Kimco Realty Corp. recently revealed its transaction activity for the first quarter 2018, which included the disposition of 21 shopping centers totaling 2.3 million square feet for $219.5 million. Kimco’s share of these dispositions was $210.2 million, the firm reported.
The blended cap rate for the property sales was in line with the company’s expected range of 7.50% to 8.00%. The dispositions included a five-property portfolio in the St. Louis market for $49.5 million and a five-property portfolio spread across Florida and Georgia totaling $72.7 million.
“Given the healthy demand for open-air shopping centers, we made significant progress toward our disposition goals for the year, benefiting from strong pricing and the availability of capital,” says Ross Cooper, president and chief investment officer of Kimco. “We continue to see favorable interest for these types of assets, and together with the considerable sales volume achieved during the first quarter as well as the additional properties under contract, we remain confident in our ability to meet our 2018 net disposition target of $700 to $900 million.”
As of March 31, 2018, Kimco had approximately $465 million of properties under contract or with an accepted offer and an additional $330 million of properties in the market. 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 60 years.