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Stock Market & Financial Investment News

News Breaks
August 6, 2014
08:32 EDTKIMKimco Realty names COO and CIO Flynn as president, effective August 5
Kimco Realty Corporation announced that Conor C. Flynn, the company’s EVP, COO and Chief Investment Officer, has been named president of the company effective August 5. Flynn, who will continue in his role as COO and Chief Investment Officer, joined Kimco in 2003.
News For KIM From The Last 14 Days
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December 12, 2014
09:02 EDTKIMKimco Realty to buy Blackstone 66.7% share stake in portfolio for $925M
Kimco Realty (KIM) announced that its subsidiary has executed a contract to acquire the remaining 66.667% interest in the 39-property Kimstone portfolio from its joint venture partner, a subsidiary of Blackstone Real Estate Partners VII (BX) for a price of $925M, which includes the assumption of approximately $426.7M in mortgage debt. The company will pay approximately $512.3M to acquire BREP’s interest. Kimco will use a combination of proceeds from recently completed and pending property sales in the U.S. and Latin America as well as availability under its existing $1.75B revolving credit facility to fund this transaction which is expected to be completed in the first quarter of 2015. Upon closing, Kimco will own 100% of the portfolio. The portfolio consists of 39 properties totaling 5.6M square feet and is approximately 97% occupied. The properties in the portfolio are concentrated in the core markets of New York, Virginia, Texas, Florida, California, and Maryland. The portfolio has a three-mile average household income level of $92,000 and an average base rent per square foot of $15.83, both of which exceed Kimco’s current portfolio averages.

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