- 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.
- 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.
ABOUT KIMCOKimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that owns and operates North America’s largest portfolio of neighborhood and community shopping centers. As of Sept. 30, 2012, the company owned interests in 922 shopping centers comprising 135 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico and South America. 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 that could 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, (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, (vii) the availability of suitable acquisition and disposition opportunities, (viii) valuation of joint venture investments, (ix) valuation of marketable securities and other investments, (x) increases in operating costs, (xi) changes in the dividend policy for our common stock, (xii) the reduction in our income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiii) impairment charges, and (xiv) unanticipated changes in our 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 Securities and Exchange Commission filings, including but not limited to the company's Annual Report on Form 10-K for the year ended Dec. 31, 2011. Copies of each filing may be obtained from the company or the Securities and Exchange Commission.
The company refers you to the documents filed by the company from time to time with the Securities and Exchange Commission, specifically the section titled "Risk Factors" in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2011, as may be updated or supplemented in the company’s Form 10-Q filings, which discuss these and other factors that could adversely affect the company's results.