Kimco Realty Reports Second Quarter 2016 Transaction Activity

Kimco Realty Corp. (NYSE:KIM) today announced that its transaction activity for the second quarter of 2016 exceeded $1.0 billion, including the disposition of 22 Canadian properties for a gross sales price of USD $474.4 million, as well as the previously announced acquisition of the remaining 45% interest in the Oakwood Plaza shopping center and Dania Pointe development project for a gross price of $299.2 million.

The second quarter transactions reflect the company’s commitment to executing its strategic 2020 Vision of owning high-quality assets in major metro markets in the U.S., while continuing to reduce its exposure to joint ventures. Since December 31, 2015, the company has sold a total of 29 Canadian properties, all of which were in joint ventures, representing approximately 90% of the company’s Canadian sourced net operating income. Kimco has six remaining Canadian shopping centers, all of which are in joint ventures and expected to be sold by year end.

Second Quarter Transaction Activity:

Dispositions: Sales for the second quarter totaled $696.0 million from the disposition of 34 shopping centers, totaling 4.3 million square feet, and one land parcel. Kimco’s share of the sales price was $562.9 million:

• Sold interests in 22 Canadian shopping centers, totaling 2.8 million square feet, for a gross sales price of USD $474.4 million, including the assignment of USD $213.5 million of existing mortgage debt. Kimco’s share of the sales price and mortgage debt assigned was USD $367.5 million and USD $171.4 million, respectively.
• Disposed of 12 unencumbered U.S. properties, totaling 1.5 million square feet, for a gross sales price of $220.5 million. The company’s share from these sales was $194.4 million.
• Sold one land parcel for a gross sales price of $1.1 million.

The company’s 2016 guidance range for shopping center dispositions is $825 million - $975 million (Kimco’s share); year to date, the company’s share totaled $820.9 million from the sale of 29 Canadian properties for USD $522.8 million and 18 U.S. properties for $298.1 million.

Acquisitions: Second quarter acquisitions totaled $328.9 million of which Kimco’s share was $164.4 million:

• As previously announced, Kimco acquired the remaining 45% ownership interest in the Oakwood Plaza shopping center and the Dania Pointe development project for a gross price of $299.2 million, including the assumption of $100.0 million of mortgage debt.