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Kimco Realty Continues Making Progress On Asset Recycling Initiative And Closes 13-Property Portfolio Sale

Stocks in this article: KIM

Kimco Realty Corp. (NYSE: KIM), owner and operator of the largest portfolio of neighborhood and community shopping centers in North America, announced its transaction activity for the third quarter of 2012 with respect to its ongoing U.S.-portfolio recycling initiative.

Since the end of the second quarter of 2012, the company has sold 23 non-strategic retail properties comprising 2.7 million square feet for $165.0 million, including a subsequent quarter-end sale of a 13-property portfolio in the Midwest region, of which eight properties were located in Ohio and five in Indiana. Since the start of the company’s asset recycling program in September 2010, Kimco has disposed of 86 non-strategic properties comprising, on a gross basis, 7.9 million square feet for $529.9 million. The properties sold had a combined gross occupancy of 82.6 percent with an average household income and population of $61,000 and 67,000, respectively, within a three-mile radius. Kimco’s share of the proceeds from these sales was $387.4 million and was utilized by Kimco to opportunistically add high-quality shopping centers in core markets to its portfolio.

During the third quarter of 2012, Kimco continued its strategy of reducing its non-retail investments by approximately $36.2 million through the sale of two urban properties and the partial repayment of a mortgage receivable.

Since the end of the second quarter of 2012, the company also acquired four wholly owned shopping centers comprising 581,000 square feet for $118.8 million, including $42.5 million of mortgage debt, in its primary core markets:

  • Hawthorne Hills Square, a 193,000-square-foot property located in the Chicago suburb of Vernon Hills, Ill. This property was purchased for $37.5 million, including the assumption of a $21.6 million mortgage, and is anchored by PetSmart, Dick’s Sporting Goods and Ulta Beauty.
  • Savi Ranch, a 161,000-square-foot unencumbered shopping center located in Yorba Linda, Calif., (the Greater Los Angeles MSA) for $34.5 million. This fully occupied property is anchored by Dick’s Sporting Goods, Bed Bath & Beyond and Michaels.
  • Woodlawn Center, an unencumbered 137,000-square-foot Home Depot-anchored property in Charlotte, N.C., for $7.1 million. This property is adjacent to Kimco’s existing Woodlawn Marketplace and is the company’s seventh property in the growing Charlotte Metropolitan Statistical Area (MSA).
  • Also, as previously announced, Kimco closed on Wilton Campus Shops, a 97,000-square-foot Stop & Shop-anchored center located in affluent Lower Fairfield County in Connecticut for $39.7 million, including $20.9 million of mortgage debt.

Since September 2010, Kimco has acquired for $984.8 million a total of 47 shopping centers comprising 6.0 million square feet in strong core markets with excellent demographics. These properties have a combined gross occupancy of 94.5 percent with an average household income and population of $96,000 and 72,000, respectively, within a three-mile radius.

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