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NEW HYDE PARK, NY-Kimco Realty Corp. is cutting back on its US developments this year and is steering away from mixed-use, due to uncertainty in the economy, executives said during their fourth-quarter earnings call. “It’s fair to say it is significantly slower than it was at this time last year,” said David Henry, Kimco’s chief investment officer. “We’re screening opportunities a little more selectively.”

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.

Additionally, Kimco has invested A$200 million in Valad, a Sydney, Australia-based developer with properties in Australia, New Zealand and Europe. Kimco is also looking at more opportunities in Chile, where it has four centers.

The company owns interests in just under 2,000 properties in the US, Puerto Rico, Canada, Mexico and Chile.

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