-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Rk0Qt0a4QQA0N6VUsSwv3wARZOPpaP0cCvZIkVPHIzVT2K2ttAQAp42eBQGfiM6d 5qtddi1uxFu9X3JCwMYYkg== 0001157523-07-001451.txt : 20070213 0001157523-07-001451.hdr.sgml : 20070213 20070213073018 ACCESSION NUMBER: 0001157523-07-001451 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070213 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20070213 DATE AS OF CHANGE: 20070213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KIMCO REALTY CORP CENTRAL INDEX KEY: 0000879101 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 132744380 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10899 FILM NUMBER: 07605877 BUSINESS ADDRESS: STREET 1: 3333 NEW HYDE PARK RD STREET 2: PO BOX 5020 CITY: NEW HYDE PARK STATE: NY ZIP: 11042 BUSINESS PHONE: 5168699000 MAIL ADDRESS: STREET 1: 3333 NEW HYDE PARK ROAD STREET 2: PO BOX 5020 CITY: NEW HYDE PARKQ STATE: NY ZIP: 11042 8-K 1 a5332356.txt KIMCO REALTY CORPORATION 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) February 13, 2007 Kimco Realty Corporation ------------------------ (Exact Name of Registrant as Specified in its Charter) Maryland 1-10899 13-2744380 ---------- --------- ------------ State or Other Jurisdiction (Commission (I.R.S. Employer Of Incorporation) File Number) Identification No.) 3333 New Hyde Park Road Suite 100 New Hyde Park, NY 11042 ----------------------------- ---------- (Address of Principal (Zip Code) Executive Offices) Registrant's telephone number, including area code: (212) 869-9000 No Change (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition The information contained in this Item 2.02 of the Current Report on Form 8-K of Kimco Realty Corporation (the "Company") is being furnished pursuant to "Item 2.02 - Results of Operations and Financial Condition" and "Item 7.01 - Regulation FD Disclosure" of Form 8-K. On February 13, 2007, Kimco Realty Corporation issued a press release announcing its financial results for the fourth quarter ended December 31, 2006. A copy of the press release is furnished as Exhibit 99.1 to this report. A copy of the Company's press release is an exhibit to this Current Report on Form 8-K and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. The information in this Current Report on Form 8-K, including the exhibit, shall not be deemed to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. KIMCO REALTY CORPORATION By: /s/ Michael V. Pappagallo ------------------------------ Name: Michael V. Pappagallo Title: Executive Vice President and Chief Financial Officer Dated: February 13, 2007 EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Press Release, dated February 13, 2007 issued by Kimco Realty Corporation EX-99.1 2 a5332356ex99_1.txt EXHIBIT 99.1 Exhibit 99.1 Kimco Realty Reports Record Fourth Quarter and Full Year Operating Results NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--Feb. 13, 2007--Kimco Realty Corporation (NYSE: KIM) Highlights: -- Net Income Increased 22.5% for the Quarter and 17.8% for the Year -- Funds From Operations Increased 16.0% for the Quarter and 17.1% for the Year -- Net Income Per Share Increased 13.3% for the Quarter and 11.8% for the Year -- Funds From Operations Per Share Increased 5.5% for the Quarter and 10.5% for the Year -- Assets Under Management Increased to $14.0 Billion -- Portfolio Occupancy Increased 50 Basis Points During the Quarter to 95.5% -- Investments for 2006 Exceeded $7.1 Billion in Total Value; $1.0 Billion in First Month of 2007 -- Establishes Joint Venture in Chile Kimco Realty Corporation (NYSE: KIM) today announced that net income for the quarter ended December 31, 2006 increased 22.5 percent to $131.9 million compared to $107.7 million a year earlier. On a per diluted share basis, net income increased 13.3 percent to $0.51 from $0.45 reported for the fourth quarter last year. Funds from operations ("FFO"), a widely accepted supplemental measure of REIT performance, rose 16.0 percent to $147.8 million during the quarter from $127.5 million for the same period last year. On a per diluted share basis, fourth quarter FFO increased 5.5 percent to $0.58 from $0.55 a year ago. Funds from operations excludes gains on dispositions of operating properties net of minority interests and joint venture properties of approximately $44.8 million, or $0.17 per diluted common share in 2006 and $19.0 million, or approximately $0.08 per share in 2005. For the year ended December 31, 2006, net income increased to 17.8 percent to $428.3 million from $363.6 million. On a diluted common share basis, net income for the year increased 11.8 percent to $1.70 compared to $1.52 per diluted share a year earlier. Funds from operations rose 17.1 percent to $544.3 million from $464.7 million in the year earlier period. On a diluted per common share basis, FFO increased 10.5 percent to $2.21 from $2.00 a year ago. Funds from operations for the current year excludes gains on dispositions of operating properties net of minority interests and joint venture properties of $88.3 million or approximately $0.35 per diluted common share and $45.4 million or approximately $0.19 per diluted common share for the same period last year. These operating results are consistent with the Company's objective of generating a high level of income and FFO growth over time. Kimco's compound annual growth rate in FFO per share is 10.6 percent in the 15 year period since its initial public offering in 1991. Funds from operations (FFO) is a supplemental non-GAAP financial measure used as a standard in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income to FFO is included in this release. During the quarter, Kimco's parent portfolio occupancy increased to 95.5 percent from 95.0 percent at September 30, 2006 and 94.6 percent a year earlier. Kimco's occupancy is the highest level in Company history. For the quarter, Kimco signed 107 new leases in the portfolio totaling 515,000 square feet and 105 lease renewals totaling 627,000 square feet. For the year, the Company signed 468 new leases in this portfolio totaling approximately 1.8 million square feet and 420 lease renewals totaling 1.9 million square feet. The average increase in base rent for new leases signed for same space leases was 18.2 percent and 20.0 percent for the quarter and year ended December 31, 2006, respectively. Occupancy in the Company's combined operating portfolio encompassing approximately 138.0 million square feet of gross leasable area was 95.8 percent, 70 basis points higher than a year ago. Investment Activity During the year, Kimco acquired properties and investments for the Company's core holdings portfolio, the investment management programs and its operating businesses totaling in excess of $7.1 billion. The Company's balance sheet continues to be one of the strongest in the real estate industry. At year end, the Company had $345.0 million in cash and unused credit facilities with capacity in excess of $1.1 billion. U.S. Investments Kimco acquired interests in 166 properties totaling 28.1 million square feet during the fourth quarter of 2006 and the first month of 2007. In aggregate, the value of these acquisitions exceeded $5.4 billion, including the previously announced acquisitions of Pan Pacific Retail Properties Inc. for $4.1 billion and the Crow Holdings portfolio for $920 million. Additional significant shopping center acquisitions during this period included the following: -- The Company acquired two shopping centers for its co-investment program with UBS Wealth Management. Woodbury Centre located in Harriman, New York, is a 228,000 square foot Kohl's anchored Shopping center that was acquired by the venture in January for $43.6 million. In addition, Riverwalk Marketplace located Duluth, Georgia, was acquired for $20.4 million. Riverwalk Marketplace is a recently constructed 78,000 square foot shopping center anchored by Whole Foods. -- In the Company's co-investment program with G.E. Pension Trust, the Company acquired Conroe Marketplace, a 244,000 square foot shopping center located in Conroe, Texas. Anchor tenants at this property include TJ Maxx, Ross Stores, Bed Bath & Beyond and Petsmart. The property was purchased for $60.5 million. -- Kimco also acquired Fountains at Arbor Lakes, a 407,000 square foot recently completed shopping center located in Maple Grove, Minnesota. Fountains at Arbor Lakes is anchored by a Lowe's home improvement center and several other national tenants. The property was purchased for approximately $95.0 million. -- During the fourth quarter, Kimco completed the previously announced acquisition of three properties located in Puerto Rico. Ponce Town Center, Villa Maria Shopping Center and Rexville Towne Center were acquired, completing the acquisition of a $451.9 million portfolio of seven shopping centers totaling 2.2 million square feet. As a result of the Company's successful shopping center acquisition program for the investment management business, Kimco now manages assets with an approximate value of $14.0 billion. Kimco's investment management business contributed approximately $44.4 million to FFO during the quarter and $131.1 million for the year. These amounts represent increases of 84 percent and 50 percent for the quarter and full year, respectively. U.S. Preferred Equity Investments Kimco invested approximately $35.7 million in seven U.S. preferred equity transactions during the quarter, for a total of 30 transactions encompassing 73 properties and totaling $181.5 million for the full year. During the quarter, the Company received payment of two preferred equity investments resulting in proceeds of $11.6 million for the quarter. In addition, Kimco invested $16.3 million in five transactions during January 2007. The Company currently owns interests in 133 properties in the U.S. preferred equity portfolio. Canada Kimco invested $10.0 million in three preferred equity transactions in Canada during the quarter, and made an additional $8.2 million investment subsequent to quarter end. During the quarter, Kimco completed its fourth preferred equity investment with Sandalwood Management in Canada, investing $7.1 million in a portfolio of three properties totaling 312,000 square feet. In addition, Kimco funded a $2.5 million preferred equity investment in a portfolio of three shopping centers with Abacus Capital in Canada. The three shopping centers total approximately 120,000 square feet and are located in suburban Toronto, Ontario. Subsequent to quarter end, Kimco funded an additional $8.2 million investment with Abacus in a nine property portfolio located in Ottawa, Ontario. Kimco has also completed four investment transactions with Abacus. In aggregate, Kimco currently owns interests in 104 properties in its Canadian preferred equity portfolio. Mexico In Mexico, Kimco commenced six new shopping center developments, acquired one stabilized Walmart and Office Depot anchored shopping center in Mexicali, Baja California, and acquired three net leased industrial properties for an aggregate investment of approximately $78.5 million for the quarter. For the full year, Kimco commenced 11 new retail developments in Mexico with a total estimated project cost of $342.8 million upon completion. The new developments closed in the fourth quarter included: -- Miguel Aleman Shopping Center, located in Monterrey, Mexico, is a 386,000 square foot development project anchored by an HEB grocery store. The property is located in a densely populated section of the city where there are more than 255,000 people living within two miles. Total anticipated costs to complete the project are approximately $41.1 million. -- Walmart Plaza, located in Juarez, Mexico, is a ground up development of a 154,000 square foot center anchored by a Walmart Super Center. Total anticipated costs to complete this development project are approximately $19.2 million. -- Plaza Nuevo Laredo, located on the border between Texas and Mexico in Nuevo Laredo, Mexico, is a 420,000 square foot development project anchored by Home Depot and Walmart. Completion of the development is expected in September 2007 at a gross cost of approximately $30.8 million. -- Plaza Mexiquense is a 161,000 square foot development located in Tecamac, a city north east of Mexico City, Mexico. The project is anchored by Bodega Aurrera, a neighborhood grocery chain owned by Walmart. Total anticipated costs to complete the project are expected to be approximately $13.2 million. -- Plaza Cuautla, is a 566,000 square foot development located in Cuautla a south east suburb of Mexico City, Mexico. The development project is anchored by a Walmart Super Center, Sam's Club, Suburbia and Cinepolis movie theatre. Total anticipated costs to complete are expected to be approximately $32.0 million. -- Subsequent to quarter end, Kimco commenced a ground up development on a 126,000 square foot shopping center located in Huehuetoca, a suburb of Mexico City. The development is expected to be completed in June 2007 at a cost of approximately $10.3 million. Chile Kimco formed a joint venture with PATIO Gestion Inmobilaria, S.A., an established retail developer in Chile, to acquire and develop shopping centers in major markets throughout the country. In its first transaction, the venture will acquire a 50 percent interest in four existing properties located in Chile's densely populated capital city of Santiago. The properties being acquired have an acquisition value of $16.2 million and they total 153,600 square feet, including expansion space. The largest tenants include Farmacias Ahumada and Farmacias Cruz Verde, leading Chilean pharmacy chains and leading supermarket retailers, Cencosud and D&S. Kimco has targeted Chile for expansion based on the Country's superior investment returns, established retail real estate market, consistent retail sales growth, strong and growing economy, and stable government. In addition, Chile has an "A" investment rating from Standard & Poor's and there is a vibrant mortgage market for financing real estate investments. Kimco Developers, Inc. Kimco's merchant building business, Kimco Developers, Inc. (KDI) sold three recently completed shopping center developments and seven additional pad sites during the quarter. The development sales and two earn- out payments generated proceeds of approximately $115.8 million and gains on sales, net of taxes in the amount of $10.3 million for the quarter. For the full year, KDI had proceeds from sales of approximately $260.0 million and gains on sales, net of taxes in the amount of $25.1 million. During the quarter, KDI acquired a 160 acre land parcel for future development in Marana, Arizona for approximately $30.0 million and an additional parcel for KDI's existing Avenues Walk development project in Jacksonville, Florida for approximately $4.5 million. In addition, KDI purchased an interest in a 90 acre parcel in McMinnville, Oregon, a suburb of Portland, for future development for approximately $4.1 million. Overall, KDI is currently developing 28 projects comprised of 11.6 million square feet. Disposition Activity Kimco continued to sell properties in non-strategic markets, with weak demographics or limited prospects for growth. During the quarter the Company sold 15 properties from the Company's core holdings portfolio. In aggregate, these sales generated proceeds of $156.3 million and net gains on sales of approximately $40.7 million. For the year, Kimco sold or disposed of 36 properties from this portfolio totaling $294.2 million and generated gains on sales of $72.0 million from this portfolio. Earnings Guidance As a result of the Company's continued strong investment and operating performance, management increased its previously issued range of FFO guidance to $2.39 - $2.49 from a range of $2.37-$2.47 per share for the year ending December 31, 2007. A reconciliation of management's projections from earnings per diluted common share to FFO per diluted common share is included in this release. Kimco Realty Corporation is a publicly traded real estate investment trust that has specialized in shopping center acquisitions, development and management for more than 45 years. The Company owns and operates the nation's largest portfolio of neighborhood and community shopping centers with interests in 1,348 properties comprising approximately 175.4 million square feet of leasable space located throughout 45 states, Canada, Mexico and Puerto Rico. For further information refer to the Company's web site at www.kimcorealty.com. Safe Harbor Statement: The statements in this release state the Company's and management's hopes, intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, but are not limited to, (i) general economic conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iii) local real estate conditions, (iv) increases in interest rates, (v) increases in operating costs and real estate taxes. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's report on Form 10-K for the year ended December 31, 2005. Copies of each filing may be obtained from the Company or the SEC. Kimco Realty Corporation Consolidated Statements of Income (In thousands, except per share data) Three Months Ended Year Ended December 31, December 31, 2006 2005 2006 2005 --------- --------- --------- --------- Revenues from rental property $157,253 $132,396 $593,880 $505,557 --------- --------- --------- --------- Rental property expenses: Rent 2,952 2,596 11,786 10,267 Real estate taxes 19,491 17,412 75,515 64,731 Operating and maintenance 20,810 15,412 74,178 58,715 --------- --------- --------- --------- 43,253 35,420 161,479 133,713 --------- --------- --------- --------- Net operating income 114,000 96,976 432,401 371,844 Income from other real estate investments 16,123 15,652 77,062 56,751 Mortgage financing income 3,058 17,712 18,816 27,586 Management and other fee income 11,130 8,398 40,684 30,474 Depreciation and amortization (41,821) (26,176) (141,070) (101,432) --------- --------- --------- --------- 102,490 112,562 427,893 385,223 Interest, dividends and other investment income 15,964 10,743 54,417 28,350 Other income/(expense), net 880 (3,891) 9,522 5,400 Interest expense (45,591) (35,156) (172,888) (126,901) General and administrative expenses (21,760) (17,967) (77,683) (56,799) --------- --------- --------- --------- 51,983 66,291 241,261 235,273 Benefit (provision) for income taxes (3,613) 3,727 (4,387) (165) Equity in income of real estate joint ventures, net 34,133 20,313 106,930 77,454 Minority interests in income of partnerships, net (6,700) (1,678) (26,254) (12,260) Gain on sale of development properties, net of tax of $2,262, $1,249, $12,155 and $10,824, respectively 10,281 3,976 25,121 22,812 --------- --------- --------- --------- Income from continuing operations 86,084 92,629 342,671 323,114 --------- --------- --------- --------- Discontinued Operations: - ------------------------------- Income from discontinued operating properties 4,622 3,374 14,004 14,337 Minority interest on discontinued operating properties 32 (347) (1,497) (476) Loss on operating properties held for sale/sold (608) (2,483) (1,421) (5,098) Gain on disposition of operating properties, net of tax 40,703 14,494 72,042 28,918 --------- --------- --------- --------- Income from discontinued operations 44,749 15,038 83,128 37,681 --------- --------- --------- --------- Gain on transfer of operating properties (1) -- -- 1,394 2,301 Loss on transfer of operating properties(1) -- -- -- (150) Gain on sale of operating properties, net of tax (1) 1,066 -- 1,066 682 --------- --------- --------- --------- 1,066 -- 2,460 2,833 --------- --------- --------- --------- Net income 131,899 107,667 428,259 363,628 Preferred stock dividends (2,909) (2,909) (11,638) (11,638) --------- --------- --------- --------- Net income available to common shareholders $128,990 $104,758 $416,621 $351,990 ========= ========= ========= ========= Per common share: Income from continuing operations: - Basic $ 0.34 $ 0.39 $ 1.39 $ 1.39 ========= ========= ========= ========= - Diluted $ 0.33(2) $ 0.39(3) $ 1.36(2) $ 1.36(2) ========= ========= ========= ========= Net income: - Basic $ 0.52 $ 0.46 $ 1.74 $ 1.55 ========= ========= ========= ========= - Diluted $ 0.51(2) $ 0.45(3) $ 1.70(2) $ 1.52(2) ========= ========= ========= ========= Weighted Average Share Information Three Months Ended Year Ended For earnings per share December 31, December 31, calculations: 2006 2005 2006 2005 ---------- ---------- ---------- ---------- Weighted average shares - - Basic 247,752 227,625 239,552 226,641 ========== ========== ========== ========== - Diluted 253,717(2) 236,464(3) 244,615(2) 230,868(2) ========== ========== ========== ========== Note: Reclassifications: Certain amounts in the prior period have been reclassified in order to conform with the current period's presentation. (1) Included in the calculation of income from continuing operations per share in accordance with SEC guidelines. (2) Reflects the potential impact if certain units were converted to common stock at the beginning of the period. The impact of the conversion would have an anti-dilutive effect on net income and therefore have not been included. (3) Reflects the potential impact if certain units were converted to common stock at the beginning of the period. Net income would be increased by $1,739 for the three months ended December 31, 2005. Kimco Realty Corporation Funds From Operations (In thousands, except per share data) Three Months Ended Year Ended December 31, December 31, 2006 2005 2006 2005 --------- --------- --------- --------- Funds From Operations(1) Net income $131,899 $107,667 $428,259 $363,628 Gain on disposition of operating properties, net of minority interests (40,703) (14,203) (71,776) (31,611) Gain on disposition of joint venture operating properties (4,107) (4,846) (16,549) (13,776) Depreciation and amortization 42,089 27,470 144,319 108,032 Depreciation and amortization - real estate joint ventures 21,562 14,272 71,731 50,059 Preferred stock dividends (2,909) (2,909) (11,638) (11,638) --------- --------- --------- --------- Funds from operations(1) $147,831 $127,451 $544,346 $464,694 ========= ========= ========= ========= Per common share: - Basic $ 0.60 $ 0.56 $ 2.27 $ 2.05 ========= ========= ========= ========= - Diluted (2) $ 0.58 $ 0.55 $ 2.21 $ 2.00 ========= ========= ========= ========= Weighted Average Share Information Three Months Ended Year Ended December 31, December 31, 2006 2005 2006 2005 -------- -------- -------- -------- Weighted average shares - - Basic 247,752 227,625 239,552 226,641 ======== ======== ======== ======== - Diluted (2) 259,878 236,464 250,315 235,634 ======== ======== ======== ======== (1) Most industry analysts and equity REITs, including the Company, generally consider funds from operations ("FFO") to be an appropriate supplemental measure of the performance of an equity REIT. FFO is defined as net income applicable to common shares before depreciation and amortization, extraordinary items, cumulative effect of accounting changes, gains on sales of operating real estate, plus the pro-rata amount of depreciation and amortization of unconsolidated joint ventures, net of minority interests, determined on a consistent basis. Given the nature of the Company's business as a real estate owner and operator, the Company believes that FFO is helpful to investors as a measure of its operational performance. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles and therefore should not be considered an alternative for net income as a measure of liquidity. In addition, the comparability of the Company's FFO with the FFO reported by other REITs may be affected by the differences that exist regarding certain accounting policies relating to expenditures for repairs and other recurring items. (2) Reflects the potential impact if certain units were converted to common stock at the beginning of the period. Funds from operations would be increased by $2,410 and $1,739 for the three months ended December 31, 2006 and 2005, respectively, and $8,587 and $6,693 for the year ended December 31, 2006 and 2005, respectively, reflecting the distributions associated with these units. Kimco Realty Corporation Consolidated Balance Sheets (In thousands, except per share data) December 31, December 31, 2006 2005 ------------ ------------ Assets: Operating real estate, net of accumulated depreciation of $806,670 and $740,127, respectively $4,156,667 $3,209,158 Investments and advances in real estate joint ventures 1,067,918 735,648 Real estate under development 1,037,982 611,121 Other real estate investments 451,731 283,035 Mortgages and other financing receivables 162,669 132,675 Cash and cash equivalents 345,065 76,273 Marketable securities 202,659 206,452 Accounts and notes receivable 83,418 64,329 Other assets 361,171 215,945 ------------ ------------ $7,869,280 $5,534,636 ============ ============ Liabilities: Notes payable $2,748,345 $2,147,405 Mortgages payable 567,917 315,336 Construction loans payable 270,981 228,455 Dividends payable 93,222 78,169 Other liabilities 396,614 255,213 ------------ ------------ 4,077,079 3,024,578 ------------ ------------ Minority interests in partnerships 425,242 122,844 ------------ ------------ Stockholders' Equity: Preferred stock, $1.00 par value, authorized 3,600,000 shares Class F Preferred Stock, $1.00 par value, authorized 700,000 shares Issued and outstanding 700,000 shares 700 700 Aggregate liquidation preference $175,000 Common Stock, $.01 par value, authorized 300,000,000 shares Issued 251,416,749 and outstanding 250,870,169 at December 31, 2006; 2,509 2,281 Issued and outstanding 228,059,056 at December 31, 2005 Paid-in capital 3,178,016 2,255,332 Retained earnings 140,509 59,855 ------------ ------------ 3,321,734 2,318,168 Accumulated other comprehensive income 45,225 69,046 ------------ ------------ 3,366,959 2,387,214 ------------ ------------ $7,869,280 $5,534,636 ============ ============ Reclassifications: Certain amounts in the prior period have been reclassified in order to conform with the current period's presentation. Kimco Realty Corporation Reconciliation of Projected Diluted Net Income Per Common Share to Projected Funds From Operations Per Common Share Projected Range Full Year 2007 Low High --------- -------- Projected diluted earnings per common share $ 1.64 $ 1.81 Projected depreciation and amortization 0.56 0.57 Projected depreciation and amortization from real estate joint ventures, net of minority interests 0.29 0.31 Gain on disposition of operating properties (0.05) (0.10) Gain on disposition of joint venture operating properties (0.05) (0.10) --------- -------- Projected FFO per diluted common share $ 2.39 $ 2.49 ========= ======== Projections involve numerous assumptions such as rental income (including assumptions on percentage rent), interest rates, tenant defaults, occupancy rates, foreign currency exchange rates (such as the US-Canadian rate), selling prices of properties held for disposition, expenses (including salaries and employee costs), insurance costs and numerous other factors. Not all of these factors are determinable at this time and actual results may vary from the projected results, and may be above or below the range indicated. The above range represents management's estimate of results based upon these assumptions as of the date of this press release. CONTACT: Kimco Realty Corporation Scott Onufrey, 516-869-7190 sonufrey@kimcorealty.com -----END PRIVACY-ENHANCED MESSAGE-----