Kimco Realty Corp (NYSE:KIM) issued financial report for the second quarter closed June 30, 2017. Net Income came at $131.9 million in Q2 2017 compared to $191.9 million, for the Q2 2016. The drop was mainly due to $65.9 million of lower gains on sales or awaiting dispositions of operating assets, net of impairments, over the comparable quarter in 2016, when the firm’s strategic portfolio repositioning was undergoing.
In the Q2 2017, the company sold stake in nine shopping centers for $152.2 million as against the amount of $695 million recorded for stake sale in 34 shopping centers in the second quarter of 2016. Both operating property impairments and gains on sales are discounted from the calculation of FFO accessible to the firm’s common shareholders.
As part of the Kimco Realty’s strategic 2020 Vision, the company continues to enhance the quality of its portfolio with careful acquisitions supported by proceeds from dispositions. The company previously announced its transaction activity during, and following, the second quarter of 2017. Kimco bought a parcel close to its Augusta Exchange shopping center for a gross acquisition price of $700,000. The deal exhibits a remarkable redevelopment prospect for an outparcel that will support the existing tenant mix.
Following Q2 2017, the firm bought Jantzen Beach, a top-quality, flagship shopping center in a deal valued at $131.8 million. Jantzen Beach marks as Kimco’s eighth asset in the Portland-Vancouver-Hillsboro MSA, growing company’s presence in a top 25 market where it even has a regional office.
The Jantzen Beach deal will expand the firm’s future redevelopment pipeline via potential outparcel advancement of two pad constructions and mixed-use densification prospects supported by flexible zoning. The facility also provides notable mark-to-market upside from numerous below-market anchor leases. Jantzen Beach is 96% occupied and showcases a prime collection of national tenants in present strongest retail segments.
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