kimco realty corp (KIM) Key Developments
Kimco Realty Corp. Acquires Balance of KIF I Portfolio
Apr 10 14
Kimco Realty Corp. announced that it has acquired the remaining 60.9% interest in the 12-property Kimco Income Fund I portfolio (KIF I) from its joint venture partners for a gross price of $408.0 million, including the assumption of $38.2 million in mortgage debt. As part of this transaction, the company will repay $118.9 million of mortgage debt encumbering nine of the properties. In addition, Kimco earned a cash promote of approximately $18.8 million, which was used to reduce the company's overall cash payment to $251.4 million. With the KIF I acquisition, Kimco continues to advance its simplification goals that include reducing the number of institutional joint ventures and partners, streamlining property ownership and management, and adding high-quality retail assets to its wholly owned portfolio. The addition of these properties, totaling 1.5 million square feet, also strengthens Kimco's footprint in key retail territories. KIF I properties are primarily located in the Mid-Atlantic, Northeast and Northern California regions of the U.S., in mature markets with high barriers to entry and strong surrounding trade demographics. This transaction furthers Kimco's portfolio transformation goals with these 12 grocery-anchored and necessity-based shopping centers that feature strong portfolio metrics and above-average occupancy, rent and household income levels. The high-quality nature of these assets is demonstrated by a three-mile, average household income level of $98,000, and an average base rent per square foot of $17.59, both of which exceed Kimco's current portfolio averages by 17% and 35%, respectively. The KIF portfolio is 98% occupied and supported by such notable national retailers as Royal Ahold, Safeway, Dick's Sporting Goods and TJX-Companies' businesses. In addition, 10 of the 12 properties are anchored by the top one or two grocers in each respective market.
Kimco Realty Corporation Presents at CIBC 19th Annual Real Estate Conference, Apr-03-2014 02:50 PM
Mar 27 14
Kimco Realty Corporation Presents at CIBC 19th Annual Real Estate Conference, Apr-03-2014 02:50 PM. Venue: The Fairmont Royal York, Toronto, Ontario, Canada. Speakers: David B. Henry, Vice Chairman, Chief Executive Officer, President, Chief Investment Officer and Member of Executive Committee.
Kimco Realty Corporation Proposes Amendment to Charter
Mar 24 14
Kimco Realty Corporation at its annual stockholders meeting to be held on May 6, 2014, proposed amendment to the company’s charter to eliminate supermajority voting requirements.
Kimco Realty Corp. Enters into a New $1.75 Billion Unsecured Revolving Credit Facility
Mar 18 14
Kimco Realty Corp. announced that it has closed on a new $1.75 billion unsecured revolving credit facility with commitments from 23 lending institutions, replacing the company's existing $1.75 billion unsecured credit facility. The new facility, which can be increased to $2.25 billion through an accordion feature, is scheduled to mature on March 17, 2018 with two additional six-month options to extend the maturity date at Kimco's discretion to March 17, 2019. Interest accrues at an annual rate of LIBOR plus 92.5 basis points on drawn funds. In addition, the facility includes a $500 million sub-limit which provides the company the opportunity to borrow in alternative currencies including Canadian dollars, British pounds sterling, Japanese yen or euros.
Kimco Realty Corporation Presents at Citi 2014 Global Property CEO Conference, Mar-03-2014 04:15 PM
Feb 21 14
Kimco Realty Corporation Presents at Citi 2014 Global Property CEO Conference, Mar-03-2014 04:15 PM. Venue: The Westin Diplomat, 3555 South Ocean Drive, Hollywood, FL 33019, United States. Speakers: Conor C. Flynn, Chief Operating Officer and Executive Vice President, David B. Henry, Vice Chairman, Chief Executive Officer, President, Chief Investment Officer and Member of Executive Committee, David F. Bujnicki, Vice President of Investor Relations & Corporate Communications, Glenn G. Cohen, Chief Financial Officer, Executive Vice President and Treasurer, Milton Cooper, Executive Chairman and Chairman of Executive Committee.