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Kimco Realty Announces Fourth Quarter Activity; 2012 Transaction Volume Exceeds $1.2 Billion

Stocks in this article: KIM

Kimco Realty Corp. (NYSE: KIM), the nation’s largest owner and operator of neighborhood and community shopping centers, today announced significant progress on its portfolio recycling initiative through transactions executed in the fourth quarter of 2012.

SHOPPING CENTER DISPOSITIONS

During the fourth quarter, Kimco sold 34 retail properties in the U.S. totaling 3.9 million square feet for $246.1 million, including $35.4 million of mortgage debt. Key dispositions included sales of both a nine-property shopping center portfolio in Ohio for $65.1 million, and, as previously announced, a 13-property Ohio and Indiana portfolio for $66 million. Kimco’s share of the proceeds from these sales was $180.2 million and utilized toward the acquisition of several high-quality shopping centers in core markets for its portfolio.

For the full year 2012, Kimco sold 68 shopping center properties in the U.S., comprising nearly 7.7 million square feet, for $631.8 million, including $153.8 million of mortgage debt. The company’s share of proceeds from these sales was $385.8 million. Since the start of the company’s asset recycling program in September 2010, Kimco has disposed of 110 properties, comprising 10.9 million square feet, for $843.9 million, including $194.1 million of mortgage debt. The company’s share of the proceeds from these sales was $515 million.

SHOPPING CENTER ACQUISITIONS

In the fourth quarter, Kimco acquired nine properties for the company’s consolidated portfolio. Notable transactions include:

  • City Heights Retail Village, as previously announced, a grocery-anchored acquisition in San Diego, purchased for $35.6 million, including the assumption of $20 million of mortgage debt. The fully occupied 109,000-square-foot center is well-located in a densely populated infill location three miles northeast of downtown San Diego, and enjoys a strong tenant base of national and regional retailers with long-term leases.
  • Savi Ranch, as previously announced, a 161,000-square-foot unencumbered power center purchased for $34.5 million. The center is located in affluent Yorba Linda, Calif., southwest of downtown Los Angeles, in which the three-mile average household income is $149,000. The retail center is anchored by Dick’s Sporting Goods, Bed Bath & Beyond and Michaels, and is shadow-anchored by Kohl’s and Best Buy.
  • Metro New York Grocery Portfolio, purchased for $26.1 million, five fully occupied, food-oriented retail properties whose average reported sales volume exceeds $1,000 per square foot. Metro-area grocer Key Foods anchors three properties – one each in Queens, Brooklyn and Nassau County – with Family Dollar and a regional grocer anchoring two remaining properties in Queens. The 59,000-square-foot urban portfolio serves an average population of 24,000 with a household income of $100,000 within a half-mile radius. The demographics within a three-mile radius are equally strong with an average population and household income of 824,000 and $93,000, respectively.

In addition, the company acquired for its consolidated portfolio two former joint venture properties. Kimco now wholly owns:

  • Greeley Commons: As previously reported, Kimco acquired the remaining 89-percent interest in Greeley Commons, a 139,000-square-foot unencumbered shopping center, located in Greeley, Colo., for a gross purchase price of $23.4 million. This fully leased center includes tenants such as Bed Bath & Beyond, Michaels, Big 5 Sporting Goods, OfficeMax, Petco and Sprouts Farmers Market.
  • Snowden Square Shopping Center: Kimco purchased the remaining 58-percent interest in Snowden Square Shopping Center for a gross purchase price of $6.2 million. This property, located in Columbia, Md., boasts an average household income of $105,000 within three miles. Snowden Square is anchored by a Michaels and Home Goods, and is shadow-anchored by Home Depot, BJ’s Wholesale Club, Marshalls and Bed Bath & Beyond.

For the full year 2012, Kimco acquired a total of 27 shopping centers, which had a combined average occupancy of 96.5 percent, for a gross purchase price of $653.6 million, including $227.1 million of mortgage debt. These acquisitions include the company purchasing the full interest in 24 U.S. shopping centers for a total gross purchase price of $540 million, including six properties in which Kimco acquired its joint venture partners’ interests. In addition, Kimco acquired interests in three Canadian shopping centers for $113.6 million.

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