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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kimco Realty Corporation | NYSE:KIM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.06 | 0.31% | 19.21 | 19.34 | 19.04 | 19.27 | 3,106,368 | 22:30:00 |
Kimco Realty Corp. (NYSE: KIM) today announced that its transaction activity for the third quarter of 2016 exceeded $360 million. This includes the previously announced partner buyout of a four-property joint venture portfolio for a gross price of $169.0 million and the acquisition of Kentlands Market Square shopping center for $95 million.
Additionally, in the third quarter Kimco sold five of its remaining six Canadian shopping centers. The third quarter transactions highlight the company’s continuing commitment to its strategic 2020 Vision focused on owning high-quality assets in major metro markets in the U.S., and reducing its exposure to joint ventures.
Third Quarter Transaction Activity:
Dispositions: Sales for the third quarter totaled $150.7 million from the disposition of 12 shopping centers, totaling 1.4 million square feet. Kimco’s share of the sales price was $97.8 million. The sales consist of:
The company’s 2016 guidance range for shopping center dispositions is $1.0 billion to $1.15 billion (Kimco’s share); year to date, the company’s share totaled $918.6 million from the sale of interests in 34 Canadian properties for USD $571.5 million and 25 U.S. properties for $347.1 million.
Acquisitions: Third quarter acquisitions totaled $292.8 million and 1.0 million square feet. Kimco’s share of the purchase price was $263.4 million.
As previously announced, Kimco acquired:
In addition, Kimco acquired the following properties during the third quarter:
The company’s 2016 guidance range for shopping center acquisitions is $450 million - $550 million (Kimco’s share); year to date, the company’s share totaled $451.9 million.
ABOUT KIMCO
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is North America’s largest publicly traded owner and operator of open-air shopping centers. As of June 30, 2016, the company owned interests in 537 U.S. shopping centers comprising 86 million square feet of leasable space across 36 states and Puerto Rico. 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 which may 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 to the company, (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 and management’s ability to estimate the impact thereof, (vii) risks related to the company’s international operations, (viii) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in accordance with our expectations, (ix) valuation and risks related to the company’s joint venture and preferred equity investments, (x) valuation of marketable securities and other investments, (xi) increases in operating costs, (xii) changes in the dividend policy for the company’s common stock, (xiii) the reduction in the company’s income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiv) impairment charges and (xv) unanticipated changes in the company’s 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 SEC filings. Copies of each filing may be obtained from the company or the SEC.
The company refers you to the documents filed by the company from time to time with the SEC, specifically the section titled “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2015, as may be updated or supplemented in the company’s Quarterly Reports on Form 10-Q and the company’s other filings with the SEC, which discuss these and other factors that could adversely affect the company’s results. The company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161011005940/en/
Kimco Realty Corp.David F. Bujnicki, 1-866-831-4297Senior Vice President, Investor Relations and Strategydbujnicki@kimcorealty.com
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