Kimco's 3Q Income Increased 47%

NEW HYDE PARK, NY-Kimco Realty Corp., reported that third quarter net income for the period ended September 30, increased 47.2% to $89.5 million from $60.8 million for the same period last year. Third quarter net income per diluted common share (EPS) increased 47.2% to $0.78 versus $0.53 per diluted common share a year ago. Funds from operations rose 14.8% to $90.6 million from $78.9 million for the same period last year. On a diluted per common share basis, FFO increased 9.3% to $0.82 from $0.75 in the prior year.

In a conference call to discuss the earning, Kimco CEO Milton Cooper said that he “has never been so uncertain” about the future. He cited the war and economy as reasons for that uncertainty. However, he feels Kimco is well positioned in the marketplace to “improve and keep building. We should do well no matter what happens.” He anticipates doing some “nice deals” in Mexico over the coming months. Next year, he expects Kimco could spend at least $600 million in acquistions.

For the nine months ended September 30, 2003, net income increased 21.4 % to $221.8 million from $182.7 million for the same period last year. Net income per diluted common share was $1.88, a 17.5% increase from $1.60 for the same period a year ago. FFO rose 8.4 % to $256.8 million for the nine-month period from $237.0 million in the year earlier period. On a diluted per common share basis, FFO increased 5.8 % to $2.38 from $2.25 reported a year ago. FFO for the nine months ended September 30, 2003 and 2002 excludes gains on sales of operating properties of $30.5 million or $0.28 per diluted common share and $1.5 million or $0.01 per diluted common share.