Kimco Realty Announces Fourth Quarter Activity; 2012 Transaction Volume Exceeds $1.2 Billion

Mon Jan 7, 2013 4:00pm EST

* Reuters is not responsible for the content in this press release.

NEW HYDE PARK, N.Y.--(Business Wire)--
Kimco Realty Corp. (NYSE: KIM), the nation`s largest owner and operator of
neighborhood and community shopping centers, today announced significant
progress on its portfolio recycling initiative through transactions executed in
the fourth quarter of 2012. 


During the fourth quarter, Kimco sold 34 retail properties in the U.S. totaling
3.9 million square feet for $246.1 million, including $35.4 million of mortgage
debt. Key dispositions included sales of both a nine-property shopping center
portfolio in Ohio for $65.1 million, and, as previously announced, a 13-property
Ohio and Indiana portfolio for $66 million. Kimco`s share of the proceeds from
these sales was $180.2 million and utilized toward the acquisition of several
high-quality shopping centers in core markets for its portfolio. 

For the full year 2012, Kimco sold 68 shopping center properties in the U.S.,
comprising nearly 7.7 million square feet, for $631.8 million, including $153.8
million of mortgage debt. The company`s share of proceeds from these sales was
$385.8 million. Since the start of the company`s asset recycling program in
September 2010, Kimco has disposed of 110 properties, comprising 10.9 million
square feet, for $843.9 million, including $194.1 million of mortgage debt. The
company`s share of the proceeds from these sales was $515 million. 


In the fourth quarter, Kimco acquired nine properties for the company`s
consolidated portfolio. Notable transactions include:

* City Heights Retail Village, as previously announced, a grocery-anchored
acquisition in San Diego, purchased for $35.6 million, including the assumption
of $20 million of mortgage debt. The fully occupied 109,000-square-foot center
is well-located in a densely populated infill location three miles northeast of
downtown San Diego, and enjoys a strong tenant base of national and regional
retailers with long-term leases. 
* Savi Ranch, as previously announced, a 161,000-square-foot unencumbered power
center purchased for $34.5 million. The center is located in affluent Yorba
Linda, Calif., southwest of downtown Los Angeles, in which the three-mile
average household income is $149,000. The retail center is anchored by Dick`s
Sporting Goods, Bed Bath & Beyond and Michaels, and is shadow-anchored by Kohl`s
and Best Buy. 
* Metro New York Grocery Portfolio, purchased for $26.1 million, five fully
occupied, food-oriented retail properties whose average reported sales volume
exceeds $1,000 per square foot. Metro-area grocer Key Foods anchors three
properties - one each in Queens, Brooklyn and Nassau County - with Family Dollar
and a regional grocer anchoring two remaining properties in Queens. The
59,000-square-foot urban portfolio serves an average population of 24,000 with a
household income of $100,000 within a half-mile radius. The demographics within
a three-mile radius are equally strong with an average population and household
income of 824,000 and $93,000, respectively.

In addition, the company acquired for its consolidated portfolio two former
joint venture properties. Kimco now wholly owns:

* Greeley Commons: As previously reported, Kimco acquired the remaining
89-percent interest in Greeley Commons, a 139,000-square-foot unencumbered
shopping center, located in Greeley, Colo., for a gross purchase price of $23.4
million. This fully leased center includes tenants such as Bed Bath & Beyond,
Michaels, Big 5 Sporting Goods, OfficeMax, Petco and Sprouts Farmers Market. 
* Snowden Square Shopping Center: Kimco purchased the remaining 58-percent
interest in Snowden Square Shopping Center for a gross purchase price of $6.2
million. This property, located in Columbia, Md., boasts an average household
income of $105,000 within three miles. Snowden Square is anchored by a Michaels
and Home Goods, and is shadow-anchored by Home Depot, BJ`s Wholesale Club,
Marshalls and Bed Bath & Beyond.

For the full year 2012, Kimco acquired a total of 27 shopping centers, which had
a combined average occupancy of 96.5 percent, for a gross purchase price of
$653.6 million, including $227.1 million of mortgage debt. These acquisitions
include the company purchasing the full interest in 24 U.S. shopping centers for
a total gross purchase price of $540 million, including six properties in which
Kimco acquired its joint venture partners` interests. In addition, Kimco
acquired interests in three Canadian shopping centers for $113.6 million. 


Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT)
headquartered in New Hyde Park, N.Y., that owns and operates North America`s
largest portfolio of neighborhood and community shopping centers. As of Sept.
30, 2012, the company owned interests in 922 shopping centers comprising 135
million square feet of leasable space across 44 states, Puerto Rico, Canada,
Mexico and South America. Publicly traded on the NYSE since 1991, and included
in the S&P 500 Index, the company has specialized in shopping center
acquisitions, development and management for more than 50 years. For further
information, please visit, the company`s blog at, or follow Kimco on Twitter at


The statements in this news 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 company`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 and disposition 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 Dec. 31,
2011. 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
Dec. 31, 2011, 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.

Kimco Realty Corporation
David F. Bujnicki, 1-866-831-4297
Vice President, Investor Relations and Corporate Communications 

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