07.01.2008 22:53:00
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Kimco Realty Corporation announces fourth quarter transaction activity
Kimco Realty Corporation (NYSE: KIM) announced the following major
acquisition, disposition, and financing activity for the fourth quarter
2007. During the quarter, the company acquired four shopping center
properties totaling 830,000 square feet for approximately $116.6 million
in California, Arizona and Mexico. The company disposed of nine shopping
center properties totaling 1.3 million square feet for approximately
$226.3 million. Year-to-date, the company has acquired 81 shopping
center properties totaling 8.8 million square feet for $2.2 billion and
disposed of 55 shopping center properties totaling 6.1 million square
feet for $891.0 million. Transactions between Kimco affiliated entities
are excluded from these totals.
MAJOR ACQUISITIONS United States
In a joint venture in which the company holds a one-third interest,
Kimco acquired three retail properties located in California on
October 2nd for $39.2 million, including $31.3
million of mortgage debt. The portfolio consists of two ground lease
positions and one fee simple interest totaling approximately 560,000
square feet with two Macy’s and one
Nordstrom as anchor tenants.
Mexico
Kimco acquired Gran Plaza Cancun, a 263,000 square foot operating
shopping center located in Cancun, Mexico for $45.2 million. The 94
percent occupied center is shadowed-anchored by a Wal-Mart Supercenter
and co-anchored by Suburbia and a 12-screen Cinepolis theater.
In a 50/50 joint venture with Frisa, the company acquired 10 acres of
land in Tuxtepec, Oaxaca for $5.0 million for the expansion of its
existing 105,000 square foot Wal-Mart anchored shopping center. The
expansion will consist of the development of an additional 133,000
square feet of leasable area and will be anchored by MM Cinemas movie
theaters and a department store. The expansion is expected to be
completed in the fourth quarter 2008 and cost approximately $14
million.
On December 4th, the company acquired 19.7
acres of land in Nuevo Vallarta, Nayarit for the development of Plaza
Lago Real, a 300,000 square foot retail center anchored by a Wal-Mart
Supercenter as well as a movie theater. Total investment for the
project, which is 85% owned by Kimco, is estimated to be $28 million.
The company acquired approximately 29.7 acres in Tapachula, Chiapas on
December 13th, for the ground-up development
of a 371,000 square foot center to be anchored by Wal-Mart Supercenter
and Cinepolis. Construction on the $32 million project is expected to
begin early 2008 and be completed by fourth quarter 2008.
In Los Mochis, Sinaloa, the company acquired 9.9 acres of land on
December 19th, for the development of a
153,000 square foot center anchored by Wal-Mart Bodega Aurrera,
Elektra and AutoZone with an estimated project cost of $8.2 million.
Kimco invested approximately $28 million in the American Industries
portfolio during the quarter. The joint venture acquired interests in
six land parcels, three buildings and one expansion project located in
the Mexico cities of Las Colinas, Chihuahua, San Luis, Juarez, and
Monclova. The venture now contains 70 net leased industrial buildings
with a portfolio value of $358 million.
MAJOR DISPOSITIONS United States
Kimco Developers, Inc. (KDI) sold two completed projects, nine land
parcels, and had two earn outs totaling approximately $125 million
during the fourth quarter. Treasure Valley Marketplace, a 691,000
square foot center located in Nampa, Idaho anchored by Target, Costco,
Kohl’s, Best Buy, Bed Bath & Beyond,
Michaels and Cost Plus, was sold on December 7 for approximately $75.5
million. Pablo Creek Plaza East, a 320,000 square foot project located
in Jacksonville, Fla., was sold on December 19 for $31.3 million. This
project is anchored by Target, OfficeMax and Michaels.
The joint venture between Kimco and Prudential Real Estate Investors
sold four shopping center properties and one development parcel from
the former Pan Pacific portfolio for approximately $90.8 million in
separate transactions during the quarter. The centers totaled
approximately 560,000 square feet.
Kimco Retail Opportunity Portfolio (KROP), a joint venture between
Kimco and GE Real Estate, sold four properties during the quarter
which resulted in approximately $5.0 million in promoted income to
Kimco. In November, Maplewood Town Center located in Maplewood, Minn.
was sold for $17.4 million including mortgage debt of $6.1 million.
Wayne Plaza, a Giant anchored shopping center located in Chambersburg,
Pa. was sold for $21.1 million including mortgage debt of $8.4
million, Rockford Crossing, an 89,000 square foot center anchored by
Best Buy and Linens N Things was sold for $14.9 million including
$11.0 million of mortgage debt, and Center at Westbank was sold for
$31.7 million including mortgage debt of $20.1 million. Wayne Plaza,
Rockford Crossing, and Center at Westbank were sold to a 100% owned
subsidiary of Kimco.
Fountains on the Lake, a 589,000 square foot shopping center in
Stafford, Texas, was sold for $102 million including the repayment of
$42.1 million in mortgage debt. The property was part of the Kimco
Income REIT (KIR) portfolio, a joint venture between Kimco and various
institutional investors.
The company sold three additional properties during the quarter.
Freedom Ford Service Center and Tampa Olsmar dealerships were sold for
$14.5 million, including $7.9 million in mortgage debt. A Dairy Queen
building in Stafford, Va. was sold for $1.6 million.
Mexico
Kimco sold 50% of its interest in Tijuana Blvd 2000, a 455,000 square
foot development, located in Tijuana, Baja California for $9.1 million
to GE Real Estate. This brings the total number of properties in the
Kimco/GE Real Estate Mexico joint venture to 15, which totals
approximately 5.5 million square feet.
FINANCING ACTIVITY
Since the end of the third quarter the company has completed several
financing initiatives. The company raised $460 million through the
issuance of a perpetual preferred equity offering. Additionally, the
company’s U.S. line of credit was renewed
for an additional four years plus a one year option and increased from
$850 million to $1.5 billion with a reduction in spread of 7.5 basis
points. Kimco also completed $267 million in financing for assets
expected to be contributed to joint ventures during 2008. The company
currently has available approximately $1.5 billion of immediate
liquidity through its various credit facilities.
About Kimco
Kimco Realty Corporation, a real estate investment trust (REIT), owns
and operates the nation's largest portfolio of neighborhood and
community shopping centers. As of September 30, 2007, the company owned
interests in 1,959 properties comprising 183 million square feet of
leaseable space across 45 states, Puerto Rico, Canada, Mexico and Chile.
Publicly traded on the NYSE under the symbol KIM and included in the S&P
500 Index, the company has specialized in shopping center acquisitions,
development and management for more than 45 years. For further
information, visit the company's web site at www.kimcorealty.com.
Safe Harbor Statement
The statements in this release state the company's and management's
hopes, 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 economic conditions, (ii) the inability of major
tenants to continue paying their rent obligations due to bankruptcy,
insolvency or general downturn in their business, (iii) local real
estate conditions, (iv) increases in interest rates, (v) increases in
operating costs and real estate taxes. 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, including but not limited to the company's report
on Form 10-K for the year ended December 31, 2006. Copies of each filing
may be obtained from the company or the Securities & 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 December 31, 2006, 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.
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