Kimco Realty Corporation (NYSE: KIM) today announced that it completed 15 shopping center dispositions in the first quarter for $215.4 million, including the repayment of $83.7 million of mortgage debt.
The company sold 13 non-strategic properties totaling nearly 1.2 million square feet for $95.9 million, including the repayment of $1.3 million of mortgage debt. Generally, these properties were in locations outside of Kimco's target metropolitan statistical areas (MSAs). These transactions bring Kimco's total non-strategic shopping center sales to 53 properties totaling $289.3 million, including the repayment of $41.6 million of mortgage debt, since the company initiated this program in September 2010.
Additionally during the quarter, the company sold a joint-venture property located in Schaumburg, Ill., for $118 million, including the repayment of $82.5 million of mortgage debt. Kimco held a 45 percent stake in this 713,000-square-foot property. Also during the quarter, the company sold an unencumbered 31,000-square-foot property joint venture property for $1.6 million in which Kimco held a 50 percent interest.
Kimco Realty Corporation (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that owns and operates North America's largest portfolio of neighborhood and community shopping centers. As of December 31, 2011, the company owned interests in 946 shopping centers comprising 138 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the company's blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.
Kimco Realty Corporation
David F. Bujnicki, 1-866-831-4297
Vice President, Investor Relations and Corporate Communications