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KIMCO Sells Off Largest Non-Retail Part of Portfolio

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Shopping center REIT KIMCO Realty (NYSE: KIM  ) announced yesterday that it sold to an affiliate of Starwood Capital Group its InTown Suites company and related real estate assets for $735 million, including $609 million of existing mortgage debt. Upon closing, KIMCO realized approximately $103 million in proceeds.

With a book value of approximately $83 million, the InTown Suites portion of its portfolio represented the REIT's single largest remaining non-retail investment. It consisted of a portfolio of 138 extended-stay properties with approximately 18,000 rooms across 21 states in which KIMCO held a 75% interest through a joint venture.

KIMCO's non-retail investment balance will now be approximately $200 million, or less than 2% of its gross assets, the lowest level since the company initiated the monetization of its non-retail investments in 2010.

Citigroup served as the financial advisor on the sale to the owner of the portfolio, InTown Hospitality Investors.

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  • Report this Comment On June 30, 2013, at 11:59 AM, grahamsway wrote:

    Another interesting sale. It seems these companies aren't shy about selling to tighten up their book.

    Kimco, First Potomac, & GE Capital recently. Also highly respected Boston Props is reported to have the Times Square Tower on the block for around a billion, after Carlyle Group was thought to have sold a nearby prop for $1.3B.

    Maybe something to keep an eye on.

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Rich Duprey

Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time.

Having made the streets safe for Truth, Justice and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. So follow me on Facebook and Twitter for the most important industry news in retail and consumer products and other great stories.


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10/13/2015 3:12 PM
KIM $25.97 Up +0.11 +0.43%
Kimco Realty Corp CAPS Rating: ***