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Kimco sells interests in Canadian shopping centers for $474.4M in Q2

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Kimco sells interests in Canadian shopping centers for $474.4M in Q2

Kimco Realty Corp.sold $696.0 million worth of shopping centers or joint venture interests in shoppingcenters during the second quarter, moving forward with its plan to reduce its exposureto joint ventures.

The company sold its interests in 22 Canadian centers aggregating2.8 million square feet for a gross sales price of $474.4 million, including theassignment of $213.5 million of mortgage debt. The company's share of the sale pricewas $367.5 million, and its share of the debt was $171.4 million.

Kimco also sold 12 unencumbered properties in the U.S. totaling1.5 million square feet for a gross sales price of $220.5 million, with the company'sshare from the sales amounting to $194.4 million. The company also unloaded a landparcel for $1.1 million.

The company completed the acquisition of the remaining 45% interest in the OakwoodPlaza shopping center and Dania Pointe development project in Hollywood, Fla., for$299.2 million, including the assumption of $100.0 million of mortgage debt.

Finally, the company acquired an improved parcel at the JerichoCommons shopping center in Jericho, N.Y., for $29.8 million.

Year-to-date, Kimco has sold $820.9 million worth of shoppingcenters at its share in the properties, putting it on track for meeting its 2016shopping center disposition guidance of $825 million to $975 million. The companyhas completed $138.0 million at its share in the acquisition of shopping centers.The company is targeting $450 million to $550 million in center acquisitions in2016.