Key Developments: Kimco Realty Corp (KIM)
24.22USD
17 May 2013
$0.07 (+0.29%)
$24.15
$24.20
$24.32
$24.15
8,500,076
2,991,189
$25.09
$17.16
Latest Key Developments (Source: Significant Developments)
Kimco Realty Corp Announces Pricing Of $350 Million 3.125% Notes Due 2023
Kimco Realty Corp announced public offering of $350 million notes due 2023 at a coupon of 3.125% per annum with an effective yield of 3.211%, maturing June 1, 2023. The Company intends to use the net proceeds of approximately $345 million from the offering for general corporate purposes, including to partially reduce borrowings ($499.5 million as of March 31, 2013) under revolving credit facility maturing in October 2015, which borrowings bear interest at a rate of one-month LIBOR plus 1.05% (1.25% as of March 31, 2013), replace indebtedness under $100 million aggregate principal amount of 6.125% Senior Notes due January 2013, which were repaid at maturity, and pre-fund near-term maturities, including $75 million aggregate principal amount of 4.70% Senior Notes due June 2013, $100 million aggregate principal amount of 5.19% Senior Notes due October 2013 and $67 million of mortgage debt maturing during 2013 with a weighted average interest rate of 5.93%. J.P. Morgan Securities LLC, Barclays Capital Inc., Morgan Stanley & Co. LLC and RBC Capital Markets, LLC served as the joint book-running managers for this offering. Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC and Wells Fargo Securities, LLC served as the senior co-managers. Full Article
Kimco Realty Corp Declares Quarterly Cash Dividend
Kimco Realty Corp announced that it declared a quarterly cash dividend of $0.21 per common share, payable on July 15, 2013, to shareholders of record on July 3, 2013, representing an ex-dividend date of July 1, 2013. The Company declared quarterly dividends for preferred shares as follows: For the Class H depositary shares, each representing 1/100 of a share of 6.90% Class H cumulative redeemable preferred shares, a quarterly dividend of $0.43125 per preferred depositary share will be paid on July 15, 2013, record on July 2, 2013, representing an ex-dividend date of June 28, 2013; For the Class I depositary shares, each representing 1/1000 of a share of 6.00% Class I cumulative redeemable preferred shares, a quarterly dividend of $0.37500 per preferred depositary share will be paid on July 15, 2013, record on July 2, 2013, representing an ex-dividend date of June 28, 2013. For the Class J depositary shares, each representing 1/1000 of a share of 5.50% Class J cumulative redeemable preferred shares, a quarterly dividend of $0.34375 per preferred depositary share will be paid on July 15, 2013, record on July 2, 2013, representing an ex-dividend date of June 28, 2013. For the Class K depositary shares, each representing 1/1000 of a share of 5.625% Class K cumulative redeemable preferred shares, a quarterly dividend of $0.35156 per preferred depositary share will be paid on July 15, 2013, record on July 2, 2013, representing an ex-dividend date of June 28, 2013. Full Article
Kimco Realty Corp Raises Low End Of Prior FY 2013 FFO Guidance To A Range In Line With Analysts' Estimates
Kimco Realty Corp revised fiscal 2013 guidance and expects funds from operations (FFO) as adjusted per diluted in the range of $1.29 - $1.33 compared to prior range of $1.28-$1.33. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $1.31 for fiscal 2013. Full Article
Kimco Realty Corp Completes Purchase of Wilton River Park in Fairfield County
Kimco Realty Corp announced that it has acquired the remaining phase of the 283,000-square-foot Wilton River Park in Wilton, Conn. Including the Company`s initial acquisition, the combined investment of this complex totals $82 million, including $57 million of mortgage debt. Wilton River Park is a valuable addition to the Company's shopping center portfolio because of its mix of retailers, including the dominant supermarket in the community, and attractive location within the upscale market of Lower Fairfield County. In August 2012, Kimco completed the first phase of its acquisition of Wilton River Park with the purchase of Wilton Campus Shops, a 97% occupied retail center anchored by the national grocer Stop & Shop. To secure full ownership of the complex, Kimco recently finalized the purchase of Wilton Executive Campus and Shoppes, a 187,000-square-foot mixed-use center directly adjacent to Wilton Campus Shops that shares all road access and parking, for $42 million, including the assumption of $36 million of mortgage debt. Kimco acquired both parcels from the original developers of Wilton River Park. Wilton River Park is located along River Road in the heart of Wilton, Conn., in Lower Fairfield County - a region known as Connecticut`s Gold Coast for its affluent population and proximity to both New York City and the Long Island Sound. Full Article
Kimco Realty Corp Reaffirms FY 2013 FFO Guidance
Kimco Realty Corp announced that for fiscal 2013, it expects funds from operations (FFO) as adjusted per diluted share in the range of $1.28-$1.33. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $1.32 for fiscal 2013. Full Article
Kimco Realty Corp Partner's Interest In Santee Trolley Square In San Diego
Kimco Realty Corp announced that it has added Santee Trolley Square in suburban San Diego to its consolidated portfolio. The Company acquired its institutional partner's 50% ownership interest based on a gross purchase price of $98 million. The property is encumbered by a $48.5 million mortgage. Santee Trolley Square is a 311,000-square-foot, 98-%-occupied, power center located in Santee, an eastern suburb of San Diego. Built in 2001, the retail center is anchored by several prominent national retailers such as T.J.Maxx, PetSmart, Party City, Bed Bath & Beyond, 24 Hour Fitness, Old Navy and a shadow-anchored Target. Full Article
Kimco Realty Corp Acquires City Heights Retail Village in San Diego
Kimco Realty Corp announced the acquisition of City Heights Retail Village in San Diego for $35.6 million, including the assumption of $20 million of mortgage debt. City Heights Retail Village is a 99.0% occupied, 109,000-square-foot grocery-anchored shopping center located in the densely populated community of City Heights, three miles northeast of downtown San Diego and two miles from San Diego State University's main campus with its 35,000 students and faculty. Developed in 2001, City Heights Retail Village is anchored by a 66,000-square-foot Albertsons grocer along with other national retailers including Starbucks Coffee, Chase Bank, Scripps Wellness Center, O'Reilly Auto Parts and McDonalds. Full Article
Kimco Realty Corp Announces $175 Million 5.625% Perpetual Preferred Stock Offering
Kimco Realty Corp announced the sale of 7,000,000 depositary shares, each representing a 1/1000 fractional interest in a share of the Company’s 5.625% Class K Cumulative Redeemable Preferred Stock, $1.00 par value per share. These depositary shares, priced at $25.00 per depositary share, entitle holders of each depositary share to a 5.625% cumulative dividend, or $1.40625 per annum, are not convertible into common stock and are redeemable at par at the option of the Company on and after December 7, 2017. The Company intends to use the net proceeds from this offering for general corporate purposes, including (i) funding towards the repayment of its $198.9 million principal amount of 6% Senior Unsecured Notes due November 30, 2012 and (ii) to reduce borrowings under its revolving credit facility maturing October 2015. Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., UBS Securities LLC and Wells Fargo Securities, LLC are the joint book-running managers of the offering. J.P. Morgan Securities LLC and RBC Capital Markets, LLC are the joint lead managers for the offering. Credit Suisse Securities (USA) LLC, Raymond James & Associates, Inc., BNY Mellon Capital Markets, LLC, Deutsche Bank Securities Inc., Piper Jaffray & Co. and Barclays Capital Inc. are the co-managers for the offering. The offering is expected to close on December 7, 2012. Full Article
Kimco Realty Corp Reaffirms FY 2012 FFO Guidance; Issues FY 2013 FFO Guidance Below Analysts' Estimates
Kimco Realty Corp announced that for fiscal 2012, it expects FFO which does not include any estimate for transactional activities or non-operating impairments, of $1.24 - $1.26 per diluted share. For fiscal 2013, it expects FFO as adjusted per diluted share $1.28 - $1.33. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $1.26 for fiscal 2012; FFO of $1.34 for fiscal 2013. Full Article
Kimco Realty Corp Declares Quarterly Cash Dividend
Kimco Realty Corp announced that the board of directors increased the Company’s quarterly cash dividend 10.5% to $0.21 per common share, payable on January 15, 2013 to shareholders of record on January 2, 2013, representing an ex-dividend date of December 28, 2012. The board of directors also declared quarterly dividends for the Company’s preferred shares as follows: For the Class H depositary shares, each representing 1/100 of a share of 6.90% Class H cumulative redeemable preferred shares, a quarterly dividend of $0.43125 per preferred depositary share will be paid on January 15, 2013 to shareholders of record on January 2, 2013, representing an ex-dividend date of December 28, 2012; For the Class I depositary shares, each representing 1/1000 of a share of 6.00% Class I cumulative redeemable preferred shares, a quarterly dividend of $0.375 per preferred depositary share will be paid on January 15, 2013 to shareholders of record on January 2, 2013, representing an ex-dividend date of December 28, 2012. For the Class J depositary shares, each representing 1/1000 of a share of 5.50% Class J cumulative redeemable preferred shares, a quarterly dividend of $0.34375 per preferred depositary share will be paid on January 15, 2013 to shareholders of record on January 2, 2013, representing an ex-dividend date of December 28, 2012. Full Article
Fitch Rates Kimco's $350MM 3.125% Sr. Unsecured Notes due 2023 'BBB+'; Outlook Stable
(The following statement was released by the rating agency) NEW YORK, May 16 (Fitch) Fitch Ratings assigns a 'BBB+' rating to the $350 million 3.125% senior unsecured notes due 2023 issued by Kimco Realty Corporation (NYSE: KIM). The notes were issued at a 125 basis point spread to Treasuries (with an effective yield of 3.211%). Net proceeds from the offering are expected to be used for general corporate purposes including the partial repayment of amounts outstanding under the revolving cre
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