. These changes are primarily attributable to (i) a decrease of approximately $142.6 million and $137.4 million in impairment charges recognized during the three and six months ended June 30, 2010 as compared to the corresponding periods in 2009, (ii) additional incremental earnings due to the acquisitions of operating properties during 2010 and 2009 and (iii) an overall net increase in equity in (loss)/income of joint ventures primarily due to a decrease in impairments of $12.1 million and $9.3 million during the three and six months ended June 30, 2010 as compared to the corresponding periods in 2009, partially offset by (v) an increase in interest expense primarily due to higher outstanding levels of secured debt at higher interest rates during the three and six months ended June 30, 2010, as compared to the corresponding periods in 2009.
Cash flows used for financing activities for the six months ended June 30, 2010, were approximately $321.5 million, as compared to approximately $22.0 million for the comparable period in 2009. This change of approximately $299.5 million resulted primarily from (i) a decrease in proceeds from the issuance of stock of approximately $717.5 million, (ii) a decrease in proceeds from mortgage/construction loan financing of approximately $382.3 million, (iii) an increase in the repayment of unsecured term loan/notes of approximately $31.0 million, (iv) decreases in proceeds from issuance of unsecured term loans/notes of approximately $70.3 million and (v) an increase in the redemption of noncontrolling interests of approximately $49.3 million, partially offset by (vi) a decrease of approximately $708.4 million in net borrowings/repayments under the Companys unsecured revolving credit facilities, (vii) a decrease in principal payments of approximately $125.2 million and (viii) a decrease in dividends paid of approximately $108.8 million.
Debt maturities for the remainder of 2010 consist of: $52.2 million of consolidated debt; $425.2 million of unconsolidated joint venture debt and $227.5 million of debt on properties included in the Companys preferred equity program, assuming the utilization of extension options where available. The 2010 consolidated debt maturities are anticipated to be repaid with operating cash flows, borrowings from the Companys credit facilities (which at June 30, 2010 had approximately $1.6 billion available) and debt refinancing. The 2010 unconsolidated joint venture and preferred equity debt maturities are anticipated to be repaid through debt refinancing and partner capital contributions, as deemed appropriate. Included in the $425.2 million of unconsolidated joint venture debt is $287.5 million related to the KimPru term loan facility which bore interest at a rate of LIBOR plus 1.25% and was scheduled to mature in August 2010. During July 2010, KimPru fully repaid the $287.5 million outstanding balance on this facility primarily from capital contributions provided by the partners, at their respective ownership percentages of 85% from PREI and 15% from the Company.
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