Kimco Realty Reports First Quarter 2017 Transaction Activity
April 06 2017 - 4:01PM
Business Wire
Kimco Realty Corp. (NYSE:KIM) today announced transaction
activity for the first quarter 2017:
Acquisitions: First quarter
acquisitions included two operating properties totaling $43.1
million and a 90% ownership interest in a new mixed-use development
project for $10.0 million. Additional details are as follows:
- Plaza Del Prado, a
142,000-square-foot, grocery-anchored shopping center located in
the Chicago-Naperville-Elgin MSA for $38.0 million. In addition to
the Jewel-Osco grocery store, Plaza Del Prado features other
national retailers, including Starbucks, McDonald’s, Chase Bank and
Petco. Situated on 14 acres in the affluent suburb of Glenview,
Illinois, on Chicago’s North Shore, Plaza Del Prado is supported by
a population of approximately 83,000 with an average household
income of $126,000 within a three-mile radius. At the time of
acquisition, the shopping center was 87.6% occupied, offering
near-term lease up opportunities as well as future value creation
potential from the development of an outparcel.
- An improved retail parcel at the
company’s Columbia Crossing shopping center, located in
Columbia, Maryland. for a purchase price of $5.1 million.
- A 90% ownership interest in Lincoln
Square, a fully entitled, mixed-use development project in the
highly sought-after Center City district of Philadelphia for $10.0
million. The project, which recently commenced construction, will
feature 322 residential units and 100,000 square feet of retail
space (approximately 80% pre-leased) anchored by a
36,000-square-foot small-format Target store, a 32,000-square-foot
specialty grocer and a 16,000-square-foot PetSmart.Lincoln Square
is estimated to be a $160 million live, work, play urban,
transit-oriented development located at Broad Street and Washington
Avenue. The project, which is within walking distance to the heart
of Center City and offers convenient subway and bus access, boasts
excellent demographics, with a population of 111,500 and an average
household income of approximately $90,000 within a one-mile
radius.
Dispositions: Sales for the first
quarter totaled $113.2 million including the disposition of eight
shopping centers, totaling 948,000 square feet, and one land
parcel. Kimco’s share of the sales price was $65.8 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 December 31, 2016, the company owned
interests in 524 U.S. shopping centers comprising 85 million square
feet of leasable space across 34 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, 2016, 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/20170406006202/en/
Kimco Realty Corp.David F. Bujnicki, 866-831-4297Senior Vice
President, Investor Relations and
Strategydbujnicki@kimcorealty.com
Kimco Realty (NYSE:KIM)
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