Kimco's (KIM) Q2 Deals Exceed $1B, Streamlining Continues
Zacks Investment Research | Jul 08, 2016 06:22AM ET
Riding high on its portfolio transformation activities, Kimco Realty Corp. (NYSE:KIM) disclosed second-quarter 2016 deals worth over $1.0 billion. The company remains on track with its strategic 2020 Vision, making joint-venture buyouts and progressing on its simplification efforts, reducing the number of joint ventures (JV) and particularly pruning its Canadian portfolio.
Q2 Activity
Kimco’s second-quarter sales aggregated $696.0 million and included disposition of 34 shopping centers, totaling 4.3 million square feet, and one land parcel. The company’s share of the sales price was $562.9 million.
Specifically, the company sold interests in 22 Canadian shopping centers for a gross sales price of USD $474.4 million. Additionally, 12 unencumbered U.S. properties were disposed for a gross sales price of $220.5 million. Further, the land parcel was sold for a gross sales price of $1.1 million.
On the other hand, Kimco’s second-quarter acquisitions totaled $328.9 million, of which the company’s share was $164.4 million. Particularly, this included the acquisition of the remaining 45% ownership stake in the Oakwood Plaza shopping center and the Dania Pointe development project for a gross price of $299.2 million, together with the $100.0 million of mortgage debt assumption.
The company also bought an improved parcel for $29.8 million at the Whole Foods Market, Inc. (NASDAQ:WFM) anchored Jericho Commons shopping center situated in the prosperous community of Jericho, N.Y.
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