Kimco Realty and Blackstone Real Estate Income Trust Announce Transaction to Jointly Own Six Publix-Anchored Sunbelt Shopping Centers

Rhea-AI Summary

Kimco Realty Corp. (NYSE: KIM) has acquired a 70% interest in a portfolio of six Publix-anchored shopping centers for $425.8 million. This acquisition, from Jamestown, enhances Kimco's stake in a portfolio that includes properties in South Florida and Atlanta, totaling over 1.2 million square feet. Kimco has partnered with Blackstone Real Estate Income Trust, owning 50% of the new joint venture. The CEO highlighted the strategy's efficiency following Kimco's recent merger with Weingarten Realty, allowing for quick capitalizing on high-quality assets.

Positive

• Acquisition of 70% interest in six Publix-anchored shopping centers for $425.8 million enhances portfolio.
• Partnership with Blackstone adds strategic value and shared ownership of high-quality assets.
• Continued management of the portfolio demonstrates operational expertise in the joint venture.

Negative

• None.

JERICHO, N.Y.--(BUSINESS WIRE)-- Kimco Realty Corp. (NYSE: KIM) announced today that it has acquired the remaining 70 percent interest in a portfolio of six Publix-anchored, Sunbelt region shopping centers from its existing joint venture partner, Jamestown, for a gross purchase price of $425.8 million. Subsequently, Kimco entered into a joint venture partnership with Blackstone Real Estate Income Trust, Inc. (“BREIT”) in which Kimco will own 50 percent of the portfolio, with BREIT owning the remaining 50 percent interest. Kimco will continue to manage the portfolio on behalf of the joint venture.

The six high-quality, Publix-anchored assets total over 1.2 million square feet of gross leasable area in infill markets throughout the Southeast, with five located in the top-performing South Florida market, and one in the high-growth Atlanta market. Kimco’s original 30 percent interest in the portfolio was acquired through the company’s recently completed merger with Weingarten Realty.

“We’re pleased to partner with Blackstone on this new joint venture which provides us an attractive opportunity to increase Kimco’s ownership stake in a solid collection of grocery-anchored centers in South Florida and Atlanta – two booming markets with strong demographics and high barriers to entry,” said Conor Flynn, Kimco’s Chief Executive Officer. “The ability to efficiently acquire existing partnership interests in high-quality assets is one of the many benefits of our recently completed merger with Weingarten Realty, and one we’ve quickly been able to capitalize on.”

About Kimco

Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of September 30, 2021, the company owned interests in 545 U.S. shopping centers and mixed-use assets comprising 94 million square feet of gross leasable space. For further information, please visit www.kimcorealty.com

The company announces material information to its investors using the company’s investor relations website (investors.kimcorealty.com), SEC filings, press releases, public conference calls, and webcasts. The company also uses social media to communicate with its investors and the public, and the information the company posts on social media may be deemed material information. Therefore, the company encourages investors, the media, and others interested in the company to review the information that it posts on the social media channels, including Facebook (www.facebook.com/KimcoRealty), Twitter (www.twitter.com/kimcorealty), YouTube (www.youtube.com/kimcorealty) and LinkedIn (www.linkedin.com/company/kimco-realty-corporation). The list of social media channels that the company uses may be updated on its investor relations website from time to time.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211027006186/en/

David F. Bujnicki

Senior Vice President, Investor Relations and Strategy

Kimco Realty Corporation

1-866-831-4297

dbujnicki@kimcorealty.com

Source: Kimco Realty Corporation

FAQ

What recent acquisition did Kimco Realty Corp. announce?

Kimco Realty Corp. announced the acquisition of a 70% interest in a portfolio of six Publix-anchored shopping centers for $425.8 million.

What is the purpose of Kimco's joint venture with Blackstone?

The joint venture with Blackstone allows Kimco to own 50% of the shopping center portfolio, creating a strategic partnership to manage high-quality assets.

How large is the portfolio acquired by Kimco in terms of square footage?

The acquired portfolio consists of over 1.2 million square feet of gross leasable area.

Which regions are included in the newly acquired shopping centers?

The shopping centers are located in South Florida and Atlanta, two key markets with strong demographics.

What financial impact does the acquisition have on Kimco's portfolio?

The acquisition expands Kimco's ownership in a collection of grocery-anchored centers, enhancing its investment in high-demand real estate.