Kimco Realty Corporation (KIM)

Kimco Realty Corporation (KIM) - Zacks Investment Research

Kimco Realty Corp ( ) reported a 7.5% increase in fourth quarter revenues from rental properties. Revenues for the reported quarter increased to $2118 million from $19699 million in the year ago quarter For full year 2009, revenues from rental properties climbed to $78689 million from $75870 million in 2008 

Kimco Realty Corporation (KIM) - Morningstar

Our opinion of Kimco Realty Corporation KIM will not change following its sale of up to 29 million new shares at a price near our fair value estimate. This retail real estate investment trust is raising cash to pay down its debt, and we view the move as value neutral. With a debt to gross property, plant, and equipment ratio at the end of the third quarter of roughly 50%, Kimco appears reasonably financed, and this equity raise will improve this ratio slightly. 

Kimco Realty Corporation (KIM) - Zacks Investment Research

Kimco Realty Corporation ( KIM , Analyst Report ), a real estate investment trust (REIT) operating the largest portfolio of neighborhood and community shopping centers in North America, has reported a decline in third quarter 2009 FFO (fund from operations) to $112.6 million or 30 cents per share from $176.9 million or 68 cents per share in the year earlier quarter. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non cash expenses to net income. The year over year decrease in FFO was due to the negative impact of non cash impairments and charges related to early debt repayment. 

Kimco Realty Corporation (KIM) - Sandler O'Neill & Partners

Sandler O'Neill's Real Estate Operations analyst, Alex Goldfarb, raised price targets on every stock he covers today, along with two upgrades: upgraded UDR (NYSE: UDR ) from Hold to Buy , raising the price target from $13.50 to $17.50 upgraded American Campus Communities (NYSE: ACC ) from Hold to Buy , target from $26 to $30 raised target on Simon Property Group (NYSE: SPG ) from $67 to $78, maintains Buy raised target on Douglas Emmet (NYSE: DEI ) from $13 to $14, maintains Buy raised target on Federal Realty Investment Trust (NYSE: FRT ) from $62 to $65, maintains Hold raised target on Camden Property Trust (NYSE: CPT ) from $31 to $43, maintains Hold raised target on Equity Residential (NYSE: EQR ) from $24 to $33, maintains Hold raised target on AvalonBay (NYSE: AVB ) from $68 to $78, maintains Hold raised target on Liberty Property Trust (NYSE: LRY ) from $27 to $35, maintains Hold raised target on EastGroup Properties (NYSE: EGP ) from $37 to $41, maintains Hold raised target on Essex Property Trust (NYSE: ESS ) from $75 to $85, maintains Hold raised target on Boston Properties (NYSE: BXP ) from $53 to $70, maintains Hold raised target on Kimco Realty (NYSE: KIM ) from $10 to $12, maintains Sell raised target on The Macerich Co (NYSE: AMC ) from $22 to $28, maintains Sell .  

Kimco Realty Corporation (KIM) - Richard Moore at RBC Capital Markets

FOCUS ON SHOPPING CENTERS The company also said it plans to shed its noncore investments, focusing instead on owning, investing in and operating shopping centers, usually anchored by grocery or drug stores. Kimco's shopping center portfolio includes 921 operating properties, chiefly in the United States, though it has properties in Canada, Mexico, and Chile. It also has investments in other shopping center properties, bringing its total interests at the end of the quarter to 1,476 properties. "Kimco has taken major steps to ensure not only that it will survive the current crises but that it also will thrive as we emerge into a new world order for commercial real estate," RBC Capital Markets analyst Rich Moore said. But the company still needs to raise more capital, cautioned Sandler O'Neill analyst Alexander Goldfarb, who rated the stock a "hold." 

Kimco Realty Corporation (KIM) - Craig Schmidt at Banc of America/Merrill Lynch

Ah, good old circular conflicts of interest. To summarize: i) Merrill, which is probably not too happy with having loaned Kimco $707 million on its credit facility, underwrites a $720million (including a 15% overallotment) stock offering for which it gets $20 million, ii) Merrill's analyst changes the stock from a Sell to a Buy, causing it to pop 30% in one day, and allegedly allowing participants in the offering to sell their shares at a 30% gain in a day, a mindblowing annualized return, iii) Kimco uses the proceeds to repay Merrill's credit facility, cleaning out any credit risk exposure Merrill might have with respect to Kimco's underperforming properties and operations. At least Schmidt can sleep with a clean conscience after putting the following disclaimer in his report: "I, Craig Schmidt, hereby certify that the views expressed in this research report accurately reflect my personal views about the subject securities and issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or view expressed in this research report." Zero Hedge, for one, hopes that Cuomo is reading Zero Hedge, as this kind of conflicted circularity would never have been allowed in the Spitzer days. 

Kimco Realty Corporation (KIM) - Morningstar

We're keeping our fair value estimate intact after incorporating Kimco's KIM  plans to issue new shares and other capital transactions. Although the equity issuance is dilutive, we believe the value destruction is offset by the increased financial flexibility the capital will provide. Relative to our prior expectations, Kimco now plans to raise roughly $750 million in new equity and accelerate the encumbering of some properties to raise an additional $200 million through new mortgages in 2009 (on top of the $200 million in new mortgages it previously planned). 

Kimco Realty Corporation (KIM) - The Street.com

NEW HYDE PARK, N.Y (AP) Shopping center owner Kimco Realty Corp said Thursday it plans to issue 70 million shares of common stock in part to help repay debt. Kimco said it will also have a 30 day option to buy an additional 10.5 million shares. Kimco has been hit hard by the recession. 

Kimco Realty Corporation (KIM) - Jeffrey Donnelly at Wachovia Securities

Shares of Kimco Realty Corp recovered from an early drop Monday after a Wachovia Capital Markets analyst downgraded the real estate investment trust and cut funds from operations guidance for the year. Analyst Jeffrey Donnelly downgraded the strip mall operator to "Market Perform" from "Outperform," citing several risks, including impairment charges in the first quarter and possibly a 50 percent cut in the quarterly dividend rate. The analyst also lowered full-year guidance for funds from operations to $1.68 from $2.31. Funds from operations, or FFO, is earnings with depreciation and amortization added back in, making it a key measure of a REIT's performance, The company said it expects 2009 FFO to range between $1.70 to $1.90 per share, well below analysts' current estimate of $2.22 per share. 

Kimco Realty Corporation (KIM) - Morningstar

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