Kimco Realty Q4 Profit Matches Estimates; Affirms FY14 Guidance

(RTTNews) - Kimco Realty Corp. (KIM) reported fourth-quarter net income to shareholders of $47.0 million, or $0.11 per share, compared to $59.2 million, or $0.14 per share, prior year. Income from continuing operations was $61.41 million or $0.10 per share, compared to $46.80 million or $0.04 per share, prior year.

FFO, a supplemental measure of REIT performance, was $134.7 million, or $0.33 per share, compared to $127.2 million, or $0.31 per share, previous year. FFO as adjusted (recurring), which excludes the effects of non-operating impairments and transactional income and expenses, was $134.8 million, or $0.33 per share, for the fourth quarter of 2013.

On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.33 for the quarter. Analysts' estimates typically exclude special items.

Total revenues were $247.62 million, compared to $227.37 million, prior year. Analysts expected revenue of $238.02 million for the quarter.

Kimco's board of directors declared a quarterly cash dividend of $0.225 per common share, payable on April 15, 2014, to shareholders of record on April 3, 2014, with an ex-dividend date of April 1, 2014. This dividend represents a 7.1% increase over the previous dividend paid for the comparable period in 2013.

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 share. Analysts expect the company to report fiscal 2014 earnings per share of $1.39.