07.01.2008 22:53:00

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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