(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)
NEW HYDE PARK, NY-Kimco Realty Corp. has more than $200 million in shopping center acquisitions pending across the country, as well as a $711-million development pipeline of 24 centers and $270 million in redevelopments on tap. That activity follows the $276.8-million purchase in interests in centers during the REIT's latest financial quarter, which ended June 30.
Among its acquisitions during the quarter, Kimco bought a 25% interest in the $123.2-million Fremont (CA) Hub center, paid $85.3 million for 45 net-leased properties and spent $38.1 million on interests in five centers in Mexico. Additionally, Kimco sold 19 properties during the quarter for $138.4 million.
One of the properties in Kimco's development pipeline is the District at Tustin (CA) Legacy, a 1.1-million-sf lifestyle and power center the company is building with Phoenix-based Vestar Development Co. Costco, Lowe's, TJ Maxx, Target and Whole Foods are among the retailers committed to that project.
Kimco's second-quarter net income was $83.8 million, up 17.4% from the same year-ago period. FFO rose 13.7%, to $112.4 million, while occupancy in the REIT's portfolio jumped from 94.3% to 94.8%. The company's board also announced a two-for-one stock split that will pay shareholders a dividend on Aug. 23.
Kimco executives increased their full-year FFO guidance to between $3.85 and $3.88 per share, from $3.78 to $3.83. Kimco has interests in 829 centers in North America.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
