Outdoor center developer registers sharp rise in lease values
Kimco Realty, an owner of more than 400 outdoor and power centers nationwide, reported new leasing spreads of 17.4% for the first quarter, the company’s highest quarterly increase since Q3 2017.
A leasing spread is a measure of the difference between rent per square foot on a new lease compared to the rent previously paid for the same space.
“We are highly encouraged by our strong start to 2019, driven by robust leasing volume, higher tenant retention, and outperformance in same-property net operating income. We continue to see healthy demand for space across our portfolio,” said Kimco CEO Conor Flynn, Kimco’s CEO.
Retail center rents rose by 5% across the board in the U.S. in Q1, according to a report released by CBRE earlier this week.
Kimco also reported a 3.7% rise in same-property net income for the quarter and a 20-basis-point improvement in occupancy to 96%.
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