Kimco Unloads 88-Property Portfolio For $1.7B During Q4
Kimco Realty announced its Q4 earnings this week, which included a $1.7B, 88-property sale that netted $908M for the NY-based REIT.
Owned either wholly or through JVs, 64 of the assets were in the US—with at least 31 in the DC area and the larger Mid-Atlantic region—while 23 were properties in Canada.
The company said the sales were part of its portfolio-restructuring strategy to reduce the number of JVs and concentrate its business efforts on shopping centers in major US metro markets.
Since 2014, Kimco has acquired 119 properties for $3.5B total, while selling interests in 186 properties for $1.8B.
At the same time, the company has left Mexico and South America and significantly reduced its Canadian portfolio. [Globest]