Kimco Realty Corporation KIM, the New Hyde Park, NY-based retail real estate investment trust (“REIT”) has inked four retail leases comprising 94,100 square feet at Suburban Square in Ardmore, PA. With this, the REIT has started the next phase of its $70 million repositioning of Suburban Square.
Kimco along with its subsidiaries is one of the major owners and operators of neighborhood and community shopping centers in the U.S. These leases are in sync with the REIT’s strategy of transforming the Suburban Square through a comprehensive redevelopment program. The transformation program includes beautification initiatives, new parking facility and adding new retail, dining, and health and options.
Life Time – The Healthy Way of Life Company – will lease 78,636 square feet in the former Macy’s space for a Diamond-level club which will feature a premier healthy living, healthy aging and healthy entertainment destination, which is slated to open in fall 2017. The remaining 10,540 square feet of the building will be occupied by West Elm, an upscale home furnishing and accessories store.
Shares of Kimco underperformed the Zacks categorized REIT and Equity Trust - Retail industry, over the past one year. During the period, shares of the company lost 0.4%, while the industry gained 7.9%.
Kimco currently carries a Zacks Rank #3 (Hold). Over the past 60 days, the company’s 2016 estimates remained unchanged at $1.32 per share.
Some top-ranked stocks in the same space include Cedar Realty Trust, Inc. CDR, General Growth Properties, Inc GGP and Ashford Hospitality Prime, Inc. AHP. All these stocks hold a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Cedar Realty Trust’s 2016 estimates remained unchanged at 56 cents per share, over the past 60 days.
General Growth Properties’ 2016 estimates remained unchanged at $1.53 per share, over the past 60 days.
Ashford Hospitality Prime’s 2016 estimates remained unchanged at $1.68 per share, over the past 60 days.
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Kimco Realty Corp. (KIM): Free Stock Analysis Report
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