NEW HYDE PARK, NY—Although it’s planning at least $600 million in dispositions this year on top of the $1 billion in properties it sold in 2014, thus far in 2015 Kimco Realty Corp. has been a net buyer. The company said Monday afternoon that first-quarter transaction activity totaled $1.7 billion, highlighted by its taking full ownership of the $1.4-billion Kimstone portfolio as part of a trend toward simplifying its ownership structure.

In that $925-million deal, which closed in February, KIM acquired the remaining 66.7% interest in a 39-property portfolio it owned in a joint venture with a subsidiary of Blackstone Real Estate Partners VII. The portfolio’s high-quality nature is evinced by its three-mile average household income level of $93,000 and an average base rent per square foot of $15.88, both of which exceed KIM’s current portfolio averages, the shopping center REIT said Monday.

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