Kimco Realty Reports Fourth Quarter and Full Year 2016 Transaction Activity
January 05 2017 - 4:01PM
Business Wire
Kimco Realty Corp. (NYSE:KIM) today announced transactions of
approximately $159.7 million and $1.5 billion in the fourth quarter
and full year 2016, respectively.
Fourth Quarter Activity:
Fourth quarter acquisitions totaled $88.7 million from the
purchase of interests in three shopping centers and two land
parcels. Kimco’s share of the purchase price was $68.1 million.
These acquisitions consist of:
- The remaining 85% interest in
Creekside Center in Hayward, California, and Brookhurst
Center in Anaheim, California, totaling 234,000 square feet,
for a gross price of $54.5 million, which includes the assumption
of $35.7 million in mortgage debt that was subsequently repaid.
Kimco’s share of the purchase price was $46.3 million. Creekside
Center (San Francisco-Oakland-Hayward MSA) and Brookhurst Center
(Los Angeles-Long Beach-Anaheim MSA) are both located in core
markets supported by strong density levels in which the estimated
average population within a three-mile area exceeds 250,000.
- Vail Ranch Plaza, a
102,000-square-foot grocery-anchored center in Temecula,
California, for a gross price of $27.5 million. Vail Ranch Plaza is
anchored by a Sprouts Farmers Market and is adjacent to the
company’s 417,000-square-foot Redhawk Towne Center, which features
a strong anchor roster that includes Walmart, Marshalls and Ross
Dress for Less. Vail Ranch Plaza is located in an affluent
community in which the average household income is approximately
$101,000 within a three-mile radius. Kimco’s share of the purchase
price, based on its 55% ownership interest, was $15.1 million.
- Two parcels adjacent to its flagship
Suburban Square (Philadelphia-Camden-Wilmington MSA)
shopping center for $6.8 million. Suburban Square, in Ardmore,
Pennsylvania, is a lifestyle center anchored by a high-volume
Trader Joe’s and Apple Store in the heart of the Main Line with an
estimated average household income in excess of $131,000 and a
population of over 125,000 within a three-mile radius.
Sales for the fourth quarter totaled $139.7 million from the
disposition of six U.S. shopping centers and two land parcels
totaling 999,000 square feet. Kimco’s share of the sales price was
$65.5 million.
Full Year Activity:
For the full year 2016, Kimco acquired interests in 20
properties, including 10 acquired from existing joint venture
partners, totaling 2.4 million square feet. The aggregate gross
purchase price for these acquisitions was $746.1 million, including
$210.2 million of mortgage debt. Kimco’s share of all 2016
acquisitions totaled $520.1 million.
Kimco’s share of shopping center dispositions in 2016 totaled
$982.4 million from the sale of interests in 34 Canadian properties
for USD $571.5 million and 31 U.S. properties for $410.9 million.
The 2016 sales activity marks the completion of the company’s
multi-year strategic portfolio transformation, representing another
milestone on the road to its strategic 2020 Vision of owning
high-quality assets in major metro markets in the U.S.
ABOUT KIMCO
Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust
(REIT) headquartered in New Hyde Park, N.Y., that is North
America’s largest publicly traded owner and operator of open-air
shopping centers. As of September 30, 2016, the company owned
interests in 534 U.S. shopping centers comprising 86 million square
feet of leasable space across 35 states and Puerto Rico. 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 which
may 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 to
the company, (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 and management’s ability to estimate the impact
thereof, (vii) risks related to the company’s international
operations, (viii) the availability of suitable acquisition,
disposition, development and redevelopment opportunities, and risks
related to acquisitions not performing in accordance with our
expectations, (ix) valuation and risks related to the company’s
joint venture and preferred equity investments, (x) valuation of
marketable securities and other investments, (xi) increases in
operating costs, (xii) changes in the dividend policy for the
company’s common stock, (xiii) the reduction in the company’s
income in the event of multiple lease terminations by tenants or a
failure by multiple tenants to occupy their premises in a shopping
center, (xiv) impairment charges and (xv) unanticipated changes in
the company’s 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 SEC filings. Copies of
each filing may be obtained from the company or the SEC.
The company refers you to the documents filed by the company
from time to time with the SEC, specifically the section titled
“Risk Factors” in the company’s Annual Report on Form 10-K for the
year ended December 31, 2015, as may be updated or supplemented in
the company’s Quarterly Reports on Form 10-Q and the company’s
other filings with the SEC, which discuss these and other factors
that could adversely affect the company’s results. The company
disclaims any intention or obligation to update the forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170105006389/en/
Kimco Realty Corp.David F. Bujnicki, 1-866-831-4297Senior Vice
President, Investor Relations and
Strategydbujnicki@kimcorealty.com
Kimco Realty (NYSE:KIM)
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