We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Kimco (KIM) Sells Canadian Portfolio for $324 Million
Read MoreHide Full Article
In sync with its strategy to exit from its Canadian operations, Kimco Realty Corporation (KIM - Free Report) announced the sale of its interests in a 17-property Canadian portfolio. The New Hyde Park, NY-based retail real estate investment trust (“REIT”) sold this property, covering an area of 1.8 million square feet, to the Vancouver, Canada-based real estate development and investment company Anthem Properties Group Ltd. for CAD $413.2 million (USD $324 million).
Growth Strategy
Notably, per the 2020 Vision, the company aims at owning high-quality portfolio in major, metro markets in the U.S and at the same time plans to gradually wind off its operations in Mexico, Latin America and Canada. In fact, since Dec 31, 2015, the REIT sold 26 properties in Canada, which accounted for 85% of the net operating income of the company in the country. Further, in addition to the latest sale, Kimco also sold its interests in two shopping centers in Canada for CAD $99.3 million during second-quarter 2016. These sales are in sync with the strategy of the company to completely exit from the Canadian market by the end of 2016.
Kimco along with its subsidiaries is one of the major owners and operators of neighborhood and community shopping centers in the U.S. The company reported first-quarter 2016 adjusted funds from operations (“FFO”) per share of 37 cents, in line with the Zacks Consensus Estimate and a penny higher than the prior-year quarter.
However, investors interested in the REIT sector can consider stocks like Retail Opportunity Investments Corp. (ROIC - Free Report) , Saul Centers Inc. (BFS - Free Report) and Urban Edge Properties (UE - Free Report) . Each of these stocks carries a Zacks Rank #2 (Buy).
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Kimco (KIM) Sells Canadian Portfolio for $324 Million
In sync with its strategy to exit from its Canadian operations, Kimco Realty Corporation (KIM - Free Report) announced the sale of its interests in a 17-property Canadian portfolio. The New Hyde Park, NY-based retail real estate investment trust (“REIT”) sold this property, covering an area of 1.8 million square feet, to the Vancouver, Canada-based real estate development and investment company Anthem Properties Group Ltd. for CAD $413.2 million (USD $324 million).
Growth Strategy
Notably, per the 2020 Vision, the company aims at owning high-quality portfolio in major, metro markets in the U.S and at the same time plans to gradually wind off its operations in Mexico, Latin America and Canada. In fact, since Dec 31, 2015, the REIT sold 26 properties in Canada, which accounted for 85% of the net operating income of the company in the country. Further, in addition to the latest sale, Kimco also sold its interests in two shopping centers in Canada for CAD $99.3 million during second-quarter 2016. These sales are in sync with the strategy of the company to completely exit from the Canadian market by the end of 2016.
Kimco along with its subsidiaries is one of the major owners and operators of neighborhood and community shopping centers in the U.S. The company reported first-quarter 2016 adjusted funds from operations (“FFO”) per share of 37 cents, in line with the Zacks Consensus Estimate and a penny higher than the prior-year quarter.
KIMCO REALTY CO Price
KIMCO REALTY CO Price | KIMCO REALTY CO Quote
Zacks Rank & Other Stocks to Consider
The stock presently has a Zacks Rank #3 (Hold).
However, investors interested in the REIT sector can consider stocks like Retail Opportunity Investments Corp. (ROIC - Free Report) , Saul Centers Inc. (BFS - Free Report) and Urban Edge Properties (UE - Free Report) . Each of these stocks carries a Zacks Rank #2 (Buy).
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>