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.
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