Kimco Issues Statement On Value Creation Opportunities From Sears Bankruptcy

(RTTNews) - Kimco Realty Corp. (KIM) announced the company expects to benefit from considerable mark-to-market and long-term redevelopment opportunities in the wake of the recently announced Sears bankruptcy filing.

"Today's announcement may afford us the long-awaited opportunity to recapture boxes with significant mark-to-market potential in our core markets, and sparks several new redevelopment opportunities within our portfolio," said Conor Flynn, Kimco's CEO.

The company noted that, overall, its exposure is limited to 14 leases (three Sears and eleven Kmart, one of which is subleased to At Home), representing just 0.6% of annualized base rent and 1.9% of the company's total gross leasable area. The 14 Sears/Kmart leases have an average base rent of $5.25 per square foot, which is significantly below the company's portfolio average of $15.95.