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Kimco Realty Reports Fourth Quarter Activity; Continues Portfolio Transformation By Completing $2.1 Billion Of Transactions In 2013

Kimco Realty Corp. (NYSE:KIM), North America’s largest owner and operator of neighborhood and community shopping centers, today announced transactions totaling $479.9 million in fourth quarter and $2.1 billion for the full year 2013. The dispositions and acquisitions together reflect Kimco’s progress on the transformation, simplification and redevelopment of its portfolio. The company has significantly reduced the number of properties in joint ventures, completed several large Latin American portfolio sales, and acquired numerous high-quality properties located in its core long-term markets. The major disposition, acquisition and redevelopment activities for the fourth quarter and full year 2013 are outlined below.

DISPOSITIONS

United States

During the fourth quarter, Kimco sold ownership interests in 14 properties (eight wholly owned and six unconsolidated joint ventures) in the U.S. totaling 2.2 million square feet for a gross sales price of $192.3 million, including $76.1 million of mortgage debt.

For the full year 2013, the company sold 35 U.S. shopping centers (23 wholly owned properties and 12 unconsolidated properties) totaling 4.0 million square feet for a gross sales price of $349.7 million, including $108.2 million of mortgage debt. The company’s share of the proceeds from these sales was $180.3 million.

Since the start of the company’s U.S. non-strategic retail disposition program in September 2010, Kimco has disposed of 143 retail properties, comprising 14.9 million square feet, for a gross sales price of $1.2 billion, including $302.3 million of mortgage debt. The company’s share of the proceeds from these sales was $684.5 million.

Latin America

In the fourth quarter of 2013, Kimco sold five unencumbered properties and one outparcel from the Latin America portfolio totaling 463,000 square feet for a gross sales price of $40.1 million. With these dispositions, Kimco has completely exited Brazil by selling the company's only two Brazilian properties, in which it held a 70 percent interest, for a gross sales price of $18.6 million. Additionally, the company divested its 50 percent interest in a shopping center in Mexico for a gross sales price of $8.8 million. Other sales included two wholly owned properties in Chile as well as an outparcel in Mexico.

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