Kimco Adds Santee Trolley Square - Analyst Blog
18 1월 2013 - 2:00AM
Zacks
Kimco Realty Corp. (KIM) announced the addition
of the Santee Trolley Square in suburban San Diego to its
portfolio. Particularly, the company purchased a 50% ownership
interest of its institutional partner in Santee Trolley Square for
$98 million.
A Premium Property
Spanning 311,000-square-foot, this San Diego property is 98%
occupied and is burdened with a $48.5 million mortgage. It houses
several well known national retailers like The TJX
Companies Inc. (TJX), Bed Bath &
Beyond (BBBY), and Target Corp.
(TGT).
Its tenant list also includes industry leading restaurateurs such
as Darden Restaurants Inc. (DRI),
Starbucks Corporation (SBUX), Brinker
International Inc. (EAT) and Chipotle Mexican
Grill Inc. (CMG).
Moreover, Santee Trolley Square offers locational advantage to
Kimco as it is well connected to major roadways and Trolley lines.
This premium shopping center not only enjoys a strong footfall of
103,000 residents who reside nearby (within three miles), but draws
crowd from outside its community.
Along with this acquisition, Kimco’s tally of properties owned in
the San Diego-Carlsbad-San Marcos metropolitan statistical area
(MSA) comes to 21.
Our Take
Given the current uncertainty in the capital markets, Kimco has
modified its business strategy to focus on core retail
competencies. The company intends to concentrate its future
investments on the neighborhood and community shopping center
segment, primarily focusing on the North American market.
During the fourth quarter of 2012, Kimco acquired nine new
properties with City Heights Retail Village, Savi Ranch and Metro
New York Grocery portfolio being the noteworthy ones. We believe
such opportunistic acquisitions provide solid upside potential for
the top-line expansion of the company and hence we remain
encouraged.
Kimco currently retains a Zacks Rank #4 (Sell). However,
considering its fundamentals and the current operating environment,
we maintain our long-term Neutral recommendation on the stock.
BED BATH&BEYOND (BBBY): Free Stock Analysis Report
CHIPOTLE MEXICN (CMG): Free Stock Analysis Report
DARDEN RESTRNT (DRI): Free Stock Analysis Report
BRINKER INTL (EAT): Free Stock Analysis Report
KIMCO REALTY CO (KIM): Free Stock Analysis Report
TARGET CORP (TGT): Free Stock Analysis Report
TJX COS INC NEW (TJX): Free Stock Analysis Report
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