Kimco Realty Corporation KIM, the New Hyde Park, NY-based retail real estate investment trust (“REIT”) disclosed fourth-quarter 2016 and full-year 2016 transaction activities. Acquisitions for the fourth quarter totaled $88.7 million Moreover, the company accrued $139.7 million from dispositions.
Acquisitions in the fourth quarter included 85% interest in Creekside Center in Hayward, CA, and Brookhurst Center in Anaheim, CA, for $54.5 million. Also, the company acquired 102,000-square-foot grocery-anchored center in Temecula, CA for $27.5 million and two parcels near its flagship Suburban Square shopping center for $6.8 million. Fourth-quarter sales included six shopping centers and two land parcels totaling 999,000 square feet.
Kimco along with its subsidiaries is one of the major owners and operators of neighborhood and community shopping centers in the U.S. Its 2016 transaction activities are in sync with its strategic 2020 Vision, which envisages the ownership of premium assets in the major U.S. markets and a reduction in the joint-venture portfolio (read more: Kimco's 2020 Vision On Track, Online Sales a Concern ).
In 2016, Kimco acquired ownership interests in 20 properties, totaling 2.4 million square feet for $746.1 million. Disposition activity of the company in the year totaled $982.4 million.
Shares of Kimco underperformed the Zacks categorized REIT and Equity Trust – Retail industry, over the past one year. During the same time span, shares of the company rose 5.4%, whereas the industry gained 7.2%.
Kimco currently carries a Zacks Rank # 3 (Hold). Over the past 60 days, estimates for 2016 rose 0.8% to $1.33 per share.
Some better-ranked stocks in the real estate space include AGNC Investment Corp. AGNC, Seritage Growth Properties SRG and Brandywine Realty Trust BDN. All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
AGNC Investment’s 2016 estimates have moved up 2.6% to $2.36 per share, over the past 60 days.
Seritage Growths’ 2016 estimates have moved up 0.9% to $2.34 per share, over the past 60 days.
Brandywine Realty’s 2016 estimates have remained unchanged at $1.29 per share over the past 60 days.
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