Kimco Solidifies its Portfolio - Analyst Blog
2013年5月17日 - 9:30PM
Zacks
In an effort to strengthen its portfolio, Kimco Realty
Corp. (KIM) disclosed the purchase of the Marketplace at
Factoria in the suburban Seattle community of Bellevue, Wash.
Kimco, which earlier had a 50% ownership interest in this property,
has now acquired the majority of its joint venture partner’s
ownership interest in this property.
Based on a gross value of $130.75 million, the buyout of this
510,000-square-foot shopping center has been completed. It is 94.3%
occupied and houses several well known national and regional
retailers including The TJX Companies Inc. (TJX),
Wal-Mart Stores Inc. (WMT) and Target
Corp. (TGT).
It is a premium property located in a region, which is thickly
populated and has high barriers to entry. In addition, it can enjoy
the footfall of people residing nearby (within three miles), with
an average household income of $131,000.
Our Take
We remain encouraged with this strategic move as we believe that it
will help the company to expand its high quality portfolio. The
company has a premium portfolio of retail properties in
high-income, high-growth areas and is currently focusing on its
core business activities to tide over the volatility in the
market.
It is well on track to sell off its non-retail assets and
investments as well as non-strategic retail assets. This particular
deal also reflects the reshuffling of its joint venture investments
to achieve overall efficiency. In addition, it has a strong balance
sheet with easy access to capital to allow continued growth.
Kimco currently carries a Zacks Rank #3 (Hold).
KIMCO REALTY CO (KIM): Free Stock Analysis Report
TARGET CORP (TGT): Free Stock Analysis Report
TJX COS INC NEW (TJX): Free Stock Analysis Report
WAL-MART STORES (WMT): Free Stock Analysis Report
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