Kimco Realty Corp. (KIM) announced that since July 1, 2009, together with its joint venture partners, investment funds sponsored by Prudential Real Estate Investors, it has repaid $145 million on the credit facility which the joint ventures have with a consortium of banks.
The facility, which totaled about $650 million at the beginning of 2009, was reduced to $616 million at June 30, 2009 through asset sales totaling $34 million over the first two quarters.
Funding for repayment was sourced from capital contributions of $117 million made by Kimco and the Funds and $28 million from the sale of three assets from the joint ventures since the end of the second quarter.
The remaining $471 million is due August 26, 2010 and is expected to be reduced over the next 12 months from the sale of specifically identified assets from the ventures.
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