Kimco Realty Reports First Quarter 2019 Transaction Activity
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--Apr 8, 2019--Kimco Realty Corp. (NYSE:KIM) today announced transaction activity for the first quarter 2019, which included the sale of seven properties totaling 691,000 square feet for $101.7 million. Kimco’s share of these sales was $84.9 million.
“Our team made great progress early in the year with these non-core asset sales as we continue to fine tune the portfolio, and with $90.7 million in properties currently under contract, we anticipate having a majority of this year’s planned dispositions completed in the first half of the year,” noted Ross Cooper, Kimco’s President and Chief Investment Officer. “We expect only a modest level of sales activity for the remainder of 2019, and we remain comfortable with our full-year projection of $200-$300 million in total dispositions, net of any acquisition activity.”
Notable dispositions during the first quarter included Arboretum Crossing, in Austin, Texas for $32.5 million; Cave Springs shopping center in St. Peters, Missouri for $16.7 million and Palm Beach Gardens Plaza in West Palm Beach, Florida for $16.5 million.
Also during the first quarter of 2019, Kimco increased its presence in two high-growth markets in Arizona and California with a $31.2 million sale-leaseback transaction with Albertsons Companies for three grocery-anchored parcels located in existing Kimco shopping centers. The grocery boxes acquired, which generate sales of over $775 per square foot on a blended basis, include one Vons location in San Diego, California, and two Safeway locations in Phoenix, Arizona and Truckee, California.
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America’s largest publicly traded owners and operators of open-air shopping centers. As of December 31, 2018, the company owned interests in 437 U.S. shopping centers comprising 76 million square feet of leasable space primarily concentrated in the top major metropolitan markets. 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 60 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.
The company announces material information to its investors using the company’s investor relations website ( investors.kimcorealty.com ), SEC filings, press releases, public conference calls, and webcasts. The company also uses social media to communicate with its investors and the public, and the information the company posts on social media may be deemed material information. Therefore, the company encourages investors, the media, and others interested in the company to review the information that it posts on the company’s blog ( blog.kimcorealty.com ) and social media channels, including Facebook ( www.facebook.com/kimcorealty ), Twitter ( www.twitter.com/kimcorealty ), YouTube ( www.youtube.com/kimcorealty ) and LinkedIn ( www.linkedin.com/company/kimco-realty-corporation ). The list of social media channels that the company uses may be updated on its investor relations website from time to time.
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 and management’s ability to estimate the impact of such changes, (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 and preferred stock and the company’s ability to pay dividends at current levels, (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, 2018, 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:https://www.businesswire.com/news/home/20190408005100/en/
CONTACT: David F. Bujnicki
Senior Vice President, Investor Relations and Strategy
Kimco Realty Corp.
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: REIT URBAN PLANNING CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Kimco Realty Corporation
Copyright Business Wire 2019.
PUB: 04/08/2019 08:00 AM/DISC: 04/08/2019 08:01 AM