Kimco,General Growth to Revamp Mall - Analyst Blog
November 14 2011 - 4:45AM
Zacks
Kimco Realty Corporation (KIM) recently
announced that it has entered into a joint venture with
General Growth Properties Inc. (GGP) for
developing the Owings Mills Mall in Owings Mills, Maryland, in
northwest Baltimore County. The 25-year old, 1 million square foot
mall was previously owned by General Growth and the latter seeks to
redevelop the property jointly with Kimco.
As per preliminary redevelopment plans, the mall will be
completely renovated with a new format and new tenants. The plans
also include new exterior facing retail, junior boxes, big boxes
and department stores.
Baltimore is one of the core markets for Kimco and following the
transformation of the Owings Mills Mall into a vibrant shopping
center, the company will further consolidate its position in the
region. Besides being a more viable center, which better meets the
needs and wants of the residents, the center is also expected to
generate new jobs and quality services in the region.
General Growth is a publicly traded real estate investment trust
(REIT) that has ownership and management interest in 167 regional
and super regional shopping malls in 42 states.
Kimco is a real estate investment trust that has a
geographically diverse portfolio concentrated mostly in
high-income, high-growth areas being the largest publicly traded
owner and operator of neighborhood and community shopping centers
in the U.S.
Kimco has managed to establish a strong track record of
conservative capital management and also maintains strong
investment-grade debt ratings. Furthermore, the company has
continuous access to capital through debt or equity financing, that
provide the necessary resources to expand and develop its
business.
Kimco currently retains a Zacks #3 Rank, which translates into a
short-term Hold rating. We are also maintaining our long-term
Neutral recommendation on the stock.
GENL GRWTH PPTY (GGP): Free Stock Analysis Report
KIMCO REALTY CO (KIM): Free Stock Analysis Report
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