Kimco Announces Buyout of Waterford Lakes Town Center for $322M

Core Viewpoint - Kimco Realty has acquired Waterford Lakes Town Center for $322 million, enhancing its presence in the Orlando market and increasing its portfolio to 18 centers with over four million square feet of gross leasable area [1][4]. Acquisition Details - The acquisition includes the assumption of a $164 million mortgage and the property is approximately 99% occupied, featuring a tenant mix that combines lifestyle, entertainment, and essential goods [1][2]. - Waterford Lakes Town Center is located in a high-demand area with a population of over 228,000 and an average household income of $111,000 within a five-mile radius, contributing to 13.6 million annual visits [2]. Financial Guidance - Following the acquisition, Kimco expects total acquisitions and structured investments for 2024 to be between $565 million and $625 million, a significant increase from the previous range of $300 million to $350 million [3]. - Dispositions for 2024 are projected to be between $250 million and $300 million, down from the earlier estimate of $300 million to $350 million [3]. Strategic Positioning - Kimco's portfolio consists of high-quality, grocery-anchored shopping centers in key metropolitan areas, which are expected to provide resilience during economic downturns and stable income [4]. - The acquisition aligns with Kimco's strategy to expand its premium shopping center portfolio focused on essential goods and services, indicating a strong long-term growth potential [4]. Market Performance - Kimco's shares have increased by 23% over the past six months, outperforming the industry growth of 17.1% [4].