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Kimco Realty Corporation announces recent transaction activity

^{Published on 2011-01-19 13:05:38 - Market Wire}
 

NEW HYDE PARK, N.Y.--([ BUSINESS WIRE ])--Kimco Realty Corporation (NYSE: KIM) announced the following major acquisition and disposition activity for the fourth quarter 2010 and year-to-date 2011. Transfers between Kimco affiliated entities are excluded from these totals.

MAJOR ACQUISITIONS

During the quarter, the company acquired four shopping centers totaling 982,000 square feet for approximately $151.1 million, including $50.9 million in mortgage debt. These properties, which are approximately 97% occupied, are located in North Carolina, South Carolina, Texas and Maryland. Subsequent to the end of the year, the company acquired an unencumbered 266,000 square foot shopping center located in Pennsylvania for $52.0 million. The details of these acquisitions are as follows:

• Midtown Commons, a 137,000 square foot unencumbered shopping center located in a suburb of Raleigh, N.C. for approximately $23.8 million. This center, which is adjacent to Kimcoa™s Shoppes at Midway Plantation, is 95% occupied and anchored by Dicka™s Sporting Goods, Best Buy, TJ Maxx, PetSmart and shadow anchored by Kohla™s.
• Woodruff Shopping Center, a 116,000 square foot unencumbered grocery anchored center located in Greenville, S.C. for approximately $18.4 million. This center is 97% occupied and anchored by Academy Sports & Outdoors and Trader Joea™s.
• Las Palmas Marketplace, a 638,000 square foot power center located in El Paso, Texas for approximately $84.8 million, including $50.9 million in mortgage debt by a joint venture in which Kimco holds a 31.7% interest. This property is 98% occupied and anchored by Lowes, Kohla™s, Ross Dress for Less and Bed Bath & Beyond.
• The Shops at District Heights, a 91,000 square foot unencumbered grocery anchored center located in District Heights, Md. for $24.1 million by a joint venture with SEB in which Kimco holds a 15% interest. This property is 92% occupied and anchored by a Giant Food.
• Subsequent to the end of the quarter, Richland Marketplace, a 266,000 square foot unencumbered shopping center located in Quakertown, Pa, for $52.0 million by an existing joint venture with Canada Pension Plan Investment Board in which Kimco holds a 55% interest. This property is 93% occupied and anchored by BJa™s, Best Buy, PetSmart and shadow anchored by Target.

Additionally during the quarter, the company converted its preferred equity interest in five shopping centers totaling 329,000 square feet into its wholly-owned portfolio for $51.6 million including $42.6 million in mortgage debt. These properties, four of which are located in Louisiana and one in Massachusetts, are 93% occupied and anchored by Marshalls, Ross Dress for Less, Bed Bath & Beyond, OfficeMax, Michaels with Target, Albertsons and Kroger as shadow anchors.

MAJOR DISPOSITIONS

During the fourth quarter 2010, the company disposed of eight non-strategic shopping center properties totaling 536,000 square feet for approximately $35.2 million as outlined below:

• The joint venture between Kimco and Prudential Real Estate Investors sold, in separate transactions, two shopping centers for a total of $25.7 million including the payoff of $4.5 million in mortgage debt. These properties, which total approximately 333,000 square feet, are located in California and Texas.
• The company sold six additional non-strategic shopping centers during the quarter for a total of $9.5 million including the payoff of $3.5 million in mortgage debt. These properties, which consist of approximately 203,000 square feet, included two properties in New York, and one each in Connecticut, Maryland, Indiana and Ohio.

Also during the quarter, the company monetized approximately $55.0 million in non-retail assets including the sale of three New York urban assets, several marketable securities and an $8 million pay down of the Valad note. Subsequently, in January 2011, the company received an additional $6 million pay down from Valad.

About Kimco

Kimco Realty Corporation, a real estate investment trust (REIT), owns and operates North Americaa™s largest portfolio of neighborhood and community shopping centers. As of September 30, 2010, the company owned interests in 948 shopping centers comprising 137 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico and South America. 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 50 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 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 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, (iv) the companya™s ability to raise capital by selling its assets, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates and foreign currency exchange rates, (vii) the availability of suitable acquisition opportunities, (viii) valuation of joint venture investments, (ix) valuation of marketable securities and other investments, (x) increases in operating costs, (xi) changes in the dividend policy for our common stock, (xii) the reduction in our income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, and (xiii) impairment charges. 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 Securities and Exchange Commission filings, including but not limited to the company's Annual Report on Form 10-K for the year ended December 31, 2009. Copies of each filing may be obtained from the company or the Securities and 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, 2009, as may be updated or supplemented in the companya™s Form 10-Q filings, which discuss these and other factors that could adversely affect the company's results.