Kimco Realty Acquires Partner's Stake in 70 Shopping Centers
Company invests $67 million to increase ownership interest in 2 ventures
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)-- Kimco Realty Corp. (NYS: KIM) , North America's largest owner and operator of neighborhood and community shopping centers, today announced that it has purchased its partner's 9.7 percent interest in the Kimco Income Fund I ("KIF I") portfolio and 3.6 percent interest in the Kimco Income REIT ("KIR") joint venture for $67 million at a blended cap rate of 6.6%. With this investment, Kimco has increased its ownership stake in KIF I and KIR to 39.2 percent and 48.6 percent, respectively.
The two investment portfolios are comprised of strong-performing power centers and grocery-anchored shopping centers with tenant rosters dominated by grocers Stop & Shop and Giant Food, and investment-grade retailers such as Bed Bath & Beyond, Home Depot, Walmart, and T.J.Maxx. The collective occupancy level of the two portfolios averages approximately 96 percent.
The 12-property KIF I and 58-property KIR portfolios total 13.9 million square feet of retail space across 23 states. The properties are well-located in mature retail markets that have high barriers to entry with a concentration of shopping centers in New York, Virginia, Florida, Maryland, California, and Texas.
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 March 31, 2013, the company owned interests in 895 shopping centers comprising 131 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 acquisition, 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.
Kimco Realty Corp.
David F. Bujnicki, 866-831-4297
Vice President, Investor Relations and Corporate Communications
KEYWORDS: United States North America New York
The article Kimco Realty Acquires Partner's Stake in 70 Shopping Centers originally appeared on Fool.com.
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