NEW HYDE PARK, NY-Retail REIT Kimco Realty Corp. said Thursday its recurring funds from operations rose 5% in 2010 to $465.4 million or $1.14 per diluted share, while net income for the year was $91.5 million or $0.22 per diluted share compared to a net loss available to common shareholders of $51.2 million in 2009. Kimco said its 2011 recurring FFO guidance range, not including any estimates for transactional activities or impairments, remains $1.17 to $1.21 per diluted share.

For the coming year, the REIT, led by president and CEO David Henry, says it will focus on increasing shareholder value; continuing to lease up its Latin American portfolio, which currently runs to 50 properties in Mexico and 13 in South America; selling off non-strategic assets; and strengthening its balance sheet. It plans to increase its occupancy levels, currently at 92.7% across a portfolio of more than 900 community and neighborhood shopping centers, by 50 to 75 basis points and to raise same-property NOI by 2%. In the last three months of ‘10, the REIT saw its third consecutive quarter of positive NOI.

As of Dec. 31, Kimco’s consolidated net debt to EBITDA ratio is 5.3x, for a 1.5x reduction since the end of ’09, while its consolidated net debt to recurring EBITDA was 6.3x at year’s end compared to 7.4x a year earlier. Currently the company has access to more than $1.6 billion under its two credit facilities, and has debt of $112.5 million, or 3% of its total, coming due this year.