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Kimco Realty bought and sold $1B in properties last quarter

Real estate investment trust Kimco Realty Corp., based

Real estate investment trust Kimco Realty Corp., based in this New Hyde Park building, as seen on Jan. 6, 2011, is one of the largest owners of shopping centers in North America. Photo Credit: Newsday / J. Conrad Williams Jr.

Kimco Realty Corp., a New Hyde Park-based real estate investment trust specializing in shopping centers, bought and sold nearly $1 billion in properties in the fourth quarter, the company said Wednesday.

Kimco, the largest owner of suburban shopping centers in North America, sold 66 properties in total, according to a company release.

In the United States Kimco sold 41 properties for a gross sales price of $492 million. Its pro rata share in those sales, less joint venture partners' interest, was $326 million.

The company also announced the completion of its plan to exit the Latin American market after selling 25 properties there, mostly in Mexico and Peru. The properties sold for $207 million; Kimco's pro rata share was $193 million.

The Latin American divestments were laid out in a plan set in 2010 to sell noncore and low-growth properties and focus on its investments in the United States and Canada.

The company also acquired nine shopping centers in the fourth quarter for $245 million, and land for future development projects for $54.4 million in the United States.

Real estate investment trusts, or REITs, own and manage portfolios of properties on which they must return some profit to investors. REITs such as Kimco, listed on the New York Stock Exchange, are publicly traded.

Shares of Kimco closed at $26.51 Wednesday, up 2.59 percent. In the past year shares have risen more than 32 percent.

On Long Island Kimco owns the Airport Plaza shopping center in Farmingdale.

The company is scheduled to report full earnings for the fourth quarter in February.

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