(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

NEW HYDE PARK, NY-Executives at Kimco Realty Trust say they expect to close their $4-billion acquisition of the 138-center Pan Pacific Retail Properties today. The closing of the transaction follows an announcement earlier in the month that Prudential Real Estate Investors will contribute $1.1 billion to the purchase of the San Diego-based REIT.

Meanwhile, Kimco is still looking at big-time portfolio buys. During their third-quarter conference call, vice chairman David Henry, acknowledged that Kimco had considered the acquisition of Inland Retail Real Estate, which Developers Diversified Realty is buying for $6.2 billion. “We took a very hard look at the Inland deal,” he says.

For its quarter, which ended Sept. 30, Kimco purchased 65 centers at a total cost of $621 million. Included in those were 10 properties in Florida that are all anchored by the grocer Publix and were acquired in a joint venture with UBS Wealth Management

Internationally the company closed on six centers in Puerto Rico that are part of a seven-asset portfolio valued at $448 million. Kimco also started the development of three centers in Mexico, at a cost of $87 million. Executives say they are also interested in pursuing opportunities in Brazil and Chile.

In Canada the firm acquired two self-store facilities in a joint venture, bringing its portfolio of those properties to 12 north of the border. Kimco is also building the $183-million Faubourg Boisbriand Retail Development, totaling 1.2 million sf, in Montreal.

The company posted a net income of $91.4 million over the quarter, up from $85.3 million during the same period a year ago. FFO rose 19.2%, to $138.6 million, and occupancy in its centers grew to 95% from 94.8%. Based on the quarter, executives increased year-end guidance by two cents, expecting FFO per share to come in between $2.18 and $2.20Locally based Kimco operates nearly 1,140 properties throughout North America.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2023 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.

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.