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Kimco Repays $145M in Loans from Prudential Real Estate Investors
(NEW HYDE PARK, NY) -- Kimco Realty Corp.'s debt load strategy is clear: Pay off the loans quickly and move forward with new acquisitions.
That's what the New Hyde Park, NY-based shopping center developer has already done with $145 million repaid to Prudential Real Estate Investors.
(Please see related posting, Aug. 27, 2009, "Pru Closes $108M Loan for KImco-Owned Retail Portfolio.")
That payment reduces Kimco;s credit facility debt to $471 million, the company states. The $471 million balance is due Aug. 26, 2010.
Kimco expects to reduce that figure from the sale of specifically identified assets from ventures owned by the company and its partners.
The company started out the year with a loan balance due of $650 million. By June 30, the number was down to $616 million after Kimco sold a number of previously announced properties.
Kimco owns and operates 1,466 retail properties in the U.S., including neighborhood and community shopping centers.
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