The move comes after a quarter in which FFO was $136.2 million, down from $147.8 million during the same year-ago period. Net income dropped to $72.1 million, from last year's $129 million.
However, the company posted an occupancy rate of 96.3% during the period, the highest in the company's history. And Henry stressed that he is not overly concerned about the retail climate because the company's portfolio is mainly made up of everyday service tenants that consumers frequent more as a necessity than a luxury.
One place Kimco is not slowing its development growth is Mexico, where the company bought and started the construction of 50 new centers last year totaling 5.4 million sf. Kimco currently has interests in 140 properties in that country.
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