Kimco Realty Announces First Quarter 2013 Results - FFO Increases 6.5 Percent Per Share; Strong Same-Property NOI Growth of 4.0 Percent - Highest Quarterly Increase Since 2007
Kimco Realty Corp. (NYSE: KIM) today reported results for the first
quarter ended March 31, 2013.
Highlights for the First Quarter 2013 and
Subsequent Activity
-
Reported funds from operations (“FFO”) of $0.33 per diluted share for
the first quarter 2013, representing an increase of 6.5 percent over
the same period in 2012;
-
FFO as adjusted was $0.32 per diluted share for the first quarter
2013, compared to $0.31 per diluted share for the same period in 2012;
-
Combined same-property net operating income (“NOI”) increased 4.0
percent from the first quarter 2012, representing the twelfth
consecutive quarter with a positive increase;
-
Recognized 13.5 percent positive spread on new U.S. leases signed
during the quarter;
-
Signed 693 new leases, renewals and options during the quarter
totaling 3.7 million square feet;
-
Completed the funding of Kimco’s 15 percent interest in the consortium
that acquired five grocery banners from SUPERVALU Inc. (NYSE: SVU), as
well as a minority interest in the outstanding common shares of SVU;
and
-
Executed a purchase and sales agreement for the sale of a
nine-property Mexican shopping center portfolio for a gross sales
price of approximately US$271 million.
Financial Results
Net income available to common shareholders for the first quarter of
2013 was $53.2 million, or $0.13 per diluted share, compared to $38.1
million, or $0.09 per diluted share, for the first quarter of 2012.
FFO, a widely accepted supplemental measure of REIT performance, was
$134.9 million, or $0.33 per diluted share, for the first quarter of
2013, compared to $126.2 million, or $0.31 per diluted share, for the
first quarter of 2012.
FFO as adjusted, which excludes the effects of non-operating impairments
and transactional income and expenses, was $132.2 million, or $0.32 per
diluted share, for the first quarter of 2013, compared to $125.9
million, or $0.31 per diluted share, for the first quarter of 2012.
A reconciliation of net income to FFO and FFO as adjusted is provided in
the tables accompanying this press release.
Shopping Center Operating Results
First quarter 2013 shopping center portfolio operating results:
Combined Shopping Center Portfolio (includes U.S.,
Canada and Latin America)
-
Pro-rata occupancy was 93.6 percent, an increase of 70 basis points
over the first quarter of 2012;
-
Combined same-property NOI increased 4.0 percent over the first
quarter of 2012; and
-
Total leases executed in the combined portfolio: 693 new leases,
renewals and options totaling 3.7 million square feet.
The combined same-property NOI increase of 4.0 percent represents twelve
consecutive quarters of positive same-property NOI, and the highest
quarterly increase since the fourth quarter of 2007. Kimco reports
same-property NOI on a cash-basis, excluding lease termination fees, and
including charges for bad debts.
U.S. Shopping Center Portfolio
-
Pro-rata occupancy was 93.7 percent, an increase of 90 basis points
over the first quarter of 2012;
-
U.S. same-property NOI increased 3.7 percent during the first quarter
of 2013, compared to the same period in 2012; and
-
Pro-rata U.S. cash-basis leasing spreads increased 3.8 percent; new
leases increased 13.5 percent, and renewals/options increased 2.7
percent.
In addition, the U.S. shopping center portfolio’s pro-rata occupancy for
small shop space (defined as space of less than 10,000 square feet) was
84.0 percent, an increase of 170 basis points from the first quarter of
2012.
Investment Activity
Acquisitions:
As previously announced, during the first quarter of 2013, Kimco
acquired or increased its equity interests in eight retail properties
totaling 1.5 million square feet for approximately $221 million. First
quarter acquisition activity includes:
-
Purchased four properties that were either adjacent or in close
proximity to an existing Kimco shopping center and are supported by an
average household income of $121,000 within a three-mile radius, for a
total purchase price of $76.0 million.
-
Acquired from existing joint venture partners the remaining interest
in three shopping centers that are 97.5 percent occupied for a gross
purchase price of $144.9 million.
-
Converted a Canadian retail preferred equity investment into a pari
passu joint venture. Kimco holds a 55.5 percent interest in this
429,000 square foot shopping center.
Also in the first quarter of 2013, Kimco increased its ownership
interest in the Kimco Income Fund (KIF) joint venture portfolio from
15.2 percent to 29.8 percent through the acquisition of a minority
partner’s interest for $19.9 million.
Dispositions:
As previously announced, Kimco sold two shopping centers, totaling
292,000 square feet, for a gross sales price of $10.3 million during the
first quarter. Currently, the company has 14 U.S. retail properties in
contract negotiations for approximately $111 million. Since Kimco’s
Investor Day in September 2010, the company has disposed of 110
properties, comprising 11.1 million square feet, for $835.6 million,
including $194.1 million of mortgage debt. The company’s share of the
proceeds from these sales was $514.5 million.
Also during the first quarter, the company sold a non-retail urban
property located in Bronx, N.Y., for $3.6 million. In addition, Kimco
anticipates completing the sale of the InTown Suites extended-stay
portfolio and two New York City non-retail urban properties that are
under contract during the second quarter of 2013. These transactions are
expected to generate proceeds to the company of approximately $137
million.
Subsequent to the end of the first quarter of 2013, a purchase and sales
agreement was executed for the sale of a portfolio of nine Mexican
shopping centers to a local real estate operator for a gross sales price
of 3.35 billion Mexican pesos (US$271 million), including mortgage debt
of 574 million Mexican pesos (US$46 million). Kimco holds a 47.6 percent
interest in this portfolio, which totals 2.6 million square feet and is
approximately 91 percent occupied.
SUPERVALU:
As previously announced, Kimco, through wholly owned subsidiaries,
invested a total of approximately $71 million for its 15 percent
interest in a consortium that is participating in two previously
announced transactions with SUPERVALU Inc. The company invested $37
million toward the acquisition of the Albertsons, Shaw’s, Jewel-Osco,
Acme and Star Market banners from SUPERVALU Inc., comprising 877 grocery
locations for $3.3 billion. In addition, as part of a tender offer,
Kimco funded approximately $34 million for 8.2 million common shares of
SUPERVALU Inc. (NYSE: SVU), priced at $4 per share which compares
favorably to the current market price.
Dividend Declarations
Kimco’s board of directors declared a quarterly cash dividend of $0.21
per common share, payable on July 15, 2013, to shareholders of record on
July 3, 2013, representing an ex-dividend date of July 1, 2013.
The board of directors also declared quarterly dividends for the
company’s preferred shares as follows:
-
For the Class H depositary shares, each representing 1/100 of a share
of 6.90 percent Class H cumulative redeemable preferred shares, a
quarterly dividend of $0.43125 per preferred depositary share will be
paid on July 15, 2013, to shareholders of record on July 2, 2013,
representing an ex-dividend date of June 28, 2013;
-
For the Class I depositary shares, each representing 1/1000 of a share
of 6.00 percent Class I cumulative redeemable preferred shares, a
quarterly dividend of $0.37500 per preferred depositary share will be
paid on July 15, 2013, to shareholders of record on July 2, 2013,
representing an ex-dividend date of June 28, 2013.
-
For the Class J depositary shares, each representing 1/1000 of a share
of 5.50 percent Class J cumulative redeemable preferred shares, a
quarterly dividend of $0.34375 per preferred depositary share will be
paid on July 15, 2013, to shareholders of record on July 2, 2013,
representing an ex-dividend date of June 28, 2013.
-
For the Class K depositary shares, each representing 1/1000 of a share
of 5.625 percent Class K cumulative redeemable preferred shares, a
quarterly dividend of $0.35156 per preferred depositary share will be
paid on July 15, 2013, to shareholders of record on July 2, 2013,
representing an ex-dividend date of June 28, 2013.
2013 Revised Guidance
The company’s 2013 full-year guidance range for FFO as adjusted, which
does not include any estimate for transactional activities or
non-operating impairments, has been increased by raising the low end of
the guidance range. In addition, Kimco has increased its 2013 guidance
range for the combined same-property NOI. Kimco’s 2013 revised guidance
is as follows:
|
|
|
|
|
|
Revised Guidance
|
|
|
|
|
Previous Guidance
|
|
FFO as adjusted per diluted share:
|
|
|
|
|
$1.29 - $1.33
|
|
|
|
|
$1.28 - $1.33
|
|
Combined portfolio occupancy:
|
|
|
|
|
+50 to +75 basis points
|
|
|
|
|
+50 to +75 basis points
|
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Combined same-property NOI:
|
|
|
|
|
+2.75 to +3.75 percent
|
|
|
|
|
+2.5 to +3.5 percent
|
|
|
|
|
|
|
|
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Conference Call and Supplemental Materials
Kimco will hold its quarterly conference call on Thursday, May 2, 2013,
at 10:00 a.m. EDT. The call will include a review of the company’s first
quarter 2013 results, as well as a discussion of the company’s strategy
and expectations for the future. To participate, dial 1-888-317-6003
(Passcode: 2655185).
A replay will be available through 9:00 a.m. EDT on June 3, 2013, by
dialing 1-877-344-7529 (Passcode: 10026626). Access to the live call and
replay will be available through the company's website at investors.kimcorealty.com.
About Kimco
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT)
headquartered in New Hyde Park, N.Y., that owns and operates North
America’s largest portfolio of neighborhood and community shopping
centers. As of March 31, 2013, the company owned interests in 895
shopping centers comprising 131 million square feet of leasable space
across 44 states, Puerto Rico, Canada, Mexico and South America.
Publicly traded on the NYSE since 1991, and included in the S&P 500
Index, the company has specialized in shopping center acquisitions,
development and management for more than 50 years. For further
information, please visit www.kimcorealty.com,
the company’s blog at blog.kimcorealty.com,
or follow Kimco on Twitter at www.twitter.com/kimcorealty.
Safe Harbor Statement
The statements in this news release state the company's and management's
intentions, beliefs, expectations or projections of the future and are
forward-looking statements. It is important to note that the company's
actual results could differ materially from those projected in such
forward-looking statements. Factors which may cause actual results to
differ materially from current expectations include, but are not limited
to (i) general adverse economic and local real estate conditions, (ii)
the inability of major tenants to continue paying their rent obligations
due to bankruptcy, insolvency or a general downturn in their business,
(iii) financing risks, such as the inability to obtain equity, debt or
other sources of financing or refinancing on favorable terms to the
company, (iv) the company’s ability to raise capital by selling its
assets, (v) changes in governmental laws and regulations, (vi) the level
and volatility of interest rates and foreign currency exchange rates,
(vii) risks related to our international operations, (viii) the
availability of suitable acquisition and disposition opportunities, and
risks related to acquisitions not performing in accordance with our
expectations, (ix) valuation and risks related to our joint venture and
preferred equity investments, (x) valuation of marketable securities and
other investments, (xi) increases in operating costs, (xii) changes in
the dividend policy for the company’s common stock, (xiii) the reduction
in the company’s income in the event of multiple lease terminations by
tenants or a failure by multiple tenants to occupy their premises in a
shopping center, (xiv) impairment charges and (xv) unanticipated changes
in the company’s intention or ability to prepay certain debt prior to
maturity and/or hold certain securities until maturity. Additional
information concerning factors that could cause actual results to differ
materially from those forward-looking statements is contained from time
to time in the company's Securities and Exchange Commission (SEC)
filings, including but not limited to the company's Annual Report on
Form 10-K for the year ended December 31, 2012. Copies of each filing
may be obtained from the company or the SEC.
The company refers you to the documents filed by the company from time
to time with the SEC, specifically the section titled "Risk Factors" in
the company's Annual Report on Form 10-K for the year ended December 31,
2012, as may be updated or supplemented in the company’s Quarterly
Reports on Form 10-Q and the company’s other filings with the SEC, which
discuss these and other factors that could adversely affect the
company's results.
|
Condensed Consolidated Statements of Income
|
|
(in thousands, except share information)
|
|
(unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
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|
|
|
2013
|
|
|
2012
|
|
|
Revenues
|
|
|
|
|
|
|
|
Revenues from rental properties
|
|
$
|
232,785
|
|
|
|
$
|
214,564
|
|
|
|
Management and other fee income
|
|
|
8,393
|
|
|
|
|
9,425
|
|
|
|
Total revenues
|
|
|
241,178
|
|
|
|
|
223,989
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
Rent
|
|
|
3,325
|
|
|
|
|
3,263
|
|
|
|
Real estate taxes
|
|
|
29,855
|
|
|
|
|
28,152
|
|
|
|
Operating and maintenance
|
|
|
28,849
|
|
|
|
|
26,415
|
|
|
|
General and administrative expenses
|
|
|
34,119
|
|
|
|
|
34,414
|
|
|
|
Provision for doubtful accounts
|
|
|
1,960
|
|
|
|
|
3,097
|
|
|
|
Impairment charges
|
|
|
3,198
|
|
|
|
|
233
|
|
|
|
Depreciation and amortization
|
|
|
62,738
|
|
|
|
|
59,556
|
|
|
|
Total operating expenses
|
|
|
164,044
|
|
|
|
|
155,130
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
77,134
|
|
|
|
|
68,859
|
|
|
|
|
|
|
|
|
|
|
|
Other income/(expense)
|
|
|
|
|
|
|
|
Mortgage financing income
|
|
|
986
|
|
|
|
|
2,007
|
|
|
|
Interest, dividends and other investment income
|
|
|
2,663
|
|
|
|
|
164
|
|
|
|
Other expense, net
|
|
|
(3,485
|
)
|
|
|
|
(3,597
|
)
|
|
|
Interest expense
|
|
|
(53,624
|
)
|
|
|
|
(57,283
|
)
|
|
|
Income from other real estate investments
|
|
|
403
|
|
|
|
|
727
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes, equity
in income of joint ventures, gains on change in control of
interests and equity in income from other real estate investments
|
|
|
24,077
|
|
|
|
|
10,877
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes, net
|
|
|
(15,133
|
)
|
|
|
|
(4,054
|
)
|
|
|
Equity in income of joint ventures, net
|
|
|
24,111
|
|
|
|
|
34,738
|
|
|
|
Gains on change in control of interests
|
|
|
23,170
|
|
|
|
|
2,008
|
|
|
|
Equity in income of other real estate investments, net
|
|
|
11,163
|
|
|
|
|
11,027
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
67,388
|
|
|
|
|
54,596
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations
|
|
|
|
|
|
|
|
Income from discontinued operating properties, net of tax
|
|
|
115
|
|
|
|
|
1,497
|
|
|
|
Impairment/loss on operating properties sold, net of tax
|
|
|
(31
|
)
|
|
|
|
(8,924
|
)
|
|
|
Gain on disposition of operating properties
|
|
|
2,496
|
|
|
|
|
11,979
|
|
|
|
Income from discontinued operations
|
|
|
2,580
|
|
|
|
|
4,552
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of operating properties, net of tax (1)
|
|
|
540
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
70,508
|
|
|
|
|
59,148
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interests (3)
|
|
|
(2,738
|
)
|
|
|
|
(5,510
|
)
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to the Company
|
|
|
67,770
|
|
|
|
|
53,638
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock dividends
|
|
|
(14,573
|
)
|
|
|
|
(15,574
|
)
|
|
|
|
|
|
|
|
|
|
|
Net income available to the Company's common shareholders
|
|
$
|
53,197
|
|
|
|
$
|
38,064
|
|
|
|
|
|
|
|
|
|
|
|
Per common share:
|
|
|
|
|
|
|
|
Income from continuing operations: (3)
|
|
|
|
|
|
|
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Basic
|
|
$
|
0.12
|
|
|
|
$
|
0.09
|
|
|
|
Diluted
|
|
$
|
0.12
|
|
(2)
|
|
$
|
0.09
|
|
(2)
|
|
Net income: (4)
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.13
|
|
|
|
$
|
0.09
|
|
|
|
Diluted
|
|
$
|
0.13
|
|
(2)
|
|
$
|
0.09
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares:
|
|
|
|
|
|
|
|
Basic
|
|
|
406,662
|
|
|
|
|
406,272
|
|
|
|
Diluted
|
|
|
407,666
|
|
|
|
|
407,279
|
|
|
|
(1)
|
|
Included in the calculation of income from continuing operations per
common share in accordance with SEC guidelines.
|
|
(2)
|
|
Reflects the potential impact if certain units were converted to
common stock at the beginning of the period. The impact of the
conversion would have an anti-dilutive effect on net income and
therefore has not been included.
|
|
(3)
|
|
Includes the net income attributable to noncontrolling interests
related to continued operations of ($2,750) and ($3,269) for the
quarters ended March 31, 2013 and 2012, respectively.
|
|
(4)
|
|
Includes earnings attributable to unvested restricted shares of $390
and $338 for the quarters ended March 31, 2013 and 2012,
respectively.
|
|
|
|
Condensed Consolidated Balance Sheets
|
|
(in thousands, except share information)
|
|
(unaudited)
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
|
2013
|
|
2012
|
|
Assets:
|
|
|
|
|
|
Operating real estate, net of accumulated depreciation of
$1,801,679 and $1,745,462, respectively
|
|
$
|
7,307,210
|
|
|
$
|
7,104,562
|
|
|
Investments and advances in real estate joint ventures
|
|
|
1,442,240
|
|
|
|
1,428,155
|
|
|
Real estate under development
|
|
|
97,260
|
|
|
|
97,263
|
|
|
Other real estate investments
|
|
|
334,082
|
|
|
|
317,557
|
|
|
Mortgages and other financing receivables
|
|
|
72,361
|
|
|
|
70,704
|
|
|
Cash and cash equivalents
|
|
|
166,894
|
|
|
|
141,875
|
|
|
Marketable securities
|
|
|
76,786
|
|
|
|
36,541
|
|
|
Accounts and notes receivable
|
|
|
164,510
|
|
|
|
171,540
|
|
|
Other assets
|
|
|
400,492
|
|
|
|
383,037
|
|
|
Total assets
|
|
$
|
10,061,835
|
|
|
$
|
9,751,234
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
Notes payable
|
|
$
|
3,337,420
|
|
|
$
|
3,192,127
|
|
|
Mortgages payable
|
|
|
1,113,653
|
|
|
|
1,003,190
|
|
|
Dividends payable
|
|
|
99,156
|
|
|
|
96,518
|
|
|
Other liabilities
|
|
|
469,494
|
|
|
|
445,843
|
|
|
Total liabilities
|
|
|
5,019,723
|
|
|
|
4,737,678
|
|
|
Redeemable noncontrolling interests
|
|
|
86,324
|
|
|
|
81,076
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
Preferred stock, $1.00 par value, authorized 5,961,200 shares
|
|
|
|
|
|
102,000 shares issued and outstanding (in series)
|
|
|
|
|
|
Aggregate liquidation preference $975,000
|
|
|
102
|
|
|
|
102
|
|
|
Common stock, $.01 par value, authorized 750,000,000 shares
|
|
|
|
|
|
issued and outstanding 408,622,972 and 407,782,102 shares,
respectively
|
|
|
4,086
|
|
|
|
4,078
|
|
|
Paid-in capital
|
|
|
5,667,845
|
|
|
|
5,651,170
|
|
|
Cumulative distributions in excess of net income
|
|
|
(856,620
|
)
|
|
|
(824,008
|
)
|
|
Accumulated other comprehensive income
|
|
|
(27,678
|
)
|
|
|
(66,182
|
)
|
|
Total stockholders' equity
|
|
|
4,787,735
|
|
|
|
4,765,160
|
|
|
Noncontrolling interests
|
|
|
168,053
|
|
|
|
167,320
|
|
|
Total equity
|
|
|
4,955,788
|
|
|
|
4,932,480
|
|
|
Total liabilities and equity
|
|
$
|
10,061,835
|
|
|
$
|
9,751,234
|
|
|
|
|
Reconciliation of Net Income Available to Common Shareholders
|
|
to Funds From Operations ("FFO")
|
|
(in thousands, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
Net income available to common shareholders
|
|
$
|
53,197
|
|
|
|
$
|
38,064
|
|
|
|
Gain on disposition of operating property, net of tax and
noncontrolling interests
|
|
|
(3,036
|
)
|
|
|
|
(9,390
|
)
|
|
|
Gain on disposition of joint venture operating properties, net of tax
|
|
|
(13,303
|
)
|
|
|
|
(10,424
|
)
|
|
|
Depreciation and amortization - real estate related
|
|
|
60,784
|
|
|
|
|
63,664
|
|
|
|
Depr. and amort. - real estate joint ventures, net of noncontrolling
interests
|
|
|
32,961
|
|
|
|
|
34,042
|
|
|
|
Impairments of operating properties, net of tax and noncontrolling
interests
|
|
|
4,276
|
|
|
|
|
10,293
|
|
|
|
Funds from operations
|
|
|
134,879
|
|
|
|
|
126,249
|
|
|
|
Transactional income, net
|
|
|
(2,699
|
)
|
|
|
|
(361
|
)
|
|
|
Funds from operations as adjusted
|
|
$
|
132,180
|
|
|
|
$
|
125,888
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding for FFO calculations:
|
|
|
|
|
|
|
|
Basic
|
|
|
406,662
|
|
|
|
|
406,272
|
|
|
|
Units
|
|
|
1,524
|
|
|
|
|
1,531
|
|
|
|
Dilutive effect of equity awards
|
|
|
2,668
|
|
|
|
|
2,378
|
|
|
|
Diluted
|
|
|
410,854
|
|
(1)
|
|
|
410,181
|
|
(1)
|
|
|
|
|
|
|
|
|
|
FFO per common share - basic
|
|
$
|
0.33
|
|
|
|
$
|
0.31
|
|
|
|
FFO per common share - diluted
|
|
$
|
0.33
|
|
(1)
|
|
$
|
0.31
|
|
(1)
|
|
FFO as adjusted per common share - diluted
|
|
$
|
0.32
|
|
(1)
|
|
$
|
0.31
|
|
(1)
|
|
(1) Reflects the potential impact if certain units were converted to
common stock at the beginning of the period, which would have a
dilutive effect on FFO. FFO would be increased by $640 and $525 for
the three months ended March 31, 2013 and 2012, respectively. The
impact of the conversion of other units would have an anti-dilutive
effect on FFO and therefore has not been included.
|
|
|
|
FFO is a widely accepted supplemental measure of REIT performance
with the standards established by the National Association of Real
Estate Investment Trusts (NAREIT). Given the company’s business as a
real estate owner and operator, Kimco believes that FFO and FFO as
adjusted is helpful to investors as a measure of its operating
performance. NAREIT defines FFO as net income/(loss) attributable to
common shareholders computed in accordance with generally accepted
accounting principles, excluding (i) gains or losses from sales of
operating real estate assets and (ii) extraordinary items, plus
(iii) depreciation and amortization of operating properties and (iv)
impairment of depreciable real estate and in substance real estate
equity investments. Included in these items are also the company’s
share of unconsolidated real estate joint ventures and partnerships.
FFO as adjusted excludes the effects of non-operating impairments,
transactional income and expenses.
|
|
|
|
Reconciliation of Projected Diluted Net Income per Common Share
|
|
to Projected Diluted Funds From Operations ("FFO") per Common
Share
|
|
(unaudited)
|
|
|
|
|
|
Projected Range
|
|
|
|
Full Year 2013
|
|
|
|
Low
|
|
High
|
|
Projected diluted net income available to common shareholder per
share
|
|
$
|
0.42
|
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
Projected depreciation & amortization
|
|
|
0.61
|
|
|
|
0.63
|
|
|
|
|
|
|
|
|
Projected depreciation & amortization real estate joint ventures,
net of noncontrolling interests
|
|
|
0.30
|
|
|
|
0.32
|
|
|
|
|
|
|
|
|
Gain on disposition of operating properties
|
|
|
(0.01
|
)
|
|
|
(0.03
|
)
|
|
|
|
|
|
|
|
Gain on disposition of joint venture operating properties, net of
noncontrolling interests
|
|
|
(0.03
|
)
|
|
|
(0.05
|
)
|
|
|
|
|
|
|
|
Impairments of operating properties, net of tax and noncontrolling
interests
|
|
|
0.01
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
Projected FFO per diluted common share
|
|
$
|
1.30
|
|
|
$
|
1.34
|
|
|
|
|
|
|
|
|
Transactional income, net
|
|
|
(0.01
|
)
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
Projected FFO, as adjusted per diluted common share
|
|
$
|
1.29
|
|
|
$
|
1.33
|
|
Projections involve numerous assumptions such as rental income
(including assumptions on percentage rent), interest rates, tenant
defaults, occupancy rates, foreign currency exchange rates (such as the
US-Canadian rate), selling prices of properties held for disposition,
expenses (including salaries and employee costs), insurance costs and
numerous other factors. Not all of these factors are determinable at
this time and actual results may vary from the projected results, and
may be above or below the range indicated. The above range represents
management’s estimate of results based upon these assumptions as of the
date of this press release.
