Kimco Realty Reports Third Quarter 2018 Transaction Activity
October 09 2018 - 8:00AM
Business Wire
– Sales Volume Exceeds $150 Million;
Year-to-Date Dispositions Approach $700 Million –
Kimco Realty Corp. (NYSE:KIM) announced today transaction
activity for the third quarter and year to date 2018.
During the third quarter of 2018, the company sold 10 shopping
centers and two land parcels totaling 1.3 million square feet for
$156.8 million. Kimco’s share of the sales price was $153.7
million.
The dispositions included Skyline Village, a
190,000-square-foot property in Harrisonburg, Virginia for $32.5
million, Temple Towne Center, a 264,000-square-foot property
in Temple, Texas for $26.9 million, and Kirkwood Crossing, a
253,000-square-foot property in Kirkwood, Missouri for $15.9
million.
“Our sales volume remained strong during the third quarter,
putting Kimco’s year-to-date dispositions already near the low end
of the $700 million to $900 million full-year target range we
provided at the start of the year,” said Ross Cooper, Kimco’s
President and Chief Investment Officer. “The disposition
environment remains very active given the ample capital and
financing readily available to third-party buyers, and we expect a
strong finish to the year. More importantly, we’re right-sizing our
portfolio and will be well positioned to generate consistent growth
as we look ahead to 2019.”
For the nine months ended September 30, 2018, the company’s
dispositions have included 48 shopping centers and 6 land parcels,
totaling 6.3 million square feet, for a gross sales price of $712.9
million. Kimco’s share of the sales price was $685.5 million. The
blended cap rate for the property sales is in line with the
company’s expected range of 7.50% to 8.00%.
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 September 30, 2018, the company owned
interests in 450 U.S. shopping centers comprising 78 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.
The company announces material information to its investors
using the company’s investor relations website
(investors.kimcorealty.com), SEC filings, press releases, public
conference calls, and webcasts. The company also uses social media
to communicate with its investors and the public, and the
information the company posts on social media may be deemed
material information. Therefore, the company encourages investors,
the media, and others interested in the company to review the
information that it posts on the company’s blog
(blog.kimcorealty.com) and social media channels, including
Facebook (www.facebook.com/kimcorealty), Twitter
(www.twitter.com/kimcorealty), YouTube
(www.youtube.com/kimcorealty) and LinkedIn
(www.linkedin.com/company/kimco-realty-corporation). The list of
social media channels that the company uses may be updated on its
investor relations website from time to time.
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 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) 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 and preferred stock and the company’s ability to
pay dividends at current levels, (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, 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/20181009005165/en/
David F. BujnickiSenior Vice President, Investor Relations and
StrategyKimco Realty
Corp.1-866-831-4297dbujnicki@kimcorealty.com
Kimco Realty (NYSE:KIM)
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