Kimco Realty Continues Making Progress on Asset Recycling Initiative and Closes 13-Property Portfoli

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Kimco Realty Continues Making Progress on Asset Recycling Initiative and Closes 13-Property Portfolio Sale

NEW HYDE PARK, N.Y.--(BUSINESS WIRE)-- Kimco Realty Corp. (NYS: KIM) , owner and operator of the largest portfolio of neighborhood and community shopping centers in North America, announced its transaction activity for the third quarter of 2012 with respect to its ongoing U.S.-portfolio recycling initiative.

Since the end of the second quarter of 2012, the company has sold 23non-strategic retail properties comprising 2.7 million square feet for $165.0 million, including a subsequent quarter-end sale of a 13-property portfolio in the Midwest region, of which eight properties were located in Ohio and five in Indiana. Since the start of the company's asset recycling program in September 2010, Kimco has disposed of 86 non-strategic properties comprising, on a gross basis, 7.9 million square feet for $529.9 million. The properties sold had a combined gross occupancy of 82.6 percent with an average household income and population of $61,000 and 67,000, respectively, within a three-mile radius. Kimco's share of the proceeds from these sales was $387.4 million and was utilized by Kimco to opportunistically add high-quality shopping centers in core markets to its portfolio.


During the third quarter of 2012, Kimco continued its strategy of reducing its non-retail investments by approximately $36.2 million through the sale of two urban propertiesand the partial repayment of a mortgage receivable.

Since the end of the second quarter of 2012, the company also acquired four wholly owned shopping centers comprising 581,000 square feet for $118.8 million, including $42.5 million of mortgage debt, in its primary core markets:

  • Hawthorne Hills Square, a 193,000-square-foot property located in the Chicago suburb of Vernon Hills, Ill. This property was purchased for $37.5 million, including the assumption of a $21.6 million mortgage, and is anchored by PetSmart, Dick's Sporting Goods and Ulta Beauty.
  • Savi Ranch, a 161,000-square-foot unencumbered shopping center located in Yorba Linda, Calif., (the Greater Los Angeles MSA) for $34.5 million. This fully occupied property is anchored by Dick's Sporting Goods, Bed Bath & Beyond and Michaels.
  • Woodlawn Center, an unencumbered 137,000-square-foot Home Depot-anchored property in Charlotte, N.C., for $7.1 million. This property is adjacent to Kimco's existing Woodlawn Marketplace and is the company's seventh property in the growing Charlotte Metropolitan Statistical Area (MSA).
  • Also, as previously announced, Kimco closed on Wilton Campus Shops, a 97,000-square-foot Stop & Shop-anchored center located in affluent Lower Fairfield County in Connecticut for $39.7 million, including $20.9 million of mortgage debt.

Since September 2010, Kimco has acquired for $984.8 million a total of 47 shopping centers comprising 6.0 million square feet in strong core markets with excellent demographics. These properties have a combined gross occupancy of 94.5 percent with an average household income and population of $96,000 and 72,000, respectively, within a three-mile radius.

ABOUT KIMCO

Kimco Realty Corp. (NYS: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that owns and operates North America's largest portfolio of neighborhood and community shopping centers. As of June 30, 2012, the company owned interests in 926 shopping centers comprising 136 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the company's blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.

SAFE HARBOR STATEMENT

The statements in this news release state the company's and management's intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the company's actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, but are not limited to, (i) general adverse economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt, or other sources of financing or refinancing on favorable terms, (iv) the company's ability to raise capital by selling its assets, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates and foreign currency exchange rates, (vii) the availability of suitable acquisition and disposition opportunities, (viii) valuation of joint venture investments, (ix) valuation of marketable securities and other investments, (x) increases in operating costs, (xi) changes in the dividend policy for our common stock, (xii) the reduction in our income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiii) impairment charges, and (xiv) unanticipated changes in our intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company's Securities and Exchange Commission filings, including but not limited to the company's Annual Report on Form 10-K for the year ended Dec. 31, 2011. Copies of each filing may be obtained from the company or the Securities and Exchange Commission.

The company refers you to the documents filed by the company from time to time with the Securities and Exchange Commission, specifically the section titled "Risk Factors" in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2011, as may be updated or supplemented in the company's Form 10-Q filings, which discuss these and other factors that could adversely affect the company's results.



Kimco Realty Corporation
David F. Bujnicki, 866-831-4297
Vice President, Investor Relations and Corporate Communications

KEYWORDS:   United States  North America  Canada  New York

INDUSTRY KEYWORDS:

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