Kimco Posts Highest Level of Occupancy Since Going Public

For more retail coverage, click GlobeSt.com/RETAIL.

NEW HYDE PARK, NY-By the end of 2004, Kimco had completed its $1.2-billion acquisition of Price Legacy’s 7.7-million-sf retail portfolio with DRA Advisors and counted a joint venture purchase of the Factoria Mall in Bellevue, WA for $102 million among its other investments. “There was a flurry of investment activity at year end,” said Michael Pappagallo, vice president and CFO, during the REIT’s conference call yesterday. “One phrase that defined the year was getting the job done. It’s safe to say we did get the job done…and more.” For the year, Kimco completed transactions in excess of $3 billion.

He noted that the parent portfolio’s occupancy rate of 93.6% is the highest level since the company went public 13 years ago. It was up from 92.9% at Sept. 30, 2004 and 90.7% a year earlier. The increase was the result of new leasing, acquisition activity and property sales. For the full year, the company signed 515 new leases in the parent portfolio, a 20% increase from 2003, totaling approximately 3.2 million sf of gross leasable area. In total, the publicly traded REIT has interests in 774 properties comprising approximately 113 million sf of leasable space located throughout 42 states, Canada and Mexico.