Kimco Realty Acquires Partner’s Stake in 70 Shopping Centers

Kimco Realty Acquires Partner’s Stake in 70 Shopping Centers

Company invests $67 million to increase ownership interest in 2 ventures

NEW HYDE PARK, N.Y.--(BUSINESS WIRE)-- Kimco Realty Corp. (NYSE: KIM  ) , North America’s largest owner and operator of neighborhood and community shopping centers, today announced that it has purchased its partner’s 9.7 percent interest in the Kimco Income Fund I (“KIF I”) portfolio and 3.6 percent interest in the Kimco Income REIT (“KIR”) joint venture for $67 million at a blended cap rate of 6.6%. With this investment, Kimco has increased its ownership stake in KIF I and KIR to 39.2 percent and 48.6 percent, respectively.

The two investment portfolios are comprised of strong-performing power centers and grocery-anchored shopping centers with tenant rosters dominated by grocers Stop & Shop and Giant Food, and investment-grade retailers such as Bed Bath & Beyond, Home Depot, Walmart, and T.J.Maxx. The collective occupancy level of the two portfolios averages approximately 96 percent.

The 12-property KIF I and 58-property KIR portfolios total 13.9 million square feet of retail space across 23 states. The properties are well-located in mature retail markets that have high barriers to entry with a concentration of shopping centers in New York, Virginia, Florida, Maryland, California, and Texas.

About Kimco

Kimco 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 March 31, 2013, the company owned interests in 895 shopping centers comprising 131 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 acquisition, 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.



Kimco Realty Corp.
David F. Bujnicki, 866-831-4297
Vice President, Investor Relations and Corporate Communications
dbujnicki@kimcorealty.com

KEYWORDS:   United States  North America  New York

INDUSTRY KEYWORDS:

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2479748, ~/Articles/ArticleHandler.aspx, 12/28/2014 11:34:49 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Apple's next smart device (warning, it may shock you

Apple recently recruited a secret-development "dream team" to guarantee its newest smart device was kept hidden from the public for as long as possible. But the secret is out. In fact, ABI Research predicts 485 million of this type of device will be sold per year. But one small company makes Apple's gadget possible. And its stock price has nearly unlimited room to run for early-in-the-know investors. To be one of them, and see Apple's newest smart gizmo, just click here!