Kimco Realty Reports Second Quarter 2018 Transaction Activity
July 09 2018 - 8:30AM
Business Wire
– Second Quarter Sales Volume Exceeds $330
Million; $556 Million in First Half of 2018 –
Kimco Realty Corp. (NYSE:KIM) announced today transaction
activity for the second quarter and year to date 2018.
During the second quarter of 2018, the company sold 17 shopping
centers totaling 2.7 million square feet for $334.0 million.
Kimco’s share of these dispositions was $319.3 million. The blended
cap rate for the property sales was in line with the company’s
expected range of 7.50% to 8.00%.
“We are in a great position to meet our full-year disposition
target of $700 to $900 million, thanks to the dedication and
outstanding performance of our team this quarter,” said Ross
Cooper, President and Chief Investment Officer. “Once again,
our robust sales volume highlights the strong demand for open-air
shopping centers, supported by significant levels of capital and
historically low interest rates.”
The dispositions include Primrose Marketplace, a
368,000-square-foot property in Springfield, Missouri for $51.8
million, Broadway Plaza, a 356,000-square-foot property in
Chula Vista, California for $58.5 million, and Downers Park
Plaza, a 269,000-square-foot center in Downers Grove, Illinois
for $26.7 million. In addition, the company exited the state of
Alabama with the sale of The Grove, a 145,000-square-foot
property in Hoover, Alabama for $21.0 million.
Year to date, the company’s dispositions included 38 shopping
centers and 4 land parcels, totaling 5.0 million square feet, for a
gross sales price of $556.1 million. Kimco’s share of the sales
price was $531.8 million.
About Kimco
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust
(REIT) headquartered in New Hyde Park, N.Y., that is one of North
America’s largest publicly traded owners and operators of open-air
shopping centers. As of March 31, 2018, the company owned interests
in 475 U.S. shopping centers comprising 81 million square feet of
leasable space primarily concentrated in the top major metropolitan
markets. 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 60 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 4.ability to raise capital by
selling its assets, (v) changes in governmental laws and
regulations and management’s ability to estimate the impact of such
changes, (vi) the level and volatility of interest rates and
foreign currency exchange rates and management’s ability to
estimate the impact thereof, (vii) the availability of suitable
acquisition, disposition, development and redevelopment
opportunities, and risks related to acquisitions not performing in
accordance with our expectations, (viii) valuation and risks
related to the company’s joint venture and preferred equity
investments, (ix) valuation of marketable securities and other
investments, (x) increases in operating costs, (xi) changes in the
dividend policy for the company’s common and preferred stock and
the Company’s ability to pay dividends at current levels, (xii) 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, (xiii) impairment charges and
(xiv) 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, 2017, 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: https://www.businesswire.com/news/home/20180709005133/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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