Kimco in the news: Q3 2012 recap
We’ve continued to see positive movement in the real estate industry over the past quarter. Kimco has been cited in many national, regional, and local media outlets for our take on these trends and how we’re capitalizing on them. Here’s a roundup of some of the most notable news we’ve been a part of and have made in Q3.
David Henry gives his REIT market forecast on “Fast Money”
Kimco CEO David Henry appeared on CNBC’s “Fast Money” and talked with reporter Melissa Lee about Kimco’s forecasts for the 2013 REIT market. Dave discussed how low interest rates over the next few years will result in higher property values and greater earnings for REITs. If you missed it, you can watch David’s interview on CNBC’s website.
Retailers and real estate professionals gear up for the presidential election
David Henry also spoke with Wall Street Journal retail reporter Karen Talley on the upcoming presidential election’s effect on the retail market. Kimco is seeing how the election is creating uncertainty in the marketplace, which can reduce consumer confidence and spending. However, we believe consumer confidence will return to pre-election levels after Election Day.
Kimco expands its asset portfolio
One of our major purchases in Q3 was the $39.7 million acquisition of Wilton Campus Shops, a 97,000-square-foot shopping center in Wilton, Conn. This Stop & Shop-anchored shopping center is 98 percent occupied. A number of local and national news outlets picked up on the story, including the Stamford Advocate, Wilton Daily Voice, and Newsday.
In July, we announced our quarterly transaction activity, including the purchase of seven high-quality shopping centers for approximately $261.7 million, including the purchase of Devon Village in Devon, Pa.; Davidson Commons, an 89,000-square-foot shopping center in Davidson, N.C.; and Overlook Village in Asheville, N.C.
Real estate companies capitalize on capital market trends
Kimco CFO Glenn Cohen spoke with Commercial Property Executive’s Paul Rosta on corporate financial planning for 2013. In this September story, “Forging Bonds,” Glenn discussed Kimco’s dedication to establishing and maintaining strong, positive relationships with capital sources. He also shared his thoughts on why preferred equity will become increasingly popular, due to its advantages of a fixed interest rate and a set call date.
In another story, Glenn discussed the state of the perpetual preferred market with Emily Chasan at The Wall Street Journal. Kimco was able to get historically low rates this year because of strong investor demand and the investment-grade credit rating attached to our offerings.
Retail is improving around the country
Several of our regional experts shared Kimco’s overview of how the retail market is performing across the country. Ross Cooper, our Vice President of Asset Management, Acquisitions, and Development for our Florida and Southeast Regions, spoke with Southeast Real Estate Business on this year’s positive occupancy and increased leasing activity in Florida compared to 2011.
David Salvage, our Senior Director of Real Estate, shared Kimco’s viewpoint on the Boston retail market with Northeast Real Estate Business. David outlined how big boxes are “right sizing” their spaces and how landlords are adapting to constantly changing tenant floor plans.
David also highlighted Kimco’s redevelopment of Webster Square, a 176,148-square-foot shopping center in Nashua, N.H. The state’s first Trader Joe’s opened in Webster Square earlier this month, and T.J. Maxx and Ulta are preparing to move in.
Airport Plaza launches its first Facebook sweepstakes
We helped one of our shopping centers, Airport Plaza, launch its first Facebook sweepstakes in August. Customers had the chance to win a $1,000 back-to-school shopping spree at the Farmingdale, N.Y., center by liking Airport Plaza’s Facebook page. Local resident Melissa Naeder was the lucky winner, which we announced on Facebook and our blog in September. Several media covered the contest, including Newsday and FarmingdalePatch.
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