UPDATE 1-Kimco Realty fourth-quarter FFO slips

Wed Feb 9, 2011 4:53pm EST

* Fourth-quarter FFO 29 cents vs view 28 cents

* Maintains forecast

NEW YORK Feb 9 (Reuters) - Kimco Realty Corp (KIM.N), the largest owner of U.S. strip malls, said on Wednesday that quarterly funds from operations slipped less than 1 percent due to non-cash impairment charges.

The real estate investment trust reported fourth-quarter funds from operations (FFO), a measure of performance, of $118.4 million, or 29 cents per share, down from $119.5 million, or 31 cents per share, in the year earlier quarter.

Analysts had expected 28 per share, according to Thomson Reuters I/B/E/S.

FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings.

The company, based in New Hyde Park, New York, maintained its full-year outlook to recurring FFO, which does not include impairment or other one-time charges or gains, of a range of $1.17 per share to $1.21 per share.

Kimco's owns 816 shopping centers, usually anchored by grocery or drug stores, in the United States, and others in Canada, Mexico and South America for a total of 942 shopping centers. (Reporting by Ilaina Jonas; editing by Andre Grenon)