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Kimco Realty Corporation announces second quarter 2011 transaction activity

^{Published on 2011-07-09 07:51:03 - Market Wire}
 

NEW HYDE PARK, N.Y.--([ BUSINESS WIRE ])--Kimco Realty Corporation (NYSE: KIM) announced the following transaction activity for second quarter 2011.

SHOPPING CENTER ACQUISITIONS

During the second quarter, Kimco acquired three grocery anchored shopping centers located in the top 20 major metropolitan statistical areas (MSA) for a purchase price of approximately $75.5 million (including approximately $43.4 million in mortgage debt). The details of these three acquisitions, which total 595,000 square feet, are as follows:

• Independence Plaza, a 245,000 square foot grocery anchored shopping center located in Selden, N.Y. (New York-Northern New Jersey-Long Island MSA) was purchased by an existing institutional joint venture, which Kimco holds a 50.1% interest, for approximately $43.5 million, including $34.0 million in mortgage debt. This center is anchored by Home Depot, Old Navy and a King Kullen grocery store.
• Garden State Pavilions, a 257,000 square foot unencumbered grocery anchored shopping center located in Cherry Hill, N.J. (Philadelphia-Camden-Wilmington MSA) was purchased for approximately $18.3 million. The Center is anchored by Shop Rite and Ross Dress for Less.
• Village Shoppes of Flowery Branch (previously announced), a 93,000 square foot grocery anchored center located in Flowery Branch, Ga. (Atlanta-Sandy Springs-Marietta MSA) for $13.7 million, including $9.3 million of mortgage debt. This property is anchored by Publix.

Additionally during the quarter, the company converted its preferred equity interest in six shopping centers totaling 638,000 square feet into a pari-passu joint venture in which Kimco holds a 70% interest. These properties are primarily located in Austin, Texas and are approximately 91% occupied.

NON-STRATEGIC SHOPPING CENTER DISPOSITIONS

Kimco completed the sale of eleven non-strategic shopping center properties during the quarter for approximately $48.5 million of which the companya™s share was $44.6 million. These properties, which totaled approximately 1.0 million square feet, were unencumbered and had a combined gross occupancy of 82.5%. Proceeds from the sale of these properties were recycled toward the acquisition of those properties detailed above.

NON-RETAIL ASSETS

Second quarter 2011 activity includes the previously announced sale of Kimcoa™s remaining interest in the Valad convertible notes for A$165 million to an affiliate of Blackstone Real Estate Advisors VI L.P. and the C$10 million repayment from Whiterock REIT for the redemption of their outstanding Series D convertible debentures. Proceeds from the monetization of these two investments were used to reduce the companya™s outstanding balance on its U.S. revolving credit facility.

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 March 31, 2011, the company owned interests in 948 shopping centers comprising 138 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, (xiii) impairment charges, and (xiv) unanticipated changes in our intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity. 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, 2010. 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, 2010, 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.