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Kimco Realty Announces Third Quarter Transaction Activity - Completes $779M Of Property Sales In Latin America

Kimco Realty Corp. (NYSE: KIM), North America’s largest owner and operator of neighborhood and community shopping centers, today reported its transaction activities for the third quarter of 2013. Kimco sold its interests in 98 properties in Latin America and eight properties in the U.S. for a gross price of $854.2 million, including $340.2 million of mortgage debt. Subsequent to quarter close, the company also sold its interest in a Texas shopping center for a gross sales price of $99.9 million. Kimco’s pro-rata share of proceeds from these sales was $323.2 million. Additionally during the quarter, the company acquired two centers in Colorado and New York, respectively, for $37.6 million and subsequently purchased two additional centers in Colorado and Georgia for $29.6 million.

DISPOSITIONS

Kimco and its joint venture partner, American Industries, together sold their ownership interests in 84 Mexican industrial properties, totaling approximately 11 million square feet, to Terrafina (BMV: TERRA13) for a gross price of $603.5 million, including $301.2 million of mortgage debt. The company also completed the sale of a four-property shopping center portfolio in Mexico, comprising 1.1 million square feet, to Planigrupo, its local operating partner, for 1.1 billion Mexican pesos ($84 million).

As previously announced, Kimco completed two other sales from the Latin America portfolio during the third quarter of 2013. The company sold its 43 percent ownership interest in Centro Sur, a 655,000-square-foot shopping center in Guadalajara, Mexico, for a gross price of approximately 523 million Mexican pesos ($41 million), as well as its 50 percent ownership interest in a nine-property shopping center portfolio located in Chile to its local joint venture operating partner for a gross price of approximately 25.3 billion Chilean pesos ($50.2 million), including debt of 16.8 billion Chilean pesos ($33.1 million).

Additionally, Kimco sold eight U.S. shopping centers (six wholly-owned and two unconsolidated joint ventures), totaling 830,000 square feet, for a gross sales price of $75.5 million, including $5.9 million of mortgage debt.

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