KIMCO IN THE NEWS: Q3 2013 RECAP
Our insights on Kimco’s business progress and perspectives regarding retail real estate attracted news media nationwide throughout the third quarter. Notably, CRE Radio called upon CEO Dave Henry to help educate the industry about ongoing developments with the Marketplace Fairness Act, and National Real Estate Investor tapped Executive Vice President and COO Conor Flynn to share his viewpoints on up-and-coming retail concepts.
This quarter we were also proud to earn places on National Real Estate Investor’s lists for Top 25 Retail Owners, Top 25 Retail Managers, and Top 25 Property Managers. From new leasing agreements to our corporate responsibility initiatives, there’s a lot of positive momentum at Kimco Realty. Here’s a recap of media coverage featuring Kimco in the third quarter to update you on some of our most recent activity.
New growth potential
Several media reported on Kimco’s performance during the third quarter, including Forbes, which said Kimco Realty is “about to put more money in your pocket,” and Brad Thomas, who called Kimco a “sleep-well-at-night REIT” in his Seeking Alpha article. Zacks and Bank of America upgraded their rating of Kimco shares from neutral to buy, and analysts at Capital One and Janney Montgomery Scott initiated coverage of Kimco Realty shares in September. Capital One set a “strong buy” rating of Kimco stock.
The Street highlighted a number of Kimco’s growth areas in its coverage of stocks that are driving success for the real estate industry. The editors noted our growth in earnings per share, net income, revenue, profit margins, and stock price.
Kimco continues to focus on key territories with solid demographics and growth potential, as evidenced by the news that it has agreed to purchase 24 properties in the New England region for $270 million, announced after the close of the quarter.
Media also covered Kimco’s continued divestment of non-core assets throughout the third quarter. Some of these divestments include the sale of a four-property portfolio in Mexico, a power center in Cincinnati, an 84-property industrial portfolio through a joint venture with American Industries, our 43 percent stake in the Centro Sur shopping center, two single-story flex buildings in Linthicum, Md., and a nine-property portfolio in Chile.
Leasing agreements tell a positive tale
From movie theaters to car dealers, Kimco Realty welcomed a number of strong, new tenants this quarter as leasing in our shopping centers continued to grow.
A new tenant at Kimco’s Madison Plaza in Carmichael, Calif., created buzz in local media when it revealed a fresh take on the traditional British gastropub in July. Stirling Bridges reformatted its space at Madison Plaza to include a dining area, a 50-foot bar crafted from river rock, TVs playing sports games, and a meeting area with a fireplace and TV. We interviewed Stirling Bridges owner Andy Wylie on our blog before the opening as well.
Over on the East Coast, sports retail chain Pure Hockey relocated to the Shops at the Pond in Marlborough, Mass., to capitalize on the prime real estate location and visibility that the center offers. We covered Pure Hockey’s opening on our blog as well.
Local Long Island media, including The Island Now, featured Kimco’s lease to Nordstrom Rack at our Manhasset Center. Nordstrom Rack complements the strong national tenants at the center, including King Kullen, Marshalls, and Michaels. In other leasing activity, Bealls agreed to lease a 13,122 square-foot space at Kimco’s Hood River Shopping Center in Hood River, Ore.
Setting the industry pace in corporate responsibility
Kimco’s unwavering commitment to its communities continued in the third quarter through several new developments in our corporate responsibility efforts. In one area, Real Estate Bisnow reported on how we are continuing to progress the industry by helping landlords and tenants establish joint energy efficiency initiatives that make financial and environmental sense.
In addition, Kimco added an NRG eVgo electric vehicle charging station to its Westlake Shopping Center in Daly City, Calif., in September, making it the first of its kind in the region. As Clean Technology Business Review reported, this station is the first of seven eVgo stations Kimco is installing this year at its centers.
Kimco has also made significant inroads in lighting efficiency. Commercial Property Executive recently covered some of Kimco’s best practices for lighting retrofits, such as how to add LEDs and HIDs in parking lots and common areas to reduce energy consumption.
Other efforts, such as fostering photovoltaic (PV) projects, earned Kimco a nod this quarter as a “solar REIT pioneer” by Renewable Energy World. On that note, we are always looking to the next wave of sustainability initiatives to ensure that our properties are operating at optimal levels. This includes the cultivation of green data (as covered by Real Estate Investment Today), testing “smart” control devices, and testing flow-sensing technology, to name a few.
That concludes some of the biggest news highlights from Kimco’s third quarter. We’ll be posting quarterly earnings highlights here on our blog as well, so check back for more information soon.